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TAX-EXEMPT MONEY MARKET
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
ANNUAL REPORT
December 31, 1999
Market Overview
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
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 Market Overview for the annual report for
the First Investors Tax Exempt Funds (collectively, "the Funds") for the
fiscal year ended December 31, 1999.
This is the first time we have grouped the Tax-Exempt Money Market Fund
with our tax-exempt bond funds for reporting purposes. While there are
important differences between the Tax-Exempt Money Market Fund and the
other tax-exempt bond funds covered in this report, they all invest in
tax-exempt debt securities. Accordingly, they may be properly grouped
for reporting purposes.
The Economy
The U.S. economy, in its ninth year of expansion, continued to show
remarkable strength during 1999. The economy grew at a rate of 4.2%
during the reporting period. The unemployment rate fell to 4.1% --
a 29-year low -- and 2.6 million new jobs were created. Despite rapid
growth and near full employment, inflation remained benign. As measured
by the consumer price index, inflation increased slightly, from 1.6%
to a still low 2.7%, primarily due to higher oil prices. Rising personal
income, high consumer confidence, wealth from stock market gains and
home price appreciation, and improvement in the economies of U.S. trading
partners were all factors that contributed to economic growth.
The Bond Market
Interest rates moved steadily and substantially higher during the year,
causing bond prices to decline. The yield on the benchmark 30-year U.S.
Treasury bond rose from 5.10% to 6.48%, its highest in over two years.
Early in the year, the market was hurt by a reversal of the "flight to
safety," which had benefited bonds during the financial market crisis in
the fall of 1998. As the year progressed, the market became increasingly
concerned about the strength of the U.S. economy and likely Federal
Reserve action. In fact, the Fed, concerned with the rapid expansion of
the economy, raised the federal funds rate by 25 basis points (1/4 of
1%) three times during the year, thus undoing its three easing moves
initiated in response to 1998's financial crisis.
Market Overview (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
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
Among the various bond sectors, U.S. corporate high yield bonds had the
best performance due to high coupon income. Mortgage-backed bonds were
the second best sector due to reduced prepayment risk and a decrease in
supply. Corporate investment grade bonds underperformed in part because
of heavy issuance, particularly in the first half of the year.
Similarly, the municipal bond market performed poorly due to substantial
new issue supply and weak demand. The worst performing bond sector was
Treasury securities, which are the most sensitive to changes in interest
rates.
Looking Ahead
We anticipate that the bond market will continue to face a challenging
environment in the months ahead. Given the economy's considerable
momentum, the Federal Reserve is likely to continue to raise short-term
interest rates. In addition, long-term rates are likely to continue to
rise during the first few months of 2000. If the economy starts to slow
due to higher interest rates, improvement in the bond market is possible
by mid-year.
Because it is impossible to predict the future direction of the markets,
even over the short term, there are certain basic investment principles
that we encourage our shareholders to follow to reduce exposure to
risk.* First, we encourage shareholders to take a long-term view, and to
avoid trying to time the market. Attempting to time the market is
extremely difficult, even for professional investors. Second, we
encourage our shareholders to diversify their portfolios among stock,
bond and money market funds. Third, we encourage our shareholders to
follow a regular investment plan. It may help you to avoid getting
caught up in the excitement of a rising market and will reduce the risk
of buying at high points.
Of course, no financial plan or program, no matter how well-designed, is
guaranteed to be successful. In addition, nothing eliminates the risk
associated with overall market trends. However, utilizing these various
strategies may help to minimize the risk by reducing the extent to which
an investor may be affected by a decline in any one security or segment
of the market. If you use dollar cost averaging, you should consider
your ability to continue purchases through periods of declining prices.
Thank you for placing your trust 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.
January 31, 2000
*There are a variety of risks associated with investing in bond mutual
funds, including interest rate risk and credit risk. Interest-rate risk
is the risk that bonds will decrease in value as interest rates rise. As
a general matter, longer-term bonds fluctuate more than shorter-term
bonds in reaction to changes in interest rates. Credit risk is the risk
that bonds will decline in value as the result of a decline in the
credit rating of the bonds or the economy as a whole. You should consult
your prospectus for a precise explanation of the risks associated with
your fund.
Portfolio Manager's Letter
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
Dear Investor:
We are pleased to present the annual report for the Tax-Exempt Money
Market Fund for the fiscal year ended December 31, 1999. As mentioned in
the Market Overview, this is the first time that the Tax-Exempt Money
Market Fund is being grouped with our tax-exempt bond funds. During the
period, the Fund's return on a net asset value basis (100% of which was
free from federal income taxes) was 2.6% for Class A shares and 1.8% for
Class B shares. The Fund maintained a $1.00 net asset value for each
class of shares throughout the year.
Short-term municipal interest rates edged higher through most of the
first half of the year before accelerating their climb during the second
half. It was during the second half of the year that the Federal Reserve
began raising interest rates in an effort to take some steam out of an
economy that continued to exhibit extraordinary strength as it concluded
its ninth year of expansion. In three separate actions, the Federal
Reserve raised short-term interest rates by a total of 75 basis points
(.75%) during 1999, reversing the liquidity that was provided during the
last quarter of 1998, when financial markets were in turmoil.
The Tax-Exempt Money Market Fund continued to invest conservatively
during 1999, investing a large portion of its assets in short-term
variable rate securities in an effort to provide liquidity to its
shareholders. While the interest rates of these securities reset at
specific intervals and, as such, are subject to increased yield
volatility, they are among the most liquid instruments in the market
place and an integral part of any municipal money market portfolio. As
the Federal Reserve raised rates, the yield of the Fund moved
commensurately higher as the variable rate securities reset at higher
interest rates.
Although the Fund's annual return for 1999 lags in comparison to returns
in the equity market, money market funds in general were among the best
performing sectors of the fixed-income market. While investors realize
that longer-term returns offered by money market funds are generally
lower than returns offered by other types of mutual funds, they continue
to be attracted to the liquidity and relatively stable net asset value
of money market funds.
Your Fund will continue to purchase only those securities considered at
the time of purchase to present minimal market and credit risk to its
shareholders. In addition, given the outlook for higher short-term
interest rates, it is likely that the Fund will maintain a weighted
average maturity that is similar to that of its peers.
Money market funds continue to be among the most conservative investment
vehicles available, offering relative stability of principal, easy
access to account information, generally free check writing privileges
and a return that is generally higher than that available on most bank
savings and checking accounts. Though money market funds are relatively
conservative, there can be no assurance that they will be able to
maintain a stable net asset value of $1.00 per share. Money market
mutual funds are not insured by the Federal Deposit Insurance
Corporation (FDIC) or any other government agency.
Thank you for placing your trust in First Investors. As always, we
appreciate the opportunity to serve your investment needs.
Sincerely,
/S/ MICHAEL J. O'KEEFE
Michael J. O'Keefe
Vice President
and Portfolio Manager
January 31, 2000
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL NOTES AND VARIABLE RATE SECURITIES--97.6%
Alabama--8.5%
$ 900M City of Birmingham Wts., Series A, VR, 5.45%
(LOC; First Alabama Bank) $ 900,000 $ 546
500M University of Alabama Rev. Bonds, 3.60%, 6/1/00
(AMBAC Insured) 501,835 305
- -----------------------------------------------------------------------------------------------------------------
1,401,835 851
- -----------------------------------------------------------------------------------------------------------------
Alaska--3.0%
500M Valdez Marine Terminal Rev. Bonds
(Exxon Mobil Corp.), VR, 4.75% 500,000 303
- -----------------------------------------------------------------------------------------------------------------
District of Columbia--3.3%
550M District of Columbia Rev. Bonds, VR, 5.45%
(LOC; First Union National Bank) 550,000 334
- -----------------------------------------------------------------------------------------------------------------
Florida--2.1%
100M Citrus County Hospital Board Rev. Bonds,
4%, 8/15/00 (FSA Insured) 101,093 61
240M Florida State Board of Education Gen. Oblig. Bonds,
4.068%, 6/1/20 (Prerefunded 6/1/00) 247,580 150
- -----------------------------------------------------------------------------------------------------------------
348,673 211
- -----------------------------------------------------------------------------------------------------------------
Georgia--2.4%
400M Whitfield County Residential Care Facs. Auth. Rev.
Bonds, VR, 5.40% (LOC; First Union National Bank) 400,000 243
- -----------------------------------------------------------------------------------------------------------------
Idaho--3.0%
500M Power County Pollution Control Rev. Bonds, VR, 4.80%
(LOC; Wachovia Bank) 500,000 303
- -----------------------------------------------------------------------------------------------------------------
Illinois--9.4%
1,000M Illinois Edl. Facs. Auth. Rev. Bonds, VR, 5.35%
(LOC; Northern Trust Company) 1,000,000 607
540M Illinois Health Facs. Auth. Rev. Bonds,
3.525%, 4/15/00 (FGIC Insured) 543,729 330
- -----------------------------------------------------------------------------------------------------------------
1,543,729 937
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Iowa--2.7%
$ 450M Polk County Hospital Equip. & Impt. Rev. Bonds,
VR, 5.50% (MBIA Insured, SPA; Bank of New York) $ 450,000 $ 273
- -----------------------------------------------------------------------------------------------------------------
Kentucky--5.0%
800M Kentucky Turnpike Auth. Economic Dev. Rd. Rev.
Bonds, 3.93%, 5/15/10 (Prerefunded 5/15/00) 821,440 499
- -----------------------------------------------------------------------------------------------------------------
Maryland--4.9%
800M Baltimore County Poll. Control Rev. Bonds
CP, 3.25%, 1/19/00 (Baltimore Gas &
Electric Company) 800,000 486
- -----------------------------------------------------------------------------------------------------------------
Missouri--3.3%
550M Environmental Impt. & Energy Res. Auth. Poll.
Control Rev. Bonds, VR, 5.55% (National Rural
Utilities Cooperative Finance Corp.) 550,000 334
- -----------------------------------------------------------------------------------------------------------------
Nebraska--5.5%
900M Norfolk Indl. Dev. Rev. Bonds, VR, 3.85%
(LOC; Wachovia Bank of Georgia) 900,000 546
- -----------------------------------------------------------------------------------------------------------------
Nevada--3.7%
300M Clark County Sanitation Dist. Rev. Bonds
3.85%, 7/1/00 (AMBAC Insured) 303,016 184
295M Washoe County Refunding Rev. Bonds, 4.65%,
7/1/00 (MBIA Insured) 298,527 181
- -----------------------------------------------------------------------------------------------------------------
601,543 365
- -----------------------------------------------------------------------------------------------------------------
New Jersey--3.0%
500M State Transportation Corp. Capital Grant Antic. Notes,
4.33%, 9/1/00 (FSA Insured) 501,167 304
- -----------------------------------------------------------------------------------------------------------------
Ohio--4.3%
700M Warren County Health Care Facs. Rev. Bonds, VR, 5%
(LOC; First Third Bank) 700,000 425
- -----------------------------------------------------------------------------------------------------------------
Oregon--.6%
100M Clackamas County School District Gen. Oblig. Bonds,
3.65%, 6/15/02 (Prerefunded 6/15/00) 102,192 62
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pennsylvania--4.3%
$ 200M Lehigh County Gen. Oblig. Bonds, 4%, 8/1/11
(Prerefunded 8/1/00) $ 207,212 $ 126
500M Mercerburg Boro Gen. Purp. Auth. Edl. Fac. Rev.
Bonds, VR, 6%, 11/1/27 (LOC; Mellon Bank) 500,000 303
- -----------------------------------------------------------------------------------------------------------------
707,212 429
- -----------------------------------------------------------------------------------------------------------------
South Carolina--2.7%
440M York County School District Gen. Oblig. Bonds,
3.918%, 3/1/00 (FSA Insured) 441,257 268
- -----------------------------------------------------------------------------------------------------------------
Texas--5.9%
515M Lubbock County Limited Gen. Oblig. Bonds,
3.704%, 2/1/00 (Escrowed to maturity) 516,823 314
450M North Texas State University Rev. Bonds,
3.75%, 4/15/00, (FSA Insured) 450,621 273
- -----------------------------------------------------------------------------------------------------------------
967,444 587
- -----------------------------------------------------------------------------------------------------------------
Virginia--6.4%
700M Alexandria Indl. Dev. Auth. Rev. Bonds,
VR, 5.40% (LOC; Bank of America) 700,000 425
100M Chesapeake Indl. Dev. Auth. Rev. Bonds,
4%, 6/1/00 (MBIA Insured) 100,203 61
150M Henrico County Indl. Dev. Auth. Hosp. Facs.
Rev. Bonds, 4%, 8/15/00 (FSA Insured) 150,589 91
100M Virginia Education Loan Auth. Rev. Bonds,
4%, 3/1/00 (Escrowed to maturity) 100,149 61
- -----------------------------------------------------------------------------------------------------------------
1,050,941 638
- -----------------------------------------------------------------------------------------------------------------
Washington--6.4%
500M Lake Tapps Parkway Properties Special Rev. Bonds,
VR, 5.80% (LOC; USBank NA) 500,000 303
550M Port Kalama, Washington Pub. Corp. Rev. Bonds,
VR, 5.55% (LOC; Morgan Guaranty Trust Co.) 550,000 334
- -----------------------------------------------------------------------------------------------------------------
1,050,000 637
- -----------------------------------------------------------------------------------------------------------------
West Virginia--1.2%
200M West Virginia Hosp. Fin. Auth. Hosp. Rev. Bonds,
VR, 5.47% (LOC; Bank One) 200,000 121
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Wisconsin--6.0%
$ 600M Wisconsin Health & Edl. Facs. Auth. Rev. Bonds,
3.80%, 6/1/00 (MBIA Insured) $ 602,200 $ 365
375M Wisconsin Public Power Inc. System Rev. Bonds,
4%, 7/1/10 (Prerefunded 7/1/00) 388,786 236
- -----------------------------------------------------------------------------------------------------------------
990,986 601
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $16,078,419)+ 97.6% 16,078,419 9,757
Other Assets, Less Liabilities 2.4 400,653 243
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,479,072 $10,000
=================================================================================================================
The interest rates shown for municipal notes and bonds are the effective rates
at the time of purchase by the Fund. Interest rates on variable rate securities are
adjusted periodically; the rates shown are the rates that were in effect at December
31, 1999. The variable rate securities are subject to optional tenders (which are
exercised through put options) or mandatory redemptions. The put options are
exercisable on a daily, weekly, monthly or semi-annual basis at a price equal to the
principal amount plus accrued interest.
+ Aggregate cost for federal income tax purposes is the same.
Summary of Abbreviations:
CP Municipal Commercial Paper
LOC Letter of Credit
SPA Security Purchase Agreement
VR Variable Rate Securities
See notes to financial statements
</TABLE>
Portfolio Manager's Letter
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 the annual report for the Insured Intermediate
Tax Exempt Fund, Insured Tax Exempt Fund, New York Insured Tax Free Fund
and Multi-State Insured Tax Free Fund (collectively, "the Funds") for
the fiscal year ended December 31, 1999.
In general, the returns of the Funds were substantially better than
their respective Lipper Inc. peer groups. During the period, the Funds
had the following returns on a net asset value basis for Class A shares
and Class B shares, respectively: Insured Intermediate Tax Exempt Fund
.5% and -.5%, Insured Tax Exempt -3.6% and -4.3%, New York -3.7% and
- -4.3%, Arizona -1.9% and -2.6%, California -2.9% and -3.7%, Colorado
- -2.2% and -3.0%, Connecticut -1.9% and -2.7%, Florida -2.9% and -3.7%,
Georgia -3.0% and -3.8%, Maryland -2.5% and -3.3%, Massachusetts -2.4%
and -3.2%, Michigan -2.6% and -3.3%, Minnesota -1.7% and -2.5%, Missouri
- -2.0% and -2.8%, New Jersey -2.1% and -2.9%, North Carolina -2.4% and
- -3.2%, Ohio -1.8% and -2.6%, Oregon -2.0% and -2.9%, Pennsylvania -2.2%
and -3.0%, and Virginia -2.6% and -3.4%.
The key factors affecting the Funds' performance were rising interest
rates and the substantial issuance of municipal bonds, and decreased
demand from institutional buyers.
Throughout the year, interest rates increased substantially, driving
down the prices of municipal bonds. Long-term municipal bond yields
increased from 5.26% to 6.23%, their highest level in over 3-1/2 years.
New issuance was heavy -- the fourth largest year in the history of the
market -- with $225 billion in new bonds issued. Over the course of the
year, institutional demand for municipal bonds slowed. Property and
casualty companies, due to their weak earnings, shunned the municipal
bond market. Also, mutual funds were net sellers, as shareholders sold
municipal bond fund holdings and used their losses to offset gains in
the stock market. In response to this environment, municipal bond yields
rose more than expected, in order to attract buyers.
During the year, the credit profile of the municipal bond market
improved, with the exception of the health care sector. The default of
Pennsylvania-based Allegheny Health, Education and Research Foundation's
hospital system on $525 million of municipal bonds is an example of the
difficulties this sector faced. The impact of the default was that
uninsured hospital bonds lost value due to increased credit risk. This
unfortunate situation reaffirms the value of municipal bond insurance in
protecting individual investors. Most of the bonds in First Investors'
tax-exempt municipal bond funds are insured for the timely payment of
interest and principal by independent insurance companies that have
received the highest ratings from independent ratings agencies. Although
this insurance reduces credit risk, it does not protect against market
fluctuations. Shares of the Funds will fluctuate in value, and may be
worth more or less than their original cost.
With the exception of the performance of the New York Insured Tax Free
Fund, the performance of each of the Funds, relative to its respective
peer group, was excellent in 1999. However, the New York Insured Tax
Free Fund's performance was very good relative to the broader universe
of uninsured New York Funds. For the first half of 1999, the Funds'
performance was mixed versus their peer groups, as interest rates rose
more than expected. During the second half of 1999, the Funds'
performance improved substantially as we shifted strategy, effectively
decreasing the Funds' interest rate sensitivity. We increased the Funds'
cash positions and bought bonds with relatively shorter maturities (15
years rather than 20 years). The Funds also benefited from large
holdings of noncallable bonds, as callable bonds tend to decline in
price faster than noncallable bonds. Also, the Funds had few holdings of
"market discounts" bonds. These bonds are priced below their original
issue price, and are very sensitive to changes in interest rates.
With regard to specific Funds, the Insured Intermediate Tax Exempt Fund
benefited from trading opportunities created by access to new issues.
The New York Insured Tax Free Fund's duration -- a measure of interest
rate sensitivity -- was too long relative to its peer group during the
first half of the year. Relative performance improved during the second
half of the year after steps were taken to reduce the Fund's interest
rate sensitivity.
Portfolio Manager's Letter (continued)
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
Thank you for placing your trust 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
and Portfolio Manager
January 31, 2000
Cumulative Performance Information
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First
Investors Insured Intermediate Tax Exempt Fund (Class A shares) and the
Lehman Brothers Municipal Bond Index.
As of December 31, 1999
INSURED INTERMEDIATE
TAX EXEMPT LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
NOV 93 $ 9,375 $10,000
DEC 93 9,369 10,211
DEC 94 9,177 9,683
DEC 95 10,416 11,386
DEC 96 10,840 11,870
DEC 97 11,672 12,961
DEC 98 12,426 13,801
DEC 99 12,490 13,517
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year .51% (5.76%)
Five Years 6.36% 5.00%
Since Inception
(11/22/93) 4.82% 3.71%
S.E.C. 30-Day Yield 4.13%
Class B Shares
One Year (.50%) (4.48%)
Since Inception
(1/12/95) 5.33% 5.00%
S.E.C. 30-Day Yield 3.40%
The graph compares a $10,000 investment in the First Investors
Insured Intermediate Tax Exempt Fund (Class A shares) beginning 11/22/93
(inception date) with a theoretical investment in the Lehman Brothers
Municipal Bond Index. The Lehman Brothers Municipal Bond Index is a
total return performance benchmark for the long-term investment grade
tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of bonds held by an insured tax-
exempt bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 1/12/95 the maximum sales charge was 3.5%).
The Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (6.40%), 4.29% and 2.88%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.48%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (5.17%) and 4.32%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.01%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.0%
Alabama--4.2%
$ 400M Alabama Water Poll. Ctl. Auth. 5.2% 8/15/2010 $ 396,500 $ 421
- -----------------------------------------------------------------------------------------------------------------
Alaska--2.3%
200M Anchorage General Obligation 6 1/2% 7/1/2004 214,000 227
- -----------------------------------------------------------------------------------------------------------------
Arizona--17.7%
255M Apache Junction Water Utilities Revenue 5% 7/1/2003 258,506 275
250M Maricopa County Uni. Sch. Dist. Gen. Oblig. #80
(Chandler) 6.6% 7/1/2006 272,500 289
250M Maricopa County Sch. Dist. Gen. Oblig. #11
(Peoria) 5 1/8% 7/1/2011 245,937 261
375M Maricopa County Uni. Sch. Dist. Gen. Oblig. #95
(Queen Creek) 5.1% 7/1/2009 371,719 395
250M Mesa Indl. Dev. Auth. (Discovery Health) 5.3% 1/1/2011 248,750 264
250M Phoenix Civic Impt. Corp. Mun. Facs. Excise Tax Rev.
6 3/4% 7/1/2004 270,625 287
- -----------------------------------------------------------------------------------------------------------------
1,668,037 1,771
- -----------------------------------------------------------------------------------------------------------------
Illinois--13.0%
250M Chicago Board of Education 6% 12/1/2007 264,063 280
250M Chicago General Obligation 6 1/4% 10/31/2001 258,125 274
250M Northwest Subn. Mun. Jt. Action Water Agy.
6.35% 5/1/2006 268,125 285
400M Regional Transportation Authority 7 3/4% 6/1/2003 437,500 465
- -----------------------------------------------------------------------------------------------------------------
1,227,813 1,304
- -----------------------------------------------------------------------------------------------------------------
Indiana--1.7%
150M Valparaiso Indpt. Multi-Schools Bldg. Corp.
6 5/8% 7/1/2002* 159,563 170
- -----------------------------------------------------------------------------------------------------------------
Kansas--3.5%
250M Kansas State Dev. Fin. Auth. Rev. (Tax Dept.
Commerce Housing) 4.15% 6/1/2008 231,563 246
100M Saline County Uni. Sch. Dist. #305, 4.2% 9/1/2007 94,375 100
- -----------------------------------------------------------------------------------------------------------------
325,938 346
- -----------------------------------------------------------------------------------------------------------------
Kentucky--2.6%
200M Louisville & Jefferson Met. Sewer District
10% 5/15/2004 240,250 255
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Louisiana--4.3%
$ 400M Jefferson Parish Hosp. Svc. Dist. #2, 5 1/4% 12/1/2015 $ 400,500 $ 425
- -----------------------------------------------------------------------------------------------------------------
Michigan--16.6%
300M Allegan Pub. Schl. Dist. Gen. Oblig. 6 1/2% 5/1/2007 326,250 346
1,000M Brighton Area Schl. Dist. Gen. Oblig. Zero Coupon
5/1/2005 (Prerefunded at $49.325)* 375,000 398
350M Greater Detroit Resources Recovery Authority Revenue
6 1/4% 12/13/2007 372,750 396
Michigan State Hospital Finance Authority:
250M Mercy Health Services 5 1/4% 8/15/2009 248,437 264
250M Mercy Mt. Clemens 5.2% 5/15/2009 245,313 261
- -----------------------------------------------------------------------------------------------------------------
1,567,750 1,665
- -----------------------------------------------------------------------------------------------------------------
New Jersey--9.1%
250M Hudson County Impt. Auth. (N. Hudson Regl. Fire &
Rescue - A) 5% 9/1/2009 246,875 262
New Jersey Economic Development Authority:
200M Market Transition Fac. Rev. 7% 7/1/2004* 217,750 231
400M Trans. Proj. Light Rail System 5% 5/1/2009 394,000 419
- -----------------------------------------------------------------------------------------------------------------
858,625 912
- -----------------------------------------------------------------------------------------------------------------
New York--9.7%
250M New York City General Obligation 8% 8/1/2005* 285,625 303
470M New York State Dorm. Auth. (Anderson Sch. Proj.)
5 1/8% 7/1/2009 466,475 495
150M Niagara Falls Bridge Commission 6.3% 10/1/2002* 159,000 169
- -----------------------------------------------------------------------------------------------------------------
911,100 967
- -----------------------------------------------------------------------------------------------------------------
Ohio--2.3%
200M Columbus City Sch. Dist. Gen. Oblig. 6.65% 12/1/2002* 214,500 228
- -----------------------------------------------------------------------------------------------------------------
Oklahoma--2.7%
250M Grady County Indl. Dev. Auth. 5 3/8% 11/1/2009 255,312 271
- -----------------------------------------------------------------------------------------------------------------
Pennsylvania--2.3%
200M Pennsylvania Intergovernmental Coop. Auth. Spec. Tax
Revenue 7% 6/15/2004 217,500 231
- -----------------------------------------------------------------------------------------------------------------
Rhode Island--1.3%
125M Cranston General Obligation 5.15% 11/15/2008 125,000 133
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Texas--3.4%
$ 300M Harris County Toll Road General Obligation
6 1/2% 8/15/2002* $ 319,125 $ 339
- -----------------------------------------------------------------------------------------------------------------
Washington--2.3%
200M Snohomish & Island Counties Schl. Dist. Gen. Oblig.
#401 (Stanwood) 7% 12/15/2005 220,250 234
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $9,198,722) 99.0% 9,321,763 9,899
Other Assets, Less Liabilities 1.0 95,374 101
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,417,137 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
Comparison of change in value of $10,000 investment in the First
Investors Insured Tax Exempt Fund, Inc. (Class A shares) and the Lehman
Brothers Municipal Bond Index.
As of December 31, 1999
INSURED TAX LEHMAN BROTHERS
EXEMPT FUND MUNICIPAL BOND INDEX
JAN 90 $ 9,375 $10,000
DEC 90 9,967 10,728
DEC 91 10,989 12,031
DEC 92 11,863 13,091
DEC 93 13,035 14,699
DEC 94 12,304 13,939
DEC 95 14,274 16,391
DEC 96 14,676 17,088
DEC 97 15,889 18,658
DEC 98 16,782 19,867
DEC 99 16,173 19,458
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (3.63%) (9.62%)
Five Years 5.62% 4.26%
Ten Years 5.61% 4.93%
S.E.C. 30-Day Yield 4.08%
Class B Shares
One Year (4.31%) (8.14%)
Since Inception
(1/12/95) 4.74% 4.40%
S.E.C. 30-Day Yield 3.62%
The graph compares a $10,000 investment in the First Investors
Insured Tax Exempt Fund, Inc. (Class A shares) beginning 1/1/90 with a
theoretical investment in the Lehman Brothers Municipal Bond Index. The
Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of bonds held by an insured tax-exempt bond fund. It is not
possible to invest directly in the Lehman Brothers Municipal Bond Index.
For purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was
deducted from the initial $10,000 investment in the Fund and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown in the line graph above for
Class A shares based on differences in sales loads and fees paid by
shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.5%
Alabama--1.2%
Alabama Water Pollution Control Authority:
$ 5,205M 5 3/4% 8/15/2012 $ 5,289,581 $ 55
5,835M 6% 8/15/2014 5,929,819 62
- -----------------------------------------------------------------------------------------------------------------
11,219,400 117
- -----------------------------------------------------------------------------------------------------------------
Alaska--.6%
8,000M North Slope Boro, Alaska General Obligation Zero
Coupon 6/30/2005 6,080,000 63
- -----------------------------------------------------------------------------------------------------------------
Arizona--1.7%
8,550M Arizona State Municipal Financing Program
Ctfs. of Partn. 7.7% 8/1/2010 9,928,687 103
Maricopa County Sch. Dist. Gen. Oblig. #3
1,025M (Tempe Elementary) 5.6% 7/1/2015 1,012,188 11
Maricopa County Sch. Dist. Gen. Oblig. #11
5,500M (Peoria Univ.) 5 1/2% 7/1/2014 5,438,125 56
- -----------------------------------------------------------------------------------------------------------------
16,379,000 170
- -----------------------------------------------------------------------------------------------------------------
California--3.7%
2,695M California Public Capital Improv. Fin. Auth.
8.1% 3/1/2018 2,723,245 28
4,220M Long Beach Finance Authority 6% 11/1/2017 4,372,975 45
San Francisco City & County Redevelopment Agency:
8,150M 6 3/4% 7/1/2004* 8,965,000 93
1,850M 6 3/4% 7/1/2025 1,979,500 21
5,000M San Jose Redevelopment Agency Tax Allocation
6% 8/1/2015 5,231,250 54
5,000M Santa Clara County Financing Authority
7 3/4% 11/15/2010 6,018,750 63
6,220M South Orange County Public Financing Authority
6 1/2% 8/15/2010 6,865,325 71
- -----------------------------------------------------------------------------------------------------------------
36,156,045 375
- -----------------------------------------------------------------------------------------------------------------
Colorado--.7%
1,550M Colorado Health Facs. Auth. (Poudre Valley Health)
5 5/8% 12/1/2019 1,464,750 15
5,000M Denver City & County Airport Revenue 6% 11/15/2013 5,212,500 54
- -----------------------------------------------------------------------------------------------------------------
6,677,250 69
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Connecticut--2.5%
Connecticut Special Tax Obligation Revenue:
$ 13,500M 6 1/2% 10/1/2011 $ 14,951,250 $ 155
9,000M 6 1/8% 9/1/2012 9,427,500 98
- -----------------------------------------------------------------------------------------------------------------
24,378,750 253
- -----------------------------------------------------------------------------------------------------------------
Delaware--.7%
7,000M Delaware State Econ. Dev. Auth. Rev. Pollution
Control 7.15% 7/1/2018 7,358,750 76
- -----------------------------------------------------------------------------------------------------------------
District of Columbia--2.9%
Washington, D.C. General Obligation:
5,495M Series "A" 6 1/2% 6/1/2009 5,962,075 62
12,765M Series "E" 6% 6/1/2012 13,004,344 135
10,000M Series "B" 5 1/4% 6/1/2026 8,662,500 90
- -----------------------------------------------------------------------------------------------------------------
27,628,919 287
- -----------------------------------------------------------------------------------------------------------------
Florida--3.7%
Escambia County Utilities Authority:
5,485M 6 1/4% 1/1/2012 5,910,086 62
5,360M 6 1/4% 1/1/2013 5,762,000 60
8,580M Florida Housing Finance Corp. 5 3/4% 7/1/2017 8,365,500 87
10,000M Lakeland, Florida Electric & Water Revenue
6.05% 10/1/2012 10,625,000 110
Sunrise Utilities System Revenue:
1,500M 10 1/4% 10/1/2000* 1,566,840 16
1,500M 10 3/4% 10/1/2000* 1,572,240 16
1,395M West Coast Regional Water Supply 10.4% 10/1/2010* 1,909,406 20
- -----------------------------------------------------------------------------------------------------------------
35,711,072 371
- -----------------------------------------------------------------------------------------------------------------
Georgia--8.7%
6,500M Fulton County Facs. Corp. Ctfs. Partn.
5 1/2% 11/1/2018 6,142,500 64
6,160M Fulton County Water & Sewer Revenue
6 3/8% 1/1/2014 6,622,000 69
Georgia Municipal Electric Authority Power Revenue:
5,000M 6 1/4% 1/1/2012 5,331,250 55
5,000M 7 1/4% 1/1/2024 5,781,250 60
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Georgia (continued)
Metropolitan Atlanta Rapid Transit Authority:
$ 7,500M 6 3/4% 7/1/2004* $ 8,212,500 $ 85
20,450M 6 1/4% 7/1/2011 22,137,125 230
28,605M 6% 7/1/2013 29,820,712 310
- -----------------------------------------------------------------------------------------------------------------
84,047,337 873
- -----------------------------------------------------------------------------------------------------------------
Hawaii--2.6%
Hawaii State General Obligation:
5,500M 6% 10/1/2009 5,781,875 60
6,000M 6% 10/1/2010 6,292,500 65
7,000M RITES-PA 601 Variable Rate 6.42% 9/1/2015
(Note 6)** 6,938,750 72
6,000M Honolulu General Obligation 5 3/4% 4/1/2012 6,126,338 64
- -----------------------------------------------------------------------------------------------------------------
25,139,463 261
- -----------------------------------------------------------------------------------------------------------------
Illinois--13.8%
Chicago Board of Education Lease Certificates:
5,000M 6% 1/1/2016 5,118,750 53
33,200M 6% 1/1/2020 33,449,000 347
Chicago General Obligation:
7,000M 6% 7/1/2005* 7,463,750 78
16,660M 6 1/8% 7/1/2005* 17,867,850 186
Chicago O'Hare International Airport Revenue:
14,570M 6 3/8% 1/1/2012 15,444,200 160
10,000M 6 3/8% 1/1/2015 10,287,500 107
16,750M Illinois Development Finance Auth. Poll. Control
Rev. 6 3/4% 3/1/2015 17,943,437 186
Illinois Development Finance Auth. Rev.
(Rockford School 205):
3,400M 6.55% 2/1/2009 3,701,750 38
5,000M 6.6% 2/1/2010 5,443,750 57
3,000M 6.65% 2/1/2011 3,247,500 34
4,000M Regional Transportation Authority 7 3/4% 6/1/2019 4,810,000 50
Will County School District General Obligation:
3,600M 7% 12/1/2007 4,018,500 42
2,080M 7.05% 12/1/2008 2,337,400 24
1,175M 7.1% 12/1/2009 1,335,094 14
- -----------------------------------------------------------------------------------------------------------------
132,468,481 1,376
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Indiana--.7%
$ 4,070M Delaware County Hosp. Auth. (Ball Memorial Hosp.)
6 5/8% 8/1/2001* $ 4,273,500 $ 44
2,205M Indiana Housing Fin. Auth. Single-Family Mtge. Rev.
7.6% 1/1/2016 2,261,757 23
- -----------------------------------------------------------------------------------------------------------------
6,535,257 67
- -----------------------------------------------------------------------------------------------------------------
Louisiana--4.4%
Louisiana State General Obligation:
14,555M 6% 5/1/2004* 15,446,494 161
14,000M 6% 5/1/2004* 14,857,500 154
8,050M 6.1% 5/1/2004* 8,573,250 89
15,000M New Orleans Regional Transit Auth. Sales Tax Rev.
Zero Coupon 12/1/2021 3,862,500 40
- -----------------------------------------------------------------------------------------------------------------
42,739,744 444
- -----------------------------------------------------------------------------------------------------------------
Massachusetts--7.2%
10,025M Boston, Mass. Water & Sewer 5 3/4% 11/1/2013 10,275,625 107
Mass. Bay Transportation Authority Gen. Sys. Rev.:
9,080M 5.8% 3/1/2012 9,409,150 97
10,775M 5.8% 3/1/2013 11,098,250 115
10,000M 5 7/8% 3/1/2015 10,162,500 106
6,240M Mass. Housing Finance Agency 6% 12/1/2012 6,325,800 66
20,550M Mass. State General Obligation 6% 8/1/2009 21,834,375 227
- -----------------------------------------------------------------------------------------------------------------
69,105,700 718
- -----------------------------------------------------------------------------------------------------------------
Michigan--4.3%
10,000M Michigan State General Obligation 6 1/4% 11/1/2012 10,750,000 112
21,000M Michigan State Hosp. Fin. Auth. (Ascension Health)
5 3/4% 11/15/2017 20,501,250 213
Michigan State Housing Development Auth.
Single-Family Mtge. Rev.:
2,595M 7 1/2% 6/1/2015 2,658,422 27
2,105M 7.3% 12/1/2016 2,154,994 22
4,500M Monroe County Econ. Dev. Corp. (Detroit Edison Co.)
6.95% 9/1/2022 5,090,625 53
- -----------------------------------------------------------------------------------------------------------------
41,155,291 427
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Minnesota--.3%
$ 1,275M Eden Prairie Multi-Family Housing 8% 7/1/2026 $ 1,308,469 $ 14
1,240M St. Paul Hsg. & Red. Auth. (Como-Lake Proj.)
7 1/2% 3/1/2026 (Defaulted)(Note 1A) 1,264,800 13
- -----------------------------------------------------------------------------------------------------------------
2,573,269 27
- -----------------------------------------------------------------------------------------------------------------
Missouri--2.9%
Missouri State Health & Educational Facilities Authority:
BJC Health System Series A:
6,840M 6 3/4% 5/15/2010 7,652,250 80
10,175M 6 3/4% 5/15/2011 11,396,000 118
10,000M Lester E. Cox Medical Center Zero Coupon 9/1/2016 3,687,500 38
5,245M SSM Health Care 6 1/4% 6/1/2007 5,467,911 57
- -----------------------------------------------------------------------------------------------------------------
28,203,661 293
- -----------------------------------------------------------------------------------------------------------------
Nevada--.6%
Las Vegas New Convention & Visitors Authority Revenue:
3,500M 5 3/4% 7/1/2015 3,460,625 36
2,500M 5 3/4% 7/1/2017 2,415,625 25
- -----------------------------------------------------------------------------------------------------------------
5,876,250 61
- -----------------------------------------------------------------------------------------------------------------
New Jersey--.5%
4,440M New Jersey Health Care Facs. Fing. Auth.
(AHS Hosp. Corp.) 6% 7/1/2013 4,639,800 48
- -----------------------------------------------------------------------------------------------------------------
New Mexico--.4%
1,000M Farmington Power Rev. Gen. Dev. 9 7/8% 7/1/2005* 1,215,000 13
2,230M New Mexico Mortgage Finance Authority,
Single-Family Mortgage 8% 1/1/2017 2,236,088 23
- -----------------------------------------------------------------------------------------------------------------
3,451,088 36
- -----------------------------------------------------------------------------------------------------------------
New York--7.4%
1,000M Metropolitan Transit Authority Transit Facilities
7 1/2% 7/1/2000* 1,033,110 11
7,000M New York City General Obligation, 5 1/2% 5/15/2016 6,728,750 70
1,965M New York City ROLS - Inverse Floater 5.22%
2/7/2012 (Note 6)** 1,852,013 19
22,250M New York City Municipal Water Finance Auth. Rev.
6% 6/15/2021 22,528,125 234
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
New York (continued)
$ 4,500M New York State Dorm. Auth. Rev. City Univ. System
7 1/2% 7/1/2000* $ 4,662,585 $ 48
11,100M New York State Dorm. Auth. Rev. State Univ. System
7 3/8% 5/15/2014 11,436,552 119
5,000M New York State General Obligation 6% 6/15/2011 5,181,250 54
6,385M New York State Housing Finance Agency Rev.
5 7/8% 11/1/2010 6,544,625 68
5,840M Suffolk County, N.Y. Indl. Dev. Agcy. Southwest
Sewer Sys. 6% 2/1/2008 6,161,200 64
5,000M Suffolk County, N.Y. Judicial Facs. Agy. (John P.
Cohalan Complex) 5 3/4% 10/15/2013 5,050,000 52
- -----------------------------------------------------------------------------------------------------------------
71,178,210 739
- -----------------------------------------------------------------------------------------------------------------
North Carolina--2.0%
North Carolina Municipal Power Agency (Catawba):
8,950M 6% 1/1/2010 9,419,875 98
8,945M 6% 1/1/2011 9,392,250 97
- -----------------------------------------------------------------------------------------------------------------
18,812,125 195
- -----------------------------------------------------------------------------------------------------------------
North Dakota--1.2%
10,500M Mercer County Poll. Ctrl. Rev. (Basin Electric Power
Coop.) 7.2% 6/30/2013 11,930,625 124
- -----------------------------------------------------------------------------------------------------------------
Oklahoma--3.3%
Grand River Dam Authority Revenue:
9,000M 5 3/4% 6/1/2008 9,461,250 99
13,000M 6 1/4% 6/1/2011 14,056,250 146
6,790M Oklahoma State Ind. Dev. Auth. (Intregris Health
System) 6% 8/15/2017 6,671,175 69
1,420M Tulsa County Home Fin. Auth. Single-Family Mtge.
7.35% 11/1/2010 1,465,170 15
- -----------------------------------------------------------------------------------------------------------------
31,653,845 329
- -----------------------------------------------------------------------------------------------------------------
Oregon--1.8%
Oregon State Dept. Adm. Services (Lottery Revenue):
1,500M 5 3/4% 4/1/2014 1,513,125 16
3,975M 5 1/4% 4/1/2015 3,771,281 39
11,950M Salem-Keizer School District General Obligation
5 3/8% 6/1/2014 11,636,313 121
- -----------------------------------------------------------------------------------------------------------------
16,920,719 176
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pennsylvania--1.9%
$ 5,000M Pennsylvania State General Obligation
6 3/4% 11/15/2013 $ 5,412,500 $ 56
12,050M Pittsburgh Water & Sewer Authority
6 1/2% 9/1/2013 13,134,500 136
- -----------------------------------------------------------------------------------------------------------------
18,547,000 192
- -----------------------------------------------------------------------------------------------------------------
Puerto Rico--.5%
3,500M Puerto Rico Commonwealth Highway & Transportation
Auth. Rev. 6% 7/1/2018 3,613,750 38
900M Puerto Rico Mun. Fin. Agy. 5 1/2% 8/1/2017 877,500 9
- -----------------------------------------------------------------------------------------------------------------
4,491,250 47
- -----------------------------------------------------------------------------------------------------------------
South Dakota--.5%
3,855M South Dakota Health & Edl. Facs. Auth. (McKennan
Hosp.) 7 5/8% 7/1/2006* 4,486,256 46
- -----------------------------------------------------------------------------------------------------------------
Texas--10.7%
Austin, Texas Utilities System Revenue:
3,000M 8 5/8% 5/15/2002* 3,266,250 34
16,000M 6% 11/15/2013 16,620,000 173
30,465M Zero Coupon 5/15/2018 9,939,206 103
29,410M Zero Coupon 5/15/2019 8,933,287 93
5,000M Bexar County, Texas Health Facs. (Baptist Memorial)
6 3/4% 8/15/2004* 5,481,250 57
Harris County Toll Road Senior Lien:
8,375M Series "A" 6 1/2% 8/15/2002* 8,908,906 93
11,065M Series "A" 6 1/2% 8/15/2012 12,199,163 127
7,305M Series "A" 6 1/2% 8/15/2013 8,035,500 83
Houston Water Conveyance System Ctfs. of Partn.:
2,250M 6 1/4% 12/15/2012 2,404,687 25
4,705M 6 1/4% 12/15/2013 4,999,063 52
4,950M 6 1/4% 12/15/2014 5,253,188 54
6,035M 6 1/4% 12/15/2015 6,344,294 66
5,300M Rio Grande Valley Hlth. Fac. Dev. Corp.
(Valley Baptist Med. Ctr.) 6.4% 8/1/2012 5,538,500 57
5,000M Texas Public Fin. Auth. 6.2% 2/1/2005 5,281,250 55
- -----------------------------------------------------------------------------------------------------------------
103,204,544 1,072
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utah--.8%
$ 2,000M Provo, Utah Electric System Revenue
10 3/8% 9/15/2015 $ 2,707,500 $ 28
Salt Lake County Water Conservancy
District Revenue:
3,800M Zero Coupon 10/1/2011 1,976,000 21
3,800M Zero Coupon 10/1/2012 1,852,500 19
3,760M Zero Coupon 10/1/2013 1,706,100 18
- -----------------------------------------------------------------------------------------------------------------
8,242,100 86
- -----------------------------------------------------------------------------------------------------------------
Virginia--1.2%
11,000M Hanover County Indl. Dev. Auth. (Mem. Regl.
Med. Ctr. Project) 6 3/8% 8/15/2018 11,605,000 121
- -----------------------------------------------------------------------------------------------------------------
Washington--1.7%
Washington Public Power Supply System:
5,000M Project No. 2 - 7 3/8% 7/1/2000* 5,176,450 54
4,960M Project No. 2 - 7 3/8% 1/1/2001* 5,203,685 54
5,000M Washington State General Obligation 6.4% 6/1/2017 5,262,500 54
1,000M Washington State Hsg. Fin. Comm. Single-Family
Mtge. 7.7% 7/1/2016 1,027,500 11
- -----------------------------------------------------------------------------------------------------------------
16,670,135 173
- -----------------------------------------------------------------------------------------------------------------
Wisconsin--1.4%
12,000M Superior, Wisconsin Limited Obligation Rev.
(Midwest Energy) 6.9% 8/1/2021 13,365,000 139
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $909,405,407) 98.5% 948,631,336 9,851
Other Assets, Less Liabilities 1.5 14,325,795 149
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $962,957,131 $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 December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
Comparison of change in value of $10,000 investment in the First Investors
New York Insured Tax Free Fund, Inc. (Class A shares) and the Lehman
Brothers Municipal Bond Index.
As of December 31, 1999
NEW YORK INSURED LEHMAN BROTHERS
TAX FREE FUND MUNICIPAL BOND INDEX
JAN 90 $ 9,375 $10,000
DEC 90 9,937 10,728
DEC 91 11,020 12,031
DEC 92 11,978 13,091
DEC 93 13,154 14,699
DEC 94 12,493 13,939
DEC 95 14,423 16,391
DEC 96 14,849 17,088
DEC 97 16,010 18,658
DEC 98 16,905 19,867
DEC 99 16,285 19,458
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (3.67%) (9.69%)
Five Years 5.45% 4.09%
Ten Years 5.67% 5.00%
S.E.C. 30-Day Yield 4.15%
Class B Shares
One Year (4.34%) (8.17%)
Since Inception
(1/12/95) 4.56% 4.22%
S.E.C. 30-Day Yield 3.72%
The graph compares a $10,000 investment in the First Investors
New York Insured Tax Free Fund, Inc. (Class A shares) beginning 1/1/90
with a theoretical investment in the Lehman Brothers Municipal Bond
Index. The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp. The Index does not take into account fees and expenses or
cost of insurance of bonds held by an insured tax-exempt bond fund. It
is not possible to invest directly in the Lehman Brothers Municipal Bond
Index. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Fund and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown in the line graph above for
Class A shares based on differences in sales loads and fees paid by
shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Ten Years would have been
(9.79%), 4.04% and 4.97%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 4.03%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been (8.27%) and 4.00%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.60%. Results represent past performance
and do not indicate future results. Investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers, Inc. and all
other figures from First Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Education--17.8%
New York State Dormitory Authority Revenues:
City University:
$ 2,000M 5 3/4% 7/1/2012 $ 2,040,000 $ 120
5,955M 5 3/4% 7/1/2013 6,088,988 360
3,000M 6% 7/1/2020 3,041,250 180
1,000M Manhattanville College 7 1/2% 7/1/2000* 1,036,130 61
1,610M New York University 6% 7/1/2018 1,644,213 97
1,000M Pace University 6 1/2% 7/1/2012 1,102,500 65
Special Act School Districts Program:
1,375M 6% 7/1/2012 1,431,718 85
1,460M 6% 7/1/2013 1,511,100 89
State University Educational Facilities:
3,600M 7 3/8% 5/15/2000* 3,709,152 219
1,000M 5 7/8% 5/15/2011 1,043,750 62
3,500M 5 1/2% 5/15/2013 3,495,625 206
2,000M 5 1/4% 5/15/2015 1,912,500 113
2,210M 5 1/4% 5/15/2018 2,016,625 119
- -----------------------------------------------------------------------------------------------------------------
30,073,551 1,776
- -----------------------------------------------------------------------------------------------------------------
General Obligation--19.4%
Buffalo:
1,040M 6% 12/1/2013 1,085,500 64
1,065M 6% 12/1/2014 1,100,944 65
1,250M Monroe County 6% 3/1/2015 1,296,875 76
Nassau County:
3,845M 6 1/2% 11/1/2004* 4,215,081 249
4,355M 5.7% 8/1/2012 4,474,763 264
New York City:
3,355M 6.95% 8/15/2004* 3,677,918 217
3,000M 6.2% 8/1/2008 3,210,000 190
1,000M 7 1/4% 3/15/2018 1,020,440 60
Niagara Falls Public Improvement:
1,340M 7 1/2% 3/1/2012 1,596,275 94
1,680M 7 1/2% 3/1/2015 2,001,300 118
1,600M 7 1/2% 3/1/2018 1,908,000 113
1,750M North Hempstead 6.4% 4/1/2012 1,914,062 113
1,100M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,196,250 71
4,000M Puerto Rico Municipal Finance Agency 6% 8/1/2015 4,110,000 243
- -----------------------------------------------------------------------------------------------------------------
32,807,408 1,937
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care--14.4%
New York State Dormitory Authority Revenues:
$ 7,500M Memorial Sloan Kettering Cancer Center
5 3/4% 7/1/2020 $ 7,387,500 $ 436
1,210M North Shore University Hospital (Plainview)
5 1/2% 11/1/2013 1,208,488 71
3,000M St. Charles Hosp. & Rehab. Center 5.8%7/1/2015 2,992,500 177
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2000* 3,863,024 228
1,850M Long Term Health Care 7 3/8% 11/1/2011 1,891,625 112
Mental Health Services Facilities:
4,915M 6 1/2% 8/15/2004* 5,338,918 315
875M 7 3/8% 2/15/2014 895,230 53
835M 7.7% 2/15/2018 837,981 49
- -----------------------------------------------------------------------------------------------------------------
24,415,266 1,441
- -----------------------------------------------------------------------------------------------------------------
Housing--2.2%
3,655M New York State Housing Finance Agency
6.05% 5/1/2011 3,773,787 223
- -----------------------------------------------------------------------------------------------------------------
Transportation--26.2%
Metropolitan Transit Authority of New York:
Commuter Facilities Series:
5,000M 6 1/8% 7/1/2004* 5,325,000 314
3,380M 5 1/4% 7/1/2011 3,333,525 197
2,565M 5 1/4% 7/1/2012 2,494,463 147
1,000M Dedicated Tax Fund Series "A" 5 1/2% 4/1/2015 978,750 58
3,200M Transit Facilities Series 5 1/2% 7/1/2017 3,108,000 184
5,000M New York City ROLS - Inverse Floater 5.22%
2/7/2012 (Note 6)** 4,712,500 278
6,225M New York City Transit Auth. Met. Trans. Auth.
Triborough Ctf. of Partn. 5 5/8% 1/1/2015 6,100,500 360
2,725M New York State Thruway Authority 5 3/4% 4/1/2015 2,718,188 161
Puerto Rico Commonwealth Highway &
Transportation Authority:
3,060M 6 1/4% 7/1/2014 3,289,500 194
5,000M 6% 7/1/2018 5,162,500 305
6,900M Triborough Bridge & Tunnel Authority Series "Y"
6% 1/1/2012 7,210,500 426
- -----------------------------------------------------------------------------------------------------------------
44,433,426 2,624
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities--9.7%
New York City Municipal Water Finance Authority:
$ 4,975M 5 7/8% 6/15/2012 $ 5,180,219 $ 306
2,000M 5 7/8% 6/15/2013 2,067,500 122
2,750M 6% 6/15/2021 2,784,375 165
6,165M Suffolk County Water Authority 6% 6/1/2017 6,288,300 371
- -----------------------------------------------------------------------------------------------------------------
16,320,394 964
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--8.6%
1,000M New York State Dorm. Auth. Rev. (Suffolk County
Jud. Facs.) 7 3/8% 7/1/2016 1,150,000 68
3,190M New York State Urban Development Corporation
Revenue (State Facilities) 5.6% 4/1/2015 3,154,112 186
Puerto Rico Buildings Authority:
1,250M 6 1/4% 7/1/2013 1,353,125 80
2,035M 6 1/4% 7/1/2015 2,172,363 128
7,000M 5 1/2% 7/1/2021 6,763,750 399
- -----------------------------------------------------------------------------------------------------------------
14,593,350 861
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $163,828,593) 98.3% 166,417,182 9,826
Other Assets, Less Liabilities 1.7 2,939,594 174
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $169,356,776 $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 December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Arizona Fund (Class A shares) and the
Lehman Brothers Municipal Bond Index.
As of December 31, 1999
ARIZONA LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
NOV 90 $ 9,375 $10,000
DEC 90 9,337 10,246
DEC 91 10,241 11,491
DEC 92 11,345 12,503
DEC 93 13,033 14,039
DEC 94 12,298 13,313
DEC 95 14,562 15,655
DEC 96 15,100 16,320
DEC 97 16,502 17,820
DEC 98 17,521 18,974
DEC 99 17,192 18,584
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (1.88%) (8.02%)
Five Years 6.93% 5.56%
Since Inception
(11/1/90) 6.83% 6.09%
S.E.C. 30-Day Yield 4.52%
Class B Shares
One Year (2.60%) (6.49%)
Since Inception
(1/12/95) 5.89% 5.57%
S.E.C. 30-Day Yield 4.01%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Arizona Fund (Class A shares)
beginning 11/1/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (8.66%), 4.83% and 5.18%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.85%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (7.27%) and 4.59%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.30%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.6%
Certificates of Participation--5.0%
Arizona State:
$ 100M 6.1% 5/1/2007 $ 104,625 $ 85
375M 6 1/4% 9/1/2010 395,625 323
100M Arizona State Municipal Financing Program
7.7% 8/1/2010 116,125 95
- -----------------------------------------------------------------------------------------------------------------
616,375 503
- -----------------------------------------------------------------------------------------------------------------
General Obligation--41.9%
Maricopa County School District:
235M #3 (Tempe) 7.3% 7/1/2009 270,250 221
400M #11 (Peoria) 6.1% 7/1/2010 416,500 340
100M #14 (Creighton) 7 7/8% 7/1/2006 115,750 94
1,000M #41 (Gilbert) Zero Coupon 1/1/2008 658,750 538
300M #68 (Alhambra) 6 3/4% 7/1/2004* 324,000 264
380M #80 (Chandler) 6 1/4% 7/1/2011 407,075 332
275M #80 (Chandler) 6 1/4% 7/1/2011 298,375 243
100M #92 (Pendergast Elementary) 6 5/8% 7/1/2000* 102,160 83
200M #213 (Tempe) 7% 7/1/2008 224,250 183
500M #213 (Tempe) 5 1/8% 7/1/2014 468,125 382
500M Pima County 5% 7/1/2014 461,875 377
100M Pima County Unified School District #13
(Tanque Verde) 6.7% 7/1/2010 108,500 89
500M Pinal County Unified School District #43
(Apache Junction) 5 1/2% 7/1/2015 488,750 399
100M Puerto Rico Commonwealth 6.6% 7/1/2002* 106,375 87
200M Santa Cruz County School District #35, 6% 7/1/2008 208,500 170
Yavapai County:
230M Elementary School District #6
(Cottonwood-Oak Creek) 6.7% 7/1/2009 245,238 200
215M Elementary School District #28
(Camp Verde) 6% 7/1/2008 225,212 184
- -----------------------------------------------------------------------------------------------------------------
5,129,685 4,186
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care--14.3%
$ 650M Maricopa County Ind. Dev. Auth.
(Samaritan Health Svcs.) 7% 12/1/2016 $ 737,750 $ 602
600M Mesa Ind. Dev. Auth.
(Discovery Health System) 5 7/8% 1/1/2016 596,250 487
100M Mohave County Hosp. Dist. #1
(Kingman Reg. Med. Ctr.) 6.45% 6/1/2008 104,500 85
300M Pima County Ind. Dev. Auth.
(Tucson Med. Ctr.) 6 3/8% 4/1/2012 314,625 257
- -----------------------------------------------------------------------------------------------------------------
1,753,125 1,431
- -----------------------------------------------------------------------------------------------------------------
Housing--4.0%
250M Maricopa County Ind. Dev. Auth. Multi-Family Housing
(Whispering Palms Apts.) 5.85% 7/1/2019 244,688 200
90M Phoenix Hsg. Fin. Corp. Mtg. Rev. 6.65% 7/1/2006 90,225 73
150M Phoenix Ind. Dev. Auth. (Ventana Palms Apts.)
6.1% 10/1/2019 149,625 122
- -----------------------------------------------------------------------------------------------------------------
484,538 395
- -----------------------------------------------------------------------------------------------------------------
Transportation--7.5%
385M Phoenix Airport Revenue 6 1/4% 7/1/2012 408,581 333
500M Puerto Rico Commonwealth Hwy. & Trans. Auth.
6% 7/1/2018 516,250 422
- -----------------------------------------------------------------------------------------------------------------
924,831 755
- -----------------------------------------------------------------------------------------------------------------
Utilities--16.9%
200M Central Arizona Water Conservation District
Zero Coupon 5/1/2005 153,500 125
200M Chandler Water & Sewer Revenue 7 1/4% 7/1/2013 234,000 191
225M Gilbert Water & Sewer Revenue 6 1/2% 7/1/2012 239,906 196
Mesa Utility Systems Revenue:
350M 6 1/8% 7/1/2007* 377,563 308
350M 5 3/8% 7/1/2015 338,187 276
100M Peoria Water & Sewer Revenue 6.6% 7/1/2000* 102,084 83
355M Puerto Rico Aqueduct & Sewer Authority 5% 7/1/2019 317,281 259
250M Tucson Water Revenue 8% 7/1/2013 310,313 253
- -----------------------------------------------------------------------------------------------------------------
2,072,834 1,691
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Other Revenue--8.0%
$ 305M Casa Grande Excise Tax Rev. 6.1% 4/1/2009 $ 317,200 $ 259
225M Phoenix Civic Impt. Mun. Facs. Excise Tax Rev.
6.6% 7/1/2004* 245,531 200
400M Sierra Vista Mun. Ppty. Corp. Mun. Facs. Rev.
6% 1/1/2011 416,000 340
- -----------------------------------------------------------------------------------------------------------------
978,731 799
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $11,548,231) 97.6% 11,960,119 9,760
Other Assets, Less Liabilities 2.4 293,588 240
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $12,253,707 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--California Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
CALIFORNIA LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
JAN 90 $ 9,375 $10,000
DEC 90 10,028 10,728
DEC 91 11,156 12,031
DEC 92 12,234 13,091
DEC 93 13,851 14,699
DEC 94 13,006 13,939
DEC 95 15,368 16,391
DEC 96 15,969 17,088
DEC 97 17,513 18,658
DEC 98 18,618 19,867
DEC 99 18,081 19,458
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.88%) (8.93%)
Five Years 6.81% 5.44%
Ten Years 6.79% 6.10%
S.E.C. 30-Day Yield 4.23%
Class B Shares
One Year (3.67%) (7.52%)
Since Inception
(1/12/95) 5.76% 5.43%
S.E.C. 30-Day Yield 3.71%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--California Fund (Class A shares)
beginning 1/1/90 with a theoretical investment in the Lehman Brothers
Municipal Bond Index. The Lehman Brothers Municipal Bond Index is a
total return performance benchmark for the long-term investment grade
tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of bonds held by an insured tax-
exempt bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Ten Years would have been
(9.26%), 5.07% and 5.62%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.88%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been (8.01%) and 4.90%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.35%. Results represent past performance
and do not indicate future results. Investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers, Inc. and all
other figures from First Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.9%
Certificates of Participation--13.1%
$ 500M Castaic Lake Water Agency Water System Impt. Proj.
7% 8/1/2012 $ 577,500 $ 417
625M Los Angeles County Schs. Regionalized Business Svcs.
Zero Coupon 8/1/2019 190,625 138
500M Sacramento County Capital Projects 5 3/4% 7/15/2018 495,625 357
500M San Diego County Inmate Reception Center
6 3/4% 8/1/2004* 550,625 397
- -----------------------------------------------------------------------------------------------------------------
1,814,375 1,309
- -----------------------------------------------------------------------------------------------------------------
General Obligation--9.9%
Walnut Valley School District:
750M 6% 8/1/2012 795,938 574
500M 7.2% 2/1/2016 567,500 409
- -----------------------------------------------------------------------------------------------------------------
1,363,438 983
- -----------------------------------------------------------------------------------------------------------------
Utilities--1.9%
250M Fresno Water Revenue 6 1/4% 9/1/2014 269,063 194
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--74.0%
500M Barstow Redevelopment Agency 7% 9/1/2014 572,500 413
100M California Public Capital Impt. Fin. Auth. Rev.
8.1% 3/1/2018 101,048 73
1,315M California State Public Works Board 6 1/2% 12/1/2008 1,449,788 1,045
500M Corona Community Facs. Dist. 5 1/8% 9/1/2019 450,000 325
1,000M Long Beach Financing Authority Revenue
6% 11/1/2017 1,036,250 747
500M Palmdale Elementary School District Community
Facilities 5.7% 8/1/2018 492,500 355
300M Sacramento Redev. Agency Merged Downtown Redev.
Proj. 6 3/4% 11/1/2005 310,924 224
640M San Francisco City & Cnty. Pkg. Auth. Rev.
7% 6/1/2005* 716,800 517
500M San Francisco City & Cnty. Redev. Agy. (Moscone Ctr.)
6 3/4% 7/1/2015 541,250 390
500M San Jose Redevelopment Agency 6% 8/1/2015 523,125 377
700M San Mateo Joint Powers Authority Lease Revenue
6 1/2% 7/1/2015 766,500 555
500M San Rafael Redevelopment Agency 6.45% 12/1/2017 526,875 380
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Other Revenue (continued)
$ 500M Santa Ana Financing Authority Lease Rev.
6 1/4% 7/1/2015 $ 534,375 $ 385
750M Santa Margarita/Dana Point Impt. Dist. 7 1/4% 8/1/2010 870,000 627
750M South Gate Public Financing Authority 6% 10/1/2012 797,813 575
500M South Orange County Public Finance Authority
7% 9/1/2011 574,375 414
- -----------------------------------------------------------------------------------------------------------------
10,264,123 7,402
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $12,987,840) 98.9% 13,710,999 9,888
Other Assets, Less Liabilities 1.1 155,235 112
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $13,866,234 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Colorado Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
COLORADO LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
MAY 92 $ 9,375 $10,000
DEC 92 10,015 10,753
DEC 93 11,432 12,073
DEC 94 10,773 11,449
DEC 95 12,739 13,463
DEC 96 13,321 14,035
DEC 97 14,570 15,325
DEC 98 15,483 16,318
DEC 99 15,151 15,982
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.15%) (8.29%)
Five Years 7.06% 5.68%
Since Inception
(5/4/92) 6.45% 5.57%
S.E.C. 30-Day Yield 4.56%
Class B Shares
One Year (2.96%) (6.85%)
Since Inception
(1/12/95) 6.04% 5.72%
S.E.C. 30-Day Yield 3.89%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Colorado Fund (Class A shares)
beginning 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (9.13%), 4.66% and 4.46%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.67%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (7.86%) and 4.35%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 2.94%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.9%
Certificates of Participation--4.5%
$ 200M Garfield County Bldg. Corp. 5 1/2% 12/1/2013 $ 197,250 $ 444
- -----------------------------------------------------------------------------------------------------------------
Education--7.5%
225M Colorado Postsecondary Educ. Facs. Auth. Rev.
(Auraria Foundation) 6% 9/1/2015 228,094 514
100M University of Northern Colorado Revenue 6% 6/1/2004* 105,500 238
- -----------------------------------------------------------------------------------------------------------------
333,594 752
- -----------------------------------------------------------------------------------------------------------------
General Obligation--45.1%
150M Bayfield School District #10, 6 1/2% 6/1/2005* 161,250 363
250M Douglas County School District #RE 1, 8% 12/15/2009 301,561 679
Eagle Garfield & Routt Cntys. School District #RE 50J:
150M 6.3% 12/1/2004* 162,188 365
200M 5 1/4% 12/1/2014 189,500 427
150M El Paso County School District #020, 6.2% 12/15/2007 160,688 362
150M Garfield County School District #RE 2, 6.15% 12/1/2003* 158,813 358
150M Garfield Pitkin & Eagle Cntys. School District #RE 1,
6.6% 6/15/2004* 162,000 365
100M Green Valley Met. Dist. 5 3/8% 12/1/2014 96,875 218
200M Jefferson County School District #R001, 5% 12/15/2017 177,000 399
200M Puerto Rico Commonwealth 6 1/4% 7/1/2012 218,250 492
100M Summit County School District #RE1, 6.55% 12/1/2004* 107,625 242
100M Yuma Hospital District 6.4% 11/1/2004* 107,375 242
- -----------------------------------------------------------------------------------------------------------------
2,003,125 4,512
- -----------------------------------------------------------------------------------------------------------------
Health Care--16.7%
Colorado Health Facilities Authority:
200M North Colorado Med. Ctr. 5 1/2% 5/5/2015 191,750 432
200M Poudre Valley Health Care 5 5/8% 12/1/2019 189,000 426
100M Sisters of Charity 6 1/4% 5/15/2012 107,000 241
250M Colorado Springs Hospital Revenue 6% 12/15/2015 253,125 570
- -----------------------------------------------------------------------------------------------------------------
740,875 1,669
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation--8.1%
$ 100M Arapahoe County Capital Impt.Highway Rev. (E470)
6.05% 8/31/2015 $ 101,250 $ 228
150M Denver City & County Airport Revenue
5 3/4% 11/15/2016 149,437 337
100M Puerto Rico Commonwealth Hwy. & Transn. Auth. Rev.
6 1/4% 7/1/2014 107,500 242
- -----------------------------------------------------------------------------------------------------------------
358,187 807
- -----------------------------------------------------------------------------------------------------------------
Utilities--5.8%
150M Westminster Water & Wastewater Util. Enterprise Rev.
6% 12/1/2009 155,063 349
100M Woodland Park Wastewater Util. Rev. 6.05% 12/1/2013 103,500 233
- -----------------------------------------------------------------------------------------------------------------
258,563 582
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--11.2%
100M Pueblo Urban Renewal Authority Tax Increment Rev.
6.05% 12/1/2012 104,250 235
200M Puerto Rico Aqueduct & Sewer Authority 5% 7/1/2019 178,750 402
100M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2004* 106,875 241
100M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 108,625 245
- -----------------------------------------------------------------------------------------------------------------
498,500 1,123
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $4,290,564) 98.9% 4,390,094 9,889
Other Assets, Less Liabilities 1.1 49,356 111
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $4,439,450 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Connecticut Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
CONNECTICUT LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
OCT 90 $ 9,375 $10,000
DEC 90 9,395 10,431
DEC 91 10,345 11,698
DEC 92 11,306 12,729
DEC 93 12,900 14,292
DEC 94 12,030 13,553
DEC 95 14,097 15,937
DEC 96 14,573 16,615
DEC 97 15,851 18,141
DEC 98 16,826 19,317
DEC 99 16,501 18,919
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (1.93%) (8.06%)
Five Years 6.52% 5.16%
Since Inception
(10/8/90) 6.31% 5.57%
S.E.C. 30-Day Yield 4.15%
Class B Shares
One Year (2.67%) (6.56%)
Since Inception
(1/12/95) 5.54% 5.21%
S.E.C. 30-Day Yield 3.63%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Connecticut Fund (Class A shares)
beginning 10/8/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (8.38%), 4.74% and 4.99%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.82%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (7.01%) and 4.61%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.27%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.0%
Education--21.5%
Connecticut State Health & Educational Facilities
Authority Revenue:
$ 725M Choate Rosemary Hall 6.8% 7/1/2004* $ 790,250 $ 374
Fairfield University:
1,000M 5 5/8% 7/1/2016 988,750 468
500M 5 1/4% 7/1/2018 463,125 219
500M Loomis Chafee School Project - Series "B"
6% 7/1/2015 508,125 241
1,000M Trinity College 6 1/8% 7/1/2004* 1,071,250 508
750M University of Connecticut 5 1/4% 4/1/2014 719,063 341
- -----------------------------------------------------------------------------------------------------------------
4,540,563 2,151
- -----------------------------------------------------------------------------------------------------------------
General Obligation--33.8%
100M Bethel 6 1/2% 2/15/2011 109,750 52
775M Bridgeport 5 1/2% 9/1/2015 768,219 364
Connecticut State:
500M Series "A" 6 1/2% 3/15/2002* 528,123 250
700M Series "E" 6% 3/15/2012 738,500 350
500M 5 3/4% 11/1/2013 510,625 242
130M Coventry 6.7% 12/15/2009 145,600 69
Griswold:
250M 5 3/4% 4/15/2010 257,813 123
100M 6 1/4% 6/15/2010 108,250 51
100M Groton City 6 3/4% 6/1/2007 110,750 52
800M New Britain 6% 3/1/2012 845,000 400
130M Newton 6.7% 8/15/2010 145,438 69
250M Plainfield 6 3/8% 8/1/2011 262,500 124
1,000M Puerto Rico 6 1/4% 7/1/2012 1,091,250 517
500M Puerto Rico Mun. Fin. Agy. 5 1/2% 8/1/2017 487,500 231
290M Regional School District #5, 6.3% 3/1/2002* 305,588 145
330M Southington 6.55% 4/1/2012 347,325 165
90M Stafford 6.55% 11/15/2008 99,225 47
250M Westbrook 6.4% 3/15/2010 273,125 129
- -----------------------------------------------------------------------------------------------------------------
7,134,581 3,380
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care--14.5%
Connecticut State Health & Educational Facilities
Authority Revenue:
$ 450M Bridgeport Hospital 6 1/2% 7/1/2012 $ 475,312 $ 225
500M Child Care Facilities Program 5 1/2% 7/1/2019 475,625 225
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 530,000 251
700M New Britain General Hospital 6 1/8% 7/1/2014 721,000 342
325M Stamford Hospital Series "C" 6 1/2% 7/1/2001* 340,844 162
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 521,875 247
- -----------------------------------------------------------------------------------------------------------------
3,064,656 1,452
- -----------------------------------------------------------------------------------------------------------------
Housing--3.6%
750M Connecticut State Housing Finance Authority
6% 11/15/2010 768,750 364
- -----------------------------------------------------------------------------------------------------------------
Transportation--11.5%
Connecticut State Special Tax Obligation
Transportation Infrastructure:
285M 6% 10/1/2004* 302,456 143
250M 6.1% 10/1/2004* 266,250 126
500M 6 1/2% 10/1/2011 553,750 262
250M 6 1/8% 9/1/2012 265,000 126
1,000M Puerto Rico Hwy. & Trans. Auth. 6% 7/1/2018 1,032,500 489
- -----------------------------------------------------------------------------------------------------------------
2,419,956 1,146
- -----------------------------------------------------------------------------------------------------------------
Utilities--4.6%
200M Puerto Rico Electric Power Authority Revenue
5 1/4% 7/1/2013 195,750 93
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 261,875 124
500M 6 1/8% 8/1/2014 516,250 245
- -----------------------------------------------------------------------------------------------------------------
973,875 462
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Other Revenue--7.5%
$ 545M Connecticut State Dev. Auth. Govtl. Lease Rev.
6 1/2% 6/15/2008 $ 587,237 $ 279
Puerto Rico Public Buildings Authority:
350M 6 1/4% 7/1/2013 378,875 179
575M 6 1/4% 7/1/2015 613,813 291
- -----------------------------------------------------------------------------------------------------------------
1,579,925 749
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $19,821,908) 20,482,306 9,704
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.5%
100M Puerto Rico Commonwealth Floater Certificates
Series 20 Adjustable Rate Note 5.24%**
(cost $100,000) 100,000 47
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $19,921,908) 97.5% 20,582,306 9,751
Other Assets, Less Liabilities 2.5 525,554 249
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $21,107,860 $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 periodically by the issuer.
The interest rate shown is the rate in effect at December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Florida Fund (Class A shares) and the
Lehman Brothers Municipal Bond Index.
As of December 31, 1999
FLORIDA LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
OCT 90 $ 9,375 $10,000
DEC 90 9,345 10,431
DEC 91 10,442 11,698
DEC 92 11,526 12,729
DEC 93 13,161 14,292
DEC 94 12,451 13,553
DEC 95 14,788 15,937
DEC 96 15,282 16,615
DEC 97 16,685 18,141
DEC 98 17,702 19,317
DEC 99 17,182 18,919
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.93%) (9.02%)
Five Years 6.65% 5.28%
Since Inception
(10/5/90) 6.77% 6.03%
S.E.C. 30-Day Yield 4.21%
Class B Shares
One Year (3.65%) (7.50%)
Since Inception
(1/12/95) 5.72% 5.40%
S.E.C. 30-Day Yield 3.69%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Florida Fund (Class A shares)
beginning 10/5/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (9.30%), 4.89% and 5.43%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.92%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (7.95%) and 4.81%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.37%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Education--3.9%
$1,000M Miami-Dade County Educational Facilities Authority
(University of Miami) 5 1/4% 4/1/2015 $ 952,500 $ 388
- -----------------------------------------------------------------------------------------------------------------
General Obligation--3.6%
300M Miami 6% 12/1/2010 320,250 131
500M North Springs Improvement District 7% 10/1/2009 571,875 233
- -----------------------------------------------------------------------------------------------------------------
892,125 364
- -----------------------------------------------------------------------------------------------------------------
Health Care--9.0%
350M North Broward Hospital District 6 1/2% 1/1/2002* 369,250 151
1,000M Orange County Health Facs. Auth. (Orlando Regional
Healthcare) 6 1/4% 10/1/2018 1,048,750 428
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 782,813 319
- -----------------------------------------------------------------------------------------------------------------
2,200,813 898
- -----------------------------------------------------------------------------------------------------------------
Housing--2.1%
530M Florida State Board Regt. Hsg. Rev. University of
Central Florida 5 5/8% 10/1/2018 516,750 211
- -----------------------------------------------------------------------------------------------------------------
Transportation--6.4%
500M Dade County Aviation Revenue Series "A"
6% 10/1/2010 522,500 213
300M Florida State Turnpike Authority Turnpike Revenue
6.35% 7/1/2002* 315,000 128
250M Pensacola Airport Revenue 5.6% 10/1/2017 244,688 100
455M Port Palm Beach District Revenue 6 1/4% 9/1/2008 479,456 196
- -----------------------------------------------------------------------------------------------------------------
1,561,644 637
- -----------------------------------------------------------------------------------------------------------------
Utilities--46.8%
750M Charlotte County Utilities Revenue 6 3/4% 10/1/2003* 815,625 333
1,000M Cocoa Water & Sewer Revenue 5 3/4% 10/1/2007* 1,055,000 430
Escambia County Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 537,500 219
1,000M 6 1/4% 1/1/2015 1,062,500 433
690M Jacksonville Beach Utility Revenue 6 3/4% 10/1/2001* 729,675 298
1,495M Lakeland Electric & Water Revenue 6.05% 10/1/2014 1,569,750 640
265M Miramar Utilities Improvement Revenue
6.4% 10/1/2007 283,219 116
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities (continued)
$ 1,000M Plant City Utility System Revenue 6% 10/1/2015 $ 1,038,750 $ 424
1,000M Puerto Rico Electric Power Authority 5 1/4% 7/1/2013 978,750 399
500M Sarasota County Utility System Revenue
6 1/2% 10/1/2004* 545,000 222
Seminole County Water & Sewer Revenue:
500M 6% 10/1/2009 531,250 217
500M 6% 10/1/2019 508,317 207
1,000M St. John's County Water & Sewer Revenue
5 1/2% 6/1/2011 1,017,500 415
750M West Melbourne Water & Sewer Revenue
6 3/4% 10/1/2014 803,438 328
- -----------------------------------------------------------------------------------------------------------------
11,476,274 4,681
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--25.9%
1,000M Gulf Breeze Local Govt. Loan Program
5.55% 12/01/2015 985,000 402
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,027,500 419
1,000M Jacksonville Capital Improvement (Gator Bowl Project)
5 7/8% 10/1/2015 1,012,500 413
350M Jacksonville Excise Taxes Revenue 6 1/2% 10/1/2013 370,563 151
600M Orange County Tourist Development Tax Revenue
5.9% 10/1/2010 633,750 258
1,000M Palm Beach County Criminal Justice Facilities Revenue
5 3/8% 6/1/2011 1,007,500 411
300M St. Lucie County Sales Tax Revenue 6 1/2% 10/1/2002* 319,875 130
1,000M Tampa Sports Auth. Sales Tax Rev. (Tampa Bay Arena)
5 3/4% 10/1/2020 986,250 402
- -----------------------------------------------------------------------------------------------------------------
6,342,938 2,586
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $23,128,726) 23,943,044 9,765
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-TERM TAX EXEMPT
INVESTMENTS--.8%
$ 100M Collier County Health Facilities (Cleveland Clinic
Health System) Adjustable Rate Note 4.7%** $ 100,000 $ 41
100M Puerto Rico Commonwealth Floater Certificates
Series 20 Adjustable Rate Note 5.24%** 100,000 41
- -----------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $200,000) 200,000 82
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $23,328,726) 98.5% 24,143,044 9,847
Other Assets, Less Liabilities 1.5 374,890 153
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $24,517,934 $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 periodically by the issuer.
The interest rate shown is the rate in effect at December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Georgia Fund (Class A shares) and the
Lehman Brothers Municipal Bond Index.
As of December 31, 1999
GEORGIA LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
MAY 92 $ 9,375 $10,000
DEC 92 9,803 10,753
DEC 93 11,289 12,073
DEC 94 10,760 11,449
DEC 95 12,740 13,463
DEC 96 13,242 14,035
DEC 97 14,565 15,325
DEC 98 15,451 16,318
DEC 99 14,981 15,982
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (3.04%) (9.08%)
Five Years 6.84% 5.46%
Since Inception
(5/1/92) 6.29% 5.41%
S.E.C. 30-Day Yield 4.68%
Class B Shares
One Year (3.78%) (7.63%)
Since Inception
(1/12/95) 5.82% 5.50%
S.E.C. 30-Day Yield 4.19%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Georgia Fund (Class A shares)
beginning 5/1/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (9.98%), 4.29% and 4.04%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.68%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (8.74%) and 4.09%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.13%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
December 31, 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--4.1%
$ 250M Fulton County Facs. Corp. (Fulton County Public
Purposes Project) 5 1/2% 11/1/2018 $ 236,250 $ 406
- -----------------------------------------------------------------------------------------------------------------
Education--2.9%
Private Colleges & Universities Facilities Authority:
80M Mercer University Project 6.35% 11/1/2006 86,400 148
80M Spelman University Project 6% 6/1/2009 83,500 144
- -----------------------------------------------------------------------------------------------------------------
169,900 292
- -----------------------------------------------------------------------------------------------------------------
General Obligation--16.1%
75M Columbia County School District 6 1/4% 4/1/2004* 79,406 136
100M Hall County School District 6.7% 12/1/2004* 109,875 189
100M Mitchell County School District 6 1/2% 3/1/2009 107,250 184
125M Paulding County School District 6% 2/1/2013 31,250 225
100M Peach County School District 6.4% 2/1/2005* 108,250 186
150M Pike County School District 5.7% 2/1/2016 150,187 258
Puerto Rico Commonwealth:
150M 6 1/4% 7/1/2012 163,688 281
100M 5% 7/1/2017 90,500 156
- -----------------------------------------------------------------------------------------------------------------
940,406 1,615
- -----------------------------------------------------------------------------------------------------------------
Health Care--10.4%
250M Gainesville & Hall County Hosp. Rev. Antic. Ctfs.
(Northeast Georgia Health System) 5.3% 5/15/2015 235,938 405
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 130,468 224
250M Savannah Hosp. Auth. Rev. (St. Joseph's/Candler Health
System) 5 1/4% 7/1/2013 239,688 412
- -----------------------------------------------------------------------------------------------------------------
606,094 1,041
- -----------------------------------------------------------------------------------------------------------------
Housing--2.6%
150M Georgia State Housing & Finance Authority Revenue
5.7% 12/1/2011 151,688 260
- -----------------------------------------------------------------------------------------------------------------
Transportation--5.6%
300M Metropolitan Atlanta Rapid Transit Authority
6 1/4% 7/1/2011 324,750 558
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities--33.9%
$ 235M Atlanta Water & Wastewater Rev. 5 1/2% 11/1/2017 $ 228,537 $ 392
95M Brunswick Water & Sewer Revenue 6.1% 10/1/2019 96,188 165
85M Conyers Water & Sewer Revenue 6.45% 7/1/2010 90,418 155
80M Cordele Combined Public Utilities Revenue
6.4% 11/1/2004* 86,800 149
250M Dalton Utilities Revenue 5.1% 1/1/2010 247,188 424
250M Fulton County Water & Sewer Revenue 6 3/8% 1/1/2014 268,750 461
250M Gainesville Water & Sewer Rev. 5 5/8% 11/15/2015 246,250 423
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 86,900 149
100M 5.8% 1/1/2015 101,250 174
150M Milledgeville Water & Sewer Revenue 6% 12/1/2021 151,125 260
270M Rockdale County Water & Sewer Auth. Rev.
5.6% 7/1/2016 265,275 456
100M St. Mary's Water & Sewer Revenue 6 1/8% 7/1/2018 102,875 177
- -----------------------------------------------------------------------------------------------------------------
1,971,556 3,385
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--22.7%
80M Appling County Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 85,900 147
Cobb-Marietta Coliseum & Exhibit Hall Auth. Revenue:
250M 5.4% 10/1/2015 239,375 411
500M 5.5% 10/1/2018 479,375 823
80M Downtown Smyrna Development Authority Revenue
6.7% 2/1/2005* 87,700 151
50M East Point Building Authority Revenue 6 % 2/1/2011 51,875 89
125M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 135,312 232
250M Puerto Rico Pub. Fin. Corp. Comwlth. Approp.
5 3/8% 6/1/2015 244,375 420
- -----------------------------------------------------------------------------------------------------------------
1,323,912 2,273
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,682,041) 98.3% 5,724,556 9,830
Other Assets, Less Liabilities 1.7 99,004 170
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,823,560 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Maryland Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
MARYLAND LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
OCT 90 $ 9,375 $10,000
DEC 90 9,555 10,431
DEC 91 10,374 11,698
DEC 92 11,346 12,729
DEC 93 13,005 14,292
DEC 94 12,277 13,553
DEC 95 14,426 15,937
DEC 96 14,905 16,615
DEC 97 16,335 18,141
DEC 98 17,378 19,317
DEC 99 16,936 18,919
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.54%) (8.64%)
Five Years 6.64% 5.29%
Since Inception
(10/8/90) 6.61% 5.87%
S.E.C. 30-Day Yield 4.61%
Class B Shares
One Year (3.33%) (7.20%)
Since Inception
(1/12/95) 5.70% 5.38%
S.E.C. 30-Day Yield 4.11%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Maryland Fund (Class A shares)
beginning 10/8/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (9.32%), 4.47% and 4.86%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.89%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (8.05%) and 4.11%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.34%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.5%
Education--6.1%
Morgan State University Academic & Aux. Facs.
Fees Revenue:
$ 500M 6.05% 7/1/2015 $ 520,000 $ 340
200M 6.1% 7/1/2020 205,750 134
200M University of Maryland Aux. Fac. & Tuition Revenue
6.3% 2/1/2001* 207,704 136
- -----------------------------------------------------------------------------------------------------------------
933,454 610
- -----------------------------------------------------------------------------------------------------------------
General Obligation--37.8%
350M Anne Arundel County Water & Sewer 6.3% 8/1/2005* 377,563 247
Baltimore, Maryland:
100M 6.3% 10/15/2004 107,000 70
100M 7% 10/15/2009 113,625 74
250M 5 5/8% 10/15/2012 254,687 167
400M 5 1/4% 7/1/2014 387,500 253
700M 5 1/2% 10/15/2015 693,000 453
100M Chesapeake Beach 6 1/2% 5/1/2012 103,250 67
Frederick, Maryland:
100M 6 1/8% 12/1/2008 105,000 69
200M 6 1/8% 10/1/2014 210,250 137
250M Maryland State 7% 10/15/2000* 258,090 169
1,000M Prince Georges County Cons. Public Impt. 5% 10/1/2014 930,000 608
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 111,694 74
405M 6 1/4% 7/1/2012 441,956 289
275M 5 1/4% 7/1/2015 262,625 172
250M 5.65% 7/1/2015 251,563 164
500M Queen Annes County 5.6% 11/15/2015 497,500 325
325M Washington County 5.8% 1/1/2013 335,562 219
350M Wicomico County 5 1/2% 12/1/2016 340,375 223
- -----------------------------------------------------------------------------------------------------------------
5,781,240 3,780
- -----------------------------------------------------------------------------------------------------------------
Health Care--11.3%
Maryland State Health & Higher Education Facilities:
500M Maryland General Hospital 6 1/8% 7/1/2014 515,000 336
225M Suburban Hospital 6% 7/1/2002* 232,594 152
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross
Health System) 5.7% 12/1/2010 253,750 166
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care (continued)
$ 325M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 $ 339,219 $ 222
350M Takoma Park Hospital Facilities (Adventist Hosp.)
6 1/2% 9/1/2012 386,750 253
- -----------------------------------------------------------------------------------------------------------------
1,727,313 1,129
- -----------------------------------------------------------------------------------------------------------------
Housing--9.1%
250M Baltimore County Mortgage Revenue
(Old Orchard Apartments) 7% 7/1/2016 262,187 171
Maryland State Community Dev. Admin.Dept.
Hsg. & Cmnty. Dev.:
345M 7% 4/1/2014 357,075 233
600M 5 7/8% 7/1/2016 598,500 391
Montgomery County Single Family Mortgage Revenue
165M 6 1/2% 7/1/2011 169,950 112
- -----------------------------------------------------------------------------------------------------------------
1,387,712 907
- -----------------------------------------------------------------------------------------------------------------
Transportation--5.3%
500M Maryland State Department of Transportation
Zero Coupon 7/1/2012 248,125 162
525M Puerto Rico Highway & Transportation Authority
6 1/4% 7/1/2014 564,375 369
- -----------------------------------------------------------------------------------------------------------------
812,500 531
- -----------------------------------------------------------------------------------------------------------------
Utilities--10.8%
Baltimore Revenue Water Projects:
300M 5 3/8% 7/1/2015 289,500 190
250M 5.8% 7/1/2015 251,250 164
Baltimore Wastewater Utilities Revenue:
215M 6 1/4% 7/1/2002* 227,362 149
200M 6% 7/1/2015 206,750 135
750M Puerto Rico Aqueduct & Sewer Auth. Rev. 5% 7/1/2019 670,314 438
- -----------------------------------------------------------------------------------------------------------------
1,645,176 1,076
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Other Revenue--17.1%
$ 250M Baltimore Convention Center 6.1% 9/1/2004* $ 264,062 $ 172
250M Maryland Stadium Authority 5 7/8% 12/15/2013 255,000 167
100M Montgomery County Parking Revenue (Bethesda
Parking Lot) 6 1/4% 6/1/2009 105,000 69
750M Puerto Rico Municipal Finance Agency 5 1/2% 8/1/2017 731,250 478
500M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 533,750 349
750M Puerto Rico Public Finance Corp. 5 3/8% 6/1/2015 733,125 479
- -----------------------------------------------------------------------------------------------------------------
2,622,187 1,714
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,766,922) 97.5% 14,909,582 9,747
Other Assets, Less Liabilities 2.5 387,411 253
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $15,296,993 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Massachusetts Fund (Class A shares)
and the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
MASSACHUSETTS LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
JAN 90 $ 9,375 $10,000
DEC 90 10,028 10,728
DEC 91 11,165 12,031
DEC 92 12,260 13,091
DEC 93 13,722 14,699
DEC 94 12,998 13,939
DEC 95 15,216 16,391
DEC 96 15,671 17,088
DEC 97 16,967 18,658
DEC 98 17,871 19,867
DEC 99 17,444 19,458
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.39%) (8.48%)
Five Years 6.06% 4.71%
Ten Years 6.41% 5.72%
S.E.C. 30-Day Yield 4.37%
Class B Shares
One Year (3.19%) (7.06%)
Since Inception
(1/12/95) 5.11% 4.78%
S.E.C. 30-Day Yield 3.86%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Massachusetts Fund (Class A shares)
beginning 1/1/90 with a theoretical investment in the Lehman Brothers
Municipal Bond Index. The Lehman Brothers Municipal Bond Index is a
total return performance benchmark for the long-term investment grade
tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of bonds held by an insured tax-
exempt bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Ten Years would have been
(8.80%), 4.34% and 5.26%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 4.04%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been (7.53%) and 4.25%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.50%. Results represent past performance
and do not indicate future results. Investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers, Inc. and all
other figures from First Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Certificates of Participation--4.0%
$1,000M Plymouth County Correctional Facility 5% 4/1/2022 $ 856,250 $ 395
- -----------------------------------------------------------------------------------------------------------------
Education--11.3%
425M Massachusetts Health & Educational Facilities Authority
(Northeastern University) 7 1/8% 10/1/2000* 441,201 203
1,000M Massachusetts State College Bldg. Auth. Proj.
5 1/8% 5/1/2019 893,750 412
1,000M University of Massachusetts Building Authority
Revenue 6 7/8% 5/1/2014 1,118,750 516
- -----------------------------------------------------------------------------------------------------------------
2,453,701 1,131
- -----------------------------------------------------------------------------------------------------------------
General Obligation--30.2%
750M Boston 5 7/8% 8/1/2012 774,375 356
1,000M Frontier Regional School District 5% 6/15/2017 890,000 410
1,000M Haverhill 5% 6/1/2014 925,000 427
565M Holyoke 5.8% 9/1/2017 558,644 258
Massachusetts General Obligation:
300M 7% 7/1/2009 337,125 155
1,000M 6% 8/1/2010 1,062,500 490
1,000M Springfield 6% 10/1/2015 1,018,750 470
500M Wareham 7.1% 1/15/2001* 529,065 244
460M Worcester 5 3/4% 4/1/2015 458,850 212
- -----------------------------------------------------------------------------------------------------------------
6,554,309 3,022
- -----------------------------------------------------------------------------------------------------------------
Health Care--23.0%
Massachusetts Health & Educational Facilities Authority:
Capital Asset Program:
205M 7.35% 8/1/2008 209,500 97
350M 7.2% 7/1/2009 357,000 165
1,000M Harvard Pilgrim Health Care 5 1/4% 7/1/2013 961,250 443
750M Massachusetts General Hospital 6 1/4% 7/1/2012 809,062 373
570M Milton Hospital 7% 7/1/2016 586,194 270
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,552,500 716
490M University Hospital 7 1/4% 7/1/2000* 506,998 234
- -----------------------------------------------------------------------------------------------------------------
4,982,504 2,298
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing--4.3%
$ 920M Massachusetts Housing Finance Agency
6% 12/1/2012 $ 932,650 $ 430
- -----------------------------------------------------------------------------------------------------------------
Transportation--7.1%
1,500M Massachusetts Bay Transportation Authority
Series "A" 5.8% 3/1/2013 1,545,000 713
- -----------------------------------------------------------------------------------------------------------------
Utilities--13.6%
Boston Water & Sewer Commission:
750M 7% 11/1/2001* 796,875 368
1,035M 5 3/4% 11/1/2013 1,060,875 489
1,000M South Essex Sewer District 6 3/4% 6/1/2004* 1,095,000 505
- -----------------------------------------------------------------------------------------------------------------
2,952,750 1,362
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--4.2%
1,000M Massachusetts Port Authority Revenue 5 1/8% 7/1/2017 906,250 418
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,936,120) 21,183,414 9,769
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.5%
100M Puerto Rico Commonwealth Floater Certificates
Series 20 Adjustable Rate Note 5.24%**
(cost $100,000) 100,000 46
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $21,036,120) 98.2% 21,283,414 9,815
Other Assets, Less Liabilities 1.8 400,188 185
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $21,683,602 $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 periodically by the issuer.
The interest rate shown is the rate in effect at December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Michigan Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
MICHIGAN LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
JAN 90 $ 9,375 $10,000
DEC 90 10,027 10,728
DEC 91 11,153 12,031
DEC 92 12,335 13,091
DEC 93 14,122 14,699
DEC 94 13,224 13,939
DEC 95 15,534 16,391
DEC 96 16,058 17,088
DEC 97 17,563 18,658
DEC 98 18,549 19,867
DEC 99 18,058 19,458
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.63%) (8.70%)
Five Years 6.43% 5.07%
Ten Years 6.77% 6.09%
S.E.C. 30-Day Yield 4.29%
Class B Shares
One Year (3.34%) (7.21%)
Since Inception
(1/12/95) 5.44% 5.11%
S.E.C. 30-Day Yield 3.75%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Michigan Fund (Class A shares)
beginning 1/1/90 with a theoretical investment in the Lehman Brothers
Municipal Bond Index. The Lehman Brothers Municipal Bond Index is a
total return performance benchmark for the long-term investment grade
tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of bonds held by an insured tax-
exempt bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Ten Years would have been
(8.94%), 4.75% and 5.60%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 4.04%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been (7.59%) and 4.62%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.49%. Results represent past performance
and do not indicate future results. Investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers, Inc. and all
other figures from First Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.6%
Certificates of Participation--2.6%
$1,000M Michigan State Hsg. Representatives 5 1/4% 8/15/2014 $ 963,750 $ 258
- -----------------------------------------------------------------------------------------------------------------
General Obligation--49.0%
1,000M Detroit City School District 5.85% 5/1/2006* 1,061,250 284
2,000M Detroit Downtown Development Series "A"
5 3/4% 7/15/2015 1,987,500 531
1,000M East Detroit School District 6.1% 5/1/2016 1,058,237 283
1,000M Grand Ledge Public School District 7 7/8% 5/1/2004* 1,135,000 303
1,000M Gull Lake Community School District
Zero Coupon 5/1/2013 465,000 124
1,000M Huron School District Zero Coupon 5/1/2015 402,500 108
1,000M Lake Orion Community School District 7% 5/1/2005* 1,105,000 295
1,000M Lincoln Park School District 7% 5/1/2006* 1,116,250 298
1,000M Michigan State Environmental Protection Program
6 1/4% 11/1/2012 1,075,000 287
1,000M Montrose Township School District 6.2% 5/1/2017 1,043,750 279
150M Oak Park 7.2% 5/1/2002* 160,500 43
1,000M Portage Lake Water & Sewer Authority 6.1% 10/1/2014 1,043,750 279
1,500M Puerto Rico Municipal Finance Agency 5 3/4% 8/1/2013 1,537,500 412
1,195M Redford Unified School District 6 3/8% 5/1/2010 1,301,056 348
800M Rochester School District 5 5/8% 5/1/2011 814,000 218
500M Romulus Community Schools 5 3/4% 5/1/2015 496,875 133
380M Saline Building Authority 7.1% 7/1/2009 398,525 107
1,000M Waterford Township School District 6 1/4% 6/1/2004* 1,065,000 285
1,000M Zeeland Public Schools 6% 5/1/2004* 1,062,500 284
- -----------------------------------------------------------------------------------------------------------------
18,329,193 4,901
- -----------------------------------------------------------------------------------------------------------------
Health Care--10.7%
Michigan State Hospital Finance Authority Revenue:
1,000M Ascension Health Credit 5 3/4% 11/15/2017 976,250 261
1,000M Mercy Mount Clemens 5 3/4% 5/15/2017 971,250 260
1,000M St. John's Hospital 6% 5/15/2008 1,050,000 281
1,000M Saginaw Hosp. Fin. Auth. (Covenant Med. Ctr.)
5 5/8% 7/1/2013 986,250 263
- -----------------------------------------------------------------------------------------------------------------
3,983,750 1,065
- -----------------------------------------------------------------------------------------------------------------
Housing--1.1%
410M Michigan State Housing Dev. Auth. Single-Family
Mtge. Rev. 7.3% 12/1/2016 419,738 112
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation--7.1%
$ 1,500M Puerto Rico Commonwealth Hwy. & Transn. Hwy.
Rev. 6 1/4% 7/1/2015 $ 1,601,250 $ 429
1,000M Wayne Charter County (Detroit Metropolitan Airport)
6 3/4% 12/1/2001* 1,060,000 283
- -----------------------------------------------------------------------------------------------------------------
2,661,250 712
- -----------------------------------------------------------------------------------------------------------------
Utilities--19.4%
Detroit Water Supply System:
1,750M 5.55% 7/1/2012 1,763,125 472
1,275M 6 1/2% 7/1/2015 1,375,406 368
1,000M Kalamazoo Water Revenue 6% 9/1/2015 1,015,000 271
Michigan State Strategic Fund (Detroit Edison):
1,750M 6.95% 5/1/2011 1,979,688 529
500M 7% 5/1/2021 561,250 150
500M Monroe County Economic Development Corporation
(Detroit Edison) 6.95% 9/1/2022* 565,625 151
- -----------------------------------------------------------------------------------------------------------------
7,260,094 1,941
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
1,000M Grand Rapids Downtown Development Authority
Zero Coupon 6/1/2009 605,000 161
Michigan Municipal Bond Authority Revenue:
1,500M 6.55% 11/1/2008 1,626,275 435
1,000M 6 1/8% 5/1/2014 1,023,750 274
- -----------------------------------------------------------------------------------------------------------------
3,255,025 870
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $35,288,968) 36,872,800 9,859
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.5%
200M Cornell Township Economic Development Corporation
Adjustable Rate Note 4.70%** (cost $200,000) 200,000 53
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $35,488,968) 99.1% 37,072,800 9,912
Other Assets, Less Liabilities .9 328,191 88
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $37,400,991 $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 periodically by the issuer.
The interest rate shown is the rate in effect at December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Minnesota Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
MINNESOTA LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
JAN 90 $ 9,375 $10,000
DEC 90 10,012 10,728
DEC 91 11,091 12,031
DEC 92 12,122 13,091
DEC 93 13,491 14,699
DEC 94 12,691 13,939
DEC 95 14,681 16,391
DEC 96 15,190 17,088
DEC 97 16,491 18,658
DEC 98 17,519 19,867
DEC 99 17,230 19,458
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (1.65%) (7.78%)
Five Years 6.31% 4.94%
Ten Years 6.28% 5.59%
S.E.C. 30-Day Yield 4.57%
Class B Shares
One Year (2.46%) (6.36%)
Since Inception
(1/12/95) 5.36% 5.03%
S.E.C. 30-Day Yield 4.07%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Minnesota Fund (Class A shares)
beginning 1/1/90 with a theoretical investment in the Lehman Brothers
Municipal Bond Index. The Lehman Brothers Municipal Bond Index is a
total return performance benchmark for the long-term investment grade
tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of bonds held by an insured tax-
exempt bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Ten Years would have been
(8.40%), 4.23% and 4.77%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.92%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been (7.12%) and 4.08%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.38%. Results represent past performance
and do not indicate future results. Investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers, Inc. and all
other figures from First Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.2%
Certificates of Participation--4.9%
$ 400M Minneapolis Special School District #001,
5.9% 2/1/2012 $ 414,500 $ 491
- -----------------------------------------------------------------------------------------------------------------
Education--7.7%
250M St. Paul Independent School District #625,
5 5/8% 2/1/2015 246,875 292
400M University of Minnesota 5 3/4% 7/1/2017 400,000 474
- -----------------------------------------------------------------------------------------------------------------
646,875 766
- -----------------------------------------------------------------------------------------------------------------
General Obligation--30.9%
325M Becker Wastewater Treatment 5.8% 2/1/2010 334,344 396
180M Blaine Series "A" Fire Improvement 6.8% 2/1/2001* 183,956 218
150M Cass Lake Independent School District #115,
6 5/8% 2/1/2001* 152,994 181
285M Inver Grove Heights Independent School District #199,
5 3/4% 2/1/2012 290,344 344
280M Lakeville 5 1/2% 2/1/2011 281,050 333
405M Lino Lakes 5.7% 2/1/2012 409,556 485
275M Minnesota State 6 1/4% 8/1/2002* 285,656 338
350M North St. Paul Maplewood Independent School District
#622, 7.1% 2/1/2005* 384,563 455
650M Rosemount Independent School District #196,
Zero Coupon 4/1/2014 285,187 338
- -----------------------------------------------------------------------------------------------------------------
2,607,650 3,088
- -----------------------------------------------------------------------------------------------------------------
Health Care--17.2%
195M Duluth Economic Development Authority
(Duluth Clinic) 6.2% 11/1/2002* 206,456 244
200M Hibbing Health Care Facilities Revenue
(Duluth Clinic) 5 1/2% 11/1/2016 199,750 237
250M Minneapolis Hospital Revenue (Fairview Hospital)
6 1/2% 1/1/2011 261,875 310
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care (continued)
Minnesota Agricultural & Economic Development Board:
$ 300M Benedictine Health 5% 2/15/2017 $ 266,625 $ 316
375M Evangelical Lutheran Good Samaritan 5% 12/1/2015 339,844 402
170M St. Cloud Hosp. Facs. Rev. (St. Cloud Hosp.)
Series "B" 7% 7/1/2001* 179,350 212
- -----------------------------------------------------------------------------------------------------------------
1,453,900 1,721
- -----------------------------------------------------------------------------------------------------------------
Housing--23.5%
300M Maple Grove Hsg. & Redev. Auth. 5.15% 2/1/2012 295,875 350
Minnesota State Housing Finance Authority:
585M Rental Housing Revenue 5.9% 8/1/2015 587,194 695
Single Family Mortgage Revenue:
60M 6.9% 7/1/2009 62,400 74
175M 6.4% 1/1/2015 179,156 212
200M 5.8% 7/1/2021 194,000 230
400M Minnetonka Multi-Family Housing Revenue
(Cedar Hills Project) 5.9% 10/20/2019 387,500 459
St. Paul Housing & Redevelopment Authority:
65M Multi-Family Housing Revenue
7 1/2% 3/1/2026 (Defaulted) (Note 1A) 66,300 79
210M Single Family Mortgage Revenue 6 1/4% 9/1/2014 213,150 252
- -----------------------------------------------------------------------------------------------------------------
1,985,575 2,351
- -----------------------------------------------------------------------------------------------------------------
Utilities--6.3%
210M Southern Minn. Municipal Power Agency
Power Supply System 5 3/4% 1/1/2018* 206,588 245
325M Western Minn. Municipal Power Agency
5 1/2% 1/1/2011 328,656 389
- -----------------------------------------------------------------------------------------------------------------
535,244 634
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--5.7%
200M Bloomington Port Authority Special Tax Revenue
(Mall of America) 5% 2/1/2013 188,000 223
300M Scott County Hsg. & Redev. Auth. Fac. Lease Rev.
5 1/2% 12/1/2015 293,250 347
- -----------------------------------------------------------------------------------------------------------------
481,250 570
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,061,078) 8,124,994 9,621
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-TERM TAX EXEMPT
INVESTMENTS--1.2%
$ 100M Cohasset Revenue (Minnesota Power & Light Co.)
Adjustable Rate Note 4.70** (cost $100,000) $ 100,000 $ 118
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $8,161,078) 97.4% 8,224,994 9,739
Other Assets, Less Liabilities 2.6 220,446 261
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,445,440 $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 periodically by the issuer.
The interest rate shown is the rate in effect at December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Missouri Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
MISSOURI LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
MAY 92 $ 9,375 $10,000
DEC 92 9,917 10,753
DEC 93 11,326 12,073
DEC 94 10,624 11,449
DEC 95 12,594 13,463
DEC 96 13,077 14,035
DEC 97 14,313 15,325
DEC 98 15,256 16,318
DEC 99 14,948 15,982
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.02%) (8.11%)
Five Years 7.07% 5.70%
Since Inception
(5/4/92) 6.27% 5.38%
S.E.C. 30-Day Yield 4.48%
Class B Shares
One Year (2.78%) (6.67%)
Since Inception
(1/12/95) 6.02% 5.70%
S.E.C. 30-Day Yield 3.97%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Missouri Fund (Class A shares)
beginning 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (9.22%), 4.38% and 3.79%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.32%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (7.95%) and 4.15%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 2.74%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--95.9%
General Obligation--19.0%
$ 50M Lincoln County Reorg. School District #3,
6.1% 3/1/2005* $ 52,750 $ 197
115M Puerto Rico Commonwealth 6 1/4% 7/1/2012 125,494 468
100M Puerto Rico Municipal Finance Agency 5 1/2% 8/1/2017 97,500 364
50M Springfield School District 7% 3/1/2008 56,063 209
80M St. Charles School District 6 1/2% 2/1/2006* 86,300 322
100M St. Louis Public Safety 5% 2/15/2015 91,500 341
- -----------------------------------------------------------------------------------------------------------------
509,607 1,901
- -----------------------------------------------------------------------------------------------------------------
Health Care--17.3%
Missouri State Health & Educational Facilities Authority:
140M BJC Health System 6 3/4% 5/15/2011 156,800 585
90M Health Midwest 6.1% 6/1/2011 93,488 349
125M Sisters of Sorrowful Mother Healthcare 6 1/4% 6/1/2007 130,312 486
80M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 83,500 311
- -----------------------------------------------------------------------------------------------------------------
464,100 1,731
- -----------------------------------------------------------------------------------------------------------------
Housing--3.4%
90M Missouri State Hsg. Devel. Comm. (Ecumenical Housing)
5.8% 3/1/2010 91,238 340
- -----------------------------------------------------------------------------------------------------------------
Transportation--6.5%
75M Kansas City Airport Revenue 6 7/8% 9/1/2004* 82,031 306
85M Puerto Rico Commonwealth Highway &
Transportation Authority 6 1/4% 7/1/2013 92,013 343
- -----------------------------------------------------------------------------------------------------------------
174,044 649
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities--22.1%
Guam Power Authority Revenue:
$ 100M 5 1/4% 10/1/2015 $ 95,000 $ 354
100M 5% 10/1/2018 89,500 334
80M Liberty Sewer System Revenue 6.15% 2/1/2015 81,900 305
Missouri State Env. Impt. & Energy Res. Auth.
Water Poll. Control:
80M 6% 1/1/2016 81,500 304
85M 6.05% 7/1/2016 85,850 320
150M St. Louis Water and Sewer Revenue 6% 7/1/2004* 159,750 596
- -----------------------------------------------------------------------------------------------------------------
593,500 2,213
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--27.6%
Clay County Public Bldg. Authority Leasehold Revenue:
25M 7% 5/15/2004* 27,156 101
100M 5 1/8% 5/15/2014 93,875 350
80M Excelsior Springs School Dist. Bldg. Corp. Leasehold
Rev. 6 1/2% 3/1/2009 84,100 314
125M Monarch-Chesterfield Levee District 5.45% 3/1/2014 123,281 460
125M Puerto Rico Public Finance Corp. 5 3/8% 6/1/2015 122,187 456
125M Sprinfield Public Bldg. Corp. Leasehold Revenue
5.60% 6/1/2014 122,812 458
80M St. Louis Mun. Fing. Corp. Leasehold Revenue
5 3/4% 8/1/2013 80,800 301
80M Warren County Public Facs. Authority Leasehold
Revenue 6.3% 6/1/2003* 85,300 318
- -----------------------------------------------------------------------------------------------------------------
739,511 2,758
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,524,088) 95.9% 2,572,000 9,592
Other Assets, Less Liabilities 4.1 109,470 408
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $2,681,470 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--New Jersey Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
NEW JERSEY LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
JAN 90 $ 9,375 $10,000
DEC 90 10,060 10,728
DEC 91 11,197 12,031
DEC 92 12,283 13,091
DEC 93 13,891 14,699
DEC 94 13,059 13,939
DEC 95 15,214 16,391
DEC 96 15,685 17,088
DEC 97 16,996 18,658
DEC 98 17,988 19,867
DEC 99 17,619 19,458
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.05%) (8.19%)
Five Years 6.17% 4.82%
Ten Years 6.51% 5.83%
S.E.C. 30-Day Yield 4.00%
Class B Shares
One Year (2.85%) (6.74%)
Since Inception
(1/12/95) 5.15% 4.82%
S.E.C. 30-Day Yield 3.46%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--New Jersey Fund (Class A shares)
beginning 1/1/90 with a theoretical investment in the Lehman Brothers
Municipal Bond Index. The Lehman Brothers Municipal Bond Index is a
total return performance benchmark for the long-term investment grade
tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of bonds held by an insured tax-
exempt bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Ten Years would have been
(8.32%), 4.61% and 5.50%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.85%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been (7.00%) and 4.47%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.31%. Results represent past performance
and do not indicate future results. Investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers, Inc. and all
other figures from First Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.0%
Education--4.6%
New Jersey Educational Facilities Financing Authority
Seton Hall University:
$1,300M 6 1/4% 7/1/2010 $ 1,352,000 $ 241
1,250M 5 1/4% 7/1/2012 1,226,563 218
- -----------------------------------------------------------------------------------------------------------------
2,578,563 459
- -----------------------------------------------------------------------------------------------------------------
General Obligation--23.2%
1,750M Atlantic City Board of Education 6.1% 12/1/2015 1,844,063 328
Essex County Improvement Authority:
955M County College Project 6.9% 12/1/2004* 1,057,662 188
Orange School District:
1,025M Series "A" 6.95% 7/1/2005* 1,141,594 203
1,220M Series "B" 6.95% 7/1/2005* 1,358,775 243
1,300M Essex County Improvement Authority
(City of Newark) 5% 4/1/2014 1,207,375 215
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,058,750 188
Puerto Rico Commonwealth:
1,550M 6 1/4% 7/1/2013 1,685,625 300
1,500M 5.65% 7/1/2015 1,509,375 269
Union City:
1,000M 6.7% 9/1/2002* 1,068,750 190
995M 6.4% 11/1/2013 1,092,013 194
- -----------------------------------------------------------------------------------------------------------------
13,023,982 2,318
- -----------------------------------------------------------------------------------------------------------------
Health Care--24.7%
New Jersey State Health Care Facilities
Financing Authority:
1,045M Bayonne Hospital 6 1/4% 7/1/2012 1,112,925 198
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,823,525 325
1,100M Hunterdon Hospital 7% 7/1/2020 1,130,492 201
3,000M Meridian Health System Oblig. Group
5 5/8% 7/1/2014 2,985,000 531
1,750M Monmouth Medical Center 6 1/4% 7/1/2004* 1,881,250 335
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,580,625 281
3,120M Riverview Medical Center 6 1/4 7/1/2011 3,365,700 599
- -----------------------------------------------------------------------------------------------------------------
13,879,517 2,470
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing--.4%
$ 245M New Jersey State Housing & Mortgage Financing
Agency Series "E" 7.65% 10/1/2016 $ 252,085 $ 45
- -----------------------------------------------------------------------------------------------------------------
Transportation--5.5%
1,000M New Jersey Economic Development Authority Revenue
Light Rail System 6% 5/1/2016 1,015,000 180
1,000M New Jersey State Highway Authority
(Garden State Parkway) 6.2% 1/1/2010 1,066,250 190
1,000M Puerto Rico Highway & Transportation Authority
Highway Revenue 6% 7/1/2018 1,032,500 184
- -----------------------------------------------------------------------------------------------------------------
3,113,750 554
- -----------------------------------------------------------------------------------------------------------------
Utilities--13.4%
1,000M Bergen County Utility Authority Pollution Control
6 1/2% 6/15/2002* 1,061,250 189
1,250M Essex County Utilities Authority 5 5/8% 10/1/2018 1,214,062 216
New Jersey Wastewater Treatment Trust:
1,435M 6 1/4% 4/1/2004* 1,537,244 274
1,310M 7% 7/1/2011 1,496,675 266
1,040M Passaic Valley Water Commission 6.4% 12/15/2002* 1,108,900 197
1,000M Puerto Rico Commonwealth Aqueduct & Sewer
Authority 6 1/4% 7/1/2013 1,087,500 194
- -----------------------------------------------------------------------------------------------------------------
7,505,631 1,336
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--26.2%
2,900M Atlantic County Impt. Auth. Lux. Tax
(Convention Center) 7.4% 7/1/2016 3,407,500 606
1,350M Cape May County Indl. Pollution Control Fin. Auth.
6.8% 3/1/2021 1,503,563 268
705M Monmouth County Imp. Auth. Rev. 5.6% 12/1/2015 696,187 124
New Jersey Economic Development Authority:
Educational Testing Service:
150M 5.9% 5/15/2005* 159,375 28
2,000M 6 1/8% 5/15/2005* 2,145,000 382
2,185M Market Transition Facility 5 7/8% 7/1/2011 2,272,400 404
1,775M N.J. Performing Arts Center 6% 6/15/2012 1,881,500 335
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Other Revenue (continued)
Puerto Rico Public Buildings Authority:
$ 1,275M Series "A" 6 1/4% 7/1/2013 $ 1,380,187 $ 246
1,195M Series "A" 6 1/4% 7/1/2014 1,284,625 229
- -----------------------------------------------------------------------------------------------------------------
14,730,337 2,622
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $52,981,894) 98.0% 55,083,865 9,804
Other Assets, Less Liabilities 2.0 1,100,626 196
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $56,184,491 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--North Carolina Fund (Class A shares)
and the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
NORTH CAROLINA LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
MAY 92 $ 9,375 $10,000
DEC 92 9,769 10,753
DEC 93 11,135 12,073
DEC 94 10,417 11,449
DEC 95 12,367 13,463
DEC 96 12,821 14,035
DEC 97 14,046 15,325
DEC 98 14,990 16,318
DEC 99 14,638 15,982
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.35%) (8.46%)
Five Years 7.04% 5.66%
Since Inception
(5/4/92) 5.97% 5.09%
S.E.C. 30-Day Yield 4.61%
Class B Shares
One Year (3.18%) (7.06%)
Since Inception
(1/12/95) 6.01% 5.69%
S.E.C. 30-Day Yield 4.11%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--North Carolina Fund (Class A shares)
beginning 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (9.26%), 4.64% and 3.95%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.75%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (8.04%) and 4.48%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.20%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--95.4%
Certificates of Participation--2.2%
$ 100M Charlotte Convention Facilities Project
6 3/4% 12/1/2001* $ 106,000 $ 111
100M Cumberland County Civic Center Project
6.3% 12/1/2004* 108,125 113
- -----------------------------------------------------------------------------------------------------------------
214,125 224
- -----------------------------------------------------------------------------------------------------------------
Education--2.6%
250M North Carolina Cent. Univ. Hsg. Rev. 5.6% 11/1/2012 255,000 266
- -----------------------------------------------------------------------------------------------------------------
General Obligation--29.3%
250M Cleveland County 5 1/2% 3/1/2012 253,750 265
200M Cumberland County 5 1/2% 4/1/2012 203,000 212
200M Gaston County 5.7% 3/1/2013 205,750 215
220M Laurinburg 5.3% 6/1/2012 218,350 228
200M Mecklenburg County 6.2% 1/1/2002* 207,750 217
200M Morgantown 5.7% 6/1/2014 205,250 214
400M Onslow County 5.7% 3/1/2011 414,000 432
335M Puerto Rico Commonwealth 6 1/4% 7/1/2012 365,569 382
250M Puerto Rico Municipal Finance Agency 5 1/2% 8/1/2017 243,750 255
280M Rowan County 5.6% 4/1/2014 284,200 297
200M Watauga County 5.9% 6/1/2014 208,500 218
- -----------------------------------------------------------------------------------------------------------------
2,809,869 2,935
- -----------------------------------------------------------------------------------------------------------------
Health Care--14.3%
400M Catawba County Hospital Revenue
(Catawba Memorial Hospital) 5% 10/1/2017 355,000 371
North Carolina Medical Care Commission
Health Care Facilities:
250M High Point Regional Health System
5 1/4% 10/1/2015 234,063 244
400M Novant Health Project 5% 10/1/2013 371,500 388
250M Rex Healthcare 5% 6/1/2017 221,562 232
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 182,656 191
- -----------------------------------------------------------------------------------------------------------------
1,364,781 1,426
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing--1.4%
$ 125M North Carolina Housing Finance Agency Multi-Family
6.6% 7/1/2017 $ 130,469 $ 136
- -----------------------------------------------------------------------------------------------------------------
Transportation--14.0%
800M Piedmont Triad Airport Authority Revenue
5 1/2% 7/1/2013 786,000 821
520M Puerto Rico Commonwealth Highway & Transportation
Authority 6 1/4% 7/1/2014 559,000 584
- -----------------------------------------------------------------------------------------------------------------
1,345,000 1,405
- -----------------------------------------------------------------------------------------------------------------
Utilities--28.5%
250M Buncombe County Solid WasteSystem 5.6% 3/1/2011 252,500 264
200M Charlotte Water & Sewer System Revenue
5 1/4% 6/1/2015 190,750 199
Fayetteville Public Works Commission Revenue:
390M 5.7% 2/1/2010 400,725 418
250M 5.1% 3/1/2015 230,625 241
400M 5 1/2% 3/1/2015 389,500 407
250M Gastonia Comb. Utilities System Revenue
5 5/8% 5/1/2015 246,875 258
250M Kinston Enterprise System Revenue 5.7% 4/1/2012 257,188 269
200M North Carolina Eastern Municipal Power Agency
5.6% 1/1/2010 203,750 212
200M North Carolina Municipal Power Agency
(Catawba Electric) 6% 1/1/2010 210,500 220
350M Puerto Rico Electric Power Authority 5 1/4% 7/1/2013 342,562 358
- -----------------------------------------------------------------------------------------------------------------
2,724,975 2,846
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--3.1%
270M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 293,287 306
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $9,122,315) 9,137,506 9,544
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-TERM TAX EXEMPT
INVESTMENTS--2.1%
$ 100M North Carolina Med. Care Commn. Health Care Facs.
(The Givens Estates, Inc. Project)
Adjustable Rate Note 4.80%** $ 100,000 $ 104
100M Puerto Rico Government Development Bank
Adjustable Rate Note 4.95%** 100,000 105
- -----------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $200,000) 200,000 209
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $9,322,315) 97.5% 9,337,506 9,753
Other Assets, Less Liabilities 2.5 236,558 247
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,574,064 $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 periodically by the issuer.
The interest rate shown is the rate in effect at December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Ohio Fund (Class A shares) and the
Lehman Brothers Municipal Bond Index.
As of December 31, 1999
OHIO LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
JAN 90 $ 9,375 $10,000
DEC 90 10,055 10,728
DEC 91 11,191 12,031
DEC 92 12,309 13,091
DEC 93 13,924 14,699
DEC 94 13,101 13,939
DEC 95 15,373 16,391
DEC 96 16,023 17,088
DEC 97 17,408 18,658
DEC 98 18,323 19,867
DEC 99 18,000 19,458
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (1.77%) (7.93%)
Five Years 6.56% 5.20%
Ten Years 6.74% 6.05%
S.E.C. 30-Day Yield 4.12%
Class B Shares
One Year (2.59%) (6.49%)
Since Inception
(1/12/95) 5.54% 5.21%
S.E.C. 30-Day Yield 3.59%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Ohio Fund (Class A shares) beginning
1/1/90 with a theoretical investment in the Lehman Brothers Municipal
Bond Index. The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp. The Index does not take into account fees and expenses or
cost of insurance of bonds held by an insured tax-exempt bond fund. It
is not possible to invest directly in the Lehman Brothers Municipal Bond
Index. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Fund and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown in the line graph above for
Class A shares based on differences in sales loads and fees paid by
shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Ten Years would have been
(8.31%), 4.75% and 5.49%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.72%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been (7.00%) and 4.57%, respectively, and the S.E.C. 30-Day Yield for
December 1999 would have been 3.17%. Results represent past performance
and do not indicate future results. Investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers, Inc. and all
other figures from First Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.6%
Education--5.2%
$1,000M University Akron Ohio General Receipts 6% 1/1/2016 $ 1,007,500 $ 524
- -----------------------------------------------------------------------------------------------------------------
General Obligation--67.6%
1,000M Adams County Valley Local School District
7% 12/1/2015 1,136,250 591
800M Avon Local School District 6 1/2% 12/1/2015 872,000 454
500M Batavia Local School District 7% 12/1/2005* 559,375 291
1,000M Beaver Creek Local School District 6.6% 12/1/2015 1,100,000 572
425M Bedford Heights Jail Facilities 6 1/2% 12/1/2014 455,813 237
500M Brecksville-Broadview Heights City School District
6 1/2% 12/1/2016 532,500 277
250M Cardington & Lincoln Local School District
6.6% 12/1/2014 262,813 137
Cleveland:
500M 6 3/8% 7/1/2002* 529,375 275
250M 6 5/8% 11/15/2004* 273,750 142
500M Clyde-Green Springs Exempted Village
Local School District 7% 12/1/2013 548,750 286
450M Dublin 6.4% 12/1/2014 478,125 249
525M East Clinton Local School District 6 7/8% 12/1/2009 574,219 299
265M Finneytown Local School District 6 1/4% 12/1/2012 285,206 148
700M Garfield Heights 6.3% 12/1/2014 744,625 388
500M Hamilton City School District 5 1/2% 12/1/2019 470,000 245
500M Lakeview Local School District 6.9% 12/1/2004* 553,750 288
500M Lakewood City Local School District 6.95% 12/1/2015 543,125 283
500M North Royalton Local School District 6% 12/1/2014 520,625 271
250M Olmstead Falls Local School District 6.85% 12/15/2004* 276,250 144
350M Portage County 6.2% 12/1/2014 370,562 193
285M Shaker Heights Local School District 7.1% 12/15/2010 321,337 167
550M Summit County 6.4% 12/1/2004* 596,750 311
150M Toledo 6 1/2% 12/1/2002* 160,125 83
500M Tuscarawas Valley Local School District 6.6% 12/1/2005* 550,625 287
250M Wayne Local School District 6.45% 12/1/2011 273,437 142
- -----------------------------------------------------------------------------------------------------------------
12,989,387 6,760
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care--7.9%
$ 55M Franklin County Hospital Revenue
(Holy Cross Health System) 7 5/8% 6/1/2009 $ 262,844 $ 137
500M Lorain County Hosp. Rev.
(Catholic Healthcare Partners) 5 1/2% 9/1/2011 503,750 262
300M Montgomery County (Sisters of Charity Health Care)
6 1/4% 5/15/2003* 316,500 165
400M Trumbull County Hospital Revenue 6.9% 11/15/2003* 423,500 220
- -----------------------------------------------------------------------------------------------------------------
1,506,594 784
- -----------------------------------------------------------------------------------------------------------------
Transportation--5.4%
1,000M Puerto Rico Commonwealth Highway & Transportation
Authority 6% 7/1/2018 1,032,500 538
- -----------------------------------------------------------------------------------------------------------------
Utilities--11.1%
600M Alliance Sewer System Revenue 6% 10/15/2010 623,250 324
240M Cleveland Waterworks Revenue 6 1/2% 1/1/2002* 252,900 132
280M Hamilton Wastewater Revenue 5.9% 10/15/2011 290,500 151
500M Mahoning Valley Sanitary District Water Revenue
5 3/4% 11/15/2018 485,000 253
250M Ohio State Water Dev. Auth. Rev. Pure Water Series
7% 12/1/2009 274,062 143
200M Toledo Water Revenue 6% 11/15/2007 211,750 110
- -----------------------------------------------------------------------------------------------------------------
2,137,462 1,113
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--1.4%
250M Ohio State Building Auth. (Juvenile Correction Projects)
6.6% 10/1/2004* 272,813 142
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $18,240,074) 98.6% 18,946,256 9,861
Other Assets, Less Liabilities 1.4 267,542 139
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $19,213,798 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Oregon Fund (Class A shares) and the
Lehman Brothers Municipal Bond Index.
As of December 31, 1999
OREGON LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
MAY 92 $ 9,375 $10,000
DEC 92 9,794 10,753
DEC 93 11,079 12,073
DEC 94 10,343 11,449
DEC 95 12,204 13,463
DEC 96 12,653 14,035
DEC 97 13,914 15,325
DEC 98 14,789 16,318
DEC 99 14,500 15,982
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (1.95%) (8.07%)
Five Years 6.99% 5.63%
Since Inception
(5/4/92) 5.84% 4.96%
S.E.C. 30-Day Yield 4.47%
Class B Shares
One Year (2.85%) (6.74%)
Since Inception
(1/12/95) 5.97% 5.65%
S.E.C. 30-Day Yield 3.97%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Oregon Fund (Class A shares)
beginning 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (8.71%), 4.77% and 3.87%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.80%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (7.53%) and 4.43%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.26%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.0%
Certificates of Participation--5.5%
$500M Oregon State Dept. of Administrative Services
5.65% 5/1/2007* $ 521,875 $ 387
100M Oregon State Dept. of General Services 6% 9/1/2010 103,000 77
100M Washington County Educational Service District
7% 6/1/2005* 109,875 81
- -----------------------------------------------------------------------------------------------------------------
734,750 545
- -----------------------------------------------------------------------------------------------------------------
Education--3.1%
200M Chemeketa Community College District 6.4% 7/1/2009 212,500 158
200M Oregon State Hlth. & Hsg. Educl. & Cult. Facs.
(Lewis & Clark College) 6% 10/1/2013 205,000 152
- -----------------------------------------------------------------------------------------------------------------
417,500 310
- -----------------------------------------------------------------------------------------------------------------
General Obligation--47.2%
300M Chemeketa Community College District 5.8% 6/1/2006* 313,500 232
200M Clackamas County School District #115, 5.8% 6/1/2004* 211,250 157
750M Columbia County School District #502,
Zero Coupon 6/1/2014 328,125 243
250M Jackson County School District #005, (Ashland)
5.7% 6/1/2007 260,000 193
200M Josephine County School District (Three Rivers)
5.65% 12/1/2008 204,250 151
200M Klamath County Series "A" 5.3% 6/1/2011 198,750 147
245M La Grande 5 5/8% 6/1/2011 248,063 184
Lane County School District:
200M #019 (Springfield) 6 1/4% 10/15/2004* 214,000 159
115M #052 (Bethel) 7% 12/1/2006 128,369 95
200M Lincoln County School District 5 1/4% 6/15/2012 194,500 145
180M Linn County School District #095, (Scio)
5 3/4% 7/15/2011 183,375 136
100M Marion & Linn Counties Elem. School District #077J,
(Stayton) 6.1% 7/1/2005* 105,750 78
200M Polk Marion & Benton Counties School District #13J,
5 1/2% 12/1/2008 204,000 151
335M Portland 5.7% 4/1/2015 334,162 248
Puerto Rico Commonwealth:
540M 6 1/4% 7/1/2012 589,275 437
650M 6 1/4% 7/1/2013 706,875 524
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
General Obligation (continued)
Puerto Rico Municipal Finance Agency:
$ 100M 6% 7/1/2004* $ 106,875 $ 79
300M 5 1/2% 8/1/2017 292,500 217
250M Tillamook County 5.6% 1/15/2012 252,500 187
Umatilla County School District #016R (Pendleton):
200M 6% 7/1/2004* 211,250 157
500M 5 1/4% 7/1/2014 478,750 355
170M Washington County School District #003 (Hillsboro)
6% 11/1/2005* 179,350 133
Washington County School District #88J (Sherwood):
145M 6.1% 6/1/2005* 153,156 114
55M 6.1% 6/1/2012 57,406 43
200M Yamhill County School District #029J (Newberg)
6.1% 6/1/2004* 211,500 157
- -----------------------------------------------------------------------------------------------------------------
6,367,531 4,722
- -----------------------------------------------------------------------------------------------------------------
Health Care--.2%
25M Clackamas County Health Facs. Auth.
(Adventist Health) 6.35% 3/1/2009 26,031 19
- -----------------------------------------------------------------------------------------------------------------
Housing--4.8%
Oregon State Housing & Community Svcs. Dept. Mtge.
Rev. Single Family Mortgage Program:
250M 6% 7/1/2012 255,937 190
390M 5.95% 7/1/2013 395,850 293
- -----------------------------------------------------------------------------------------------------------------
651,787 483
- -----------------------------------------------------------------------------------------------------------------
Transportation--7.1%
Oregon State Department of Transportation Revenue:
100M 7% 6/1/2004 108,875 81
100M 6.2% 6/1/2008 105,625 78
200M 6 1/4% 6/1/2009 211,500 156
500M Puerto Rico Highway & Transportation Authority
Highway Revenue 6 1/4% 7/1/2014 537,500 399
- -----------------------------------------------------------------------------------------------------------------
963,500 714
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities--20.8%
Emerald Peoples Utility District:
$ 100M 6.4% 11/1/2001* $ 103,375 $ 77
325M 7.35% 11/1/2011 381,063 283
200M Klamath Falls Water Revenue 6.1% 6/1/2014 206,000 153
250M Marion County Solid Waste & Electric Revenue
5 3/8% 10/1/2008 253,125 188
250M Portland Gas Tax Revenue 5 3/4% 6/1/2012 259,063 192
Portland Sewer System Revenue:
400M 6.2% 6/1/2004* 425,500 316
200M 6 1/4% 6/1/2004* 212,750 156
250M Salem Water & Sewer Revenue 5 1/2% 6/1/2012 251,250 186
200M South Fork Water Board Water Revenue 6% 2/1/2004* 210,500 156
Washington County Unified Sewer Agency:
250M 5 3/4% 10/1/2012 258,750 192
240M 5 1/2% 10/1/2014 237,000 176
- -----------------------------------------------------------------------------------------------------------------
2,798,376 2,075
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--8.3%
500M Oregon State Administrative Services Lottery
5 3/4% 4/1/2014 504,375 374
250M Puerto Rico Infrastructure Financing Authority
5% 7/1/2017 226,250 168
355M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 385,619 286
- -----------------------------------------------------------------------------------------------------------------
1,116,244 828
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $12,822,414) 13,075,719 9,696
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.7%
100M Cohasset Revenue (Minnesota Power & Light Co.)
Adjustable Rate Note 4.80** (cost $100,000) 100,000 74
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $12,922,414) 97.7% 13,175,719 9,770
Other Assets, Less Liabilities 2.3 309,707 230
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $13,485,426 $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 periodically by the issuer.
The interest rate shown is the rate in effect at December 31, 1999.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Pennsylvania Fund (Class A shares)
and the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
PENNSYLVANIA LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
APR 90 $ 9,375 $10,000
DEC 90 9,830 10,759
DEC 91 10,861 12,066
DEC 92 11,885 13,129
DEC 93 13,583 14,742
DEC 94 12,726 13,979
DEC 95 15,054 16,438
DEC 96 15,564 17,137
DEC 97 16,987 18,712
DEC 98 17,875 19,924
DEC 99 17,475 19,514
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.24%) (8.32%)
Five Years 6.55% 5.18%
Since Inception
(4/30/90) 6.64% 5.94%
S.E.C. 30-Day Yield 4.21%
Class B Shares
One Year (3.03%) (6.91%)
Since Inception
(1/12/95) 5.57% 5.25%
S.E.C. 30-Day Yield 3.69%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Pennsylvania Fund (Class A shares)
beginning 4/30/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (8.55%), 4.87% and 5.48%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.97%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (7.28%) and 4.77%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.43%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.4%
Education--7.1%
$1,000M Allegheny Cnty. Higher Educ. Bldg. Auth. (Duquesne
Univ.) 5 1/2% 3/1/2020 $ 951,250 $ 246
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty.
Cmnty. College) 6.55% 2/15/2005* 724,781 187
1,000M Philadelphia Hosp. & Higher Edl. Facs. Auth.
(Cmnty. College) 6 1/8% 5/1/2004* 1,067,500 276
- -----------------------------------------------------------------------------------------------------------------
2,743,531 709
- -----------------------------------------------------------------------------------------------------------------
General Obligation--19.8%
1,470M Erie 5.7% 5/15/2007* 1,528,800 395
1,310M General McLane School District 5 3/4% 5/15/2007* 1,367,313 354
Philadelphia:
615M 6% 11/15/2004* 656,513 170
385M 6% 11/15/2014 397,031 103
1,180M Philadelphia School District 6% 3/1/2015 1,199,175 310
1,500M Pittsburgh 5 1/2% 9/1/2014 1,483,125 383
1,000M Stroudsburg Area School District 5.8% 10/1/2005* 1,045,000 270
- -----------------------------------------------------------------------------------------------------------------
7,676,957 1,985
- -----------------------------------------------------------------------------------------------------------------
Health Care--26.6%
Allegheny County Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 975,000 252
Health Center-University of Pittsburgh:
1,000M 5.6% 4/1/2013 991,250 256
1,000M 5.65% 4/1/2014 986,250 255
1,250M South Hills Health System 5.8% 5/1/2016 1,231,250 318
1,500M Berks County Mun. Auth. Hosp. (Reading Hosp.
Med. Ctr.) 5.7% 10/1/2014 1,481,250 385
1,100M Blair County Hosp. Auth. (Altoona Hosp.)
6 3/8% 7/1/2014 1,164,625 301
1,000M Dauphin County Gen. Health System
(Pinnacle Health System) 5 1/2% 5/15/2013 982,500 254
1,000M Pennsylvania State Higher Edl. Facs. Auth. Health Svcs.
5.7% 11/15/2011 967,500 250
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care (continued)
$ 1,000M Pottsville Hospital Authority Revenue
(Ascension Health Credit) 5.2% 11/15/2009 $ 983,750 $ 254
500M St. Mary Hosp. Auth. Langhorne Hosp. Rev.
(Franciscan Health) 7% 7/1/2014 511,500 132
- -----------------------------------------------------------------------------------------------------------------
10,274,875 2,657
- -----------------------------------------------------------------------------------------------------------------
Housing--1.6%
Pennsylvania Housing Finance Agency
Single-Family Mtge:
460M 7.15% 4/1/2015 473,225 123
125M 7.3% 10/1/2017 129,219 33
- -----------------------------------------------------------------------------------------------------------------
602,444 156
- -----------------------------------------------------------------------------------------------------------------
Utilities--35.4%
Allegheny County Sanitation Authority Sewer Revenue:
800M 6 1/2% 12/1/2001* 829,000 214
1,000M 6 1/4% 12/1/2014 1,046,250 271
1,000M Bucks County Water & Sewer Authority (Neshaminy
Interceptor) 5 1/4% 6/1/2012 966,250 250
1,000M North Pennsylvania Water Authority 6 7/8% 11/1/2004* 1,096,250 283
1,000M North Wales Water Authority 6 3/4% 11/1/2004* 1,083,750 280
1,000M Philadelphia Gas Works Revenue 5 1/2% 7/1/2015 970,000 251
Philadelphia Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,317,637 341
2,000M 6 1/4% 8/1/2012 2,137,500 553
2,950M Pittsburgh Water & Sewer Authority 6 1/2% 9/1/2013 3,215,500 831
1,000M Washington County Indl. Dev. Auth. (West Penn. Power)
6.05% 4/1/2014 1,021,250 264
- -----------------------------------------------------------------------------------------------------------------
13,683,387 3,538
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Other Revenue--7.9%
$ 1,000M Pennsylvania Intergovernmental Coop. Auth. Spl.
Tax Rev. 7% 6/15/2005* $ 1,100,000 $ 284
1,000M Pennsylvania State Industrial Development Authority
6% 1/1/2012 1,027,500 266
1,000M Philadelphia Authority Ind. Dev. Lease Rev.
5.4% 2/15/2017 947,500 245
- -----------------------------------------------------------------------------------------------------------------
3,075,000 795
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $37,080,220) 98.4% 38,056,194 9,840
Other Assets, Less Liabilities 1.6 616,983 160
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $38,673,177 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Virginia Fund (Class A shares) and
the Lehman Brothers Municipal Bond Index.
As of December 31, 1999
VIRGINIA LEHMAN BROTHERS
FUND MUNICIPAL BOND INDEX
APR 90 $ 9,375 $10,000
DEC 90 9,729 10,759
DEC 91 10,830 12,066
DEC 92 11,923 13,129
DEC 93 13,466 14,742
DEC 94 12,663 13,979
DEC 95 14,870 16,438
DEC 96 15,385 17,137
DEC 97 16,774 18,712
DEC 98 17,728 19,924
DEC 99 17,263 19,514
(INSET BOX IN CHART READS:)
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year (2.62%) (8.68%)
Five Years 6.39% 5.03%
Since Inception
(4/30/90) 6.51% 5.80%
S.E.C. 30-Day Yield 4.30%
Class B Shares
One Year (3.44%) (7.30%)
Since Inception
(1/12/95) 5.39% 5.06%
S.E.C. 30-Day Yield 3.78%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund--Virginia Fund (Class A shares)
beginning 4/30/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above for Class A shares based on
differences in sales loads and fees paid by shareholders investing in
the different classes.
* Average Annual Total Return figures (for the period ended
12/31/99) include the reinvestment of all dividends and distributions.
"N.A.V. Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%). The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Some or all of
the expenses of the Fund were waived or assumed. If such expenses had
been paid by the Fund, the Class A "S.E.C. Standardized" Average Annual
Total Return for One Year, Five Years and Since Inception would have
been (9.03%), 4.60% and 5.28%, respectively, and the S.E.C. 30-Day Yield
for December 1999 would have been 3.93%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (7.80%) and 4.47%, respectively, and the
S.E.C. 30-Day Yield for December 1999 would have been 3.39%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers, Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
December 31, 1999
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.6%
Education--7.8%
$ 575M George Mason University 6 3/8% 2/1/2016 $ 598,719 $ 271
1,100M Norfolk Redev. & Hsg. Auth.
(Tidewater Cmnty. College) 5 7/8% 11/1/2015 1,116,500 506
- -----------------------------------------------------------------------------------------------------------------
1,715,219 777
- -----------------------------------------------------------------------------------------------------------------
General Obligation--11.1%
1,000M Chesapeake Public Improvement 5% 5/1/2013 938,750 425
1,000M Richmond 5 3/8% 1/15/2015 966,250 438
500M Virginia State Public School Authority 6 1/2% 8/1/2004* 541,875 246
- -----------------------------------------------------------------------------------------------------------------
2,446,875 1,109
- -----------------------------------------------------------------------------------------------------------------
Health Care--13.4%
1,150M Danville Ind. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2004* 1,236,250 560
1,675M Roanoke Indl. Dev. Auth. (Roanoke Memorial
Hospitals Project) 6 1/8% 7/1/2017 1,729,437 784
- -----------------------------------------------------------------------------------------------------------------
2,965,687 1,344
- -----------------------------------------------------------------------------------------------------------------
Transportation--20.3%
1,000M Puerto Rico Commonwealth Highway &
Transportation Authority 6 1/4% 7/1/2014 1,075,000 487
Richmond Metropolitan Authority Expressway Revenue:
280M 7% 10/15/2000* 293,126 133
1,075M 5 1/4% 7/15/2017 1,018,563 462
Washington, D.C. Metropolitan Area Transportation
Authority:
1,000M 6% 7/1/2008 1,047,500 475
1,000M 6% 7/1/2010 1,048,750 475
- -----------------------------------------------------------------------------------------------------------------
4,482,939 2,032
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities--20.7%
$ 750M Leesburg Utility System Revenue 6.3% 7/1/2002* $ 793,125 $ 359
500M Loudon County Sanitation Authority Water & Sewer
Revenue 6 1/4% 1/1/2010 526,875 239
1,000M Norfolk Water Revenue 5 7/8% 11/1/2015 1,007,500 456
Prince William County Svc. Auth.
Water & Sewer System Rev.:
1,000M 6 1/2% 7/1/2001* 1,047,500 475
1,025M 5.35% 7/1/2014 987,844 448
200M Upper Occoquan Sewer Authority Regional Sewer
Revenue 6 1/2% 7/1/2001* 209,500 95
- -----------------------------------------------------------------------------------------------------------------
4,572,344 2,072
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--24.3%
1,000M Chesapeake Indl. Dev. Auth. (Chesapeake Court
House Project) 5 1/4% 6/1/2017 937,500 425
700M Frederick County Indl. Dev. Auth.
(Govt. Complex Proj.) 6 1/2% 12/1/2014 746,375 338
500M Henrico County Economic Dev. Auth.
(Regl. Jail Project) 5 5/8% 11/1/2015 490,625 222
1,000M Puerto Rico Public Buildings Authority
6 1/4% 7/1/2014 1,075,000 487
1,000M Richmond Redev. & Hsg. Auth. (Old Manchester
Projects) 6.8% 3/1/2005* 1,101,250 499
1,000M Riverside Regional Jail Authority 5 7/8% 7/1/2014 1,006,250 456
- -----------------------------------------------------------------------------------------------------------------
5,357,000 2,427
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,950,357) 97.6% 21,540,064 9,761
Other Assets, Less Liabilities 2.4 527,001 239
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,067,065 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS
December 31, 1999
- ------------------------ ------------ ------------ ------------ ------------ ---------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------
INSURED NEW YORK
TAX EXEMPT INTERMEDIATE INSURED INSURED
MONEY MARKET TAX EXEMPT TAX EXEMPT TAX FREE ARIZONA CALIFORNIA COLORADO
- ------------------------ ------------ ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $16,078,419 $9,198,722 $909,405,407 $163,828,593 $11,548,231 $12,987,840 $4,290,564
=========== ========== ============ ============ =========== =========== ===========
At value (Note 1A) $16,078,419 $9,321,763 $948,631,336 $166,417,182 $11,960,119 $13,710,999 $4,390,094
Cash 291,090 31,755 927,312 57,240 52,748 70,749 14,626
Receivables:
Interest 144,311 116,718 16,135,029 3,297,525 268,334 238,431 45,599
Shares sold -- 313 153,483 19,914 1,557 194 393
----------- ---------- ------------ ------------ ----------- ----------- -----------
Total Assets 16,513,820 9,470,549 965,847,160 169,791,861 12,282,758 14,020,373 4,450,712
----------- ---------- ------------ ------------ ----------- ----------- -----------
Liabilities
Payables:
Distributions payable 648 7,568 967,815 202,277 25,805 37,807 7,822
Shares redeemed 15,258 30,000 1,212,175 103,665 -- 97,407 2,228
Accrued advisory fees 6,946 3,221 581,812 91,527 3,169 6,123 1,138
Accrued expenses 11,896 12,623 128,227 37,616 77 12,802 74
----------- ---------- ------------ ------------ ----------- ----------- -----------
Total Liabilities 34,748 53,412 2,890,029 435,085 29,051 154,139 11,262
----------- ---------- ------------ ------------ ----------- ----------- -----------
Net Assets $16,479,072 $9,417,137 $962,957,131 $169,356,776 $12,253,707 $13,866,234 $4,439,450
=========== ========== ============ ============ =========== =========== ===========
Net Assets Consist of:
Capital paid in $16,479,072 $9,301,005 $924,439,943 $167,374,696 $12,009,025 $13,074,357 $4,384,001
Undistributed net
investment income -- -- 5,214,086 736,427 48,292 68,718 2,780
Accumulated net realized
loss on investments -- (6,909) (5,922,827) (1,342,936) (215,498) -- (46,861)
Net unrealized appreciation
in value of investments -- 123,041 39,225,929 2,588,589 411,888 723,159 99,530
----------- ---------- ------------ ------------ ----------- ----------- -----------
Total $16,479,072 $9,417,137 $962,957,131 $169,356,776 $12,253,707 $13,866,234 $4,439,450
=========== ========== ============ ============ =========== =========== ===========
Net Assets:
Class A $16,478,040 $8,262,880 $958,667,620 $164,622,422 $11,745,792 $13,383,483 $4,067,856
Class B $ 1,032 $1,154,257 $ 4,289,511 $ 4,734,354 $ 507,915 $ 482,751 $ 371,594
Shares outstanding (Note 2):
Class A 16,478,040 1,421,301 98,744,656 12,051,905 923,944 1,186,820 332,388
Class B 1,032 198,338 441,889 346,623 39,959 42,831 30,370
Net asset value and
redemption price
per share - Class A $1.00+ $5.81 $9.71 $13.66 $12.71 $11.28 $12.24
====== ====== ====== ====== ====== ====== ======
Maximum offering price
per share - Class A* N/A $6.20 $10.36 $14.57 $13.56 $12.03 $13.06
====== ====== ====== ====== ====== ====== ======
Net asset value and
offering price
per share - Class B (Note 2) $1.00 $5.82 $9.71 $13.66 $12.71 $11.27 $12.24
====== ====== ====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
+ Also maximum offering price per share.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS
December 31, 1999
- ------------------------ ---------------------------------------------------------------------------------------------------
M U L T I - S T A T E I N S U R E D T A X F R E E F U N D
---------------------------------------------------------------------------------------------------
CONNECTICUT FLORIDA GEORGIA MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA
- ------------------------ ------------ ------------ ------------ ------------ ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $19,921,908 $23,328,726 $5,682,041 $14,766,922 $21,036,120 $35,488,968 $8,161,078
=========== =========== =========== =========== =========== =========== ===========
At value (Note 1A) $20,582,306 $24,143,044 $5,724,556 $14,909,582 $21,283,414 $37,072,800 $8,224,994
Cash 115,092 6,771 5,925 50,461 73,885 8,782 52,579
Receivables:
Interest 439,251 367,548 102,714 304,554 381,708 513,598 168,501
Shares sold 11,537 67,805 256 65,918 2,632 25,509 10,497
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total Assets 21,148,186 24,585,168 5,833,451 15,330,515 21,741,639 37,620,689 8,456,571
----------- ----------- ----------- ----------- ----------- ----------- -----------
Liabilities
Payables:
Distributions payable 27,798 51,349 8,383 29,483 19,931 52,912 8,929
Shares redeemed 300 -- -- -- 19,485 147,471 --
Accrued advisory fees 8,967 10,389 1,494 3,896 9,237 15,465 2,154
Accrued expenses 3,261 5,496 14 143 9,384 3,850 48
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total Liabilities 40,326 67,234 9,891 33,522 58,037 219,698 11,131
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net Assets $21,107,860 $24,517,934 $5,823,560 $15,296,993 $21,683,602 $37,400,991 $8,445,440
=========== =========== =========== =========== =========== =========== ===========
Net Assets Consist of:
Capital paid in $20,653,114 $23,642,660 $5,827,058 $15,295,214 $21,409,890 $35,809,069 $8,448,169
Undistributed net
investment income 64,536 111,297 1,132 10,917 87,963 30,366 14,380
Accumulated net realized
loss on investments (270,188) (50,341) (47,145) (151,798) (61,545) (22,276) (81,025)
Net unrealized appreciation
in value of investments 660,398 814,318 42,515 142,660 247,294 1,583,832 63,916
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total $21,107,860 $24,517,934 $5,823,560 $15,296,993 $21,683,602 $37,400,991 $8,445,440
=========== =========== =========== =========== =========== =========== ===========
Net Assets:
Class A $17,903,243 $23,729,368 $5,527,112 $12,578,911 $20,506,507 $36,506,364 $8,362,757
Class B $ 3,204,617 $ 788,566 $ 296,448 $ 2,718,082 $ 1,177,095 $ 894,627 $ 82,683
Shares outstanding (Note 2):
Class A 1,433,198 1,863,517 451,423 995,758 1,836,262 3,001,121 761,935
Class B 256,614 61,913 24,236 215,167 105,426 73,571 7,529
Net asset value and
redemption price
per share - Class A $12.49 $12.73 $12.24 $12.63 $11.17 $12.16 $10.98
====== ====== ====== ====== ====== ====== ======
Maximum offering price
per share - Class A* $13.32 $13.58 $13.06 $13.47 $11.91 $12.97 $11.71
====== ====== ====== ====== ====== ====== ======
Net asset value and
offering price
per share - Class B (Note 2) $12.49 $12.74 $12.23 $12.63 $11.17 $12.16 $10.98
====== ====== ====== ====== ====== ====== ======
* 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
December 31, 1999
- ------------------------ ----------------------------------------------------------------------------------------------------
M U L T I - S T A T E I N S U R E D T A X F R E E F U N D
----------------------------------------------------------------------------------------------------
NORTH
MISSOURI NEW JERSEY CAROLINA OHIO OREGON PENNSYLVANIA VIRGINIA
- ------------------------ ------------ ------------ ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $2,524,088 $52,981,894 $9,322,315 $18,240,074 $12,922,414 $37,080,220 $20,950,357
=========== =========== =========== ============ =========== =========== ===========
At value (Note 1A) $2,572,000 $55,083,865 $9,337,506 $18,946,256 $13,175,719 $38,056,194 $21,540,064
Cash 72,762 38,613 74,810 111,714 124,547 25,697 18,837
Receivables:
Interest 44,311 1,241,535 152,107 185,830 195,332 574,893 479,737
Shares sold -- 82,275 26,926 10,831 5,263 144,475 113,971
----------- ----------- ----------- ------------ ----------- ----------- -----------
Total Assets 2,689,073 56,446,288 9,591,349 19,254,631 13,500,861 38,801,259 22,152,609
----------- ----------- ----------- ------------ ----------- ----------- -----------
Liabilities
Payables:
Distributions payable 6,905 78,473 14,781 22,525 10,620 68,430 37,521
Shares redeemed -- 133,272 -- -- 1,282 37,843 30,427
Accrued advisory fees 679 28,926 2,438 8,203 3,436 16,545 9,390
Accrued expenses 19 21,126 66 10,105 97 5,264 8,206
----------- ----------- ----------- ------------ ----------- ----------- -----------
Total Liabilities 7,603 261,797 17,285 40,833 15,435 128,082 85,544
----------- ----------- ----------- ------------ ----------- ----------- -----------
Net Assets $2,681,470 $56,184,491 $9,574,064 $19,213,798 $13,485,426 $38,673,177 $22,067,065
=========== =========== =========== ============ =========== =========== ===========
Net Assets Consist of:
Capital paid in $2,712,331 $54,156,591 $9,695,997 $18,530,042 $13,466,642 $37,608,724 $21,458,082
Undistributed net
investment income 6,215 266,274 9,112 81,708 9,848 93,573 49,245
Accumulated net realized
loss on investments (84,988) (340,345) (146,236) (104,134) (244,369) (5,094) (29,969)
Net unrealized appreciation
in value of investments 47,912 2,101,971 15,191 706,182 253,305 975,974 589,707
----------- ----------- ----------- ------------ ----------- ----------- -----------
Total $2,681,470 $56,184,491 $9,574,064 $19,213,798 $13,485,426 $38,673,177 $22,067,065
=========== =========== =========== ============ =========== =========== ===========
Net Assets:
Class A $2,471,280 $52,846,125 $8,977,951 $18,573,517 $12,389,193 $36,736,970 $21,008,095
Class B $ 210,190 $ 3,338,366 $ 596,113 $ 640,281 $ 1,096,233 $ 1,936,207 $ 1,058,970
Shares outstanding (Note 2):
Class A 204,376 4,246,111 747,730 1,563,347 1,037,177 2,973,099 1,707,063
Class B 17,369 268,667 49,624 53,882 91,864 156,799 86,163
Net asset value and
redemption price
per share - Class A $12.09 $12.45 $12.01 $11.88 $11.95 $12.36 $12.31
====== ====== ====== ====== ====== ====== ======
Maximum offering
price per share - Class A* $12.90 $13.28 $12.81 $12.67 $12.75 $13.18 $13.13
====== ====== ====== ====== ====== ====== ======
Net asset value and
offering price
per share - Class B (Note 2) $12.10 $12.43 $12.01 $11.88 $11.93 $12.35 $12.29
====== ====== ====== ====== ====== ====== ======
* 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
Year Ended December 31, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------
INSURED NEW YORK
TAX EXEMPT INTERMEDIATE INSURED INSURED
MONEY MARKET TAX EXEMPT TAX EXEMPT TAX FREE ARIZONA CALIFORNIA COLORADO
- ------------------------ ------------ ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income
Interest income $585,821 $414,173 $64,275,295 $11,090,565 $736,556 $ 876,991 $232,436
----------- --------- ------------ ------------ --------- ----------- ---------
Expenses (Notes 1 and 5):
Advisory fees 86,968 56,704 7,360,756 1,370,405 94,425 110,640 32,088
Distribution plan expenses
- -- Class A -- 25,237 2,808,891 530,937 24,113 28,442 7,812
Distribution plan expenses
- -- Class B 323 10,380 41,384 52,786 5,151 4,930 3,718
Shareholder servicing costs 75,486 7,934 804,570 135,777 8,694 9,240 5,414
Professional fees 26,103 10,446 94,309 54,875 8,932 6,987 4,955
Custodian fees 10,189 2,604 96,305 22,009 2,360 2,374 1,033
Reports to shareholders 4,928 1,250 114,748 15,826 755 1,577 454
Bond insurance premiums -- 417 69,115 11,987 146 157 --
Other expenses 4,042 3,705 292,660 48,614 3,798 11,467 1,936
----------- --------- ------------ ------------ --------- ----------- ---------
Total expenses 208,039 118,677 11,682,738 2,243,216 148,374 175,814 57,410
Less: Expenses waived
or assumed (68,155) (58,490) -- (219,370) (79,106) (51,708) (33,487)
Custodian fees
paid indirectly (890) (2,604) (83,026) (15,650) (2,360) (2,374) (1,033)
----------- --------- ------------ ------------ --------- ----------- ---------
Net expenses 138,994 57,583 11,599,712 2,008,196 66,908 121,732 22,890
----------- --------- ------------ ------------ --------- ----------- ---------
Net investment income 446,827 356,590 52,675,583 9,082,369 669,648 755,259 209,546
----------- --------- ------------ ------------ --------- ----------- ---------
Realized and Unrealized
Gain (Loss)
on Investments (Note 4):
Net realized gain (loss)
on investments -- 14,923 (2,177,690) (1,342,936) (169,252) 23,559 (28,764)
Net unrealized depreciation
of investments -- (324,880) (88,703,533) (14,545,609) (757,359) (1,214,591) (280,802)
----------- --------- ------------ ------------ --------- ----------- ---------
Net loss on investments -- (309,957) (90,881,223) (15,888,545) (926,611) (1,191,032) (309,566)
----------- --------- ------------ ------------ --------- ----------- ---------
Net Increase (Decrease)
in Net Assets Resulting
from Operations $446,827 $ 46,633 ($38,205,640) ($6,806,176) ($256,963) $ (435,773) ($100,020)
=========== ========= ============ ============ ========= =========== =========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS
Year Ended December 31, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
M U L T I - S T A T E I N S U R E D T A X F R E E F U N D
----------------------------------------------------------------------------------------------------
CONNECTICUT FLORIDA GEORGIA MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA
- ------------------------ ------------ ------------ ------------ ------------ ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income
Interest income $1,240,261 $1,494,270 $252,364 $829,597 $1,384,143 $2,154,305 $485,279
----------- ----------- --------- --------- ----------- ----------- ---------
Expenses (Notes 1 and 5):
Advisory fees 159,496 189,590 34,677 113,109 172,445 289,456 63,338
Distribution plan expenses
- -- Class A 36,158 48,776 8,745 25,199 43,180 74,550 16,748
Distribution plan expenses
- -- Class B 31,290 8,240 2,650 24,793 14,066 11,114 708
Shareholder servicing costs 15,315 16,530 3,663 11,214 18,090 26,303 8,019
Professional fees 12,917 13,288 2,813 7,305 11,119 17,263 8,093
Custodian fees 3,394 3,963 1,313 2,632 3,601 5,627 1,641
Reports to shareholders 1,923 1,814 290 974 2,485 3,499 672
Bond insurance premiums 2,896 -- 448 3,348 -- 1,598 2,089
Other expenses 5,621 7,982 2,271 6,100 12,040 9,803 4,761
----------- ----------- --------- --------- ----------- ----------- ---------
Total expenses 269,010 290,183 56,870 194,674 277,026 439,213 106,069
Less: Expenses waived
or assumed (70,698) (77,885) (31,493) (96,893) (78,065) (96,478) (61,701)
Custodian fees
paid indirectly (3,394) (3,928) (1,313) (2,632) (3,601) (4,996) (1,641)
----------- ----------- --------- --------- ----------- ----------- ---------
Net expenses 194,918 208,370 24,064 95,149 195,360 337,739 42,727
----------- ----------- --------- --------- ----------- ----------- ---------
Net investment income 1,045,343 1,285,900 228,300 734,448 1,188,783 1,816,566 442,552
----------- ----------- --------- --------- ----------- ----------- ---------
Realized and Unrealized
Gain (Loss)
on Investments (Note 4):
Net realized loss
on investments (220,336) (50,341) (46,601) (132,292) (61,545) (22,276) (15,959)
Net unrealized depreciation
of investments (1,260,205) (2,005,228) (318,371) (1,034,639) (1,697,614) (2,812,167) (573,087)
----------- ----------- --------- --------- ----------- ----------- ---------
Net loss on investments (1,480,541) (2,055,569) (364,972) (1,166,931) (1,759,159) (2,834,443) (589,046)
----------- ----------- --------- --------- ----------- ----------- ---------
Net Decrease
in Net Assets Resulting
from Operations $ (435,198) $ (769,669) ($136,672) ($432,483) $ (570,376) ($1,017,877) ($146,494)
=========== =========== ========= ========= =========== =========== =========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS
Year Ended December 31, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
M U L T I - S T A T E I N S U R E D T A X F R E E F U N D
----------------------------------------------------------------------------------------------------
NORTH
MISSOURI NEW JERSEY CAROLINA OHIO OREGON PENNSYLVANIA VIRGINIA
- ------------------------ ------------ ------------ ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income
Interest income $147,602 $ 3,600,400 $487,325 $1,182,431 $738,736 $2,291,684 $1,341,882
--------- ------------ --------- ----------- --------- ----------- -----------
Expenses (Notes 1 and 5):
Advisory fees 19,608 451,206 69,028 149,700 106,552 310,850 176,864
Distribution plan expenses
- -- Class A 4,769 113,665 17,524 38,821 26,192 78,532 44,573
Distribution plan expenses
- -- Class B 2,301 31,754 4,154 4,970 10,916 20,176 12,347
Shareholder servicing costs 3,229 38,791 7,745 17,944 15,873 27,128 20,353
Professional fees 8,129 31,257 10,126 12,884 10,730 17,528 10,714
Custodian fees 848 8,131 1,836 3,826 2,496 6,983 3,546
Reports to shareholders 269 4,594 667 2,319 1,308 3,552 3,218
Bond insurance premiums 88 1,996 550 1,391 1,069 977 2,975
Other expenses 1,724 18,463 3,539 3,996 4,118 10,988 9,641
--------- ------------ --------- ----------- --------- ----------- -----------
Total expenses 40,965 699,857 115,169 235,851 179,254 476,714 284,231
Less: Expenses waived
or assumed (26,027) (90,280) (67,095) (70,037) (97,308) (103,916) (82,544)
Custodian fees
paid indirectly (848) (7,933) (1,836) (2,884) (2,496) (4,457) (3,546)
--------- ------------ --------- ----------- --------- ----------- -----------
Net expenses 14,090 601,644 46,238 162,930 79,450 368,341 198,141
--------- ------------ --------- ----------- --------- ----------- -----------
Net investment income 133,512 2,998,756 441,087 1,019,501 659,286 1,923,343 1,143,741
--------- ------------ --------- ----------- --------- ----------- -----------
Realized and Unrealized
Gain (Loss)
on Investments (Note 4):
Net realized loss
on investments (30,929) (340,345) (66,343) (104,134) (81,012) (5,094) (29,962)
Net unrealized depreciation
of investments (163,445) (3,937,287) (606,265) (1,268,564) (883,123) (2,852,357) (1,745,078)
--------- ------------ --------- ----------- --------- ----------- -----------
Net loss on investments (194,374) (4,277,632) (672,608) (1,372,698) (964,135) (2,857,451) (1,775,040)
--------- ------------ --------- ----------- --------- ----------- -----------
Net Decrease
in Net Assets Resulting
from Operations ($60,862) ($1,278,876) ($231,521) $ (353,197) ($304,849) $ (934,108) $ (631,299)
========= ============ ========= =========== ========= =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
TAX EXEMPT INSURED INTERMEDIATE
MONEY MARKET TAX EXEMPT
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 446,827 $ 479,491 $ 356,590 $ 408,802
Net realized gain (loss) on investments -- -- 14,923 153,017
Net unrealized appreciation (depreciation)
of investments -- -- (324,880) (15,130)
----------- ------------ ----------- ----------
Net increase (decrease) in net assets resulting
from operations 446,827 479,491 46,633 546,689
----------- ------------ ----------- ----------
Distributions to Shareholders
Net investment income - Class A (446,252) (479,427) (326,640) (382,903)
Net investment income - Class B (575) (64) (29,950) (35,153)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
----------- ------------ ----------- ----------
Total distributions (446,827) (479,491) (356,590) (418,056)
----------- ------------ ----------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 26,430,071 20,996,053 1,819,931 1,897,134
Reinvestment of distributions 441,982 473,346 238,798 255,404
Cost of shares redeemed (26,704,193) (23,839,459) (2,192,502) (939,120)
----------- ------------ ----------- ----------
167,860 (2,370,060) (133,773) 1,213,418
----------- ------------ ----------- ----------
Class B:
Proceeds from shares sold 111,418 5,208 428,418 324,697
Reinvestment of distributions 416 54 22,815 25,323
Cost of shares redeemed (111,815) (17,461) (264,340) (170,139)
----------- ------------ ----------- ----------
19 (12,199) 186,893 179,881
----------- ------------ ----------- ----------
Net increase (decrease) from share transactions 167,879 (2,382,259) 53,120 1,393,299
----------- ------------ ----------- ----------
Net increase (decrease) in net assets 167,879 (2,382,259) (256,837) 1,521,932
Net Assets
Beginning of year 16,311,193 18,693,452 9,673,974 8,152,042
----------- ------------ ----------- ----------
End of year+ $16,479,072 $16,311,193 $9,417,137 $9,673,974
=========== ============ =========== ==========
+ Includes undistributed net investment income of $ -- $ -- $ -- $ --
=========== ============ =========== ==========
(a) Shares Issued and Redeemed
Class A:
Sold 26,430,071 20,996,053 306,227 317,906
Issued for distributions reinvested 441,982 473,346 40,351 42,864
Redeemed (26,704,193) (23,839,459) (367,441) (158,006)
----------- ------------ ----------- ----------
Net increase (decrease) in Class A shares
outstanding 167,860 (2,370,060) (20,863) 202,764
=========== ============ =========== ==========
Class B:
Sold 111,418 5,208 72,496 54,364
Issued for distributions reinvested 416 54 3,852 4,244
Redeemed (111,815) (17,461) (44,201) (28,578)
----------- ------------ ----------- ----------
Net increase (decrease) in Class B shares
outstanding 19 (12,199) 32,147 30,030
=========== ============ =========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- ----------------------------------------------------------------
INSURED NEW YORK
TAX EXEMPT INSURED TAX FREE
------------------------------ ------------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 52,675,583 $ 52,191,758 $ 9,082,369 $ 8,784,334
Net realized gain (loss) on investments (2,177,690) 4,350,118 (1,342,936 1,855,430)
Net unrealized appreciation (depreciation)
of investments (88,703,533) 5,576,047 (14,545,609) (57,095)
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (38,205,640) 62,117,923 (6,806,176) 10,582,669
-------------- -------------- ------------ ------------
Distributions to Shareholders
Net investment income - Class A (47,679,004) (51,992,144) (8,140,000) (8,631,460)
Net investment income - Class B (161,210) (139,136) (205,942 (172,992)
Net realized gains - Class A -- -- -- (1,811,151)
Net realized gains - Class B -- -- -- (50,918)
-------------- -------------- ------------ ------------
Total distributions (47,840,214) (52,131,280) (8,345,942) (10,666,521)
-------------- -------------- ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 18,499,433 28,870,405 8,584,885 8,482,447
Reinvestment of distributions 36,539,001 39,823,598 5,892,531 7,708,106
Cost of shares redeemed (129,571,414) (151,567,231) (22,687,898) (23,835,964)
-------------- -------------- ------------ ------------
(74,532,980) (82,873,228) (8,210,482) (7,645,411)
-------------- -------------- ------------ ------------
Class B:
Proceeds from shares sold 1,401,776 878,737 1,243,555 1,882,792
Reinvestment of distributions 137,498 116,143 141,550 152,887
Cost of shares redeemed (779,595) (606,637) (1,480,097 (367,708)
-------------- -------------- ------------ ------------
759,679 388,243 (94,992 1,667,971
-------------- -------------- ------------ ------------
Net increase (decrease) from share transactions (73,773,301) (82,484,985) (8,305,474) (5,977,440)
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets (159,819,155) (72,498,342) (23,457,592) (6,061,292)
Net Assets
Beginning of year 1,122,776,286 1,195,274,628 192,814,368 198,875,660
-------------- -------------- ------------ ------------
End of year+ $ 962,957,131 $1,122,776,286 $169,356,776 $192,814,368
============== ============== ============ ============
+ Includes undistributed net investment income of $ 5,214,086 $ 378,717 $ 736,427 $ --
============== ============== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 1,815,196 2,745,318 603,028 570,191
Issued for distributions reinvested 3,612,697 3,798,052 413,248 518,763
Redeemed (12,763,828) (14,459,581) (1,589,907) (1,603,307)
Net increase (decrease) in Class A shares
outstanding (7,335,935) (7,916,211) (573,631 (514,353)
-------------- -------------- ------------ ------------
Class B:
Sold 138,358 83,541 86,242 126,852
Issued for distributions reinvested 13,619 11,071 9,942 10,288
Redeemed (77,706) (57,995) (104,427) (24,762)
-------------- -------------- ------------ ------------
Net increase (decrease) in Class B shares
outstanding 74,271 36,617 (8,243) 112,378
-------------- -------------- ------------ ------------
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------
ARIZONA CALIFORNIA
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 669,648 $ 520,583 $ 755,259 $ 698,055
Net realized gain (loss) on investments (169,252) 38,699 23,559 138,965
Net unrealized appreciation (depreciation)
of investments (757,359) 88,188 (1,214,591) 89,987
----------- ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (256,963) 647,470 (435,773) 927,007
----------- ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (604,070) (498,161) (673,609) (679,429)
Net investment income - Class B (21,656) (18,089) (19,389) (14,501)
Net realized gains - Class A -- -- (22,747) (135,517)
Net realized gains - Class B -- -- (812) (4,461)
----------- ------------ ------------ ------------
Total distributions (625,726) (516,250) (716,557) (833,908)
----------- ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,941,186 1,873,481 2,072,982 1,594,351
Reinvestment of distributions 330,199 266,865 368,427 451,949
Cost of shares redeemed (1,551,010) (1,084,999) (2,557,568) (3,123,781)
----------- ------------ ------------ ------------
1,720,375 1,055,347 (116,159) (1,077,481)
----------- ------------ ------------ ------------
Class B:
Proceeds from shares sold 138,883 87,136 78,000 266,114
Reinvestment of distributions 13,636 10,895 9,280 7,758
Cost of shares redeemed (97,693) (51,458) (46,298) (17,116)
----------- ------------ ------------ ------------
54,826 46,573 40,982 256,756
----------- ------------ ------------ ------------
Net increase (decrease) from share transactions 1,775,201 1,101,920 (75,177) (820,725)
----------- ------------ ------------ ------------
Net increase (decrease) in net assets 892,512 1,233,140 (1,227,507) (727,626)
Net Assets
Beginning of year 11,361,195 10,128,055 15,093,741 15,821,367
----------- ------------ ------------ ------------
End of year+ $12,253,707 $11,361,195 $13,866,234 $15,093,741
=========== ============ ============ ============
+ Includes undistributed net investment income of $ 48,292 $ 4,370 $ 68,718 $ 6,457
=========== ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 219,821 138,599 174,976 131,137
Issued for distributions reinvested 25,133 19,715 31,489 37,073
Redeemed (119,321) (80,274) (218,015) (257,038)
----------- ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding 125,633 78,040 (11,550) (88,828)
=========== ============ ============ ============
Class B:
Sold 10,604 6,468 6,520 21,895
Issued for distributions reinvested 1,038 805 793 636
Redeemed (7,574) (3,850) (3,809) (1,396)
----------- ------------ ------------ ------------
Net increase (decrease) in Class B shares
outstanding 4,068 3,423 3,504 21,135
=========== ============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------
COLORADO CONNECTICUT
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 209,546 $ 186,573 $ 1,045,343 $ 888,132
Net realized gain (loss) on investments (28,764) 6,145 (220,336) 90,498
Net unrealized appreciation (depreciation)
of investments (280,802) 37,825 (1,260,205) 185,864
----------- ----------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (100,020) 230,543 (435,198) 1,164,494
----------- ----------- ------------ ------------
Distributions to Shareholders
Net investment income - Class A (194,405) (169,316) (864,595) (759,838)
Net investment income - Class B (15,382) (14,712) (123,558) (122,488)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
----------- ----------- ------------ ------------
Total distributions (209,787) (184,028) (988,153) (882,326)
----------- ----------- ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,221,942 749,804 3,699,220 2,358,296
Reinvestment of distributions 121,197 101,964 658,039 600,282
Cost of shares redeemed (562,932) (746,101) (2,671,444) (1,910,271)
----------- ----------- ------------ ------------
780,207 105,667 1,685,815 1,048,307
----------- ----------- ------------ ------------
Class B:
Proceeds from shares sold 15,000 10,000 702,180 626,852
Reinvestment of distributions 12,608 13,717 90,142 107,129
Cost of shares redeemed (4,101) (24,612) (864,326) (189,093)
----------- ----------- ------------ ------------
23,507 (895) (72,004) 544,888
----------- ----------- ------------ ------------
Net increase (decrease) from share transactions 803,714 104,772 1,613,811 1,593,195
----------- ----------- ------------ ------------
Net increase (decrease) in net assets 493,907 151,287 190,460 1,875,363
Net Assets
Beginning of year 3,945,543 3,794,256 20,917,400 19,042,037
----------- ----------- ------------ ------------
End of year+ $4,439,450 $3,945,543 $21,107,860 $20,917,400
=========== =========== ============ ============
+ Includes undistributed net investment income of $ 2,780 $ 3,021 $ 64,536 $ 7,346
=========== =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 95,345 57,230 284,965 178,314
Issued for distributions reinvested 9,535 7,805 50,934 45,259
Redeemed (43,986) (57,208) (207,628) (144,562)
----------- ----------- ------------ ------------
Net increase (decrease) in Class A shares
outstanding 60,894 7,827 128,271 79,011
=========== =========== ============ ============
Class B:
Sold 1,208 772 53,787 47,451
Issued for distributions reinvested 992 1,051 6,989 8,081
Redeemed (311) (1,877) (65,074) (14,215)
----------- ----------- ------------ ------------
Net increase (decrease) in Class B shares
outstanding 1,889 (54) (4,298) 41,317
=========== =========== ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------
FLORIDA GEORGIA
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,285,900 $ 1,152,221 $ 228,300 $ 158,940
Net realized gain (loss) on investments (50,341) 131,106 (46,601) 10,671
Net unrealized appreciation (depreciation)
of investments (2,005,228) 232,807 (318,371) 21,236
----------- ----------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (769,669) 1,516,134 (136,672) 190,847
----------- ----------- ------------ ------------
Distributions to Shareholders
Net investment income - Class A (1,150,018) (1,115,201) (217,811) (148,474)
Net investment income - Class B (32,154) (31,678) (10,956) (9,211)
Net realized gains - Class A -- (127,113) -- --
Net realized gains - Class B -- (4,219) -- --
----------- ----------- ------------ ------------
Total distributions (1,182,172) (1,278,211) (228,767) (157,685)
----------- ----------- ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,963,267 4,069,057 3,350,635 386,432
Reinvestment of distributions 595,822 656,546 146,270 95,448
Cost of shares redeemed (3,814,112) (2,922,734) (788,139) (502,013)
----------- ----------- ------------ ------------
(255,023) 1,802,869 2,708,766 (20,133)
----------- ----------- ------------ ------------
Class B:
Proceeds from shares sold 93,725 73,697 100,979 35,384
Reinvestment of distributions 21,190 23,726 10,646 9,211
Cost of shares redeemed (121,415) (83,656) (43,053) (246)
----------- ----------- ------------ ------------
(6,500) 13,767 68,572 44,349
----------- ----------- ------------ ------------
Net increase (decrease) from share transactions (261,523) 1,816,636 2,777,338 24,216
----------- ----------- ------------ ------------
Net increase (decrease) in net assets (2,213,364) 2,054,559 2,411,899 57,378
Net Assets
Beginning of year 26,731,298 24,676,739 3,411,661 3,354,283
----------- ----------- ------------ ------------
End of year+ $24,517,934 $26,731,298 $5,823,560 $3,411,661
=========== =========== ============ ============
+ Includes undistributed net investment income of $ 111,297 $ 7,569 $ 1,132 $ 1,599
=========== =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 223,409 297,455 263,782 29,199
Issued for distributions reinvested 45,198 47,988 11,550 7,242
Redeemed (286,334) (214,071) (62,261) (38,181)
----------- ----------- ------------ ------------
Net increase (decrease) in Class A shares
outstanding (17,727) 131,372 213,071 (1,740)
=========== =========== ============ ============
Class B:
Sold 7,051 5,380 7,940 2,699
Issued for distributions reinvested 1,607 1,734 836 699
Redeemed (9,139) (6,133) (3,380) (18)
----------- ----------- ------------ ------------
Net increase (decrease) in Class B shares
outstanding (481) 981 5,396 3,380
=========== =========== ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------
MARYLAND MASSACHUSETTS
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 734,448 $ 610,885 $ 1,188,783 $ 1,105,621
Net realized gain (loss) on investments (132,292) 59,511 (61,545) 459,494
Net unrealized appreciation (depreciation)
of investments (1,034,639) 121,325 (1,697,614) (356,826)
----------- ----------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (432,483) 791,721 (570,376) 1,208,289
----------- ----------- ------------ ------------
Distributions to Shareholders
Net investment income - Class A (625,749) (529,069) (1,058,842) (1,050,431)
Net investment income - Class B (102,842) (77,864) (57,345) (39,990)
Net realized gains - Class A -- -- -- (433,402)
Net realized gains - Class B -- -- -- (27,565)
----------- ----------- ------------ ------------
Total distributions (728,591) (606,933) (1,116,187) (1,551,388
----------- ----------- ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 3,457,252 1,771,728 1,093,753 1,552,045
Reinvestment of distributions 344,994 310,259 846,167 1,192,740
Cost of shares redeemed (1,530,101) (1,665,358) (2,275,289) (2,854,850)
----------- ----------- ------------ ------------
2,272,145 416,629 (335,369) (110,065)
----------- ----------- ------------ ------------
Class B:
Proceeds from shares sold 994,342 670,361 326,448 678,504
Reinvestment of distributions 58,176 42,872 45,943 55,380
Cost of shares redeemed (361,875) (306,875) (514,252) (68,670)
----------- ----------- ------------ ------------
690,643 406,358 (141,861) 665,214
----------- ----------- ------------ ------------
Net increase (decrease) from share transactions 2,962,788 822,987 (477,230) 555,149
----------- ----------- ------------ ------------
Net increase (decrease) in net assets 1,801,714 1,007,775 (2,163,793) 212,050
Net Assets
Beginning of year 13,495,279 12,487,504 23,847,395 23,635,345
----------- ----------- ------------ ------------
End of year+ $15,296,993 $13,495,279 $21,683,602 $23,847,395
=========== =========== ============ ============
+ Includes undistributed net investment income of $ 10,917 $ 5,060 $ 87,963 15,367
=========== =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 259,225 131,413 93,704 127,084
Issued for distributions reinvested 26,295 22,976 72,866 98,331
Redeemed (118,013) (123,247) (195,191) (233,988)
----------- ----------- ------------ ------------
Net increase (decrease) in Class A shares
outstanding 167,507 31,142 (28,621) (8,573)
=========== =========== ============ ============
Class B:
Sold 75,399 49,637 28,134 55,365
Issued for distributions reinvested 4,442 3,172 3,951 4,572
Redeemed (27,393) (22,830) (45,321) (5,536)
----------- ----------- ------------ ------------
Net increase (decrease) in Class B shares
outstanding 52,448 29,979 (13,236) 54,401
=========== =========== ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------
MICHIGAN MINNESOTA
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,816,566 $ 1,804,523 $ 442,552 $ 413,882
Net realized gain (loss) on investments (22,276) 291,714 (15,959) 29,226
Net unrealized appreciation (depreciation)
of investments (2,812,167) 85,297 (573,087) 51,706
----------- ----------- ------------ ------------
Net increase (decrease) in net assets resulting
from, operations (1,017,877) 2,181,534 (146,494) 494,814
----------- ----------- ------------ ------------
Distributions to Shareholders
Net investment income - Class A (1,749,807) (1,762,486) (428,054) (409,132)
Net investment income - Class B (43,260) (37,283) (3,055) (1,904)
Net realized gains - Class A -- (284,638) -- --
Net realized gains - Class B -- (7,529) -- --
----------- ----------- ------------ ------------
Total distributions (1,793,067) (2,091,936) (431,109) (411,036)
----------- ----------- ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 4,255,793 3,003,493 1,103,564 560,476
Reinvestment of distributions 1,101,285 1,271,187 315,022 311,414
Cost of shares redeemed (5,183,033) (4,881,005) (829,283) (840,538)
----------- ----------- ------------ ------------
174,045 (606,325) 589,303 31,352
----------- ----------- ------------ ------------
Class B:
Proceeds from shares sold 237,052 199,508 37,994 2,000
Reinvestment of distributions 24,105 24,681 3,050 1,909
Cost of shares redeemed (315,722) (214,257) -- (1,000)
----------- ----------- ------------ ------------
(54,565) 9,932 41,044 2,909
----------- ----------- ------------ ------------
Net increase (decrease) from share transactions 119,480 (596,393) 630,347 34,261
----------- ----------- ------------ ------------
Net increase (decrease) in net assets (2,691,464) (506,795) 52,744 118,039
Net Assets
Beginning of year 40,092,455 40,599,250 8,392,696 8,274,657
----------- ----------- ------------ ------------
End of year+ $37,400,991 $40,092,455 $8,445,440 $8,392,696
=========== =========== ============ ============
+ Includes undistributed net investment income of $ 30,366 $ 6,867 $ 14,380 $ 2,937
=========== =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 341,602 229,191 96,628 47,618
Issued for distributions reinvested 87,212 97,042 27,742 26,654
Redeemed (411,133) (373,083) (72,598) (72,134)
----------- ----------- ------------ ------------
Net increase (decrease) in Class A shares
outstanding 17,681 (46,850) 51,772 2,138
=========== =========== ============ ============
Class B:
Sold 18,352 15,260 3,262 174
Issued for distributions reinvested 1,914 1,886 270 163
Redeemed (25,547) (16,302) -- (87)
----------- ----------- ------------ ------------
Net increase (decrease) in Class B shares
outstanding (5,281) 844 3,532 250
=========== =========== ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------
MISSOURI NEW JERSEY
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 133,512 $ 103,737 $ 2,998,756 $ 2,771,877
Net realized gain (loss) on investments (30,929) 10,441 (340,345) 662,131
Net unrealized appreciation (depreciation)
of investments (163,445) 23,945 (3,937,287) 23,799
----------- ----------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (60,862) 138,123 (1,278,876) 3,457,807
----------- ----------- ------------ ------------
Distributions to Shareholders
Net investment income - Class A (118,488) (98,269) (2,613,185) (2,693,979)
Net investment income - Class B (9,430) (5,007) (120,933) (83,488)
Net realized gains - Class A -- -- (638,421)
Net realized gains - Class B -- -- (27,005)
----------- ----------- ------------ ------------
Total distributions (127,918) (103,276) (2,734,118) (3,442,893)
----------- ----------- ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,056,075 371,474 4,565,043 6,159,936
Reinvestment of distributions 57,359 62,596 1,719,625 2,304,360
Cost of shares redeemed (554,920) (178,522) 10,235,069) (7,139,371)
----------- ----------- ------------ ------------
558,514 255,548 (3,950,401) 1,324,925
----------- ----------- ------------ ------------
Class B:
Proceeds from shares sold 143,475 48,020 1,693,243 710,030
Reinvestment of distributions 5,278 4,889 94,225 89,417
Cost of shares redeemed (95,167) -- (786,605) (245,751)
----------- ----------- ------------ ------------
53,586 52,909 1,000,863 553,696
----------- ----------- ------------ ------------
Net increase (decrease) from share transactions 612,100 308,457 (2,949,538) 1,878,621
----------- ----------- ------------ ------------
Net increase (decrease) in net assets 423,320 343,304 (6,962,532) 1,893,535
Net Assets
Beginning of year 2,258,150 1,914,846 63,147,023 61,253,488
----------- ----------- ------------ ------------
End of year+ $2,681,470 $2,258,150 $56,184,491 $63,147,023
=========== =========== ============ ============
+ Includes undistributed net investment income of $ 6,215 $ 621 $ 266,274 $ 1,636
=========== =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 82,522 29,195 353,400 461,281
Issued for distributions reinvested 4,574 4,866 133,664 172,773
Redeemed (43,601) (13,888) (793,422) (534,399)
----------- ----------- ------------ ------------
Net increase (decrease) in Class A shares
outstanding 43,495 20,173 (306,358) 99,655
=========== =========== ============ ============
Class B:
Sold 11,304 3,697 130,535 53,282
Issued for distributions reinvested 420 380 7,355 6,715
Redeemed (7,575) -- (62,045) (18,554)
----------- ----------- ------------ ------------
Net increase (decrease) in Class B shares
outstanding 4,149 4,077 75,845 41,443
=========== =========== ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------
NORTH CAROLINA OHIO
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 441,087 $ 365,955 $ 1,019,501 $ 954,515
Net realized gain (loss) on investments (66,343) 16,557 (104,134) 105,338
Net unrealized appreciation (depreciation)
of investments (606,265) 132,846 (1,268,564) (42,129)
----------- ----------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (231,521) 515,358 (353,197) 1,017,724
----------- ----------- ------------ ------------
Distributions to Shareholders
Net investment income - Class A (416,971) (356,381) (946,062) (913,253)
Net investment income - Class B (16,418) (8,468) (20,214) (14,670)
Net realized gains - Class A -- -- -- (103,541)
Net realized gains - Class B -- -- -- (2,115)
----------- ----------- ------------ ------------
Total distributions (433,389) (364,849) (966,276) (1,033,579)
----------- ----------- ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,751,727 1,639,024 2,188,769 2,214,427
Reinvestment of distributions 266,372 223,837 696,219 750,957
Cost of shares redeemed (703,779) (409,842) (2,793,896) (2,490,353)
----------- ----------- ------------ ------------
1,314,320 1,453,019 91,092 475,031
----------- ----------- ------------ ------------
Class B:
Proceeds from shares sold 369,596 62,154 323,985 95,265
Reinvestment of distributions 12,297 5,532 16,137 13,500
Cost of shares redeemed -- (10,810) (68,346) (40,388)
----------- ----------- ------------ ------------
381,893 56,876 271,776 68,377
----------- ----------- ------------ ------------
Net increase (decrease) from share transactions 1,696,213 1,509,895 362,868 543,408
----------- ----------- ------------ ------------
Net increase (decrease) in net assets 1,031,303 1,660,404 (956,605) 527,553
Net Assets
Beginning of year 8,542,761 6,882,357 20,170,403 19,642,850
----------- ----------- ------------ ------------
End of year+ $9,574,064 $8,542,761 $19,213,798 $20,170,403
=========== =========== ============ ============
+ Includes undistributed net investment income of $ 9,112 $ 1,414 $ 81,708 $ 28,483
=========== =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 139,244 128,727 176,829 174,415
Issued for distributions reinvested 21,379 17,520 56,611 59,011
Redeemed (55,886) (32,060) (226,785) (195,415)
----------- ----------- ------------ ------------
Net increase (decrease) in Class A shares
outstanding 104,737 114,187 6,655 38,011
=========== =========== ============ ============
Class B:
Sold 29,552 4,883 26,247 7,493
Issued for distributions reinvested 996 433 1,319 1,062
Redeemed -- (862) (5,451) (3,175)
----------- ----------- ------------ ------------
Net increase (decrease) in Class B shares
outstanding 30,548 4,454 22,115 5,380
=========== =========== ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------
OREGON PENNSYLVANIA
----------------------------- ---------------------------
Year Ended December 31 1999 1998 1999 1998
- -------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 659,286 $ 593,284 $ 1,923,343 $ 2,050,719
Net realized gain (loss) on investments (81,012) 21,921 (5,094) 303,417
Net unrealized appreciation (depreciation)
of investments (883,123) 176,273 (2,852,357) (173,315)
------------ ----------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (304,849) 791,478 (934,108) 2,180,821
------------ ----------- ------------ ------------
Distributions to Shareholders
Net investment income - Class A (607,767) (560,461) (1,870,838) (1,859,304)
Net investment income - Class B (41,671) (34,225) (79,889) (72,835)
Net realized gains - Class A -- -- -- (290,930)
Net realized gains - Class B -- -- -- (14,563)
------------ ----------- ------------ ------------
Total distributions (649,438) (594,686) (1,950,727) (2,237,632)
------------ ----------- ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,716,714 2,442,130 2,810,294 4,340,752
Reinvestment of distributions 488,253 434,290 1,075,060 1,289,547
Cost of shares redeemed (1,973,009) (1,821,201) (5,177,643) (7,025,076)
------------ ----------- ------------ ------------
231,958 1,055,219 (1,292,289) (1,394,777)
------------ ----------- ------------ ------------
Class B:
Proceeds from shares sold 390,852 293,952 368,452 286,627
Reinvestment of distributions 38,457 31,339 38,656 52,980
Cost of shares redeemed (299,835) (51,221) (379,178) (27,855)
------------ ----------- ------------ ------------
129,474 274,070 27,930 311,752
------------ ----------- ------------ ------------
Net increase (decrease) from share transactions 361,432 1,329,289 (1,264,359) (1,083,025)
------------ ----------- ------------ ------------
Net increase (decrease) in net assets (592,855) 1,526,081 (4,149,194) (1,139,836)
Net Assets
Beginning of year 14,078,281 12,552,200 42,822,371 43,962,207
------------ ----------- ------------ ------------
End of year+ $13,485,426 $14,078,281 $38,673,177 $42,822,371
============ =========== ============ ============
+ Includes undistributed net investment income of $ 9,848 $ -- $ 93,573 $ 120,957
============ =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 136,908 192,410 217,813 326,228
Issued for distributions reinvested 39,572 34,311 83,730 96,963
Redeemed (160,088) (144,132) (403,740) (527,157)
------------ ----------- ------------ ------------
Net increase (decrease) in Class A shares
outstanding 16,392 82,589 (102,197) (103,966)
============ =========== ============ ============
Class B:
Sold 31,591 23,233 28,213 21,633
Issued for distributions reinvested 3,124 2,477 3,009 3,988
Redeemed (24,374) (4,029) (29,020) (2,092)
------------ ----------- ------------ ------------
Net increase (decrease) in Class B shares
outstanding 10,341 21,681 2,202 23,529
============ =========== ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- --------------------------------------------------------------------------------
MULTI-STATE INSURED
TAX FREE FUND
---------------------------
VIRGINIA
---------------------------
Year Ended December 31 1999 1998
--------------------- ----------- -----------
<S> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,143,741 $ 1,084,677
Net realized gain (loss) on investments (29,962) 170,072
Net unrealized appreciation (depreciation)
of investments (1,745,078) 41,410
----------- -----------
Net increase (decrease) in net assets resulting
from operations (631,299) 1,296,159
----------- -----------
Distributions to Shareholders
Net investment income - Class A (1,064,796) (1,014,072)
Net investment income - Class B (48,591) (53,905)
Net realized gains - Class A -- (161,139)
Net realized gains - Class B -- (10,233)
----------- -----------
Total distributions (1,113,387) (1,239,349)
----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,275,886 2,513,743
Reinvestment of distributions 653,619 795,105
Cost of shares redeemed (3,689,375) (2,074,090)
----------- -----------
(759,870) 1,234,758
----------- -----------
Class B:
Proceeds from shares sold 86,250 129,680
Reinvestment of distributions 33,809 37,357
Cost of shares redeemed (455,294) (77,741)
(335,235) 89,296
----------- -----------
Net increase (decrease) from share transactions (1,095,105) 1,324,054
----------- -----------
Net increase (decrease) in net assets (2,839,791) 1,380,864
Net Assets
Beginning of year 24,906,856 23,525,992
----------- -----------
End of year+ $22,067,065 $24,906,856
=========== ===========
+ Includes undistributed net investment income of $ 49,245 $ 18,891
=========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 176,751 188,751
Issued for distributions reinvested 51,058 59,960
Redeemed (286,551) (156,840)
----------- -----------
Net increase (decrease) in Class A shares
outstanding (58,742) 91,871
=========== ===========
Class B:
Sold 6,703 9,938
Issued for distributions reinvested 2,647 2,820
Redeemed (35,242) (5,876)
----------- -----------
Net increase (decrease) in Class B shares
outstanding (25,892) 6,882
=========== ===========
See notes to financial statements
</TABLE>
Notes to Financial Statements
1. Significant Accounting Policies--First Investors Tax-Exempt Money Market
Fund, Inc. ("Tax-Exempt Money Market Fund"), 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 the 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:
Tax-Exempt Money Market Fund seeks to earn a high rate of current income that
is exempt from Federal income tax, including the Alternative Minimum Tax
("AMT"), consistent with the preservation of capital and maintenance of
liquidity.
Insured Intermediate seeks a high level of interest income that is exempt
from Federal income tax and is not a tax preference item for purposes of the
AMT.
Insured Tax Exempt seeks a high level of interest income that is exempt from
Federal income tax and is not a tax preference item for purposes of the AMT.
New York Insured seeks a high level of interest income that 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 AMT.
Multi-State Insured seeks a high level of interest income that 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 AMT.
A. Security Valuation--The Tax-Exempt Money Market Fund values its portfolio
securities in accordance with the amortized cost method of valuation under
Rule 2a-7 under the 1940 Act. Amortized cost is an approximation of market
value of an instrument, whereby the difference between its acquisition cost
and value at maturity is amortized on a straight-line basis over the remaining
life of the instrument. The effect of changes in the market value
of a security as a result of fluctuating interest rates is not taken into
Notes to Financial Statements (continued)
account and thus the amortized cost method of valuation may result in the
value of a security being higher or lower than its actual market value.
The municipal securities in which the other 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 applicable Fund's Board 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, other than the Tax-Exempt Money Market
Fund, 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, 1999, capital loss carryovers were as follows:
Year Capital Loss Carryovers Expire
--------------------------------------------
Fund Total 2002 2003 2004 2007
- ---- ---------- ---------- --------- --------- ----------
Insured Intermediate $ 6,909 $ -- $ -- $ -- $ 6,909
Insured Tax Exempt 5,299,009 3,221,247 -- 523,891 1,553,871
New York Insured 1,342,936 -- -- -- 1,342,936
Arizona 194,340 34,112 -- 12,135 148,093
Colorado 44,568 18,097 -- -- 26,471
Connecticut 233,735 49,852 -- -- 183,883
Florida 50,341 -- -- -- 50,341
Georgia 43,163 -- -- 544 42,619
Maryland 101,700 6,741 -- 12,765 82,194
Massachusetts 61,545 -- -- -- 61,545
Michigan 22,276 -- -- -- 22,276
Minnesota 80,941 431 64,634 -- 15,876
Missouri 84,988 44,353 9,705 -- 30,930
New Jersey 340,345 -- -- -- 340,345
North Carolina 145,038 36,480 20,296 23,116 65,146
Ohio 15,455 -- -- -- 15,455
Oregon 218,932 106,103 -- 55,047 57,782
Pennsylvania 5,094 -- -- -- 5,094
Virginia 29,969 -- -- -- 29,969
C. Distributions to Shareholders--The Tax-Exempt Money Market Fund declares
distributions daily and pays distributions monthly. Distributions are
declared from the total of net investment income plus or minus all realized
short-term gains and losses on investments. Dividends from net investment
income of the other Funds are declared daily and paid monthly. Dividends paid
by the Funds from net investment income are considered exempt-interest
dividends and as such should not be subject to Federal income taxes.
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 group 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.
Notes to Financial Statements (continued)
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 amortized cost basis for
the Tax-Exempt Money Market Fund and on the identified cost basis for the
other Funds 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 year ended December 31,
1999, The Bank of New York, custodian for the Funds, has provided credits in
the amount of $153,442 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--At December 31, 1999, paid-in capital of the Tax-Exempt Money
Market Fund amounted to $16,479,072. The Fund offers two classes of shares,
Class A and B. Both classes are sold without an initial sales charge.
However, Class B shares, which may only be acquired through an exchange of
Class B shares from another First Investors eligible fund or through the
reinvestment of dividends on Class B shares, are generally subject to a
contingent deferred sales charge at the rate of 4% in the first year and
declining to 0% over a six-year period, which is payable to First Investors
Corporation as underwriter of the Fund.
Each of the other Funds sells two classes of shares, Class A and Class B.
Class A shares are sold with an initial sales charge of up to 6.25% of the
amount invested. 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. Class A and Class B shares are
subject to different distribution plans and have different distribution fees
as described in Note 5. 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 1,000,000,000
shares originally authorized, Tax-Exempt Money Market Fund has designated
500,000,000 shares as Class A and 500,000,000 shares as Class B. 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 year ended December 31, 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 $ 13,301,125 $ 13,105,894
Insured Tax Exempt 313,893,613 361,663,994
New York Insured 97,018,195 105,601,417
Arizona 9,376,716 7,571,715
California 7,037,585 7,753,940
Colorado 2,550,834 1,624,031
Connecticut 11,047,115 9,617,116
Florida 16,748,228 17,292,200
Georgia 5,319,241 2,527,674
Maryland 9,281,278 6,319,949
Massachusetts 7,038,420 7,680,749
Michigan 8,063,100 8,273,619
Minnesota 2,415,510 1,927,345
Missouri 2,220,241 1,642,236
New Jersey 30,828,817 33,441,398
North Carolina 5,595,816 4,121,869
Ohio 9,337,056 9,307,529
Oregon 4,875,840 4,566,852
Pennsylvania 14,541,385 15,996,419
Virginia 8,280,197 8,440,696
Notes to Financial Statements (continued)
At December 31, 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 $ 9,198,722 $ 181,477 $ 58,436 $ 123,041
Insured Tax Exempt 909,405,407 42,971,720 3,745,791 39,225,929
New York Insured 163,828,593 4,354,151 1,765,562 2,588,589
Arizona 11,548,231 482,687 70,799 411,888
California 12,987,840 771,351 48,192 723,159
Colorado 4,290,564 141,712 42,182 99,530
Connecticut 19,921,908 758,210 97,812 660,398
Florida 23,328,726 879,301 64,983 814,318
Georgia 5,682,041 128,112 85,597 42,515
Maryland 14,766,922 303,080 160,420 142,660
Massachusetts 21,036,120 672,826 425,532 247,294
Michigan 35,488,968 1,708,894 125,062 1,583,832
Minnesota 8,161,078 172,377 108,461 63,916
Missouri 2,524,088 78,384 30,472 47,912
New Jersey 52,981,894 2,409,801 307,830 2,101,971
North Carolina 9,322,315 162,143 146,952 15,191
Ohio 18,240,074 744,761 38,579 706,182
Oregon 12,922,414 369,524 116,219 253,305
Pennsylvania 37,080,220 1,235,925 259,951 975,974
Virginia 20,950,357 770,412 180,705 589,707
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 year ended December 31, 1999,
total directors/trustees fees accrued by the Funds amounted to $42,400.
The Investment Advisory Agreements provide as compensation to FIMCO from each
Fund, other than the Tax-Exempt Money Market Fund and 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 the Tax-Exempt Money Market Fund and Insured
Intermediate is payable monthly, at the rate of .50% and .60%, respectively,
of each Fund's average daily net assets.
For the year ended December 31, 1999, advisory fees accrued to FIMCO by the
Funds were $11,417,905 of which $1,175,484 was waived. In addition, other
expenses in the amount of $359,934 were assumed by FIMCO.
For the year ended December 31, 1999, FIC, as underwriter, received
$2,097,712 in commissions from the sale of shares of the Funds after allowing
$382,055 to other dealers. Shareholder servicing costs included $984,217 in
transfer agent fees accrued to ADM. For the year ended December 31, 1999, FIC
received contingent deferred sales charges from the redemption of Class B
shares of the Tax-Exempt Money Market Fund in the amount of $184.
Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act, each
Fund, other than the Tax-Exempt Money Market Fund, is authorized to pay FIC a
fee up to .30% of the average daily net assets of the Class A shares on an
annual basis, payable monthly. Each Fund, including the Tax-Exempt Money
Market Fund, is authorized to pay FIC a fee up to 1% of the average daily net
assets of the Class B shares on an annual basis, payable monthly. For the
year ended December 31, 1999, total Distribution Plan fees accrued to FIC by
the Funds, other than the Tax-Exempt Money Market Fund, amounted to
$4,300,692, of which $25,237 was waived. For the year ended December 31,
1999, FIC received $242 in Distribution Plan fees from the Tax-Exempt Money
Market Fund, after waiving $81 (or 25% of the fee). The fees consist 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 December 31,
1999, Insured Tax Exempt held two 144A securities with an aggregate value of
$8,790,763 representing approximately .91% of the Fund's net assets and New
York Insured held one 144A security with a value of $4,712,500 representing
approximately 2.78% 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>
TAX-EXEMPT MONEY MARKET FUND
- ----------------------------
Class A
- -------
1995 $1.00 $.032 $ -- $ .032 $.032 $ -- $.032
1996 1.00 .028 -- .028 .028 -- .028
1997 1.00 .030 -- .030 .030 -- .030
1998 1.00 .027 -- .027 .027 -- .027
1999 1.00 .026 -- .026 .026 -- .026
Class B
- -------
1995* 1.00 .024 -- .024 .024 -- .024
1996 1.00 .020 -- .020 .020 -- .020
1997 1.00 .022 -- .022 .022 -- .022
1998 1.00 .018 -- .018 .018 -- .018
1999 1.00 .018 -- .018 .018 -- .018
- -----------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
- -------------------------------------
Class A
- -------
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
1999 6.01 .231 (.200) .031 .231 -- .231
Class B
- -------
1995* 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
1999 6.02 .173 (.202) (.029) .171 -- .171
- -----------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
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
1999 10.55 .515 (.889) (.374) .466 -- .466
Class B
- -------
1995* 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
1999 10.55 .431 (.877) (.446) .394 -- .394
- -----------------------------------------------------------------------------------------------------------------------------
<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>
TAX-EXEMPT MONEY MARKET FUND
- ----------------------------
Class A
- -------
1995 $1.00 3.24 $ 25,045 .70 3.20 1.06 2.84 N/A
1996 1.00 2.85 22,888 .70 2.81 1.08 2.43 N/A
1997 1.00 3.00 18,680 .75 2.95 1.12 2.58 N/A
1998 1.00 2.77 16,310 .80 2.73 1.19 2.34 N/A
1999 1.00 2.61 16,478 .80 2.58 1.20 2.18 N/A
Class B
- -------
1995* 1.00 2.40 .01 1.45+ 2.45+ 1.81+ 2.09+ N/A
1996 1.00 2.04 80 1.45 2.06 1.83 1.68 N/A
1997 1.00 2.20 13 1.50 2.20 1.87 1.83 N/A
1998 1.00 1.78 1 1.55 1.98 1.94 1.59 N/A
1999 1.00 1.82 1 1.55 1.83 1.95 1.43 N/A
- -------------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
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
1999 5.81 .51 8,263 .50 3.88 1.18 3.20 142
Class B
- -------
1995* 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
1999 5.82 (.50) 1,154 1.50 2.88 1.88 2.50 142
- -------------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
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
1999 9.71 (3.63) 958,668 1.12 5.03 N/A N/A 31
Class B
- -------
1995* 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
1999 9.71 (4.31) 4,290 1.85 4.30 N/A N/A 31
- -------------------------------------------------------------------------------------------------------------------------------
</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>
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
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
1999 14.85 .718 (1.249) (.531) .659 -- .659
Class B
- -------
1995* 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
1999 14.85 .618 (1.250) (.632) .558 -- .558
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ------------
Class A
- -------
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
1999 13.62 .707 (.955) (.248) .662 -- .662
Class B
- -------
1995* 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
1999 13.61 .603 (.948) (.345) .555 -- .555
- -----------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
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
1999 12.20 .609 (.952) (.343) .558 .019 .577
Class B
- -------
1995* 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
1999 12.19 .511 (.949) (.438) .463 .019 .482
- -----------------------------------------------------------------------------------------------------------------------------
<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>
NEW YORK INSURED TAX FREE FUND
- -------------------------------------
Class A
- -------
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
1999 13.66 (3.67) 164,622 1.09 4.99 1.21 4.87 55
Class B
- -------
1995* 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
1999 13.66 (4.34) 4,734 1.79 4.29 1.91 4.17 55
- -------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------
ARIZONA FUND
- ------------
Class A
- -------
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
1999 12.71 (1.88) 11,746 .50 5.37 1.15 4.72 62
Class B
- -------
1995* 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
1999 12.71 (2.60) 508 1.30 4.57 1.95 3.92 62
- -------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
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
1999 11.28 (2.88) 13,383 .80 5.15 1.17 4.79 49
Class B
- -------
1995* 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
1999 11.27 (3.67) 483 1.60 4.35 1.97 3.99 49
- -------------------------------------------------------------------------------------------------------------------------------
</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>
COLORADO FUND
- -------------
Class A
- -------
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
1999 13.15 .634 (.907) (.273) .637 -- .637
Class B
- -------
1995* 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
1999 13.15 .534 (.914) (.380) .530 -- .530
- -----------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
- ----------------
Class A
- -------
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
1999 13.36 .651 (.902) (.251) .619 -- .619
Class B
- -------
1995* 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
1999 13.35 .552 (.901) (.349) .511 -- .511
- -----------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
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
1999 13.75 .679 (1.074) (.395) .625 -- .625
Class B
- -------
1995* 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
1999 13.75 .572 (1.065) (.493) .517 -- .517
- -----------------------------------------------------------------------------------------------------------------------------
<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>
COLORADO FUND
- -------------
Class A
- -------
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
1999 12.24 (2.15) 4,068 .47 4.99 1.28 4.18 40
Class B
- -------
1995* 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
1999 12.24 (2.96) 372 1.27 4.19 2.08 3.38 40
- -------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
- ----------------
Class A
- -------
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
1999 12.49 (1.93) 17,903 .80 5.04 1.15 4.69 47
Class B
- -------
1995* 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
1999 12.49 (2.67) 3,205 1.60 4.24 1.95 3.89 47
- -------------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
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
1999 12.73 (2.93) 23,729 .80 5.12 1.12 4.80 68
Class B
- -------
1995* 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
1999 12.74 (3.65) 789 1.60 4.32 1.92 4.00 68
- -------------------------------------------------------------------------------------------------------------------------------
</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>
GEORGIA FUND
- ------------
Class A
- -------
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
1999 13.27 .633 (1.025) (.392) .638 -- .638
Class B
- -------
1995* 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
1999 13.25 .540 (1.029) (.489) .531 -- .531
- -----------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
- -------------
Class A
- -------
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
1999 13.62 .658 (.994) (.336) .654 -- .654
Class B
- -------
1995* 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
1999 13.62 .551 (.995) (.444) .546 -- .546
- -----------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
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
1999 12.02 .609 (.887) (.278) .572 -- .572
Class B
- -------
1995* 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
1999 12.02 .520 (.894) (.374) .476 -- .476
- -----------------------------------------------------------------------------------------------------------------------------
<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>
GEORGIA FUND
- ------------
Class A
- -------
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
1999 12.24 (3.04) 5,527 .48 4.99 1.19 4.28 57
Class B
- -------
1995* 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
1999 12.23 (3.78) 296 1.28 4.19 1.99 3.48 57
- -------------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
- -------------
Class A
- -------
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
1999 12.63 (2.54) 12,579 .50 5.00 1.15 4.35 44
Class B
- -------
1995* 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
1999 12.63 (3.33) 2,718 1.30 4.20 1.95 3.55 44
- -------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
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
1999 11.17 (2.39) 20,507 .80 5.20 1.15 4.85 32
Class B
- -------
1995* 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
1999 11.17 (3.19) 1,177 1.60 4.40 1.95 4.05 32
- -------------------------------------------------------------------------------------------------------------------------------
</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>
MICHIGAN FUND
- -------------
Class A
- -------
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
1999 13.09 .603 (.938) (.335) .595 -- .595
Class B
- -------
1995* 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
1999 13.08 .502 (.930) (.428) .492 -- .492
- -----------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
- --------------
Class A
- -------
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
1999 11.75 .597 (.785) (.188) .582 -- .582
Class B
- -------
1995* 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
1999 11.75 .499 (.781) (.282) .488 -- .488
- -----------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- -------------
Class A
- -------
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
1999 12.97 .650 (.904) (.254) .626 -- .626
Class B
- -------
1995* 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
1999 12.97 .553 (.905) (.352) .518 -- .518
- -----------------------------------------------------------------------------------------------------------------------------
<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>
MICHIGAN FUND
- -------------
Class A
- -------
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
1999 12.16 (2.63) 36,506 .87 4.74 1.12 4.49 21
Class B
- -------
1995* 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
1999 12.16 (3.34) 895 1.67 3.94 1.92 3.69 21
- -------------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
- --------------
Class A
- -------
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
1999 10.98 (1.65) 8,363 .50 5.26 1.25 4.51 23
Class B
- -------
1995* 11.50 14.13 0 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
1999 10.98 (2.46) 83 1.30 4.46 2.05 3.71 23
- -------------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- -------------
Class A
- -------
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
1999 12.09 (2.02) 2,471 .47 5.20 1.50 4.17 66
Class B
- -------
1995* 12.48 16.41 0 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
1999 12.10 (2.78) 210 1.27 4.40 2.30 3.37 66
- -------------------------------------------------------------------------------------------------------------------------------
</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>
NEW JERSEY FUND
- ---------------
Class A
- -------
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
1999 13.31 .653 (.919) (.266) .594 -- .594
Class B
- -------
1995* 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
1999 13.29 .537 (.909) (.372) .488 -- .488
- -----------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
- -------------------
Class A
- -------
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
1999 12.90 .606 (.900) (.294) .596 -- .596
Class B
- -------
1995* 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
1999 12.90 .490 (.891) (.401) .489 -- .489
- -----------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
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
1999 12.70 .636 (.853) (.217) .603 -- .603
Class B
- -------
1995* 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
1999 12.70 .529 (.850) (.321) .499 -- .499
- -----------------------------------------------------------------------------------------------------------------------------
<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>
NEW JERSEY FUND
- ---------------
Class A
- -------
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
1999 12.45 (2.05) 52,846 .97 5.02 1.12 4.87 52
Class B
- -------
1995* 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
1999 12.43 (2.85) 3,338 1.77 4.22 1.92 4.07 52
- -------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
- -------------------
Class A
- -------
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
1999 12.01 (2.35) 8,978 .48 4.84 1.24 4.08 47
Class B
- -------
1995* 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
1999 12.01 (3.18) 596 1.28 4.04 2.04 3.28 47
- -------------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
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
1999 11.88 (1.77) 18,574 .80 5.15 1.17 4.78 48
Class B
- -------
1995* 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
1999 11.88 (2.59) 640 1.60 4.35 1.97 3.98 48
- -------------------------------------------------------------------------------------------------------------------------------
</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>
OREGON FUND
- -----------
Class A
- -------
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
1999 12.77 .585 (.828) (.243) .577 -- .577
Class B
- -------
1995* 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
1999 12.76 .489 (.846) (.357) .473 -- .473
- -----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
- -----------------
Class A
- -------
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
1999 13.26 .606 (.893) (.287) .613 -- .613
Class B
- -------
1995* 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
1999 13.25 .498 (.890) (.392) .508 -- .508
- -----------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
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
1999 13.26 .629 (.967) (.338) .612 -- .612
Class B
- -------
1995* 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
1999 13.24 .537 (.982) (.445) .505 -- .505
- -----------------------------------------------------------------------------------------------------------------------------
<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>
OREGON FUND
- -----------
Class A
- -------
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
1999 11.95 (1.95) 12,389 .50 4.72 1.21 4.01 33
Class B
- -------
1995* 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
1999 11.93 (2.85) 1,096 1.30 3.92 2.01 3.21 33
- -------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
- -----------------
Class A
- -------
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
1999 12.36 (2.24) 36,737 .86 4.69 1.11 4.44 36
Class B
- -------
1995* 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
1999 12.35 (3.03) 1,936 1.66 3.89 1.91 3.64 36
- -------------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
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
1999 12.31 (2.62) 21,008 .80 4.90 1.17 4.53 36
Class B
- -------
1995* 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
1999 12.29 (3.44) 1,059 1.60 4.10 1.97 3.73 36
- -------------------------------------------------------------------------------------------------------------------------------
* For the period January 12, 1995 (date Class B shares were first offered) to December 31, 1995
** 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 Tax-Exempt Money Market Fund, Inc.
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 Tax-Exempt Money
Market Fund, Inc., 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 December 31, 1999, the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years
in the period then ended and the 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 December 31, 1999, by correspondence with the
custodian. 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 Tax-Exempt Money Market Fund, Inc., 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 December 31,
1999, and the results of their operations for the year then ended, changes in
their net assets for each of the two years in the period then ended and their
financial highlights for the periods presented, in conformity with generally
accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
January 31, 2000
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
(All Funds except Tax-Exempt Money Market Fund)
Michael J. O'Keefe
Vice President
(Tax-Exempt Money Market Fund only)
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Mark S. Spencer
Assistant Treasurer
Carol Lerner Brown
Assistant Secretary
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
The Tax-Exempt Money Market Fund is a money market fund and seeks to maintain
a stable net asset value of $1.00 per share. However, there can be no
assurance that the Fund will be able to do so or to achieve its investment
objective. An investment in the Fund is neither insured nor guaranteed by the
U.S. Government.
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.
