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 Investor:
1995 was a very good year for investors in the U.S. financial markets.
The broad stock market averages repeatedly closed at record highs, and
bond prices surged as long-term interest rates fell almost two percent.
Several general factors contributed to this strong performance. First,
the U.S. economy grew at a moderate pace throughout the year. Second,
the rate of inflation declined, reaching its lowest level since the
1960s. Third, the Federal Reserve began lowering short-term interest
rates during the second half of the year. Finally, during the fourth
quarter, Congress and the President appeared close to reaching an
agreement to eliminate the Federal budget deficit over the next seven
years.
The substantial decline in long-term interest rates during 1995 provided
municipal bond investors with historically high total returns. These
returns were achieved despite investor concern about tax reform; Orange
County, California's bankruptcy; and new issue supply which reached $156
billion due to a large number of refunding deals in the fourth quarter.
During 1995 First Investors New York Insured Tax Free Fund and the nine
Multi-State Series included in this report had the following returns on
a net asset value basis on Class A and Class B shares (first offered for
sale on January 12, 1995), respectively: New York 15.5% and 13.7%,
Connecticut 17.2% and 15.3%, Florida 18.8% and 17.1%, Georgia 18.4% and
16.3%, Maryland 17.5% and 15.8%, Massachusetts 17.1% and 15.3%, New
Jersey 16.4% and 14.5%, North Carolina 18.7% and 16.7%, Pennsylvania
18.3% and 16.5%, and Virginia 17.4% and 15.5%.
The total returns on the Class A shares of Connecticut, Florida,
Georgia, Maryland, Massachusetts, New Jersey, North Carolina and
Pennsylvania Series exceeded the average return of their respective
mutual fund peer group according to Lipper Analytical Services, Inc.,
while the New York Insured Fund and the Virginia Series underperformed
the Lipper average. The New York Insured Fund historically has had a
relatively short duration, a measure of interest rate risk, due to its
large holdings of high coupon bonds which provide a high level of
current income. Thus, the Fund's total return tends to underperform the
Lipper average when interest rates fall, as they did last year. In order
to enhance total return, the Fund focused during 1995 on improving call
protection and increasing duration by purchasing noncallable bonds and
bonds trading at a discount to par, and selling callable bonds priced
near par. The Fund remained fully invested throughout the year to
maximize current income, although calls on high coupon bonds slightly
eroded the Fund's yield.
The generally good relative performance of the Multi-State Series is
attributable to a continuous focus on improving call protection over the
past two years. By purchasing noncallable bonds and extending call
protection, the Series were able to maintain relatively long durations
throughout the bond market's rally. This increased the Series' total
return and locked in relatively high yields. The Virginia Series' short
duration resulted in less capital appreciation. The Multi-State Series
generally remained fully invested throughout the year to maximize
current income.
Looking forward, the uncertainty of potential tax reform during the next
two years remains the main hurdle facing the tax exempt bond market.
This uncertainty continues to keep municipal bonds historically cheap to
taxable bonds. As investors recognize that major tax reform is unlikely,
municipal bonds are likely to outperform taxable bonds. Thus, we
continue to believe that municipal bonds represent an attractive
opportunity for long-term investors.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1996
Cumulative Performance Information
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
Comparison of change in value of $10,000 investment in the First
Investors New York Insured Tax Free Fund, Inc. (Class A shares) and the
Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
NEW YORK LEHMAN
JAN 1986 9,375 10,000
DEC 1986 10,963 11,932
DEC 1987 10,834 12,111
DEC 1988 11,937 13,340
DEC 1989 13,054 14,779
DEC 1990 13,831 15,856
DEC 1991 15,339 17,782
DEC 1992 16,672 19,350
DEC 1993 18,310 21,725
DEC 1994 17,389 20,602
DEC 1995 20,076 24,197
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 15.5% 8.2%
Five Years 7.8% 6.4%
Ten Years 7.9% 7.2%
S.E.C. 30-Day Yield 4.5%
Class B shares
Since Inception 13.7% 9.1%
S.E.C. 30-Day Yield 4.2%
The graph compares a $10,000 investment made in the First Investors
New York Insured Tax Free Fund, Inc. (Class A shares) on 1/1/86 with a
theoretical investment in the Lehman Brothers Municipal Bond Index. It
is not possible to invest directly in this Index. In addition, 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. For purposes of the graph
and the accompanying table, unless otherwise indicated, it has been
assumed that the maximum sales charge was deducted from the initial
$10,000 investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown above based on differences in sales loads and fees paid by
shareholders investing in the different classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were 6.9%
and 7.25%, respectively). The returns for Class B shares (first offered
for sale on 1/12/95) are for the period 1/12/95 through 12/31/95. The
Class B "S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
CONNECTICUT LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,395 10,431
DEC 1991 10,345 11,698
DEC 1992 11,306 12,730
DEC 1993 12,900 14,292
DEC 1994 12,030 13,553
DEC 1995 14,097 15,918
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 17.2% 9.9%
Five Years 8.5% 7.1%
Since Inception 8.1% 6.8%
S.E.C. 30-Day Yield 4.4%
Class B shares
Since Inception 15.3% 10.6%
S.E.C. 30-Day Yield 3.9%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund -- Connecticut Series (Class A shares)
on 10/8/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. It is not possible to invest directly in
this Index. In addition, 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. 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. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares "S.E.C. Standardized"
Average Annual Total Return for One Year, Five Years and Since Inception
would have been 9.4%, 6.3% and 6.1%, respectively and the S.E.C. 30-Day
Yield for December 1995 would have been 4.0%. The returns for Class B
shares (first offered for sale on 1/12/95) are for the period 1/12/95
through 12/31/95. The Class B "S.E.C. Standardized" return is adjusted
for the applicable deferred sales charge (maximum of 4% in the first
year). Results represent past performance and do not indicate future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more
or less than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
FLORIDA LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,345 10,431
DEC 1991 10,442 11,698
DEC 1992 11,526 12,730
DEC 1993 13,161 14,292
DEC 1994 12,451 13,553
DEC 1995 14,788 15,918
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.8% 11.3%
Five Years 9.6% 8.2%
Since Inception 9.1% 7.8%
S.E.C. 30-Day Yield 4.5%
Class B shares
Since Inception 17.1% 12.4%
S.E.C. 30-Day Yield 4.1%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund -- Florida Series (Class A shares) on
10/5/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. It is not possible to invest directly in
this Index. In addition, 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. 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. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares "S.E.C. Standardized"
Average Annual Total Return for One Year, Five Years and Since Inception
would have been 10.8%, 7.4% and 7.0%, respectively and the S.E.C. 30-Day
Yield for December 1995 would have been 4.1%. The returns for Class B
shares (first offered for sale on 1/12/95) are for the period 1/12/95
through 12/31/95. The Class B "S.E.C. Standardized" return is adjusted
for the applicable deferred sales charge (maximum of 4% in the first
year). Results represent past performance and do not indicate future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more
or less than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
GEORGIA LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,803 10,753
DEC 1993 11,289 12,073
DEC 1994 10,760 11,449
DEC 1995 12,740 13,447
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.4% 11.0%
Since Inception 8.7% 6.8%
S.E.C. 30-Day Yield 4.7%
Class B shares
Since Inception 16.3% 11.6%
S.E.C. 30-Day Yield 4.3%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund -- Georgia Series (Class A shares) on
5/1/92 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. It is not possible to invest directly in
this Index. In addition, 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. 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. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been 9.5% and 5.2%, respectively and the S.E.C. 30-Day Yield for
December 1995 would have been 3.9%. The returns for Class B shares
(first offered for sale on 1/12/95) are for the period 1/12/95 through
12/31/95. The Class B "S.E.C. Standardized" return is adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Results represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
MARYLAND LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,555 10,431
DEC 1991 10,374 11,698
DEC 1992 11,346 12,730
DEC 1993 13,005 14,292
DEC 1994 12,277 13,553
DEC 1995 14,426 15,918
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 17.5% 10.2%
Five Years 8.6% 7.2%
Since Inception 8.6% 7.3%
S.E.C. 30-Day Yield 4.7%
Class B shares
Since Inception 15.8% 11.2%
S.E.C. 30-Day Yield 4.3%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund -- Maryland Series (Class A shares) on
10/8/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. It is not possible to invest directly in
this Index. In addition, 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. 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. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares "S.E.C. Standardized"
Average Annual Total Return for One Year, Five Years and Since Inception
would have been 9.3%, 6.0% and 6.1%, respectively and the S.E.C. 30-Day
Yield for December 1995 would have been 3.9%. The returns for Class B
shares (first offered for sale on 1/12/95) are for the period 1/12/95
through 12/31/95. The Class B "S.E.C. Standardized" return is adjusted
for the applicable deferred sales charge (maximum of 4% in the first
year). Results represent past performance and do not indicate future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more
or less than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
MASSACHUSETTS LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,868 10,150
DEC 1988 10,057 11,180
DEC 1989 11,096 12,386
DEC 1990 11,885 13,289
DEC 1991 13,232 14,903
DEC 1992 14,529 16,217
DEC 1993 16,262 18,207
DEC 1994 15,404 17,266
DEC 1995 18,033 20,279
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 17.1% 9.8%
Five Years 8.7% 7.4%
Since Inception 7.6% 6.8%
S.E.C. 30-Day Yield 4.5%
Class B shares
Since Inception 15.3% 10.7%
S.E.C. 30-Day Yield 4.0%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund -- Massachusetts Series (Class A
shares) on 1/1/87 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, 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. 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. Class B shares performance may be greater than or less than
that shown above based on differences in sales loads and fees paid by
shareholders investing in the different classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were 6.9%
and 7.25%, respectively). Some or all of the expenses of the Series were
waived or assumed. If such expenses had been paid by the Series, the
Class A shares "S.E.C. Standardized" Average Annual Total Return for One
Year, Five Years and Since Inception would have been 9.4%, 6.9% and
6.2%, respectively and the S.E.C. 30-Day Yield for December 1995 would
have been 4.1%. The returns for Class B shares (first offered for sale
on 1/12/95) are for the period 1/12/95 through 12/31/95. The Class B
"S.E.C. Standardized" return is adjusted for the applicable deferred
sales charge (maximum of 4% in the first year). Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc.
and all other figures from First Investors Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
NEW JERSEY LEHMAN
SEPT 1988 9,375 10,000
DEC 1988 9,545 10,370
DEC 1989 10,540 11,488
DEC 1990 11,327 12,326
DEC 1991 12,608 13,823
DEC 1992 13,831 15,041
DEC 1993 15,641 16,888
DEC 1994 14,716 16,015
DEC 1995 17,131 18,810
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 16.4% 9.2%
Five Years 8.7% 7.3%
Since Inception 8.6% 7.7%
S.E.C. 30-Day Yield 4.5%
Class B shares
Since Inception 14.5% 9.8%
S.E.C. 30-Day Yield 4.0%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund -- New Jersey Series (Class A shares)
on 9/13/88 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. It is not possible to invest directly in
this Index. In addition, 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. 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. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were 6.9%
and 7.25%, respectively). Some or all of the expenses of the Series were
waived or assumed. If such expenses had been paid by the Series, the
Class A shares "S.E.C. Standardized" Average Annual Total Return for One
Year, Five Years and Since Inception would have been 8.9%, 6.9% and
7.2%, respectively and the S.E.C. 30-Day Yield for December 1995 would
have been 4.2%. The returns for Class B shares (first offered for sale
on 1/12/95) are for the period 1/12/95 through 12/31/95. The Class B
"S.E.C. Standardized" return is adjusted for the applicable deferred
sales charge (maximum of 4% in the first year). Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc.
and all other figures from First Investors Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
NORTH CAROLINA LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,769 10,753
DEC 1993 11,135 12,073
DEC 1994 10,417 11,449
DEC 1995 12,367 13,447
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.7% 11.3%
Since Inception 7.8% 6.0%
S.E.C. 30-Day Yield 4.8%
Class B shares
Since Inception 16.7% 12.0%
S.E.C. 30-Day Yield 4.3%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund -- North Carolina Series (Class A
shares) on 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, 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. 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. Class B shares performance may be greater than or less than
that shown above based on differences in sales loads and fees paid by
shareholders investing in the different classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charges was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would have
been 10.0% and 4.7%, respectively and the S.E.C. 30-Day Yield for
December 1995 would have been 3.9%. The returns For Class B shares
(first offered for sale on 1/12/95) are for the period 1/12/95 through
12/31/95. The Class B "S.E.C. Standardized" return is adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Results represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
PENNSYLVANIA LEHMAN
APR 1990 9,375 10,000
DEC 1990 9,830 10,759
DEC 1991 10,861 12,066
DEC 1992 11,885 13,129
DEC 1993 13,583 14,741
DEC 1994 12,726 13,979
DEC 1995 15,054 16,418
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.3% 10.9%
Five Years 8.9% 7.5%
Since Inception 8.7% 7.5%
S.E.C. 30-Day Yield 4.6%
Class B shares
Since Inception 16.5% 11.9%
S.E.C. 30-Day Yield 4.1%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund -- Pennsylvania Series (Class A
shares) on 4/30/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, 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. 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. Class B shares performance may be greater than or less than
that shown above based on differences in sales loads and fees paid by
shareholders investing in the different classes.
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.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares "S.E.C. Standardized"
Average Annual Total Return for One Year, Five Years and Since Inception
would have been 10.5%, 7.0% and 6.9%, respectively and the S.E.C. 30-Day
Yield for December 1995 would have been 4.2%. The returns for Class B
shares (first offered for sale on 1/12/95) are for the period 1/12/95
through 12/31/95. The Class B "S.E.C. Standardized" return is adjusted
for the applicable deferred sales charge (maximum of 4% in the first
year). Results represent past performance and do not indicate future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more
or less than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
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.
As of December 31, 1995
[worm chart omitted the following figures were used to create this chart]
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.
VIRGINIA LEHMAN
APR 1990 9,375 10,000
DEC 1990 9,729 10,759
DEC 1991 10,830 12,066
DEC 1992 11,923 13,129
DEC 1993 13,466 14,741
DEC 1994 12,663 13,979
DEC 1995 14,870 16,418
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A Shares N.A.V. Only S.E.C. Standardized
One Year 17.4% 10.1%
Five Years 8.9% 7.5%
Since Inception 8.5% 7.2%
S.E.C. 30-Day Yield 4.5%
Class B Shares
Since Inception 15.5% 10.9%
S.E.C. 30-Day Yield 4.1%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Virginia Series (Class A
shares) 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. Class B shares performance may be
greater than or less than that shown above based on differences in
sales loads and fees paid by shareholders investing in the
different classes.
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
directly in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended
12/31/95) 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). Some or
all of the expenses of the Series were waived or assumed. If such
expenses had been paid by the Series, the Class A shares S.E.C.
Standardized Average Annual Total Return for One Year, Five Years
and Since Inception would have been 9.6%, 6.9% and 6.7%,
respectively and the S.E.C. Yield for December 1995 would have been
4.1%. The returns For Class B shares (first offered for sale on
1/12/95) are for the period 1/12/95 through 12/31/95. The Class B
"S.E.C. Standardized" return is adjusted for the applicable
deferred sales charge (maximum of 4% in the first year). Results
represent past performance and do not indicate future
results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
December 31, 1995
- ------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.9%
Education--15.4%
New York State Dormitory Authority Revenues:
City University:
$ 1,500M 8.2% 7/1/1998* $ 1,659,375 $ 77
10,750M 5 3/8% 7/1/2025 10,629,062 491
1,000M Iona College 7 5/8% 7/1/2009 1,106,250 51
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,227,000 149
1,250M Skidmore College 7 3/4% 7/1/1997* 1,345,313 62
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,140,850 99
1,000M 5 7/8% 5/15/2011 1,073,750 50
2,000M 5 1/2% 5/15/2013 2,067,500 96
3,700M 7 3/8% 5/15/2014 4,144,000 191
2,000M 5 1/4% 5/15/2015 2,000,000 92
4,000M University of Puerto Rico University Revenues 5 1/4% 6/1/2025 3,960,000 183
- ------------------------------------------------------------------------------------------------------------------------------
33,353,100 1,541
- ------------------------------------------------------------------------------------------------------------------------------
General Obligation--20.7%
Nassau County, N.Y.:
4,355M 5.7% 8/1/2012 4,534,644 210
3,845M 6 1/2% 11/1/2012 4,291,981 198
New York City, N.Y.:
4,250M 8% 8/1/1997* 4,595,312 212
1,000M 8 1/8% 11/1/1997* 1,087,500 50
1,000M 8% 6/1/1998* 1,102,500 51
3,000M 6.2% 8/1/2008 3,352,500 155
3,500M 6.95% 8/15/2012 3,985,625 184
1,000M 7 1/4% 3/15/2018 1,141,250 53
Niagara Falls, N. Y. Public Improvement:
1,680M 7 1/2% 3/1/2015 2,118,900 98
1,100M 7 1/2% 3/1/2018 1,386,000 64
1,750M North Hempstead, N.Y. 6.4% 4/1/2012 1,955,625 90
Puerto Rico Commonwealth:
$ 2,000M 7.9% 7/1/1996* 2,102,000 97
1,250M 6 1/4% 7/1/2013 1,409,375 65
4,090M 5.65% 7/1/2015 4,294,500 199
7,750M 5% 7/1/2021 7,440,000 344
- ------------------------------------------------------------------------------------------------------------------------------
44,797,712 2,070
- ------------------------------------------------------------------------------------------------------------------------------
Hospital--12.6%
1,000M New York State Dormitory Auth. Revs. (Devereux Foundation)
5% 7/1/2015 953,750 44
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2010 4,174,313 193
1,000M Good Samaritan Hospital 8% 11/1/2013 1,073,750 49
1,850M Long Term Health Care 7 3/8% 11/1/2011 2,053,500 95
Mental Health Services Facilities:
1,595M 7.7% 2/15/1998* 1,746,525 81
2,115M 7 3/4% 2/15/2000* 2,434,894 113
2,015M 7 3/8% 2/15/2014 2,224,056 103
1,405M 7.7% 2/15/2018 1,515,644 70
2,080M 7 3/4% 2/15/2020 2,334,800 108
4,915M 6 1/2% 8/15/2024 5,302,056 245
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,420,000 158
- ------------------------------------------------------------------------------------------------------------------------------
27,233,288 1,259
- ------------------------------------------------------------------------------------------------------------------------------
Housing--5.1%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor) 7.45% 10/1/2008 2,387,813 110
6,500M Insured Residential Charter 7 3/8% 4/1/2017 6,833,125 316
1,730M New York State Hsg. Fin. Agcy. Series "A" 7.45% 11/1/2028 1,842,450 85
- ------------------------------------------------------------------------------------------------------------------------------
11,063,388 511
- ------------------------------------------------------------------------------------------------------------------------------
Transportation--29.6%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8% 7/1/2014 5,325,000 246
- ------------------------------------------------------------------------------------------------------------------------------
Transit Facilities Series:
1,500M 8 1/2% 7/1/1996* 1,565,340 72
1,500M 8 1/2% 7/1/1997* 1,629,375 75
5,000M 8% 7/1/1998* 5,562,500 257
7,900M New York City Transit Auth. Rev. (Livingston Plaza Proj.) 7 1/2 1/1/2000 8,996,125 416
10,500M New York Thruway Authority 5 1/2% 4/1/2015 10,591,875 490
4,000M Port Authority New York & New Jersey 5 1/8% 10/1/2021 3,880,000 179
2,000M Puerto Rico Commonwealth Highway & Transportation Authority 5 1/2 7/1/2015 2,060,000 95
Triborough Bridge & Tunnel Authority:
1,000M Special Obligation 8% 1/1/1998* 1,091,250 50
1,500M Series "L" 8 1/8% 1/1/1998* 1,640,625 76
3,000M Series "O" 7.7% 1/1/1999* 3,345,000 155
6,900M Series "Y" 6% 1/1/2012 7,512,375 347
10,595M Series "Y" 5 1/2% 1/1/2017 10,912,850 504
- ------------------------------------------------------------------------------------------------------------------------------
64,112,315 2,962
- ------------------------------------------------------------------------------------------------------------------------------
Utilities--7.2%
New York City Municipal Water Finance Authority:
4,975M 5 7/8% 6/15/2012 5,373,000 248
2,000M 5 7/8% 6/15/2013 2,152,500 100
1,500M New York State Energy Res. & Dev. Auth. (Brooklyn Union Gas) 9% 5/15/2015 1,529,610 71
2,000M New York State Power Authority General Purpose Bonds 8% 1/1/1998* 2,187,500 101
4,000M Suffolk County, N. Y. Water Authority 6% 6/1/2017 4,355,000 201
- ------------------------------------------------------------------------------------------------------------------------------
15,597,610 721
- ------------------------------------------------------------------------------------------------------------------------------
Other Revenue--7.3%
1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy. (Rochester Inst. Tech.)
1,000M New York State Dorm. Auth. Rev. (Suffolk County Jud. Facs.)
- ------------------------------------------------------------------------------------------------------------------------------
New York State Urban Development Corporation Correctional Facilities:
$ 2,000M Series "C" 7 3/4% 1/1/1998* 2,182,500 101
3,000M Series "F" 7 1/2% 1/1/1999* 3,330,000 154
Puerto Rico Public Buildings Authority:
2,250M 6 1/4% 7/1/2012 2,556,562 118
1,000M 6 1/4% 7/1/2013 1,136,250 53
4,000M 5 1/2% 7/1/2021 4,135,000 191
- ------------------------------------------------------------------------------------------------------------------------------
15,746,562 728
- ------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $193,249,671) 97.9% 211,903,975 9,792
Other Assets, Less Liabilities 2.1 4,511,078 208
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $216,415,053 $10,000
==============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - CONNECTICUT SERIES
December 31, 1995
- ------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.8%
Certificates of Participation-
Connecticut State (Middletown Courthouse Facilities):
$ 130M 6 1/4% 12/15/2009 $ 141,050 $ 80
100M 6 1/4% 12/15/2010 108,250 62
100M 6 1/4% 12/15/2012 107,750 61
- ------------------------------------------------------------------------------------------------------------------------------
357,050 203
- ------------------------------------------------------------------------------------------------------------------------------
Education--13.8%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2015 817,437 465
500M Loomis Chafee School Project-Series "B" 6% 7/1/2015 526,875 299
1,000M Trinity College 6 1/8% 7/1/2014 1,073,750 611
- ------------------------------------------------------------------------------------------------------------------------------
2,418,062 1,375
- ------------------------------------------------------------------------------------------------------------------------------
General Obligation--39.4%
100M Bethel, Conn. 6 1/2% 2/15/2011 114,500 65
50M Bristol, Conn. 6 1/2% 6/15/2006 56,812 32
30M Colchester, Conn. 7.3% 1/15/2007 36,038 20
Connecticut State:
500M 6 1/2% 3/15/2002* - Series "A" 562,500 320
620M 6% 3/15/2012 - Series "E" 679,675 387
130M Coventry, Conn. 6.7% 12/15/2009 151,937 86
Griswold, Conn.:
250M 5 3/4% 4/15/2010 260,312 148
100M 6 1/4% 6/15/2010 110,875 63
100M Groton City, Conn. 6 3/4% 6/1/2007 115,375 66
390M Hartford, Conn. 5.6% 10/1/2011 399,750 227
800M New Britain, Conn. 6% 3/1/2012 876,000 498
625M New Haven, Conn. 5 3/4% 2/15/2011 652,344 371
500M New Haven, Conn. 5 3/4% 2/15/2012 520,625 296
130M Newton, Conn. 6.7% 8/15/2010 151,288 86
30M North Canaan, Conn. 6.9% 1/15/2006 34,313 20
40M Old Saybrook, Conn. 6 1/2% 2/15/2009 45,700 26
250M Plainfield, Conn. 6 3/8% 8/1/2011 270,937 154
450M Puerto Rico Commonwealth 6 1/4% 7/1/2013 507,375 289
290M Regional School District #5, Conn. 6.3% 3/1/2009 311,387 177
255M Salisbury, Conn. 5 1/2% 6/1/2008 261,694 149
330M Southington, Conn. 6.55% 4/1/2012 360,112 205
90M Stafford, Conn. 6.55% 11/15/2008 103,838 59
50M Stratford, Conn. 6.6% 3/1/2007 57,125 32
250M Westbrook, Conn. 6.4% 3/15/2010 279,688 159
- ------------------------------------------------------------------------------------------------------------------------------
6,920,200 3,935
- ------------------------------------------------------------------------------------------------------------------------------
Hospital--17.5%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 494,438 281
60M Danbury Hospital-University of New Haven 6 7/8% 1/1/2010 66,450 38
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 562,500 320
700M New Britain General Hospital 6 1/8% 7/1/2014 755,125 429
325M Stamford Hospital 6 1/2% 7/1/2006 356,281 203
280M Yale-New Haven Hospital 7% 7/1/2010 311,850 177
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 539,375 307
- ------------------------------------------------------------------------------------------------------------------------------
3,086,019 1,755
- ------------------------------------------------------------------------------------------------------------------------------
Housing--3.8%
650M Connecticut State Housing Finance Authority 6.1% 5/15/2013 674,375 384
- ------------------------------------------------------------------------------------------------------------------------------
Transportation--9.3%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
285M 6% 10/1/2009 304,594 173
200M 6 1/4% 10/1/2009 215,750 123
500M 6 1/2% 10/1/2011 571,875 325
250M 6 1/8% 9/1/2012 276,875 158
250M 6.1% 10/1/2012 268,750 153
- ------------------------------------------------------------------------------------------------------------------------------
1,637,844 932
- ------------------------------------------------------------------------------------------------------------------------------
Utilities--6.4%
300M Connecticut State Resource Recovery Auth. Mid. Conn. Sys. 7.3% 11/15/2012 317,478 181
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 273,750 156
500M 6 1/8% 8/1/2014 538,750 306
- ------------------------------------------------------------------------------------------------------------------------------
1,129,978 643
- ------------------------------------------------------------------------------------------------------------------------------
Other Revenue--29.0%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2% 6/15/2008 609,719 347
325M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 370,094 210
- ------------------------------------------------------------------------------------------------------------------------------
979,813 557
- ------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $15,710,781) 97.8% 17,203,341 9,784
Other Assets, Less Liabilities 2.2 378,934 216
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $17,582,275 $10,000
==============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - FLORIDA SERIES
December 31, 1995
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Certificates of Participation-
$ 400M Volusia County, Fla. School Board 5 5/8% 7/1/2015 $ 432,000 $ 192
- ------------------------------------------------------------------------------------------------------------------------------
General Obligation--4.2%
300M Miami, Fla. 6% 12/1/2010 330,750 147
500M North Springs, Fla. Impt. Dist. 7% 10/1/2009 601,875 267
- ------------------------------------------------------------------------------------------------------------------------------
932,625 414
- ------------------------------------------------------------------------------------------------------------------------------
Hospital--7.3%
400M Miami, Fla. Health Facs. Auth. (Mercy Hospital) 6 3/4% 8/1/2001* 455,500 202
350M North Broward, Fla. Hosp. Dist. 6 1/2% 1/1/2012 384,563 171
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 809,062 359
- ------------------------------------------------------------------------------------------------------------------------------
1,649,125 732
- ------------------------------------------------------------------------------------------------------------------------------
Housing--2.0%
250M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge. 6.95% 12/15/2012 268,125 119
175M Florida Housing Finance Agency-Residential Mtge. (Series 2) 8% 12/15/2016 182,767 81
- ------------------------------------------------------------------------------------------------------------------------------
450,892 200
- ------------------------------------------------------------------------------------------------------------------------------
Transportation--10.4%
500M Dade County, Fla. Aviation Revenue Series "A" 6% 10/1/2010 533,125 237
Florida State Turnpike Authority Turnpike Revenue:
300M 6.35% 7/1/2002* 336,000 149
1,000M 5% 7/1/2016 971,250 431
455M Port Palm Beach District, Fla. Revenue 6 1/4% 9/1/2008 499,363 222
- ------------------------------------------------------------------------------------------------------------------------------
2,339,738 1,039
Utilities--42.9%
250M Broward County, Fla. Water & Sewer Utilities Rev. 6 1/2% 10/1/2001* 280,313 124
750M Charlotte County, Fla. Utilities Revenue 6 3/4% 10/1/2013 852,187 378
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 560,625 249
1,000M 6 1/4% 1/1/2015 1,130,000 502
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4% 10/1/2001* 787,462 350
300M Kissimmee, Fla. Utility Authority Electric System Revenue 6 1/2 10/1/2001* 338,625 150
500M Miramar, Fla. Util. Impt. Rev. 6.4% 10/1/2007 559,375 248
1,000M Plant City, Fla. 6% 10/1/2015 1,092,500 485
300M Reedy Creek, Fla. Impt. Dist. Utilities Revenue 6 1/2% 10/1/2001* 336,375 149
500M Sarasota County, Fla. Utility System Revenue 6 1/2% 10/1/2014 565,000 251
Seminole County, Fla. Water & Sewer Revenue:
500M 6% 10/1/2009 549,375 244
500M 6% 10/1/2019 551,250 245
Tampa, Fla. Water & Sewer Revenue:
200M 6.3% 10/1/2006 221,750 98
1,000M 5 1/8% 10/1/2017 982,500 436
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4% 10/1/2014 862,500 383
- ------------------------------------------------------------------------------------------------------------------------------
9,669,837 4,292
- ------------------------------------------------------------------------------------------------------------------------------
Other Revenue--29.0%
400M Florida State Div. Bd. Fin. Dept. General Services 6 3/4% 7/1 2013 444,000 197
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,048,750 465
1,000M Jacksonville, Fla. Cap. Improv. (Gator Bowl Project) 5 7/8% 10/1/2015 1,050,000 466
350M Jacksonville, Fla. Excise Taxes Revenue 6 1/2% 10/1/2013 387,187 172
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9% 10/1/2010 653,250 290
1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev. 5 3/8% 6/1/2011 1,027,500 456
500M Pembroke Pines, Fla. Capital Improvement Revenue 5.9% 10/1/2015 521,875 232
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2% 10/1/2002* 341,625 152
1,000M Tampa, Fla. Sales Tax Revenue 5 3/4% 10/1/2020 1,061,250 471
- -------------------------------------------------------------------------------------------------------------------------------
6,535,437 2,901
- ------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $19,952,814) 97.7% 22,009,654 9,770
Other Assets, Less Liabilities 2.3 518,193 230
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,527,847 $10,000
==============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - MARYLAND SERIES
December 31, 1995
- ------------------ ----------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
<S> <C> <C> <C>
- ------------------ ----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.7%
Certificates of Participation-
$ 30M Baltimore, Maryland Series "B" 7 1/4% 4/1/2016 $ 33,600 $ 37
- ------------------ ----------------------------------------------------------------------------------------------------------
Education--10.4%
Morgan State University Academic & Aux. Facs. Fees Revenue:
90M 7% 7/1/2000* 101,700 112
500M 6.05% 7/1/2015 558,125 614
200M 6.1% 7/1/2020 226,250 249
50M University of Maryland Sys. Aux. Fac. & Tuition Rev. 6.3% 2/1/2001* 55,312 61
- ------------------ ----------------------------------------------------------------------------------------------------------
941,387 1,036
- ------------------ ----------------------------------------------------------------------------------------------------------
General Obligation--34.4%
350M Anne Arundel County, Maryland Water & Sewer 6.3% 8/1/2015 379,313 417
Baltimore, Maryland:
100M 6.3% 10/15/2004 112,375 124
100M 7% 10/15/2009 119,500 131
55M Carroll County, Maryland 6 1/4% 11/1/2001* 61,325 67
100M Chesapeake Beach, Maryland 6 1/2% 5/1/2012 106,500 117
Frederick, Maryland:
100M 6 1/8% 12/1/2008 108,375 119
200M 6 1/8% 10/1/2014 213,500 235
60M Frederick County, Maryland 6 5/8% 8/1/2003* 68,925 76
35M Howard County, Maryland 6 5/8% 2/15/2001* 38,981 43
35M Montgomery County, Maryland 6 3/4% 4/1/2001* 39,550 44
150M Ocean City, Maryland 5 3/4% 3/15/2016 154,688 170
400M Prince Georges County, Maryland 5 1/2% 1/1/2013 410,500 452
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 119,700 132
520M 6 1/4% 7/1/2012 586,950 646
250M 5.65% 7/1/2015 262,500 289
325M Washington County, Maryland 5.8% 1/1/2013 340,031 374
- ------------------ ----------------------------------------------------------------------------------------------------------
3,122,713 3,436
- ------------------------------------------------------------------------------------------------------------------------------
Hospital--22.6%
250M Maryland Industrial Financing Authority (Bon Secours Health System)
5 1/2% 8/15/20 255,000 280
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9% 7/1/2001* 39,944 44
90M Francis Scott Key Medical Center 6 3/4% 7/1/2000* 100,800 111
500M Maryland General Hospital 6 1/8% 7/1/2014 535,000 589
20M Memorial Hospital 7% 7/1/2007 22,050 24
140M Sinai Hospital of Baltimore 7% 7/1/2000* 158,200 174
110M Suburban Hospital 6% 7/1/2002* 119,900 132
65M University of Maryland Medical System 7% 7/1/2001* 74,506 82
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 350,594 386
350M Takoma Park, Maryland Hosp. Facs. (Adventist Hosp.) 6 1/2% 9/1/2012 401,625 442
- ------------------ ----------------------------------------------------------------------------------------------------------
2,057,619 2,264
- ------------------ ----------------------------------------------------------------------------------------------------------
Housing--10.6%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.)
7% 7/1/2016 270,625 298
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 48,206 53
350M 7% 4/1/2014 381,938 420
250M Montgomery County, Maryland Single Family Mtge. Rev.
6 1/2% 7/1/2011 266,563 293
- ------------------ ----------------------------------------------------------------------------------------------------------
967,332 1,064
- ------------------ ----------------------------------------------------------------------------------------------------------
Transportation--3.0%
Maryland State Department of Transportation:
60M 6 3/8% 9/1/2006 64,575 71
500M Zero Cpn. 7/1/2012 210,000 231
- ------------------ ----------------------------------------------------------------------------------------------------------
274,575 302
- ------------------------------------------------------------------------------------------------------------------------------
Utilities--7.1%
Baltimore, Maryland Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 180,469 199
215M 6 1/4% 7/1/2002* 240,531 264
200M 6% 7/1/2015 221,750 244
- ------------------ ----------------------------------------------------------------------------------------------------------
642,750 707
- ------------------ ----------------------------------------------------------------------------------------------------------
Other Revenue--9.2%
250M Baltimore, Maryland (Convention Center) 6.1% 9/1/2013 266,250 293
35M Maryland Industrial Financing Authority 7% 7/1/2010 39,331 43
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot)
6 1/4% 6/1/2009 108,750 120
375M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 427,031 470
- ------------------ ----------------------------------------------------------------------------------------------------------
841,362 926
- ------------------ ----------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,135,724) 97.7% 8,881,338 9,772
Other Assets, Less Liabilities 2.3 206,941 228
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,088,279 $10,000
================== ==========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - GEORGIA SERIES
December 31, 1995
- ------------------ ----------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------ ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.1%
Education--8.9%
$100M Atlanta, Ga. Urban Res. Fin. Auth. (Morehouse College Proj.)
5.7% 12/1/2010 $ 104,625 $ 333
Private Colleges & Univs. Facs. Auth., Ga.:
80M Mercer University Project 6.35% 11/1/2006 90,700 288
80M Spelman University Project 6% 6/1/2009 85,600 272
- ------------------------------------------------------------------------------------------------------------------------------
280,925 893
- ------------------------------------------------------------------------------------------------------------------------------
General Obligation--25.1%
100M Chatham County, Ga. School District 5 1/2% 8/1/2016 100,500 319
75M Columbia County, Ga. School District 6 1/4% 4/1/2013 80,906 257
100M Hall County, Ga. School District 6.7% 12/1/2014 112,250 357
100M Mitchell County, Ga. School District 6 1/2% 3/1/2009 111,500 355
125M Paulding County, Ga. School District 6% 2/1/2013 136,719 435
100M Peach County, Ga. School District 6.4% 2/1/2019 107,750 343
125M Puerto Rico Commonwealth 6 1/4% 7/1/2012 141,094 449
- ------------------ ----------------------------------------------------------------------------------------------------------
790,719 2,515
- ------------------ ----------------------------------------------------------------------------------------------------------
Hospital--9.1%
150M Crisp County, Ga. Hosp. Auth. Crisp Regional Hosp. Proj.
5.45% 7/1/2015 151,125 480
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 134,844 429
- ------------------ ----------------------------------------------------------------------------------------------------------
285,969 909
- ------------------ ----------------------------------------------------------------------------------------------------------
Transportation--8.9%
250M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 280,625 892
- ------------------ ----------------------------------------------------------------------------------------------------------
Utilities--36.0%
25M Bartow County, Ga. Water & Sewer Revenue 6.05% 9/1/2007 26,969 86
95M Brunswick, Ga. Water & Sewer Revenue 6.1% 10/1/2019 106,281 338
85M Conyers, Ga. Water & Sewer Revenue 6.45% 7/1/2010 93,713 298
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4% 11/1/2014 87,000 277
210M Douglasville-Douglas County, Ga. Water & Sewer Authority
5 5/8% 6/1/2015 220,237 700
250M Fulton County, Ga. Water & Sewer Revenue 6 3/8% 1/1/2014 285,937 909
100M Georgia Municipal Electric Authority, Special Obligation 6 1/2% 1/1/2017 114,625 364
80M Georgia Municipal Gas Authority Revenue 6.8% 11/1/2009 90,100 287
95M Henry County, Ga. Water & Sewer Auth. Revenue 7.1% 2/1/2000* 106,875 340
- ------------------ ----------------------------------------------------------------------------------------------------------
1,131,737 3,599
- ------------------ ----------------------------------------------------------------------------------------------------------
Other Revenue--11.9%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 89,400 284
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7% 2/1/2020 88,200 280
50M East Point, Ga. Building Authority Revenue 6% 2/1/2011 53,000 169
125M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 142,031 452
- ------------------ ----------------------------------------------------------------------------------------------------------
372,631 1,185
- ------------------ ----------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,886,666) 99.9% 3,142,606 9,993
Other Assets, Less Liabilities .1 2,123 7
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,144,729 $10,000
================== ==========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - MASSACHUSETTS SERIES
December 31, 1995
- ------------------ ----------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------ ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.6%
Certificates of Participation-
$ 690M Massachusetts Bay Transportation Authority Series "A" 7.65% 8/1/2000* $ 801,263 $ 341
- ------------------ ----------------------------------------------------------------------------------------------------------
Education--12.7%
425M Massachusetts Health & Educ. Facs. Auth. (Northeastern Univ.)
7 1/8% 10/1/2000* 474,938 202
200M Massachusetts State College Bldg. Auth. Series "A" 7 1/4% 5/1/1996* 206,302 88
1,100M Massachusetts State Indl. Fin. (Babson College-Series "A")
5 3/4% 10/1/2015 1,148,125 489
1,100M Southeastern Massachusetts Univ. Bldg. 5 3/4% 5/1/2016 1,142,625 486
- ------------------ ----------------------------------------------------------------------------------------------------------
2,971,990 1,265
- ------------------ ----------------------------------------------------------------------------------------------------------
General Obligation--22.3%
Boston, Massachusetts:
250M 7 3/8% 2/1/2000* 283,125 121
750M 5 7/8% 8/1/2012 787,500 335
1,140M Franklin, Massachusetts 5 1/4% 11/15/2013 1,131,450 482
Massachusetts General Obligations:
300M 7% 7/1/2009 355,125 151
1,000M 6% 8/1/2010 1,097,500 467
150M North Borough, Massachusetts 7.2% 11/1/2003 162,187 69
150M Rochester, Massachusetts 7 1/4% 3/1/2007 164,813 70
400M Rockport, Massachusetts Unlimited Tax Sch. Proj. Loan 6.9% 12/15/2007 445,000 189
Wareham, Massachusetts:
225M 7.05% 1/15/2007 253,125 108
500M 7.1% 1/15/2008 563,125 240
- ------------------ ----------------------------------------------------------------------------------------------------------
5,242,950 2,232
- ------------------ ----------------------------------------------------------------------------------------------------------
Hospital--32.0%
Massachusetts Health & Educational Facilities Authority:
295M Berkshire Hospital 7.6% 10/1/1998* 327,081 139
Capital Asset Program:
225M 7.35% 8/1/2008 252,000 107
400M 7.2% 7/1/2009 446,000 190
500M Carney Hospital 7 3/4% 7/1/2000* 580,000 247
Massachusetts General Hospital:
750M 6 1/4% 7/1/2012 839,062 357
1,250M 5 1/4% 7/1/2023 1,237,500 527
570M Milton Hospital 7% 7/1/2016 640,537 273
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,621,875 690
510M Newton-Wellesley Hospital 8% 7/1/1998* 567,375 242
400M South Shore Hospital 7 1/2% 7/1/2000* 460,000 196
490M University Hospital 7 1/4% 7/1/2019 553,088 235
- ------------------ ----------------------------------------------------------------------------------------------------------
7,524,518 3,203
- ------------------ ----------------------------------------------------------------------------------------------------------
Housing--.7%
160M Massachusetts Housing Finance Agency 7.7% 12/1/2017 169,200 72
- ------------------ ----------------------------------------------------------------------------------------------------------
Transportation--5.0%
1,100M Massachusetts Bay Transportation Authority Series "A" 5.8% 3/1/2013* 1,166,000 496
- ------------------ ----------------------------------------------------------------------------------------------------------
Utilities--21.5%
Boston, Massachusetts Water & Sewer Commission:
850M 7% 11/1/2001* 980,687 417
100M 7 1/4% 11/1/2006 109,625 47
1,035M 5 3/4% 11/1/2013 1,102,275 469
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4% 12/1/2000* 546,250 233
1,250M Massachusetts State Water Resource Authority 5% 3/1/2022 1,196,875 509
1,000M South Essex, Massachusetts Sewer District 6 3/4% 6/1/2013 1,122,500 478
- ------------------ ----------------------------------------------------------------------------------------------------------
5,058,212 2,153
- ------------------ ----------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,610,028) 97.6% 22,934,133 9,762
Other Assets, Less Liabilities 2.4 559,577 238
Net Assets 100.0% $23,493,710 $10,000
================== ==========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - NEW JERSEY SERIES
December 31, 1995
- ------------------ ----------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------ ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.8%
Certificates of Participation-4.0%
$1,000M Hudson County, N.J. Correctional Facility 7 1/4% 12/1/2000* $ 1,150,000 $ 191
500M Mantua Township, N.J. School District 7 1/4% 6/30/2000* 571,250 95
600M Piscataway Township, N.J. School District 7% 12/15/2000* 685,500 114
- ------------------ ----------------------------------------------------------------------------------------------------------
2,406,750 400
- ------------------ ----------------------------------------------------------------------------------------------------------
Education--4.8%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.) 6 1/4% 7/1/2010 1,408,875 234
1,500M University of Puerto Rico 5 1/4% 6/1/2025 1,485,000 247
- ------------------ ----------------------------------------------------------------------------------------------------------
2,893,875 481
- ------------------ ----------------------------------------------------------------------------------------------------------
General Obligation--17.2%
Essex County, N.J. Improvement Authority:
955M County College Project 6.9% 12/1/2014 1,098,250 183
545M Jail & Youth House Project 6.9% 12/1/2014 615,850 102
Orange School District:
1,025M Series "A" 6.95% 7/1/2014 1,182,594 197
1,220M Series "B" 6.95% 7/1/2014 1,407,575 234
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,091,250 182
Puerto Rico Commonwealth:
1,340M 6 1/4% 7/1/2012 1,512,525 252
1,050M 6 1/4% 7/1/2013 1,183,875 197
Union City, N.J.:
1,000M 6.7% 9/1/2012 1,101,250 183
995M 6.4% 11/1/2013 1,134,300 189
- ------------------ ----------------------------------------------------------------------------------------------------------
10,327,469 1,719
- ------------------ ----------------------------------------------------------------------------------------------------------
Hospital--24.7%
New Jersey Health Care Facilities Financing Authority:
1,250M Bayonne Hospital 6 1/4% 7/1/2012 1,357,812 226
400M Community Medical Center 7% 7/1/2009 438,500 73
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,851,881 308
750M Holy Name Hospital 7% 7/1/2008 833,400 138
1,100M Hunterdon Hospital 7% 7/1/2020 1,225,125 204
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,896,562 316
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,691,250 281
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,510,000 584
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 912,656 152
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,140,000 190
- ------------------ ----------------------------------------------------------------------------------------------------------
14,857,186 2,472
- ------------------ ----------------------------------------------------------------------------------------------------------
Housing--4.6%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 400,900 67
420M Series "E" 7.65% 10/1/2016 449,400 75
1,385M Series "C" 7 3/8% 10/1/2017 1,461,175 243
450M Series "B" 8.1% 10/1/2017 478,125 79
- ------------------ ----------------------------------------------------------------------------------------------------------
2,789,600 464
- ------------------ ----------------------------------------------------------------------------------------------------------
Transportation--10.0%
900M Delaware River Port Authority 7 3/8% 1/1/2007 986,625 164
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2% 1/1/2010 1,096,250 182
New Jersey State Transportation Fund Transit System Series "A":
500M 5 1/4% 6/15/2014 500,000 83
1,500M 5% 6/15/2015 1,455,000 242
2,000M Port Authority, New York & New Jersey 5 1/4% 7/15/2017 1,980,000 330
- ------------------ ----------------------------------------------------------------------------------------------------------
6,017,875 1,001
- ------------------ ----------------------------------------------------------------------------------------------------------
Utilities--12.4%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2% 12/15/2012 1,091,250 182
380M Camden County, N.J. Municipal Utilities Sewer Revenue 8 1/4% 12/1/2017 416,100 69
1,000M Evesham, N.J. Municipal Utilities Authority 7% 7/1/2000* 1,113,750 185
500M Long Branch, N.J. Sewer Authority 7 1/4% 6/1/2000* 569,375 95
500M Lower Township, N.J. Municipal Utilities Authority 7% 12/1/2000* 569,375 95
250M Montville Township, N.J. Municipal Utilities Authority 7% 12/1/2011 282,813 47
500M Musconetcong, N.J. Sewer Authority 7.15% 1/1/2000* 561,875 93
1,435M New Jersey Wastewater Treatment Trust 6 1/4% 4/1/2010 1,555,181 259
1,140M Passaic Valley, N.J. Water Commn. 6.4% 12/15/2002* 1,292,475 215
- ------------------ ----------------------------------------------------------------------------------------------------------
7,452,194 1,240
- ------------------ ----------------------------------------------------------------------------------------------------------
Other Revenue--20.1%
1,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Convention Center)
7.4% 7/1/2016 2,382,125 396
1,250M Camden County, N.J. Impt. Auth. Lease Revenue 5 5/8% 10/1/2015 1,282,813 213
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth. 6.8% 3/1/2021 430,500 72
1,000M New Brunswick, N.J. Parking Authority 7.2% 9/1/1999* 1,115,000 186
New Jersey Economic Development Authority:
Educational Testing Service:
1,000M 5.9% 5/15/2015 1,046,250 174
2,000M 6 1/8% 5/15/2015 2,120,000 353
1,500M Market Transition Facility 5 7/8% 7/1/2011 1,584,375 264
875M Puerto Rico Public Buildings Authority Series "A" 6 1/4% 7/1/2013 994,219 165
1,000M Salem County, N.J. Impt. Auth. Rev. County Corr. Facs.
7 1/8% 5/1/1998* 1,108,750 184
- ------------------ ----------------------------------------------------------------------------------------------------------
12,064,032 2,007
- ------------------ ----------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $53,055,392) 97.8% 58,808,981 9,784
Other Assets, Less Liabilities 2.2 1,301,157 216
- ------------------ ----------------------------------------------------------------------------------------------------------
Net Assets 100.0% $60,110,138 $10,000
================== ==========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to fiancial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - NORTH CAROLINA SERIES
December 31, 1995
- ------------------ ----------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------ ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.5%
Certificates of Participation-4.4%
$100M Charlotte, N.C. Convention Facilities Project 6 3/4% 12/1/2001* $ 114,250 $ 226
100M Cumberland County, N.C. Civic Center Project 6.3% 12/1/2008 110,000 217
- ------------------ ----------------------------------------------------------------------------------------------------------
224,250 443
- ------------------ ----------------------------------------------------------------------------------------------------------
General Obligation--53.0%
200M Cumberland County, N.C. 5 1/2% 4/1/2012 205,500 406
200M Currituck County, N.C. 5.4% 4/1/2013 202,750 401
200M Gaston County, N.C. 5.7% 3/1/2013 211,000 417
220M Laurinburg, N.C. 5.3% 6/1/2012 225,775 446
200M Mecklenburg County, N.C. 6.2% 1/1/2002* 220,250 435
200M Morganton, N.C. 5.7% 6/1/2014 209,250 414
400M Onslow County, N.C. 5.7% 3/1/2011 422,500 835
200M Puerto Rico Commonwealth 6 1/4% 7/1/2012 225,750 446
280M Rowan County, N.C. 5.6% 4/1/2014 291,900 577
250M Salisbury, N.C. 5.3% 5/1/2013 253,125 500
200M Watauga County, N.C. 5.9% 6/1/2014 212,500 420
- ------------------ ----------------------------------------------------------------------------------------------------------
2,680,300 5,297
- ------------------ ----------------------------------------------------------------------------------------------------------
Hospital--6.9%
140M North Carolina Med. Care Commn. (Presbyterian Hosp.)
7 3/8% 10/1/2000* 161,175 319
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 188,781 373
- ------------------ ----------------------------------------------------------------------------------------------------------
349,956 692
- ------------------ ----------------------------------------------------------------------------------------------------------
Housing--2.6%
125M North Carolina Housing Finance Agency 6.6% 7/1/2017 133,906 265
- ------------------ ----------------------------------------------------------------------------------------------------------
Transportation--2.1%
100M Puerto Rico Commonwealth Highway & Transportation Authority
5 1/2% 7/1/2013 104,000 206
- ------------------ ----------------------------------------------------------------------------------------------------------
Utilities--22.4%
200M Concord, N.C. Utility Systems 5 1/2% 12/1/2014 203,750 403
200M Dare County, N.C. Utility System 5 3/4% 6/1/2014 210,500 416
300M Fayetteville, N.C. Public Works Commission Revenue 5 1/4% 3/1/2013 300,375 593
200M North Carolina Municipal Power Agency 6% 1/1/2010 218,000 431
200M Shelby, N.C. Comb. Enterprise System Revenue 5 1/2% 5/1/2017 201,750 399
- ------------------ ----------------------------------------------------------------------------------------------------------
1,134,375 2,242
- ------------------ ----------------------------------------------------------------------------------------------------------
Other Revenue--5.1%
225M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 255,656 505
- ------------------ ----------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $4,613,767) 96.5% 4,882,443 9,650
Other Assets, Less Liabilities 3.5 177,316 350
- ------------------ ----------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,059,759 $10,000
================== ==========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - PENNSYLVANIA SERIES
December 31, 1995
- ------------------ ----------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------ ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.0%
Certificates of Participation-3.5%
$1,500M Pennsylvania State 5% 7/1/2015 $ 1,423,125 $ 354
- ------------------ ----------------------------------------------------------------------------------------------------------
Education--5.7%
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 8/15/2009 736,594 183
455M Pennsylvania State Higher Educ. Facs. Auth. (Hahnemann Univ.)
7.2% 7/1/2019 495,381 123
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,063,750 265
- ------------------ ----------------------------------------------------------------------------------------------------------
2,295,725 571
- ------------------ ----------------------------------------------------------------------------------------------------------
General Obligation--18.8%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3% 4/1/2009 165,937 41
200M Conrad Weiser Area School District 6 5/8% 10/1/2007 200,956 50
265M Falls Township, Pa. 7% 12/15/2000* 294,481 73
700M Jeannette, Pa. School District 6.65% 6/15/2001* 777,000 193
1,000M Meadville, Pa. 5 1/4% 10/1/2025 977,500 243
1,000M Philadelphia, Pa. 6% 11/15/2014 1,046,250 260
1,500M Pittsburgh, Pa. 5 1/2% 9/1/2014 1,545,000 384
1,000M Stroudsburg, Pa. Area School District 5.8% 10/1/2010 1,046,250 260
800M Trinity Area School District, Pa. 6 5/8% 11/1/2001* 893,000 222
565M Venango County, Pa. 7% 7/15/2000* 629,975 157
- ------------------ ----------------------------------------------------------------------------------------------------------
7,576,349 1,883
- ------------------ ----------------------------------------------------------------------------------------------------------
Hospital--11.2%
1,000M Allegheny County, Pa. Hosp. Dev. Auth. (Allegheny Gen. Hosp.)
6.2% 9/1/2015 1,068,750 265
1,500M Berks County, Pa. Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.)
5.7% 10/1/2014 1,575,000 392
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8% 7/1/2014 1,177,000 293
135M Delaware County, Pa. Auth. Hosp. Rev. (Memorial Hosp.)
7 1/8% 8/15/2009 150,694 37
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7% 7/1/2014 535,000 133
- ------------------ ----------------------------------------------------------------------------------------------------------
4,506,444 1,120
- ------------------ ----------------------------------------------------------------------------------------------------------
Housing--4.0%
Pennsylvania Housing Finance Agency Single-Family Mtge.:
500M 7.15% 4/1/2015 534,375 133
1,000M 7.3% 10/1/2017 1,065,000 265
- ------------------ ----------------------------------------------------------------------------------------------------------
1,599,375 398
- ------------------ ----------------------------------------------------------------------------------------------------------
Transportation--4.8%
1,600M Pennsylvania State Turnpike Commission Oil Franchise Rev.
5 1/2% 12/1/2012 1,628,000 405
260M Pennsylvania State Turnpike Commission Turnpike Revenue
7.4% 12/1/2000* 300,300 74
- ------------------ ----------------------------------------------------------------------------------------------------------
1,928,300 479
- ------------------ ----------------------------------------------------------------------------------------------------------
Utilities--33.6%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,222,375 304
1,000M 6 1/4% 12/1/2014 1,072,500 267
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison)
7 3/4% 9/1/2024 192,719 48
230M Fairview Township, Pa. Authority Sewer Revenue 7% 11/1/2000* 257,312 64
Harrisburg, Pa. Authority Water Revenue:
250M 7% 7/15/2001* 282,188 70
350M 6 1/2% 8/15/2002* 390,687 97
1,000M North Pennsylvania, Pa. Water Authority 6 7/8% 11/1/2004* 1,170,000 291
1,000M North Wales, Pa. Water Authority 6 3/4% 11/1/2004* 1,155,000 287
Philadelphia, Pa. Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,374,525 342
2,000M 6 1/4% 8/1/2012 2,237,500 556
Pittsburgh, Pa. Water & Sewer Auth. Water & Sewer System:
275M 6 3/4% 9/1/2001* 312,125 77
2,450M 6 1/2% 9/1/2013 2,811,375 699
1,000M Washington County, Pa. Indl. Dev. Auth. (West Penn. Power)
6.05% 4/1/2014 1,045,000 260
- ------------------ ----------------------------------------------------------------------------------------------------------
13,523,306 3,362
- ------------------ ----------------------------------------------------------------------------------------------------------
Other Revenue--16.4%
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev.
7% 6/15/2014 1,146,250 285
Pennsylvania State Industrial Development Authority:
1,000M 6% 1/1/2012 1,055,000 262
2,750M 5 1/2% 1/1/2014 2,780,938 691
400M Puerto Rico Public Buildings Authority Series "A" 6 1/4% 7/1/2015 455,500 113
500M Somerset County, Pa. Gen. Auth. Commonwealth Lease Rev.
7% 10/15/2001* 566,875 141
500M Washington County, Pa. Auth. Lease Rev. 7.45% 6/15/2000* 576,875 144
- ------------------ ----------------------------------------------------------------------------------------------------------
6,581,438 1,636
- ------------------ ----------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $36,051,489) 98.0% 39,434,062 9,803
Other Assets, Less Liabilities 2.0 792,931 197
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $40,226,993 $10,000
================== ==========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Tax Free Fund - VIRGINIA SERIES
December 31, 1995
- ------------------ ----------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------ ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.4%
Certificates of Participation-.5%
$ 110M Virginia Beach, Va. 7 1/4% 9/1/2000* $ 125,813 $ 48
- ------------------ ----------------------------------------------------------------------------------------------------------
Education--10.5%
575M George Mason University, Va. 6 3/8% 2/1/2016 626,031 239
750M James Madison University, Va. 5 1/4% 6/1/2013 750,937 287
1,100M Norfolk, Va. Redev. & Hsg. Auth. (Tidewater Cmnty. College)
5 7/8% 11/1/2015 1,164,625 445
200M Virginia College Bldg. Auth. (Washington & Lee Univ.) 7% 1/1/2000* 223,750 85
- ------------------ ----------------------------------------------------------------------------------------------------------
2,765,343 1,056
- ------------------ ----------------------------------------------------------------------------------------------------------
General Obligation--19.3%
1,250M Chesapeake, Va. Public Improvement 5% 5/1/2013 1,212,500 463
Danville, Virginia:
500M 5.8% 4/1/2014 520,000 198
500M 5.8% 4/1/2015 518,125 198
185M Hampton, Va. Public Improvement 6 5/8% 1/1/2000* 204,194 78
170M Portsmouth, Va. Utility 6.8% 8/1/2000* 190,613 73
750M Puerto Rico Commonwealth 6 1/4% 7/1/2012 846,563 323
1,000M Richmond, Va. 5 1/2% 1/15/2013 1,010,000 386
500M Virginia State Public School Authority 6 1/2% 8/1/2013 549,375 210
- ------------------ ----------------------------------------------------------------------------------------------------------
5,051,370 1,929
- ------------------ ----------------------------------------------------------------------------------------------------------
Hospital--18.3%
125M Charlottesville, Va. Indl. Dev. Auth. (Martha Jefferson Hosp.)
7 3/8% 10/1/2000* 143,906 55
1,150M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2014 1,243,437 475
500M Hanover County, Va. Indl. Dev. Auth. (Bon Secours Health Sys. Projs.)
6% 8/15/2010 546,875 209
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 322,656 123
355M 7 1/4% 7/1/2000* 404,700 155
1,675M 6 1/8% 7/1/2017 1,855,062 708
250M Winchester, Va. Indl. Dev. Auth. (Winchester Med.Ctr.) 7 1/4% 1/1/2000* 281,875 108
- ------------------ ----------------------------------------------------------------------------------------------------------
4,798,511 1,833
- ------------------ ----------------------------------------------------------------------------------------------------------
Transportation--9.5%
280M Richmond, Va. Metro. Auth. Expressway Rev. 7% 10/15/2000* 308,000 117
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,088,750 416
1,000M 6% 7/1/2010 1,088,750 416
- ------------------ ----------------------------------------------------------------------------------------------------------
2,485,500 949
- ------------------ ----------------------------------------------------------------------------------------------------------
Utilities--28.1%
225M Fairfax County, Va. Sewer Revenue 7% 11/15/99* 251,438 96
170M Fairfax County, Va. Water Authority Water Revenue 7 1/4% 1/1/2000* 191,675 73
275M Henry County, Va. Public Service Auth. Water & Sewer Rev.
7.2% 11/15/2000* 313,156 119
750M Leesburg, Va. Utility System Revenue 6.3% 7/1/2012 804,375 307
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4% 1/1/2010 541,250 207
1,000M 5 1/2% 1/1/2015 1,012,500 387
Norfolk, Va. Water Revenue:
250M 5.6% 11/1/2011 257,500 98
1,000M 5 7/8% 11/1/2015 1,047,500 400
1,000M Prince William County, Va. Svce. Auth. Water Sewer Sys.Rev.
6 1/2% 7/1/2001* 1,117,500 427
560M Roanoke County, Va. Water System Revenue 6 1/2% 7/1/2001* 628,600 240
625M Upper Occoquan Sewer Authority, Va. Regional Sewer Revenue
6 1/2% 7/1/2001* 701,563 268
500M Virginia Beach, Va. Water & Sewer Revenue 5 1/8% 2/1/2014 491,250 188
- ------------------ ----------------------------------------------------------------------------------------------------------
7,358,307 2,810
- ------------------ ----------------------------------------------------------------------------------------------------------
Other Revenue--11.2%
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex Proj.)
6 1/2% 12/1/2014 769,125 294
1,000M Richmond, Va. Redev. & Hsg. Auth. (Old Manchester Proj.)
6.8% 3/1/2015 1,110,000 424
1,000M Riverside, Va. Regl. Jail Authority 5 7/8% 7/1/2014 1,050,000 401
- ------------------ ----------------------------------------------------------------------------------------------------------
2,929,125 1,119
- ------------------ ----------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $23,442,366) 97.4% 25,513,969 9,744
Other Assets, Less Liabilities 2.6 669,717 256
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $26,183,686 $10,000
================== ==========================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
December 31, 1995
- ---------------------------------------------------- -----------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
FIRST INVESTORS ------------------------------------------------------------
NEW YORK INSURED
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- ---------------------------------------------------- ------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $193,249,671 $15,710,781 $19,952,814 $2,886,666 $8,135,724
=========================================================================
At value (Note 1A) $211,903,975 $17,203,341 $22,009,654 $3,142,606 $8,881,338
Cash 312,441 49,631 94,151 92,027 7,170
Receivables:
Interest 4,796,364 350,444 344,053 64,038 227,381
Shares sold 217,219 9,060 142,781 229 587
Other assets 10,408 16 31 -- 7
---------------------------------------------------------------------------
Total Assets 217,240,407 17,612,492 22,590,670 3,298,900 9,116,483
---------------------------------------------------------------------------
Liabilities
Payables:
Dividends payable January 20, 1996 368,656 14,975 47,608 3,067 14,443
Shares redeemed 221,319 3,500 -- -- 6,655
Investment securities purchased -- -- -- 150,522 --
Accrued advisory fees 134,347 5,827 6,457 -- 1,056
Accrued expenses 101,032 5,915 8,758 582 6,050
---------------------------------------------------------------------------
Total Liabilities 825,354 30,217 62,823 154,171 28,204
---------------------------------------------------------------------------
Net Assets $216,415,053 $17,582,275 $22,527,847 $3,144,729 $9,088,279
===========================================================================
Net Assets Consist of:
Capital paid in $197,746,644 $16,329,576 $20,542,601 $2,924,603 $8,448,414
Undistributed net investment income 20,945 903 4,871 2,014 3,403
Accumulated net realized loss on investments (6,840) (240,764) (76,465) (37,828) (109,152)
Net unrealized appreciation in value of investments 18,654,304 1,492,560 2,056,840 255,940 745,614
---------------------------------------------------------------------------
Total $216,415,053 $17,582,275 $22,527,847 $3,144,729 $9,088,279
===========================================================================
Shares outstanding (Note 2):
Class A 14,415,096 1,296,176 1,670,061 239,559 660,469
Class B 77,405 66,443 22,438 7,671 32,211
Net asset value and redemption price
per share--Class A $14.93 $12.90 $13.31 $12.72 $13.12
======= ======= ======= ======= =======
Maximum offering price per share--Class A* $15.93 $13.76 $14.20 $13.57 $13.99
======= ======= ======= ======= =======
Net asset value and offering price per share--Class B $14.93 $12.90 $13.31 $12.71 $13.12
======= ======= ======= ======= =======
See notes to finacial statements
<CAPTION>
Statement of Assets and Liabilities
December 31, 1995
- ----------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $20,610,028 $53,055,392 $4,613,767 $36,051,489 $23,442,366
=========================================================================
At value (Note 1A) $22,934,133 $58,808,981 $4,882,443 $39,434,062 $25,513,969
Cash 157,723 98,379 97,584 93,569 184,949
Receivables:
Interest 441,570 1,338,286 83,215 665,897 540,570
Shares sold 14,529 112,982 5,394 172,148 33,614
Other assets 644 277 -- 81 47
-------------------------------------------------------------------------
Total Assets 23,548,599 60,358,905 5,068,636 40,365,757 26,273,149
-------------------------------------------------------------------------
Liabilities
Payables:
Dividends payable January 20, 1996 28,087 170,913 7,998 76,242 50,749
Shares redeemed 5,150 14,992 -- 28,435 17,350
Investment securities purchased -- -- -- -- --
Accrued advisory fees 9,684 29,849 -- 16,626 8,654
Accrued expenses 11,968 33,013 879 17,461 12,710
-------------------------------------------------------------------------
Total Liabilities 54,889 248,767 8,877 138,764 89,463
-------------------------------------------------------------------------
Net Assets $23,493,710 $60,110,138 $5,059,759 $40,226,993 $26,183,686
=========================================================================
Net Assets Consist of:
Capital paid in $21,167,837 $54,350,990 $4,878,612 $36,826,829 $24,109,866
Undistributed net investment income 1,768 5,559 767 17,591 2,217
Accumulated net realized loss on investments -- -- (88,296) -- --
Net unrealized appreciation in value of investments 2,324,105 5,753,589 268,676 3,382,573 2,071,603
-------------------------------------------------------------------------
Total $23,493,710 $60,110,138 $5,059,759 $40,226,993 $26,183,686
=========================================================================
Shares outstanding (Note 2):
Class A 1,896,952 4,463,965 405,508 3,043,574 1,936,855
Class B 25,688 72,272 6,132 18,783 76,242
Net asset value and redemption price
per share--Class A $12.22 $13.25 $12.29 $13.14 $13.01
======= ======= ======= ======= =======
Maximum offering price per share--Class A* $13.03 $14.13 $13.11 $14.02 $13.88
======= ======= ======= ======= =======
Net asset value and offering price per share--Class B $12.21 $13.24 $12.29 $13.14 $13.00
======= ======= ======= ======= =======
*On purchases of $25,0000 or more,
the sales charge is reduced
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Year Ended December 31, 1995
- ---------------------------------------------------------------------------------------------------------------------------------
First Investors FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
New York Insure --------------------------------------------------
TAX FREE FUND, CONNECTICUT FLORIDA GEORGIA MARYLAND
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $13,208,031 $957,844 $1,225,122 $152,232 $476,651
----------- ---------- ---------- -------- ----------
Expenses (Notes 1 and 5):
Advisory fees 1,564,094 123,686 159,085 20,345 61,997
Distribution plan expenses-Class A 624,331 32,082 42,094 5,328 16,110
Distribution plan expenses-Class B 4,353 4,460 1,647 492 2,110
Shareholder servicing costs 157,861 15,439 15,723 3,386 9,251
Professional fees 36,306 10,749 13,256 7,840 6,078
Reports to shareholders 31,682 3,282 1,409 585 1,921
Bond insurance premiums 66,798 3,332 161 147 1,643
Custodian fees 26,309 3,802 4,531 1,255 2,531
Other expenses 65,588 5,348 6,484 1,338 2,871
----------- ---------- ---------- -------- ----------
Total expenses 2,577,322 202,180 244,390 40,716 104,512
Less: Expenses waived or assumed -- (57,720) (84,845) (34,914) (63,095)
Custodian fees paid indirectly (10,081) (3,802) (4,531) -- (2,531)
----------- ---------- ---------- -------- ----------
Expenses-net 2,567,241 140,658 155,014 5,802 38,886
----------- ---------- ---------- -------- ----------
Net investment income 10,640,790 817,186 1,070,108 146,430 437,765
----------- ---------- ---------- -------- ----------
Realized and Unrealized Gain (Loss) on
Investments (Note 4):
Net realized gain (loss) on investments 3,236,161 114,073 188,468 2,973 22,502
Net unrealized appreciation of investments 15,830,893 1,646,045 2,343,973 290,945 845,062
----------- ---------- ---------- -------- ----------
Net gain on investments 19,067,054 1,760,118 2,532,441 293,918 867,564
----------- ---------- ---------- -------- ----------
Net Increase in Net Assets Resulting from Operations $29,707,844 $2,577,304 $3,602,549 $440,348 $1,305,329
=========== ========== ========== ======== ==========
<CAPTION>
Statement of Operations (Continued)
Year Ended December 31, 1995
- --------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $1,362,856 $3,479,819 $239,282 $2,188,512 $1,443,421
---------- ---------- -------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 167,610 432,142 33,343 277,753 186,583
Distribution plan expenses-Class A 44,279 114,669 8,776 73,856 48,660
Distribution plan expenses-Class B 2,089 2,836 570 1,055 5,483
Shareholder servicing costs 18,745 37,637 4,970 26,120 21,503
Professional fees 8,941 27,683 10,236 9,522 9,840
Reports to shareholders 3,948 7,764 852 5,347 4,584
Bond insurance premiums 1,118 5,214 766 985 4,736
Custodian fees 4,264 11,204 1,462 6,386 4,461
Other expenses 7,013 17,268 1,880 11,153 7,859
---------- ---------- -------- ---------- ----------
Total expenses 258,007 656,417 62,855 412,177 293,709
Less: Expenses waived or assumed (55,870) (86,428) (53,517) (92,584) (87,072)
Custodian fees paid indirectly (4,264) (4,195) -- (6,386) (4,116)
---------- ---------- -------- ---------- ----------
Expenses-net 197,873 565,794 9,338 313,207 202,521
---------- ---------- -------- ---------- ----------
Net investment income 1,164,983 2,914,025 229,944 1,875,305 1,240,900
---------- ---------- -------- ---------- ----------
Realized and Unrealized Gain (Loss) on
Investments (Note 4):
Net realized gain (loss) on investments 360,045 657,781 (4,494) 179,294 133,406
Net unrealized appreciation of investments 1,956,930 5,200,017 526,683 4,079,329 2,554,416
---------- ---------- -------- ---------- ----------
Net gain on investments 2,316,975 5,857,798 522,189 4,258,623 2,687,822
---------- ---------- -------- ---------- ----------
Net Increase in Net Assets Resulting from Operations $3,481,958 $8,771,823 $752,133 $6,133,928 $3,928,722
========== ========== ======== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- ----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
FIRST INVESTORS INSURED TAX FREE FUND
NEW YORK INSURED -------------------------------
TAX FREE FUND, INC. CONNECTICUT
- ----------------------------------------------------------------------------------------------------------------------
Year Ended December 31 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 10,640,790 $ 10,780,042 $ 817,186 $ 801,496
Net realized gain (loss) on investments 3,236,161 (2,398,261) 114,073 (313,831)
Net unrealized appreciation (depreciation)
of investments 15,830,893 (19,225,762) 1,646,045 (1,639,963)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. 29,707,844 (10,843,981) 2,577,304 (1,152,298)
------------ ------------ ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (10,644,109) (10,924,339) (802,390) (801,765)
Net investment income--Class B (19,054) -- (19,148) --
Net realized gains--Class A (840,260) -- -- --
Net realized gains--Class B (4,480) -- -- --
------------ ------------ ----------- -----------
Total distributions (11,507,903) (10,924,339) (821,538) (801,765)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 20,127,144 24,920,224 2,072,940 2,473,254
Value of distributions reinvested 8,499,603 8,056,192 634,983 613,310
Cost of shares redeemed (25,461,327) (29,259,279) (2,553,706) (3,486,374)
------------ ------------ ----------- -----------
3,165,420 3,717,137 154,217 (399,810)
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 1,324,490 -- 805,158 --
Value of distributions reinvested 16,591 -- 19,148 --
Cost of shares redeemed (207,131) -- -- --
------------ ------------ ----------- -----------
1,133,950 -- 824,306 --
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions 4,299,370 3,717,137 978,523 (399,810)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets 22,499,311 (18,051,183) 2,734,289 (2,353,873)
Net Assets
Beginning of year 193,915,742 211,966,925 14,847,986 17,201,859
------------ ------------ ----------- -----------
End of year+ $216,415,053 $193,915,742 $17,582,275 $14,847,986
============ ============ =========== ===========
+Includes undistributed net investment income of 20,945 43,318 903 5,255
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 1,396,279 1,733,745 167,960 203,067
Issued for distributions reinvested 584,026 566,477 51,005 51,022
Redeemed (1,762,820) (2,070,038) (206,220) (288,696)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding 217,485 230,184 12,745 (34,607)
============ ============ =========== ===========
Class B:
Sold 90,459 -- 64,921 --
Issued for distributions reinvested 1,128 -- 1,522 --
Redeemed (14,182) -- -- --
------------ ------------ ----------- -----------
Net increase in Class B shares
outstanding 77,405 -- 66,443 --
============ ============ =========== ===========
<CAPTION>
Statement of Changes in Net Assets (Cont.)
- ----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------
FLORIDA GEORGIA
- ----------------------------------------------------------------------------------------------------------------------
Year Ended December 31 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $1,070,108 $1,097,381 $146,430 $80,665
Net realized gain (loss) on investments 188,468 (264,933) 2,973 (40,801)
Net unrealized appreciation (depreciation)
of investments 2,343,973 (2,040,709) 290,945 (110,067)
----------- ----------- ---------- ----------
Net increase (decrease) in net assets resulting
from operations. 3,602,549 (1,208,261) 440,348 (70,203)
----------- ----------- ---------- ----------
Distributions to Shareholders from:
Net investment income--Class A (1,074,302) (1,102,831) (143,122) (79,754)
Net investment income--Class B (7,399) -- (2,344) --
Net realized gains--Class A -- -- -- --
Net realized gains--Class B -- -- -- --
----------- ----------- ---------- ----------
Total distributions (1,081,701) (1,102,831) (145,466) (79,754)
----------- ----------- ---------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 3,558,826 4,193,910 1,042,204 927,355
Value of distributions reinvested 502,849 513,004 116,431 73,507
Cost of shares redeemed (4,103,965) (4,027,836) (466,779) (254,666)
----------- ----------- ---------- ----------
(42,290) 679,078 691,856 746,196
----------- ----------- ---------- ----------
Class B:
Proceeds from shares sold 327,260 -- 96,664 --
Value of distributions reinvested 5,044 -- 2,348 --
Cost of shares redeemed (48,025) -- (6,238) --
----------- ----------- ---------- ----------
284,279 -- 92,774 --
----------- ----------- ---------- ----------
Net increase (decrease) from share transactions 241,989 679,078 784,630 746,196
----------- ----------- ---------- ----------
Net increase (decrease) in net assets 2,762,837 (1,632,014) 1,079,512 596,239
Net Assets
Beginning of year 19,765,010 21,397,024 2,065,217 1,468,978
----------- ----------- ---------- ----------
End of year+ $22,527,847 $19,765,010 $3,144,729 $2,065,217
=========== =========== ========== ==========
+Includes undistributed net investment income of 4,871 16,464 2,014 1,050
=========== =========== ========== ==========
(a) Shares Issued and Redeemed
Class A:
Sold 279,362 337,394 86,530 80,499
Issued for distributions reinvested 39,482 42,134 9,542 6,313
Redeemed (324,510) (332,533) (38,851) (22,084)
----------- ----------- ---------- ----------
Net increase (decrease) in Class A shares
outstanding (5,666) 46,995 57,221 64,728
=========== =========== ========== ==========
Class B:
Sold 25,731 -- 7,980 --
Issued for distributions reinvested 392 -- 190 --
Redeemed (3,685) -- (499) --
----------- ----------- ---------- ----------
Net increase in Class B shares
outstanding 22,438 -- 7,671 --
=========== =========== ========== ==========
<CAPTION>
Statement of Changes in Net Assets (Cont.)
- ------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------
MARYLAND
- ------------------------------------------------------------------------------------
Year Ended December 31 1995 1994
- ------------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $437,765 $359,177
Net realized gain (loss) on investments 22,502 (115,472)
Net unrealized appreciation (depreciation)
of investments 845,062 (639,993)
---------- ----------
Net increase (decrease) in net assets resulting
from operations. 1,305,329 (396,288)
---------- ----------
Distributions to Shareholders from:
Net investment income--Class A (426,969) (362,227)
Net investment income--Class B (9,709) --
Net realized gains--Class A -- --
Net realized gains--Class B -- --
---------- ----------
Total distributions (436,678) (362,227)
---------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,624,609 1,928,630
Value of distributions reinvested 275,270 254,066
Cost of shares redeemed (989,316) (1,164,023)
---------- ----------
910,563 1,018,673
---------- ----------
Class B:
Proceeds from shares sold 524,692 --
Value of distributions reinvested 9,187 --
Cost of shares redeemed (128,337) --
---------- ----------
405,542 --
---------- ----------
Net increase (decrease) from share transactions 1,316,105 1,018,673
---------- ----------
Net increase (decrease) in net assets 2,184,756 260,158
Net Assets
Beginning of year 6,903,523 6,643,365
---------- ----------
End of year+ $9,088,279 $6,903,523
========== ==========
+Includes undistributed net investment income of 3,403 2,316
shares issued and redeemed ========== ==========
(a)
Class A:
Sold 130,068 156,671
Issued for distributions reinvested 21,809 20,852
Redeemed (78,092) (96,175)
---------- ----------
Net increase (decrease) in Class A shares
outstanding 73,785 81,348
========== ==========
Class B:
Sold 41,606 --
Issued for distributions reinvested 718 --
Redeemed (10,113) --
---------- ----------
Net increase in Class B shares
outstanding 32,211 --
========== ==========
See notes to finanacial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------
MASSACHUSETTS NEW JERSEY
- ----------------------------------------------------------------------------------------------------------------
Year Ended December 31 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $1,164,983 $1,198,075 $2,914,025 $3,137,659
Net realized gain (loss) on investments 360,045 (329,395) 657,781 (225,780)
Net unrealized appreciation (depreciation)
of investments 1,956,930 (2,097,875) 5,200,017 (6,767,311)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations. 3,481,958 (1,229,195) 8,771,823 (3,855,432)
----------- ----------- ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (1,157,985) (1,203,624) (2,918,856) (3,146,005)
Net investment income--Class B (9,593) -- (11,913) --
Net realized gains--Class A (30,240) -- (425,117) --
Net realized gains--Class B (410) -- (6,884) --
----------- ----------- ----------- -----------
Total distributions (1,198,228) (1,203,624) (3,362,770) (3,146,005)
----------- ----------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,470,541 2,473,916 5,310,392 7,713,722
Value of distributions reinvested 919,516 933,965 2,248,846 2,084,420
Cost of shares redeemed (3,317,029) (3,789,844) (9,176,935) (11,976,023)
----------- ----------- ----------- -----------
73,028 (381,963) (1,617,697) (2,177,881)
----------- ----------- ----------- -----------
Class B:
Proceeds from shares sold 289,235 -- 925,149 --
Value of distributions reinvested 9,486 -- 14,857 --
Cost of shares redeemed -- -- (15) --
----------- ----------- ----------- -----------
298,721 -- 939,991 --
----------- ----------- ----------- -----------
Net increase (decrease) from share transactions 371,749 (381,963) (677,706) (2,177,881)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets 2,655,479 (2,814,782) 4,731,347 (9,179,318)
Net Assets
Beginning of year 20,838,231 23,653,013 55,378,791 64,558,109
----------- ----------- ----------- -----------
End of year+ $23,493,710 $20,838,231 $60,110,138 $55,378,791
=========== =========== =========== ===========
+Includes undistributed net investment income of $1,768 $4,363 $5,559 $22,303
=========== =========== =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 210,626 214,343 415,051 601,287
Issued for distributions reinvested 78,127 81,626 174,001 166,135
Redeemed (283,611) (329,777) (718,864) (951,262)
----------- ----------- ----------- -----------
Net increase (decrease) in Class A shares
outstanding 5,142 (33,808) (129,812) (183,840)
=========== =========== =========== ===========
Class B:
Sold 24,887 -- 71,143 --
Issued for distributions reinvested 801 -- 1,130 --
Redeemed -- -- (1) --
----------- ----------- ----------- -----------
Net increase in Class B shares outstanding 25,688 -- 72,272 --
=========== =========== =========== ===========
<CAPTION>
Statement of Changes in Net Assets (Cont.)
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------
NORTH CAROLINA PENNSYLVANIA
- ----------------------------------------------------------------------------------------------------------------
Year Ended December 31 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $229,944 $226,865 $1,875,305 $1,771,003
Net realized gain (loss) on investments (4,494) (83,803) 179,294 (72,097)
Net unrealized appreciation (depreciation)
of investments 526,683 (437,561) 4,079,329 (3,989,085)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations. 752,133 (294,499) 6,133,928 (2,290,179)
---------- ---------- ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (227,689) (226,667) (1,862,206) (1,777,494)
Net investment income--Class B (2,522) -- (4,635) --
Net realized gains--Class A -- -- (106,537) --
Net realized gains--Class B -- -- (659) --
---------- ---------- ----------- -----------
Total distributions (230,211) (226,667) (1,974,037) (1,777,494)
---------- ---------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 759,377 1,415,758 5,109,553 5,661,896
Value of distributions reinvested 143,540 127,189 1,181,930 1,033,699
Cost of shares redeemed (306,492) (1,032,579) (4,005,976) (4,599,995)
---------- ---------- ----------- -----------
596,425 510,368 2,285,507 2,095,600
---------- ---------- ----------- -----------
Class B:
Proceeds from shares sold 67,909 -- 234,237 --
Value of distributions reinvested 1,218 -- 5,250 --
Cost of shares redeemed -- -- -- --
---------- ---------- ----------- -----------
69,127 -- 239,487 --
---------- ---------- ----------- -----------
Net increase (decrease) from share transactions 665,552 510,368 2,524,994 2,095,600
---------- ---------- ----------- -----------
Net increase (decrease) in net assets 1,187,474 (10,798) 6,684,885 (1,972,073)
Net Assets
Beginning of year 3,872,285 3,883,083 33,542,108 35,514,181
---------- ---------- ----------- -----------
End of year+ $5,059,759 $3,872,285 $40,226,993 $33,542,108
========== ========== =========== ===========
+Includes undistributed net investment income of $767 $1,034 $17,591 $9,127
========== ========== =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 64,567 121,402 402,916 457,976
Issued for distributions reinvested 12,164 11,292 93,037 84,890
Redeemed (26,571) (93,643) (316,221) (377,755)
---------- ---------- ----------- -----------
Net increase (decrease) in Class A shares
outstanding 50,160 39,051 179,732 165,111
========== ========== =========== ===========
Class B:
Sold 6,029 -- 18,376 --
Issued for distributions reinvested 103 -- 407 --
Redeemed -- -- -- --
---------- ---------- ----------- -----------
Net increase in Class B shares outstanding 6,132 -- 18,783 --
========== ========== =========== ===========
<CAPTION>
Statement of Changes in Net Assets (Cont.)
- ----------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------
VIRGINIA
- ----------------------------------------------------------------------------------
Year Ended December 31 1995 1994
- ----------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $1,240,900 $1,180,699
Net realized gain (loss) on investments 133,406 (61,681)
Net unrealized appreciation (depreciation)
of investments 2,554,416 (2,611,443)
----------- -----------
Net increase (decrease) in net assets resulting
from operations. 3,928,722 (1,492,425)
----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (1,226,418) (1,175,046)
Net investment income--Class B (23,560) --
Net realized gains--Class A (68,578) --
Net realized gains--Class B (2,616) --
----------- -----------
Total distributions (1,321,172) (1,175,046)
----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 3,246,591 3,263,981
Value of distributions reinvested 805,092 721,894
Cost of shares redeemed (3,742,909) (3,677,279)
----------- -----------
308,774 308,596
----------- -----------
Class B:
Proceeds from shares sold 947,469 --
Value of distributions reinvested 23,492 --
Cost of shares redeemed (28,539) --
----------- -----------
942,422 --
----------- -----------
Net increase (decrease) from share transactions 1,251,196 308,596
----------- -----------
Net increase (decrease) in net assets 3,858,746 (2,358,875)
Net Assets
Beginning of year 22,324,940 24,683,815
----------- -----------
End of year+ $26,183,686 $22,324,940
=========== ===========
+Includes undistributed net investment income of $2,217 $11,295
=========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 259,461 265,790
Issued for distributions reinvested 64,025 59,666
Redeemed (297,826) (304,592)
----------- -----------
Net increase (decrease) in Class A shares
outstanding 25,660 20,864
=========== ===========
Class B:
Sold 76,625 --
Issued for distributions reinvested 1,850 --
Redeemed (2,233) --
----------- -----------
Net increase in Class B shares outstanding 76,242 --
=========== ===========
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.
The investment objective of New York Insured is to provide a high level
of interest income which is exempt from federal income tax, New York
State and New York City personal income taxes.
The investment objective of each Series of Multi-State Insured is to
achieve a high level of interest income which is exempt from federal
income tax and, for a particular Series, from state income taxes for
residents of that state.
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 (in
excess of any available capital loss carryovers) sufficient to relieve
them from all, or substantially all, federal income taxes. At December
31, 1995, the Series had the following capital loss carryovers, expiring
in the year 2002:
MULTI-STATE INSURED Amount
---------------------------- ----------
CONNECTICUT Series $240,764
FLORIDA Series 76,465
GEORGIA Series. 37,828
MARYLAND Series 109,152
NORTH CAROLINA Series 88,296
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. 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. The Series'
Custodian has provided credits in the amount of $42,617 against
custodian charges based on the uninvested cash balances of the Series.
2. Capital--Each Series sells two classes of shares, Class A and Class
B, each with a public offering price that reflects different sales
charges and expense levels. Class A shares are sold with an initial
sales charge of up to 6.25% of the amount invested and together with the
Class B shares are subject to 12b-1 fees as described in Note 5. Class B
shares are sold without an initial sales charge, but are generally
subject to a contingent deferred sales charge which declines in steps
from 4% to 0% over a six-year period. Class B shares automatically
convert into Class A shares after eight years. Realized and unrealized
gains or losses, investment income and expenses (other than 12b-1 fees
and certain other class expenses) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class.
Of the 1,000,000,000 shares originally authorized, New York Insured has
designated 500,000,000 shares as Class A and 500,000,000 shares as Class
B. Multi-State Insured has established an unlimited number of shares of
beneficial interest for both Class A and Class B shares.
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, 1995,
purchases and sales of municipal securities were as follows:
Cost Proceeds
of of
Purchases Sales
-------------- --------------
NEW YORK INSURED $109,070,508 $111,060,012
MULTI-STATE INSURED
--------------------------
CONNECTICUT Series 5,242,420 4,203,941
FLORIDA Series 14,294,072 14,161,484
GEORGIA Series 2,007,927 1,172,739
MARYLAND Series 5,315,948 3,970,993
MASSACHUSETTS Series 9,037,600 8,774,336
NEW JERSEY Series 16,851,428 18,566,826
NORTH CAROLINA Series 3,832,775 3,235,234
PENNSYLVANIA Series 20,455,200 17,582,892
VIRGINIA Series 8,965,570 8,202,993
<TABLE>
<CAPTION>
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
At December 31, 1995, aggregate cost and net unrealized appreciation
(depreciation) of securities for federal income tax purposes were as
follows:
<S> <C> <C> <C> <C>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Apppreciation
------------ ------------ ------------ ------------
NEW YORK INSURED $193,256,511 $18,647,464 $ -- $18,647,464
MULTI-STATE INSURED
----------------------
CONNECTICUT Series 15,710,781 1,492,560 -- 1,492,560
FLORIDA Series 19,952,814 2,056,840 -- 2,056,840
GEORGIA Series 2,886,666 255,940 -- 255,940
MARYLAND Series 8,135,724 745,614 -- 745,614
MASSACHUSETTS Series 20,610,028 2,324,105 -- 2,324,105
NEW JERSEY Series 53,055,392 5,753,589 -- 5,753,589
NORTH CAROLINA Series. 4,613,767 268,676 -- 268,676
PENNSYLVANIA Series 36,051,489 3,382,573 -- 3,382,573
VIRGINIA Series. 23,442,366 2,071,603 -- 2,071,603
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates--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, 1995, advisory fees of New York Insured amounted to $1,564,094. For
the same period, advisory fees for the nine Series of Multi-State
Insured included in this report amounted to $1,462,544, of which
$580,204 was waived; other expenses in the amount of $24,774 were
assumed by FIMCO.
For the year ended December 31, 1995, FIC, as underwriter, received
$372,094 in commissions on sales of shares of New York Insured, after
allowing $66,820, to other dealers, and $744,912 in commissions on sales
of shares of the nine Series of Multi-State Insured included in this
report, after allowing $282,709 to other dealers. Shareholder servicing
costs of New York Insured and the nine Series of Multi-State Insured
consisted of $157,861 and $152,774, 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 and North Carolina Series
of Multi-State Insured, in the amount of $8,356, were waived by the
transfer agent for the year ended December 31, 1995.
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 the average net assets of the Class A shares and up to 1% of the
average net assets of the Class B shares 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.
This page intentionally left blank.
Financial Highlights
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net asset and
other supplemental data for each period indicated.
- -----------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------
Income from Investment Operations
-----------------------------------------
Net
Net Asset Realized
Value Net and
------- Invest- Unrealized Total from
Beginning ment Gain (Loss) Investment
of Period Income on Investment Operations
- ------------------------------------------------------------------------
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
- ----------------------------
Class A
- -------
1986 $13.03 $.932 $1.238 $2.170
1987 14.25 .919 (1.109) (.190)
1988 13.15 .902 .388 1.290
1989 13.51 .901 .339 1.240
1990 13.87 .889 (.119) .770
1991 13.75 .881 .574 1.455
1992 14.33 .844 .386 1.230
1993 14.72 .809 .608 1.417
1994 15.18 .758 (1.510) (.752)
1995 13.66 .738 1.331 2.069
Class B
1/12/95* to 12/31/95 13.76 .616 1.232 1.848
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- --------------------------
CONNECTICUT SERIES
- ------------------
Class A
- --------
10/8/90* to 12/31/90 $11.17 $.034 $(.014) $.020
1991 11.19 .630 .449 1.079
1992 11.64 .669 .401 1.070
1993 12.05 .615 1.053 1.668
1994 13.05 .609 (1.480) (.871)
1995 11.57 .617 1.333 1.950
Class B
1/12/95* to 12/31/95 11.67 .512 1.242 1.754
Less Distributions From
-------------------------------------------
Net Asset
Value
Net Net --------
Investment Realized Total End of
Income Gains Distributions Period
-------------------------------------------
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
- ----------------------------
Class A
- --------
1986 $.950 $ -- $.950 $14.25
1987 .910 -- .910 13.15
1988 .930 -- .930 13.51
1989 .880 -- .880 13.87
1990 .890 -- .890 13.75
1991 .875 -- .875 14.33
1992 .840 -- .840 14.72
1993 .820 .137 .957 15.18
1994 .768 -- .768 13.66
1995 .740 .059 .799 14.93
Class B
- ------
1/12/95* to 12/31/95 .619 .059 .678 14.93
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
CONNECTICUT SERIES
- -------------------
Class A
- -------
10/8/90* to 12/31/90 $ -- $ -- $ -- $11.19
1991 .625 .004 .629 11.64
1992 .660 -- .660 12.05
1993 .625 .043 .668 13.05
1994 .609 -- .609 11.57
1995 .620 -- .620 12.90
Class B
1/12/95* to 12/31/95 .524 -- .524 12.90
Ratio to Average Net Assets++
------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
------------------------------------------
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
- ----------------------------
Class A
- --------
1986 17.03 $83,760 1.13 6.90
1987 (1.25) 103,892 1.10 6.91
1988 10.10 121,017 1.26 6.77
1989 9.43 150,154 1.14 6.57
1990 5.81 156,022 1.23 6.53
1991 10.89 162,296 1.24 6.29
1992 8.84 181,389 1.29 5.84
1993 9.82 211,967 1.27 5.35
1994 (5.03) 193,916 1.28 5.30
1995 15.45 215,259 1.23 5.10
Class B
- -------
1/12/95* to 12/31/95 13.66 1,156 2.00+ 4.55+
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- --------------------------
CONNECTICUT SERIES
- ------------------
Class A
- --------
10/8/90* to 12/31/90 7.71+ $625 -- 1.75+
1991 9.92 5,050 0.06 5.83
1992 9.49 10,828 0.33 5.73
1993 14.10 17,202 0.80 4.83
1994 (6.75) 14,848 0.87 5.01
1995 17.18 16,725 0.85 4.96
Class B
- -------
1/12/95* to 12/31/95 15.28 857 1.71+ 4.30+
Ratio to Average Net Assets Before
Expenses Waived or Assumed
-------------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
-------------------------------
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
- ----------------------------
Class A
- --------
1986 N/A N/A 10
1987 N/A N/A 2
1988 N/A N/A 21
1989 N/A N/A 13
1990 N/A N/A 33
1991 N/A N/A 25
1992 N/A N/A 46
1993 N/A N/A 31
1994 N/A N/A 55
1995 N/A N/A 53
Class B
1/12/95* to 12/31/95 N/A N/A 53
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
CONNECTICUT SERIES
- ------------------
Class A
- -------
10/8/90* to 12/31/90 1.46+ .28+ 0
1991 1.60 4.28 35
1992 1.20 4.86 46
1993 1.15 4.48 29
1994 1.22 4.66 63
1995 1.20 4.61 26
Class B
- ------
1/12/95* to 12/31/95 2.07+ 3.94+ 26
*Commencement of operations of Class A shares or date
Class B shares were first offered
**Calculated without sales charges
+Annualized
+Net of expenses waived or assumed by the investment
adviser and the transfer agent from the commencement of
operations through December 31, 1995 (Note 5).
Financial Highlights
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net asset and
other supplemental data for each period indicated.
- -----------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------
Income from Investment Operations
-----------------------------------------
Net
Net Asset Realized
Value Net and
------- Invest- Unrealized Total from
Beginning ment Gain (Loss) Investment
of Period Income on Investment Operations
- ------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ----------------------------
FLORIDA SERIES
- --------------
Class A
- -------
10/5/90* to 12/31/90 $11.17 $.018 $(.058) $(.040)
1991 11.13 .658 .582 1.240
1992 11.70 .702 .508 1.210
1993 12.21 .664 1.032 1.696
1994 13.14 .642 (1.346) (.704)
1995 11.79 .640 1.527 2.167
Class B
1/12/95* to 12/31/95 11.87 .529 1.460 1.989
GEORGIA SERIES
Class A
5/1/92* to 12/31/92 $11.17 $.267 $.233 $.500
1993 11.42 .603 1.091 1.694
1994 12.49 .584 (1.165) (.581)
1995 11.33 .653 1.387 2.040
Class B
- -------
1/12/95* to 12/31/95 11.42 .529 1.303 1.832
MARYLAND SERIES
- ---------------
Class A
- -------
10/8/90* to 12/31/90 $11.17 $.021 $.189 $.210
1991 11.38 .628 .287 .915
1992 11.68 .669 .426 1.095
1993 12.11 .653 1.083 1.736
1994 13.15 .644 (1.373) (.729)
1995 11.77 .668 1.348 2.016
Class B
- ------
1/12/95* to 12/31/95 11.85 .561 1.279 1.840
Less Distributions From
-------------------------------------------
Net Asset
Value
Net Net --------
Investment Realized Total End of
Income Gains Distributions Period
-------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
FLORIDA SERIES
- --------------
Class A
- -------
10/5/90* to 12/31/90 $ -- $ -- $ -- $11.13
1991 .640 .030 .670 11.70
1992 .700 -- .700 12.21
1993 .671 .095 .766 13.14
1994 .646 -- .646 11.79
1995 .647 -- .647 13.31
Class B
- -------
1/12/95* to 12/31/95 .549 -- .549 13.31
GEORGIA SERIES
- -------------
Class A
- -------
5/1/92* to 12/31/92 $.250 $ -- $.250 $11.42
1993 .619 .005 .624 12.49
1994 .579 -- .579 11.33
1995 .650 -- .650 12.72
Class B
1/12/95* to 12/31/95 .542 -- .542 12.71
MARYLAND SERIES
- ---------------
Class A
- -------
10/8/90* to 12/31/90 $ -- $ -- $ -- $11.38
1991 .615 -- .615 11.68
1992 .665 -- .665 12.11
1993 .660 .036 .696 13.15
1994 .651 -- .651 11.77
1995 .666 -- .666 13.12
Class B
1/12/95* to 12/31/95 .570 -- .570 13.12
Ratio to Average Net Assets++
------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
FLORIDA SERIES
- --------------
Class A
- -------
10/5/90* to 12/31/90 (1.48)+ $1,339 -- 1.20+
1991 11.45 6,891 0.06 6.12
1992 10.67 12,678 0.29 5.97
1993 14.19 21,397 0.45 5.20
1994 (5.39) 19,765 0.62 5.24
1995 18.77 22,229 0.75 5.03
Class B
1/12/95* to 12/31/95 17.06 299 1.68+ 4.29+
GEORGIA SERIES
- --------------
Class A
- -------
5/1/92* to 12/31/92 6.75+ $365 -- 4.45+
1993 15.16 1,469 0.13 4.96
1994 (4.69) 2,065 0.20 4.99
1995 18.40 3,047 0.20 5.41
Class B
1/12/95* to 12/31/95 16.34 97 1.00+ 4.80+
MARYLAND SERIES
- ---------------
Class A
- -------
10/8/90* to 12/31/90 8.08+ $403 -- 1.69+
1991 8.30 1,543 0.05 5.74
1992 9.64 3,575 0.20 5.72
1993 14.62 6,643 0.45 5.16
1994 (5.59) 6,904 0.45 5.27
1995 17.50 8,666 0.48 5.29
Class B
1/12/95* to 12/31/95 15.82 423 1.38+ 4.59+
Ratio to Average Net Assets Before
Expenses Waived or Assumed
-------------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
-------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- --------------
FLORIDA SERIES
- --------------
Class A
- -------
10/5/90* to 12/31/90 1.03+ .17+ 0
1991 1.12 5.06 70
1992 1.17 5.10 65
1993 1.10 4.55 53
1994 1.19 4.67 98
1995 1.15 4.63 68
Class B
- -------
1/12/95* to 12/31/95 2.09+ 3.88+ 68
GEORGIA SERIES
- --------------
Class A
- -------
5/1/92* to 12/31/92 3.32+ 1.13+ 53
1993 1.84 3.24 50
1994 1.93 3.26 78
1995 1.42 4.20 45
Class B
- -------
1/12/95* to 12/31/95 2.22+ 3.59+ 45
MARYLAND SERIES
- ---------------
Class A
- -------
10/8/90* to 12/31/90 2.88+ (1.19)+ 0
1991 1.88 3.92 26
1992 1.38 4.55 38
1993 1.28 4.33 50
1994 1.34 4.37 44
1995 1.24 4.52 49
Class B
- -------
1/12/95* to 12/31/95 2.19+ 3.77+ 49
*Commencement of operations of Class A shares or date
Class B shares were first offered
**Calculated without sales charges
+Annualized
+Net of expenses waived or assumed by the investment
adviser and the transfer agent from the commencement of
operations through December 31, 1995 (Note 5).
Financial Highlights
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net asset and
other supplemental data for each period indicated.
- -----------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------
Income from Investment Operations
-----------------------------------------
Net
Net Asset Realized
Value Net and
------- Invest- Unrealized Total from
Beginning ment Gain (Loss) Investment
of Period Income on Investment Operations
- ------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
MASSACHUSETTS SERIES
- --------------------
Class A
- -------
1987 $11.13 $.533 $(1.143) $(.610)
1988 10.01 .753 .547 1.300
1989 10.54 .725 .345 1.070
1990 10.88 .748 (.038) .710
1991 10.84 .732 .468 1.200
1992 11.31 .687 .399 1.086
1993 11.71 .653 .716 1.369
1994 12.28 .627 (1.267) (.640)
1995 11.01 .612 1.227 1.839
Class B
1/12/95* to 12/31/95 11.09 .508 1.155 1.663
NEW JERSEY SERIES
- ----------------
Class A
- -------
9/13/88* to 12/31/88 $11.13 $.083 $.117 $.200
1989 11.33 .797 .373 1.170
1990 11.73 .787 .013 .800
1991 11.73 .762 .548 1.310
1992 12.29 .716 .439 1.155
1993 12.67 .680 .947 1.627
1994 13.51 .659 (1.448) (.789)
1995 12.06 .648 1.291 1.939
Class B
- -------
1/12/95* to 12/31/95 12.14 .526 1.199 1.725
NORTH CAROLINA SERIES
- ---------------------
Class A
- --------
5/4/92* to 12/31/92 $11.17 $.272 $.188 $.460
1993 11.37 .595 .962 1.557
1994 12.28 .594 (1.380) (.786)
1995 10.90 .608 1.391 1.999
Class B
- -------
1/12/95* to 12/31/95 10.99 .492 1.307 1.799
Less Distributions From
-------------------------------------------
Net Asset
Value
Net Net --------
Investment Realized Total End of
Income Gains Distributions Period
-------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
MASSACHUSETTS SERIES
- --------------------
Class A
- -------
1987 $.510 $ -- $.510 $10.01
1988 .770 -- .770 10.54
1989 .730 -- .730 10.88
1990 .750 -- .750 10.84
1991 .730 -- .730 11.31
1992 .676 .010 .686 11.71
1993 .660 .139 .799 12.28
1994 .630 -- .630 11.01
1995 .613 .016 .629 12.22
Class B
1/12/95* to 12/31/95 .527 .016 .543 12.21
NEW JERSEY SERIES
- -----------------
Class A
- -------
9/13/88* to 12/31/88 $ -- $ -- $ -- $11.33
1989 .770 -- .770 11.73
1990 .800 -- .800 11.73
1991 .750 -- .750 12.29
1992 .716 .059 .775 12.67
1993 .684 .103 .787 13.51
1994 .661 -- .661 12.06
1995 .652 .097 .749 13.25
Class B
1/12/95* to 12/31/95 .528 .097 .625 13.24
NORTH CAROLINA SERIES
- ---------------------
Class A
- ---------
5/4/92* to 12/31/92 $.260 $ -- $.260 $11.37
1993 .604 .043 .647 12.28
1994 .594 -- .594 10.90
1995 .609 -- .609 12.29
Class B
- -------
1/12/95* to 12/31/95 .499 -- .499 12.29
Ratio to Average Net Assets++
------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
MASSACHUSETTS SERIES
- --------------------
Class A
- -------
1987 5.43 $1,595 .05 6.32
1988 13.40 2,901 .10 7.33
1989 10.43 8,292 .10 6.78
1990 6.85 12,760 .06 7.01
1991 11.45 17,608 .28 6.66
1992 9.90 20,067 .70 5.99
1993 11.93 23,653 .90 5.37
1994 (5.30) 20,838 .95 5.45
1995 17.07 23,180 .90 5.20
Class B
- -------
1/12/95* to 12/31/95 15.28 314 1.76+ 4.55+
NEW JERSEY SERIES
- -----------------
Class A
- -------
9/13/88* to 12/31/88 5.96+ $2,148 -- 4.95+
1989 10.61 17,380 .03 6.82
1990 7.10 30,686 .10 6.93
1991 11.52 42,475 .44 6.38
1992 9.74 54,372 .78 5.76
1993 13.09 64,558 .96 5.12
1994 (5.91) 55,379 .99 5.21
1995 16.41 59,153 .99 5.05
Class B
1/12/95* to 12/31/95 14.45 957 1.81+ 4.43+
NORTH CAROLINA SERIES
- ---------------------
Class A
- -------
5/4/92* to 12/31/92 6.21+ $1,084 -- 4.53+
1993 13.98 3,883 .13 4.99
1994 (6.45) 3,872 .20 5.22
1995 18.72 4,984 .20 5.18
Class B
1/12/95* to 12/31/95 16.65 75 1.00+ 4.57+
Ratio to Average Net Assets Before
Expenses Waived or Assumed
-------------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
-------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
MASSACHUSETTS SERIES
- -------------------
Class A
- -------
1987 1.13 5.24 16
1988 1.29 6.14 31
1989 1.03 5.85 11
1990 .99 6.09 22
1991 .99 5.94 4
1992 1.17 5.52 28
1993 1.15 5.12 32
1994 1.20 5.20 64
1995 1.15 4.95 40
Class B
1/12/95* to 12/31/95 2.01+ 4.29+ 40
NEW JERSEY SERIES
- -----------------
Class A
- --------
9/13/88* to 12/31/88 .95+ 3.99+ 0
1989 .92 5.93 10
1990 .91 6.12 16
1991 .98 5.84 22
1992 1.13 5.41 42
1993 1.11 4.97 44
1994 1.14 5.06 60
1995 1.14 4.90 30
Class B
- -------
1/12/95* to 12/31/95 1.97+ 4.28+ 30
NORTH CAROLINA SERIES
- ---------------------
Class A
- -------
5/4/92* to 12/31/92 2.20+ 2.33+ 10
1993 1.28 3.83 32
1994 1.44 3.99 61
1995 1.36 4.03 76
Class B
- -------
1/12/95* to 12/31/95 2.16+ 3.41+ 76
*Commencement of operations of Class A shares or date
Class B shares were first offered
**Calculated without sales charges
+Annualized
+Net of expenses waived or assumed by the investment
adviser and the transfer agent from the commencement of
operations through December 31, 1995 (Note 5).
Financial Highlights
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net asset and
other supplemental data for each period indicated.
- -----------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------
Income from Investment Operations
-----------------------------------------
Net
Net Asset Realized
Value Net and
------- Invest- Unrealized Total from
Beginning ment Gain (Loss) Investment
of Period Income on Investment Operations
- ------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
PENNSYLVANIA SERIES
- -------------------
Class A
- -------
4/30/90* to 12/31/90 $11.17 $.296 $.214 $.510
1991 11.41 .714 .429 1.143
1992 11.85 .699 .427 1.126
1993 12.26 .667 1.048 1.715
1994 13.16 .627 (1.447) (.820)
1995 11.71 .638 1.463 2.101
Class B
- -------
1/12/95* to 12/31/95 11.81 .539 1.376 1.915
VIRGINIA SERIES
- ---------------
Class A
- -------
4/30/90* to 12/31/90 $11.17 $.320 $.080 $.400
1991 11.27 .715 .523 1.238
1992 11.80 .683 .481 1.164
1993 12.23 .636 .915 1.551
1994 13.06 .611 (1.383) (.772)
1995 11.68 .625 1.370 1.995
Class B
- ------
1/12/95* to 12/31/95 11.76 .510 1.286 1.796
Less Distributions From
-------------------------------------------
Net Asset
Value
Net Net --------
Investment Realized Total End of
Income Gains Distributions Period
---------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
PENNSYLVANIA SERIES
- -------------------
Class A
- -------
4/30/90* to 12/31/90 $.270 $ -- $.270 $11.41
1991 .695 .008 .703 11.85
1992 .716 -- .716 12.26
1993 .663 .152 .815 13.16
1994 .630 -- .630 11.71
1995 .635 .036 .671 13.14
Class B
- -------
1/12/95* to 12/31/95 .549 .036 .585 13.14
VIRGINIA SERIES
- ---------------
Class A
- -------
4/30/90* to 12/31/90 $.300 $ -- $.300 $11.27
1991 .690 .018 .708 11.80
1992 .702 .032 .734 12.23
1993 .639 .082 .721 13.06
1994 .608 -- .608 11.68
1995 .629 .036 .665 13.01
Class B
- -------
1/12/95* to 12/31/95 .520 .036 .556 13.00
Ratio to Average Net Assets++
------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
PENNSYLVANIA SERIES
Class A
4/30/90* to 12/31/90 6.88+ $6,252 .05+ 5.39+
1991 10.24 16,118 .29 6.28
1992 9.81 26,036 .56 5.84
1993 14.28 35,514 .79 5.17
1994 (6.31) 33,542 .88 5.11
1995 18.29 39,980 .86 5.05
Class B
1/12/95* to 12/31/95 16.49 247 1.72+ 4.39+
VIRGINIA SERIES
Class A
4/30/90* to 12/31/90 5.40+ $3,327 .08+ 5.56+
1991 11.31 9,756 .13 6.32
1992 10.19 16,507 .56 6.75
1993 12.94 24,684 .81 4.97
1994 (5.97) 22,325 .85 5.01
1995 17.42 25,193 .81 4.99
Class B
1/12/95* to 12/31/95 15.53 991 1.66+ 4.34+
Ratio to Average Net Assets Before
Expenses Waived or Assumed
-------------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
-------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
- ---------------------------
PENNSYLVANIA SERIES
- -------------------
Class A
- --------
4/30/90* to 12/31/90 1.05+ 4.39+ 1
1991 1.03 5.54 26
1992 1.12 5.28 18
1993 1.10 4.86 37
1994 1.13 4.86 81
1995 1.11 4.80 48
Class B
- -------
1/12/95* to 12/31/95 1.98+ 4.13+ 48
VIRGINIA SERIES
- ---------------
Class A
- --------
4/30/90* to 12/31/90 1.22+ 4.43+ 0
1991 1.10 5.36 15
1992 1.22 5.09 41
1993 1.16 4.62 39
1994 1.20 4.66 55
1995 1.16 4.64 34
Class B
- --------
1/12/95* to 12/31/95 2.02+ 3.98+ 34
*Commencement of operations of Class A shares or date
Class B shares were first offered
**Calculated without sales charges
+Annualized
+Net of expenses waived or assumed by the investment
adviser and the transfer agent from the commencement of
operations through December 31, 1995 (Note 5).
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, 1995,
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, 1995, 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, 1995, 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, 1996
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Directors/Trustees
- ------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- --------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Shareholder Information
- -----------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is each Series' practice to mail only one copy of its annual and
semi-annual reports to any address at which more than one shareholder
with the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. Each Series will
ensure that separate reports are sent to any shareholder who
subsequently changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Fund's prospectus.
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, 1995
Vertically reading from bottom to top in center of the page the words
"FIRST INVESTORS" appear.
The following language appears to the left of the above language:
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 on the righthand side.
The following appears on the lefthand side
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
The following appears on the bottom lefthand side
First Investors logo
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIMS-148
