Portfolio Manager's Letter
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Series
Dear Shareholder:
The principal factors that affected the Funds' performance in 1994 were
strong economic growth and fears of inflation. The U.S. economic
recovery hit full stride with gross domestic product growth of
approximately 4%. The unemployment rate fell from 6.4% to 5.4% as the
economy created 3.5 million new jobs. Feeling secure about job
prospects, consumers were willing to borrow and spend. U.S. vehicle
sales reached their highest level since 1988. Despite strong growth,
inflation remained below 3% as low labor costs, improved productivity
and international competition kept prices from accelerating.
Nonetheless, concerned that strong economic growth would eventually
lead to inflation, the Federal Reserve in February engineered the first
of six short-term interest rate increases which in total raised rates
250 basis points (2.50%). As is typical at this point in the economic
cycle, long-term interest rates also rose with the benchmark 30 year
U.S. Treasury bond yield increasing approximately 155 basis points
(1.55%) during the year. With higher interest rates creating concern
that the economy might slow, broad stock market indices were unable to
advance and ended the year unchanged to slightly lower despite strong
earnings reported by many companies.
The municipal bond market fell in stages during 1994. The first decline
was precipitated by the Federal Reserve's decision to begin raising
interest rates in February, causing long-term municipal bond yields to
rise over 100 basis points (1.00%). The second decline -- which took
rates up another 95 basis points (.95%) -- ran from September through
November, as economic growth continued to be strong. The Fed continued
to raise short-term rates and municipal bond funds sustained high
levels of redemptions. Following a December rally, municipal bond
yields ended the year 145 basis points (1.45%) higher than they had
begun 1994. New issue supply totalled $163 billion, a drop of 44% from
1993's record pace. The positive impact of lower supply was offset by
the sale of bonds by mutual funds. The municipal yield curve flattened
during the year as short-term interest rates rose more than long-term
rates. In general, sector and credit decisions had little impact on
relative returns in the municipal bond market. Rather, the sustained
decline in the market made "duration" -- which measures the interest
rate sensitivity of bonds -- the key determinant of total return. While
the bankruptcy of Orange County, California disrupted the municipal
bond market in general, and the California market in particular, the
First Investors tax free funds were relatively unaffected because all
the bonds in the funds are insured as to payment of principal and
interest.
The New York Fund and the nine Series of the Multi-State Fund included
in this Annual Report outperformed the average fund in their peer
groups according to Lipper Analytical Services. In addition, the New
York Insured Tax Free Fund and the Georgia Series of the Multi-State
Insured Tax Free Fund outperformed the Lehman Brothers Municipal Bond
Index, while the remaining Series of the Multi-State Fund
underperformed the Index. The New York Insured Tax Free Fund had a
total return of -5.03%. The Multi-State Insured Tax Free Fund had the
following returns: Connecticut Series -6.75%; Florida Series -5.39%;
Georgia Series -4.69%; Maryland Series -5.59%; Massachusetts Series
- - -5.30%; New Jersey Series -5.91%; North Carolina Series -6.45%;
Pennsylvania Series -6.31%; Virginia Series -5.97%.
The New York Fund benefitted from a relatively short duration of
approximately 5.6 years at the beginning of 1994, compared to the
Municipal Bond Index's 8.06 year duration. The Fund remained
defensively invested throughout the year, although its duration had
increased to 7.1 years by the year-end to lock in current high yields.
During the first half of 1994, the Connecticut and North Carolina
Series had relatively long durations. While their durations allowed the
Series to increase current yield, they also made them vulnerable to
higher interest rates. Consequently, at mid-year, their durations were
lowered to decrease their sensitivity to interest rates. This
adjustment improved total return in the Series during the second half
of the year.
The Massachusetts and New Jersey Series began 1994 with relatively
short durations of 6.10 and 7.21 years, respectively. During the year,
their durations increased to 7.21 and 8.66 years in order to lock in
higher market yields. To a lesser extent, the Pennsylvania and Virginia
Series also extended their durations as 1994 progressed in order to
capture the greater yields available at year-end. Florida and Maryland
had relatively stable durations throughout 1994.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1995
Cumulative Performance Information
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
Comparison of change in value of $10,000 investment in the First
Investors New York Insured Tax Free Fund, Inc. (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
New York Tax Free Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Jan-85 $ 9,375 $10,000
Dec-85 11,138 12,004
Dec-86 13,026 14,323
Dec-87 12,872 14,537
Dec-88 14,184 16,013
Dec-89 15,510 17,740
Dec-90 16,434 19,033
Dec-91 18,225 21,345
Dec-92 19,810 23,227
Dec-93 21,756 26,078
Dec-94 20,661 24,730
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.03%) (10.96%)
Five Years 5.90% 4.55%
Ten Years 8.22% 7.53%
S.E.C. 30-Day Yield 5.65%
</TABLE>
The graph compares a $10,000 investment made in the First Investors New
York Insured Tax Free Fund, Inc. on 1/1/85 with a similar investment in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the fund and all dividends and distributions were
reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were
6.9% and 7.25%, respectively) and are higher than they would have been
had the sales charge not been reduced. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. Lehman Brothers Municipal Bond Index figures from Lehman Brothers
Inc. and all other figures from First Investors Management Company,
Inc. Class A shares were the only shares offered by the Fund during the
period reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - CONNECTICUT SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Connecticut Series (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Connecticut Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Oct-90 $ 9,375 $10,000
Dec-90 9,395 10,431
Dec-91 10,345 11,698
Dec-92 11,306 12,730
Dec-93 12,900 14,292
Dec-94 12,030 13,553
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.75%) (12.57%)
Since Inception 6.06% 4.46%
S.E.C. 30-Day Yield 5.37%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Connecticut Series on 10/8/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (12.97%) and 3.71%, respectively and the S.E.C. Yield for December
1994 would have been 4.94%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - FLORIDA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Florida Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Florida Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Oct-90 $ 9,375 $10,000
Dec-90 9,345 10,431
Dec-91 10,416 11,698
Dec-92 11,526 12,730
Dec-93 13,162 14,292
Dec-94 12,452 13,553
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.39%) (11.33%)
Since Inception 6.91% 5.31%
S.E.C. 30-Day Yield 5.20%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Florida Series on 10/5/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (11.94%) and 4.48%, respectively and the S.E.C. Yield for December
1994 would have been 4.73%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - GEORGIA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Georgia Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Georgia Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
May-92 $ 9,375 $10,000
Dec-92 9,804 10,755
Dec-93 11,290 12,073
Dec-94 10,760 11,449
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (4.69%) (10.63%)
Since Inception 5.29% 2.78%
S.E.C. 30-Day Yield 5.64%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Georgia Series on 5/1/92 (inception
date) with a similar investment in the Lehman Brothers Municipal Bond
Index. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (11.64%) and 1.09%, respectively and the S.E.C. Yield for December
1994 would have been 4.65%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - MARYLAND SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Maryland Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Maryland Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Oct-90 $ 9,375 $10,000
Dec-90 9,555 10,431
Dec-91 10,347 11,698
Dec-92 11,346 12,730
Dec-93 13,005 14,292
Dec-94 12,277 13,553
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.59%) (11.52%)
Since Inception 6.57% 4.97%
S.E.C. 30-Day Yield 5.55%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Maryland Series on 10/8/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (12.29%) and 3.79%, respectively and the S.E.C. Yield for December
1994 would have been 4.74%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - MASSACHUSETTS
SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Massachusetts Series
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Massachusetts Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Jan-87 $ 9,375 $10,000
Dec-87 8,868 10,150
Dec-88 10,057 11,180
Dec-89 11,096 12,386
Dec-90 11,884 13,289
Dec-91 13,232 14,903
Dec-92 14,529 16,217
Dec-93 16,262 18,207
Dec-94 15,404 17,266
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.30%) (11.21%)
Five Years 6.77% 5.39%
Since Inception 6.42% 5.56%
S.E.C. 30-Day Yield 5.47%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Massachusetts Series on 1/1/87
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were
6.9% and 7.25%, respectively) and are higher than they would have been
had the sales charge not been reduced. Some or all of the expenses of
the Series were waived or assumed. If such expenses had been paid by
the Series, the S.E.C. Standardized Average Annual Total Return for One
Year, Five Years and Since Inception would have been (11.50%), 4.83%
and 4.92%, respectively and the S.E.C. Yield for December 1994 would
have been 5.13%. Results represent past performance and do not indicate
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost. Lehman Brothers Municipal
Bond Index figures from Lehman Brothers Inc. and all other figures from
First Investors Management Company, Inc. Class A shares were the only
shares offered by the Series during the period reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - NEW JERSEY SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -
New Jersey Series (Class A shares) and the Lehman Brothers Municipal
Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
New Jersey Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Sep-88 $ 9,375 $10,000
Dec-88 9,545 10,370
Dec-89 10,558 11,488
Dec-90 11,308 12,326
Dec-91 12,608 13,823
Dec-92 13,835 15,041
Dec-93 15,646 16,888
Dec-94 14,721 16,015
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.91%) (11.79%)
Five Years 6.87% 5.51%
Since Inception 7.43% 6.34%
S.E.C. 30-Day Yield 5.36%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - New Jersey Series on 9/13/88
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were
6.9% and 7.25%, respectively) and are higher than they would have been
had the sales charge not been reduced. Some or all of the expenses of
the Series were waived or assumed. If such expenses had been paid by
the Series, the S.E.C. Standardized Average Annual Total Return for One
Year, Five Years and Since Inception would have been (12.03%), 5.06%
and 5.82%, respectively and the S.E.C. Yield for December 1994 would
have been 5.12%. Results represent past performance and do not indicate
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost. Lehman Brothers Municipal
Bond Index figures from Lehman Brothers Inc. and all other figures from
First Investors Management Company, Inc. Class A shares were the only
shares offered by the Series during the period reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - NORTH CAROLINA
SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - North Carolina Series
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
North Carolina Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
May-92 $ 9,375 $10,000
Dec-92 9,769 10,753
Dec-93 11,135 12,073
Dec-94 10,417 11,449
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.45%) (12.31%)
Since Inception 4.01% 1.54%
S.E.C. 30-Day Yield 5.67%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - North Carolina Series on 5/4/92
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (13.28%) and .28%, respectively and the S.E.C. Yield for December
1994 would have been 4.67%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - PENNSYLVANIA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Pennsylvania Series
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Pennsylvania Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Apr-90 $ 9,375 $10,000
Dec-90 9,830 10,759
Dec-91 10,854 12,066
Dec-92 11,877 13,129
Dec-93 13,573 14,741
Dec-94 12,717 13,979
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.31%) (12.18%)
Since Inception 6.73% 5.28%
S.E.C. 30-Day Yield 5.43%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Pennsylvania Series on 4/30/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (12.50%) and 4.69%, respectively and the S.E.C. Yield for December
1994 would have been 5.09%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - VIRGINIA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Virginia Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Virginia Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Apr-90 $ 9,375 $10,000
Dec-90 9,729 10,759
Dec-91 10,830 12,066
Dec-92 11,923 13,129
Dec-93 13,466 14,741
Dec-94 12,663 13,979
</TABLE>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
One Year (5.97%) (11.48%)
Since Inception 6.63% 5.18%
S.E.C. 30-Day Yield 5.37%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Virginia Series on 4/30/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (12.24%) and 4.58%, respectively and the S.E.C. Yield for December
1994 would have been 4.9%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.5%
Education--13.0%
New York State Dormitory Authority Revenues:
City University:
$ 1,500M 8.2%, 7/1/2012 $ 1,651,875 $ 85
2,150M 7 5/8%, 7/1/2013 2,268,250 117
1,000M Iona College 7 5/8%, 7/1/2009 1,056,250 54
2,800M Manhattanville College 7 1/2%, 7/1/2022 3,090,500 159
1,250M Skidmore College 7 3/4%, 7/1/2012 1,345,313 69
State University Educational Facilities:
1,000M 5 7/8%, 5/15/2011 927,500 48
3,700M 7 3/8%, 5/15/2014 3,861,875 199
2,000M 5 1/4%, 5/15/2015 1,677,500 87
1,880M 7 1/4%, 5/15/2015 2,049,200 106
4,000M 5 1/2%, 5/15/2019 3,425,000 177
4,000M 6 1/4%, 7/1/2019 3,795,000 196
- - ------------------------------------------------------------------------------------------------------------------------
25,148,263 1,297
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--15.7%
Nassau County, N.Y.:
3,000M 5.70%, 8/1/2010 2,715,000 140
4,355M 5.70%, 8/1/2012 3,870,506 200
3,845M 6 1/2%, 11/1/2012 3,772,906 195
1,950M 5.45%, 1/15/2013 1,689,188 87
1,140M 5.45%, 1/15/2015 974,700 50
New York City, N.Y.:
4,250M 8%, 8/1/2006 4,600,625 237
1,000M 8 1/8%, 11/1/2007 1,086,250 56
1,000M 8%, 12/1/2011 1,042,500 54
3,500M 6.95%, 8/15/2012 3,548,125 183
1,000M 7 1/4%, 3/15/2018 1,057,500 55
Niagara Falls, N. Y. Public Improvement:
1,000M 7 1/2%, 3/1/2015 1,097,500 57
1,100M 7 1/2%, 3/1/2018 1,207,250 62
1,750M North Hempstead, N.Y. 6.4%, 4/1/2012 1,710,625 88
2,000M Puerto Rico, 7.9%, 7/1/2011 2,142,500 110
- - ------------------------------------------------------------------------------------------------------------------------
30,515,175 1,574
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--18.0%
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2%, 11/1/2010 3,897,562 201
1,425M Doctors Hospital 9 1/4%, 1/15/2025 1,455,281 75
1,000M Good Samaritan Hospital 8%, 11/1/2013 1,060,000 55
1,850M Long Term Health Care 7 3/8%, 11/1/2011 1,935,563 100
Mental Health Services Facilities:
2,065M 7 3/8%, 2/15/2014 2,152,762 111
3,000M 7.7%, 2/15/2018 3,200,556 165
10,000M 6 1/4%, 8/15/2019 9,412,500 485
4,195M 7 3/4%, 2/15/2020 4,555,006 235
4,100M 6 1/2%, 8/15/2024 3,930,875 203
3,000M St. Luke's Hospital 7.45%, 2/15/2029 3,288,750 169
- - ------------------------------------------------------------------------------------------------------------------------
34,888,855 1,799
- - ------------------------------------------------------------------------------------------------------------------------
Housing--8.5%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor) 7.45%, 10/1/2008 2,317,500 119
6,500M Insured Residential Charter 7 3/8%, 4/1/2017 6,727,500 347
New York State Hsg. Fin. Agcy. Multi-Family:
2,000M Series "B" 6 1/4%, 8/15/2014 1,872,500 97
1,735M Series "A" 7.45%, 11/1/2028 1,821,750 94
4,000M New York State Mortgage Agency 6.45%, 10/1/2014 3,780,000 195
- - ------------------------------------------------------------------------------------------------------------------------
16,519,250 852
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--31.5%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8%, 7/1/2014 4,706,250 242
Transit Facilities Series:
1,420M 5 1/2%, 7/1/2011 1,251,375 65
1,800M 8 1/2%, 7/1/2011 1,923,750 99
1,500M 8 1/2%, 7/1/2017 1,638,750 85
5,000M 8% 7/1/2018 5,493,750 283
7,900M New York City Transit Auth. Rev. (Livingston Plaza Project)
7 1/2%, 1/1/2020 8,660,375 447
5,150M New York State Thruway Authority 5 3/4%, 1/1/2019 4,538,438 234
2,840M New York State Thruway Authority Svce. Contract Revenue
5 3/4%, 4/1/2013 2,570,200 133
Triborough Bridge & Tunnel Authority:
6,900M Series "Y" 6%, 1/1/2012 6,503,250 335
1,500M Series "L" 8 1/8%, 1/1/2012 1,627,500 84
1,000M Series "H" 8 3/8%, 1/1/2016 1,052,500 54
13,345M Series "Y" 5 1/2%, 1/1/2017 11,426,656 589
3,000M Series "O" 7.7%, 1/1/2019 3,273,750 169
1,000M Special Obligation 8%, 1/1/2008 1,085,000 56
5,500M Special Obligation 6 1/4%, 1/1/2012 5,259,375 271
- - ------------------------------------------------------------------------------------------------------------------------
61,010,919 3,146
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--8.2%
New York City Municipal Water Finance Authority:
4,975M 5 7/8%, 6/15/2012 4,601,875 237
5,500M 5 1/2%, 6/15/2015 4,764,375 245
New York State Energy Research & Development Authority:
1,500M Brooklyn Union Gas 9%, 5/15/2015 1,546,875 80
1,200M Orange & Rockland Utilities 9%, 8/1/2015 1,243,500 64
2,000M New York State Power Authority General Purpose Bonds 8%, 1/1/2017 2,147,500 111
1,895M Suffolk County, N. Y. Water Authority 5.1%, 6/1/2012 1,601,275 83
- - ------------------------------------------------------------------------------------------------------------------------
15,905,400 820
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--5.6%
1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy. (Rochester Inst. Tech.)
7 3/4%, 5/1/2005 1,107,500 57
1,000M New York City Indl. Dev. Agcy. (National Tennis Center)
6 3/8%, 11/15/2014 972,500 50
1,000M New York State Dorm. Auth. Rev. (Suffolk County Jud. Facs.)
7 3/8%, 7/1/2016 1,070,000 55
New York State Urban Development Corporation Correctional Facilities:
2,000M Series "C" 7 3/4%, 1/1/2013 2,167,500 112
1,150M Series "B" 8%, 1/1/2015 1,206,063 62
3,000M Series "F" 7 1/2%, 1/1/2016 3,255,000 168
1,000M Series "A" 9.2%, 1/1/2016 1,060,000 55
- - ------------------------------------------------------------------------------------------------------------------------
10,838,563 559
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $192,003,014) 194,826,425 10,047
- - ------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENT--.2 %
General Obligation
500M New York City Floating Rate Note 4.80%, (cost $500,000)(a) 500,000 26
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $192,503,014) 100.7% 195,326,425 10,073
Excess of Liabilities Over Other Assets (.7) (1,410,683) (73)
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $193,915,742 $10,000
========================================================================================================================
(a) Interest rates are determined and reset daily by the issuer.
Interest rate shown is the rate in effect at December 31, 1994.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.0%
Certificates of Participation--2.2%
Connecticut State (Middletown Courthouse Facilities):
$ 130M 6 1/4%, 12/15/2009 $ 128,050 $ 86
100M 6 1/4%, 12/15/2010 97,875 66
100M 6 1/4%, 12/15/2012 97,750 66
- - --------------------------------------------------------------------------------------------------------------------
323,675 218
- - --------------------------------------------------------------------------------------------------------------------
Education--13.6%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8%, 7/1/2015 744,937 502
Trinity College:
350M 6%, 7/1/2012 329,000 222
1,000M 6 1/8%, 7/1/2014 945,000 636
- - --------------------------------------------------------------------------------------------------------------------
2,018,937 1,360
- - --------------------------------------------------------------------------------------------------------------------
General Obligation--28.8%
50M Bristol, Conn. 6 1/2%, 6/15/2006 51,063 34
30M Colchester, Conn. 7.3%, 1/15/2007 32,513 22
Connecticut State:
620M 6%, 3/15/2012 - Series "E" 589,775 397
500M 6 1/2%, 3/15/2012 - Series "A" 523,750 353
130M Coventry, Conn. 6.7%, 12/15/2009 133,900 90
Griswold, Conn.:
250M 5 3/4%, 4/15/2010 233,437 157
100M 6 1/4%, 6/15/2010 98,625 66
100M Groton City, Conn. 6 3/4%, 6/1/2007 103,500 70
800M New Britain, Conn. 6%, 3/1/2012 761,000 512
130M Newton, Conn. 6.7%, 8/15/2010 133,738 90
30M North Canaan, Conn. 6.9%, 1/15/2006 31,425 21
40M Old Saybrook, Conn. 6 1/2%, 2/15/2009 40,950 28
250M Plainfield, Conn. 6 3/8%, 8/1/2011 245,937 166
290M Regional School District #5, Conn. 6.3%, 3/1/2009 284,925 192
255M Salisbury, Conn. 5 1/2%, 6/1/2008 233,644 157
330M Southington, Conn. 6.55%, 4/1/2012 332,887 224
Stratford, Conn.:
50M 6.6%, 3/1/2007 51,313 35
90M 6.55%, 11/15/2008 91,350 62
50M Suffield, Conn. 6 1/2%, 11/15/2005 51,375 35
250M Westbrook, Conn. 6.4%, 3/15/2010 249,062 168
- - --------------------------------------------------------------------------------------------------------------------
4,274,169 2,879
- - --------------------------------------------------------------------------------------------------------------------
Hospital--20.3%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2%, 7/1/2012 446,062 300
60M Danbury Hospital-University of New Haven 6 7/8%, 1/1/2010 61,425 41
580M Lawrence & Memorial Hospital 6 3/8%, 7/1/2012 607,550 409
700M New Britain General Hospital 6 1/8%, 7/1/2014 658,000 443
650M Newington Childrens Hospital 6 1/4%, 7/1/2015 619,125 417
325M Stamford Hospital 6 1/2%, 7/1/2006 335,969 226
280M Yale-New Haven Hospital 7%, 7/1/2010 285,950 193
- - --------------------------------------------------------------------------------------------------------------------
3,014,081 2,029
- - --------------------------------------------------------------------------------------------------------------------
Housing--6.2%
Connecticut State Housing Finance Authority:
750M 6.1%, 5/15/2013 686,250 462
250M 6.35%, 5/15/2017 238,437 161
- - --------------------------------------------------------------------------------------------------------------------
924,687 623
- - --------------------------------------------------------------------------------------------------------------------
Transportation--8.2%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
285M 6%, 10/1/2009 275,025 185
200M 6 1/4%, 10/1/2009 195,750 132
250M 6.1%, 10/1/2012 237,813 160
250M 6 1/8%, 9/1/2012 238,125 160
300M 5.65%, 4/1/2013 270,375 182
- - --------------------------------------------------------------------------------------------------------------------
1,217,088 819
- - --------------------------------------------------------------------------------------------------------------------
Utilities--9.0%
300M Connecticut State Resource Recovery Auth. Mid. Conn. Sys.
7.3%, 11/15/2012 316,500 213
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
150M 5 7/8%, 8/1/2008 151,313 102
150M 5 3/4%, 8/1/2012 137,063 92
250M 5 7/8%, 8/1/2012 252,187 170
500M 6 1/8%, 8/1/2014 475,000 320
- - --------------------------------------------------------------------------------------------------------------------
1,332,063 897
- - --------------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2%, 6/15/2008 547,044 369
800M Puerto Rico Municipal Finance Agency 6%, 7/1/2014 753,000 507
- - --------------------------------------------------------------------------------------------------------------------
1,300,044 876
- - --------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,558,229) 97.0% 14,404,744 9,701
Other Assets, Less Liabilities 3.0 443,242 299
- - --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,847,986 $10,000
====================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.9%
Education--2.0%
$ 400M Volusia County, Fla. Educ. Facs. Auth. (Stetson University)
6 3/8%, 6/1/2012 $ 394,500 $ 200
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--4.1%
300M Miami, Fla. 6%, 12/1/2010 287,625 146
500M North Springs, Fla. Impt. Dist. 7%, 10/1/2009 530,000 268
- - ------------------------------------------------------------------------------------------------------------------------
817,625 414
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--3.9%
400M Miami, Fla. Health Facs. Auth. (Mercy Hospital) 6 3/4%, 8/1/2020 428,000 217
350M North Broward, Fla. Hosp. Dist. 6 1/2%, 1/1/2012 350,000 177
- - ------------------------------------------------------------------------------------------------------------------------
778,000 394
- - ------------------------------------------------------------------------------------------------------------------------
Housing--6.9%
250M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge. 6.95%, 12/15/2012 252,812 128
Florida Housing Finance Agency:
975M General Mtge. (Series "A") 6 1/4%, 7/1/2011 934,781 472
175M Residential Mtge. (Series 2) 8%, 12/15/2016 178,938 91
- - ------------------------------------------------------------------------------------------------------------------------
1,366,531 691
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--9.3%
Florida State Turnpike Authority Turnpike Revenue:
1,000M 5%, 7/1/2016 817,500 413
530M 6.35%, 7/1/2022 551,200 279
455M Port Palm Beach District, Fla. Revenue 6 1/4%, 9/1/2008 457,844 232
- - ------------------------------------------------------------------------------------------------------------------------
1,826,544 924
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--47.4%
750M Brevard County, Fla. Utilities Rev. 5 1/4%, 3/1/2014 635,625 321
250M Broward County, Fla. Water & Sewer Utilities Rev. 6 1/2%, 10/1/2017 262,813 133
750M Charlotte County, Fla. Utilities Revenue 6 3/4%, 10/1/2013 764,063 386
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4%, 1/1/2013 485,000 245
500M 6 1/4%, 1/1/2015 488,750 247
Florida State Mun. Pwr. Agency Rev. (St. Lucie Project):
400M 5 1/2%, 10/1/2012 356,500 180
500M 5.7%, 10/1/2016 451,875 228
100M Jacksonville, Fla. Elec. Auth. Rev. (St. John's River Power)
6 1/4%, 10/1/2007 100,500 51
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4%, 10/1/2020 739,162 374
Kissimmee, Fla. Utility Authority Electric System Revenue:
1,000M 5 3/8%, 10/1/2012 887,500 449
300M 6 1/2%, 10/1/2017 317,250 161
500M Miramar, Fla. Util. Impt. Rev. 6.4%, 10/1/2007 500,000 253
100M Orlando, Fla. Utilities Comm. Water & Electric Rev. 6 1/2%, 10/1/2020 105,750 54
140M Pinellas County, Fla. Resource Recovery Revenue 6.9%, 10/1/2004 149,450 76
Reedy Creek, Fla. Impt. Dist. Utilities Revenue:
500M 5%, 10/1/2014 413,125 209
300M 6 1/2%, 10/1/2016 315,375 160
500M Sarasota County, Fla. Utility System Revenue 6 1/2%, 10/1/2014 502,500 254
500M St. Lucie County, Fla. Utility System Revenue 5 3/8%, 10/1/2011 443,750 225
500M Seminole County, Fla. Water & Sewer Revenue 6%, 10/1/2009 490,625 248
200M Tampa, Fla. Water & Sewer Revenue 6.3%, 10/1/2006 203,000 103
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4%, 10/1/2014 756,562 383
- - ------------------------------------------------------------------------------------------------------------------------
9,369,175 4,740
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--24.3%
1,000M Escambia County, Fla. Sales Tax Revenue 5.8%, 1/1/2015 906,250 459
Florida State Div. Bd. Fin. Dept. General Services Revenues:
1,000M 5.8%, 7/1/2013 908,750 460
400M 6 3/4%, 7/1/2013 406,500 206
Jacksonville, Fla. Excise Taxes Revenue:
500M 5 1/4%, 10/1/2010 439,375 222
350M 6 1/2%, 10/1/2013 348,250 176
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9%, 10/1/2010 573,750 290
1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev. 5 3/8%, 6/1/2011 892,500 452
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2%, 10/1/2022 316,875 160
- - ------------------------------------------------------------------------------------------------------------------------
4,792,250 2,425
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $19,631,758) 97.9% 19,344,625 9,788
Other Assets, Less Liabilities 2.1 420,385 212
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $19,765,010 $10,000
========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.5%
Education--7.7%
Private Colleges & Univs. Facs. Auth., Ga.:
$ 80M Mercer University Project 6.35%, 11/1/2006 $ 82,100 $ 398
80M Spelman University Project 6%, 6/1/2009 76,800 372
- - ------------------------------------------------------------------------------------------------------------------------
158,900 770
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--25.8%
75M Columbia County, Ga. School District 6 1/4%, 4/1/2013 73,125 354
100M Fulton County, Ga. School District 7 5/8%, 5/1/2017 107,875 522
85M Hall County, Ga. School District 6.7%, 12/1/2014 85,425 414
75M Henry County, Ga. School District 5.9%, 8/1/2011 70,500 341
100M Mitchell County, Ga. School District 6 1/2%, 3/1/2009 100,375 486
100M Peach County, Ga. School District 6.4%, 2/1/2019 96,000 465
- - ------------------------------------------------------------------------------------------------------------------------
533,300 2,582
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--3.8%
Fulton DeKalb, Ga. Hospital Authority (Grady Hospital):
65M 5 1/2%, 1/1/2012 56,956 276
20M 6.9%, 1/1/2020 21,475 104
- - ------------------------------------------------------------------------------------------------------------------------
78,431 380
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--12.1%
Metropolitan Atlanta Rapid Transit Authority:
150M 6 1/4%, 7/1/2011 146,812 711
35M 6 1/4%, 7/1/2020 33,294 161
65M 7.2%, 7/1/2020 70,363 341
- - ------------------------------------------------------------------------------------------------------------------------
250,469 1,213
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--30.5%
25M Bartow County, Ga. Water & Sewer Revenue 6.05%, 9/1/2007 24,687 120
95M Brunswick, Ga. Water & Sewer Revenue 6.1%, 10/1/2019 89,419 432
85M Conyers, Ga. Water & Sewer Revenue 6.45%, 7/1/2010 84,787 411
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4%, 11/1/2014 77,500 375
65M Fulton County, Ga. Water & Sewer Revenue 6 3/8%, 1/1/2014 64,188 311
60M Gainesville, Ga. Water & Sewer Revenue 7.2%, 11/15/2010 65,625 318
100M Georgia Municipal Electric Authority, Special Obligation 6 1/2%, 1/1/2017 97,875 474
80M Georgia Municipal Gas Authority Revenue 6.8%, 11/1/2009 82,600 400
45M Sugar Hill, Ga. Public Utilities Revenue 5.9%, 1/1/2014 41,963 203
- - ------------------------------------------------------------------------------------------------------------------------
628,644 3,044
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--17.6%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1%, 1/1/2014 82,100 398
75M Cobb-Marietta, Ga. Coliseum & Exhibit Hall Authority 6.6%, 10/1/2013 79,781 386
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7%, 2/1/2020 79,200 383
50M East Point, Ga. Building Authority Revenue 6%, 2/1/2011 47,375 229
80M Puerto Rico Municipal Finance Agency 6%, 7/1/2014 75,300 365
- - ------------------------------------------------------------------------------------------------------------------------
363,756 1,761
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,048,505) 97.5% 2,013,500 9,750
Other Assets, Less Liabilities 2.5 51,717 250
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $2,065,217 $10,000
========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.6%
Certificates of Participation--0.5%
$ 30M Baltimore, Maryland Series "B" 7 1/4%, 4/1/2016 $ 31,312 $ 45
- - ------------------------------------------------------------------------------------------------------------------------
Education--5.6%
Morgan State University Academic & Aux. Facs. Fees Revenue:
200M 6.1%, 7/1/2020 188,000 272
90M 7%, 7/1/2020 97,200 141
University of Maryland Sys. Aux. Fac. & Tuition Revenue:
50M 6.3%, 2/1/2001 52,250 76
50M 6 1/2%, 4/1/2011 52,750 76
- - ------------------------------------------------------------------------------------------------------------------------
390,200 565
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--15.9%
50M Anne Arundel County, Maryland Water & Sewer 6.9%, 1/15/2019 53,188 77
Baltimore, Maryland:
100M 6.3%, 10/15/2004 102,125 148
100M 7%, 10/15/2007 107,125 155
100M 7%, 10/15/2009 106,250 154
55M Carroll County, Maryland 6 1/4%, 11/1/2011 57,406 83
100M Chesapeake Beach, Maryland 6 1/2%, 5/1/2012 99,000 143
Frederick, Maryland:
100M 6 1/8%, 12/1/2008 98,875 144
200M 6 1/8%, 10/1/2014 188,750 274
60M Frederick County, Maryland 6 5/8%, 8/1/2019 63,600 92
35M Howard County, Maryland 6 5/8%, 2/15/2021 36,881 53
35M Maryland State First Series 6 1/2%, 3/15/2005 36,794 53
35M Montgomery County, Maryland 6 3/4%, 4/1/2010 37,406 54
105M Puerto Rico Commonwealth 6.6%, 7/1/2013 111,694 162
- - ------------------------------------------------------------------------------------------------------------------------
1,099,094 1,592
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--20.2%
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9%, 7/1/2013 37,713 55
Francis Scott Key Medical Center:
30M 7%, 7/1/2010 32,400 47
200M 5%, 7/1/2013 165,500 240
90M 6 3/4%, 7/1/2023 96,187 139
250M Maryland General Hospital 6 1/8%, 7/1/2014 236,250 342
20M Memorial Hospital 7%, 7/1/2007 20,775 30
170M North Arundel Hospital 6%, 7/1/2012 159,800 231
140M Sinai Hospital of Baltimore 7%, 7/1/2019 151,200 219
110M Suburban Hospital 6%, 7/1/2021 110,962 161
65M University of Maryland Medical System 7%, 7/1/2017 70,444 102
350M Maryland State Indl. Dev. Fing. (Holy Cross Health System) 5.4%, 12/1/2008 316,312 458
- - ------------------------------------------------------------------------------------------------------------------------
1,397,543 2,024
- - ------------------------------------------------------------------------------------------------------------------------
Housing--17.8%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.) 7%, 7/1/2016 254,062 368
250M Charles County, Maryland Housing Mtge. Rev. 5.8%, 7/1/2019 218,438 316
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7%, 6/1/2011 45,338 66
225M 6.45%, 4/1/2014 214,594 311
250M 7%, 4/1/2014 252,187 365
250M Montgomery County, Maryland Single Family Mtge. Rev. 6 1/2%, 7/1/2011 243,437 353
- - ------------------------------------------------------------------------------------------------------------------------
1,228,056 1,779
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--7.5%
Maryland State Department of Transportation:
60M 6 3/8%, 9/1/2006 60,975 88
50M 7.3%, 11/15/2001 52,750 77
500M Zero Cpn. 7/1/2012 160,625 233
250M Washington, D.C. Metro. Area Transportation Authority 6%, 7/1/2010 239,688 347
- - ------------------------------------------------------------------------------------------------------------------------
514,038 745
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--14.5%
Baltimore, Maryland Wastewater Utilities Revenue:
200M 6%, 7/1/2015 187,750 272
165M 6 1/2%, 7/1/2020 172,013 249
215M 6 1/4%, 7/1/2022 223,600 324
400M Baltimore, Maryland Water Utilities Revenue 6 1/4%, 7/1/2022 416,000 603
- - ------------------------------------------------------------------------------------------------------------------------
999,363 1,448
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--14.6%
30M Baltimore, Maryland (Baltimore City Parking System) 6 5/8%, 7/1/2008 31,500 46
250M Baltimore, Maryland (Convention Center) 6.1%, 9/1/2013 238,438 345
35M Maryland Industrial Financing Authority 7%, 7/1/2010 36,400 53
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot) 6 1/4%,
6/1/2009 98,000 142
300M Prince Georges County, Maryland Ind. Dev. Auth. 7%, 6/30/2019 322,500 467
300M Puerto Rico Municipal Finance Agency Rev. 6%, 7/1/2014 282,375 409
- - ------------------------------------------------------------------------------------------------------------------------
1,009,213 1,462
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $6,768,267) 96.6% 6,668,819 9,660
Other Assets, Less Liabilities 3.4 234,704 340
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $6,903,523 $10,000
========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS SERIES
December 31, 1994
- - -------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Education--6.3%
Massachusetts Health & Educational Facilities Authority:
$ 425M Northeastern University 7 1/8%, 10/1/2010 $ 436,688 $ 210
120M Tufts University 7 3/4%, 8/1/2013 128,550 62
600M Massachusetts State College Bldg. Auth. Series "A" 7 1/4%, 5/1/2016 628,500 301
120M University of Massachusetts Bldg. Auth. 7 1/2%, 5/1/2014 125,400 60
- - -------------------------------------------------------------------------------------------------------------------------
1,319,138 633
- - -------------------------------------------------------------------------------------------------------------------------
General Obligation--19.6%
250M Boston, Massachusetts 7 3/8%, 2/1/2010 271,875 130
160M Brighton-Rehoboth, Mass. Regional School District 7.2%, 2/1/2006 172,600 83
500M Chelsea, Massachusetts 6 1/2%, 6/15/2012 494,375 237
70M Holyoke, Massachusetts 8.2%, 6/15/2007 81,113 39
Massachusetts General Obligations:
360M 7%, 6/1/2009 386,550 186
300M 7%, 7/1/2009 314,250 151
500M 6%, 8/1/2009 481,875 231
255M 6%, 8/1/2010 244,162 117
150M North Borough, Massachusetts 7.2%, 11/1/2003 158,813 76
150M Rochester, Massachusetts 7 1/4%, 3/1/2007 159,750 77
400M Rockport, Massachusetts Unlimited Tax School Project Loan
6.9%, 12/15/2007 425,500 204
Wareham, Massachusetts:
225M 7.05%, 1/15/2007 241,031 116
500M 7.1%, 1/15/2008 536,250 257
100M Wrentham, Massachusetts 7.4%, 9/1/2004 110,125 53
- - -------------------------------------------------------------------------------------------------------------------------
4,078,269 1,957
- - -------------------------------------------------------------------------------------------------------------------------
Hospital--37.4%
Massachusetts Health & Educational Facilities Authority:
295M Berkshire Hospital 7.6%, 10/1/2014 309,381 148
Capital Asset Program:
225M 7.35%, 8/1/2008 239,625 115
400M 7.2%, 7/1/2009 412,500 198
500M Carney Hospital 7 3/4%, 7/1/2014 557,500 268
1,200M Dana-Farber Cancer Institute 6%, 12/1/2015 1,093,500 525
500M Lahey Clinic 7 5/8%, 7/1/2018 543,750 261
Massachusetts General Hospital:
750M 6 1/4%, 7/1/2012 720,938 346
1,000M 5 1/4%, 7/1/2023 798,750 383
570M Milton Hospital 7%, 7/1/2016 576,412 277
Mt. Auburn Hospital:
1,000M 6 1/4%, 8/15/2014 948,750 455
75M 7 7/8%, 7/1/2018 81,844 39
510M Newton-Wellesley Hospital 8%, 7/1/2018 551,437 265
400M South Shore Hospital 7 1/2%, 7/1/2020 441,500 212
490M University Hospital 7 1/4%, 7/1/2019 508,375 244
- - -------------------------------------------------------------------------------------------------------------------------
7,784,262 3,736
- - -------------------------------------------------------------------------------------------------------------------------
Housing--4.7%
Massachusetts Housing Finance Agency:
900M 5.95%, 12/1/2014 816,750 392
160M 7.7%, 12/1/2017 163,800 79
- - -------------------------------------------------------------------------------------------------------------------------
980,550 471
- - -------------------------------------------------------------------------------------------------------------------------
Transportation--5.9%
Massachusetts Bay Transportation Authority:
220M Series "A" 7.1%, 3/1/2008 236,775 114
690M Series "A" 7.65%, 8/1/2015 736,575 353
50M Massachusetts Port Authority Revenue 7 1/8%, 7/1/2012 51,000 24
250M Massachusetts State Turnpike Authority Rev. 5 1/8%, 1/1/2023 199,063 96
- - -------------------------------------------------------------------------------------------------------------------------
1,223,413 587
- - -------------------------------------------------------------------------------------------------------------------------
Utilities--23.8%
Boston, Massachusetts Water & Sewer Commission:
100M 7 1/4%, 11/1/2006 106,250 51
950M 7%, 11/1/2011 1,031,937 495
1,035M 5 3/4%, 11/1/2013 936,675 450
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4%, 12/1/2010 520,719 250
1,000M Massachusetts State Water Resource Authority 5.9%, 8/1/2016 892,500 428
435M Peabody, Massachusetts Electric Rev. 7.15%, 10/1/2009 471,431 226
1,000M South Essex, Massachusetts Sewer District 6 3/4%, 6/1/2013 1,008,750 484
- - -------------------------------------------------------------------------------------------------------------------------
4,968,262 2,384
- - -------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $19,986,719) 97.7% 20,353,894 9,768
Other Assets, Less Liabilities 2.3 484,337 232
- - -------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $20,838,231 $10,000
=========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.7%
Certificates of Participation--5.3%
$ 400M Hamilton Township, N.J. Board of Education 7%, 6/1/2009 $ 414,500 $ 75
1,000M Hudson County, N.J. Correctional Facility 7 1/4%, 12/1/2021 1,096,250 198
700M Mantua Township, N.J. School District 7 1/4%, 6/30/2010 769,125 139
600M Piscataway Township, N.J. School District 7%, 12/15/2010 655,500 118
- - --------------------------------------------------------------------------------------------------------------------------
2,935,375 530
- - --------------------------------------------------------------------------------------------------------------------------
Education--5.6%
New Jersey Educational Facilities Financing Authority:
1,300M Seton Hall University 6 1/4%, 7/1/2010 1,277,250 230
2,000M Trenton State College 6%, 7/1/2019 1,837,500 332
- - --------------------------------------------------------------------------------------------------------------------------
3,114,750 562
- - --------------------------------------------------------------------------------------------------------------------------
General Obligation--15.6%
750M Carteret, N.J. 7.1%, 10/1/2008 797,812 144
Essex County, N.J. Improvement Authority:
955M County College Project 6.9%, 12/1/2014 976,488 176
545M Jail & Youth House Project 6.9%, 12/1/2014 554,538 100
Orange School District:
1,025M Series "A" 6.95%, 7/1/2014 1,051,906 190
1,220M Series "B" 6.95%, 7/1/2014 1,252,025 226
Mercer County, N.J. Improvement Authority Revenue:
900M 7%, 12/15/2009 970,875 176
1,000M 7.2%, 12/15/2012 1,075,000 194
1,000M New Jersey State Various Purposes 6%, 2/15/2011 958,750 173
1,000M Union, N.J. 6.7%, 9/1/2012 1,015,000 183
- - --------------------------------------------------------------------------------------------------------------------------
8,652,394 1,562
- - --------------------------------------------------------------------------------------------------------------------------
Hospital--27.9%
New Jersey Health Care Facilities Financing Authority:
1,000M Bayonne Hospital 6 1/4%, 7/1/2012 966,250 175
400M Community Medical Center 7%, 7/1/2009 412,000 75
1,500M Dover General Hospital & Medical Center 5 7/8%, 7/1/2012 1,385,625 250
1,745M General Hospital Center at Passaic 6%, 7/1/2014 1,618,487 292
750M Holy Name Hospital 7%, 7/1/2008 775,313 140
1,100M Hunterdon Hospital 7%, 7/1/2020 1,120,625 202
1,750M Monmouth Medical Center 6 1/4%, 7/1/2016 1,675,625 303
1,500M Ocean County Medical Center 6.9%, 7/1/2007 1,590,000 287
3,120M Riverview Medical Center 6 1/4%, 7/1/2011 3,034,200 548
825M St. Barnabas Medical Center 7 1/4%, 7/1/2018 850,781 154
1,000M St. Clares Riverside Medical Center 5 3/4%, 7/1/2010 921,250 166
1,000M St. Peter's Medical Center Series "E" 6 7/8%, 7/1/2011 1,076,250 194
- - --------------------------------------------------------------------------------------------------------------------------
15,426,406 2,786
- - --------------------------------------------------------------------------------------------------------------------------
Housing--4.9%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2%, 4/1/2015 385,700 70
420M Series "E" 7.65%, 10/1/2016 433,650 78
1,385M Series "C" 7 3/8%, 10/1/2017 1,412,700 255
450M Series "B" 8.1%, 10/1/2017 471,938 85
- - --------------------------------------------------------------------------------------------------------------------------
2,703,988 488
- - --------------------------------------------------------------------------------------------------------------------------
Transportation--6.4%
900M Delaware River Port Authority 7 3/8%, 1/1/2007 960,750 174
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2%, 1/1/2010 973,750 176
2,000M Port Authority, New York & New Jersey 5 1/4%, 7/15/2017 1,635,000 295
- - --------------------------------------------------------------------------------------------------------------------------
3,569,500 645
- - --------------------------------------------------------------------------------------------------------------------------
Utilities--16.3%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2%, 12/15/2012 1,001,250 181
380M Camden County, N.J. Municipal Utilities Sewer Revenue 8 1/4%, 12/1/2017 412,300 74
1,100M Evesham, N.J. Municipal Utilities Authority 7%, 7/1/2015 1,171,500 211
1,900M Jersey City, N.J. Sewer Authority 4 1/2%, 1/1/2019 1,372,750 248
425M Lacey, N.J. Municipal Utilities Authority 7%, 12/1/2016 458,469 83
500M Long Branch, N.J. Sewer Authority 7 1/4%, 6/1/2014 545,625 99
600M Lower Township, N.J. Municipal Utilities Authority 7%, 12/1/2015 650,250 117
250M Montville Township, N.J. Municipal Utilities Authority 7%, 12/1/2011 259,375 47
500M Musconetcong, N.J. Sewer Authority 7.15%, 1/1/2014 540,625 98
1,435M New Jersey Wastewater Treatment Trust 6 1/4%, 4/1/2010 1,402,712 253
1,140M Passaic Valley, N.J. Water Commn. 6.4%, 12/15/2022 1,197,000 216
- - --------------------------------------------------------------------------------------------------------------------------
9,011,856 1,627
- - --------------------------------------------------------------------------------------------------------------------------
Other Revenue--16.7%
1,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Conv. Ctr.) 7.4%, 7/1/2016 2,037,750 368
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth. 6.8%, 3/1/2021 358,312 65
1,000M New Brunswick, N.J. Parking Authority 7.2%, 9/1/2015 1,080,000 195
New Jersey Econ. Dev. Auth. Market Transition Fac. Rev.:
1,500M 5.8%, 7/1/2009 1,410,000 255
1,500M 5 7/8%, 7/1/2011 1,413,750 255
2,000M New Jersey Sports & Exposition Authority (Conv. Ctr.) 6%, 7/1/2012 1,875,000 338
1,000M Salem County, N.J. Impt. Auth. Rev. County Corr. Facs. 7 1/8%, 5/1/2017 1,077,500 195
- - --------------------------------------------------------------------------------------------------------------------------
9,252,312 1,671
- - --------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $54,113,009) 98.7% 54,666,581 9,871
Other Assets, Less Liabilities 1.3 712,210 129
- - --------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $55,378,791 $10,000
==========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA SERIES
December 31, 1994
- - ---------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.2%
Certificates of Participation--5.7%
Charlotte, N.C.:
$135M 5 1/4%, 12/1/2013 $ 114,412 $ 295
100M 6 3/4%, 12/1/2021 107,250 277
- - ---------------------------------------------------------------------------------------------------------------------------
221,662 572
- - ---------------------------------------------------------------------------------------------------------------------------
Education--6.1%
University of North Carolina:
100M Dormitory & Dining Hall System Revenue 5 1/2%, 6/1/2016 89,500 231
150M University Housing & Dining System 5.1%, 1/1/2008 130,875 338
15M Student Union System Revenue 6.9%, 1/1/2005 15,900 41
- - ---------------------------------------------------------------------------------------------------------------------------
236,275 610
- - ---------------------------------------------------------------------------------------------------------------------------
General Obligation--20.3%
25M Cleveland, N.C. 7.1%, 6/1/2001 26,812 69
200M Gaston County, N.C. 5.7%, 3/1/2013 182,250 471
200M Mecklenburg County, N.C. Public Improvement 6.2%, 1/1/2004 205,250 530
65M New Hanover, N.C. 4.9%, 8/1/2010 55,169 142
100M Orange County, N.C. 4 3/4%, 3/1/2008 83,500 216
45M Rutherford, N.C. 5.7%, 6/1/2012 45,169 117
200M Watauga County, N.C. 5.9%, 6/1/2014 186,750 482
- - ---------------------------------------------------------------------------------------------------------------------------
784,900 2,027
- - ---------------------------------------------------------------------------------------------------------------------------
Hospital--11.6%
135M Craven, N.C. Regl. Med. Auth. Health Care Facs. Rev. 5 5/8%, 10/1/2017 119,306 308
100M Cumberland County, N.C. Hosp. Facs. (Cumberland Cnty. Hosp. Sys.)
5 1/2%, 10/1/2014 88,125 228
North Carolina Medical Care Commission Hospital Revenue:
100M Memorial Mission Hospital Project 5 1/2%, 10/1/2011 88,625 229
140M Presbyterian Health Services Corporation 7 3/8%, 10/1/2020 154,000 398
- - ---------------------------------------------------------------------------------------------------------------------------
450,056 1,163
- - ---------------------------------------------------------------------------------------------------------------------------
Housing--3.1%
125M North Carolina Housing Finance Agency 6.6%, 7/1/2017 121,719 314
- - ---------------------------------------------------------------------------------------------------------------------------
Transportation--0.4%
15M Piedmont Triad Airport Authority, N.C. Airport Revenue 6 3/4%, 7/1/2016 16,031 41
- - ---------------------------------------------------------------------------------------------------------------------------
Utilities--45.1%
135M Buncombe County, N.C. Metro. Sewer District Rev. 5 3/8%, 7/1/2013 118,294 306
200M Charlotte, N.C. Water & Sewer 5 1/4%, 2/1/2014 174,000 450
70M Concord, N.C. Utility Systems 5 3/4%, 12/1/2017 62,825 162
100M Dare County, N.C. Utility System 5 3/4%, 6/1/2014 91,000 235
Fayetteville, N.C. Public Works Commission Revenue:
150M 4 3/4%, 3/1/2014 118,312 306
25M 6 1/2%, 3/1/2014 26,375 68
475M North Carolina Eastern Municipal Power Agency 5 1/2%, 1/1/2007 439,969 1,136
North Carolina Municipal Power Agency (#1 Catawba Electric):
420M 5 3/4%, 1/1/2020 372,225 961
125M 6%, 1/1/2010 119,688 309
210M Puerto Rico Electric Power Authority 9%, 7/1/2005 221,132 571
- - ---------------------------------------------------------------------------------------------------------------------------
1,743,820 4,504
- - ---------------------------------------------------------------------------------------------------------------------------
Other Revenue--4.9%
200M Puerto Rico Municipal Finance Agency 6%, 7/1/2014 188,250 486
- - ---------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $4,020,720) 97.2% 3,762,713 9,717
Other Assets, Less Liabilities 2.8 109,572 283
- - ---------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,872,285 $10,000
===========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.3%
Certificates of Participation--3.6%
$1,500M Pennsylvania State 5%, 7/1/2015 $ 1,190,625 $ 355
- - ------------------------------------------------------------------------------------------------------------------------
Education--8.9%
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55%, 8/15/2009 675,844 201
Pennsylvania State Higher Educational Facilities Authority:
1,000M Drexel University 5 5/8%, 5/1/2014 881,250 263
455M Hahnemann University 7.2%, 7/1/2019 475,475 142
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College) 6 1/8%, 5/1/2014 940,000 280
- - ------------------------------------------------------------------------------------------------------------------------
2,972,569 886
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--16.0%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3%, 4/1/2009 157,312 47
200M Conrad Weiser Area School District 6 5/8%, 10/1/2007 201,750 60
265M Falls Township, Pa. 7%, 12/15/2010 282,225 84
700M Jeannette, Pa. School District 6.65%, 6/15/2021 735,000 219
300M Lehigh County, Pa. 6.9%, 8/1/2011 322,875 96
1,000M Philadelphia, Pa. 6%, 11/15/2014 918,750 274
1,500M Pittsburgh, Pa. 5 1/2%, 9/1/2014 1,312,500 391
800M Trinity Area School District, Pa. 6 5/8%, 11/1/2011 841,000 251
565M Venango County, Pa. 7%, 7/15/2015 605,962 181
- - ------------------------------------------------------------------------------------------------------------------------
5,377,374 1,603
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--14.1%
1,000M Allegheny County, Pa. Hosp. Dev. Auth. (Magee-Womens Hosp.)
6%, 10/1/2013 933,750 279
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8%, 7/1/2014 1,060,125 316
Dauphin County, Pa. Gen. Auth. Hosp. Rev. (Hapsco-Western Hospital):
500M 6 1/4%, 7/1/2008 497,500 148
1,000M 6 1/8%, 7/1/2010 951,250 284
235M Delaware County, Pa. Auth. Hosp. Rev. (Memorial Hosp.) 7 1/8%, 8/15/2009 242,931 72
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7%, 7/1/2014 504,375 150
500M Washington County, Pa. Auth. Lease Revenue 7.45%, 12/15/2018 553,750 165
- - ------------------------------------------------------------------------------------------------------------------------
4,743,681 1,414
- - ------------------------------------------------------------------------------------------------------------------------
Housing--1.5%
500M Pennsylvania Housing Finance Agency Single-Family Mtge. 7.15%, 4/1/2015 502,500 150
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--5.8%
1,600M Pennsylvania State Tpk. Commn. Oil Franchise Rev. 5 1/2%, 12/1/2012 1,430,000 426
260M Pennsylvania State Tpk. Commn. Tpk. Revenue 7.4%, 12/1/2017 286,975 86
225M Philadelphia, Pa. Regional Port Authority Lease Revenue 7.15%, 8/1/2020 241,594 72
- - ------------------------------------------------------------------------------------------------------------------------
1,958,569 584
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--29.3%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,000M 6 1/4%, 12/1/2014 943,750 282
1,100M 6 1/2%, 12/1/2016 1,149,500 343
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison) 7 3/4%, 9/1/2024 186,156 55
1,000M Center Township, Pa. Sewer Authority Series "A" 5 1/2%, 4/15/2016 883,750 263
230M Fairview Township, Pa. Authority Sewer Revenue 7%, 11/1/2020 245,813 73
Harrisburg, Pa. Authority Water Revenue:
250M 7%, 7/15/2015 267,500 80
350M 6 1/2%, 8/15/2016 364,875 109
1,000M Meadville, Pa. Area Water Authority 5 1/8%, 7/1/2014 835,000 249
1,000M North Pennsylvania, Pa. Water Authority 6 7/8%, 11/1/2019 1,007,500 300
1,000M North Wales, Pa. Water Authority 6 3/4%, 11/1/2017 996,250 297
1,500M Philadelphia, Pa. Water & Sewer 5%, 6/15/2019 1,166,250 348
Pittsburgh, Pa. Water & Sewer Auth. Water & Sewer System:
275M 6 3/4%, 9/1/2010 294,594 88
1,500M 6 1/2%, 9/1/2013 1,492,500 445
- - ------------------------------------------------------------------------------------------------------------------------
9,833,438 2,932
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--17.1%
$1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. 7%, 6/15/2014 1,025,000 305
Pennsylvania State Industrial Development Authority:
1,000M 6%, 1/1/2012 927,500 277
2,750M 5 1/2%, 1/1/2014 2,358,125 703
1,000M Philadelphia, Pa. Municipal Authority Revenue 5 5/8%, 11/15/2014 877,500 262
500M Somerset County, Pa. Gen. Auth. Comwlth. Lease Rev. 7%, 10/15/2013 536,250 160
- - ------------------------------------------------------------------------------------------------------------------------
5,724,375 1,707
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $32,999,887 ) 32,303,131 9,631
- - ------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENT--1.5%
Hospital
500M Sayre, Pa. Health Care Facs. Auth. Variable Rate Note 5.25%
(cost $500,000) (a) 500,000 149
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $33,499,887) 97.8% 32,803,131 9,780
Other Assets, Less Liabilities 2.2 738,977 220
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $33,542,108 $10,000
========================================================================================================================
(a) Interest rates are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at December 31, 1994.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.8%
Certificates of Participation--1.9%
$ 275M Stafford County, Va. 7%, 11/1/2009 $ 296,312 $ 133
110M Virginia Beach, Va. 7 1/4%, 9/1/2010 120,313 54
- - ------------------------------------------------------------------------------------------------------------------------
416,625 187
- - ------------------------------------------------------------------------------------------------------------------------
Education--3.8%
750M James Madison University, Va. 5 1/4%, 6/1/2013 644,062 289
200M Virginia College Bldg. Auth. (Washington & Lee Univ.) 7%, 1/1/2015 215,000 96
- - ------------------------------------------------------------------------------------------------------------------------
859,062 385
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--24.4%
1,250M Chesapeake, Va. Public Improvement 5%, 5/1/2013 1,032,812 463
185M Hampton, Va. Public Improvement 6 5/8%, 1/1/2010 195,175 87
165M Leesburg, Va. 7%, 8/1/2010 176,756 79
750M Loudon County, Va. 5 1/2%, 10/1/2013 663,750 297
100M Newport News, Va. General Improvement Series "A" 6 7/8%, 12/1/2009 107,375 48
170M Portsmouth, Va. Utility 6.8%, 8/1/2010 181,263 81
Richmond, Virginia:
500M 7.2%, 1/15/2007 535,000 239
600M 6 1/2%, 7/15/2012 633,000 284
Virginia Beach, Virginia:
1,000M 5.4%, 7/15/2008 910,000 408
500M 5.8%, 11/1/2011 460,625 206
Virginia State Public School Authority:
50M 7%, 6/1/2010 52,750 24
500M 6 1/2%, 8/1/2013 493,125 221
- - ------------------------------------------------------------------------------------------------------------------------
5,441,631 2,437
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--12.1%
125M Charlottesville, Va. Indl. Dev. Auth. (Martha Jefferson Hosp.)
7 3/8%, 10/1/2020 137,500 61
1,000M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.) 6 3/8%, 10/1/2014 966,250 433
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
255M 7 1/4%, 7/1/2010 278,269 125
675M 6 1/8%, 7/1/2017 627,750 281
100M 7 1/4%, 7/1/2017 109,125 49
295M 6 1/2%, 7/1/2025 307,537 138
250M Winchester, Va. Indl. Dev. Auth. (Winchester Med.Ctr.) 7 1/4%, 1/1/2015 271,563 122
- - ------------------------------------------------------------------------------------------------------------------------
2,697,994 1,209
- - ------------------------------------------------------------------------------------------------------------------------
Housing--7.5%
1,000M Richmond, Va. Redev. & Hsg. Auth. (Old Manchester Proj.) 6.8%, 3/1/2015 1,005,000 450
750M Virginia State Hsg. Dev. Auth. Multi-Family Series "D" 5.85%, 11/1/2010 681,563 305
- - ------------------------------------------------------------------------------------------------------------------------
1,686,563 755
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--12.7%
750M Metro Washington, D.C. Airport Revenue 5 3/8%, 10/1/2013 644,063 288
280M Richmond, Va. Metro. Auth. Expressway Rev. 7%, 10/15/2013 304,500 136
200M Virginia State Transportation Board Trans. Contract Rev. 6.8%, 5/15/2009 211,500 95
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6%, 7/1/2008 963,750 432
750M 6%, 7/1/2010 719,062 322
- - ------------------------------------------------------------------------------------------------------------------------
2,842,875 1,273
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--33.3%
Fairfax County, Va. Sewer Revenue:
750M 5 1/2%, 11/15/2013 662,812 297
325M 7%, 11/15/2016 350,594 157
170M Fairfax County, Va. Water Authority Water Revenue 7 1/4%, 1/1/2027 184,663 83
750M Frederick-Winchester Service Auth. Sewer System Rev. 5 3/4%, 10/1/2015 672,188 301
275M Henry County, Va. Pub. Svce. Auth. Water/Sewer Rev. 7.2%, 11/15/2019 298,719 134
750M Leesburg, Va. Utility System Revenue 6.3%, 7/1/2012 728,437 326
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4%, 1/1/2010 481,875 216
1,000M 5 1/2%, 1/1/2015 876,250 392
500M Peppers Ferry, Va. Regl. Wastewater Treatment Auth. 5 3/8%, 3/1/2009 448,125 201
1,000M Prince William County, Va. Svce. Auth. Water Sewer Sys.Rev.
6 1/2%, 7/1/2021 1,056,250 473
560M Roanoke County, Va. Water System Revenue 6 1/2%, 7/1/2021 591,500 265
625M Upper Occoquan Sewer Authority, Va. Regl. Sewer Rev. 6 1/2%, 7/1/2017 660,156 296
500M Virginia Beach, Va. Water & Sewer Revenue 5 1/8%, 2/1/2014 416,875 187
- - ------------------------------------------------------------------------------------------------------------------------
7,428,444 3,328
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--3.1%
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex) 6 1/2%, 12/1/2014 690,375 309
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,546,382) 22,063,569 9,883
- - ------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENT--0.5%
Hospital
Lynchburg, Va. Indl. Dev. Auth. (VHA Mid Atlantic/Cap) Variable
100M Rate Note Series "C" 5.25%, (cost $100,000)(a) 100,000 45
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $22,646,382) 99.3% 22,163,569 9,928
Other Assets, Less Liabilities .7 161,371 72
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,324,940 $10,000
========================================================================================================================
(a) Interest rates are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at December 31, 1994.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
December 31, 1994
------------------- --------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED --------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- - ------------------------------------------- ------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $192,503,014 $14,558,229 $19,631,758 $2,048,505 $6,768,267
============ =========== =========== ========== ==========
At value (Note 1A) $195,326,425 $14,404,744 $19,344,625 $2,013,500 $6,668,819
Cash 300,141 67,288 13,110 46,877 96,713
Receivables:
Interest 4,727,451 305,112 353,441 36,942 141,908
Investment securities sold 5,723,436 -- 25,261 -- --
Shares sold 330,953 102,958 153,815 95,423 24,949
Other assets 10,408 16 31 -- 7
------------ ----------- ----------- ---------- ----------
Total Assets 206,418,814 14,880,118 19,890,283 2,192,742 6,932,396
------------ ----------- ----------- ---------- ----------
Liabilities
Payables:
Investment securities purchased 10,761,714 -- -- 97,299 --
Shares redeemed 1,286,496 3,225 45,900 29,505 10,000
Dividends payable January 20, 1995 242,112 16,613 58,747 402 11,177
Accrued advisory fees 120,881 4,933 6,093 -- --
Accrued expenses 91,869 7,361 14,533 319 7,696
------------ ----------- ----------- ---------- ----------
Total Liabilities 12,503,072 32,132 125,273 127,525 28,873
------------ ----------- ----------- ---------- ----------
Net Assets $193,915,742 $14,847,986 $19,765,010 $2,065,217 $6,903,523
============ =========== =========== ========== ==========
Net Assets Consist of:
Capital paid in $193,447,274 $15,351,053 $20,300,612 $2,139,973 $7,132,309
Undistributed net investment income 43,318 5,255 16,464 1,050 2,316
Accumulated net realized loss on investments (2,398,261) (354,837) (264,933) (40,801) (131,654)
Net unrealized appreciation (depreciation)
in value of investments 2,823,411 (153,485) (287,133) (35,005) (99,448)
------------ ----------- ----------- ---------- ----------
Total $193,915,742 $14,847,986 $19,765,010 $2,065,217 $6,903,523
============ =========== =========== ========== ==========
Shares Outstanding (Note 2) 14,197,611 1,283,431 1,675,727 182,338 586,684
============ =========== =========== ========== ==========
Net Asset Value and Redemption
Price Per Share--Class A
(Note 2) $13.66 $11.57 $11.79 $11.33 $11.77
====== ====== ====== ====== ======
Maximum Offering Price Per Share--Class A
(Net Asset Value/.9375)*. $14.57 $12.34 $12.58 $12.09 $12.55
====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
-------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- - ------------------------------------------- ------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $19,986,719 $54,113,009 $4,020,720 $33,499,887 $22,646,382
============ =========== =========== ========== ==========
At value (Note 1A) $20,353,894 $54,666,581 $3,762,713 $32,803,131 $22,163,569
Cash 75,845 471,126 88,391 75,364 253,395
Receivables:
Interest 420,925 1,224,385 87,810 558,307 467,878
Investment securities sold -- 506,196 -- 882,795 106,594
Shares sold 67,384 211,277 367 220,403 81,209
Other assets 644 277 -- 81 47
------------ ----------- ----------- ---------- ----------
Total Assets 20,918,692 57,079,842 3,939,281 34,540,081 23,072,692
------------ ----------- ----------- ---------- ----------
Liabilities
Payables:
Investment securities purchased -- 1,459,226 -- 672,018 688,721
Shares redeemed 34,360 86,830 59,411 229,505 --
Dividends payable January 20, 1995 23,281 96,955 6,935 67,449 40,156
Accrued advisory fees 8,624 27,511 -- 13,932 7,374
Accrued expenses 14,196 30,529 650 15,069 11,501
------------ ----------- ----------- ---------- ----------
Total Liabilities 80,461 1,701,051 66,996 997,973 747,752
------------ ----------- ----------- ---------- ----------
Net Assets $20,838,231 $55,378,791 $3,872,285 $33,542,108 $22,324,940
============ =========== =========== ========== ==========
Net Assets Consist of:
Capital paid in $20,796,088 $55,028,696 $4,213,061 $34,301,834 $22,858,670
Undistributed net investment income 4,363 22,303 1,034 9,127 11,295
Accumulated net realized loss on investments (329,395) (225,780) (83,803) (72,097) (62,212)
Net unrealized appreciation (depreciation)
in value of investments 367,175 553,572 (258,007) (696,756) (482,813)
------------ ----------- ----------- ---------- ----------
Total $20,838,231 $55,378,791 $3,872,285 $33,542,108 $22,324,940
============ =========== =========== ========== ==========
Shares Outstanding (Note 2) 1,891,810 4,593,777 355,348 2,863,842 1,911,195
============ =========== =========== ========== ==========
Net Asset Value and Redemption
Price Per Share--Class A
(Note 2) $11.01 $12.06 $10.90 $11.71 $11.68
====== ====== ====== ====== ======
Maximum Offering Price Per Share--Class A
(Net Asset Value/.9375)*. $11.74 $12.86 $11.63 $12.49 $12.46
====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Year Ended December 31, 1994
--------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------------------
NEW YORK INSURED
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $13,385,056 $940,807 $1,226,395 $83,897 $389,869
------------ ----------- ----------- -------- ---------
Expenses:
Advisory fees (Note 5) 1,526,855 119,993 157,128 12,122 51,149
Distribution plan expenses (Note 6) 610,742 31,998 41,901 3,232 13,640
Shareholder servicing costs (Note 5) 167,766 14,952 16,280 2,979 12,142
Professional fees 46,113 12,470 14,937 10,997 7,281
Reports to shareholders 75,397 6,127 9,216 525 2,428
Bond insurance premiums (Note 1A) 111,751 3,568 1,316 163 1,426
Other expenses 66,390 6,200 7,630 1,179 3,494
------------ ----------- ----------- -------- ---------
Total expenses 2,605,014 195,308 248,408 31,197 91,560
Less: Expenses waived or assumed (Note 5) -- (55,997) (119,394) (27,965) (60,868)
------------ ----------- ----------- -------- ---------
Expenses - net 2,605,014 139,311 129,014 3,232 30,692
------------ ----------- ----------- -------- ---------
Net investment income 10,780,042 801,496 1,097,381 80,665 359,177
------------ ----------- ----------- -------- ---------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized loss on investments (2,398,261) (313,831) (264,933) (40,801) (115,472)
Net unrealized depreciation of investments (19,225,762) (1,639,963) (2,040,709) (110,067) (639,993)
------------ ----------- ----------- -------- ---------
Net loss on investments (21,624,023) (1,953,794) (2,305,642) (150,868) (755,465)
------------ ----------- ----------- -------- ---------
Net Decrease in Net Assets
Resulting from Operations $(10,843,981) $(1,152,298) $(1,208,261) $(70,203) $(396,288)
============ =========== =========== ======== =========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - --------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
--------------------------------------------------------------------------------
<S>
Investment Income
Interest income $1,407,445 $3,732,427 $235,549 $2,075,225 $1,380,019
------------ ----------- --------- ----------- -----------
Expenses:
Advisory fees (Note 5) 165,005 451,268 32,570 259,689 176,624
Distribution plan expenses (Note 6) 44,001 120,338 8,684 69,250 47,100
Shareholder servicing costs (Note 5) 18,980 39,279 5,047 24,559 21,218
Professional fees 15,751 26,923 11,357 12,764 12,020
Reports to shareholders 8,007 19,289 1,210 11,223 8,745
Bond insurance premiums (Note 1A) 3,633 5,165 1,665 2,143 7,485
Other expenses 8,995 22,760 1,860 11,158 8,552
------------ ----------- --------- ----------- -----------
Total expenses 264,372 685,022 62,393 390,786 281,744
Less: Expenses waived or assumed (Note 5) (55,002) (90,254) (53,709) (86,564) (82,424)
------------ ----------- --------- ----------- -----------
Expenses - net 209,370 594,768 8,684 304,222 199,320
------------ ----------- --------- ----------- -----------
Net investment income 1,198,075 3,137,659 226,865 1,771,003 1,180,699
------------ ----------- --------- ----------- -----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized loss on investments (329,395) (225,780) (83,803) (72,097) (61,681)
Net unrealized depreciation of investments (2,097,875) (6,767,311) (437,561) (3,989,085) (2,611,443)
------------ ----------- --------- ----------- -----------
Net loss on investments (2,427,270) (6,993,091) (521,364) (4,061,182) (2,673,124)
------------ ----------- --------- ----------- -----------
Net Decrease in Net Assets
Resulting from Operations $(1,229,195) $(3,855,432) $(294,499) $(2,290,179) $(1,492,425)
============ =========== ========= =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
---------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------------------------------------
FIRST INVESTORS
NEW YORK INSURED
TAX FREE FUND, INC. CONNECTICUT FLORIDA
---------------------------------------------------------------------------------------
Year Ended December 31 1994 1993 1994 1993 1994 1993
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 10,780,042 $ 10,629,827 $ 801,496 $ 700,629 $ 1,097,381 $ 892,710
Net realized gain
(loss) on investments (2,398,261) 1,956,805 (313,831) 19,159 (264,933) 153,384
Net unrealized appreciation
(depreciation) of investments (19,225,762) 5,717,430 (1,639,963) 1,092,677 (2,040,709) 1,130,563
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease) in net
assets resulting from operations (10,843,981) 18,304,062 (1,152,298) 1,812,465 (1,208,261) 2,176,657
------------ ------------ ----------- ----------- ----------- -----------
Distributions to Shareholders:
From net investment income (10,924,339) (10,744,568) (801,765) (708,098) (1,102,831) (891,655)
From net realized gain from
security transactions -- (1,883,601) -- (14,569) -- (152,663)
In excess of realized gain from
security transactions -- -- (41,006) -- --
------------ ------------ ----------- ----------- ----------- -----------
Total distributions (10,924,339) (12,628,169) (801,765) (763,673) (1,102,831) (1,044,318)
------------ ------------ ----------- ----------- ----------- -----------
Share Transactions--Class A (a)
Issued 24,920,224 35,247,740 2,473,254 6,895,332 4,193,910 9,026,307
Issued on reinvestments 8,056,192 9,501,950 613,310 572,413 513,004 491,864
Redeemed (29,259,279) (19,847,378) (3,486,374) (2,142,874) (4,027,836) (1,931,381)
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease)
from share transactions 3,717,137 24,902,312 (399,810) 5,324,871 679,078 7,586,790
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease) in net assets (18,051,183) 30,578,205 (2,353,873) 6,373,663 (1,632,014) 8,719,129
Net Assets
Beginning of year 211,966,925 181,388,720 17,201,859 10,828,196 21,397,024 12,677,895
------------ ------------ ----------- ----------- ----------- -----------
End of year+ $193,915,742 $211,966,925 $14,847,986 $17,201,859 $19,765,010 $21,397,024
============ ============ =========== =========== =========== ===========
+Includes undistributed net
investment income of $ 43,318 $ 187,615 $ 5,255 $ 5,524 $ 16,464 $ 21,914
============ ============ =========== =========== =========== ===========
(a)Shares Issued and
Redeemed--Class A (Note 2)
Issued 1,733,745 2,324,856 203,067 541,604 337,394 703,204
Issued on reinvestments 566,477 626,756 51,022 44,693 42,134 38,036
Redeemed (2,070,038) (1,309,852) (288,696) (167,023) (332,533) (150,883)
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease) in shares 230,184 1,641,760 (34,607) 419,274 46,995 590,357
============ ============ =========== =========== =========== ===========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
---------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
GEORGIA MARYLAND
------------------------------------------------------
Year Ended December 31 1994 1993 1994 1993
------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 80,665 $ 42,700 $ 359,177 $ 261,536
Net realized gain
(loss) on investments (40,801) 1,790 (115,472) 4,285
Net unrealized appreciation
(depreciation) of investments (110,067) 68,450 (639,993) 399,808
---------- ---------- ---------- ----------
Net increase (decrease) in net
assets resulting from operations (70,203) 112,940 (396,288) 665,629
---------- ---------- ---------- ----------
Distributions to Shareholders:
From net investment income (79,754) (43,118) (362,227) (261,400)
From net realized gain from
security transactions -- (588) -- (1,759)
In excess of realized gain from
security transactions -- -- -- (16,183)
---------- ---------- ---------- ----------
Total distributions (79,754) (43,706) (362,227) (279,342)
---------- ---------- ---------- ----------
Share Transactions--Class A (a)
Issued 927,355 1,030,007 1,928,630 2,781,436
Issued on reinvestments 73,507 39,557 254,066 199,323
Redeemed (254,666) (34,706) (1,164,023) (298,784)
---------- ---------- ---------- ----------
Net increase (decrease)
from share transactions 746,196 1,034,858 1,018,673 2,681,975
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 596,239 1,104,092 260,158 3,068,262
Net Assets
Beginning of year 1,468,978 364,886 6,643,365 3,575,103
---------- ---------- ---------- ----------
End of year+ $2,065,217 $1,468,978 $6,903,523 $6,643,365
========== ========== ========== ==========
+Includes undistributed net
investment income of $ 1,050 $ 139 $ 2,316 $ 5,366
========== ========== ========== ==========
(a)Shares Issued and
Redeemed--Class A (Note 2)
Issued 80,499 85,247 156,671 217,830
Issued on reinvestments 6,313 3,252 20,852 15,474
Redeemed (22,084) (2,830) (96,175) (23,191)
---------- ---------- ---------- ----------
Net increase (decrease) in shares 64,728 85,669 81,348 210,113
========== ========== ========== ==========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
Statement of Changes in Net Assets)
-------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE TAX FREE FUND
-------------------------------------------------------------------------------------
MASSACHUSETTS NEW JERSEY NORTH CAROLINA
-------------------------------------------------------------------------------------
Year Ended December 31 1994 1993 1994 1993 1994 1993
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 1,198,075 $ 1,184,371 $ 3,137,659 $ 3,097,264 $ 226,865 $ 129,186
Net realized gain (loss)
on investments (329,395) 262,882 (225,780) 484,191 (83,803) 14,078
Net unrealized appreciation
(depreciation) of investments (2,097,875) 1,017,370 (6,767,311) 3,741,512 (437,561) 166,196
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) in net
assets resulting from operations (1,229,195) 2,464,623 (3,855,432) 7,322,967 (294,499) 309,460
----------- ----------- ----------- ----------- ---------- ----------
Distributions to Shareholders:
From net investment income (1,203,624) (1,195,356) (3,146,005) (3,112,114) (226,667) (129,454)
From net realized gain from
security transactions -- (262,882) -- (484,191) -- (13,491)
In excess of realized gain from
security transactions -- -- -- -- -- --
----------- ----------- ----------- ----------- ---------- ----------
Total distributions (1,203,624) (1,458,238) (3,146,005) (3,596,305) (226,667) (142,945)
----------- ----------- ----------- ----------- ---------- ----------
Share Transactions--Class A (a)
Issued 2,473,916 4,845,856 7,713,722 13,337,259 1,415,758 2,605,521
Issued on reinvestments 933,965 1,157,295 2,084,420 2,387,643 127,189 81,454
Redeemed (3,789,844) (3,423,407) (11,976,023) (9,265,052) (1,032,579) (53,980)
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease)
from share transactions (381,963) 2,579,744 (2,177,881) 6,459,850 510,368 2,632,995
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) in net assets (2,814,782) 3,586,129 (9,179,318) 10,186,512 (10,798) 2,799,510
Net Assets
Beginning of year 23,653,013 20,066,884 64,558,109 54,371,597 3,883,083 1,083,573
----------- ----------- ----------- ----------- ---------- ----------
End of year+ $20,838,231 $23,653,013 $55,378,791 $64,558,109 $3,872,285 $3,883,083
=========== =========== =========== =========== ========== ==========
+Includes undistributed
net investment income of $ 4,363 $ 9,912 $ 22,303 $ 30,649 $ 1,034 $ 836
=========== =========== =========== =========== ========== ==========
(a)Shares Issued and
Redeemed--Class A (Note 2)
Issued 214,343 397,068 601,287 1,006,097 121,402 218,843
Issued on reinvestments 81,626 94,669 166,135 178,780 11,292 6,758
Redeemed (329,777) (279,963) (951,262) (697,805) (93,643) (4,568)
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) in shares (33,808) 211,774 (183,840) 487,072 39,051 221,033
=========== =========== =========== =========== ========== ==========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
-----------------------------------------------------------
FIRST INVESTORS MULTI-STATE TAX FREE FUND
-----------------------------------------------------------
PENNSYLVANIA VIRGINIA
-----------------------------------------------------------
Year Ended December 31 1994 1993 1994 1993
-----------------------------------------------------------
<S> <C> <C. <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 1,771,003 $ 1,600,264 $ 1,180,699 $ 1,045,066
Net realized gain (loss)
on investments (72,097) 415,726 (61,681) 153,737
Net unrealized appreciation
(depreciation) of investments (3,989,085) 2,005,862 (2,611,443) 1,295,816
----------- ----------- ----------- -----------
Net increase (decrease) in net
assets resulting from operations (2,290,179) 4,021,852 (1,492,425) 2,494,619
----------- ----------- ----------- -----------
Distributions to Shareholders:
From net investment income (1,777,494) (1,588,147) (1,175,046) (1,047,903)
From net realized gain from
security transactions -- (404,132) -- (153,737)
In excess of realized gain from
security transactions -- -- -- --
----------- ----------- ----------- -----------
Total distributions (1,777,494) (1,992,279) (1,175,046) (1,201,640)
----------- ----------- ----------- -----------
Share Transactions--Class A (a)
Issued 5,661,896 10,379,865 3,263,981 8,272,351
Issued on reinvestments 1,033,699 1,172,678 721,894 784,569
Redeemed (4,599,995) (4,103,687) (3,677,279) (2,173,312)
----------- ----------- ----------- -----------
Net increase (decrease)
from share transactions 2,095,600 7,448,856 308,596 6,883,608
----------- ----------- ----------- -----------
Net increase (decrease) in net assets (1,972,073) 9,478,429 (2,358,875) 8,176,587
Net Assets
Beginning of year 35,514,181 26,035,752 24,683,815 16,507,228
----------- ----------- ----------- -----------
End of year+ $33,542,108 $35,514,181 $22,324,940 $24,683,815
=========== =========== =========== ===========
+Includes undistributed
net investment income of $ 9,127 $ 15,618 $ 11,295 $ 5,642
=========== =========== =========== ===========
(a)Shares Issued and
Redeemed--Class A (Note 2)
Issued 457,976 803,680 265,790 648,409
Issued on reinvestments 84,890 90,262 59,666 61,031
Redeemed (377,755) (318,749) (304,592) (169,025)
----------- ----------- ----------- -----------
Net increase (decrease) in shares 165,111 575,193 20,864 540,415
=========== =========== =========== ===========
See notes to financial statements
</TABLE>
Notes to Financial Statements
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Series
1. Significant Accounting Policies--First Investors New York Insured
Tax Free Fund, Inc. and First Investors Multi-State Insured Tax Free
Fund (collectively, the "Funds") are registered under the Investment
Company Act of 1940 (the "1940 Act") as diversified, open-end
management investment companies. First Investors New York Insured Tax
Free Fund, Inc. ("New York Insured") consists of a single investment
series and First Investors Multi-State Insured Tax Free Fund ("Multi-
State Insured") consists of seventeen separate investment series. This
report relates to New York Insured and the nine series of Multi-State
Insured listed above (singularly and collectively, "Series"). Multi-
State Insured operates as a series fund, issuing shares of beneficial
interest in each Series and accounts separately for the assets,
liabilities and operations of each Series.
A. Security Valuation--The municipal securities in which the Series
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 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 in determining valuations. "When
Issued Securities" are reflected in the assets of the Series as of the
date the securities are purchased.
The municipal bonds held by the Series are insured as to payment of
principal and interest by the issuer or under insurance policies
written by independent insurance companies. It is the intention of the
Series to retain any insured securities which are in default or in
significant risk of default and to place a value on the defaulted
securities equal to the value of similar securities which are not in
default. Each Series may invest up to 20% of its assets in portfolio
securities not covered by the insurance feature.
B. Federal Income Taxes--It is the policy of the Series to continue to
qualify as regulated investment companies, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The
Series make distributions of income and net realized capital gains
sufficient to relieve them from all, or substantially all, federal
income taxes. At December 31, 1994, the Series had the following
capital loss carryovers, expiring in the year 2002:
<TABLE>
<CAPTION>
<S> <C>
NEW YORK INSURED $1,016,113
MULTI-STATE INSURED
-------------------
CONNECTICUT Series 329,239
FLORIDA Series 176,344
GEORGIA Series 18,533
MARYLAND Series 111,759
MASSACHUSETTS Series 322,147
NEW JERSEY Series 148,482
NORTH CAROLINA Series 68,000
PENNSYLVANIA Series 60,264
VIRGINIA Series 62,212
</TABLE>
C. Distributions to Shareholders--Dividends from net investment income
are declared daily and paid monthly. Distributions from net realized
capital gains are normally declared and paid annually. To the extent
that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Series not to distribute such gain.
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 Series of
Multi-State Insured are charged to and paid from the assets of that
Series. Indirect or general expenses of Multi-State Insured are
allocated among and charged to the assets of each Series on a fair and
equitable basis, which may be based on the relative assets of each
Series or the nature of the services performed and relative
applicability to each Series.
E. Security Transactions and Investment Income--Security transactions
are accounted for on the date the securities are purchased or sold.
Cost is determined, and gains and losses are based, on the identified
cost basis for both financial statement and federal income tax
purposes. Interest income is earned from settlement date and recorded
on the accrual basis. Estimated expenses are accrued daily.
2. Fund Shares--The Articles of Incorporation of New York Insured
authorize the Fund to issue 1,000,000,000 shares of capital stock of
$.01 par value. The Declaration of Trust of Multi-State Insured permits
the Fund to issue an unlimited number of shares of beneficial interest
in each Series. By action of the Board of Directors of New York
Insured, the Articles of Incorporation were amended on October 21,
1994, so that of the 1,000,000,000 shares originally authorized,
500,000,000 shares were allocated as Class A and 500,000,000 shares
were allocated as Class B capital stock. Also, on September 22, 1994,
the Board of Trustees of Multi-State Insured established an unlimited
number of Class A and an unlimited number of Class B shares of
beneficial interest. As of December 31, 1994, only Class A shares have
been issued by either Fund.
3. Concentration of Credit Risk--The Series invest in debt instruments
of municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions--For the year ended December 31, 1994,
purchases and sales of municipal securities were as follows:
<TABLE>
<CAPTION>
Cost Proceeds
of of
Purchases Sales
-------------- --------------
<S> <C> <C>
NEW YORK INSURED $124,389,966 $109,436,929
MULTI-STATE INSURED
---------------------
CONNECTICUT Series 9,660,816 9,502,542
FLORIDA Series 20,375,213 19,442,552
GEORGIA Series 1,901,913 1,201,113
MARYLAND Series 3,863,867 2,878,776
MASSACHUSETTS Series 14,194,253 13,634,743
NEW JERSEY Series 34,952,953 35,467,568
NORTH CAROLINA Series 2,974,198 2,468,352
PENNSYLVANIA Series 29,387,625 26,350,063
VIRGINIA Series 13,353,627 12,434,565
</TABLE>
At December 31, 1994, aggregate cost and net unrealized appreciation
(depreciation) of securities for federal income tax purposes were as
follows:
<TABLE>
<CAPTION>
Net
Gross Gross Unrealized
Aggregate Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NEW YORK INSURED $192,503,014 $7,381,615 $4,558,204 $2,823,411
MULTI-STATE INSURED
-------------------
CONNECTICUT Series 14,558,229 173,580 327,065 (153,485)
FLORIDA Series 19,631,758 349,254 636,387 (287,133)
GEORGIA Series 2,048,505 10,573 45,578 (35,005)
MARYLAND Series 6,768,267 107,886 207,334 (99,448)
MASSACHUSETTS Series 19,986,719 807,748 440,573 367,175
NEW JERSEY Series 54,113,009 764,093 1,210,521 553,572
NORTH CAROLINA Series 4,020,720 3,887 261,894 (258,007)
PENNSYLVANIA Series 33,499,887 637,914 1,334,670 (696,756)
VIRGINIA Series 22,646,382 484,874 967,687 (482,813)
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates (Also see Note
6)--Certain officers and directors/trustees of the Series are officers
and directors of the Series' investment adviser, First Investors
Management Company, Inc. ("FIMCO"), their underwriter, First Investors
Corporation ("FIC") and/or their transfer agent, Administrative Data
Management Corp. ("ADM"). Officers and directors/trustees of the Series
received no remuneration from the Series for serving in such
capacities. Their remuneration (together with certain other expenses of
the Series) is paid by FIMCO or FIC.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of New York Insured and of the
average daily net assets of each Series of the Multi-State Insured,
declining by .03% on each $250 million thereafter, down to .66% on
average daily net assets over $750 million. For the year ended December
31, 1994, advisory fees of New York Insured amounted to $1,526,855. For
the same period, advisory fees for the nine Series of Multi-State
Insured included in this report amounted to $1,425,548, of which
$585,477 was waived; other expenses in the amount of $35,181 were
assumed by FIMCO.
For the year ended December 31, 1994, FIC, as underwriter, received
$425,087 in commissions on sales of shares of New York Insured, after
allowing $30,213 to other dealers, and $918,064 in commissions on sales
of shares of the nine Series of Multi-State Insured included in this
report, after allowing $260,188 to other dealers. Shareholder servicing
costs of New York Insured and the nine Series of Multi-State Insured
consisted of $167,766, and $155,436, respectively, in transfer agent
fees and out of pocket expenses accrued to ADM. Transfer agent fees and
out of pocket expenses attributable to the Georgia, Maryland and North
Carolina Series of Multi-State Insured, in the amount of $11,519, were
waived by the transfer agent for the year ended December 31, 1994.
6. Distribution Plan--Pursuant to a Distribution Plan adopted by the
Series under Rule 12b-1 of the 1940 Act, each Series is authorized to
pay FIC a fee up to .30% of its respective average net assets, on an
annualized basis each fiscal year, payable monthly. 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 series. For
the year ended December 31, 1994, these fees amounted to $610,742 and
$380,144 respectively, for New York Insured and the nine Series of
Multi-State Insured.
This page intentionally left blank.
Financial Highlights
The following table sets forth the per share operating performance data
for a Class A share outstanding, total return,
ratios to average net assets and other supplemental data for each
period indicated.
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
-------------------------------------- -----------------------
Net Asset Net Net Asset
Value Realized and Net Value
---------- Net Unrealized Total from Net Realized ----------
Beginning Investment Gain (Loss) on Investment Investment Gain on Total End of
of Period Income Investments Operations Income Investments Distributions Period
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
--------------------------
1985 $11.82 $.942 $1.228 $2.170 $.960 $ --- $.960 $13.03
1986 13.03 .932 1.238 2.170 .950 -- .950 14.25
1987 14.25 .919 (1.109) (.190) .910 -- .910 13.15
1988 13.15 .902 .388 1.290 .930 -- .930 13.51
1989 13.51 .901 .339 1.240 .880 -- .880 13.87
1990 13.87 .889 (.119) .770 .890 -- .890 13.75
1991 13.75 .881 .574 1.455 .875 -- .875 14.33
1992 14.33 .844 .386 1.230 .840 -- .840 14.72
1993 14.72 .809 .608 1.417 .820 .137 .957 15.18
1994 15.18 .758 (1.510) (.752) .768 -- .768 13.66
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
---------------------
CONNECTICUT SERIES
- - ------------------
10/8/90** to 12/31/90 11.17 .034 (.014) .020 -- -- -- 11.19
1991 11.19 .630 .449 1.079 .625 .004 .629 11.64
1992 11.64 .669 .401 1.070 .660 -- .660 12.05
1993 12.05 .615 1.053 1.668 .625 .043 .668 13.05
1994 13.05 .609 (1.480) (.871) .609 -- .609 11.57
FLORIDA SERIES
- - --------------
10/5/90** to 12/31/90 11.17 .018 (.058) (.040) -- -- -- 11.13
1991 11.13 .658 .582 1.240 .640 .030 .670 11.70
1992 11.70 .702 .508 1.210 .700 -- .700 12.21
1993 12.21 .664 1.032 1.696 .671 .095 .766 13.14
1994 13.14 .642 (1.346) (.704) .646 -- .646 11.79
GEORGIA SERIES
- - --------------
5/1/92** to 12/31/92 11.17 .267 .233 .500 .250 -- .250 11.42
1993 11.42 .603 1.091 1.694 .619 .005 .624 12.49
1994 12.49 .584 (1.165) (.581) .579 -- .579 11.33
MARYLAND SERIES
- - ---------------
10/8/90** to 12/31/90 11.17 .021 .189 .210 -- -- -- 11.38
1991 11.38 .628 .287 .915 .615 -- .615 11.68
1992 11.68 .669 .426 1.095 .665 -- .665 12.11
1993 12.11 .653 1.083 1.736 .660 .036 .696 13.15
1994 13.15 .644 (1.373) (.729) .651 -- .651 11.77
*Annualized
**Commencement of operations
+Calculated without sales charge
++Net of expenses waived or assumed by the investment adviser and the
transfer agent from the commencement of operations
of each Series of the First Investors Multi-State Insured Tax Free
Fund through December 31, 1994 (See Note 5).
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - ----------------------------------------------------------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA
- - ----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
------------------------------------------------------------------
Total Net Assets Net Net Portfolio
Return+ End of Period Investment Investment Turnover
(%) (in thousands Expenses(%) Income(%) Expenses(%) Income(%) Rate(%)
- - ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
--------------------------
1985 18.92 $ 44,606 1.18 8.02 N/A N/A 32
1986 17.03 83,760 1.13 6.90 N/A N/A 10
1987 (1.25) 103,892 1.10 6.91 N/A N/A 2
1988 10.10 121,017 1.26 6.77 N/A N/A 21
1989 9.43 150,154 1.14 6.57 N/A N/A 13
1990 5.81 156,022 1.23 6.53 N/A N/A 33
1991 10.89 162,296 1.24 6.29 N/A N/A 25
1992 8.84 181,389 1.29 5.84 N/A N/A 46
1993 9.82 211,967 1.27 5.35 N/A N/A 31
1994 (5.03) 193,916 1.28 5.30 N/A N/A 55
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
---------------------
CONNECTICUT SERIES
- - ------------------
10/8/90** to 12/31/90 7.71* 625 -- 1.75* 1.46* .28* 0
1991 9.92 5,050 .06 5.83 1.60 4.28 35
1992 9.49 10,828 .33 5.73 1.20 4.86 46
1993 14.10 17,202 .80 4.83 1.15 4.48 29
1994 (6.75) 14,848 .87 5.01 1.22 4.66 63
FLORIDA SERIES
- - --------------
10/5/90** to 12/31/90 (1.48)* 1,339 -- 1.20* 1.03* .17* 0
1991 11.45 6,891 .06 6.12 1.12 5.06 70
1992 10.67 12,678 .29 5.97 1.17 5.10 65
1993 14.19 21,397 .45 5.20 1.10 4.55 53
1994 (5.39) 19,765 .62 5.24 1.19 4.67 98
GEORGIA SERIES
- - --------------
5/1/92** to 12/31/92 6.75* 365 -- 4.45* 3.32* 1.13* 53
1993 15.16 1,469 .13 4.96 1.84 3.24 50
1994 (4.69) 2,065 .20 4.99 1.93 3.26 78
MARYLAND SERIES
- - ---------------
10/8/90** to 12/31/90 8.08* 403 -- 1.69* 2.88* (1.19)* 0
1991 8.30 1,543 .05 5.74 1.88 3.92 26
1992 9.64 3,575 .20 5.72 1.38 4.55 38
1993 14.62 6,643 .45 5.16 1.28 4.33 50
1994 (5.59) 6,904 .45 5.27 1.34 4.37 44
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data
for a Class A share outstanding, total return,
ratios to average net assets and other supplemental data for each
period indicated.
- - ------------------------------------------------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
-------------------------------------- -----------------------
Net Asset Net Net Asset
Value Realized and Net Value
---------- Net Unrealized Total from Net Realized ----------
Beginning Investment Gain (Loss) on Investment Investment Gain on Total End of
of Period Income Investments Operations Income Investments Distributions Period
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MASSACHUSETTS SERIES
- - --------------------
1987 $11.13 .533 (1.143) (.610) .510 $ -- $.510 $10.01
1988 10.01 .753 .547 1.300 .770 -- .770 10.54
1989 10.54 .725 .345 1.070 .730 -- .730 10.88
1990 10.88 .748 (.038) .710 .750 -- .750 10.84
1991 10.84 .732 .468 1.200 .730 -- .730 11.31
1992 11.31 .687 .399 1.086 .676 .010 .686 11.71
1993 11.71 .653 .716 1.369 .660 .139 .799 12.28
1994 12.28 .627 (1.267) (.640) .630 -- .630 11.01
NEW JERSEY SERIES
- - -----------------
9/13/88** to 12/31/88 11.13 .083 .117 .200 -- -- -- 11.33
1989 11.33 .797 .373 1.170 .770 -- .770 11.73
1990 11.73 .787 .013 .800 .800 -- .800 11.73
1991 11.73 .762 .548 1.310 .750 -- .750 12.29
1992 12.29 .716 .439 1.155 .716 .059 .775 12.67
1993 12.67 .680 .947 1.627 .684 .103 .787 13.51
1994 13.51 .659 (1.448) (.789) .661 -- .661 12.06
NORTH CAROLINA SERIES
- - ---------------------
5/4/92** to 12/31/92 11.17 .272 .188 .460 .260 -- .260 11.37
1993 11.37 .595 .962 1.557 .604 .043 .647 12.28
1994 12.28 .594 (1.380) (.786) .594 -- .594 10.90
PENNSYLVANIA SERIES
- - -------------------
4/30/90** to 12/31/90 11.17 .296 .214 .510 .270 -- .270 11.41
1991 11.41 .714 .429 1.143 .695 .008 .703 11.85
1992 11.85 .699 .427 1.126 .716 -- .716 12.26
1993 12.26 .667 1.048 1.715 .663 .152 .815 13.16
1994 13.16 .627 (1.447) (.820) .630 -- .630 11.71
VIRGINIA SERIES
- - ---------------
4/30/90** to 12/31/90 11.17 .320 .080 .400 .300 -- .300 11.27
1991 11.27 .715 .523 1.238 .690 .018 .708 11.80
1992 11.80 .683 .481 1.164 .702 .032 .734 12.23
1993 12.23 .636 .915 1.551 .639 .082 .721 13.06
1994 13.06 .611 (1.383) (.772) .608 -- .608 11.68
*Annualized
**Commencement of operations
+Calculated without sales charge
++Net of expenses waived or assumed by the investment adviser and the
transfer agent from the commencement of operations
of each Series of the First Investors Multi-State Insured Tax Free
Fund through December 31, 1994 (See Note 5).
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - ----------------------------------------------------------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA
- - ----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
------------------------------------------------------------------
Total Net Assets Net Net Portfolio
Return+ End of Period Investment Investment Turnover
(%) (in thousands) Expenses(%) Income(%) Expenses(%) Income(%) Rate(%)
- - --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MASSACHUSETTS SERIES
- - --------------------
1987 5.43 $1,595 .05 6.32 1.13 5.24 16
1988 13.40 2,901 .10 7.33 1.29 6.14 31
1989 10.43 8,292 .10 6.78 1.03 5.85 11
1990 6.85 12,760 .06 7.01 0.99 6.09 22
1991 11.45 17,608 .28 6.66 0.99 5.94 4
1992 9.90 20,067 .70 5.99 1.17 5.52 28
1993 11.93 23,653 .90 5.37 1.15 5.12 32
1994 (5.30) 20,838 .95 5.45 1.20 5.20 64
NEW JERSEY SERIES
- - -----------------
9/13/88** to 12/31/88 5.96* 2,148 -- 4.95* .95* 3.99* 0
1989 10.61 17,380 .03 6.82 0.92 5.93 10
1990 7.10 30,686 .10 6.93 0.91 6.12 16
1991 11.52 42,475 .44 6.38 0.98 5.84 22
1992 9.74 54,372 .78 5.76 1.13 5.41 42
1993 13.09 64,558 .96 5.12 1.11 4.97 44
1994 (5.91) 55,379 .99 5.21 1.14 5.06 60
NORTH CAROLINA SERIES
- - ---------------------
5/4/92** to 12/31/92 6.21* 1,084 -- 4.53* 2.20* 2.33* 10
1993 13.98 3,883 .13 4.99 1.28 3.83 32
1994 (6.45) 3,872 .20 5.22 1.44 3.99 61
PENNSYLVANIA SERIES
- - -------------------
4/30/90** to 12/31/90 6.88* 6,252 .05* 5.39* 1.05* 4.39* 1
1991 10.24 16,118 .29 6.28 1.03 5.54 26
1992 9.81 26,036 .56 5.84 1.12 5.28 18
1993 14.28 35,514 .79 5.17 1.10 4.86 37
1994 (6.31) 33,542 .88 5.11 1.13 4.86 81
VIRGINIA SERIES
- - ---------------
4/30/90** to 12/31/90 5.40* 3,327 .08* 5.56* 1.22* 4.43* 0
1991 11.31 9,756 .13 6.32 1.10 5.36 15
1992 10.19 16,507 .56 6.75 1.22 5.09 41
1993 12.94 24,684 .81 4.97 1.16 4.62 39
1994 (5.97) 22,325 .85 5.01 1.20 4.66 55
</TABLE>
Independent Auditor's Report
To the Shareholders and Boards of Directors/Trustees of
First Investors New York Insured Tax Free Fund, Inc. and
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Series
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of First Investors New York
Insured Tax Free Fund, Inc. and the nine series of First Investors
Multi-State Insured Tax Free Fund listed above as of December 31, 1994,
and the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the
period then ended and financial highlights for 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 audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1994, by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of First Investors New York Insured Tax Free Fund,
Inc. and each of the nine series of First Investors Multi-State Insured
Tax Free Fund listed above as of December 31, 1994, and the results of
their operations, changes in their net assets and financial highlights
for each of the respective periods presented, in conformity with
generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
January 31, 1995
Directors/Trustees
- - ------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
F. William Ortman, Jr.
Rex R. Reed
Herbert Rubinstein
John T. Sullivan
Robert F. Wentworth
Officers
- - --------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
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.
10 Woodbridge Center Drive
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart
1800 M Street, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
For more complete information about First Investors New York Insured
Tax Free Fund, Inc. and/or First Investors Multi-State Insured Tax Free
Fund, including charges and expenses, you may obtain a prospectus
from your registered representative or by calling 1-800-423-4026. Read
it carefully before you invest or send money.
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
First Investors LOGO
LOGO is described as follows: The arabic numeral one separated into seven
vertical segments followed by the words "First Investors".
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIMS148
The words "BULK RATE U.S. POSTAGE PAID PERMIT NO. 1796" in a box
to the right of a circle containing the words "MAILED FROM
ZIP CODE 17604" appears to the right of the above language in the
printed piece.
Vertically reading from bottom to top in center of the page the words
"FIRST INVESTORS" appear in the printed piece.
First Investors
New York Insured
Tax Free Fund, Inc.
First Investors
Multi-State Insured
Tax Free Fund
Connecticut Series
Florida Series
Georgia Series
Maryland Series
Massachusetts Series
New Jersey Series
North Carolina Series
Pennsylvania Series
Virginia Series
ANNUAL
REPORT
DECEMBER 31, 1994
