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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
SEMIANNUAL REPORT
June 30, 2000
Bond 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 Bond Market Overview for the semi-annual
report for the First Investors Tax Exempt Funds for the six-month period
ended June 30, 2000.
The Economy
The U.S. economy, now in its tenth year of expansion, continued its
solid performance during the period, with the gross domestic product
(GDP) growing by 5.0% on an annualized basis. The unemployment rate fell
to 4.0% in June, near a 30-year low. Consumer confidence remained high
as personal income continued to grow. Durable goods orders (for
airplanes, computers, etc.) and industrial production continued to rise.
The rate of inflation began to trend slightly higher, although remaining
benign by historical standards. The consumer price index, a broad
inflation gauge, increased 3.7% during the 12 months ending June 2000,
but only 2.4% excluding the volatile food and energy components. The
primary inflation story was the approximately 45% increase in the price
of oil during the first six months of the year. In the labor market, the
inflationary impact of rising wages was largely offset by the continued
improvement in productivity that has characterized much of the current
economic expansion.
Against this backdrop, the Federal Reserve ("the Fed") continued to
tighten monetary policy based upon its concerns about the pace of
economic growth (fourth quarter 1999 and first quarter 2000 growth
exceeded 6.5%) and the tight labor market. In all, the Fed raised
short-term interest rates three times during the review period,
accounting for a total of 100 basis points (1%).
The Bond Market
The economy's continued good health and the Fed's attempts to cool the
economy produced mixed results for the bond market during the first half
of the year. Short-term interest rates rose with two-year Treasury note
yields increasing from 6.21% at year-end to 6.36% on June 30. The
increase in rates was primarily attributable to the Fed's ongoing
tightening of the money supply. Conversely, long-term interest rates
fell slightly after reaching their highest level since 1997 in January.
The ten-year Treasury note yield dropped from 6.44% at year-end 1999 to
6.03% as of June 30. This rate decline occurred despite the solid
economy and the Fed's actions largely because of the U.S. budget
surplus. Driven by the strong economy of recent years, tax collections
have increased, producing a budget surplus estimated at $211 billion for
2000 and $1.3 trillion over the next ten years. The Federal government's
good fortune has helped shrink the supply of U.S. Treasury debt.
Issuance of new Treasury securities has slowed and the Treasury has
begun buying back debt in the open market. If the economy continues to
steam ahead, some optimistic analysts have predicted that all public
debt (U.S. Treasury and municipal bonds) could be eliminated by 2012.
Bond 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
The decrease in Treasury debt helped trigger an unusual occurrence in
the bond market. Normally, interest rates on bonds with longer
maturities are higher than interest rates on bonds with shorter
maturities due to the former's greater interest rate risk. However, in
recent months, the interest rates on longer maturity Treasury bonds have
fallen below those of shorter maturities, causing the yield curve to
invert. While the Fed has raised short-term rates, long-term Treasury
rates have fallen due to the scarcity of high-quality bonds. However,
the decline in long-term interest rates has been limited to public debt.
In the private debt markets (corporate bonds, mortgage-backed bonds,
etc.), long-term yields have remained high, reflecting the strong
economy and inflation concerns.
Among the different sectors of the bond market, Treasury securities
(particularly long-term debt) provided the highest returns during the
first six months. The municipal bond sector was the second best
performing sector, with new issuance down 22% versus the same period of
1999, as the strong economy helped decrease the need for municipalities
to issue debt. In the mortgage-backed bond sector, investors also
benefited from a decline in issuance as well as an excellent prepayment
environment, as refinancings declined but home sales remained high. In
the investment grade corporate bond sector, the active Fed, "event risk"
(mergers and other actions taken by companies to improve their stock
price), the inverted yield curve, and heavy supply (June was the
heaviest month in the history of corporate bond issuance) converged to
produce disappointing results. However, higher-rated issues fared better
than lower-rated credits. The high yield bond segment posted the weakest
returns in the bond market, due to the factors which adversely affected
the investment grade corporate bond market plus rising default rates and
lack of investor demand due to better returns in other asset classes.
Looking Ahead
Going forward, the Fed may raise interest rates once or twice more in an
effort to slow the economy's momentum. The Fed took no action at its
meeting at the end of June, but maintained a bias to raise rates. For
the equity market, we remain optimistic that solid economic fundamentals
and healthy corporate profits may produce positive returns for the
second half of 2000. In the bond market, it appears that long-term rates
most likely peaked in January. Rates may move somewhat higher from
current levels until the Fed concludes its rate increases. The
conclusion of Fed tightening, coupled with a slowing economy, could
create a catalyst for a bond market rally by the end of the 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 clients to follow to reduce exposure to risk.*
First, we encourage clients 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
clients to diversify their portfolios among stock funds, bond funds and
money market funds. Third, we encourage our shareholders to follow a
regular investment plan, investing a specific amount of money at defined
intervals. This strategy is known as "dollar cost averaging." 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.
July 31, 2000
* There are a variety of risks associated with investing in mutual
funds. For bond funds, the risks include 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.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL NOTES AND VARIABLE RATE SECURITIES--98.4%
Alabama--5.1%
$ 900M City of Birmingham Wts., Series A, VR, 4.8%
(LOC; Regions Bank) $ 900,000 $ 513
--------------------------------------------------------------------------------------------------------
District of Columbia--3.9%
130M District of Columbia Gen. Oblig. Bonds, 4.9%, 12/1/00
(Partially escrowed to maturity; FGIC Insured) 130,105 74
550M District of Columbia Rev. Bonds, VR, 4.8%
(LOC; First Union National Bank) 550,000 314
--------------------------------------------------------------------------------------------------------
680,105 388
--------------------------------------------------------------------------------------------------------
Florida--6.3%
100M Citrus County Hospital Board Rev. Bonds, 5.8%,
8/15/00 (FSA Insured) 100,218 57
750M Florida Housing Fin. Agency Rev. Bonds, VR, 4.8% 750,000 428
250M Jacksonville Elec. Auth. Rev. Bonds, 6 3/4%, 10/1/21
(Prerefunded 10/1/00) 255,064 145
--------------------------------------------------------------------------------------------------------
1,105,282 630
--------------------------------------------------------------------------------------------------------
Georgia--4.8%
250M Henry County School District Gen. Oblig. Bonds,
4 1/2%, 9/1/00 (FGIC Insured) 250,102 143
200M Muscogee County School District Gen. Oblig. Bonds,
4 1/2%, 11/1/00 (AMBAC Insured) 200,196 114
400M Whitfield County Residential Care Facs. Auth. Rev.
Bonds, VR, 4 3/4% (LOC; First Union National Bank) 400,000 228
--------------------------------------------------------------------------------------------------------
850,298 485
--------------------------------------------------------------------------------------------------------
Illinois--6.6%
1,000M Illinois Edl. Facs. Auth. Rev. Bonds, VR, 4.7%
(LOC; Northern Trust Company) 1,000,000 570
155M Illinois State Toll Highway Auth. Rev. Bonds, Series A,
4.7%, 1/1/01 (FGIC Insured) 155,227 88
--------------------------------------------------------------------------------------------------------
1,155,227 658
--------------------------------------------------------------------------------------------------------
Iowa--2.3%
400M Polk County Hospital Equip. & Impt. Rev. Bonds, VR,
4.8% (MBIA Insured, SPA; Bank of New York) 400,000 228
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Maryland--6.3%
$ 800M Baltimore County Poll. Control Rev. Bonds, CP,
4.55%, 7/10/00 (Baltimore Gas & Electric Company) $ 800,000 $ 456
300M Baltimore County Sheppard & Enoch Pratt Hospital
Rev. Bonds, VR, 4 3/4% (LOC; Bank of America) 300,000 171
--------------------------------------------------------------------------------------------------------
1,100,000 627
--------------------------------------------------------------------------------------------------------
Massachusetts--10.5%
500M Boston Gen. Oblig. Bonds, Series A, 5%, 11/1/00
(FGIC Insured) 500,944 286
500M Massachusetts State Health & Edl. Fac. Auth Rev.
Bonds, 10 1/4%, 10/1/21 (Prerefunded 1/1/01) 525,857 300
500M Massachusetts State Refunding Gen. Oblig. Bonds,
5%, 8/1/00 (FSA Insured) 500,183 285
300M Palmer Gen. Oblig. Bonds, Series B, 7.3%, 10/1/02
(Prerefunded 10/1/00, AMBAC Insured) 307,807 175
--------------------------------------------------------------------------------------------------------
1,834,791 1,046
--------------------------------------------------------------------------------------------------------
Missouri--3.1%
550M Missouri State Environmental Impt. & Energy Res.
Auth. Poll. Control Rev. Bonds, VR, 4.85%
(National Rural Utilities Cooperative Finance Corp.) 550,000 313
--------------------------------------------------------------------------------------------------------
Nebraska--5.1%
900M Norfolk Indl. Dev. Rev. Bonds, VR, 5.05%
(LOC; Wachovia Bank of Georgia) 900,000 513
--------------------------------------------------------------------------------------------------------
Nevada--3.4%
300M Clark County Sanitation Dist. Rev. Bonds, 5.9%,
7/1/00 (AMBAC Insured) 300,000 171
295M Washoe County Refunding Rev. Bonds, 7.1%, 7/1/00
(MBIA Insured) 295,000 168
--------------------------------------------------------------------------------------------------------
595,000 339
--------------------------------------------------------------------------------------------------------
New Jersey--2.8%
500M New Jersey State Transportation Corp. Capital Grant
Antic. Notes, 5%, 9/1/00 (FSA Insured) 500,000 285
--------------------------------------------------------------------------------------------------------
Ohio--4.0%
700M Warren County Health Care Facs. Rev. Bonds, VR,
4.8% (LOC; Fifth Third Bank) 700,000 399
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Pennsylvania--2.9%
$ 300M Harrisburg Auth. Wtr. Rev. Bonds, 5.9%, 8/15/00
(Escrowed to maturity, FGIC Insured) $ 300,602 $ 171
200M Lehigh County Gen. Oblig. Bonds, 6.9%, 8/1/11
(Prerefunded 8/1/00) 204,471 117
--------------------------------------------------------------------------------------------------------
505,073 288
--------------------------------------------------------------------------------------------------------
Tennessee--7.3%
400M Clarksville Pub. Bldg. Auth. Rev. Bonds, VR, 4 3/4%
(LOC; Bank of America) 400,000 228
750M Metropolitan Govt. Nashville & Davidson County Indl.
Dev. Rev. Bonds, VR, 4 3/4% (LOC; NationsBank, NA) 750,000 427
130M Sumner Cnty. Auth. Solid Waste Disp. Fac. Rev. Bonds,
47/8%, 8/1/00 (AMBAC Insured) 130,070 74
--------------------------------------------------------------------------------------------------------
1,280,070 729
--------------------------------------------------------------------------------------------------------
Texas--5.1%
100M Gulf Coast Waste Disposal Auth. Rev. Bonds, VR,
4 1/2% (Guaranteed by Amoco Corp.) 100,000 57
300M State of Texas Gen. Oblig. Bonds, Series A, 6%, 8/1/00
(Escrowed to maturity) 300,316 171
500M Trinity River Auth. Regl. Waste Wtr. Sys. Rev. Bonds,
5%, 8/1/00 (AMBAC Insured) 500,363 285
--------------------------------------------------------------------------------------------------------
900,679 513
--------------------------------------------------------------------------------------------------------
Virginia--5.3%
180M Alexandria Indl. Dev. Auth. Rev. Bonds, VR, 4 3/4%
(LOC; Bank of America) 180,000 103
150M Henrico County Indl. Dev. Auth. Hosp. Facs. Rev.
Bonds, 4.65%, 8/15/00 (FSA Insured) 150,118 86
600M Norfolk Indl. Dev. Auth. Rev. Bonds, VR, 4 3/4%
(LOC; Wachovia Bank of N.C.) 600,000 342
--------------------------------------------------------------------------------------------------------
930,118 531
--------------------------------------------------------------------------------------------------------
Washington--5.7%
500M Lake Tapps Parkway Prop. Special Rev. Bonds, VR,
4.9% (LOC; U.S. Bank of Washington, NA) 500,000 285
500M Port Kalama Pub. Corp. Rev. Bonds, VR, 4.85%
(LOC; Morgan Guaranty Trust Co.) 500,000 285
--------------------------------------------------------------------------------------------------------
1,000,000 570
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
West Virginia--1.1%
$ 200M West Virginia Hosp. Fin. Auth. Rev. Bonds, VR,
4.8% (LOC; BankOne) $ 200,000 $ 114
--------------------------------------------------------------------------------------------------------
Wisconsin--2.2%
375M Wisconsin Public Power Inc. Sys. Rev. Bonds, 7 1/2%,
7/1/10 (Prerefunded 7/1/00) 382,500 218
--------------------------------------------------------------------------------------------------------
Wyoming--4.6%
100M Lincoln County Poll. Ctl. Rev. Bonds, Exxon Project-C,
VR, 4.45% 100,000 57
700M Lincoln County Poll. Ctl. Rev. Bonds, Exxon Project-D,
VR, 4.45% 700,000 399
--------------------------------------------------------------------------------------------------------
800,000 456
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $17,269,143)+ 98.4% 17,269,143 9,843
Other Assets, Less Liabilities 1.6 275,214 157
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $17,544,357 $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 June 30, 2000.
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>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--93.1%
Alabama--3.9%
$ 355M Alabama Drinking Water Fin. Auth. Series "A"
5.45% 8/15/2010 $ 363,431 $ 386
--------------------------------------------------------------------------------------------------------
Alaska--2.3%
200M Anchorage General Obligation 6 1/2% 7/1/2004 212,000 225
--------------------------------------------------------------------------------------------------------
Arizona--5.7%
250M Maricopa County Uni. Sch. Dist. Gen. Oblig. #80
(Chandler) 6.6% 7/1/2006 272,500 290
250M Phoenix Civic Impt. Corp. Mun. Facs. Excise Tax Rev.
6 3/4% 7/1/2004 267,813 284
--------------------------------------------------------------------------------------------------------
540,313 574
--------------------------------------------------------------------------------------------------------
Colorado--2.7%
250M Colorado Dept. Trans. Rev. Antic. Nts. 5 1/2% 6/15/2009 258,125 274
--------------------------------------------------------------------------------------------------------
Florida--5.1%
Osceola County School Board Certificates of Participation:
(Four Corners Charter School):
265M Series "A" 5 1/4% 8/1/2009 268,975 286
205M Series "B" 5 1/4% 8/1/2009 208,075 221
--------------------------------------------------------------------------------------------------------
477,050 507
--------------------------------------------------------------------------------------------------------
Illinois--13.0%
250M Chicago Board of Education 6% 12/1/2007 265,625 283
250M Chicago General Obligation 6 1/4% 10/31/2001 255,312 271
250M Northwest Subn. Mun. Jt. Action Water Agy.
6.35% 5/1/2006 267,813 285
400M Regional Transportation Authority 7 3/4% 6/1/2003 432,000 459
--------------------------------------------------------------------------------------------------------
1,220,750 1,298
--------------------------------------------------------------------------------------------------------
Indiana--4.4%
400M Indiana Bd. Bk. Rev. Spec. Proj. Series "A"
5 1/2% 2/1/2009 413,500 439
--------------------------------------------------------------------------------------------------------
Kentucky--2.5%
200M Louisville & Jefferson Met. Sewer District
10% 5/15/2004 236,250 251
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Louisiana--4.3%
$ 400M Jefferson Parish Hosp. Svc. Dist #2, 5 1/4% 12/1/2005* $ 402,500 $ 428
--------------------------------------------------------------------------------------------------------
Michigan--11.6%
300M Allegan Pub. Schl. Dist. Gen. Oblig. 6 1/2% 5/1/2007 327,000 348
1,000M Brighton Area Schl. Dist. Gen. Oblig. Zero Coupon
5/1/2005 (prerefunded at $49.325)* 385,000 409
350M Greater Detroit Resources Recovery Authority Revenue
6 1/4% 12/13/2007 375,812 399
--------------------------------------------------------------------------------------------------------
1,087,812 1,156
--------------------------------------------------------------------------------------------------------
Missouri--3.3%
110M Springfield Pub. Bldg. Corp. Leasehold Rev.
(Jordan Valley Park) Proj. Series "A" 5.65% 6/1/2010 114,675 123
190M Springfield Pub. Bldg. Corp. Leasehold Rev.
(Springfield Recreational) Proj. Series "B"
5.65% 6/1/2010 198,075 211
--------------------------------------------------------------------------------------------------------
312,750 334
--------------------------------------------------------------------------------------------------------
New Jersey--3.4%
100M Gloucester Cnty. Impt. Auth. Lease Rev. Series "A"
5.4% 8/1/2010 102,750 109
200M New Jersey Economic Development Authority
Market Transition Fac. Rev. 7% 7/1/2004 216,250 230
--------------------------------------------------------------------------------------------------------
319,000 339
--------------------------------------------------------------------------------------------------------
New York--8.1%
250M New York City General Obligation 8% 8/1/2005 284,063 302
470M New York State Dorm. Auth. (Anderson Sch. Proj.)
5 1/8% 7/1/2009 474,112 504
--------------------------------------------------------------------------------------------------------
758,175 806
--------------------------------------------------------------------------------------------------------
Ohio--8.8%
255M Bethel & Tate Local Sch. Dist. Classroom Facs. Sch.
Impt. 6.65% 12/1/2014 291,338 310
325M Meigs Local Sch. Dist. 6.55% 12/1/2014 368,062 390
170M Northeastern Local Sch. Dist. 5 1/4% 12/1/2010 172,763 184
--------------------------------------------------------------------------------------------------------
832,163 884
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Oklahoma--2.7%
$ 250M Grady County Indl. Dev. Auth. 5 3/8% 11/1/2009 $ 256,250 $ 272
--------------------------------------------------------------------------------------------------------
Oregon--3.8%
250M Portland Arpt. Way Urban Renewal & Redev. Tax
Increment Series "A" 5.3% 6/15/2010 254,687 271
100M Washington Cnty. Sch. Dist. #015 (Forest Grove)
5.6% 6/1/2010 104,375 111
--------------------------------------------------------------------------------------------------------
359,062 382
--------------------------------------------------------------------------------------------------------
Pennsylvania--5.2%
270M Erie Sewer Auth. Swr. Rev. 5.45% 6/1/2010 277,425 294
200M Pennsylvania Intergovernmental Coop. Auth. Spec. Tax
Revenue 7% 6/15/2004 216,000 230
--------------------------------------------------------------------------------------------------------
493,425 524
--------------------------------------------------------------------------------------------------------
Washington--2.3%
200M Snohomish & Island Counties Schl. Dist. Gen. Oblig.
#401 (Stanwood) 7% 12/15/2005 219,250 233
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,507,004) 8,761,806 9,312
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--1.1%
100M Puerto Rico Commonwealth Floater Certificates
Series "A-1" Adjustable Rate Note 4 3/4%**
(cost $100,000) 100,000 107
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $8,607,004) 94.2% 8,861,806 9,419
Other Assets, Less Liabilities 5.8 546,913 581
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,408,719 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown on these securities is the rate
in effect at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.4%
Alabama--1.2%
Alabama Water Pollution Control Authority:
$ 5,205M 5 3/4% 8/15/2012 $ 5,374,163 $ 58
5,835M 6% 8/15/2014 6,061,106 65
--------------------------------------------------------------------------------------------------------
11,435,269 123
--------------------------------------------------------------------------------------------------------
Alaska--.7%
8,000M North Slope Boro, Alaska General Obligation Zero
Coupon 6/30/2005 6,210,000 67
--------------------------------------------------------------------------------------------------------
Arizona--1.1%
8,550M Arizona State Municipal Financing Program
Ctfs. of Partn. 7.7% 8/1/2010 10,121,062 109
--------------------------------------------------------------------------------------------------------
California--1.6%
2,665M California Public Capital Improv. Fin. Auth.
8.1% 3/1/2018 2,691,650 29
4,220M Long Beach Finance Authority 6% 11/1/2017 4,531,225 49
San Francisco City & County Redevelopment Agency:
5,000M 6 3/4% 7/1/2004* 5,518,750 59
1,850M 6 3/4% 7/1/2025 1,995,688 21
--------------------------------------------------------------------------------------------------------
14,737,313 158
--------------------------------------------------------------------------------------------------------
Colorado--1.7%
5,000M Denver City & Cnty. Airport Rev. 6% 11/15/2013 5,387,500 58
E-470 Pub. Hwy. Auth. Rev. Cap. Apprec. Series "B":
8,000M Zero Coupon 9/1/2019 2,560,000 27
15,165M Zero Coupon 9/1/2020 4,568,456 49
10,000M Zero Coupon 9/1/2024 2,337,500 25
5,000M Zero Coupon 9/1/2025 1,093,750 12
--------------------------------------------------------------------------------------------------------
15,947,206 171
--------------------------------------------------------------------------------------------------------
Connecticut--2.7%
Connecticut State Special Tax Oblig. Rev.
Transportation Infrastructure:
13,500M 6 1/2% 10/1/2011 15,153,750 163
9,000M 6 1/8% 9/1/2012 9,742,500 104
--------------------------------------------------------------------------------------------------------
24,896,250 267
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Delaware--.8%
$ 7,000M Delaware State Economic Dev. Auth. Rev.
(Delmarva Pwr.) 7.15% 7/1/2018 $ 7,291,480 $ 78
--------------------------------------------------------------------------------------------------------
District of Columbia--3.6%
Washington, D.C. General Obligation:
5,495M Series "A" 6 1/2% 6/1/2009 5,996,419 65
12,765M Series "E" 6% 6/1/2012 13,084,125 140
5,000M Series "B" 6% 6/1/2021 5,118,750 55
10,000M Series "B" 5 1/4% 6/1/2026 9,050,000 97
--------------------------------------------------------------------------------------------------------
33,249,294 357
--------------------------------------------------------------------------------------------------------
Florida--2.6%
Escambia County Utilities Authority:
5,485M 6 1/4% 1/1/2012 6,012,931 65
5,360M 6 1/4% 1/1/2013 5,875,900 63
10,000M Lakeland Electric & Water Revenue 6.05% 10/1/2012 10,825,000 116
1,395M West Coast Regional Water Supply 10.4% 10/1/2010* 1,898,944 20
--------------------------------------------------------------------------------------------------------
24,612,775 264
--------------------------------------------------------------------------------------------------------
Georgia--9.8%
18,305M Atlanta Arpt. Rev. Series "A" 5 1/2% 1/1/2026 17,824,497 191
6,160M Fulton County Water & Sewer Revenue
6 3/8% 1/1/2014 6,760,600 72
5,000M Georgia Municipal Electric Authority Power Revenue
6 1/4% 1/1/2012 5,456,250 59
Metropolitan Atlanta Rapid Transit Authority:
7,500M 6 3/4% 7/1/2004* 8,156,250 88
20,450M 6 1/4% 7/1/2011 22,546,125 242
28,605M 6% 7/1/2013 30,643,106 329
--------------------------------------------------------------------------------------------------------
91,386,828 981
--------------------------------------------------------------------------------------------------------
Hawaii--2.0%
Hawaii State General Obligation:
5,500M 6% 10/1/2009 5,823,125 63
6,000M 6% 10/1/2010 6,360,000 68
6,000M Honolulu General Obligation 5 3/4% 4/1/2012 6,253,650 67
--------------------------------------------------------------------------------------------------------
18,436,775 198
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Illinois--16.2%
Chicago Board of Education Lease Certificates:
$ 5,000M 6% 1/1/2016 $ 5,281,250 $ 57
36,200M 6% 1/1/2020 37,557,500 403
Chicago General Obligation:
7,000M 6% 7/1/2005* 7,481,250 80
16,660M 6 1/8% 7/1/2005* 17,888,675 192
Chicago O'Hare International Airport Revenue:
14,570M 6 3/8% 1/1/2012 15,517,050 167
10,000M 6 3/8% 1/1/2015 10,450,000 112
16,750M Illinois Development Finance Auth. Poll. Control
Rev. 6 3/4% 3/1/2015 17,901,562 192
Illinois Development Finance Auth. Revenue
(Rockford School 205):
3,400M 6.55% 2/1/2009 3,744,250 40
5,000M 6.6% 2/1/2010 5,543,750 60
3,000M 6.65% 2/1/2011 3,345,000 36
5,000M Illinois State 5 5/8% 4/1/2015 5,062,500 54
Illinois State First Series:
3,000M 6 1/8% 1/1/2015 3,146,250 34
5,250M 6 1/8% 1/1/2016 5,486,250 59
4,000M Regional Transportation Authority 7 3/4% 6/1/2019 4,970,000 53
Will County School District General Obligation:
3,600M 7% 12/1/2007 4,032,000 43
2,080M 7.05% 12/1/2008 2,355,600 25
1,175M 7.1% 12/1/2009 1,345,375 14
--------------------------------------------------------------------------------------------------------
151,108,262 1,621
--------------------------------------------------------------------------------------------------------
Indiana--.7%
4,070M Delaware County Hosp. Auth. (Ball Memorial Hosp.)
6 5/8% 8/1/2001* 4,239,800 45
2,005M Indiana Housing Fin. Auth. Single-Family Mtge. Rev.
7.6% 1/1/2016 2,046,905 22
--------------------------------------------------------------------------------------------------------
6,286,705 67
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Louisiana--4.6%
Louisiana State General Obligation:
$14,555M 6% 5/1/2004* $ 15,391,912 $ 165
14,000M 6% 5/1/2004* 14,805,000 159
8,050M 6.1% 5/1/2004* 8,543,063 92
15,000M New Orleans Regional Transit Auth. Sales Tax Rev.
Zero Coupon 12/1/2021 4,218,750 45
--------------------------------------------------------------------------------------------------------
42,958,725 461
--------------------------------------------------------------------------------------------------------
Maryland--.6%
Baltimore Public Improvement Series "A":
1,700M 5 1/2% 10/15/2018 1,680,875 18
2,065M 5 1/2% 10/15/2019 2,028,862 22
2,100M 5 1/2% 10/15/2020 2,055,375 22
--------------------------------------------------------------------------------------------------------
5,765,112 62
--------------------------------------------------------------------------------------------------------
Massachusetts--8.3%
10,025M Boston, Mass. Water & Sewer 5 3/4% 11/1/2013 10,501,188 113
Mass. Bay Transportation Authority Gen. Sys. Rev.:
9,080M 5.8% 3/1/2012 9,556,700 103
10,775M 5.8% 3/1/2013 11,300,281 121
10,000M 5 7/8% 3/1/2015 10,512,500 113
6,240M Mass. Housing Finance Agency 6% 12/1/2012 6,380,400 68
20,550M Mass. State General Obligation 6% 8/1/2009 22,014,187 236
6,000M Mass. State Water Res. Auth. 6 1/2% 7/15/2019 6,675,000 72
--------------------------------------------------------------------------------------------------------
76,940,256 826
--------------------------------------------------------------------------------------------------------
Michigan--2.5%
10,000M Michigan State General Obligation 6 1/4% 11/1/2012 10,950,000 118
Michigan State Housing Development Authority
Single-Family Mortgage Revenue:
2,595M 7 1/2% 6/1/2015 2,648,587 28
2,005M 7.3% 12/1/2016 2,047,606 22
4,500M Monroe County Econ. Dev. Corp. (Detroit Edison Co.)
6.95% 9/1/2022 5,191,875 56
3,000M Rochester Cmnty. Sch. Dist. Series "I" 5 5/8% 5/1/2017 3,022,500 32
--------------------------------------------------------------------------------------------------------
23,860,568 256
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Minnesota--1.3%
$ 1,275M Eden Prairie Multi-Family Housing 8% 7/1/2026 $ 1,305,281 $ 14
10,000M St. Cloud Healthcare Rev. (St. Cloud Hosp. Oblig.
Group-A) 5 3/4% 5/1/2026 9,825,000 106
1,240M St. Paul Hsg. & Red. Auth. (Como-Lake Proj.)
7 1/2% 3/1/2026 (Defaulted)(Note 1A) 1,252,400 13
--------------------------------------------------------------------------------------------------------
12,382,681 133
--------------------------------------------------------------------------------------------------------
Missouri--3.1%
Missouri State Health & Educational
Facilities Authority:
BJC Health System Series "A":
6,840M 6 3/4% 5/15/2010 7,737,750 83
10,175M 6 3/4% 5/15/2011 11,523,187 124
10,000M Lester E. Cox Medical Center
Zero Coupon 9/1/2016 3,962,500 42
5,245M SSM Health Care 6 1/4% 6/1/2007 5,454,800 59
--------------------------------------------------------------------------------------------------------
28,678,237 308
--------------------------------------------------------------------------------------------------------
Nevada--.6%
Las Vegas New Convention & Visitors
Authority Revenue:
3,500M 5 3/4% 7/1/2015 3,565,625 38
2,500M 5 3/4% 7/1/2017 2,500,000 27
--------------------------------------------------------------------------------------------------------
6,065,625 65
--------------------------------------------------------------------------------------------------------
New Jersey--1.7%
5,000M New Jersey State Transportation Auth. Series "A"
5 3/4% 6/15/2018 5,150,000 55
10,000M New Jersey State Tran. Corp. Ctfs. Fed. Tran. Admin.
Grants Series "A" 5 3/4% 9/15/2011 10,437,500 112
--------------------------------------------------------------------------------------------------------
15,587,500 167
--------------------------------------------------------------------------------------------------------
New Mexico--.3%
1,000M Farmington Power Rev. Gen. Dev. 9 7/8% 7/1/2005* 1,198,750 13
2,005M New Mexico Mortgage Finance Authority
Single-Family Mortgage 8% 1/1/2017 2,010,574 21
--------------------------------------------------------------------------------------------------------
3,209,324 34
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
New York--7.8%
$ 5,000M New York City General Obligation 5 3/4% 5/15/2024 $ 4,981,250 $ 53
22,250M New York City Municipal Water Finance Auth. Rev.
6% 6/15/2021 23,279,062 250
New York State Dorm. Auth Rev.
New York University:
5,000M 5 7/8% 5/15/2017 5,243,750 56
6,000M 5 5/8% 7/1/2019 5,977,500 64
10,000M Series "A" 5 3/4% 7/1/2027 10,112,500 109
5,000M New York State General Obligation 6% 6/15/2011 5,231,250 56
6,385M New York State Housing Finance Agency Rev.
5 7/8% 11/1/2010 6,560,588 70
5,840M Suffolk County, N.Y. Indl. Dev. Agcy. Southwest
Sewer Sys. 6% 2/1/2008 6,212,300 67
5,000M Suffolk County, N.Y. Judicial Facs. Agy. (John P.
Cohalan Complex) 5 3/4% 10/15/2013 5,187,500 56
--------------------------------------------------------------------------------------------------------
72,785,700 781
--------------------------------------------------------------------------------------------------------
North Carolina--2.0%
North Carolina Municipal Power Agency (Catawba):
8,950M 6% 1/1/2010 9,408,687 101
8,945M 6% 1/1/2011 9,403,431 101
--------------------------------------------------------------------------------------------------------
18,812,118 202
--------------------------------------------------------------------------------------------------------
North Dakota--1.3%
10,500M Mercer County Poll. Ctrl. Rev. (Basin Electric
Power Coop.) 7.2% 6/30/2013 12,114,375 130
--------------------------------------------------------------------------------------------------------
Ohio--.7%
6,000M Jefferson Cnty. Jail Constr. 5 3/4% 12/1/2019 6,180,000 66
--------------------------------------------------------------------------------------------------------
Oklahoma--1.8%
9,000M Grand River Dam Authority Revenue 5 3/4% 6/1/2008 9,427,500 101
5,540M Oklahoma State Ind. Dev. Auth. (Intregris Health
System) 6% 8/15/2017 5,595,400 60
1,420M Tulsa County Home Fin. Auth. Single-Family Mtge.
7.35% 11/1/2010 1,459,874 16
--------------------------------------------------------------------------------------------------------
16,482,774 177
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Oregon--1.2%
$11,450M Salem-Keizer School District General Obligation
5 3/8% 6/1/2014 $ 11,464,313 $ 123
--------------------------------------------------------------------------------------------------------
Pennsylvania--2.0%
5,000M Pennsylvania State General Obligation
6 3/4% 11/15/2013 5,406,250 58
12,050M Pittsburgh Water & Sewer Authority 6 1/2% 9/1/2013 13,420,687 144
--------------------------------------------------------------------------------------------------------
18,826,937 202
--------------------------------------------------------------------------------------------------------
Puerto Rico--.5%
4,550M Puerto Rico Commonwealth Highway & Transportation
Auth. Rev. 5 3/4% 7/1/2018 4,652,375 50
--------------------------------------------------------------------------------------------------------
South Dakota--.5%
3,855M South Dakota Health & Edl. Facs. Auth. (McKennan
Hosp.) 7 5/8% 7/1/2006* 4,486,256 48
--------------------------------------------------------------------------------------------------------
Texas--12.0%
Austin, Texas Utilities System Revenue:
3,000M 8 5/8% 5/15/2002* 3,206,250 34
16,000M 6% 11/15/2013 17,080,000 183
30,465M Zero Coupon 5/15/2018 10,700,831 115
29,410M Zero Coupon 5/15/2019 9,631,775 103
5,000M Bexar County, Texas Health Facs. (Baptist Memorial)
6 3/4% 8/15/2004* 5,450,000 59
Harris County Toll Road Senior Lien:
8,375M Series "A" 6 1/2% 8/15/2002* 8,835,625 95
11,065M Series "A" 6 1/2% 8/15/2012 12,351,306 133
7,305M Series "A" 6 1/2% 8/15/2013 8,145,075 87
Houston Water Conveyance System Ctfs. of Partn.:
2,250M 6 1/4% 12/15/2012 2,446,875 26
4,705M 6 1/4% 12/15/2013 5,134,331 55
4,950M 6 1/4% 12/15/2014 5,407,875 58
6,035M 6 1/4% 12/15/2015 6,555,519 70
5,500M Houston Water & Sewer Sys. Rev. Series "A"
6.2% 12/1/2005* 5,864,375 63
5,300M Rio Grande Valley Hlth. Fac. Dev. Corp.
(Valley Baptist Med. Ctr.) 6.4% 8/1/2012 5,525,250 59
5,000M Texas Public Fin. Auth. 6.2% 2/1/2005 5,268,750 57
--------------------------------------------------------------------------------------------------------
111,603,837 1,197
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utah--.9%
$ 2,000M Provo, Utah Electric System Revenue
10 3/8% 9/15/2015 $ 2,755,000 $ 30
Salt Lake County Water Conservancy
District Revenue:
3,800M Zero Coupon 10/1/2011 2,071,000 22
3,800M Zero Coupon 10/1/2012 1,942,750 21
3,760M Zero Coupon 10/1/2013 1,809,500 19
--------------------------------------------------------------------------------------------------------
8,578,250 92
--------------------------------------------------------------------------------------------------------
Washington--.5%
15,665M Washington State Zero Coupon 1/1/2021 4,640,756 50
--------------------------------------------------------------------------------------------------------
Wisconsin--1.5%
12,000M Superior, Wisconsin Limited Obligation Rev.
(Midwest Energy) 6.9% 8/1/2021 13,800,000 148
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $882,629,115) 935,594,938 10,039
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.1%
900M Masschusetts State Indl. Fin. Agy. Revenue (Showa
Women's Inst.) Adjustable Rate Note 4 3/4%** 900,000 10
100M Puerto Rico Commonwealth Floater Certificates
Series "A-1" Adjustable Rate Note 4 3/4%** 100,000 1
--------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $1,000,000) 1,000,000 11
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $883,629,115) 100.5% 936,594,938 10,050
Excess of Liabilities Over Other Assets (.5) (4,633,850) (50)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $931,961,088 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown on these securities is the rate
in effect at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.8%
Education--21.2%
New York State Dormitory Authority Revenues:
City University:
$2,000M 5 3/4% 7/1/2012 $ 2,090,000 $ 128
5,955M 5 3/4% 7/1/2013 6,245,306 382
3,000M 6% 7/1/2020 3,146,250 193
2,350M Colgate University 6% 7/1/2021 2,458,688 150
New York University:
1,610M 6% 7/1/2018 1,704,587 104
6,000M 5 3/4% 7/1/2027 6,067,500 371
1,000M Pace University 6 1/2% 7/1/2012 1,120,000 69
Special Act School Districts Program:
1,375M 6% 7/1/2012 1,466,094 90
1,460M 6% 7/1/2013 1,547,600 95
State University Educational Facilities:
1,000M 5 7/8% 5/15/2011 1,066,250 65
3,500M 5 1/2% 5/15/2013 3,587,500 220
2,000M 5 1/4% 5/15/2015 1,982,500 121
2,210M 5 1/4% 5/15/2018 2,116,075 130
--------------------------------------------------------------------------------------------------------
34,598,350 2,118
--------------------------------------------------------------------------------------------------------
General Obligation--23.1%
Buffalo:
1,040M 6% 12/1/2013 1,107,600 68
1,065M 6% 12/1/2014 1,123,575 69
1,250M Monroe County 6% 3/1/2015 1,335,938 82
Nassau County:
3,845M 6 1/2% 11/1/2004* 4,215,081 258
4,355M 5.7% 8/1/2012 4,480,206 274
New York City:
3,355M 6.95% 8/15/2004* 3,665,337 224
3,000M 6.2% 8/1/2008 3,228,750 198
1,000M 7 1/4% 3/15/2018 1,018,860 62
4,570M 5 3/4% 5/15/2024 4,552,863 279
Niagara Falls Public Improvement:
1,340M 7 1/2% 3/1/2012 1,614,700 99
1,680M 7 1/2% 3/1/2015 2,049,600 125
1,600M 7 1/2% 3/1/2018 1,958,000 120
1,750M North Hempstead 6.4% 4/1/2012 1,942,500 119
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
General Obligation (continued)
$1,100M Puerto Rico Commonwealth 6 1/4% 7/1/2013 $ 1,218,250 $ 75
4,000M Puerto Rico Municipal Finance Agency 6% 8/1/2015 4,235,000 259
--------------------------------------------------------------------------------------------------------
37,746,260 2,311
--------------------------------------------------------------------------------------------------------
Health Care--10.1%
5,500M New York State Dorm. Auth. Rev. Mem. Sloan
Kettering Cancer Ctr. 5 3/4% 7/1/2020 5,568,750 341
New York State Medical Care Facilities Agency:
2,000M Beth Israel Hospital 7 1/2% 11/1/2000* 2,059,580 126
1,850M Long Term Health Care 7 3/8% 11/1/2011 1,884,632 115
Mental Health Services Facilities:
4,915M 6 1/2% 8/15/2004* 5,332,775 327
855M 7 3/8% 2/15/2014 869,962 53
830M 7.7% 2/15/2018 831,660 51
--------------------------------------------------------------------------------------------------------
16,547,359 1,013
--------------------------------------------------------------------------------------------------------
Housing--2.3%
3,655M New York State Housing Finance Agency
6.05% 5/1/2011 3,796,631 233
--------------------------------------------------------------------------------------------------------
Transportation--20.4%
Metropolitan Transit Authority of New York:
Commuter Facilities Series:
5,000M 6 1/8% 7/1/2004* 5,325,000 326
3,380M 5 1/4% 7/1/2011 3,405,350 208
2,565M 5 1/4% 7/1/2012 2,568,206 157
1,000M Dedicated Tax Fund Series "A" 5 1/2% 4/1/2015 1,017,500 62
3,200M Transit Facilities Series 5 1/2% 7/1/2017 3,224,000 197
1,500M New York State Thruway Auth. Hwy. & Brdg.
6% 4/1/2015 1,576,875 97
Puerto Rico Commonwealth Highway &
Transportation Authority:
3,060M 6 1/4% 7/1/2014 3,377,475 207
5,000M 6% 7/1/2018 5,368,750 329
6,900M Triborough Bridge & Tunnel Authority Series "Y"
6% 1/1/2012 7,408,875 454
--------------------------------------------------------------------------------------------------------
33,272,031 2,037
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities--10.3%
New York City Municipal Water Finance Authority:
$4,975M 5 7/8% 6/15/2001* $ 5,298,375 $ 324
2,000M 5 7/8% 6/15/2013 2,120,000 130
2,750M 6% 6/15/2021 2,877,188 176
6,165M Suffolk County Water Authority 6% 6/1/2017 6,550,313 401
--------------------------------------------------------------------------------------------------------
16,845,876 1,031
--------------------------------------------------------------------------------------------------------
Other Revenue--11.4%
1,000M New York State Dorm. Auth. Rev. (Suffolk County
Jud. Facs.) 7 3/8% 7/1/2016 1,171,250 72
3,190M New York State Urban Development Corporation
Revenue (State Facilities) 5.6% 4/1/2015 3,277,725 201
Puerto Rico Public Buildings Authority:
1,250M 6 1/4% 7/1/2013 1,378,125 84
2,035M 6 1/4% 7/1/2015 2,241,044 137
7,000M 5 1/2% 7/1/2021 7,026,250 430
Suffolk County Judicial Facs. Agency (John P.
Cohalan Complex):
1,000M 5 1/4% 10/15/2015 978,750 60
2,720M 5% 4/15/2016 2,556,800 157
--------------------------------------------------------------------------------------------------------
18,629,944 1,141
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $154,960,184) 161,436,451 9,884
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM TAX EXEMPT
INVESTMENTS--2.5%
$3,500M Long Island Pwr. Auth. (NY Electric System
Revenue) Adjustable Rate Note 4.45%** $ 3,500,000 $ 214
600M New York State Energy Research & Dev. Auth
Pollution Control Rev. (Niagara Mohawk Pwr.)
Adjustable Rate Note 4 3/4%** 600,000 37
--------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $4,100,000) 4,100,000 4,251
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $159,060,184) 101.3% 165,536,451 10,135
Excess of Liabilities Over Other Assets (1.3) (2,203,804) (135)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $163,332,647 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown on these securities is the rate
in effect at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.2%
Certificates of Participation--4.7%
Arizona State:
$ 100M 6.1% 5/1/2007 $ 104,250 $ 80
375M 6 1/4% 9/1/2010 393,281 302
100M Arizona State Municipal Financing Program
7.7% 8/1/2010 118,375 91
--------------------------------------------------------------------------------------------------------
615,906 473
--------------------------------------------------------------------------------------------------------
Education--3.9%
500M Arizona State Univ. Revs. Sys. 5.65% 7/1/2014 511,250 393
--------------------------------------------------------------------------------------------------------
General Obligation--32.3%
Maricopa County School District:
235M #3 (Tempe) 7.3% 7/1/2009 273,188 210
400M #11 (Peoria) 6.1% 7/1/2010 418,500 322
100M #14 (Creighton) 7 7/8% 7/1/2006 115,250 89
1,000M #41 (Gilbert) Zero Coupon 1/1/2008 682,500 526
300M #68 (Alhambra) 6 3/4% 7/1/2014 324,750 250
525M #80 (Chandler) 6 1/4% 7/1/2011 572,906 441
275M #80 (Chandler) 6 1/4% 7/1/2011 301,469 232
200M #213 (Tempe) 7% 7/1/2008 226,250 174
500M Pima County 5% 7/1/2014 483,125 372
100M Pima County Unified School District #13
(Tanque Verde) 6.7% 7/1/2010 108,625 84
200M Santa Cruz County School District #35, 6% 7/1/2008 209,250 161
Yavapai County:
230M Elementary School District #6
(Cottonwood-Oak Creek) 6.7% 7/1/2009 245,813 189
215M Elementary School District #28
(Camp Verde) 6% 7/1/2008 226,556 175
--------------------------------------------------------------------------------------------------------
4,188,182 3,225
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Health Care--13.7%
$ 650M Maricopa County Ind. Dev. Auth.
(Samaritan Health Svcs.) 7% 12/1/2016 $ 753,187 $ 580
600M Mesa Ind. Dev. Auth. (Discovery Health System)
5 7/8% 1/1/2016 614,250 473
100M Mohave County Hosp. Dist. #1 (Kingman Reg.
Med. Ctr.) 6.45% 6/1/2008 103,750 80
300M Pima County Ind. Dev. Auth. (Tucson Med. Ctr.)
6 3/8% 4/1/2012 312,375 240
--------------------------------------------------------------------------------------------------------
1,783,562 1,373
--------------------------------------------------------------------------------------------------------
Housing--1.8%
80M Phoenix Hsg. Fin. Corp. Mtg. Rev. 6.65% 7/1/2006 80,200 62
150M Phoenix Ind. Dev. Auth. (Ventana Palms Apts.)
6.1% 10/1/2019 152,250 117
--------------------------------------------------------------------------------------------------------
232,450 179
--------------------------------------------------------------------------------------------------------
Transportation--12.3%
385M Phoenix Airport Revenue 6 1/4% 7/1/2012 407,619 314
Puerto Rico Commonwealth Hwy. & Trans. Authority:
250M 5 3/4% 7/1/2018 255,625 197
500M 6% 7/1/2018 536,875 413
400M Tucson Street & Hwy. User Rev. 5 3/8% 7/1/2014 401,000 309
--------------------------------------------------------------------------------------------------------
1,601,119 1,233
--------------------------------------------------------------------------------------------------------
Utilities--15.7%
200M Central Arizona Water Conservation District
Zero Coupon 5/1/2005 157,500 121
200M Chandler Water & Sewer Revenue 7 1/4% 7/1/2013 236,750 182
225M Gilbert Water & Sewer Revenue 6 1/2% 7/1/2012 238,219 184
350M Mesa Utility Systems Revenue 6 1/8% 7/1/2007* 378,437 292
100M Peoria Water & Sewer Revenue 6.6% 7/1/2000* 101,000 78
260M Phoenix Civic Impt. Corp. Wastewater Sys. Rev.
6 1/4% 7/1/2017 274,300 211
355M Puerto Rico Aqueduct & Sewer Authority 5% 7/1/2019 333,700 257
250M Tucson Water Revenue 8% 7/1/2013 311,875 240
--------------------------------------------------------------------------------------------------------
2,031,781 1,565
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Other Revenue--11.8%
$ 305M Casa Grande Excise Tax Rev. 6.1% 4/1/2009 $ 319,106 $ 246
250M Greater Arizona Dev. Auth. Series "A" 6% 8/1/2015 260,625 201
125M Phoenix Civic Impt. Mun. Facs. Excise Tax Rev.
6.6% 7/1/2004* 135,625 104
400M Sierra Vista Mun. Ppty. Corp. Mun. Facs. Rev.
6% 1/1/2011 416,500 321
400M Surprise Mun. Ppty. Corp. Excise Tax Rev.
5 3/8% 7/1/2014 399,000 307
--------------------------------------------------------------------------------------------------------
1,530,856 1,179
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $11,902,104) 12,495,106 9,620
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--1.5%
200M Puerto Rico Commonwealth Floater Certificates
Series "A-1" Adjustable Rate Note 4 3/4%**
(cost $200,000) 200,000 154
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $12,102,104) 97.7% 12,695,106 9,774
Other Assets, Less Liabilities 2.3 294,154 226
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $12,989,260 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown on these securities is the rate
in effect at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.2%
Certificates of Participation--6.8%
$ 500M Castaic Lake Water Agency Water System Impt. Proj.
7% 8/1/2012 $ 591,250 $ 402
375M San Diego County Inmate Reception Center
6 3/4% 8/1/2004* 414,844 282
--------------------------------------------------------------------------------------------------------
1,006,094 684
--------------------------------------------------------------------------------------------------------
General Obligation--24.1%
500M Fontana School District 5 3/4% 5/1/2022 505,000 343
650M Jefferson High Sch. Dist. (San Mateo Cnty.)
6 1/4% 2/1/2016 719,062 489
1,000M Placer High Sch. Dist. Cap. Apprec. Zero Coupon
8/1/2024 241,250 164
600M Pomona School District 6.55% 8/1/2029 676,500 460
Walnut Valley School District:
750M 6% 8/1/2012 814,687 554
500M 7.2% 2/1/2016 586,250 399
--------------------------------------------------------------------------------------------------------
3,542,749 2,409
--------------------------------------------------------------------------------------------------------
Utilities--1.9%
250M Fresno Sewer Revenue 6 1/4% 9/1/2014 278,438 189
--------------------------------------------------------------------------------------------------------
Transportation--4.9%
700M Puerto Rico Commonwealth Hwy. & Trans. Auth. Rev.
5 3/4% 7/1/2018 715,750 487
--------------------------------------------------------------------------------------------------------
Other Revenue--60.5%
500M Barstow Redevelopment Agency 7% 9/1/2014 591,250 402
100M California Public Capital Impt. Fin. Auth. Rev.
8.1% 3/1/2018 101,000 69
1,000M California State Public Works Board 6 1/2% 12/1/2008 1,125,000 765
1,000M Long Beach Financing Authority Revenue
6% 11/1/2017 1,073,750 730
300M Sacramento Redev. Agency Merged Downtown Redev.
Proj. 6 3/4% 11/1/2005 308,499 210
640M San Francisco City & Cnty. Pkg. Auth. Rev.
7% 6/1/2005* 723,200 492
500M San Francisco City & Cnty. Redev. Agy. (Moscone Ctr.)
6 3/4% 7/1/2015 545,625 371
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Other Revenue (continued)
$ 500M San Jose Redevelopment Agency 6% 8/1/2015 $ 541,875 $ 369
700M San Mateo Joint Powers Authority Lease Revenue
6 1/2% 7/1/2015 794,500 540
500M San Rafael Redevelopment Agency 6.45% 12/1/2017 526,250 358
500M Santa Ana Financing Authority Lease Rev.
6 1/4% 7/1/2015 555,000 377
500M Santa Margarita/Dana Point Impt. Dist. 7 1/4% 8/1/2010 593,750 404
750M South Gate Public Financing Authority 6% 10/1/2012 824,062 560
500M South Orange County Public Finance Authority
7% 9/1/2011 590,000 401
--------------------------------------------------------------------------------------------------------
8,893,761 6,048
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $13,372,445) 14,436,792 9,817
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--3.4%
500M Puerto Rico Commonwealth Floater Certificates
Series "A-1" Adjustable Rate Note 4 3/4%**
(cost $500,000) 500,000 340
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $13,872,445) 101.6% 14,936,792 10,157
Excess of Liabilities Over Other Assets (1.6) (230,693) (157)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,706,099 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown on these securities is the rate
in effect at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.2%
Education--6.9%
$ 225M Colorado Postsecondary Educ. Facs. Auth. Rev.
(Auraria Foundation Proj.) 6% 9/1/2015 $ 230,063 $ 473
100M University of Northern Colorado Revenue 6% 6/1/2004* 105,250 217
--------------------------------------------------------------------------------------------------------
335,313 690
--------------------------------------------------------------------------------------------------------
General Obligation--39.5%
150M Bayfield School District #10, 6 1/2% 6/1/2005* 161,062 331
200M Clear Creek School District #RE 1, 6 1/4% 12/1/2016 213,250 439
250M Douglas County School District #RE 1, 8% 12/15/2009 305,000 628
150M Eagle Garfield & Routt Cntys. School District #RE 50J,
6.3% 12/1/2004* 161,438 332
El Paso County School District:
150M #020, 6.2% 12/15/2007 162,000 333
200M #49, (Falcon) 5 1/2% 12/1/2013 205,250 422
150M Garfield County School District #RE 2,
6.15% 12/1/2003* 157,875 325
150M Garfield Pitkin & Eagle Cntys. School District #RE 1,
6.6% 6/15/2004* 161,062 332
100M Jefferson County School District #R001, 5% 12/15/2017 93,750 193
175M Puerto Rico Commonwealth 6 1/4% 7/1/2012 194,031 399
100M Yuma Hospital District 6.4% 11/1/2004* 107,000 220
--------------------------------------------------------------------------------------------------------
1,921,718 3,954
--------------------------------------------------------------------------------------------------------
Health Care--11.5%
Colorado Health Facilities Authority:
200M Poudre Valley Health Care 5 5/8% 12/1/2019 194,750 401
100M Sisters of Charity 6 1/4% 5/15/2012 108,125 222
250M Colorado Springs Hospital Revenue 6% 12/15/2015 256,875 529
--------------------------------------------------------------------------------------------------------
559,750 1,152
--------------------------------------------------------------------------------------------------------
Transportation--11.9%
100M Arapahoe County Capital Impt. Highway Rev. (E470)
6.05% 8/31/2015 103,625 213
200M Colorado Dept. Trans. Rev. Antic. Notes 6% 6/15/2015 208,250 429
Puerto Rico Commonwealth Hwy. & Transn. Auth. Rev:
100M 6 1/4% 7/1/2014 110,375 227
150M 5 3/4% 7/1/2018 153,375 316
--------------------------------------------------------------------------------------------------------
575,625 1,185
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities--21.8%
$ 200M Broomfield Water Activity Enterprise Water Rev.
5 1/2% 12/1/2019 $ 196,500 $ 404
200M Colorado Wtr. Res. & Pwr. Dev. Auth. 5 3/4% 11/1/2017 203,500 419
200M Pueblo Brd. Waterworks Rev. 6% 11/1/2014 210,000 432
200M Puerto Rico Aqueduct & Sewer Authority 5% 7/1/2019 188,000 387
150M Westminster Water & Wastewater Util. Enterprise Rev.
6% 12/1/2009 155,813 320
100M Woodland Park Wastewater Util. Rev. 6.05% 12/1/2013 103,750 214
--------------------------------------------------------------------------------------------------------
1,057,563 2,176
--------------------------------------------------------------------------------------------------------
Other Revenue--6.6%
100M Pueblo Urban Renewal Authority Tax Increment Rev.
6.05% 12/1/2012 104,000 214
100M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2004* 106,875 220
100M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 110,375 227
--------------------------------------------------------------------------------------------------------
321,250 661
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $4,588,409) 4,771,219 9,818
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--4.1%
200M Puerto Rico Commonwealth Floater Certificates
Govt. Dev. Bank Adjustable Rate Note 4.6%**
(cost $200,000) 200,000 412
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $4,788,409) 102.3% 4,971,219 10,230
Excess of Liabilities Over Other Assets (2.3) (111,951) (230)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $4,859,268 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly
by the issuer. The interest rate shown on these securities is the rate
in effect at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.5%
Education--20.4%
Connecticut State Health & Educational Facilities
Authority Revenue:
$ 725M Choate Rosemary Hall 6.8% 7/1/2004* $ 785,719 $ 351
Fairfield University:
1,000M 5 5/8% 7/1/2016 1,018,750 455
300M 5 1/4% 7/1/2018 288,375 129
500M Loomis Chafee School Project-Series "B"
6% 7/1/2015 515,625 230
1,000M Trinity College 6 1/8% 7/1/2004* 1,067,500 476
University of Connecticut:
500M 5 1/4% 4/1/2014 492,500 220
400M 5.4% 3/1/2016 401,000 179
--------------------------------------------------------------------------------------------------------
4,569,469 2,040
--------------------------------------------------------------------------------------------------------
General Obligation--37.6%
100M Bethel 6 1/2% 2/15/2011 112,125 50
750M Bridgeport 6 1/8% 7/15/2015 792,188 353
Connecticut State:
500M Series "A" 6 1/2% 3/15/2002* 524,375 234
700M Series "E" 6% 3/15/2012 755,125 337
500M 5 3/4% 11/1/2013 522,500 233
130M Coventry 6.7% 12/15/2009 147,387 66
Griswold:
250M 5 3/4% 4/15/2010 257,813 115
100M 6 1/4% 6/15/2010 110,125 49
100M Groton City 6 3/4% 6/1/2007 111,250 50
800M New Britain 6% 3/1/2012 868,000 388
New Haven:
250M 6% 11/1/2017 261,250 117
735M 6% 11/1/2018 764,400 341
130M Newtown 6.7% 8/15/2010 147,225 66
250M Plainfield 6 3/8% 8/1/2011 261,562 117
1,000M Puerto Rico 6 1/4% 7/1/2012 1,108,750 495
650M Puerto Rico Mun. Fin. Agy. 5 1/2% 8/1/2017 652,438 291
290M Regional School District #5, 6.3% 3/1/2002* 303,050 135
330M Southington 6.55% 4/1/2012 344,437 154
90M Stafford 6.55% 11/15/2008 100,350 45
250M Westbrook 6.4% 3/15/2010 277,500 124
--------------------------------------------------------------------------------------------------------
8,421,850 3,760
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Health Care--11.8%
Connecticut State Health & Educational Facilities
Authority Revenue:
$ 450M Bridgeport Hospital 6 1/2% 7/1/2012 $ 472,500 $ 211
400M Child Care Facilities Program 5 1/2% 7/1/2019 385,000 172
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 526,250 235
700M New Britain General Hospital 6 1/8% 7/1/2014 726,250 324
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 523,750 234
--------------------------------------------------------------------------------------------------------
2,633,750 1,176
--------------------------------------------------------------------------------------------------------
Housing--3.4%
750M Connecticut State Housing Finance Authority
6% 11/15/2010 770,625 344
--------------------------------------------------------------------------------------------------------
Transportation--14.6%
Connecticut State Special Tax Obligation
Transportation Infrastructure:
285M 6% 10/1/2004* 301,387 135
250M 6.1% 10/1/2004* 265,313 118
500M 6 1/2% 10/1/2011 561,250 251
250M 6 1/8% 9/1/2012 269,688 120
1,750M Puerto Rico Hwy. & Trans. Auth. 6% 7/1/2018 1,879,062 839
--------------------------------------------------------------------------------------------------------
3,276,700 1,463
--------------------------------------------------------------------------------------------------------
Utilities--3.5%
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 260,625 116
500M 6 1/8% 8/1/2014 518,125 231
--------------------------------------------------------------------------------------------------------
778,750 347
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Other Revenue--7.2%
$ 545M Connecticut State Dev. Auth. Govtl. Lease Rev.
6 1/2% 6/15/2008 $ 586,556 $ 262
Puerto Rico Public Buildings Authority:
350M 6 1/4% 7/1/2013 385,875 172
575M 6 1/4% 7/1/2015 633,219 283
--------------------------------------------------------------------------------------------------------
1,605,650 717
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,103,618) 22,056,794 9,847
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.4%
100M Puerto Rico Commonwealth Floater Certificates
Govt. Dev. Bank Adjustable Rate Note 4.6%**
(cost $100,000) 100,000 45
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $21,203,618) 98.9% 22,156,794 9,892
Other Assets, Less Liabilities 1.1 242,500 108
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,399,294 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly
by the issuer. The interest rate shown is the rate in effect
at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.8%
General Obligation--7.6%
$1,325M Miami-Dade County School District 5 3/8% 8/1/2015 $1,331,625 $ 533
500M North Springs Improvement District 7% 10/1/2009 571,875 229
--------------------------------------------------------------------------------------------------------
1,903,500 762
--------------------------------------------------------------------------------------------------------
Health Care--8.0%
1,000M Escambia County Health Facs. Auth. Rev.
5.95% 7/1/2020 1,007,500 403
200M North Broward Hospital District 6 1/2% 1/1/2002* 209,250 84
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 785,625 314
--------------------------------------------------------------------------------------------------------
2,002,375 801
--------------------------------------------------------------------------------------------------------
Transportation--15.3%
500M Dade County Aviation Revenue Series "A"
6% 10/1/2010 527,500 211
1,000M Miami-Dade County Aviation Rev. (Miami Int'l Airport)
5.35% 10/1/2013 1,007,500 404
1,000M Miami-Dade County Expressway Auth. Toll Sys. Rev.
6% 7/1/2014 1,055,000 422
455M Port Palm Beach District Revenue 6 1/4% 9/1/2008 477,750 191
700M Puerto Rico Commonweath Hwy & Trans. Auth. Rev.
6% 7/1/2018 751,625 301
--------------------------------------------------------------------------------------------------------
3,819,375 1,529
--------------------------------------------------------------------------------------------------------
Utilities--41.3%
750M Charlotte County Utilities Revenue 6 3/4% 10/1/2003* 809,062 324
1,000M Cocoa Water & Sewer Revenue 5 3/4% 10/1/2007* 1,061,250 425
Escambia County Utilities Authority Util. Sys. Revenue:
500M 6 1/4% 1/1/2013 548,125 219
1,000M 6 1/4% 1/1/2015 1,093,750 438
1,495M Lakeland Electric & Water Revenue 6.05% 10/1/2014 1,614,600 646
225M Miramar Utilities Improvement Revenue 6.4% 10/1/2007 240,188 96
1,000M Orlando Utilities Community Water & Elec. Rev.
6 3/4% 10/1/2017 1,137,500 455
1,000M Plant City Utility System Revenue 6% 10/1/2015 1,071,250 429
500M Sarasota County Utility System Revenue
6 1/2% 10/1/2004* 541,875 217
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities (continued)
$ 345M Seminole County Water & Sewer Revenue
6% 10/1/2019 $ 359,662 $ 144
1,000M St. John's County Water & Sewer Revenue
5 1/2% 6/1/2011 1,033,750 414
750M West Melbourne Water & Sewer Revenue
6 3/4% 10/1/2014 801,563 321
--------------------------------------------------------------------------------------------------------
10,312,575 4,128
--------------------------------------------------------------------------------------------------------
Other Revenue--26.6%
1,160M Florida Mun. Ln. Council Rev. 6% 4/1/2015 1,215,100 486
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,035,000 414
1,000M Jacksonville Capital Improvement (Gator Bowl Project)
5 7/8% 10/1/2015 1,027,500 411
350M Jacksonville Excise Taxes Revenue 6 1/2% 10/1/2013 366,625 147
600M Orange County Tourist Development Tax Revenue
5.9% 10/1/2010 640,500 256
1,000M Palm Beach County Criminal Justice Facilities Revenue
5 3/8% 6/1/2011 1,023,750 410
300M St. Lucie County Sales Tax Revenue 6 1/2% 10/1/2002* 317,625 127
1,000M Tampa Sports Auth. Sales Tax Rev. (Tampa Bay Arena)
5 3/4% 10/1/2020 1,021,250 409
--------------------------------------------------------------------------------------------------------
6,647,350 2,660
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $23,613,927) 98.8% 24,685,175 9,880
Other Assets, Less Liabilities 1.2 299,205 120
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $24,984,380 $10,000
========================================================================================================
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.4%
Certificates of Participation--4.0%
$ 250M Fulton County Facs. Corp. (Fulton County Public
Purposes Project) 5 1/2% 11/1/2018 $ 247,813 $ 396
--------------------------------------------------------------------------------------------------------
Education--6.9%
250M Fulton County Dev. Auth. Rev. (Morehouse College)
6 1/4% 12/1/2021 261,562 418
Private Colleges & Universities Facilities Authority:
80M Mercer University Project 6.35% 11/1/2006 86,400 138
80M Spelman University Project 6% 6/1/2009 83,700 134
--------------------------------------------------------------------------------------------------------
431,662 690
--------------------------------------------------------------------------------------------------------
General Obligation--12.5%
100M Hall County School District 6.7% 12/1/2004* 109,250 175
100M Mitchell County School District 6 1/2% 3/1/2009 107,750 172
125M Paulding County School District 6% 2/1/2013 134,531 215
100M Peach County School District 6.4% 2/1/2005* 108,125 173
150M Pike County School District 5.7% 2/1/2016 155,250 248
150M Puerto Rico Commonwealth 6 1/4% 7/1/2012 166,313 266
--------------------------------------------------------------------------------------------------------
781,219 1,249
--------------------------------------------------------------------------------------------------------
Health Care--2.1%
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 130,937 209
--------------------------------------------------------------------------------------------------------
Housing--2.4%
150M Georgia State Housing & Finance Authority Revenue
5.7% 12/1/2011 153,188 245
--------------------------------------------------------------------------------------------------------
Transportation--13.4%
250M Atlanta Airport Revenue 5 1/2% 1/1/2026 243,437 388
300M Metropolitan Atlanta Rapid Transit Authority
6 1/4% 7/1/2011 330,750 528
250M Puerto Rico Commonwealth Hwy. & Transp. Auth.
Hwy. Rev. 6% 7/1/2018 268,438 428
--------------------------------------------------------------------------------------------------------
842,625 1,344
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities--36.7%
$ 235M Atlanta Water & Wastewater Rev. 5 1/2% 11/1/2017 $ 236,175 $ 377
255M Brunswick Water & Sewer Revenue 6.1% 10/1/2019 267,112 427
250M Columbia County Water & Sewer Rev. 6 1/4% 6/1/2014 266,875 426
85M Conyers Water & Sewer Revenue 6.45% 7/1/2010 90,525 145
80M Cordele Combined Public Utilities Revenue
6.4% 11/1/2004* 86,400 138
250M Forsyth County Water & Sewer Auth. Rev.
6 1/4% 4/1/2019 262,813 420
250M Fulton County Water & Sewer Revenue 6 3/8% 1/1/2014 274,375 438
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 86,700 139
250M 5 1/2% 11/1/2012 257,187 411
100M 5.8% 1/1/2015 102,375 164
250M Milledgeville Water & Sewer Revenue 6% 12/1/2021 260,313 416
100M St. Mary's Water & Sewer Revenue 6 1/8% 7/1/2018 106,375 170
--------------------------------------------------------------------------------------------------------
2,297,225 3,671
--------------------------------------------------------------------------------------------------------
Other Revenue--20.4%
80M Appling County Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 85,700 137
500M Cobb-Marietta Coliseum & Exhibit Hall Auth. Revenue
5 1/2% 10/1/2018 496,250 793
80M Downtown Smyrna Development Authority Revenue
6.7% 2/1/2005* 87,500 140
200M Fayette County Pub. Facs. Auth. Rev. (Criminal
Justice Center) 6 1/4% 6/1/2017 212,750 340
125M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 137,812 220
250M Puerto Rico Pub. Fin. Corp. Comwlth. Approp.
5 3/8% 6/1/2015 254,375 406
--------------------------------------------------------------------------------------------------------
1,274,387 2,036
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,949,439) 98.4% 6,159,056 9,840
Other Assets, Less Liabilities 1.6 100,408 160
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $6,259,464 $10,000
========================================================================================================
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Certificates of Participation--4.8%
$ 750M Baltimore Board of Education Administration Project,
5.8% 4/1/2011 $ 788,438 $ 484
--------------------------------------------------------------------------------------------------------
Education--5.9%
Morgan State University Academic & Aux. Facs.
Fees Revenue:
500M 6.05% 7/1/2015 536,250 329
200M 6.1% 7/1/2020 212,500 131
200M University of Maryland Aux. Fac. & Tuition Revenue
6.3% 2/1/2001* 205,974 126
--------------------------------------------------------------------------------------------------------
954,724 586
--------------------------------------------------------------------------------------------------------
General Obligation--26.2%
350M Anne Arundel County Water & Sewer 6.3% 8/1/2005* 376,250 231
Baltimore, Maryland:
100M 6.3% 10/15/2004 106,125 65
100M 7% 10/15/2009 114,750 71
250M 5 5/8% 10/15/2012 258,437 159
700M 5 1/2% 10/15/2015 717,500 441
100M Chesapeake Beach 6 1/2% 5/1/2012 102,662 63
Frederick, Maryland:
100M 6 1/8% 12/1/2008 104,500 64
200M 6 1/8% 10/1/2014 208,750 128
250M Maryland State 7% 10/15/2000* 254,225 156
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 110,775 68
405M 6 1/4% 7/1/2012 449,044 276
250M 5.65% 7/1/2015 262,813 162
325M Washington County 5.8% 1/1/2013 335,563 206
350M Wicomico County 5 1/2% 12/1/2016 351,312 216
500M Worcester County 5 5/8% 3/1/2014 512,500 315
--------------------------------------------------------------------------------------------------------
4,265,206 2,621
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Health Care--10.6%
Maryland State Health & Higher Education Facilities:
$ 500M Maryland General Hospital 6 1/8% 7/1/2014 $ 518,125 $ 319
225M Suburban Hospital 6% 7/1/2002* 230,906 142
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross
Health System) 5.7% 7/1/2010 254,062 156
325M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 340,438 209
350M Takoma Park Hospital Facilities (Adventist Hosp.)
6 1/2% 9/1/2012 389,813 239
--------------------------------------------------------------------------------------------------------
1,733,344 1,065
--------------------------------------------------------------------------------------------------------
Housing--11.4%
250M Baltimore County Mortgage Revenue
(Old Orchard Apartments) 7% 7/1/2016 263,437 161
Maryland State Community Dev. Admin. Dept. Hsg. &
Community Development:
345M 7% 4/1/2014 359,663 221
550M 5 7/8% 7/1/2016 556,875 342
500M Montgomery County Multi-Family Mortgage Revenue
6% 7/1/2020 504,375 309
160M Montgomery County Single-Family Mortgage Revenue
6 1/2% 7/1/2011 166,000 102
--------------------------------------------------------------------------------------------------------
1,850,350 1,135
--------------------------------------------------------------------------------------------------------
Transportation--6.5%
500M Maryland State Department of Transportation
Zero Coupon 7/1/2012 261,875 161
Puerto Rico Highway & Transportation Authority:
525M 6 1/4% 7/1/2014 579,469 356
200M 6% 7/1/2018 214,750 132
--------------------------------------------------------------------------------------------------------
1,056,094 649
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities--13.0%
$ 250M Baltimore Revenue Water Project 5.8% 7/1/2015 $ 255,938 $ 157
Baltimore Wastewater Utilities Revenue:
215M 6 1/4% 7/1/2002* 225,481 138
200M 6% 7/1/2015 213,500 131
500M 5 1/2% 7/1/2019 491,250 302
220M 6% 7/1/2019 225,775 139
750M Puerto Rico Aqueduct & Sewer Auth. Rev.
5% 7/1/2019 705,000 433
--------------------------------------------------------------------------------------------------------
2,116,944 1,300
--------------------------------------------------------------------------------------------------------
Other Revenue--19.3%
Baltimore Convention Center:
250M 6.1% 9/1/2004* 262,500 161
250M 5 1/2% 9/1/2014 252,812 155
250M Maryland Stadium Authority 5 7/8% 12/15/2013 258,125 159
100M Montgomery County Parking Revenue (Bethesda
Parking Lot) 6 1/4% 6/1/2009 104,500 64
950M Puerto Rico Municipal Finance Agency 5 1/2% 8/1/2017 953,562 586
500M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 550,625 338
750M Puerto Rico Public Finance Corp. 5 3/8% 6/1/2015 763,125 469
--------------------------------------------------------------------------------------------------------
3,145,249 1,932
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $15,406,604) 97.7% 15,910,349 9,772
Other Assets, Less Liabilities 2.3 371,454 228
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,281,803 $10,000
========================================================================================================
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Certificates of Participation--3.9%
$1,000M Plymouth County Correctional Facility 5% 4/1/2022 $ 890,000 $ 394
--------------------------------------------------------------------------------------------------------
Education--11.1%
425M Massachusetts Health & Educational Facilities Authority
(Northeastern University) 7 1/8% 10/1/2000* 436,058 193
1,000M Massachusetts State College Bldg. Auth. Proj.
5 1/8% 5/1/2019 932,500 411
1,000M University of Massachusetts Building Authority
Revenue 6 7/8% 5/1/2014 1,152,500 510
--------------------------------------------------------------------------------------------------------
2,521,058 1,114
--------------------------------------------------------------------------------------------------------
General Obligation--25.3%
750M Boston 5 7/8% 8/1/2012 775,313 343
1,000M Frontier Regional School District 5% 6/15/2017 922,500 408
Massachusetts General Obligation:
300M 7% 7/1/2009 342,000 151
1,000M 6% 8/1/2010 1,072,500 474
1,155M Quaboag Regional School District 5 1/2% 6/1/2017 1,142,006 505
1,000M Springfield 6% 10/1/2015 1,048,750 464
400M Wareham 7.1% 1/15/2001* 417,416 185
--------------------------------------------------------------------------------------------------------
5,720,485 2,530
--------------------------------------------------------------------------------------------------------
Health Care--19.3%
Massachusetts Health & Educational Facilities Authority:
Capital Asset Program:
205M 7.35% 8/1/2008 207,450 92
260M 7.2% 7/1/2009 265,200 117
1,000M Harvard Pilgrim Health Care 5 1/4% 7/1/2013 922,500 408
750M Massachusetts General Hospital 6 1/4% 7/1/2012 818,438 362
570M Milton Hospital 7% 7/1/2016 585,886 259
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,561,875 691
--------------------------------------------------------------------------------------------------------
4,361,349 1,929
--------------------------------------------------------------------------------------------------------
Housing--4.2%
920M Massachusetts Housing Finance Agency
6% 12/1/2012 940,700 416
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Transportation--11.7%
$1,500M Massachusetts Bay Transportation Authority
Series "A" 5.8% 3/1/2013 $ 1,573,125 $ 696
1,000M Puerto Rico Highway & Transportation Authority
6% 7/1/2018 1,073,750 475
--------------------------------------------------------------------------------------------------------
2,646,875 1,171
--------------------------------------------------------------------------------------------------------
Utilities--18.0%
Boston Water & Sewer Commission:
750M 7% 11/1/2001* 788,437 349
1,035M 5 3/4% 11/1/2013 1,084,162 480
1,000M Massachussetts Water Resources Authority
6 1/2% 7/15/2019 1,112,500 492
1,000M South Essex Sewer District 6 3/4% 6/1/2004* 1,088,750 482
--------------------------------------------------------------------------------------------------------
4,073,849 1,803
--------------------------------------------------------------------------------------------------------
Other Revenue--4.2%
1,000M Massachusetts Port Authority Revenue 5 1/8% 7/1/2017 946,250 419
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,521,931) 22,100,566 9,776
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.9%
200M Puerto Rico Commonwealth Floater Certificates
Govt. Dev. Bank Adjustable Rate Note 4.6%**
(cost $200,000) 200,000 89
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $21,721,931) 98.6% 22,300,566 9,865
Other Assets, Less Liabilities 1.4 305,684 135
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,606,250 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly
by the issuer. The interest rate shown is the rate in effect
at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.0%
Certificates of Participation--2.7%
$1,000M Michigan State Hsg. Representatives 5 1/4% 8/15/2014 $ 992,500 $ 273
--------------------------------------------------------------------------------------------------------
General Obligation--52.9%
Detroit City School District:
1,000M 5.85% 5/1/2006* 1,065,000 294
1,000M 5 1/4% 5/1/2016 985,000 272
1,800M Detroit Downtown Development Series "A"
5 3/4% 7/15/2015 1,838,250 507
East Detroit School District:
305M 6.1% 5/1/2006* 326,350 90
195M 6.1% 5/1/2016 201,825 56
1,000M Godwin Heights Public School District 5 5/8% 5/1/2015 1,017,500 280
1,000M Grand Ledge Public School District 7 7/8% 5/1/2004* 1,123,750 310
1,000M Gull Lake Community School District Zero Coupon
5/1/2013 492,500 136
1,000M Huron School District Zero Coupon 5/1/2015 432,500 119
1,000M Lake Orion Community School District 7% 5/1/2005* 1,101,250 303
1,000M Lincoln Park School District 7% 5/1/2006* 1,115,000 307
1,000M Michigan State Environmental Protection Program
6 1/4% 11/1/2012 1,095,000 302
845M Milan Area School District 5 5/8% 5/1/2018 848,169 234
1,000M Montrose Township School District 6.2% 5/1/2017 1,087,500 300
1,000M Portage Lake Water & Sewer Authority 6.1% 10/1/2014 1,046,250 288
1,500M Puerto Rico Municipal Finance Agency 5 3/4% 8/1/2013 1,571,250 433
1,195M Redford Unified School District 6 3/8% 5/1/2010 1,315,994 363
380M Saline Building Authority 7.1% 7/1/2009 395,645 109
1,000M Waterford Township School District 6 1/4% 6/1/2004* 1,061,250 292
1,000M Zeeland Public Schools 6% 5/1/2004* 1,060,000 292
--------------------------------------------------------------------------------------------------------
19,179,983 5,287
--------------------------------------------------------------------------------------------------------
Health Care--11.1%
Michigan State Hospital Finance Authority Revenue:
1,000M Ascension Health Credit 5 3/4% 11/15/2017 987,500 272
1,000M Mercy Mount Clemens 5 3/4% 5/15/2017 1,002,500 276
1,000M St. John's Hospital 6% 5/15/2008 1,047,500 289
1,000M Saginaw Hosp. Fin. Auth. (Covenant Med. Ctr.)
5 5/8% 7/1/2013 1,007,500 278
--------------------------------------------------------------------------------------------------------
4,045,000 1,115
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Housing--1.2%
$ 410M Michigan State Housing Dev. Auth. Single-Family
Mtge. Rev. 7.3% 12/1/2016 $ 418,713 $ 115
--------------------------------------------------------------------------------------------------------
Transportation--4.5%
1,500M Puerto Rico Commonwealth Hwy. & Transn. Hwy.
Rev. 6 1/4% 7/1/2015 1,651,875 454
--------------------------------------------------------------------------------------------------------
Utilities--20.5%
Detroit Water Supply System:
1,750M 5.55% 7/1/2012 1,809,062 498
1,275M 6 1/2% 7/1/2015 1,413,656 390
1,000M Kalamzoo Water Revenue 6% 9/1/2015 1,026,250 283
Michigan State Strategic Fund (Detroit Edison):
1,750M 6.95% 5/1/2011 2,019,062 556
500M 7% 5/1/2021 578,125 159
500M Monroe County Economic Development Corporation
(Detroit Edison) 6.95% 9/1/2022 576,875 159
--------------------------------------------------------------------------------------------------------
7,423,030 2,045
--------------------------------------------------------------------------------------------------------
Other Revenue--6.1%
1,000M Grand Rapids Downtown Development Authority
Zero Coupon 6/1/2009 627,500 173
Michigan Municipal Bond Authority Revenue:
530M 6.55% 11/1/2008 569,088 157
1,000M 6 1/8% 5/1/2014 1,030,000 284
--------------------------------------------------------------------------------------------------------
2,226,588 614
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $34,046,730) 99.0% 35,937,689 9,903
Other Assets, Less Liabilities 1.0 353,339 97
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $36,291,028 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.8%
Certificates of Participation--5.0%
$ 400M Minneapolis Special School District #001,
5.9% 2/1/2012 $ 416,000 $ 498
--------------------------------------------------------------------------------------------------------
Education--4.9%
400M University of Minnesota 5 3/4% 7/1/2017 412,500 494
--------------------------------------------------------------------------------------------------------
General Obligation--38.0%
400M Becker School District #726, 6% 2/1/2017 414,000 496
325M Becker Wastewater Treatment 5.8% 2/1/2010 332,719 399
200M Delano School District #879, 5.6% 2/1/2015 202,750 243
285M Inver Grove Heights Independent School District #199,
5 3/4% 2/1/2012 293,194 351
280M Lakeville 5 1/2% 2/1/2011 285,600 342
405M Lino Lakes 5.7% 2/1/2012 417,656 500
275M Minnesota State 6 1/4% 8/1/2002* 283,594 340
350M North St. Paul Maplewood Independent School District
#622, 7.1% 2/1/2005* 382,812 459
650M Rosemount Independent School District #196,
Zero Coupon 4/1/2014 307,125 368
250M St. Paul Independent School District #625,
5 5/8% 2/1/2015 253,750 304
--------------------------------------------------------------------------------------------------------
3,173,200 3,802
--------------------------------------------------------------------------------------------------------
Health Care--17.0%
200M Hibbing Health Care Facilities Revenue
(Duluth Clinic) 5 1/2% 11/1/2006* 203,750 244
250M Minneapolis Hospital Revenue (Fairview Hospital)
6 1/2% 1/1/2011 260,000 312
Minnesota Agricultural & Economic Development Board:
100M Benedictine Health 5% 2/15/2017 92,750 111
375M Evangelical Lutheran Good Samaritan 5% 12/1/2015 350,625 420
500M St. Cloud Healthcare Oblig. Group A 5.8% 5/1/2016 508,750 610
--------------------------------------------------------------------------------------------------------
1,415,875 1,697
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Housing--21.6%
Minnesota State Housing Finance Authority:
$ 585M Rental Housing Revenue 5.9% 8/1/2015 $ 590,850 $ 708
Single-Family Mortgage Revenue:
60M 6.9% 7/1/2009 62,175 75
165M 6.4% 1/1/2015 169,950 204
250M 6% 1/1/2018 252,812 303
100M 5.8% 7/1/2021 99,375 119
400M Minnetonka Multi-Family Housing Revenue
(Cedar Hills Project) 5.9% 10/20/2019 396,500 475
St. Paul Housing & Redevelopment Authority:
65M Multi-Family Housing Revenue
7 1/2% 3/1/2026 (Defaulted) (Note 1A) 65,650 79
160M Single-Family Mortgage Revenue 6 1/4% 9/1/2014 163,800 196
--------------------------------------------------------------------------------------------------------
1,801,112 2,159
--------------------------------------------------------------------------------------------------------
Utilities--11.3%
400M Northern Minn. Municipal Power Agency
Electric System Revenue 5.4% 1/1/2016 394,000 472
210M Southern Minn. Municipal Power Agency
Power Supply System 5 3/4% 1/1/2018 215,775 258
325M Western Minn. Municipal Power Agency
5 1/2% 1/1/2011 332,719 399
--------------------------------------------------------------------------------------------------------
942,494 1,129
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,973,584) 97.8% 8,161,181 9,779
Other Assets, Less Liabilities 2.2 184,456 221
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,345,637 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.8%
Education--4.2%
$ 125M Bowling Green School District 5.85% 3/1/2020 $ 125,938 $ 424
--------------------------------------------------------------------------------------------------------
General Obligation--22.7%
100M Jefferson County School District #6, 6% 3/1/2014 105,125 355
115M Puerto Rico Commonwealth 6 1/4% 7/1/2012 127,506 431
100M Puerto Rico Municipal Finance Agency 5 1/2% 8/1/2017 100,375 339
80M St. Charles School District 6 1/2% 2/1/2006* 86,300 292
125M St. Joseph's School District 5 3/4% 3/1/2019 125,938 425
125M St. Louis Cnty. Pattonville School District #3,
5 3/4% 3/1/2017 126,875 429
--------------------------------------------------------------------------------------------------------
672,119 2,271
--------------------------------------------------------------------------------------------------------
Health Care--15.8%
Missouri State Health & Educational Facilities Authority:
140M BJC Health System 6 3/4% 5/15/2011 158,550 536
90M Health Midwest 6.1% 6/1/2011 94,050 318
125M Sisters of Sorrowful Mother Healthcare 6 1/4% 6/1/2007 130,000 439
80M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 83,800 283
--------------------------------------------------------------------------------------------------------
466,400 1,576
--------------------------------------------------------------------------------------------------------
Housing--3.1%
90M Missouri State Hsg. Devel. Comm. (Ecumenical Housing)
5.8% 3/1/2010 91,350 309
--------------------------------------------------------------------------------------------------------
Transportation--6.8%
Puerto Rico Commonwealth Highway &
Transportation Authority:
85M 6 1/4% 7/1/2013 93,713 317
100M 6% 7/1/2018 107,375 362
--------------------------------------------------------------------------------------------------------
201,088 679
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities--13.9%
$ 80M Liberty Sewer System Revenue 6.15% 2/1/2015 $ 83,600 $ 282
Missouri State Env. Impt. & Energy Res. Auth.
Water Poll. Control:
80M 6% 1/1/2016 82,300 278
85M 6.05% 7/1/2016 87,231 295
150M St. Louis Water and Sewer Revenue 6% 7/1/2004* 159,188 538
--------------------------------------------------------------------------------------------------------
412,319 1,393
--------------------------------------------------------------------------------------------------------
Other Revenue--31.3%
100M Clay County Public Bldg. Authority Leasehold Revenue
5 1/8% 5/15/2014 97,375 329
80M Excelsior Springs School Dist. Bldg. Corp. Leasehold
Rev. 6 1/2% 3/1/2009 84,000 284
125M Missouri State Development Finance Board 6% 4/1/2014 130,000 439
125M Puerto Rico Public Finance Corp. 5 3/8% 6/1/2015 127,187 430
Springfield Public Bldg. Corp. Leasehold Revenue:
125M Cap. Impt. 5.6% 6/1/2014 125,781 425
230M Jordan Valley 5.85% 6/1/2014 236,612 799
125M St. Louis Mun. Fing. Corp. Leasehold Revenue
5 3/4% 2/15/2018 125,469 424
--------------------------------------------------------------------------------------------------------
926,424 3,130
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,801,974) 97.8% 2,895,638 9,782
Other Assets, Less Liabilities 2.2 64,429 218
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $2,960,067 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
Jume 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.3%
Education--2.5%
$1,300M New Jersey Educational Facilities Financing Authority
Seton Hall University 6 1/4% 7/1/2010 $ 1,344,785 $ 246
--------------------------------------------------------------------------------------------------------
General Obligation--20.0%
1,750M Atlantic City Board of Education 6.1% 12/1/2015 1,898,750 347
Essex County Improvement Authority:
Orange School District:
1,025M Series "A" 6.95% 7/1/2005* 1,137,750 208
1,220M Series "B" 6.95% 7/1/2005* 1,354,200 247
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,077,500 197
Puerto Rico Commonwealth:
1,550M 6 1/4% 7/1/2013 1,716,625 314
1,500M 5.65% 7/1/2015 1,576,875 288
Union City:
1,000M 6.7% 9/1/2002* 1,060,000 194
995M 6.4% 11/1/2013 1,111,913 203
--------------------------------------------------------------------------------------------------------
10,933,613 1,998
--------------------------------------------------------------------------------------------------------
Health Care--21.5%
New Jersey State Health Care Facilities
Financing Authority:
1,045M Bayonne Hospital 6 1/4% 7/1/2012 1,109,006 203
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,851,881 338
1,100M Hunterdon Hospital 7% 7/1/2020 1,130,338 207
1,000M Meridian Health System Oblig. Group 5 5/8% 7/1/2014 1,012,500 185
1,750M Monmouth Medical Center 6 1/4% 7/1/2004* 1,872,500 342
1,350M Ocean County Medical Center 6.9% 7/1/2001* 1,408,347 257
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,408,600 623
--------------------------------------------------------------------------------------------------------
11,793,172 2,155
--------------------------------------------------------------------------------------------------------
Housing--2.6%
1,375M New Jersey State Housing & Mortgage Financing
Agency Regency Park Project 6.05% 11/1/2017 1,400,781 256
--------------------------------------------------------------------------------------------------------
Transportation--9.5%
1,000M New Jersey Economic Development Authority Revenue
Light Rail System 6% 5/1/2016 1,035,000 189
1,000M New Jersey State Highway Authority
(Garden State Parkway) 6.2% 1/1/2010 1,086,250 198
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Transportation (continued)
$2,075M New Jersey Turnpike Authority 5 1/2% 1/1/2025 $ 2,023,125 $ 370
1,000M Puerto Rico Highway & Transportation Authority
Highway Revenue 6% 7/1/2018 1,073,750 196
--------------------------------------------------------------------------------------------------------
5,218,125 953
--------------------------------------------------------------------------------------------------------
Utilities--15.6%
1,000M Bergen County Utility Authority Pollution Control
6 1/2% 6/15/2002* 1,052,500 192
1,000M Delaware River & Bay Authority 5 1/2% 1/1/2016 1,003,750 183
New Jersey Wastewater Treatment Trust:
1,435M 6 1/4% 4/1/2004* 1,531,863 280
1,310M 7% 7/1/2011 1,517,962 277
1,250M Passaic Valley Sewer Commission 5 5/8% 12/1/2018 1,253,125 229
1,040M Passaic Valley Water Commission 6.4% 12/15/2002* 1,101,100 201
1,000M Puerto Rico Commonwealth Aqueduct & Sewer
Authority 6 1/4% 7/1/2013 1,107,500 202
--------------------------------------------------------------------------------------------------------
8,567,800 1,564
--------------------------------------------------------------------------------------------------------
Other Revenue--25.6%
2,900M Atlantic County Impt. Auth. Lux. Tax
(Convention Center) 7.4% 7/1/2016 3,414,750 624
1,350M Cape May County Indl. Pollution Control Fin. Auth.
6.8% 3/1/2021 1,539,000 281
New Jersey Economic Development Authority:
2,000M Educational Testing Service 6 1/8% 5/15/2005* 2,145,000 392
2,185M Market Transition Facility 5 7/8% 7/1/2011 2,280,594 417
1,775M N.J. Performing Arts Center 6% 6/15/2012 1,910,344 349
Puerto Rico Public Buildings Authority:
1,275M Series "A" 6 1/4% 7/1/2013 1,405,687 257
1,195M Series "A" 6 1/4% 7/1/2014 1,318,981 241
--------------------------------------------------------------------------------------------------------
14,014,356 2,561
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $50,571,319) 97.3% 53,272,632 9,733
Other Assets, Less Liabilities 2.7 1,461,658 267
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $54,734,290 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Certificates of Participation--10.6%
$ 430M Brunswick County 5 1/2% 6/1/2020 $ 419,788 $ 393
100M Charlotte Convention Facilities Project
6 3/4% 12/1/2001* 104,875 98
100M Cumberland County Civic Center Project
6.3% 12/1/2004* 107,875 101
250M Pitt County 5 1/4% 4/1/2015 244,688 229
250M Randolph County 5 1/2% 6/1/2015 251,250 235
--------------------------------------------------------------------------------------------------------
1,128,476 1,056
--------------------------------------------------------------------------------------------------------
Education--6.5%
430M Iredell County Public Facilities School Projects
6% 6/1/2017 443,868 415
250M North Carolina Cent. Univ. Hsg. Rev. 5.6% 11/1/2012 256,250 239
--------------------------------------------------------------------------------------------------------
700,118 654
--------------------------------------------------------------------------------------------------------
General Obligation--29.7%
250M Bladen County 5.6% 5/1/2016 254,062 238
500M Brunswick County 5 3/4% 5/1/2017 511,250 478
250M Cleveland County 5 1/2% 3/1/2012 258,125 241
200M Gaston County 5.7% 3/1/2013 206,500 193
220M Laurinburg 5.3% 6/1/2012 223,300 209
200M Mecklenburg County 6.2% 1/1/2002* 206,500 193
200M Morganton 5.7% 6/1/2014 206,500 193
400M Onslow County 5.7% 3/1/2011 417,000 390
360M Puerto Rico Commonwealth 6 1/4% 7/1/2012 399,150 373
280M Rowan County 5.6% 4/1/2014 288,050 269
200M Watauga County 5.9% 6/1/2014 207,500 194
--------------------------------------------------------------------------------------------------------
3,177,937 2,971
--------------------------------------------------------------------------------------------------------
Health Care--7.3%
400M Catawba County Hospital Revenue
(Catawba Memorial Hospital) 5% 10/1/2017 365,500 342
250M North Carolina Medical Care Commission Health
Care Facilities Rex Healthcare 5% 6/1/2017 229,063 214
175M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 183,313 171
--------------------------------------------------------------------------------------------------------
777,876 727
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Housing--1.2%
$ 125M North Carolina Housing Finance Agency Multi-Family
6.6% 7/1/2017 $ 130,625 $ 122
--------------------------------------------------------------------------------------------------------
Transportation--15.5%
800M Piedmont Triad Airport Authority Revenue
5 1/2% 7/1/2013 813,000 760
Puerto Rico Commonwealth Highway &
Transportation Authority:
520M 6 1/4% 7/1/2014 573,950 536
250M 6% 7/1/2018 268,437 251
--------------------------------------------------------------------------------------------------------
1,655,387 1,547
--------------------------------------------------------------------------------------------------------
Utilities--24.7%
250M Buncombe County Solid Waste System 5.6% 3/1/2011 256,875 240
250M Charlotte Storm Water Fee 5.65% 6/1/2014 255,625 239
Fayetteville Public Works Commission Revenue:
390M 5.7% 2/1/2010 403,162 377
300M 5 1/2% 3/1/2015 301,875 282
250M Gastonia Comb. Utilities System Revenue
5 5/8% 5/1/2015 254,062 237
Greensville Utilities Commission Combined
Enterprise System Revenue:
250M 5 1/2% 9/1/2017 251,563 235
250M 5 1/2% 9/1/2018 246,875 231
250M Kinston Enterprise System Revenue 5.7% 4/1/2012 257,500 241
200M North Carolina Eastern Municipal Power Agency
5.6% 1/1/2010 204,000 191
200M North Carolina Municipal Power Agency
(Catawba Electric) 6% 1/1/2010 210,250 196
--------------------------------------------------------------------------------------------------------
2,641,787 2,469
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Other Revenue--2.8%
$ 270M Puerto Rico Public Buildings Authority
6 1/4% 7/1/2012 $ 298,012 $ 279
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,249,874) 10,510,218 9,825
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.9%
100M Puerto Rico Commonwealth Floater Certificates
Series "A-1" Adjustable Rate Note 4 3/4% **
(cost $100,000) 100,000 91
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $10,349,874) 99.2% 10,610,218 9,916
Other Assets, Less Liabilities .8 90,347 84
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,700,565 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown is the rate in effect
at June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.5%
Education--5.6%
$1,000M University Akron Ohio General Receipts 6% 1/1/2016 $ 1,040,000 $ 555
--------------------------------------------------------------------------------------------------------
General Obligation--69.8%
1,000M Adams County Valley Local School District
7% 12/1/2015 1,173,750 627
800M Avon Local School District 6 1/2% 12/1/2015 902,000 482
500M Batavia Local School District 7% 12/1/2005* 558,125 298
1,000M Beaver Creek Local School District 6.6% 12/1/2015 1,137,500 607
425M Bedford Heights Jail Facilities 6 1/2% 12/1/2014 459,531 245
500M Brecksville-Broadview Heights City School District
6 1/2% 12/1/2016 536,250 286
250M Cardington & Lincoln Local School District
6.6% 12/1/2014 261,875 140
150M Cleveland 6 5/8% 11/15/2004* 163,312 87
500M Clyde-Green Springs Exempted Village
Local School District 7% 12/1/2013 552,500 295
450M Dublin 6.4% 12/1/2014 484,875 259
525M East Clinton Local School District 6 7/8% 12/1/2009 572,250 306
265M Finneytown Local School District 6 1/4% 12/1/2012 292,163 156
700M Garfield Heights 6.3% 12/1/2014 736,750 393
500M Hamilton City School District 5 1/2% 12/1/2019 491,250 262
655M Jefferson County Jail Construction 5 3/4% 12/1/2019 674,650 360
500M Lakeview Local School District 6.9% 12/1/2004* 550,000 294
500M Lakewood City School District 6.95% 12/1/2015 547,500 292
500M North Royalton City School 6% 12/1/2014 529,375 283
250M Olmstead Falls Local School District
6.85% 12/15/2004* 274,687 147
350M Portage County 6.2% 12/1/2014 366,625 196
285M Shaker Heights City School District 7.1% 12/15/2010 321,694 172
610M Summit County 6 1/4% 12/1/2017 649,650 347
500M Tuscarawas Valley Local School District
6.6% 12/1/2005* 550,000 294
250M Wayne Local School District 6.45% 12/1/2011 278,750 149
--------------------------------------------------------------------------------------------------------
13,065,062 6,977
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Health Care--6.3%
$ 255M Franklin County Hospital Revenue (Holy Cross
Health System) 7 5/8% 6/1/2009 $ 259,781 $ 139
500M Lorain County Hosp. Rev. (Catholic Healthcare
Partners) 5 1/2% 9/1/2011 508,750 271
400M Trumbull County Hospital Revenue 6.9% 11/15/2003* 419,500 224
--------------------------------------------------------------------------------------------------------
1,188,031 634
--------------------------------------------------------------------------------------------------------
Transportation--7.6%
Puerto Rico Commonwealth Highway & Transportation:
350M 5 3/4% 7/1/2018 357,875 191
1,000M 6% 7/1/2018 1,073,750 573
--------------------------------------------------------------------------------------------------------
1,431,625 764
--------------------------------------------------------------------------------------------------------
Utilities--10.2%
600M Alliance Sewer System Revenue 6% 10/15/2010 629,250 336
280M Hamilton Wastewater Revenue 5.9% 10/15/2011 292,600 156
500M Mahoning Valley Sanitary District Water Revenue
5 3/4% 11/15/2018 506,250 270
250M Ohio State Water Dev. Auth. Rev. Pure Water Series
7% 12/1/2009 279,063 149
200M Toledo Water Revenue 6% 11/15/2007 211,000 113
--------------------------------------------------------------------------------------------------------
1,918,163 1,024
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $17,783,539) 99.5% 18,642,881 9,954
Other Assets, Less Liabilities .5 85,575 46
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $18,728,456 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.8%
Certificates of Participation--5.0%
$ 500M Oregon State Dept. of Administrative Services
5.65% 5/1/2007* $ 525,000 $ 355
100M Oregon State Dept. of General Services 6% 9/1/2010 103,000 70
100M Washington County Educational Service District
7% 6/1/2005* 109,500 74
--------------------------------------------------------------------------------------------------------
737,500 499
--------------------------------------------------------------------------------------------------------
Education--2.8%
200M Chemeketa Community College District 6.4% 7/1/2009 212,250 143
200M Oregon State Hlth. & Hsg. Educl. & Cult. Facs.
(Lewis & Clark College) 6% 10/1/2013 207,750 141
--------------------------------------------------------------------------------------------------------
420,000 284
--------------------------------------------------------------------------------------------------------
General Obligation--47.1%
300M Chemeketa Community College District 5.8% 6/1/2006* 314,250 213
750M Columbia County School District #502,
Zero Coupon 6/1/2014 349,688 237
250M Jackson County School District #005, (Ashland)
5.7% 6/1/2007 261,563 177
200M Josephine County School District (Three Rivers)
5.65% 12/1/2008 205,500 139
245M La Grande 5 5/8% 6/1/2011 251,431 170
Lane County School District:
200M #019 (Springfield) 6 1/4% 10/15/2004* 213,000 144
115M #052 (Bethel) 7% 12/1/2006 128,081 87
200M Lincoln County School District 5 1/4% 6/15/2012 200,500 136
Linn County School District:
180M #095 (Scio) 5 3/4% 7/15/2011 185,850 126
250M #9 (Lebanon) 6 1/8% 6/15/2016 263,438 178
Polk Marion & Benton Counties School District #13J:
200M 5 1/2% 12/1/2008 205,750 139
760M 5 5/8% 6/15/2016 766,650 519
Puerto Rico Commonwealth:
540M 6 1/4% 7/1/2012 598,725 405
650M 6 1/4% 7/1/2013 719,875 487
100M Puerto Rico Municipal Finance Agency 6% 7/1/2004* 106,875 72
600M Southwestern Community College District
6.05% 6/1/2020 616,500 417
250M Tillamook County 5.6% 1/15/2012 255,938 173
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
General Obligation (continued)
Umatilla County School District #016R (Pendleton):
$ 200M 6% 7/1/2004* $ 210,500 $ 142
500M 5 1/4% 7/1/2014 497,500 337
Washington County School District:
170M #003 (Hillsboro) 6% 11/1/2005* 179,562 122
145M #88J (Sherwood) 6.1% 6/1/2005* 153,156 104
55M #88J (Sherwood) 6.1% 6/1/2012 57,131 39
200M Yamhill County School District #029J (Newberg)
6.1% 6/1/2004* 210,750 143
--------------------------------------------------------------------------------------------------------
6,952,213 4,706
--------------------------------------------------------------------------------------------------------
Housing--4.4%
Oregon State Housing & Community Svcs. Dept.
Mtge. Rev. Single Family Mortgage Program:
250M 6% 7/1/2012 257,813 174
390M 5.95% 7/1/2013 399,262 270
--------------------------------------------------------------------------------------------------------
657,075 444
--------------------------------------------------------------------------------------------------------
Transportation--7.7%
Oregon State Department of Transportation Revenue:
100M 6.2% 6/1/2008 105,875 72
200M 6 1/4% 6/1/2009 212,250 144
Puerto Rico Highway & Transportation Authority
Highway Revenue:
500M 6 1/4% 7/1/2014 551,875 373
250M 6% 7/1/2018 268,438 182
--------------------------------------------------------------------------------------------------------
1,138,438 771
--------------------------------------------------------------------------------------------------------
Utilities--21.1%
325M Emerald Peoples Utility District 7.35% 11/1/2011 387,156 262
600M Eugene Water Utility Sysytem 5.8% 8/1/2020 615,750 417
250M Klamath Falls Waste Water Revenue 5 1/2% 6/1/2025 243,125 164
200M Klamath Falls Water Revenue 6.1% 6/1/2014 207,000 140
250M Marion County Solid Waste & Electric Revenue
5 3/8% 10/1/2008 255,000 173
250M Portland Gas Tax Revenue 5 3/4% 6/1/2012 260,625 176
400M Portland Sewer System Revenue 6.2% 6/1/2004* 423,500 287
250M Salem Water & Sewer Revenue 5 1/2% 6/1/2012 253,437 172
200M South Fork Water Board Water Revenue 6% 2/1/2004* 209,750 142
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities (continued)
$ 250M Washington County Unified Sewer Agency
5 3/4% 10/1/2012 $ 263,125 $ 178
--------------------------------------------------------------------------------------------------------
3,118,468 2,111
--------------------------------------------------------------------------------------------------------
Other Revenue--9.7%
500M Oregon State Administrative Services Lottery
5 3/4% 4/1/2014 514,375 349
500M Portland Airport Way Urban Renewal & Redevelopment
6% 6/15/2016 520,625 352
355M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 391,831 265
--------------------------------------------------------------------------------------------------------
1,426,831 966
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,020,476) 97.8% 14,450,525 9,781
Other Assets, Less Liabilities 2.2 324,081 219
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,774,606 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.5%
Education--16.8%
$1,000M Allegheny Cnty. Higher Educ. Bldg. Auth.
(Duquesne Univ.) 5 1/2% 3/1/2020 $ 987,500 $ 265
1,000M Butler Cnty. Public School Bldg. Auth.
(Cmnty. College) 5.7% 7/15/2015 1,015,000 272
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty.
Cmnty. College) 6.55% 2/15/2005* 723,094 194
1,000M Pennsylvania State Higher Ed. Assistance Agency
6 1/8% 12/15/2017 1,043,750 280
1,410M Pennsylvania State Higher Edl. Facs. Auth.
5 1/2% 6/15/2014 1,417,050 380
1,000M Philadelphia Hosp. & Higher Edl. Facs. Auth.
(Cmnty. College) 6 1/8% 5/1/2004* 1,063,750 285
--------------------------------------------------------------------------------------------------------
6,250,144 1,676
--------------------------------------------------------------------------------------------------------
General Obligation--22.5%
1,470M Erie 5.7% 5/15/2007* 1,536,150 412
1,310M General McLane School District 5 3/4% 5/15/2007* 1,373,863 368
Philadelphia:
215M 6% 11/15/2004* 228,975 61
385M 6% 11/15/2014 401,362 107
1,180M Philadelphia School District 6% 3/1/2015 1,222,775 328
1,500M Pittsburgh 5 1/2% 9/1/2014 1,530,000 410
Sto-Rox School District:
515M 5.6% 12/15/2015 520,150 139
550M 5.65% 12/15/2016 554,812 149
1,000M Stroudsburg Area School District 5.8% 10/1/2005* 1,046,250 280
--------------------------------------------------------------------------------------------------------
8,414,337 2,254
--------------------------------------------------------------------------------------------------------
Health Care--19.2%
Allegheny County Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,001,250 268
Health Center -- University of Pittsburgh:
1,000M 5.6% 4/1/2013 1,003,750 269
1,000M 5.65% 4/1/2014 1,002,500 269
1,000M Berks County Mun. Auth. Hosp. (Reading Hosp.
Med. Ctr.) 5.7% 10/1/2014 1,023,750 274
600M Blair County Hosp. Auth. (Altoona Hosp.)
6 3/8% 7/1/2002* 630,750 169
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Health Care (continued)
$1,000M Dauphin County Gen. Health System
(Pinnacle Health System) 5 1/2% 5/15/2013 $1,000,000 $ 268
1,000M Pennsylvania State Higher Edl. Facs. Auth.
Health Svcs. 5.7% 11/15/2011 995,000 267
500M St. Mary Hosp. Auth. Langhorne Hosp. Rev.
(Franciscan Health) 7% 7/1/2014 511,170 137
--------------------------------------------------------------------------------------------------------
7,168,170 1,921
--------------------------------------------------------------------------------------------------------
Housing--1.3%
460M Pennsylvania Housing Finance Agency
Single-Family Mtge. 7.15% 4/1/2015 472,604 127
--------------------------------------------------------------------------------------------------------
Utilities--32.4%
1,000M Allegheny County Sanitation Authority Sewer Revenue
6 1/4% 12/1/2014 1,056,250 283
1,000M Erie Sewer Authority 5 7/8% 6/1/2018 1,016,250 272
1,000M North Pennsylvania Water Authority 6 7/8% 11/1/2004* 1,090,000 292
1,000M North Wales Water Authority 6 3/4% 11/1/2004* 1,076,250 288
Philadelphia Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,342,238 360
2,000M 6 1/4% 8/1/2012 2,182,500 585
2,950M Pittsburgh Water & Sewer Authority 6 1/2% 9/1/2013 3,285,562 880
1,000M Washington County Indl. Dev. Auth. (West Penn.
Power) 6.05% 4/1/2014 1,033,750 277
--------------------------------------------------------------------------------------------------------
12,082,800 3,237
--------------------------------------------------------------------------------------------------------
Other Revenue--8.3%
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl.
Tax Rev. 7% 6/15/2005* 1,096,250 293
1,000M Pennsylvania State Industrial Development Authority
6% 1/1/2012 1,035,000 277
1,000M Philadelphia Authority Ind. Dev. Lease Rev.
5.4% 2/15/2017 977,500 262
--------------------------------------------------------------------------------------------------------
3,108,750 832
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $36,052,395) 37,496,805 10,047
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM TAX EXEMPT
INVESTMENTS--1.0%
$ 200M Lehigh County General Purpose Auth. Floater
Adjustable Rate Note 4 1/2%** $ 200,000 $ 54
100M Puerto Rico Commonwealth Floater Certificates
Govt. Dev. Bank Adjustable Rate Note 4.6%** 100,000 27
100M Puerto Rico Commonwealth Floater Certificates
Series "A-1" Adjustable Rate Note 4 3/4%** 100,000 27
--------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $400,000) 400,000 108
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $36,452,395) 101.5% 37,896,805 10,155
Excess of Liabilities Over Other Assets (1.5) (576,489) (155)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $37,320,316 $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 June 30, 2000.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.4%
Education--8.3%
$ 575M George Mason University 6 3/8% 2/1/2016 $ 603,750 $ 288
1,100M Norfolk Redev. & Hsg. Auth.
(Tidewater Cmnty. College) 5 7/8% 11/1/2015 1,133,000 540
--------------------------------------------------------------------------------------------------------
1,736,750 828
--------------------------------------------------------------------------------------------------------
General Obligation--21.6%
1,000M Chesapeake Public Improvement 5% 5/1/2013 968,750 461
1,000M Hampton 5 3/4% 2/1/2014 1,035,000 493
1,000M Portsmouth Public Utility 5 1/2% 8/1/2019 1,000,000 476
1,000M Richmond 5 3/8% 1/15/2015 998,750 476
500M Virginia State Public School Authority 6 1/2% 8/1/2004* 540,000 257
--------------------------------------------------------------------------------------------------------
4,542,500 2,163
--------------------------------------------------------------------------------------------------------
Health Care--14.3%
1,150M Danville Ind. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2004* 1,231,938 587
1,675M Roanoke Indl. Dev. Auth. (Roanoke Memorial
Hospitals Project) 6 1/8% 7/1/2017 1,773,406 845
--------------------------------------------------------------------------------------------------------
3,005,344 1,432
--------------------------------------------------------------------------------------------------------
Transportation--15.3%
1,000M Puerto Rico Commonwealth Highway &
Transportation Authority 6 1/4% 7/1/2014 1,103,750 526
1,075M Richmond Metropolitan Authority Expressway Revenue
5 1/4% 7/15/2017 1,052,156 501
1,000M Washington, D.C. Metropolitan Area Transportation
Authority 6% 7/1/2008 1,058,750 504
--------------------------------------------------------------------------------------------------------
3,214,656 1,531
--------------------------------------------------------------------------------------------------------
Utilities--12.9%
750M Leesburg Utility System Revenue 6.3% 7/1/2002* 787,500 375
500M Loudon County Sanitation Authority Water & Sewer
Revenue 6 1/4% 1/1/2010 524,375 250
1,000M Norfolk Water Revenue 5 7/8% 11/1/2015 1,026,250 489
350M Prince William County Svc. Auth. Water &
Sewer System 6 1/2% 7/1/2001* 363,962 173
--------------------------------------------------------------------------------------------------------
2,702,087 1,287
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Other Revenue--26.0%
$1,000M Chesapeake Indl. Dev. Auth. (Chesapeake Court
House Project) 5 1/4% 6/1/2017 $ 973,750 $ 464
700M Frederick County Indl. Dev. Auth. (Govt. Complex
Proj.) 6 1/2% 12/1/2014 747,250 356
500M Henrico County Economic Dev. Auth. (Regional
Jail Project) 5 5/8%11/1/2015 508,750 242
1,000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,103,750 526
1,000M Richmond Redev. & Hsg. Auth. (Old Manchester
Projects) 6.8% 3/1/2005* 1,101,250 524
1,000M Riverside Regional Jail Authority 5 7/8% 7/1/2014 1,028,750 490
--------------------------------------------------------------------------------------------------------
5,463,500 2,602
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $19,798,658) 20,664,837 9,843
--------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.5%
100M Puerto Rico Commonwealth Floater Certificates
Govt. Dev. Bank Adjustable Rate Note 4.6%**
(cost $100,000) 100,000 48
--------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $19,898,658) 98.9% 20,764,837 9,891
Other Assets, Less Liabilities 1.1 228,973 109
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $20,993,810 $10,000
========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing
at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset
weekly by the issuer. The interest rate shown is the rate
in effect at June 30, 2000.
See notes to financial statements
</TABLE>
This page intentionally left blank.
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 2000
------------------------------------------------ ------------- -------------
INSURED
TAX EXEMPT INTERMEDIATE
MONEY MARKET TAX EXEMPT
------------------------------------------------ ------------- -------------
<S> <C> <C>
Assets
Investments in securities:
At identified cost $17,269,143 $8,607,004
============= =============
At value (Note 1A) $17,269,143 $8,861,806
Cash 167,893 27,912
Receivables:
Interest 182,102 120,575
Investment securities sold -- --
Shares sold -- 450,239
------------- -------------
Total Assets 17,619,138 9,460,532
------------- -------------
Liabilities
Payables:
Dividends payable 50,495 28,650
Investment securities purchased -- --
Shares redeemed 11,733 11,372
Accrued advisory fees 7,141 2,926
Accrued expenses 5,412 8,865
------------- -------------
Total Liabilities 74,781 51,813
------------- -------------
Net Assets $17,544,357 $9,408,719
============= =============
Net Assets Consist of:
Capital paid in $17,544,357 $9,173,947
Undistributed net investment income -- 5,158
Accumulated net realized gain (loss) on
investments -- (25,188)
Net unrealized appreciation in value of
investments -- 254,802
-------------
Total $17,544,357 $9,408,719
============= =============
Net Assets:
Class A $17,518,108 $8,208,683
Class B $ 26,249 $1,200,036
Shares outstanding (Note 2):
Class A 17,518,108 1,393,499
Class B 26,249 203,411
Net asset value and redemption price
per share - Class A $1.00+ $5.89
============= =============
Maximum offering price per share - Class A* N/A $6.28
============= =============
Net asset value and offering price
per share - Class B (Note 2) $1.00 $5.90
============= =============
* 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 (continued)
FIRST INVESTORS
June 30, 2000
----------------------------------------------- ------------- ------------- -------------------------------------------
NEW YORK MULTI-STATE INSURED TAX FREE FUND
INSURED INSURED -------------------------------------------
TAX EXEMPT TAX FREE ARIZONA CALIFORNIA COLORADO
----------------------------------------------- ------------- ------------- -------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $883,629,115 $159,060,184 $12,102,104 $13,872,445 $4,788,409
============= ============= ============= ============= =============
At value (Note 1A) $936,594,938 $165,536,451 $12,695,106 $14,936,792 $4,971,219
Cash 505,782 171,803 96,782 93,854 58,079
Receivables:
Interest 15,796,797 3,317,606 270,437 252,569 49,310
Investment securities sold 205,042 -- -- 2,341 --
Shares sold 121,409 30,457 -- 236 47
------------- ------------- ------------- ------------- -------------
Total Assets 953,223,968 169,056,317 13,062,325 15,285,792 5,078,655
------------- ------------- ------------- ------------- -------------
Liabilities
Payables:
Dividends payable 3,716,525 660,082 55,944 61,197 20,155
Investment securities purchased 15,888,947 4,540,249 -- 507,061 197,974
Shares redeemed 1,099,535 424,523 10,000 -- --
Accrued advisory fees 502,433 84,092 3,624 4,203 1,185
Accrued expenses 55,440 14,724 3,497 7,232 73
------------- ------------- ------------- ------------- -------------
Total Liabilities 21,262,880 5,723,670 73,065 579,693 219,387
------------- ------------- ------------- ------------- -------------
Net Assets $931,961,088 $163,332,647 $12,989,260 $14,706,099 $4,859,268
============= ============= ============= ============= =============
Net Assets Consist of:
Capital paid in $879,401,031 $158,399,922 $12,582,564 $13,515,758 $4,723,067
Undistributed net investment income 3,719,511 468,574 26,714 54,162 4,118
Accumulated net realized gain (loss) on
investments (4,125,277) (2,012,116) (213,020) 71,832 (50,727)
Net unrealized appreciation in value of
investments 52,965,823 6,476,267 593,002 1,064,347 182,810
------------- ------------- ------------- ------------- -------------
Total $931,961,088 $163,332,647 $12,989,260 $14,706,099 $4,859,268
============= ============= ============= ============= =============
Net Assets:
Class A $927,750,002 $159,383,736 $12,472,523 $14,130,528 $4,579,938
Class B $ 4,211,086 $ 3,948,911 $ 516,737 $ 575,571 $ 279,330
Shares outstanding (Note 2):
Class A 94,119,357 11,459,021 967,890 1,219,267 367,875
Class B 427,271 283,973 40,110 49,681 22,443
Net asset value and redemption price
per share - Class A $9.86 $13.91 $12.89 $11.59 $12.45
============= ============= ============= ============= =============
Maximum offering price per share - Class A* $10.52 $14.84 $13.75 $12.36 $13.28
============= ============= ============= ============= =============
Net asset value and offering price
per share - Class B (Note 2) $9.86 $13.91 $12.88 $11.59 $12.45
============= ============= ============= ============= =============
* 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 (continued)
FIRST INVESTORS
June 30, 2000
------------------------------------------------- ----------------------------
MULTI-STATE INSURED
TAX FREE FUND
----------------------------
CONNECTICUT FLORIDA
----------------------------------------------- ----------------------------
<S> <C> <C>
Assets
Investments in securities:
At identified cost $21,203,618 $23,613,927
============= =============
At value (Note 1A) $22,156,794 $24,685,175
Cash 25,616 15,886
Receivables:
Interest 487,762 396,240
Investment securities sold -- 1,016,816
Shares sold 5,711 250
------------- -------------
Total Assets 22,675,883 26,114,367
------------- -------------
Liabilities
Payables:
Dividends payable 92,233 104,564
Investment securities purchased 155,037 1,003,966
Shares redeemed 23,113 7,166
Accrued advisory fees 6,206 10,187
Accrued expenses -- 4,104
------------- -------------
Total Liabilities 276,589 1,129,987
------------- -------------
Net Assets $22,399,294 $24,984,380
============= =============
Net Assets Consist of:
Capital paid in $21,674,376 $23,785,304
Undistributed net investment income 36,250 72,884
Accumulated net realized gain (loss) on
investments (264,508) 54,944
Net unrealized appreciation in value of
investments 953,176 1,071,248
-------------
Total $22,399,294 $24,984,380
============= =============
Net Assets:
Class A $19,077,712 $24,162,342
Class B $ 3,321,582 $ 822,038
Shares outstanding (Note 2):
Class A 1,509,560 1,872,785
Class B 262,927 63,699
Net asset value and redemption price
per share - Class A $12.64 $12.90
============= =============
Maximum offering price per share - Class A* $13.48 $13.76
============= =============
Net asset value and offering price
per share - Class B (Note 2) $12.63 $12.91
============= =============
* 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 (continued)
FIRST INVESTORS
June 30, 2000
------------------------------------------------ -------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------------
GEORGIA MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA
------------------------------------------------ -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $5,949,439 $15,406,604 $21,721,931 $34,046,730 $7,973,584
============= ============= ============= ============= =============
At value (Note 1A) $6,159,056 $15,910,349 $22,300,566 $35,937,689 $8,161,181
Cash 28,126 117,840 13,354 554 51,255
Receivables:
Interest 98,613 328,362 415,005 533,844 171,486
Investment securities sold -- -- -- -- --
Shares sold -- 6,869 9,494 403 --
------------- ------------- ------------- ------------- -------------
Total Assets 6,285,795 16,363,420 22,738,419 36,472,490 8,383,922
------------- ------------- ------------- ------------- -------------
Liabilities
Payables:
Dividends payable 24,763 64,037 98,129 142,123 36,194
Investment securities purchased -- -- -- -- --
Shares redeemed -- 8,667 20,673 24,649 --
Accrued advisory fees 1,525 4,631 9,229 14,690 2,043
Accrued expenses 43 4,282 4,138 -- 48
------------- ------------- ------------- ------------- -------------
Total Liabilities 26,331 81,617 132,169 181,462 38,285
------------- ------------- ------------- ------------- -------------
Net Assets $6,259,464 $16,281,803 $22,606,250 $36,291,028 $8,345,637
============= ============= ============= ============= =============
Net Assets Consist of:
Capital paid in $6,104,792 $15,970,294 $22,053,691 $34,155,311 $8,224,240
Undistributed net investment income 3,963 8,448 45,589 73,350 17,430
Accumulated net realized gain (loss) on
investments (58,908) (200,684) (71,665) 171,408 (83,630)
Net unrealized appreciation in value of
investments 209,617 503,745 578,635 1,890,959 187,597
------------- ------------- ------------- ------------- -------------
Total $6,259,464 $16,281,803 $22,606,250 $36,291,028 $8,345,637
============= ============= ============= ============= =============
Net Assets:
Class A $5,874,703 $13,178,749 $21,325,680 $35,353,358 $8,264,700
Class B $ 384,761 $ 3,103,054 $ 1,280,570 $ 937,670 $ 80,937
Shares outstanding (Note 2):
Class A 467,331 1,022,907 1,886,448 2,863,538 741,746
Class B 30,634 240,863 113,298 76,006 7,261
Net asset value and redemption price
per share - Class A $12.57 $12.88 $11.30 $12.35 $11.14
============= ============= ============= ============= =============
Maximum offering price per share - Class A* $13.41 $13.74 $12.05 $13.17 $11.88
============= ============= ============= ============= =============
Net asset value and offering price
per share - Class B (Note 2) $12.56 $12.88 $11.30 $12.34 $11.15
============= ============= ============= ============= =============
* 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 (continued)
FIRST INVESTORS
June 30, 2000
------------------------------------------------- ----------------------------
MULTI-STATE INSURED
TAX FREE FUND
----------------------------
MISSOURI NEW JERSEY
------------------------------------------------- ----------------------------
<S> <C> <C>
Assets
Investments in securities:
At identified cost $2,801,974 $50,571,319
============= =============
At value (Note 1A) $2,895,638 $53,272,632
Cash 138,945 342,628
Receivables:
Interest 46,644 1,176,891
Investment securities sold -- 196,207
Shares sold -- 24,058
------------- -------------
Total Assets 3,081,227 55,012,416
------------- -------------
Liabilities
Payables:
Dividends payable 12,448 216,879
Investment securities purchased 107,969 --
Shares redeemed -- 19,750
Accrued advisory fees 721 26,758
Accrued expenses 22 14,739
------------- -------------
Total Liabilities 121,160 278,126
------------- -------------
Net Assets $2,960,067 $54,734,290
============= =============
Net Assets Consist of:
Capital paid in $2,939,101 $52,129,049
Undistributed net investment income 3,591 247,997
Accumulated net realized gain (loss) on
investments (76,289) (344,069)
Net unrealized appreciation in value of
investments 93,664 2,701,313
-------------
Total $2,960,067 $54,734,290
============= =============
Net Assets:
Class A $2,730,771 $51,549,578
Class B $ 229,296 $ 3,184,712
Shares outstanding (Note 2):
Class A 221,810 4,097,586
Class B 18,615 253,598
Net asset value and redemption price
per share - Class A $12.31 $12.58
============= =============
Maximum offering price per share - Class A* $13.13 $13.42
============= =============
Net asset value and offering price
per share - Class B (Note 2) $12.32 $12.56
============= =============
* 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 (continued)
FIRST INVESTORS
June 30, 2000
---------------------------------------------- -------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------------
NORTH
CAROLINA OHIO OREGON PENNSYLVANIA VIRGINIA
---------------------------------------------- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $10,349,874 $17,783,539 $14,020,476 $36,452,395 $19,898,658
============= ============= ============= ============= =============
At value (Note 1A) $10,610,218 $18,642,881 $14,450,525 $37,896,805 $20,764,837
Cash 235,648 13,838 178,013 68,432 --
Receivables:
Interest 184,260 159,269 201,283 568,293 437,419
Investment securities sold 547,250 -- -- -- --
Shares sold 29,504 8,784 14,595 33,292 18,978
------------- ------------- ------------- ------------- -------------
Total Assets 11,606,880 18,824,772 14,844,416 38,566,822 21,221,234
------------- ------------- ------------- ------------- -------------
Liabilities
Payables:
Dividends payable 41,439 79,678 58,721 151,493 85,604
Investment securities purchased 862,240 -- -- 1,072,656 --
Shares redeemed -- 377 2,070 4,022 119,393
Accrued advisory fees 2,553 7,671 4,155 15,192 8,586
Accrued expenses 83 8,590 4,864 3,143 13,841
------------- ------------- ------------- ------------- -------------
Total Liabilities 906,315 96,316 69,810 1,246,506 227,424
------------- ------------- ------------- ------------- -------------
Net Assets $10,700,565 $18,728,456 $14,774,606 $37,320,316 $20,993,810
============= ============= ============= ============= =============
Net Assets Consist of:
Capital paid in $10,617,108 $17,801,392 $14,553,273 $35,729,645 $20,011,348
Undistributed net investment income 2,298 55,186 6,078 98,511 69,681
Accumulated net realized gain (loss) on
investments (179,185) 12,536 (214,794) 47,750 46,602
Net unrealized appreciation in value of
investments 260,344 859,342 430,049 1,444,410 866,179
------------- ------------- ------------- ------------- -------------
Total $10,700,565 $18,728,456 $14,774,606 $37,320,316 $20,993,810
============= ============= ============= ============= =============
Net Assets:
Class A $ 9,514,985 $18,041,979 $13,809,984 $35,621,291 $20,101,570
Class B $ 1,185,580 $ 686,477 $ 964,622 $ 1,699,025 $ 892,240
Shares outstanding (Note 2):
Class A 776,196 1,498,789 1,139,771 2,842,632 1,604,391
Class B 96,663 57,013 79,684 135,672 71,319
Net asset value and redemption price
per share - Class A $12.26 $12.04 $12.12 $12.53 $12.53
============= ============= ============= ============= =============
Maximum offering price per share - Class A* $13.08 $12.84 $12.93 $13.37 $13.37
============= ============= ============= ============= =============
Net asset value and offering price
per share - Class B (Note 2) $12.27 $12.04 $12.11 $12.52 $12.51
============= ============= ============= ============= =============
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 2000
------------------------------------------------ ------------- -------------
INSURED
TAX EXEMPT INTERMEDIATE
MONEY MARKET TAX EXEMPT
------------------------------------------------ ------------- -------------
<S> <C> <C>
Investment Income
Interest income $340,394 $217,084
------------- -------------
Expenses (Notes 1 and 5):
Advisory fees 42,416 27,008
Distribution plan expenses - Class A -- 11,589
Distribution plan expenses - Class B 93 5,817
Shareholder servicing costs 34,971 3,680
Professional fees 9,582 6,361
Custodian fees 3,535 1,008
Reports to shareholders 3,939 237
Other expenses 3,361 497
------------- -------------
Total expenses 97,897 56,197
Less: Expenses waived or assumed (27,750) (23,295)
Custodian fees paid indirectly (2,194) (1,008)
------------- -------------
Net expenses 67,953 31,894
------------- -------------
Net investment income 272,441 185,190
------------- -------------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments -- (18,279)
Net unrealized appreciation of investments -- 131,761
------------- -------------
Net gain on investments -- 113,482
------------- -------------
Net Increase in Net Assets Resulting
from Operations $272,441 $298,672
============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
FIRST INVESTORS
Six Months Ended June 30, 2000
----------------------------------------------- ------------- ------------- -------------------------------------------
NEW YORK MULTI-STATE INSURED TAX FREE FUND
INSURED INSURED -------------------------------------------
TAX EXEMPT TAX FREE ARIZONA CALIFORNIA COLORADO
----------------------------------------------- ------------- ------------- -------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $27,717,444 $4,780,424 $348,651 $409,915 $131,004
------------- ------------- ------------- ------------- -------------
Expenses (Notes 1 and 5):
Advisory fees 3,265,356 614,418 45,391 52,758 16,819
Distribution plan expenses - Class A 1,254,293 239,688 11,605 13,537 4,192
Distribution plan expenses - Class B 20,275 20,421 2,542 2,636 1,464
Shareholder servicing costs 402,183 64,954 5,888 4,696 3,030
Professional fees 48,089 19,387 2,437 2,917 6,112
Custodian fees 34,906 7,760 964 927 409
Reports to shareholders 74,397 11,301 394 198 152
Other expenses 114,205 27,550 2,441 48 721
------------- ------------- ------------- ------------- -------------
Total expenses 5,213,704 1,005,479 71,662 77,717 32,899
Less: Expenses waived or assumed -- (98,306) (35,220) (21,302) (20,106)
Custodian fees paid indirectly (33,485) (6,671) (964) (927) (409)
------------- ------------- ------------- ------------- -------------
Net expenses 5,180,219 900,502 35,478 55,488 12,384
------------- ------------- ------------- ------------- -------------
Net investment income 22,537,225 3,879,922 313,173 354,427 118,620
------------- ------------- ------------- ------------- -------------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments 1,797,550 (669,180) 2,478 71,832 (3,866)
Net unrealized appreciation of investments 13,739,894 3,887,678 181,114 341,188 83,280
------------- ------------- ------------- ------------- -------------
Net gain on investments 15,537,444 3,218,498 183,592 413,020 79,414
------------- ------------- ------------- ------------- -------------
Net Increase in Net Assets Resulting
from Operations $38,074,669 $7,098,420 $496,765 $767,447 $198,034
============= ============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
FIRST INVESTORS
Six Months Ended June 30, 2000
------------------------------------------------- ----------------------------
MULTI-STATE INSURED
TAX FREE FUND
----------------------------
CONNECTICUT FLORIDA
----------------------------------------------- ----------------------------
<S> <C> <C>
Investment Income
Interest income $628,043 $701,471
------------- -------------
Expenses (Notes 1 and 5):
Advisory fees 80,880 91,224
Distribution plan expenses - Class A 18,345 23,532
Distribution plan expenses - Class B 16,077 3,957
Shareholder servicing costs 7,997 8,145
Professional fees 6,214 9,988
Custodian fees 1,487 1,526
Reports to shareholders 1,365 1,446
Other expenses 3,572 4,861
------------- -------------
Total expenses 135,937 144,679
Less: Expenses waived or assumed (35,332) (42,051)
Custodian fees paid indirectly (1,487) (1,526)
------------- -------------
Net expenses 99,118 101,102
------------- -------------
Net investment income 528,925 600,369
------------- -------------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments 5,680 105,285
Net unrealized appreciation of investments 292,778 256,930
------------- -------------
Net gain on investments 298,458 362,215
------------- -------------
Net Increase in Net Assets Resulting
from Operations $827,383 $962,584
============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
FIRST INVESTORS
Six Months Ended June 30, 2000
---------------------------------------------- --------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------------
GEORGIA MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA
---------------------------------------------- --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $168,719 $432,205 $649,629 $1,098,422 $241,339
------------- ------------- ------------- ------------- -------------
Expenses (Notes 1 and 5):
Advisory fees 22,357 58,150 82,470 136,663 30,883
Distribution plan expenses - Class A 5,621 12,599 20,785 35,552 8,155
Distribution plan expenses - Class B 1,704 14,598 6,011 4,488 403
Shareholder servicing costs 1,964 6,939 10,342 12,749 3,095
Professional fees 987 4,589 7,625 9,985 295
Custodian fees 592 994 1,555 2,128 760
Reports to shareholders 123 544 1,591 2,311 231
Other expenses 980 4,483 3,759 4,214 2,124
------------- ------------- ------------- ------------- -------------
Total expenses 34,328 102,896 134,138 208,090 45,946
Less: Expenses waived or assumed (17,468) (47,320) (39,133) (45,555) (24,274)
Custodian fees paid indirectly (592) (994) (1,555) (1,612) (760)
------------- ------------- ------------- ------------- -------------
Net expenses 16,268 54,582 93,450 160,923 20,912
------------- ------------- ------------- ------------- -------------
Net investment income 152,451 377,623 556,179 937,499 220,427
------------- ------------- ------------- ------------- -------------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments (11,763) (48,886) (10,120) 193,684 (2,605)
Net unrealized appreciation of investments 167,102 361,085 331,341 307,127 123,681
------------- ------------- ------------- ------------- -------------
Net gain on investments 155,339 312,199 321,221 500,811 121,076
------------- ------------- ------------- ------------- -------------
Net Increase in Net Assets Resulting
from Operations $307,790 $689,822 $877,400 $1,438,310 $341,503
============= ============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
FIRST INVESTORS
Six Months Ended June 30, 2000
------------------------------------------------- ----------------------------
MULTI-STATE INSURED
TAX FREE FUND
----------------------------
MISSOURI NEW JERSEY
------------------------------------------------- ----------------------------
<S> <C> <C>
Assets
Investment Income
Interest income $77,321 $1,607,048
------------- -------------
Expenses (Notes 1 and 5):
Advisory fees 10,252 203,332
Distribution plan expenses - Class A 2,513 51,031
Distribution plan expenses - Class B 1,107 15,993
Shareholder servicing costs 1,764 19,152
Professional fees 7,476 14,532
Custodian fees 287 3,087
Reports to shareholders 105 3,309
Other expenses 607 10,690
------------- -------------
Total expenses 24,111 321,126
Less: Expenses waived or assumed (16,104) (40,666)
Custodian fees paid indirectly (287) (3,087)
------------- -------------
Net expenses 7,720 277,373
------------- -------------
Net investment income 69,601 1,329,675
------------- -------------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments 8,699 (3,724)
Net unrealized appreciation of investments 45,752 599,342
------------- -------------
Net gain on investments 54,451 595,618
------------- -------------
Net Increase in Net Assets Resulting
from Operations $124,052 $1,925,293
============= =============
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
FIRST INVESTORS
Six Months Ended June 30, 2000
---------------------------------------------- --------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------------
NORTH
CAROLINA OHIO OREGON PENNSYLVANIA VIRGINIA
---------------------------------------------- --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $269,053 $550,574 $387,398 $1,116,540 $642,801
------------- ------------- ------------- ------------- -------------
Expenses (Notes 1 and 5):
Advisory fees 37,055 70,230 51,679 140,396 78,527
Distribution plan expenses - Class A 9,076 18,093 12,762 35,642 20,012
Distribution plan expenses - Class B 4,028 3,186 5,144 9,023 4,671
Shareholder servicing costs 4,841 8,415 11,319 13,052 10,107
Professional fees 2,427 5,126 6,346 11,648 5,458
Custodian fees 992 1,188 1,146 2,094 1,418
Reports to shareholders 277 1,491 710 2,323 878
Other expenses 1,813 4,467 2,897 6,115 4,977
------------- ------------- ------------- ------------- -------------
Total expenses 60,509 112,196 92,003 220,293 126,048
Less: Expenses waived or assumed (31,591) (32,512) (48,634) (46,798) (37,131)
Custodian fees paid indirectly (992) (1,188) (1,146) (2,094) (1,418)
------------- ------------- ------------- ------------- -------------
Net expenses 27,926 78,496 42,223 171,401 87,499
------------- ------------- ------------- ------------- -------------
Net investment income 241,127 472,078 345,175 945,139 555,302
------------- ------------- ------------- ------------- -------------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments (32,949) 116,670 29,575 52,844 76,571
Net unrealized appreciation of investments 245,153 153,160 176,744 468,436 276,472
------------- ------------- ------------- ------------- -------------
Net gain on investments 212,204 269,830 206,319 521,280 353,043
------------- ------------- ------------- ------------- -------------
Net Increase in Net Assets Resulting
from Operations $453,331 $741,908 $551,494 $1,466,419 $908,345
============= ============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
TAX-EXEMPT INSURED INTERMEDIATE
MONEY MARKET TAX EXEMPT
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 272,441 $ 446,827 $ 185,190 $ 356,590
Net realized gain (loss) on investments -- -- (18,279) 14,923
Net unrealized appreciation (depreciation)
of investments -- -- 131,761 (324,880)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 272,441 446,827 298,672 46,633
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (272,113) (446,252) (161,835) (326,640)
Net investment income - Class B (328) (575) (18,197) (29,950)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (272,441) (446,827) (180,032) (356,590)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 15,504,676 26,430,071 789,987 1,819,931
Reinvestment of distributions 218,353 441,982 98,360 238,798
Cost of shares redeemed (14,682,961) (26,704,193) (1,045,550) (2,192,502)
------------- ------------- ------------- -------------
1,040,068 167,860 (157,203) (133,773)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 56,302 111,418 144,100 428,418
Reinvestment of distributions 225 416 11,901 22,815
Cost of shares redeemed (31,310) (111,815) (125,856) (264,340)
------------- ------------- ------------- -------------
25,217 19 30,145 186,893
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 1,065,285 167,879 (127,058) 53,120
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 1,065,285 167,879 (8,418) (256,837)
Net Assets
Beginning of period 16,479,072 16,311,193 9,417,137 9,673,974
------------- ------------- ------------- -------------
End of period+ $17,544,357 $16,479,072 $9,408,719 $9,417,137
============= ============= ============= =============
+ Includes undistributed net investment
income of $ -- $ -- $ 5,158 $ --
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 15,504,676 26,430,071 134,957 306,227
Issued for distributions reinvested 218,353 441,982 16,925 40,351
Redeemed (14,682,961) (26,704,193) (179,684) (367,441)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 1,040,068 167,860 (27,802) (20,863)
============= ============= ============= =============
Class B:
Sold 56,302 111,418 24,658 72,496
Issued for distributions reinvested 225 416 2,047 3,852
Redeemed (31,310) (111,815) (21,632) (44,201)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 25,217 19 5,073 32,147
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
INSURED NEW YORK
TAX EXEMPT INSURED TAX FREE
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 22,537,225 $ 52,675,583 $ 3,879,922 $ 9,082,369
Net realized gain (loss) on investments 1,797,550 (2,177,690) (669,180) (1,342,936)
Net unrealized appreciation (depreciation)
of investments 13,739,894 (88,703,533) 3,887,678 (14,545,609)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 38,074,669 (38,205,640) 7,098,420 (6,806,176)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (23,942,229) (47,679,004) (4,058,018) (8,140,000)
Net investment income - Class B (89,571) (161,210) (89,757) (205,942)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (24,031,800) (47,840,214) (4,147,775) (8,345,942)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 6,671,263 18,499,433 3,451,060 8,584,885
Reinvestment of distributions 15,452,482 36,539,001 2,433,442 5,892,531
Cost of shares redeemed (67,021,727) (129,571,414) (13,999,440) (22,687,898)
------------- ------------- ------------- -------------
(44,897,982) (74,532,980) (8,114,938) (8,210,482)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 568,951 1,401,776 523,409 1,243,555
Reinvestment of distributions 59,600 137,498 45,882 141,550
Cost of shares redeemed (769,481) (779,595) (1,429,127) (1,480,097)
------------- ------------- ------------- -------------
(140,930) 759,679 (859,836) (94,992)
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions (45,038,912) (73,773,301) (8,974,774) (8,305,474)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (30,996,043) (159,819,155) (6,024,129) (23,457,592)
Net Assets
Beginning of period 962,957,131 1,122,776,286 169,356,776 192,814,368
------------- ------------- ------------- -------------
End of period+ $931,961,088 $ 962,957,131 $163,332,647 $169,356,776
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 3,719,511 $ 5,214,086 $ 468,574 $ 736,427
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 683,995 1,815,196 251,618 603,028
Issued for distributions reinvested 1,589,577 3,612,697 177,747 413,248
Redeemed (6,898,871) (12,763,828) (1,022,249) (1,589,907)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding (4,625,299) (7,335,935) (592,884) (573,631)
============= ============= ============= =============
Class B:
Sold 58,740 138,358 38,172 86,242
Issued for distributions reinvested 6,132 13,619 3,354 9,942
Redeemed (79,490) (77,706) (104,176) (104,427)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding (14,618) 74,271 (62,650) (8,243)
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------- ----------------------------------------------------------
ARIZONA CALIFORNIA
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 313,173 $ 669,648 $ 354,427 $ 755,259
Net realized gain (loss) on investments 2,478 (169,252) 71,832 23,559
Net unrealized appreciation (depreciation)
of investments 181,114 (757,359) 341,188 (1,214,591)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 496,765 (256,963) 767,447 (435,773)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (322,575) (604,070) (357,243) (673,609)
Net investment income - Class B (12,176) (21,656) (11,740) (19,389)
Net realized gains - Class A -- -- -- (22,747)
Net realized gains - Class B -- -- -- (812)
------------- ------------- ------------- -------------
Total distributions (334,751) (625,726) (368,983) (716,557)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 1,374,752 2,941,186 909,968 2,072,982
Reinvestment of distributions 141,988 330,199 172,366 368,427
Cost of shares redeemed (945,104) (1,551,010) (719,331) (2,557,568)
------------- ------------- ------------- -------------
571,636 1,720,375 363,003 (116,159)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 300 138,883 73,994 78,000
Reinvestment of distributions 5,220 13,636 4,404 9,280
Cost of shares redeemed (3,617) (97,693) -- (46,298)
------------- ------------- ------------- -------------
1,903 54,826 78,398 40,982
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 573,539 1,775,201 441,401 (75,177)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 735,553 892,512 839,865 (1,227,507)
Net Assets
Beginning of period 12,253,707 11,361,195 13,866,234 15,093,741
------------- ------------- ------------- -------------
End of period+ $12,989,260 $12,253,707 $14,706,099 $13,866,234
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 26,714 $ 48,292 $ 54,162 $ 68,718
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 107,464 219,821 80,624 174,976
Issued for distributions reinvested 11,151 25,133 15,167 31,489
Redeemed (74,669) (119,321) (63,344) (218,015)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 43,946 125,633 32,447 (11,550)
============= ============= ============= =============
Class B:
Sold 24 10,604 6,463 6,520
Issued for distributions reinvested 410 1,038 387 793
Redeemed (283) (7,574) -- (3,809)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 151 4,068 6,850 3,504
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------- ----------------------------------------------------------
COLORADO CONNECTICUT
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 118,620 $ 209,546 $ 528,925 $ 1,045,343
Net realized gain (loss) on investments (3,866) (28,764) 5,680 (220,336)
Net unrealized appreciation (depreciation)
of investments 83,280 (280,802) 292,778 (1,260,205)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 198,034 (100,020) 827,383 (435,198)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (110,705) (194,405) (484,848) (864,595)
Net investment income - Class B (6,577) (15,382) (72,363) (123,558)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (117,282) (209,787) (557,211) (988,153)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 585,137 1,221,942 1,800,851 3,699,220
Reinvestment of distributions 53,101 121,197 292,122 658,039
Cost of shares redeemed (202,771) (562,932) (1,151,565) (2,671,444)
------------- ------------- ------------- -------------
435,467 780,207 941,408 1,685,815
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 2,000 15,000 158,535 702,180
Reinvestment of distributions 4,270 12,608 40,338 90,142
Cost of shares redeemed (102,671) (4,101) (119,019) (864,326)
------------- ------------- ------------- -------------
(96,401) 23,507 79,854 (72,004)
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 339,066 803,714 1,021,262 1,613,811
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 419,818 493,907 1,291,434 190,460
Net Assets
Beginning of period 4,439,450 3,945,543 21,107,860 20,917,400
------------- ------------- ------------- -------------
End of period+ $4,859,268 $4,439,450 $22,399,294 $21,107,860
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 4,118 $ 2,780 $ 36,250 $ 64,536
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 47,747 95,345 145,131 284,965
Issued for distributions reinvested 4,326 9,535 23,385 50,934
Redeemed (16,586) (43,986) (92,154) (207,628)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 35,487 60,894 76,362 128,271
============= ============= ============= =============
Class B:
Sold 162 1,208 12,641 53,787
Issued for distributions reinvested 348 992 3,230 6,989
Redeemed (8,437) (311) (9,558) (65,074)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding (7,927) 1,889 6,313 (4,298)
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------- ----------------------------------------------------------
FLORIDA GEORGIA
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 600,369 $ 1,285,900 $ 152,451 $ 228,300
Net realized gain (loss) on investments 105,285 (50,341) (11,763) (46,601)
Net unrealized appreciation (depreciation)
of investments 256,930 (2,005,228) 167,102 (318,371)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 962,584 (769,669) 307,790 (136,672)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (621,066) (1,150,018) (142,333) (217,811)
Net investment income - Class B (17,716) (32,154) (7,287) (10,956)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (638,782) (1,182,172) (149,620) (228,767)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 1,258,009 2,963,267 273,973 3,350,635
Reinvestment of distributions 272,237 595,822 77,167 146,270
Cost of shares redeemed (1,410,009) (3,814,112) (153,732) (788,139)
------------- ------------- ------------- -------------
120,237 (255,023) 197,408 2,708,766
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 30,000 93,725 102,442 100,979
Reinvestment of distributions 9,636 21,190 5,973 10,646
Cost of shares redeemed (17,229) (121,415) (28,089) (43,053)
------------- ------------- ------------- -------------
22,407 (6,500) 80,326 68,572
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 142,644 (261,523) 277,734 2,777,338
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 466,446 (2,213,364) 435,904 2,411,899
Net Assets
Beginning of period 24,517,934 26,731,298 5,823,560 3,411,661
------------- ------------- ------------- -------------
End of period+ $24,984,380 $24,517,934 $6,259,464 $5,823,560
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 72,884 $ 111,297 $ 3,963 $ 1,132
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 98,806 223,409 22,170 263,782
Issued for distributions reinvested 21,392 45,198 6,263 11,550
Redeemed (110,930) (286,334) (12,525) (62,261)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 9,268 (17,727) 15,908 213,071
============= ============= ============= =============
Class B:
Sold 2,381 7,051 8,175 7,940
Issued for distributions reinvested 756 1,607 485 836
Redeemed (1,351) (9,139) (2,262) (3,380)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 1,786 (481) 6,398 5,396
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------- ----------------------------------------------------------
MARYLAND MASSACHUSETTS
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 377,623 $ 734,448 $ 556,179 $ 1,188,783
Net realized gain (loss) on investments (48,886) (132,292) (10,120) (61,545)
Net unrealized appreciation (depreciation)
of investments 361,085 (1,034,639) 331,341 (1,697,614)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 689,822 (432,483) 877,400 (570,376)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (317,895) (625,749) (570,399) (1,058,842)
Net investment income - Class B (62,197) (102,842) (28,154) (57,345)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (380,092) (728,591) (598,553) (1,116,187)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 918,207 3,457,252 994,329 1,093,753
Reinvestment of distributions 136,302 344,994 368,822 846,167
Cost of shares redeemed (706,560) (1,530,101) (807,254) (2,275,289)
------------- ------------- ------------- -------------
347,949 2,272,145 555,897 (335,369)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 321,257 994,342 130,446 326,448
Reinvestment of distributions 28,478 58,176 16,894 45,943
Cost of shares redeemed (22,604) (361,875) (59,436) (514,252)
------------- ------------- ------------- -------------
327,131 690,643 87,904 (141,861)
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 675,080 2,962,788 643,801 (477,230)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 984,810 1,801,714 922,648 (2,163,793)
Net Assets
Beginning of period 15,296,993 13,495,279 21,683,602 23,847,395
------------- ------------- ------------- -------------
End of period+ $16,281,803 $15,296,993 $22,606,250 $21,683,602
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 8,448 $ 10,917 $ 45,589 $ 87,963
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 72,318 259,225 89,440 93,704
Issued for distributions reinvested 10,749 26,295 33,075 72,866
Redeemed (55,918) (118,013) (72,329) (195,191)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 27,149 167,507 50,186 (28,621)
============= ============= ============= =============
Class B:
Sold 25,219 75,399 11,730 28,134
Issued for distributions reinvested 2,246 4,442 1,515 3,951
Redeemed (1,769) (27,393) (5,373) (45,321)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 25,696 52,448 7,872 (13,236)
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------- ----------------------------------------------------------
MICHIGAN MINNESOTA
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 937,499 $ 1,816,566 $ 220,427 $ 442,552
Net realized gain (loss) on investments 193,684 (22,276) (2,605) (15,959)
Net unrealized appreciation (depreciation)
of investments 307,127 (2,812,167) 123,681 (573,087)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 1,438,310 (1,017,877) 341,503 (146,494)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (875,857) (1,749,807) (215,555) (428,054)
Net investment income - Class B (18,658) (43,260) (1,822) (3,055)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (894,515) (1,793,067) (217,377) (431,109)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 912,097 4,255,793 173,514 1,103,564
Reinvestment of distributions 450,141 1,101,285 130,809 315,022
Cost of shares redeemed (3,045,726) (5,183,033) (525,320) (829,283)
------------- ------------- ------------- -------------
(1,683,488) 174,045 (220,997) 589,303
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 30,300 237,052 -- 37,994
Reinvestment of distributions 10,884 24,105 1,508 3,050
Cost of shares redeemed (11,454) (315,722) (4,440) --
------------- ------------- ------------- -------------
29,730 (54,565) (2,932) 41,044
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions (1,653,758) 119,480 (223,929) 630,347
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (1,109,963) (2,691,464) (99,803) 52,744
Net Assets
Beginning of period 37,400,991 40,092,455 8,445,440 8,392,696
------------- ------------- ------------- -------------
End of period+ $36,291,028 $37,400,991 $8,345,637 $8,445,440
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 73,350 $ 30,366 $ 17,430 $ 14,380
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 75,023 341,602 15,758 96,628
Issued for distributions reinvested 36,978 87,212 11,888 27,742
Redeemed (249,584) (411,133) (47,835) (72,598)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding (137,583) 17,681 (20,189) 51,772
============= ============= ============= =============
Class B:
Sold 2,488 18,352 -- 3,262
Issued for distributions reinvested 895 1,914 137 270
Redeemed (948) (25,547) (405) --
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 2,435 (5,281) (268) 3,532
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------- ----------------------------------------------------------
MISSOURI NEW JERSEY
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 69,601 $ 133,512 $ 1,329,675 $ 2,998,756
Net realized gain (loss) on investments 8,699 (30,929) (3,724) (340,345)
Net unrealized appreciation (depreciation)
of investments 45,752 (163,445) 599,342 (3,937,287)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 124,052 (60,862) 1,925,293 (1,278,876)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (67,134) (118,488) (1,279,967) (2,613,185)
Net investment income - Class B (5,091) (9,430) (67,985) (120,933)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (72,225) (127,918) (1,347,952) (2,734,118)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 344,298 1,056,075 2,945,643 4,565,043
Reinvestment of distributions 24,910 57,359 712,258 1,719,625
Cost of shares redeemed (157,573) (554,920) (5,501,387) (10,235,069)
------------- ------------- ------------- -------------
211,635 558,514 (1,843,486) (3,950,401)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 13,623 143,475 401,593 1,693,243
Reinvestment of distributions 1,525 5,278 44,182 94,225
Cost of shares redeemed (13) (95,167) (629,831) (786,605)
------------- ------------- ------------- -------------
15,135 53,586 (184,056) 1,000,863
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 226,770 612,100 (2,027,542) (2,949,538)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 278,597 423,320 (1,450,201) (6,962,532)
Net Assets
Beginning of period 2,681,470 2,258,150 56,184,491 63,147,023
------------- ------------- ------------- -------------
End of period+ $2,960,067 $2,681,470 $54,734,290 $56,184,491
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 3,591 $ 6,215 $ 247,997 $ 266,274
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 28,420 82,522 237,215 353,400
Issued for distributions reinvested 2,054 4,574 57,305 133,664
Redeemed (13,040) (43,601) (443,045) (793,422)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 17,434 43,495 (148,525) (306,358)
============= ============= ============= =============
Class B:
Sold 1,121 11,304 32,441 130,535
Issued for distributions reinvested 126 420 3,559 7,355
Redeemed (1) (7,575) (51,069) (62,045)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 1,246 4,149 (15,069) 75,845
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------- ----------------------------------------------------------
NORTH CAROLINA OHIO
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 241,127 $ 441,087 $ 472,078 $ 1,019,501
Net realized gain (loss) on investments (32,949) (66,343) 116,670 (104,134)
Net unrealized appreciation (depreciation)
of investments 245,153 (606,265) 153,160 (1,268,564)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 453,331 (231,521) 741,908 (353,197)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (230,671) (416,971) (484,178) (946,062)
Net investment income - Class B (17,270) (16,418) (14,422) (20,214)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (247,941) (433,389) (498,600) (966,276)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 539,186 1,751,727 584,924 2,188,769
Reinvestment of distributions 119,306 266,372 295,515 696,219
Cost of shares redeemed (310,488) (703,779) (1,646,908) (2,793,896)
------------- ------------- ------------- -------------
348,004 1,314,320 (766,469) 91,092
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 589,646 369,596 177,940 323,985
Reinvestment of distributions 9,936 12,297 8,870 16,137
Cost of shares redeemed (26,475) -- (148,991) (68,346)
------------- ------------- ------------- -------------
573,107 381,893 37,819 271,776
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 921,111 1,696,213 (728,650) 362,868
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 1,126,501 1,031,303 (485,342) (956,605)
Net Assets
Beginning of period 9,574,064 8,542,761 19,213,798 20,170,403
------------- ------------- ------------- -------------
End of period+ $10,700,565 $9,574,064 $18,728,456 $19,213,798
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 2,298 $ 9,112 $ 55,186 $ 81,708
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 44,526 139,244 49,231 176,829
Issued for distributions reinvested 9,910 21,379 24,871 56,611
Redeemed (25,970) (55,886) (138,660) (226,785)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 28,466 104,737 (64,558) 6,655
============= ============= ============= =============
Class B:
Sold 48,419 29,552 15,008 26,247
Issued for distributions reinvested 825 996 747 1,319
Redeemed (2,205) -- (12,624) (5,451)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 47,039 30,548 3,131 22,115
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ----------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------- ----------------------------------------------------------
OREGON PENNSYLVANIA
---------------------------- ----------------------------
1/1/00 to 1/1/00 to
6/30/00 1999 6/30/00 1999
------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 345,175 $ 659,286 $ 945,139 $ 1,923,343
Net realized gain (loss) on investments 29,575 (81,012) 52,844 (5,094)
Net unrealized appreciation (depreciation)
of investments 176,744 (883,123) 468,436 (2,852,357)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 551,494 (304,849) 1,466,419 (934,108)
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (326,809) (607,767) (901,864) (1,870,838)
Net investment income - Class B (22,136) (41,671) (38,337) (79,889)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (348,945) (649,438) (940,201) (1,950,727)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 2,088,603 1,716,714 1,023,945 2,810,294
Reinvestment of distributions 216,548 488,253 430,580 1,075,060
Cost of shares redeemed (1,073,725) (1,973,009) (3,072,908) (5,177,643)
------------- ------------- ------------- -------------
1,231,426 231,958 (1,618,383) (1,292,289)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 32,340 390,852 58,080 368,452
Reinvestment of distributions 17,054 38,457 14,507 38,656
Cost of shares redeemed (194,189) (299,835) (333,283) (379,178)
------------- ------------- ------------- -------------
(144,795) 129,474 (260,696) 27,930
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 1,086,631 361,432 (1,879,079) (1,264,359)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 1,289,180 (592,855) (1,352,861) (4,149,194)
Net Assets
Beginning of period 13,485,426 14,078,281 38,673,177 42,822,371
------------- ------------- ------------- -------------
End of period+ $14,774,606 $13,485,426 $37,320,316 $38,673,177
============= ============= ============= =============
+ Includes undistributed net investment
income of $ 6,078 $ 9,848 $ 98,511 $ 93,573
============= ============= ============= =============
* Shares Issued and Redeemed
Class A:
Sold 174,522 136,908 83,063 217,813
Issued for distributions reinvested 18,126 39,572 34,835 83,730
Redeemed (90,054) (160,088) (248,365) (403,740)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 102,594 16,392 (130,467) (102,197)
============= ============= ============= =============
Class B:
Sold 2,697 31,591 4,694 28,213
Issued for distributions reinvested 1,429 3,124 1,174 3,009
Redeemed (16,306) (24,374) (26,995) (29,020)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding (12,180) 10,341 (21,127) 2,202
============= ============= ============= =============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
------------------------------------------------- ---------------------------------
MULTI-STATE INSURED
TAX FREE FUND
------------------------------------------------- ---------------------------------
VIRGINIA
---------------------------------
1/1/00 to
6/30/00 1999
------------------------------------------------- ---------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 555,302 $ 1,143,741
Net realized gain (loss) on investments 76,571 (29,962)
Net unrealized appreciation (depreciation)
of investments 276,472 (1,745,078)
----------- -----------
Net increase (decrease) in net assets resulting
from operations 908,345 (631,299)
----------- -----------
Distributions to Shareholders
Net investment income - Class A (514,473) (1,064,796)
Net investment income - Class B (20,393) (48,591)
Net realized gains - Class A -- --
Net realized gains - Class B -- --
----------- -----------
Total distributions (534,866) (1,113,387)
----------- -----------
Share Transactions*
Class A:
Proceeds from shares sold 903,775 2,275,886
Reinvestment of distributions 250,384 653,619
Cost of shares redeemed (2,417,282) (3,689,375)
----------- -----------
(1,263,123) (759,870)
----------- -----------
Class B:
Proceeds from shares sold 52,128 86,250
Reinvestment of distributions 13,944 33,809
Cost of shares redeemed (249,683) (455,294)
----------- -----------
(183,611) (335,235)
----------- -----------
Net decrease from share transactions (1,446,734) (1,095,105)
----------- -----------
Net decrease in net assets (1,073,255) (2,839,791)
Net Assets
Beginning of period 22,067,065 24,906,856
----------- -----------
End of period+ 20,993,810 22,067,065
=========== ===========
+ Includes undistributed net investment income of $ 69,681 $ 49,245
=========== ===========
+ Shares Issued and Redeemed
Class A:
Sold 72,968 176,751
Issued for distributions reinvested 20,244 51,058
Redeemed (195,884) (286,551)
----------- -----------
Net decrease in Class A shares
outstanding (102,672) (58,742)
=========== ===========
Class B:
Sold 4,230 6,703
Issued for distributions reinvested 1,129 2,647
Redeemed (20,203) (35,242)
----------- -----------
Net decrease in Class B shares
outstanding (14,844) (25,892)
=========== ===========
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 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.
Notes to Financial Statements (continued)
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.
<TABLE>
<CAPTION>
At December 31, 1999, capital loss carryovers were as follows:
Year Capital Loss Carryovers Expire
----------------------------------------------------------
Fund Total 2002 2003 2004 2007
---------------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Insured Intermediate $ 6,909 $ -- $ -- $ -- $ 6,909
Insured Tax Exempt 5,299,009 3,221,247 -- 523,891 1,553,871
New York 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
</TABLE>
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 series on a fair and equitable basis,
which may be based on the relative assets of each Fund or the nature of
the services performed and relative applicability to each Fund.
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 six
months ended June 30, 2000, The Bank of New York, custodian for the
Funds, has provided credits in the amount of $64,396 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 June 30, 2000, paid-in capital of the Tax-Exempt Money
Market Fund amounted to $17,544,357. 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 ("FIC") 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 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 six months ended June 30, 2000,
purchases and sales of municipal securities, other than short-term
municipal notes, were as follows:
<TABLE>
<CAPTION>
Cost of Proceeds
Fund Purchases of Sales
---- ------------ ------------
<S> <C> <C>
Insured Intermediate $ 3,811,371 $ 4,454,534
Insured Tax Exempt 162,534,005 192,457,344
New York Insured 24,114,378 32,341,963
Arizona 3,552,692 3,221,542
California 4,312,489 4,002,510
Colorado 1,506,120 1,206,897
Connecticut 3,577,270 2,311,397
Florida 9,428,257 9,054,950
Georgia 2,092,305 1,814,115
Maryland 3,381,881 2,694,672
Massachusetts 4,367,666 3,779,238
Michigan 3,120,669 4,630,471
Minnesota 1,740,936 1,839,712
Missouri 1,057,316 788,063
New Jersey 7,787,787 10,213,342
North Carolina 3,611,287 2,448,951
Ohio 2,647,040 3,211,190
Oregon 4,900,790 3,742,533
Pennsylvania 5,967,063 7,077,884
Virginia 2,558,624 3,827,694
</TABLE>
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
At June 30, 2000, 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
---- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Insured Intermediate $ 8,607,004 $ 254,802 $ -- $ 254,802
Insured Tax Exempt 883,629,115 53,255,938 290,115 52,965,823
New York Insured 159,060,184 6,650,281 174,014 6,476,267
Arizona 12,102,104 593,002 -- 593,002
California 13,872,445 1,064,347 -- 1,064,347
Colorado 4,788,409 183,067 257 182,810
Connecticut 21,200,467 973,110 16,783 956,327
Florida 23,613,927 1,072,979 1,731 1,071,248
Georgia 5,949,439 212,320 2,703 209,617
Maryland 15,406,604 512,130 8,385 503,745
Massachusetts 21,721,931 831,269 252,634 578,635
Michigan 34,046,730 1,937,199 46,240 1,890,959
Minnesota 7,973,584 220,781 33,184 187,597
Missouri 2,801,974 95,218 1,554 93,664
New Jersey 50,571,319 2,733,103 31,790 2,701,313
North Carolina 10,349,874 300,266 39,922 260,344
Ohio 17,783,539 859,342 -- 859,342
Oregon 14,022,683 482,501 54,659 427,842
Pennsylvania 36,452,395 1,507,034 62,624 1,444,410
Virginia 19,898,658 938,060 71,881 866,179
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates--Certain officers
and directors/trustees of the Funds are officers and directors of the
Funds' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC") and/or
their transfer agent, Administrative Data Management Corp. ("ADM").
Directors/trustees of the Funds who are not "interested persons" of the
Funds as defined in the 1940 Act are remunerated by the Funds. For the
six months ended June 30, 2000, total directors/trustees fees accrued by
the Funds amounted to $20,516.
The Investment Advisory Agreements provide as compensation to FIMCO for
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 the Fund's
average daily net assets.
For the six months ended June 30, 2000, advisory fees accrued to FIMCO
by the Funds were $5,158,264 of which $556,052 was waived. In addition,
other expenses in the amount of $166,036 were assumed by FIMCO.
For the six months ended June 30, 2000, FIC, as underwriter, received
$677,524 in commissions from the sale of shares of the Funds after
allowing $149,250 to other dealers. Shareholder servicing costs included
$491,857 in transfer agent fees accrued to ADM. For the six months ended
June 30, 2000, FIC received contingent deferred sales charges form the
redemption of Class B shares of the Tax-Exempt Money Market Fund in the
amount of $704.
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 each year, 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 each year, payable monthly. For the six months ended June
30, 2000, total Distribution Plan fees accrued to FIC by the Funds
amounted to $1,952,260, of which $8,460 was waived. The fee consists of
a distribution fee and a service fee. The service fee is paid for the
ongoing servicing of clients who are shareholders of that Fund.
<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.
---------------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
-------------------------------------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
---------------------------------------- -------------------------
Net Asset Net Asset
Value Net Realized Value
---------- Net and Unrealized Total from Net Net ------------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gain Distributions Period
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TAX-EXEMPT MONEY MARKET FUND
----------------------------
Class A
-------
1995 $ 1.00 $.032 $ -- $ .032 $.032 $ -- $.032 $ 1.00
1996 1.00 .028 -- .028 .028 -- .028 1.00
1997 1.00 .030 -- .030 .030 -- .030 1.00
1998 1.00 .027 -- .027 .027 -- .027 1.00
1999 1.00 .026 -- .026 .026 -- .026 1.00
2000** 1.00 .016 -- .016 .016 -- .016 1.00
Class B
-------
1995* 1.00 .024 -- .024 .024 -- .024 1.00
1996 1.00 .020 -- .020 .020 -- .020 1.00
1997 1.00 .022 -- .022 .022 -- .022 1.00
1998 1.00 .018 -- .018 .018 -- .018 1.00
1999 1.00 .018 -- .018 .018 -- .018 1.00
2000** 1.00 .012 -- .012 .012 -- .012 1.00
---------------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
------------------------------------
Class A
-------
1995 $ 5.43 $.301 $ .419 $ .720 $.300 $ -- $.300 $ 5.85
1996 5.85 .290 (.060) .230 .290 -- .290 5.79
1997 5.79 .292 .140 .432 .292 -- .292 5.93
1998 5.93 .288 .086 .374 .294 -- .294 6.01
1999 6.01 .231 (.200) .031 .231 -- .231 5.81
2000** 5.81 .122 .078 .200 .120 -- .120 5.89
Class B
-------
1995* 5.45 .254 .407 .661 .261 -- .261 5.85
1996 5.85 .235 (.055) .180 .230 -- .230 5.80
1997 5.80 .234 .128 .362 .232 -- .232 5.93
1998 5.93 .226 .098 .324 .234 -- .234 6.02
1999 6.02 .173 (.202) (.029) .171 -- .171 5.82
2000** 5.82 .099 .072 .171 .091 -- .091 5.90
---------------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
-----------------------
Class A
-------
1995 $ 9.42 $.524 $ .952 $1.476 $.526 $ -- $.526 $10.37
1996 10.37 .510 (.233) .277 .507 -- .507 10.14
1997 10.14 .502 .312 .814 .504 -- .504 10.45
1998 10.45 .475 .099 .574 .474 -- .474 10.55
1999 10.55 .515 (.889) (.374) .466 -- .466 9.71
2000** 9.71 .239 .163 .402 .252 -- .252 9.86
Class B
-------
1995* 9.48 .438 .891 1.329 .439 -- .439 10.37
1996 10.37 .441 (.242) .199 .439 -- .439 10.13
1997 10.13 .429 .323 .752 .432 -- .432 10.45
1998 10.45 .400 .096 .496 .396 -- .396 10.55
1999 10.55 .431 (.877) (.446) .394 -- .394 9.71
2000** 9.71 .202 .164 .366 .216 -- .216 9.86
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
---------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
----------------------- -----------------------
Net Net Portfolio
Total Net Assets Investment Investment Turnover
Return*** End of Period Expenses Income Expenses Income Rate
(%) (in millions) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TAX-EXEMPT MONEY MARKET FUND
----------------------------
Class A
-------
1995 3.24 $ 25,045 .70 3.20 1.06 2.84 N/A
1996 2.85 22,888 .70 2.81 1.08 2.43 N/A
1997 3.00 18,680 .75 2.95 1.12 2.58 N/A
1998 2.77 16,310 .80 2.73 1.19 2.34 N/A
1999 2.61 16,478 .80 2.58 1.20 2.18 N/A
2000** 1.61 17,518 .80+ 3.20+ 1.15+ 2.85+ N/A
Class B
-------
1995* 2.40 .01 1.45+ 2.45+ 1.81+ 2.09+ N/A
1996 2.04 80 1.45 2.06 1.83 1.68 N/A
1997 2.20 13 1.50 2.20 1.87 1.83 N/A
1998 1.78 1 1.55 1.98 1.94 1.59 N/A
1999 1.82 1 1.55 1.83 1.95 1.43 N/A
2000** 1.23 26 1.55+ 2.45+ 1.90+ 2.10+ N/A
------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
------------------------------------
Class A
-------
1995 13.50 $ 7,017 .35 5.32 1.22 4.45 47
1996 4.07 7,415 .49 5.05 1.24 4.30 82
1997 7.68 7,344 .53 5.02 1.21 4.34 91
1998 6.47 8,674 .50 4.80 1.20 4.10 163
1999 .51 8,263 .50 3.88 1.18 3.20 142
2000** 3.48 8,209 .59+ 4.19+ 1.15+ 3.63+ 43
Class B
-------
1995* 12.27 378 1.35+ 4.32+ 1.92+ 3.75+ 47
1996 3.17 613 1.49 4.05 1.94 3.60 82
1997 6.39 808 1.53 4.02 1.91 3.64 91
1998 5.57 1,000 1.50 3.80 1.90 3.40 163
1999 (.50) 1,154 1.50 2.88 1.88 2.50 142
2000** 2.97 1,200 1.50+ 3.28+ 1.85+ 2.93+ 43
------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
-----------------------
Class A
-------
1995 16.01 $1,372,752 1.14 5.25 N/A N/A 37
1996 2.81 1,252,608 1.14 5.06 N/A N/A 21
1997 8.27 1,191,815 1.14 4.93 N/A N/A 13
1998 5.62 1,118,898 1.11 4.51 N/A N/A 19
1999 (3.63) 958,668 1.12 5.03 N/A N/A 31
2000** 4.20 927,750 1.11+ 4.80+ N/A N/A 17
Class B
-------
1995* 14.27 2,019 1.88+ 4.45+ N/A N/A 37
1996 2.03 3,046 1.83 4.37 N/A N/A 21
1997 7.62 3,460 1.85 4.22 N/A N/A 13
1998 4.83 3,878 1.83 3.79 N/A N/A 19
1999 (4.31) 4,290 1.85 4.30 N/A N/A 31
2000** 3.82 4,211 1.83+ 4.08+ N/A N/A 17
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
-------------------------------------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
---------------------------------------- -------------------------
Net Asset Net Asset
Value Net Realized Value
---------- Net and Unrealized Total from Net Net ------------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gain Distributions Period
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <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 $14.93
1996 14.93 .719 (.298) .421 .720 .091 .811 14.54
1997 14.54 .709 .395 1.104 .708 .076 .784 14.86
1998 14.86 .674 .137 .811 .676 .145 .821 14.85
1999 14.85 .718 (1.249) (.531) .659 -- .659 13.66
2000** 13.66 .328 .270 .598 .348 -- .348 13.91
Class B
-------
1995* 13.76 .616 1.232 1.848 .619 .059 .678 14.93
1996 14.93 .617 (.306) .311 .620 .091 .711 14.53
1997 14.53 .608 .406 1.014 .608 .076 .684 14.86
1998 14.86 .569 .134 .703 .568 .145 .713 14.85
1999 14.85 .618 (1.250) (.632) .558 -- .558 13.66
2000** 13.66 .290 .261 .551 .301 -- .301 13.91
---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------
ARIZONA FUND
---------
Class A
-------
1995 $11.71 $.665 $1.448 $2.113 $.673 $ -- $.673 $13.15
1996 13.15 .664 (.199) .465 .665 -- .665 12.95
1997 12.95 .658 .511 1.169 .659 -- .659 13.46
1998 13.46 .657 .155 .812 .652 -- .652 13.62
1999 13.62 .707 (.955) (.248) .662 -- .662 12.71
2000** 12.71 .330 .204 .534 .354 -- .354 12.89
Class B
-------
1995* 11.82 .544 1.340 1.884 .554 -- .554 13.15
1996 13.15 .565 (.201) .364 .564 -- .564 12.95
1997 12.95 .556 .500 1.056 .556 -- .556 13.45
1998 13.45 .549 .155 .704 .544 -- .544 13.61
1999 13.61 .603 (.948) (.345) .555 -- .555 12.71
2000** 12.71 .280 .195 .475 .305 -- .305 12.88
---------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
---------------
Class A
-------
1995 $10.77 $.580 $1.335 $1.915 $.589 $.136 $.725 $11.96
1996 11.96 .576 (.128) .448 .575 .073 .648 11.76
1997 11.76 .569 .534 1.103 .570 .173 .743 12.12
1998 12.12 .558 .190 .748 .554 .114 .668 12.20
1999 12.20 .609 (.952) (.343) .558 .019 .577 11.28
2000** 11.28 .287 .323 .610 .300 -- .300 11.59
Class B
-------
1995* 10.87 .472 1.227 1.699 .483 .136 .619 11.95
1996 11.95 .486 (.123) .363 .480 .073 .553 11.76
1997 11.76 .476 .532 1.008 .475 .173 .648 12.12
1998 12.12 .458 .184 .642 .458 .114 .572 12.19
1999 12.19 .511 (.949) (.438) .463 .019 .482 11.27
2000** 11.27 .237 .336 .573 .253 -- .253 11.59
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
---------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
----------------------- -----------------------
Net Net Portfolio
Total Net Assets Investment Investment Turnover
Return*** End of Period Expenses Income Expenses Income Rate
(%) (in millions) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NEW YORK INSURED TAX FREE FUND
------------------------------
Class A
-------
1995 15.45 $215,259 1.23 5.10 N/A N/A 53
1996 2.95 203,496 1.23 4.93 N/A N/A 53
1997 7.82 195,273 1.17 4.86 1.22 4.81 24
1998 5.59 187,544 1.12 4.54 1.22 4.44 44
1999 (3.67) 164,622 1.09 4.99 1.21 4.87 55
2000** 4.44 159,384 1.08+ 4.72+ 1.20+ 4.60+ 18
Class B
-------
1995* 13.66 1,156 2.00+ 4.34+ N/A N/A 53
1996 2.18 2,242 1.93 4.23 N/A N/A 53
1997 7.16 3,602 1.87 4.16 1.92 4.11 24
1998 4.84 5,271 1.82 3.84 1.92 3.74 44
1999 (4.34) 4,734 1.79 4.29 1.91 4.17 55
2000** 4.08 3,949 1.78+ 4.02+ 1.90+ 3.90+ 18
------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------
ARIZONA FUND
---------
Class A
-------
1995 18.41 $8,834 .50 5.27 1.15 4.62 36
1996 3.69 8,383 .53 5.17 1.23 4.47 27
1997 9.28 9,691 .50 5.03 1.16 4.37 24
1998 6.17 10,873 .50 4.88 1.13 4.25 50
1999 (1.88) 11,746 .50 5.37 1.15 4.72 62
2000** 4.27 12,473 .54+ 5.18+ 1.14+ 4.58+ 27
Class B
-------
1995* 16.20 173 1.30+ 4.62+ 1.95+ 3.95+ 36
1996 2.89 289 1.33 4.37 2.03 3.67 27
1997 8.36 437 1.30 4.23 1.96 3.57 24
1998 5.33 489 1.30 4.08 1.93 3.45 50
1999 (2.60) 508 1.30 4.57 1.95 3.92 62
2000** 3.79 517 1.34+ 4.38+ 1.94+ 3.78+ 27
------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
---------------
Class A
-------
1995 18.16 $ 16,547 .90 5.02 1.15 4.77 53
1996 3.91 15,558 .84 4.93 1.19 4.58 30
1997 9.66 15,601 .80 4.80 1.16 4.44 46
1998 6.31 14,614 .80 4.59 1.17 4.22 79
1999 (2.88) 13,383 .80 5.15 1.17 4.79 49
2000** 5.48 14,131 .75+ 5.04+ 1.06+ 4.73+ 28
Class B
-------
1995* 15.91 59 1.74+ 4.31+ 2.00+ 4.04+ 53
1996 3.16 114 1.63 4.14 1.98 3.79 30
1997 8.79 220 1.60 4.00 1.96 3.64 46
1998 5.40 479 1.60 3.79 1.97 3.42 79
1999 (3.67) 483 1.60 4.35 1.97 3.99 49
2000** 5.14 576 1.55+ 4.24+ 1.86+ 3.93+ 28
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
-------------------------------------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
---------------------------------------- -------------------------
Net Asset Net Asset
Value Net Realized Value
---------- Net and Unrealized Total from Net Net ------------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gain Distributions Period
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
COLORADO FUND
-------------
Class A
-------
1995 $11.24 $.668 $1.340 $2.008 $.668 $ -- $.668 $12.58
1996 12.58 .642 (.089) .553 .643 -- .643 12.49
1997 12.49 .638 .498 1.136 .636 -- .636 12.99
1998 12.99 .644 .152 .796 .636 -- .636 13.15
1999 13.15 .634 (.907) (.273) .637 -- .637 12.24
2000** 12.24 .327 .207 .534 .324 -- .324 12.45
Class B
-------
1995* 11.35 .564 1.239 1.803 .573 -- .573 12.58
1996 12.58 .547 (.100) .447 .547 -- .547 12.48
1997 12.48 .539 .501 1.040 .540 -- .540 12.98
1998 12.98 .538 .160 .698 .528 -- .528 13.15
1999 13.15 .534 (.914) (.380) .530 -- .530 12.24
2000** 12.24 .283 .203 .486 .276 -- .276 12.45
---------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
----------------
Class A
-------
1995 $11.57 $.617 $1.333 $1.950 $.620 $ -- $.620 $12.90
1996 12.90 .619 (.202) .417 .617 -- .617 12.70
1997 12.70 .613 .471 1.084 .614 -- .614 13.17
1998 13.17 .607 .186 .793 .603 -- .603 13.36
1999 13.36 .651 (.902) (.251) .619 -- .619 12.49
2000** 12.49 .312 .168 .480 .330 -- .330 12.64
Class B
-------
1995* 11.67 .512 1.242 1.754 .524 -- .524 12.90
1996 12.90 .522 (.204) .318 .518 -- .518 12.70
1997 12.70 .516 .470 .986 .516 -- .516 13.17
1998 13.17 .500 .176 .676 .496 -- .496 13.35
1999 13.35 .552 (.901) (.349) .511 -- .511 12.49
2000** 12.49 .263 .158 .421 .281 -- .281 12.63
---------------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
------------
Class A
-------
1995 $11.79 $.640 $1.527 $2.167 $.647 $ -- $.647 $13.31
1996 13.31 .623 (.198) .425 .625 -- .625 13.11
1997 13.11 .624 .547 1.171 .624 .037 .661 13.62
1998 13.62 .616 .195 .811 .613 .068 .681 13.75
1999 13.75 .679 (1.074) (.395) .625 -- .625 12.73
2000** 12.73 .316 .190 .506 .336 -- .336 12.90
Class B
-------
1995* 11.87 .529 1.460 1.989 .549 -- .549 13.31
1996 13.31 .530 (.204) .326 .526 -- .526 13.11
1997 13.11 .531 .552 1.083 .526 .037 .563 13.63
1998 13.63 .507 .186 .693 .505 .068 .573 13.75
1999 13.75 .572 (1.065) (.493) .517 -- .517 12.74
2000** 12.74 .264 .191 .455 .285 -- .285 12.91
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
---------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
----------------------- -----------------------
Net Net Portfolio
Total Net Assets Investment Investment Turnover
Return*** End of Period Expenses Income Expenses Income Rate
(%) (in millions) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
COLORADO FUND
-------------
Class A
-------
1995 18.25 $ 3,525 .20 5.54 1.32 4.42 45
1996 4.57 3,466 .38 5.20 1.40 4.17 20
1997 9.37 3,424 .40 5.07 1.29 4.18 39
1998 6.27 3,571 .40 4.96 1.26 4.10 25
1999 (2.15) 4,068 .47 4.99 1.28 4.18 40
2000** 4.42 4,580 .50+ 5.32+ 1.40+ 4.42+ 21
Class B
-------
1995* 16.18 131 1.00+ 4.90+ 2.12+ 3.75+ 45
1996 3.68 241 1.19 4.39 2.21 3.36 20
1997 8.55 370 1.20 4.27 2.09 3.38 39
1998 5.48 374 1.20 4.16 2.06 3.30 25
1999 (2.96) 372 1.27 4.19 2.08 3.38 40
2000** 4.02 279 1.30+ 4.52+ 2.20+ 3.62+ 21
------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
----------------
Class A
-------
1995 17.18 $16,725 .85 4.98 1.20 4.63 26
1996 3.37 15,203 .81 4.92 1.23 4.50 15
1997 8.77 16,151 .80 4.78 1.17 4.41 14
1998 6.15 17,434 .80 4.58 1.16 4.22 25
1999 (1.93) 17,903 .80 5.04 1.15 4.69 47
2000** 3.90 19,078 .80+ 5.00+ 1.14+ 4.66+ 11
Class B
-------
1995* 15.28 857 1.71+ 4.12+ 2.07+ 3.76+ 26
1996 2.57 1,505 1.61 4.12 2.02 3.71 15
1997 7.95 2,891 1.60 3.98 1.97 3.61 14
1998 5.22 3,484 1.60 3.78 1.96 3.42 25
1999 (2.67) 3,205 1.60 4.24 1.95 3.89 47
2000** 3.41 3,322 1.60+ 4.20+ 1.94+ 3.86+ 11
------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
------------
Class A
-------
1995 18.77 $22,229 .75 5.05 1.15 4.65 68
1996 3.34 23,299 .83 4.80 1.16 4.47 55
1997 9.18 23,840 .80 4.71 1.11 4.40 19
1998 6.09 25,873 .80 4.50 1.10 4.20 44
1999 (2.93) 23,729 .80 5.12 1.12 4.80 68
2000** 4.03 24,162 .80+ 4.93+ 1.16+ 4.57+ 37
Class B
-------
1995* 17.06 299 1.68+ 4.12+ 2.09+ 3.70+ 68
1996 2.56 549 1.62 4.01 1.95 3.68 55
1997 8.38 837 1.60 3.91 1.91 3.60 19
1998 5.19 858 1.60 3.70 1.90 3.40 44
1999 (3.65) 789 1.60 4.32 1.92 4.00 68
2000** 3.62 822 1.60+ 4.13+ 1.96+ 3.77+ 37
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
-------------------------------------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
---------------------------------------- -------------------------
Net Asset Net Asset
Value Net Realized Value
---------- Net and Unrealized Total from Net Net ------------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gain Distributions Period
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GEORGIA FUND
------------
Class A
-------
1995 $11.33 $.653 $1.387 $2.040 $.650 $ -- $.650 $12.72
1996 12.72 .639 (.161) .478 .648 -- .648 12.55
1997 12.55 .639 .578 1.217 .637 -- .637 13.13
1998 13.13 .645 .135 .780 .640 -- .640 13.27
1999 13.27 .633 (1.025) (.392) .638 -- .638 12.24
2000** 12.24 .318 .324 .642 .312 -- .312 12.57
Class B
-------
1995* 11.42 .529 1.303 1.832 .542 -- .542 12.71
1996 12.71 .563 (.183) .380 .550 -- .550 12.54
1997 12.54 .524 .584 1.108 .538 -- .538 13.11
1998 13.11 .539 .133 .672 .532 -- .532 13.25
1999 13.25 .540 (1.029) (.489) .531 -- .531 12.23
2000** 12.23 .265 .328 .593 .263 -- .263 12.56
---------------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
-------------
Class A
-------
1995 $11.77 $.668 $1.348 $2.016 $.666 $ -- $.666 $13.12
1996 13.12 .650 (.235) .415 .655 -- .655 12.88
1997 12.88 .652 .549 1.201 .651 -- .651 13.43
1998 13.43 .651 .186 .837 .647 -- .647 13.62
1999 13.62 .658 (.994) (.336) .654 -- .654 12.63
2000** 12.63 .318 .252 .570 .320 -- .320 12.88
Class B
-------
1995* 11.85 .561 1.279 1.840 .570 -- .570 13.12
1996 13.12 .555 (.249) .306 .556 -- .556 12.87
1997 12.87 .551 .556 1.107 .547 -- .547 13.43
1998 13.43 .543 .186 .729 .539 -- .539 13.62
1999 13.62 .551 (.995) (.444) .546 -- .546 12.63
2000** 12.63 .266 .254 .520 .270 -- .270 12.88
---------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
------------------
Class A
-------
1995 $11.01 $.612 $1.227 $1.839 $.613 $.016 $.629 $12.22
1996 12.22 .603 (.256) .347 .602 .045 .647 11.92
1997 11.92 .601 .356 .957 .603 .074 .677 12.20
1998 12.20 .586 .049 .635 .578 .237 .815 12.02
1999 12.02 .609 (.887) (.278) .572 -- .572 11.17
2000** 11.17 .283 .153 .436 .306 -- .306 11.30
Class B
-------
1995* 11.09 .508 1.155 1.663 .527 .016 .543 12.21
1996 12.21 .514 (.263) .251 .506 .045 .551 11.91
1997 11.91 .508 .353 .861 .507 .074 .581 12.19
1998 12.19 .488 .061 .549 .482 .237 .719 12.02
1999 12.02 .520 (.894) (.374) .476 -- .476 11.17
2000** 11.17 .237 .154 .391 .261 -- .261 11.30
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
---------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
----------------------- -----------------------
Net Net Portfolio
Total Net Assets Investment Investment Turnover
Return*** End of Period Expenses Income Expenses Income Rate
(%) (in millions) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
GEORGIA FUND
------------
Class A
-------
1995 18.40 $ 3,047 .20 5.41 1.42 4.20 45
1996 3.94 3,269 .38 5.17 1.44 4.11 37
1997 10.00 3,152 .40 5.03 1.33 4.10 21
1998 6.08 3,162 .40 4.92 1.20 4.12 36
1999 (3.04) 5,527 .48 4.99 1.19 4.28 57
2000** 5.31 5,875 .50+ 5.13+ 1.10+ 4.53+ 31
Class B
-------
1995* 16.34 97 1.00+ 4.61+ 2.22+ 3.40+ 45
1996 3.13 151 1.19 4.36 2.25 3.30 37
1997 9.07 203 1.20 4.23 2.13 3.30 21
1998 5.23 250 1.20 4.12 2.00 3.32 36
1999 (3.78) 296 1.28 4.19 1.99 3.48 57
2000** 4.90 385 1.30+ 4.33+ 1.90+ 3.73+ 31
------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
-------------
Class A
-------
1995 17.50 $ 8,666 .48 5.32 1.24 4.55 49
1996 3.33 10,118 .51 5.10 1.24 4.37 13
1997 9.59 10,705 .50 5.01 1.18 4.33 35
1998 6.38 11,280 .50 4.84 1.16 4.18 33
1999 (2.54) 12,579 .50 5.00 1.15 4.35 44
2000** 4.57 13,179 .54+ 4.99+ 1.16+ 4.37+ 18
Class B
-------
1995* 15.82 423 1.38+ 4.42+ 2.19+ 3.61+ 49
1996 2.45 1,021 1.31 4.30 2.05 3.57 13
1997 8.81 1,782 1.30 4.21 1.98 3.53 35
1998 5.54 2,215 1.30 4.04 1.96 3.38 33
1999 (3.33) 2,718 1.30 4.20 1.95 3.55 44
2000** 4.17 3,103 1.34+ 4.19+ 1.96+ 3.57+ 18
------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
------------------
Class A
-------
1995 17.07 $ 23,180 .90 5.22 1.15 4.97 40
1996 2.99 22,543 .86 5.08 1.18 4.76 45
1997 8.27 22,852 .80 5.01 1.15 4.66 28
1998 5.33 22,421 .80 4.82 1.15 4.47 49
1999 (2.39) 20,507 .80 5.20 1.15 4.85 32
2000** 3.97 21,326 .80+ 5.07+ 1.16+ 4.71+ 18
Class B
-------
1995* 15.28 314 1.76+ 4.36+ 2.01+ 4.10+ 40
1996 2.16 519 1.66 4.28 1.98 3.96 45
1997 7.41 783 1.60 4.21 1.95 3.86 28
1998 4.60 1,426 1.60 4.02 1.95 3.67 49
1999 (3.19) 1,177 1.60 4.40 1.95 4.05 32
2000** 3.55 1,281 1.60+ 4.27+ 1.96+ 3.91+ 18
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
-------------------------------------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
---------------------------------------- -------------------------
Net Asset Net Asset
Value Net Realized Value
---------- Net and Unrealized Total from Net Net ------------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gain Distributions Period
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MICHIGAN FUND
-------------
Class A
-------
1995 $11.47 $.634 $1.331 $1.965 $.635 $ -- $.635 $12.80
1996 12.80 .627 (.215) .412 .631 .011 .642 12.57
1997 12.57 .610 .535 1.145 .609 .046 .655 13.06
1998 13.06 .591 .124 .715 .589 .096 .685 13.09
1999 13.09 .603 (.938) (.335) .595 -- .595 12.16
2000** 12.16 .315 .175 .490 .300 -- .300 12.35
Class B
-------
1995* 11.57 .528 1.241 1.769 .539 -- .539 12.80
1996 12.80 .534 (.229) .305 .534 .011 .545 12.56
1997 12.56 .511 .536 1.047 .511 .046 .557 13.05
1998 13.05 .484 .123 .607 .481 .096 .577 13.08
1999 13.08 .502 (.930) (.428) .492 -- .492 12.16
2000** 12.16 .265 .168 .433 .253 -- .253 12.34
---------------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
--------------
Class A
-------
1995 $10.48 $.589 $1.022 $1.611 $.591 $ -- $.591 $11.50
1996 11.50 .592 (.210) .382 .592 -- .592 11.29
1997 11.29 .599 .340 .939 .599 -- .599 11.63
1998 11.63 .592 .116 .708 .588 -- .588 11.75
1999 11.75 .597 (.785) (.188) .582 -- .582 10.98
2000** 10.98 .296 .155 .451 .291 -- .291 11.14
Class B
-------
1995* 10.55 .515 .950 1.465 .515 -- .515 11.50
1996 11.50 .493 (.205) .288 .498 -- .498 11.29
1997 11.29 .508 .341 .849 .509 -- .509 11.63
1998 11.63 .498 .114 .612 .492 -- .492 11.75
1999 11.75 .499 (.781) (.282) .488 -- .488 10.98
2000** 10.98 .252 .167 .419 .249 -- .249 11.15
---------------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
-------------
Class A
-------
1995 $11.12 $.662 $1.356 $2.018 $.668 $ -- $.668 $12.47
1996 12.47 .637 (.180) .457 .637 -- .637 12.29
1997 12.29 .638 .490 1.128 .638 -- .638 12.78
1998 12.78 .634 .188 .822 .632 -- .632 12.97
1999 12.97 .650 (.904) (.254) .626 -- .626 12.09
2000** 12.09 .311 .233 .544 .324 -- .324 12.31
Class B
-------
1995* 11.22 .548 1.260 1.808 .548 -- .548 12.48
1996 12.48 .538 (.189) .349 .539 -- .539 12.29
1997 12.29 .537 .494 1.031 .541 -- .541 12.78
1998 12.78 .528 .187 .715 .525 -- .525 12.97
1999 12.97 .553 (.905) (.352) .518 -- .518 12.10
2000** 12.10 .262 .237 .499 .279 -- .279 12.32
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
---------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
----------------------- -----------------------
Net Net Portfolio
Total Net Assets Investment Investment Turnover
Return*** End of Period Expenses Income Expenses Income Rate
(%) (in millions) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MICHIGAN FUND
-------------
Class A
-------
1995 17.47 $36,837 .89 5.14 1.14 4.89 45
1996 3.37 36,928 .88 5.03 1.13 4.78 43
1997 9.37 39,581 .87 4.80 1.12 4.55 32
1998 5.60 39,061 .89 4.51 1.13 4.27 20
1999 (2.63) 36,506 .87 4.74 1.12 4.49 21
2000** 4.09 35,353 .86+ 5.12+ 1.12+ 4.86+ 9
Class B
-------
1995* 15.55 388 1.76+ 4.41+ 2.02+ 4.15+ 45
1996 2.49 724 1.69 4.22 1.94 3.97 43
1997 8.54 1,018 1.67 4.00 1.92 3.75 32
1998 4.73 1,032 1.69 3.71 1.93 3.47 20
1999 (3.34) 895 1.67 3.94 1.92 3.69 21
2000** 3.61 938 1.66+ 4.32+ 1.92+ 4.06+ 9
------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
--------------
Class A
-------
1995 15.68 $ 8,162 .65 5.29 1.31 4.63 53
1996 3.47 8,304 .56 5.27 1.31 4.52 49
1997 8.57 8,231 .50 5.27 1.21 4.56 15
1998 6.23 8,346 .50 5.08 1.23 4.35 22
1999 (1.65) 8,363 .50 5.26 1.25 4.51 23
2000** 4.16 8,265 .50+ 5.33+ 1.10+ 4.73+ 21
Class B
-------
1995* 14.13 .1 1.45+ 4.64+ 2.11+ 3.96+ 53
1996 2.61 41 1.40 4.44 2.14 3.69 49
1997 7.71 44 1.30 4.47 2.01 3.76 15
1998 5.37 47 1.30 4.28 2.03 3.55 22
1999 (2.46) 83 1.30 4.46 2.05 3.71 23
2000** 3.86 81 1.30+ 4.53+ 1.90+ 3.93+ 21
------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
-------------
Class A
-------
1995 18.55 $ 1,890 .20 5.58 1.42 4.36 50
1996 3.84 1,925 .38 5.24 1.69 3.93 15
1997 9.44 1,798 .40 5.13 1.46 4.07 12
1998 6.59 2,087 .40 4.97 1.30 4.07 17
1999 (2.02) 2,471 .47 5.20 1.50 4.17 66
2000** 4.57 2,731 .50+ 5.13+ 1.70+ 3.93+ 29
Class B
-------
1995* 16.41 .1 1.00+ 4.94+ 2.22+ 3.68+ 50
1996 2.93 36 1.24 4.38 2.55 3.07 15
1997 8.60 117 1.20 4.33 2.26 3.27 12
1998 5.71 172 1.20 4.17 2.10 3.27 17
1999 (2.78) 210 1.27 4.40 2.30 3.37 66
2000** 4.18 229 1.30+ 4.33+ 2.50+ 3.13+ 29
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
-------------------------------------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
---------------------------------------- -------------------------
Net Asset Net Asset
Value Net Realized Value
---------- Net and Unrealized Total from Net Net ------------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gain Distributions Period
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NEW JERSEY FUND
---------------
Class A
-------
1995 $12.06 $.648 $1.291 $1.939 $.652 $.097 $.749 $13.25
1996 13.25 .636 (.245) .391 .636 .015 .651 12.99
1997 12.99 .630 .427 1.057 .629 .118 .747 13.30
1998 13.30 .606 .153 .759 .607 .142 .749 13.31
1999 13.31 .653 (.919) (.266) .594 -- .594 12.45
2000** 12.45 .310 .132 .442 .312 -- .312 12.58
Class B
-------
1995* 12.14 .526 1.199 1.725 .528 .097 .625 13.24
1996 13.24 .533 (.253) .280 .535 .015 .550 12.97
1997 12.97 .525 .433 .958 .530 .118 .648 13.28
1998 13.28 .498 .153 .651 .499 .142 .641 13.29
1999 13.29 .537 (.909) (.372) .488 -- .488 12.43
2000** 12.43 .261 .133 .394 .264 -- .264 12.56
---------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
-------------------
Class A
-------
1995 $10.90 $.608 $1.391 $1.999 $.609 $ -- $.609 $12.29
1996 12.29 .590 (.159) .431 .591 -- .591 12.13
1997 12.13 .597 .530 1.127 .597 -- .597 12.66
1998 12.66 .593 .239 .832 .592 -- .592 12.90
1999 12.90 .606 (.900) (.294) .596 -- .596 12.01
2000** 12.01 .298 .258 .556 .306 -- .306 12.26
Class B
-------
1995* 10.99 .492 1.307 1.799 .499 -- .499 12.29
1996 12.29 .496 (.161) .335 .495 -- .495 12.13
1997 12.13 .497 .534 1.031 .501 -- .501 12.66
1998 12.66 .491 .233 .724 .484 -- .484 12.90
1999 12.90 .490 (.891) (.401) .489 -- .489 12.01
2000** 12.01 .248 .270 .518 .258 -- .258 12.27
---------------------------------------------------------------------------------------------------------------------------------
OHIO FUND
---------
Class A
-------
1995 $11.30 $.615 $1.306 $1.921 $.619 $.092 $.711 $12.51
1996 12.51 .605 (.097) .508 .609 .059 .668 12.35
1997 12.35 .607 .430 1.037 .606 .071 .677 12.71
1998 12.71 .614 .040 .654 .597 .067 .664 12.70
1999 12.70 .636 (.853) (.217) .603 -- .603 11.88
2000** 11.88 .303 .175 .478 .318 -- .318 12.04
Class B
-------
1995* 11.40 .503 1.212 1.715 .513 .092 .605 12.51
1996 12.51 .507 (.095) .412 .513 .059 .572 12.35
1997 12.35 .507 .424 .931 .510 .071 .581 12.70
1998 12.70 .495 .061 .556 .489 .067 .556 12.70
1999 12.70 .529 (.850) (.321) .499 -- .499 11.88
2000** 11.88 .253 .177 .430 .270 -- .270 12.04
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
---------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
----------------------- -----------------------
Net Net Portfolio
Total Net Assets Investment Investment Turnover
Return*** End of Period Expenses Income Expenses Income Rate
(%) (in millions) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NEW JERSEY FUND
---------------
Class A
-------
1995 16.41 $59,153 .99 5.06 1.14 4.91 30
1996 3.09 58,823 .98 4.92 1.13 4.77 35
1997 8.36 59,243 .96 4.81 1.11 4.66 22
1998 5.84 60,585 .97 4.53 1.11 4.39 27
1999 (2.05) 52,846 .97 5.02 1.12 4.87 52
2000** 3.60 51,550 .98+ 4.91+ 1.14+ 4.75+ 14
Class B
-------
1995* 14.45 957 1.81+ 4.24+ 1.97+ 4.08+ 30
1996 2.22 1,603 1.78 4.12 1.93 3.97 35
1997 7.56 2,011 1.76 4.01 1.91 3.86 22
1998 5.00 2,562 1.77 3.73 1.91 3.59 27
1999 (2.85) 3,338 1.77 4.22 1.92 4.07 52
2000** 3.21 3,185 1.78+ 4.11+ 1.94+ 3.95+ 14
------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
-------------------
Class A
-------
1995 18.72 $ 4,984 .20 5.18 1.36 4.03 76
1996 3.68 5,822 .38 4.94 1.31 4.02 43
1997 9.56 6,697 .40 4.87 1.23 4.04 30
1998 6.72 8,297 .40 4.68 1.13 3.95 54
1999 (2.35) 8,978 .48 4.84 1.24 4.08 47
2000** 4.70 9,515 .50+ 4.92+ 1.16+ 4.26+ 25
Class B
-------
1995* 16.65 75 1.00+ 4.38+ 2.16+ 3.23+ 76
1996 2.85 134 1.20 4.12 2.12 3.20 43
1997 8.71 185 1.20 4.07 2.03 3.24 30
1998 5.83 246 1.20 3.88 1.93 3.15 54
1999 (3.18) 596 1.28 4.04 2.04 3.28 47
2000** 4.37 1,186 1.30+ 4.12+ 1.96+ 3.46+ 25
------------------------------------------------------------------------------------------------------------------
OHIO FUND
---------
Class A
-------
1995 17.34 $19,398 .87 5.07 1.22 4.72 70
1996 4.23 20,123 .86 4.95 1.19 4.62 33
1997 8.64 19,308 .80 4.88 1.18 4.50 25
1998 5.26 19,767 .80 4.83 1.19 4.44 34
1999 (1.77) 18,574 .80 5.15 1.17 4.78 48
2000** 4.08 18,042 .80+ 5.04+ 1.16+ 4.68+ 14
Class B
-------
1995* 15.30 282 1.76+ 4.33+ 2.13+ 3.95+ 70
1996 3.43 279 1.66 4.15 1.99 3.82 33
1997 7.73 335 1.60 4.08 1.98 3.70 25
1998 4.46 403 1.60 4.03 1.99 3.64 34
1999 (2.59) 640 1.60 4.35 1.97 3.98 48
2000** 3.67 686 1.60+ 4.24+ 1.96+ 3.88+ 14
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
-------------------------------------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
---------------------------------------- -------------------------
Net Asset Net Asset
Value Net Realized Value
---------- Net and Unrealized Total from Net Net ------------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gain Distributions Period
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OREGON FUND
-----------
Class A
-------
1995 $10.87 $.626 $1.289 $1.915 $.625 $ -- $.625 $12.16
1996 12.16 .589 (.161) .428 .588 -- .588 12.00
1997 12.00 .582 .582 1.164 .584 -- .584 12.58
1998 12.58 .582 .191 .773 .583 -- .583 12.77
1999 12.77 .585 (.828) (.243) .577 -- .577 11.95
2000** 11.95 .302 .174 .476 .306 -- .306 12.12
Class B
-------
1995* 10.97 .541 1.182 1.723 .543 -- .543 12.15
1996 12.15 .495 (.161) .334 .494 -- .494 11.99
1997 11.99 .485 .573 1.058 .488 -- .488 12.56
1998 12.56 .480 .204 .684 .484 -- .484 12.76
1999 12.76 .489 (.846) (.357) .473 -- .473 11.93
2000** 11.93 .257 .180 .437 .257 -- .257 12.11
---------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
-----------------
Class A
-------
1995 $11.71 $.638 $1.463 $2.101 $.635 $.036 $.671 $13.14
1996 13.14 .622 (.197) .425 .627 .028 .655 12.91
1997 12.91 .624 .523 1.147 .624 .153 .777 13.28
1998 13.28 .642 .038 .680 .605 .095 .700 13.26
1999 13.26 .606 (.893) (.287) .613 -- .613 12.36
2000** 12.36 .316 .167 .483 .313 -- .313 12.53
Class B
-------
1995* 11.81 .539 1.376 1.915 .549 .036 .585 13.14
1996 13.14 .529 (.201) .328 .530 .028 .558 12.91
1997 12.91 .526 .510 1.036 .523 .153 .676 13.27
1998 13.27 .533 .039 .572 .497 .095 .592 13.25
1999 13.25 .498 (.890) (.392) .508 -- .508 12.35
2000** 12.35 .269 .164 .433 .263 -- .263 12.52
---------------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
-------------
Class A
-------
1995 $11.68 $.625 $1.370 $1.995 $.629 $.036 $.665 $13.01
1996 13.01 .626 (.195) .431 .624 .067 .691 12.75
1997 12.75 .615 .504 1.119 .617 .032 .649 13.22
1998 13.22 .612 .123 .735 .603 .092 .695 13.26
1999 13.26 .629 (.967) (.338) .612 -- .612 12.31
2000** 12.31 .332 .206 .538 .318 -- .318 12.53
Class B
-------
1995* 11.76 .510 1.286 1.796 .520 .036 .556 13.00
1996 13.00 .525 (.194) .331 .524 .067 .591 12.74
1997 12.74 .513 .505 1.018 .516 .032 .548 13.21
1998 13.21 .505 .112 .617 .495 .092 .587 13.24
1999 13.24 .537 (.982) (.445) .505 -- .505 12.29
2000** 12.29 .289 .201 .490 .270 -- .270 12.51
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
---------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
----------------------- -----------------------
Net Net Portfolio
Total Net Assets Investment Investment Turnover
Return*** End of Period Expenses Income Expenses Income Rate
(%) (in millions) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
OREGON FUND
-----------
Class A
-------
1995 17.99 $ 6,840 .20 5.36 1.23 4.33 36
1996 3.68 9,917 .46 4.97 1.26 4.16 21
1997 9.97 11,800 .50 4.78 1.20 4.11 32
1998 6.29 13,038 .50 4.62 1.20 3.92 27
1999 (1.95) 12,389 .50 4.72 1.21 4.01 33
2000** 4.04 13,810 .54+ 5.06+ 1.26+ 4.34+ 28
Class B
-------
1995* 16.00 342 1.00+ 4.72+ 2.03+ 3.65+ 36
1996 2.87 568 1.26 4.17 2.07 3.36 21
1997 9.03 752 1.30 3.98 2.00 3.31 32
1998 5.55 1,040 1.30 3.82 2.00 3.12 27
1999 (2.85) 1,096 1.30 3.92 2.01 3.21 33
2000** 3.71 965 1.34+ 4.26+ 2.06+ 3.54+ 28
------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
-----------------
Class A
-------
1995 18.29 $39,980 .86 5.07 1.11 4.82 48
1996 3.39 42,228 .86 4.86 1.11 4.61 42
1997 9.14 42,223 .85 4.79 1.10 4.54 37
1998 5.23 40,774 .86 4.81 1.10 4.57 26
1999 (2.24) 36,737 .86 4.69 1.11 4.44 36
2000** 3.96 35,621 .88+ 5.05+ 1.14+ 4.79+ 16
Class B
-------
1995* 16.49 247 1.72+ 4.20+ 1.98+ 3.94+ 48
1996 2.61 781 1.66 4.06 1.91 3.81 42
1997 8.23 1,739 1.65 3.99 1.90 3.74 37
1998 4.39 2,048 1.66 4.01 1.90 3.77 26
1999 (3.03) 1,936 1.66 3.89 1.91 3.64 36
2000** 3.55 1,699 1.68+ 4.25+ 1.94+ 3.99+ 16
------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
-------------
Class A
-------
1995 17.42 $25,193 .81 5.01 1.16 4.66 34
1996 3.47 21,047 .79 4.93 1.20 4.52 30
1997 9.03 22,136 .80 4.78 1.16 4.42 10
1998 5.69 23,423 .80 4.62 1.14 4.28 26
1999 (2.62) 21,008 .80 4.90 1.17 4.53 36
2000** 4.43 20,102 .80+ 5.31+ 1.16+ 4.95+ 12
Class B
-------
1995* 15.53 991 1.66+ 4.16+ 2.02+ 3.80+ 34
1996 2.66 1,166 1.59 4.13 2.00 3.72 30
1997 8.19 1,390 1.60 3.98 1.96 3.62 10
1998 4.76 1,484 1.60 3.82 1.94 3.48 26
1999 (3.44) 1,059 1.60 4.10 1.97 3.73 36
2000** 4.03 892 1.60+ 4.51+ 1.96+ 4.15+ 12
------------------------------------------------------------------------------------------------------------------
* For the period January 12, 1995 (date Class B shares were first offered) to December 31, 1995
** For the period January 1, 2000 to June 30, 2000
*** 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 June 30, 2000, the related statement of
operations for the six months then ended, the statement of changes in
net assets for the six months ended June 30, 2000 and the year ended
December 31, 1999 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 June 30, 2000, by correspondence with the custodian
and brokers. Where brokers have not replied to our confirmation requests,
we have carried out other appropriate auditing procedures. 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 June 30, 2000, and
the results of their operations for the six months then ended, changes
in their net assets and their financial highlights for the periods
presented, in conformity with generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 2000
FIRST INVESTORS TAX EXEMPT FUNDS
Directors/Trustees
--------------------------------
James J. Coy (Emeritus)
Robert M. Grohol
Glenn O. Head
Kathryn S. Head
Larry R. Lavoie
Rex R. Reed
Herbert Rubinstein
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
NOTES
This page intentionally left blank.
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 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.
