First Investors
New York Insured
Tax Free Fund, Inc.
First Investors
Multi-State Insured
Tax Free Fund
Connecticut Fund
Florida Fund
Georgia Fund
Maryland Fund
Massachusetts Fund
New Jersey Fund
North Carolina Fund
Pennsylvania Fund
Virginia Fund
SEMI-
ANNUAL
REPORT
June 30, 1996
Vertically reading from bottom to top in the 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. 7379" in a box to
the right of a circle containing the words "MAILED FROM ZIP CODE
11201" appears on the righthand side.
The following language appears on the lefthand side:
FIRST INVESTORS NEW YORK INSURED TAX EXEMPT 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
FIMS148
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 Funds
Dear Investor:
As 1996 began, most investors expected the U.S. economy to continue
to slow or even enter a recession. Instead the economy accelerated
throughout the first half of the year. After growing at an
annualized rate of only .5% in the fourth quarter of 1995, the
economy expanded at a 2.2% pace during the first quarter of this
year and at an estimated 3.5%-4% during the second quarter. Concern
that faster growth would lead to higher inflation contributed to a
sharp rise in interest rates with the yield on long-term U.S.
Treasury bonds increasing from 5.95% to 6.87%. Despite higher
interest rates the stock market continued to rally with the broad
stock market averages hitting record highs during the second
quarter.
Faster economic growth, expectations of inflation, and the failure
of Congress and the President to agree on a balanced budget plan
contributed to a 50 basis point (.5%) increase in long-term
municipal bond yields during the first half of 1996. In comparison,
long-term Treasury bond yields rose almost 1% over the same time
period. The relatively strong performance of the municipal bond
market was attributable to two factors. First, municipal bonds began
the year at attractive levels relative to taxable bonds because of
concern over tax reform. As those concerns diminished, demand for
tax-exempt bonds increased. Second, rising yields increased demand
for municipal bonds as investors took advantage of the highest tax-
exempt interest rates available since August 1995.
During the first half of 1996, according to Lipper Analytical
Services, Inc., the Class A shares of the New York Insured Tax Free
Fund outperformed the average return on comparable funds by 50 basis
points, on a net asset value basis. For the same period, the Class A
shares of the Multi-State Funds outperformed (+) or underperformed
(-) the average return on comparable funds by the following number
of basis points: Connecticut -9, Florida +26, Georgia +12, Maryland
- -25, Massachusetts -50, New Jersey -12, North Carolina +24,
Pennsylvania -9 and Virginia Fund -9. The Funds had the following
total returns on a net asset value basis for Class A and Class B
shares, respectively: New York -1.0% and -1.4%, Connecticut -1.0%
and -1.4%, Florida -1.4% and -1.8%, Georgia -1.3% and -1.7%,
Maryland -1.4% and -1.8%, Massachusetts -1.6% and -2.0%, New Jersey
- -1.3% and -1.7%, North Carolina -1.5% and -1.9%, Pennsylvania -1.2%
and -1.5%, and Virginia -1.2% and -1.6%.
Management of the Funds focused on reducing interest rate exposure
to protect the Funds' investments as the market declined during the
first six months of the year. Generally, the Funds accomplished this
by reducing the average maturity of their holdings and by slightly
increasing their cash positions. As in the past, the Funds improved
call protection where possible through the purchase of noncallable
bonds. Finally, taking advantage of the market's decline, the Funds
sold bonds purchased at lower yields and replaced them with higher
yielding bonds.
Investors who buy bond funds -- whether for income or total return -
- - should be aware that the value of their investment fluctuates as
interest rates change. For example, a 100 basis point (or 1%)
increase in yield on a ten year bond results in roughly a 7%
decrease in that bond's price. In each of the last four years and
the first half of 1996, ten year Treasury bond yields have moved
more than 100 basis points. In addition, while the Funds' municipal
bonds are insured as to timely payment of principal and interest,
this insurance does not protect the bonds against changes in market
value. Investors should be aware of these risks and recognize that
successful investing generally requires a long-term commitment to
the market.
Looking forward, inflation shows few signs of accelerating, despite
the market's concern. In addition, the pace of economic growth is
likely to slow during the second half of the year. A combination of
stable inflation and moderate growth should provide a comfortable
environment for investors throughout the remainder of 1996.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
July 8, 1996
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Education--14.2%
New York State Dormitory Authority Revenues:
City University:
$1,500M 8.2% 7/1/1998* $ 1,631,250 $ 79
11,700M 5 3/8% 7/1/2014 11,129,625 541
1,000M Iona College 7 5/8% 7/1/1998* 1,086,250 53
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,136,000 153
1,250M Skidmore College 7 3/4% 7/1/1997* 1,321,812 64
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,082,100 101
1,000M 5 7/8% 5/15/2011 1,035,000 50
2,000M 5 1/2% 5/15/2013 1,962,500 95
3,700M 7 3/8% 5/15/2014 4,065,375 198
2,000M 5 1/4% 5/15/2015 1,892,500 92
- -------------------------------------------------------------------------------------------------------------------------------
29,342,412 1,426
- -------------------------------------------------------------------------------------------------------------------------------
General Obligation--20.3%
1,000M Montgomery County, N.Y. 5 3/4% 5/1/2016 985,000 48
Nassau County, N.Y.:
4,355M 5.7% 8/1/2012 4,327,781 210
3,845M 6 1/2% 11/1/2012 4,181,438 203
New York City, N.Y.:
4,250M 8% 8/1/1997* 4,515,795 220
1,000M 8 1/8% 11/1/1997* 1,067,500 52
1,000M 8% 6/1/1998* 1,082,500 53
3,000M 6.2% 8/1/2008 3,187,500 155
3,500M 6.95% 8/15/2012 3,893,750 189
1,000M 7 1/4% 3/15/2018 1,107,500 54
Niagara Falls, N.Y. Public Improvement:
1,340M 7 1/2% 3/1/2012 1,609,675 78
1,680M 7 1/2% 3/1/2015 2,032,800 99
1,100M 7 1/2% 3/1/2018 1,326,875 64
1,750M North Hempstead, N.Y. 6.4% 4/1/2012 1,900,938 92
Puerto Rico Commonwealth:
1,250M 6 1/4% 7/1/2013 1,348,437 66
4,640M 5.65% 7/1/2015 4,669,000 227
5,000M 5% 7/1/2021 4,493,750 218
- -------------------------------------------------------------------------------------------------------------------------------
41,730,239 2,028
- -------------------------------------------------------------------------------------------------------------------------------
Hospital--13.0%
1,250M New York State Dormitory Auth. Revs. Mental Health Svcs.
Fac. 5 1/4% 8/15/2016 1,164,062 57
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2010 4,128,188 201
1,000M Good Samaritan Hospital 8% 11/1/2013 1,052,500 51
1,850M Long Term Health Care 7 3/8% 11/1/2011 2,032,687 99
Mental Health Services Facilities:
1,595M 7.7% 2/15/1998* 1,714,625 83
2,115M 7 3/4% 2/15/2000* 2,366,156 115
1,980M 7 3/8% 2/15/2014 2,148,300 104
1,405M 7.7% 2/15/2018 1,487,544 72
2,080M 7 3/4% 2/15/2020 2,280,200 111
4,915M 6 1/2% 8/15/2024 5,154,606 250
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,326,250 162
- -------------------------------------------------------------------------------------------------------------------------------
26,855,118 1,305
- -------------------------------------------------------------------------------------------------------------------------------
Housing--5.3%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor) 7.45% 10/1/2008 2,348,437 114
6,500M Insured Residential Charter 7 3/8% 4/1/2017 6,743,750 327
1,720M New York State Hsg. Fin. Agcy. Series "A" 7.45% 11/1/2028 1,803,850 88
- -------------------------------------------------------------------------------------------------------------------------------
10,896,037 529
- -------------------------------------------------------------------------------------------------------------------------------
Transportation--30.0%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8% 7/1/2014 5,112,500 248
Transit Facilities Series:
1,500M 8 1/2% 7/1/1997* 1,596,285 78
5,000M 8% 7/1/1998* 5,456,250 265
7,900M New York City Transit Auth. Hwy. & Brdg. Trust Fund
Rev. 7 1/2% 1/1/2000* 8,749,250 425
New York Thruway Authority:
1,500M 5 1/8% 4/1/2015 1,398,750 68
5,500M 5 1/2% 4/1/2015 5,362,500 261
Puerto Rico Commonwealth Highway & Transportation Authority:
3,155M 6 1/4% 7/1/2014 3,395,569 165
2,000M 5 1/2% 7/1/2015 1,970,000 96
5,000M 6% 7/1/2018 5,206,250 253
Triborough Bridge & Tunnel Authority:
1,000M Special Obligation 8% 1/1/1998* 1,070,000 52
1,500M Series "L" 8 1/8% 1/1/1998* 1,603,125 78
3,000M Series "O" 7.7% 1/1/1999* 3,273,750 159
6,900M Series "Y" 6% 1/1/2012 7,184,625 349
10,595M Series "Y" 5 1/2% 1/1/2017 10,356,613 503
- -------------------------------------------------------------------------------------------------------------------------------
61,735,467 3,000
- -------------------------------------------------------------------------------------------------------------------------------
Utilities--6.6%
New York City Municipal Water Finance Authority:
4,975M 5 7/8% 6/15/2012 5,161,563 251
2,000M 5 7/8% 6/15/2013 2,067,500 100
2,000M New York State Power Authority General Purpose Bonds 8% 1/1/1998* 2,147,500 104
4,000M Suffolk County, N. Y. Water Authority 6% 6/1/2017 4,115,000 200
- -------------------------------------------------------------------------------------------------------------------------------
13,491,563 655
- -------------------------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
$ 1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy. (Rochester Inst. Tech.)
7 3/4% 5/1/2000* 1,122,500 55
1,000M New York State Dorm. Auth. Rev. (Suffolk County Jud. Facs.)
7 3/8% 7/1/2016 1,171,250 57
New York State Urban Development Corporation Correctional Facilities:
2,000M Series "C" 7 3/4% 1/1/1998* 2,145,000 104
3,000M Series "F" 7 1/2% 1/1/1999* 3,262,500 159
Puerto Rico Public Buildings Authority:
1,465M 6 1/4% 7/1/2012 1,584,031 77
1,250M 6 1/4% 7/1/2013 1,348,437 66
2,210M 6 1/4% 7/1/2015 2,367,463 115
5,000M 5 1/2% 7/1/2021 4,881,250 237
- -------------------------------------------------------------------------------------------------------------------------------
17,882,431 870
- -------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $190,682,230) 98.1% 201,933,267 9,813
Other Assets, Less Liabilities 1.9 3,848,182 187
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $205,781,449 $10,000
===============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Certificates of Participation--2.1%
Connecticut State (Middletown Courthouse Facilities):
$ 130M 6 1/4% 12/15/2009 $ 137,312 $ 84
100M 6 1/4% 12/15/2010 105,250 65
100M 6 1/4% 12/15/2012 104,375 64
- -------------------------------------------------------------------------------------------------------------------------------
346,937 213
- -------------------------------------------------------------------------------------------------------------------------------
Education--14.2%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2015 787,531 483
500M Loomis Chafee School Project-Series "B" 6% 7/1/2015 507,500 311
1,000M Trinity College 6 1/8% 7/1/2014 1,023,750 628
- -------------------------------------------------------------------------------------------------------------------------------
2,318,781 1,422
- -------------------------------------------------------------------------------------------------------------------------------
General Obligation--33.1%
100M Bethel, Conn. 6 1/2% 2/15/2011 110,000 67
500M Bridgeport, Conn. 5 1/2% 9/1/2015 481,875 296
50M Bristol, Conn. 6 1/2% 6/15/2006 55,375 34
30M Colchester, Conn. 7.3% 1/15/2007 34,762 21
Connecticut State:
500M 6 1/2% 3/15/2002* - Series "A" 546,875 336
620M 6% 3/15/2012 - Series "E" 643,634 395
130M Coventry, Conn. 6.7% 12/15/2009 145,925 90
Griswold, Conn.:
250M 5 3/4% 4/15/2010 252,500 155
100M 6 1/4% 6/15/2010 108,875 67
100M Groton City, Conn. 6 3/4% 6/1/2007 114,250 70
800M New Britain, Conn. 6% 3/1/2012 834,000 512
130M Newton, Conn. 6.7% 8/15/2010 145,438 89
30M North Canaan, Conn. 6.9% 1/15/2006 33,675 21
40M Old Saybrook, Conn. 6 1/2% 2/15/2009 44,000 27
250M Plainfield, Conn. 6 3/8% 8/1/2011 264,687 162
450M Puerto Rico Commonwealth 6 1/4% 7/1/2013 485,438 298
290M Regional School District #5, Conn. 6.3% 3/1/2009 304,500 187
330M Southington, Conn. 6.55% 4/1/2012 352,688 216
90M Stafford, Conn. 6.55% 11/15/2008 100,013 61
50M Stratford, Conn. 6.6% 3/1/2007 56,375 35
250M Westbrook, Conn. 6.4% 3/15/2010 272,812 167
- -------------------------------------------------------------------------------------------------------------------------------
5,387,697 3,306
- -------------------------------------------------------------------------------------------------------------------------------
Hospital--18.3%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 476,438 292
60M Danbury Hospital-University of New Haven 6 7/8% 1/1/2010 64,800 40
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 546,875 335
700M New Britain General Hospital 6 1/8% 7/1/2014 716,625 440
325M Stamford Hospital 6 1/2% 7/1/2006 347,344 213
280M Yale-New Haven Hospital 7% 7/1/2010 304,150 187
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 520,625 319
- -------------------------------------------------------------------------------------------------------------------------------
2,976,857 1,826
- -------------------------------------------------------------------------------------------------------------------------------
Housing--4.0%
640M Connecticut State Housing Finance Authority 6.1% 5/15/2013 646,400 397
- -------------------------------------------------------------------------------------------------------------------------------
Transportation--9.7%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
285M 6% 10/1/2009 296,400 182
200M 6 1/4% 10/1/2009 211,250 130
500M 6 1/2% 10/1/2011 548,125 336
250M 6 1/8% 9/1/2012 263,125 161
250M 6.1% 10/1/2012 258,438 159
- -------------------------------------------------------------------------------------------------------------------------------
1,577,338 968
- -------------------------------------------------------------------------------------------------------------------------------
Utilities--6.7%
300M Connecticut State Resource Recovery Auth. Mid. Conn. Sys.
7.3% 11/15/2012 312,975 192
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 266,250 163
500M 6 1/8% 8/1/2014 516,250 317
- -------------------------------------------------------------------------------------------------------------------------------
1,095,475 672
- -------------------------------------------------------------------------------------------------------------------------------
Other Revenue--10.0%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2% 6/15/2008 589,963 362
Puerto Rico Public Buildings Authority:
250M 6 1/4% 7/1/2013 269,687 165
725M 6 1/4% 7/1/2015 776,656 477
- -------------------------------------------------------------------------------------------------------------------------------
1,636,306 1,004
- -------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $15,127,052) 98.1% 15,985,791 9,808
Other Assets, Less Liabilities 1.9 312,865 192
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,298,656 $10,000
===============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.4%
Certificates of Participation--.8 %
$ 200M Escambia County, Fla. School Board 5 1/2% 2/1/2016 $ 193,250 $ 84
- -------------------------------------------------------------------------------------------------------------------------------
Education--1.9%
400M Volusia County, Fla. Edl. Facs. (Stetson University Project)
6 3/8% 6/1/2012 421,000 184
- -------------------------------------------------------------------------------------------------------------------------------
General Obligation--3.9%
300M Miami, Fla. 6% 12/1/2010 316,125 137
500M North Springs, Fla. Impt. Dist. 7% 10/1/2009 576,875 252
- -------------------------------------------------------------------------------------------------------------------------------
893,000 389
- -------------------------------------------------------------------------------------------------------------------------------
Hospital--5.0%
350M North Broward, Fla. Hosp. Dist. 6 1/2% 1/1/2012 374,500 163
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 780,937 341
- -------------------------------------------------------------------------------------------------------------------------------
1,155,437 504
- -------------------------------------------------------------------------------------------------------------------------------
Housing--1.9%
235M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge.
6.95% 12/15/2012 246,456 108
175M Florida Housing Finance Agency-Residential Mtge.
(Series 2) 8% 12/15/2016 181,172 79
- -------------------------------------------------------------------------------------------------------------------------------
427,628 187
- -------------------------------------------------------------------------------------------------------------------------------
Transportation--5.8%
500M Dade County, Fla. Aviation Revenue Series "A" 6% 10/1/2010 518,125 226
300M Florida State Turnpike Authority Turnpike Revenue 6.35% 7/1/2002* 326,250 142
455M Port Palm Beach District, Fla. Revenue 6 1/4% 9/1/2008 488,556 213
- -------------------------------------------------------------------------------------------------------------------------------
1,332,931 581
- -------------------------------------------------------------------------------------------------------------------------------
Utilities--50.8%
250M Broward County, Fla. Water & Sewer Utilities Rev. 6 1/2% 10/1/2001* 272,500 119
750M Charlotte County, Fla. Utilities Revenue 6 3/4% 10/1/2013 825,938 360
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 534,375 233
1,000M 6 1/4% 1/1/2015 1,067,500 465
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4% 10/1/2001* 765,900 334
300M Kissimmee, Fla. Utility Authority Electric System Revenue
6 1/2% 10/1/2001* 329,625 144
1,495M Lakeland, Fla. Electric & Water Revenue 6% 10/1/2014 1,560,406 680
445M Miramar, Fla. Util. Impt. Rev. 6.4% 10/1/2007 482,825 211
1,000M Plant City, Fla. Utility System Revenue 6% 10/1/2015 1,040,000 454
300M Reedy Creek, Fla. Impt. Dist. Utilities Revenue 6 1/2% 10/1/2001* 327,000 143
500M Sarasota County, Fla. Utility System Revenue 6 1/2% 10/1/2004* 560,625 244
Seminole County, Fla. Water & Sewer Revenue:
500M 6% 10/1/2009 530,000 231
500M 6% 10/1/2019 518,750 226
1,305M St. Johns County, Fla. Water & Sewer Revenue 5 1/2% 6/1/2011 1,290,319 563
2,000M Tampa, Fla. Utility Tax Revenue Zero Cpn. 10/1/2016 605,000 264
100M Tampa, Fla. Water & Sewer Revenue 6.3% 10/1/2006 106,250 46
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4% 10/1/2014 834,375 364
- -------------------------------------------------------------------------------------------------------------------------------
11,651,388 5,081
- -------------------------------------------------------------------------------------------------------------------------------
Other Revenue--26.3%
400M Florida State Div. Bd. Fin. Dept. General Services 6 3/4% 7/1/2013 432,000 188
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,011,250 441
1,000M Jacksonville, Fla. Cap. Improv. (Gator Bowl Project) 5 7/8% 10/1/2015 1,008,750 440
350M Jacksonville, Fla. Excise Taxes Revenue 6 1/2% 10/1/2013 376,250 164
250M Lake Wales, Fla. Capital Improvement Revenue 5 3/4% 10/1/2016 248,438 108
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9% 10/1/2010 625,500 273
$1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev. 5 3/8% 6/1/2011 983,750 429
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2% 10/1/2002* 331,500 145
1,000M Tampa, Fla. Sales Tax Revenue 5 3/4% 10/1/2020 1,005,000 438
- -------------------------------------------------------------------------------------------------------------------------------
6,022,438 2,626
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,879,620) 22,097,072 9,636
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--8.7 %
900M Hillsborough County, Fla. Indl. Dev. Auth. Variable Rate Note 3.60%** 900,000 392
1,100M Putnam County, Fla. Dev. Auth. Variable Rate Note 3.15%** 1,100,000 480
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $2,000,000) 2,000,000 872
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $22,879,620) 105.1% 24,097,072 10,508
Excess of Liabilities Over Other Assets (5.1) (1,166,276) (508)
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,930,796 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Variable Rate Notes are determined and reset at least weekly by the issuer. Interest rate shown is the rate
in effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 1996
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.0%
Education--4.9%
Private Colleges & Univs. Facs. Auth., Ga.:
$ 80M Mercer University Project 6.35% 11/1/2006 $ 86,900 $ 252
80M Spelman University Project 6% 6/1/2009 82,400 239
- --------------------------------------------------------------------------------------------------------------------------------
169,300 491
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--23.7%
75M Columbia County, Ga. School District 6 1/4% 4/1/2013 78,563 228
100M Hall County, Ga. School District 6.7% 12/1/2014 108,875 316
100M Mitchell County, Ga. School District 6 1/2% 3/1/2009 108,250 314
125M Paulding County, Ga. School District 6% 2/1/2013 130,000 378
100M Peach County, Ga. School District 6.4% 2/1/2019 105,875 307
150M Pike County, Ga. School District 5.7% 2/1/2016 149,063 433
125M Puerto Rico Commonwealth 6 1/4% 7/1/2012 135,625 394
- --------------------------------------------------------------------------------------------------------------------------------
816,251 2,370
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--7.9%
150M Glynn-Brunswick, Ga. Mem. Hosp. Auth. Rev. Antic. Ctfs. 5 1/4% 8/1/2013 141,188 410
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 130,156 378
- --------------------------------------------------------------------------------------------------------------------------------
271,344 788
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--14.0%
300M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 321,000 932
150M Puerto Rico Highway & Transportation Authority Revenue 6 1/4% 7/1/2014 161,437 469
- --------------------------------------------------------------------------------------------------------------------------------
482,437 1,401
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--34.3%
25M Bartow County, Ga. Water & Sewer Revenue 6.05% 9/1/2007 26,063 76
95M Brunswick, Ga. Water & Sewer Revenue 6.1% 10/1/2019 100,106 291
85M Conyers, Ga. Water & Sewer Revenue 6.45% 7/1/2010 90,525 263
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4% 11/1/2014 84,800 246
210M Douglasville-Douglas County, Ga. Water & Sewer Authority 5 5/8% 6/1/2015 208,687 606
250M Fulton County, Ga. Water & Sewer Revenue 6 3/8% 1/1/2014 271,875 789
100M Georgia Municipal Electric Authority, Special Obligation 6 1/2% 1/1/2017 108,750 316
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 87,300 253
100M 5.8% 1/1/2015 97,782 284
95M Henry County, Ga. Water & Sewer Auth. Revenue 7.1% 2/1/2000* 104,144 302
- --------------------------------------------------------------------------------------------------------------------------------
1,180,032 3,426
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--11.2%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 88,500 257
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7% 2/1/2020 86,000 249
50M East Point, Ga. Building Authority Revenue 6% 2/1/2011 51,250 149
150M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 161,812 470
- --------------------------------------------------------------------------------------------------------------------------------
387,562 1,125
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,164,459) 3,306,926 9,601
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.9%
100M Clayton County, Ga. Housing Authority Adjustable Rate Note 3.10%
(cost $100,000)** 100,000 290
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $3,264,459) 98.9% 3,406,926 9,891
Other Assets, Less Liabilities 1.1 37,596 109
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,444,522 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset at least weekly by the issuer. Interest rate shown is the
rate in effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.0%
Certificates of Participation--.3%
$ 30M Baltimore, Maryland Series "B" 7 1/4% 4/1/2016 $ 32,437 $ 33
- --------------------------------------------------------------------------------------------------------------------------------
Education--9.0%
Morgan State University Academic & Aux. Facs. Fees Revenue:
90M 7% 7/1/2000* 99,113 100
500M 6.05% 7/1/2015 523,750 528
200M 6.1% 7/1/2020 212,000 214
50M University of Maryland Sys. Aux. Fac. & Tuition Rev. 6.3% 2/1/2001* 53,937 54
- --------------------------------------------------------------------------------------------------------------------------------
888,800 896
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--32.9%
350M Anne Arundel County, Maryland Water & Sewer 6.3% 8/1/2015 369,688 373
Baltimore, Maryland:
100M 6.3% 10/15/2004 108,750 110
100M 7% 10/15/2009 114,500 115
250M 5 5/8% 10/15/2012 249,375 251
55M Carroll County, Maryland 6 1/4% 11/1/2001* 59,675 60
100M Chesapeake Beach, Maryland 6 1/2% 5/1/2012 104,875 106
Frederick, Maryland:
100M 6 1/8% 12/1/2008 106,125 107
200M 6 1/8% 10/1/2014 205,000 207
60M Frederick County, Maryland 6 5/8% 8/1/2003* 66,975 68
35M Howard County, Maryland 6 5/8% 2/15/2001* 37,975 38
35M Montgomery County, Maryland 6 3/4% 4/1/2001* 38,500 39
400M Prince Georges County, Maryland 5 1/2% 1/1/2013 395,500 399
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 116,156 117
650M 6 1/4% 7/1/2012 705,250 711
250M 5.65% 7/1/2015 251,563 254
325M Washington County, Maryland 5.8% 1/1/2013 327,438 330
- --------------------------------------------------------------------------------------------------------------------------------
3,257,345 3,285
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--20.0%
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9% 7/1/2001* 38,850 39
90M Francis Scott Key Medical Center 6 3/4% 7/1/2000* 98,325 99
500M Maryland General Hospital 6 1/8% 7/1/2014 511,250 516
20M Memorial Hospital 7% 7/1/2007 21,550 22
140M Sinai Hospital of Baltimore 7% 7/1/2000* 154,175 155
110M Suburban Hospital 6% 7/1/2002* 116,463 117
65M University of Maryland Medical System 7% 7/1/2001* 72,475 73
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross Health System)
5.7% 12/10/2010 250,313 253
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 338,406 341
350M Takoma Park, Maryland Hosp. Facs. (Adventist Hosp.) 6 1/2% 9/1/2012 380,625 384
- --------------------------------------------------------------------------------------------------------------------------------
1,982,432 1,999
- --------------------------------------------------------------------------------------------------------------------------------
Housing--8.6%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.) 7% 7/1/2016 262,187 265
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 47,081 47
345M 7% 4/1/2014 360,956 364
180M Montgomery County, Maryland Single Family Mtge. Rev. 6 1/2% 7/1/2011 186,525 188
- --------------------------------------------------------------------------------------------------------------------------------
856,749 864
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--7.0%
Maryland State Department of Transportation:
60M 6 3/8% 9/1/2006 63,375 64
500M Zero Cpn. 7/1/2012 200,000 202
400M Puerto Rico Highway & Transportation Authority 6 1/4% 7/1/2014 430,500 434
- --------------------------------------------------------------------------------------------------------------------------------
693,875 700
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--6.2%
Baltimore, Maryland Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 175,931 177
215M 6 1/4% 7/1/2002* 233,813 236
200M 6% 7/1/2015 208,000 210
- --------------------------------------------------------------------------------------------------------------------------------
617,744 623
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--12.0%
250M Baltimore, Maryland (Convention Center) 6.1% 9/1/2013 256,562 258
35M Maryland Industrial Financing Authority 7% 7/1/2010 38,281 39
400M Maryland State Stadium Authority 5.65% 3/1/2015 392,000 395
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot)
6 1/4% 6/1/2009 105,750 107
375M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 401,719 405
- --------------------------------------------------------------------------------------------------------------------------------
1,194,312 1,204
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $9,140,623) 96.0% 9,523,694 9,604
Other Assets, Less Liabilities 4.0 392,875 396
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,916,569 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.6%
Certificates of Participation--3.4%
$ 690M Massachusetts Bay Transportation Authority Series "A"
7.65% 8/1/2000* $ 778,837 $ 338
- --------------------------------------------------------------------------------------------------------------------------------
Education--3.0%
425M Massachusetts Health & Educ. Facs. Auth. (Northeastern Univ.)
7 1/8% 10/1/2000* 465,375 202
215M Massachusetts State Indl. Fin. (Babson College-Series "A")
5 3/4% 10/1/2015 213,388 92
- --------------------------------------------------------------------------------------------------------------------------------
678,763 294
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--25.4%
Boston, Massachusetts:
250M 7 3/8% 2/1/2000* 275,938 120
750M 5 7/8% 8/1/2012 760,313 330
500M Holyoke, Massachusetts 5 1/2% 6/15/2016 481,250 209
Massachusetts General Obligations:
300M 7% 7/1/2009 341,250 148
1,000M 6% 8/1/2010 1,052,500 457
500M 5 1/8% 11/1/2014 461,875 201
150M North Borough, Massachusetts 7.2% 11/1/2003 159,188 69
1,000M Northampton, Massachusetts 5 1/4% 12/1/2015 926,250 402
150M Rochester, Massachusetts 7 1/4% 3/1/2007 161,625 70
400M Rockport, Massachusetts Unlimited Tax Sch. Proj. Loan
6.9% 12/15/2007 436,000 189
Wareham, Massachusetts:
225M 7.05% 1/15/2007 247,500 107
500M 7.1% 1/15/2008 550,625 239
- --------------------------------------------------------------------------------------------------------------------------------
5,854,314 2,541
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--25.8%
Massachusetts Health & Educational Facilities Authority:
295M Berkshire Hospital 7.6% 10/1/1998* 321,919 140
Capital Asset Program:
225M 7.35% 8/1/2008 245,812 107
400M 7.2% 7/1/2009 434,000 189
500M Carney Hospital 7 3/4% 7/1/2000* 564,375 245
750M Massachusetts General Hospital 6 1/4% 7/1/2012 797,812 346
570M Milton Hospital 7% 7/1/2016 609,188 264
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,543,125 670
410M Newton-Wellesley Hospital 8% 7/1/1998* 447,925 194
400M South Shore Hospital 7 1/2% 7/1/2000* 448,000 194
490M University Hospital 7 1/4% 7/1/2019 530,425 230
- --------------------------------------------------------------------------------------------------------------------------------
5,942,581 2,579
- --------------------------------------------------------------------------------------------------------------------------------
Housing--5.0%
Massachusetts Housing Finance Agency:
1,000M 6% 12/1/2012 1,001,250 435
145M 7.7% 12/1/2017 151,525 66
- --------------------------------------------------------------------------------------------------------------------------------
1,152,775 501
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--11.7%
Massachusetts Bay Transportation Authority:
1,250M Series "B" 5 1/4% 3/1/2013 1,182,812 513
1,500M Series "A" 5.8% 3/1/2013 1,518,750 659
- --------------------------------------------------------------------------------------------------------------------------------
2,701,562 1,172
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--24.3%
Boston, Massachusetts Water & Sewer Commission:
850M 7% 11/1/2001* 952,000 413
100M 7 1/4% 11/1/2006 107,250 47
1,035M 5 3/4% 11/1/2013 1,049,231 455
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4% 12/1/2000* 531,406 231
750M Massachusetts State Water Pollution Abatement Treatment 5.7% 2/1/2015 737,813 320
1,250M Massachusetts State Water Resource Authority 5% 3/1/2022 1,101,562 478
1,000M South Essex, Massachusetts Sewer District 6 3/4% 6/1/2004* 1,130,000 490
- --------------------------------------------------------------------------------------------------------------------------------
5,609,262 2,434
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,333,752 ) 22,718,094 9,859
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.6%
600M Massachusetts State Updates Series "B" Adjustable Rate Note 3.60%**
(cost $600,000) 600,000 260
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $21,933,752 ) 101.2% 23,318,094 10,119
Excess of Liabilities Over Other Assets (1.2) (274,725) (119)
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,043,369 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. Interest rate shown is the rate in
effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 1996
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.9%
Certificates of Participation--4.0%
$1,000M Hudson County, N.J. Correctional Facility 7 1/4% 12/1/2000* $ 1,118,750 $ 190
500M Mantua Township, N.J. School District 7 1/4% 6/30/2000* 556,250 95
600M Piscataway Township, N.J. School District 7% 12/15/2000* 667,500 113
- --------------------------------------------------------------------------------------------------------------------------------
2,342,500 398
- --------------------------------------------------------------------------------------------------------------------------------
Education--2.3%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.) 6 1/4% 7/1/2010 1,371,500 233
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--14.5%
Essex County, N.J. Improvement Authority:
955M County College Project 6.9% 12/1/2004* 1,094,669 186
545M Jail & Youth House Project 6.9% 12/1/2004* 624,706 106
Orange School District:
1,025M Series "A" 6.95% 7/1/2014 1,139,031 194
1,220M Series "B" 6.95% 7/1/2014 1,355,725 230
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,057,950 180
1,050M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,132,687 192
Union City, N.J.:
1,000M 6.7% 9/1/2012 1,087,500 185
995M 6.4% 11/1/2013 1,077,087 183
- --------------------------------------------------------------------------------------------------------------------------------
8,569,355 1,456
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--24.3%
New Jersey Health Care Facilities Financing Authority:
1,250M Bayonne Hospital 6 1/4% 7/1/2012 1,301,563 221
400M Community Medical Center 7% 7/1/2009 429,000 73
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,766,813 300
750M Holy Name Hospital 7% 7/1/2008 812,813 138
1,100M Hunterdon Hospital 7% 7/1/2020 1,181,125 201
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,804,688 307
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,646,250 280
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,346,200 569
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 891,000 151
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,108,750 188
- --------------------------------------------------------------------------------------------------------------------------------
14,288,202 2,428
- --------------------------------------------------------------------------------------------------------------------------------
Housing--4.7%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 392,825 67
420M Series "E" 7.65% 10/1/2016 441,525 75
1,385M Series "C" 7 3/8% 10/1/2017 1,435,206 244
450M Series "B" 8.1% 10/1/2017 472,500 80
- --------------------------------------------------------------------------------------------------------------------------------
2,742,056 466
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--10.8%
900M Delaware River Port Authority 7 3/8% 1/1/2007 966,375 164
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2% 1/1/2010 1,070,000 182
4,750M New Jersey State Transportation Fund Transit System Series "A"
5% 6/15/2015 4,316,563 734
- --------------------------------------------------------------------------------------------------------------------------------
6,352,938 1,080
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--16.7%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2% 12/15/2012 1,058,750 180
Camden County, N.J. Municipal Utilities Sewer Revenue:
250M 8 1/4% 12/1/1997* 269,375 46
3,000M 5 1/8% 7/15/2017 2,718,750 462
30M 8 1/4% 12/1/2017 32,100 6
1,000M Evesham, N.J. Municipal Utilities Authority 7% 7/1/2000* 1,085,000 184
500M Long Branch, N.J. Sewer Authority 7 1/4% 6/1/2000* 554,375 94
500M Lower Township, N.J. Municipal Utilities Authority 7% 12/1/2000* 554,375 94
250M Montville Township, N.J. Municipal Utilities Authority 7% 12/1/2001* 280,937 48
500M Musconetcong, N.J. Sewer Authority 7.15% 1/1/2000* 548,125 93
1,435M New Jersey Wastewater Treatment Trust 6 1/4% 4/1/2010 1,506,750 256
1,140M Passaic Valley, N.J. Water Commn. 6.4% 12/15/2002* 1,254,000 213
- --------------------------------------------------------------------------------------------------------------------------------
9,862,537 1,676
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--20.6%
1,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Convention Center)
7.4% 7/1/2016 2,232,500 380
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth.
6.8% 3/1/2021 398,125 68
1,000M New Brunswick, N.J. Parking Authority 7.2% 9/1/1999* 1,095,000 186
New Jersey Economic Development Authority:
Educational Testing Service:
1,000M 5.9% 5/15/2015 1,002,500 170
2,000M 6 1/8% 5/15/2015 2,042,500 347
1,500M Market Transition Facility 5 7/8% 7/1/2011 1,501,875 255
Puerto Rico Public Buildings Authority:
1,350M Series "A" 6 1/4% 7/1/2013 1,456,312 247
1,195M Series "A" 6 1/4% 7/1/2014 1,284,625 218
1,000M Salem County, N.J. Impt. Auth. Rev. County Corr. Facs.
7 1/8% 5/1/1999* 1,088,750 185
- --------------------------------------------------------------------------------------------------------------------------------
12,102,187 2,056
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $54,037,419) 97.9% 57,631,275 9,793
Other Assets, Less Liabilities 2.1 1,218,181 207
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $58,849,456 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--93.4%
Certificates of Participation--4.0%
$100M Charlotte, N.C. Convention Facilities Project 6 3/4% 12/1/2001* $ 111,000 $ 203
100M Cumberland County, N.C. Civic Center Project 6.3% 12/1/2008 105,750 193
- --------------------------------------------------------------------------------------------------------------------------------
216,750 396
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--46.9%
250M Cleveland County, N.C. 5 1/2% 3/1/2012 246,875 451
200M Cumberland County, N.C. 5 1/2% 4/1/2012 195,750 358
200M Currituck County, N.C. 5.4% 4/1/2013 192,500 352
200M Gaston County, N.C. 5.7% 3/1/2013 201,750 368
220M Laurinburg, N.C. 5.3% 6/1/2012 212,025 387
200M Mecklenburg County, N.C. 6.2% 1/1/2002* 214,500 392
200M Morganton, N.C. 5.7% 6/1/2014 199,000 363
400M Onslow County, N.C. 5.7% 3/1/2011 409,000 747
200M Puerto Rico Commonwealth 6 1/4% 7/1/2012 217,000 396
280M Rowan County, N.C. 5.6% 4/1/2014 276,850 506
200M Watauga County, N.C. 5.9% 6/1/2014 205,000 374
- --------------------------------------------------------------------------------------------------------------------------------
2,570,250 4,694
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--10.6%
100M New Hanover County, N.C. (New Hanover Regl. Med. Ctr.)
5 3/4% 10/1/2016 98,625 180
140M North Carolina Med. Care Commn. (Presbyterian Hosp.)
7 3/8% 10/1/2000* 156,800 286
150M North Carolina Med. Care Commn. (Stanley Mem. Hosp.)
5 3/8% 10/1/2014 143,438 262
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 182,219 333
- --------------------------------------------------------------------------------------------------------------------------------
581,082 1,061
- --------------------------------------------------------------------------------------------------------------------------------
Housing--4.2%
125M North Carolina Housing Finance Agency Multi-Family 6.6% 7/1/2017 130,156 238
100M North Carolina Housing Finance Agency Single Family 5.9% 3/1/2013 98,875 181
- --------------------------------------------------------------------------------------------------------------------------------
229,031 419
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--9.7%
Puerto Rico Commonwealth Highway & Transportation Authority:
100M 5 1/2% 7/1/2013 99,625 182
400M 6 1/4% 7/1/2014 430,500 786
- --------------------------------------------------------------------------------------------------------------------------------
530,125 968
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--13.6%
250M Buncombe County, N.C. Solid Waste System 5.6% 3/1/2011 247,500 452
300M Fayetteville, N.C. Public Works Commission Revenue 5 1/4% 3/1/2013 285,750 522
200M North Carolina Municipal Power Agency 6% 1/1/2010 209,750 383
- --------------------------------------------------------------------------------------------------------------------------------
743,000 1,357
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--4.4%
225M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 243,281 444
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,030,442 ) 5,113,519 9,339
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.8%
100M University of North Carolina (Kenan Memorial Stadium) Adjustable Rate
Note 3.20%** (cost $100,000) 100,000 182
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $5,130,442) 95.2% 5,213,519 9,521
Other Assets, Less Liabilities 4.8 262,188 479
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,475,707 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer. Interest rate shown is the rate in
effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.7%
Education--12.4%
$1,000M Allegheny County, Pa. Higher Educ. Bldg. Auth. (Duquesne Univ.)
5% 3/1/2016 $ 903,750 $ 221
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 8/15/2009 710,438 173
Pennsylvania State Higher Education Facilities Authority:
455M Hahnemann University 7.2% 7/1/2019 498,225 122
1,000M La Salle University 5 5/8% 5/1/2017 976,250 238
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,025,000 250
1,000M Union County, Pa. Higher Edl. Facs. Auth. (Bucknell Univ.)
5 1/2% 4/1/2016 962,500 235
- --------------------------------------------------------------------------------------------------------------------------------
5,076,163 1,239
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--18.2%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3% 4/1/2009 162,188 39
1,250M Bensalem Township, Pa. 5 3/4% 12/1/2016 1,248,438 304
265M Falls Township, Pa. 7% 12/15/2000* 287,525 70
700M Jeannette, Pa. School District 6.65% 6/15/2001* 756,000 185
1,000M Philadelphia, Pa. 6% 11/15/2014 1,020,000 249
1,500M Pittsburgh, Pa. 5 1/2% 9/1/2014 1,473,750 360
1,000M Stroudsburg, Pa. Area School District 5.8% 10/1/2010 1,015,000 248
800M Trinity Area School District, Pa. 6 5/8% 11/1/2001* 868,000 212
565M Venango County, Pa. 7% 7/15/2000* 613,025 150
- --------------------------------------------------------------------------------------------------------------------------------
7,443,926 1,817
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--13.5%
Allegheny County, Pa. Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,026,250 251
1,250M South Hills Health System 5.8% 5/1/2016 1,229,688 300
1,500M Berks County, Pa. Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.)
5.7% 10/1/2014 1,492,500 364
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8% 7/1/2014 1,134,375 277
135M Delaware County, Pa. Auth. Hosp. Rev. (Memorial Hosp.)
7 1/8% 8/15/1999* 147,994 36
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7% 7/1/2014 525,625 128
- --------------------------------------------------------------------------------------------------------------------------------
5,556,432 1,356
- --------------------------------------------------------------------------------------------------------------------------------
Housing--3.9%
Pennsylvania Housing Finance Agency Single-Family Mtge.:
500M 7.15% 4/1/2015 523,125 128
1,000M 7.3% 10/1/2017 1,065,000 260
- --------------------------------------------------------------------------------------------------------------------------------
1,588,125 388
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--4.5%
1,600M Pennsylvania State Turnpike Commission Oil Franchise Rev.
5 1/2% 12/1/2012 1,576,000 385
260M Pennsylvania State Turnpike Commission Turnpike Revenue
7.4% 12/1/2000* 291,850 71
- --------------------------------------------------------------------------------------------------------------------------------
1,867,850 456
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--31.7%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,188,000 290
1,000M 6 1/4% 12/1/2014 1,028,750 251
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison)
7 3/4% 9/1/2024 188,781 46
230M Fairview Township, Pa. Authority Sewer Revenue 7% 11/1/2000* 250,412 61
Harrisburg, Pa. Authority Water Revenue:
250M 7% 7/15/2001* 274,375 67
350M 6 1/2% 8/15/2002* 379,312 93
1,000M North Pennsylvania, Pa. Water Authority 6 7/8% 11/1/2004* 1,132,500 277
1,000M North Wales, Pa. Water Authority 6 3/4% 11/1/2004* 1,117,500 273
Philadelphia, Pa. Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,308,412 319
2,000M 6 1/4% 8/1/2012 2,130,000 520
Pittsburgh, Pa. Water & Sewer Auth. Water & Sewer System:
275M 6 3/4% 9/1/2001* 303,531 74
2,450M 6 1/2% 9/1/2013 2,664,375 650
1,000M Washington County, Pa. Indl. Dev. Auth. (West Penn. Power)
6.05% 4/1/2014 1,013,750 247
- --------------------------------------------------------------------------------------------------------------------------------
12,979,698 3,168
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--14.5%
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev.
7% 6/15/2005* 1,135,000 277
Pennsylvania State Industrial Development Authority:
1,000M 6% 1/1/2012 1,021,250 249
2,750M 5 1/2% 1/1/2014 2,657,187 649
500M Somerset County, Pa. Gen. Auth. Commonwealth Lease Rev.
7% 10/15/2001* 550,625 134
500M Washington County, Pa. Auth. Lease Rev. 7.45% 6/15/2000* 561,250 137
- --------------------------------------------------------------------------------------------------------------------------------
5,925,312 1,446
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $38,365,219) 40,437,506 9,870
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.0%
400M Schuylkill County, Pa. Indl. Dev. Auth. (Northeastern Power Co.)
Adjustable Rate Note 3.60%** (cost $400,000) 400,000 97
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $38,765,219) 99.7% 40,837,506 9,967
Other Assets, Less Liabilities .3 133,588 33
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $40,971,094 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. Interest rate shown is the rate in
effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Education--8.4%
$ 575M George Mason University, Va. 6 3/8% 2/1/2016 $ 602,313 $ 262
1,100M Norfolk, Va. Redev. & Hsg. Auth. (Tidewater Cmnty. College)
5 7/8% 11/1/2015 1,115,125 485
200M Virginia College Bldg. Auth. (Washington & Lee Univ.) 7% 1/1/2000* 218,500 95
- --------------------------------------------------------------------------------------------------------------------------------
1,935,938 842
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--16.6%
1,250M Chesapeake, Va. Public Improvement 5% 5/1/2013 1,151,562 500
Danville, Virginia:
500M 5.8% 4/1/2014 498,125 217
500M 5.8% 4/1/2015 495,625 216
1,000M Norfolk, Va. 5 1/4% 6/1/2014 952,500 414
170M Portsmouth, Va. Utility 6.8% 8/1/2000* 185,938 81
500M Virginia State Public School Authority 6 1/2% 8/1/2013 534,375 232
- --------------------------------------------------------------------------------------------------------------------------------
3,818,125 1,660
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--19.5%
125M Charlottesville, Va. Indl. Dev. Auth. (Martha Jefferson Hosp.)
7 3/8% 10/1/2000* 140,000 61
1,150M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.) 6 3/8% 10/1/2014 1,203,188 523
500M Hanover County, Va. Indl. Dev. Auth. (Bon Secours Health Sys. Projs.)
6% 8/15/2010 521,875 227
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 314,544 137
255M 7 1/4% 7/1/2000* 283,050 123
1,675M 6 1/8% 7/1/2017 1,750,375 761
250M Winchester, Va. Indl. Dev. Auth. (Winchester Med. Ctr.) 7 1/4% 1/1/2000* 275,000 120
- --------------------------------------------------------------------------------------------------------------------------------
4,488,032 1,952
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--15.1%
1,000M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2014 1,076,250 468
280M Richmond, Va. Metro. Auth. Expressway Rev. 7% 10/15/2000* 299,250 130
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,052,500 458
1,000M 6% 7/1/2010 1,043,750 454
- --------------------------------------------------------------------------------------------------------------------------------
3,471,750 1,510
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--21.7%
275M Henry County, Va. Public Service Auth. Water & Sewer Rev.
7.2% 11/15/2000* 304,562 133
750M Leesburg, Va. Utility System Revenue 6.3% 7/1/2012 781,875 340
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4% 1/1/2010 522,500 227
1,000M 5 7/8% 11/1/2015 1,003,750 436
1,000M Prince William County, Va. Svce. Auth. Water & Sewer Sys. Rev.
6 1/2% 7/1/2001* 1,088,750 473
560M Roanoke County, Va. Water System Revenue 6 1/2% 7/1/2001* 611,800 266
625M Upper Occoquan Sewer Authority, Va. Regional Sewer Revenue
6 1/2% 7/1/2001* 682,812 297
- --------------------------------------------------------------------------------------------------------------------------------
4,996,049 2,172
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--17.0%
1000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,075,000 468
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex Proj.)
6 1/2% 12/1/2014 741,125 322
1,000M Richmond, Va. Redev. & Hsg. Auth. (Old Manchester Proj.)
6.8% 3/1/2015 1,081,250 470
1,000M Riverside, Va. Regl. Jail Authority 5 7/8% 7/1/2014 1,007,500 438
- --------------------------------------------------------------------------------------------------------------------------------
3,904,875 1,698
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,532,515) 98.3% 22,614,769 9,834
Other Assets, Less Liabilities 1.7 380,938 166
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,995,707 $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
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED --------------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $190,682,230 $15,127,052 $22,879,620 $3,264,459 $9,140,623
============ ============ ============ ============ ============
At value (Note 1A) $201,933,267 $15,985,791 $24,097,072 $3,406,926 $9,523,694
Cash (overdraft) 157,409 47,833 70,997 60,558 208,362
Receivables:
Interest 4,727,029 337,354 312,134 68,208 222,937
Investment securities sold -- -- 912,985 -- --
Shares sold 176,671 7,809 38,468 22,469 15,519
Other assets 10,408 16 31 -- 7
------------ ------------ ------------ ------------ ------------
Total Assets 207,004,784 16,378,803 25,431,687 3,558,161 9,970,519
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- 2,366,465 97,927 --
Dividends payable July 20, 1996 862,215 67,463 89,610 14,515 41,075
Shares redeemed 168,897 -- 28,373 -- 5,565
Accrued advisory fees 127,821 6,814 9,472 558 2,435
Accrued expenses 64,402 5,870 6,971 639 4,875
------------ ------------ ------------ ------------ ------------
Total Liabilities 1,223,335 80,147 2,500,891 113,639 53,950
------------ ------------ ------------ ------------ ------------
Net Assets $205,781,449 $16,298,656 $22,930,796 $3,444,522 $9,916,569
============ ============ ============ ============ ============
Net Assets Consist of:
Capital paid in $194,615,909 $15,644,567 $21,792,316 $3,354,639 $9,656,269
Undistributed net investment income
(deficit) 20,585 5,130 1,528 197 (854)
Accumulated net realized gain (loss)
on investments (106,082) (209,780) (80,500) (52,781) (121,917)
Net unrealized appreciation in value
of investments 11,251,037 858,739 1,217,452 142,467 383,071
------------ ------------ ------------ ------------ ------------
Total $205,781,449 $16,298,656 $22,930,796 $3,444,522 $9,916,569
============ ============ ============ ============ ============
Shares outstanding (Note 2):
Class A 14,132,361 1,217,903 1,754,000 271,616 718,657
Class B 141,287 89,743 35,969 10,100 67,911
Net asset value and redemption price
per share--Class A $14.42 $12.46 $12.81 $12.23 $12.61
======= ======= ======= ======= =======
Maximum offering price per share--Class A* $15.38 $13.29 $13.66 $13.05 $13.45
======= ======= ======= ======= =======
Net asset value and offering price per
share--Class B $14.42 $12.46 $12.81 $12.22 $12.61
======= ======= ======= ======= =======
<CAPTION>
Statement of Assets and Liabilities (Continued)
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $21,933,752 $54,037,419 $5,130,442 $38,765,219 $21,532,515
============ ============ ============ ============ ============
At value (Note 1A) $23,318,094 $57,631,275 $5,213,519 $40,837,506 $22,614,769
Cash (overdraft) 123,638 (24,042) 216,748 1,103,312 42,929
Receivables:
Interest 450,643 1,396,051 87,130 646,111 499,627
Investment securities sold -- 100,000 -- -- 27,890
Shares sold 14,570 70,517 79,085 160,842 --
Other assets 644 277 -- 81 47
------------ ------------ ------------ ------------ ------------
Total Assets 23,907,589 59,174,078 5,596,482 42,747,852 23,185,262
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 737,816 -- 97,499 1,221,012 --
Dividends payable July 20, 1996 98,758 244,118 21,417 165,789 101,382
Shares redeemed 11,242 22,420 -- 360,134 77,110
Accrued advisory fees 9,507 29,051 885 16,904 9,547
Accrued expenses 6,897 29,033 974 12,919 1,516
------------ ------------ ------------ ------------ ------------
Total Liabilities 864,220 324,622 120,775 1,776,758 189,555
------------ ------------ ------------ ------------ ------------
Net Assets $23,043,369 $58,849,456 $5,475,707 $40,971,094 $22,995,707
============ ============ ============ ============ ============
Net Assets Consist of:
Capital paid in $21,674,006 $55,331,235 $5,507,445 $39,014,114 $21,900,023
Undistributed net investment income
(deficit) 3,060 (115) 309 213 2,448
Accumulated net realized gain (loss)
on investments (18,039) (75,520) (115,124) (115,520) 10,982
Net unrealized appreciation in value
of investments 1,384,342 3,593,856 83,077 2,072,287 1,082,254
------------ ------------ ------------ ------------ ------------
Total $23,043,369 $58,849,456 $5,475,707 $40,971,094 $22,995,707
============ ============ ============ ============ ============
Shares outstanding (Note 2):
Class A 1,934,721 4,513,905 452,285 3,193,285 1,751,753
Class B 31,140 97,705 11,358 39,466 82,023
Net asset value and redemption price
per share--Class A $11.72 $12.76 $11.81 $12.67 $12.54
======= ======= ======= ======= =======
Maximum offering price per share--Class A* $12.50 $13.61 $12.60 $13.51 $13.38
======= ======= ======= ======= =======
Net asset value and offering price
per share--Class B $11.72 $12.75 $11.81 $12.68 $12.53
======= ======= ======= ======= =======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1996
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS
NEW YORK INSURED
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Investment Income
Interest income 6,475,670 485,400 625,133 90,408
---------------- ---------------- ---------------- ----------------
Expenses (Notes 1D and 5):
Advisory fees 789,950 63,741 83,662 12,341
Distribution plan expenses-Class A 313,393 15,988 21,926 3,184
Distribution plan expenses-Class B 8,620 5,052 1,921 540
Shareholder servicing costs 75,223 7,887 7,800 1,790
Professional fees 16,228 8,857 6,596 2,674
Reports to shareholders 23,977 1,338 1,429 351
Bond insurance premiums 24,921 1,559 -- --
Custodian fees 10,901 1,677 2,126 569
Other expenses 26,748 3,950 3,916 1,588
---------------- ---------------- ---------------- ----------------
Total expenses 1,289,961 110,049 129,376 23,037
Less: Expenses waived or assumed -- (35,882) (38,715) (17,095)
Custodian fees paid indirectly (10,901) (1,677) (1,904) (563)
---------------- ---------------- ---------------- ----------------
Expenses-net 1,279,060 72,490 88,757 5,379
---------------- ---------------- ---------------- ----------------
Net investment income 5,196,610 412,910 536,376 85,029
---------------- ---------------- ---------------- ----------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain (loss) on investments (99,242) 30,984 (4,035) (14,952)
Net unrealized depreciation of investments (7,403,267) (633,821) (839,388) (113,473)
---------------- ---------------- ---------------- ----------------
Net loss on investments (7,502,509) (602,837) (843,423) (128,425)
---------------- ---------------- ---------------- ----------------
Net Decrease in Net Assets Resulting from Operations (2,305,899) (189,927) (307,047) (43,396)
================ ================ ================ ================
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------
NORTH
MARYLAND MASSACHUSETTS NEW JERSEY CAROLINA
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Investment Income
Interest income 266,475 681,836 1,738,976 137,343
---------------- ---------------- ---------------- ----------------
Expenses (Notes 1D and 5):
Advisory fees 35,823 86,555 221,625 19,774
Distribution plan expenses-Class A 8,835 22,748 58,055 5,178
Distribution plan expenses-Class B 3,584 1,668 5,232 479
Shareholder servicing costs 4,929 9,641 17,687 2,643
Professional fees 3,474 5,177 17,919 2,619
Reports to shareholders 743 2,826 6,000 495
Bond insurance premiums 764 400 1,040 203
Custodian fees 1,040 2,378 4,275 686
Other expenses 2,503 3,589 10,167 1,840
---------------- ---------------- ---------------- ----------------
Total expenses 61,695 134,982 342,000 33,917
Less: Expenses waived or assumed (35,077) (33,264) (44,325) (24,920)
Custodian fees paid indirectly (1,040) (2,378) (3,111) (686)
---------------- ---------------- ---------------- ----------------
Expenses-net 25,578 99,340 294,564 8,311
---------------- ---------------- ---------------- ----------------
Net investment income 240,897 582,496 1,444,412 129,032
---------------- ---------------- ---------------- ----------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain (loss) on investments (12,765) (18,039) (75,520) (26,827)
Net unrealized depreciation of investments (362,543) (939,763) (2,159,733) (185,599)
---------------- ---------------- ---------------- ----------------
Net loss on investments (375,308) (957,802) (2,235,253) (212,426)
---------------- ---------------- ---------------- ----------------
Net Decrease in Net Assets Resulting from Operations (134,411) (375,306) (790,841) (83,394)
================ ================ ================ ================
<CAPTION>
- ------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------
PENNSYLVANIA VIRGINIA
---------------- ----------------
<S> <C> <C>
Investment Income
Interest income 1,153,570 722,046
---------------- ----------------
Expenses (Notes 1D and 5):
Advisory fees 151,603 94,784
Distribution plan expenses-Class A 40,006 24,122
Distribution plan expenses-Class B 2,105 5,773
Shareholder servicing costs 12,674 11,065
Professional fees 5,464 5,086
Reports to shareholders 3,665 3,246
Bond insurance premiums 1,068 2,904
Custodian fees 3,085 2,291
Other expenses 7,357 4,121
---------------- ----------------
Total expenses 227,027 153,392
Less: Expenses waived or assumed (50,535) (47,257)
Custodian fees paid indirectly (3,085) (1,033)
---------------- ----------------
Expenses-net 173,407 105,102
---------------- ----------------
Net investment income 980,163 616,944
---------------- ----------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain (loss) on investments (115,520) 10,982
Net unrealized depreciation of investments (1,310,286) (989,349)
---------------- ----------------
Net loss on investments (1,425,806) (978,367)
---------------- ----------------
Net Decrease in Net Assets Resulting from Operations (445,643) (361,423)
================ ================
See notes to financial statements
</TABLE>
<TABLE>
<CAPITON>
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS
NEW YORK INSURED ----------------------------------
TAX FREE FUND, INC. CONNECTICUT
- --------------------------------------------------------------------------------------------------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 5,196,610 $ 10,640,790 $ 412,910 $ 817,186
Net realized gain (loss) on investments (99,242) 3,236,161 30,984 114,073
Net unrealized appreciation (depreciation)
of investments (7,403,267) 15,830,893 (633,821) 1,646,045
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations. (2,305,899) 29,707,844 (189,927) 2,577,304
------------ ------------ ------------ ------------
Distributions to Shareholders from:
Net investment income-Class A (5,160,269) (10,644,109) (388,167) (802,390)
Net investment income-Class B (36,701) (19,054) (20,516) (19,148)
Net realized gains-Class A -- (840,260) -- --
Net realized gains-Class B -- (4,480) -- --
------------ ------------ ------------ ------------
Total distributions (5,196,970) (11,507,903) (408,683) (821,538)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 8,480,675 20,127,144 953,317 2,072,940
Value of distributions reinvested 3,146,038 8,499,603 253,178 634,983
Cost of shares redeemed (15,692,643) (25,461,327) (2,184,931) (2,553,706)
------------ ------------ ------------ ------------
(4,065,930) 3,165,420 (978,436) 154,217
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 1,019,158 1,324,490 372,220 805,158
Value of distributions reinvested 11,069 16,591 16,585 19,148
Cost of shares redeemed (95,032) (207,131) (95,378) --
------------ ------------ ------------ ------------
935,195 1,133,950 293,427 824,306
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (3,130,735) 4,299,370 (685,009) 978,523
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (10,633,604) 22,499,311 (1,283,619) 2,734,289
Net Assets
Beginning of period 216,415,053 193,915,742 17,582,275 14,847,986
------------ ------------ ------------ ------------
End of period+ 205,781,449 216,415,053 16,298,656 17,582,275
============ =========== ============ ============
+ Includes undistributed net investment
income (deficit) of $ 20,585 $ 20,945 $ 5,130 $ 903
============ =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 581,591 1,396,279 75,825 167,960
Issued for distributions reinvested 215,466 584,026 20,070 51,005
Redeemed (1,079,792) (1,762,820) (174,168) (206,220)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding (282,735) 217,485 (78,273) 12,745
------------ ------------ ------------ ------------
Class B:
Sold 69,734 90,459 29,584 64,921
Issued for distributions reinvested 760 1,128 1,316 1,522
Redeemed (6,612) (14,182) (7,600) --
------------ ------------ ------------ ------------
Net increase in Class B shares
outstanding 63,882 77,405 23,300 66,443
============ =========== ============ ============
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------------------
FLORIDA GEORGIA
- ---------------------------------------------------------------------------------------------------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 536,376 $ 1,070,108 $ 85,029 $ 146,430
Net realized gain (loss) on investments (4,035) 188,468 (14,952) 2,973
Net unrealized appreciation (depreciation)
of investments (839,388) 2,343,973 (113,473) 290,945
------------ ---------- ---------- ----------
Net increase (decrease) in net assets resulting
from operations. (307,047) 3,602,549 (43,396) 440,348
------------ ---------- ---------- ----------
Distributions to Shareholders from:
Net investment income-Class A (531,904) (1,074,302) (84,419) (143,122)
Net investment income-Class B (7,815) (7,399) (2,427) (2,344)
Net realized gains-Class A -- -- -- --
Net realized gains-Class B -- -- -- --
------------ ---------- ---------- ----------
Total distributions (539,719) (1,081,701) (86,846) (145,466)
------------ ---------- ---------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,714,088 3,558,826 552,561 1,042,204
Value of distributions reinvested 212,876 502,849 55,047 116,431
Cost of shares redeemed (1,852,661) (4,103,965) (207,460) (466,779)
------------ ---------- ---------- ----------
1,074,303 (42,290) 400,148 691,856
------------ ---------- ---------- ----------
Class B:
Proceeds from shares sold 186,487 327,260 33,002 96,664
Value of distributions reinvested 4,360 5,044 1,985 2,348
Cost of shares redeemed (15,435) (48,025) (5,100) (6,238)
------------ ---------- ---------- ----------
175,412 284,279 29,887 92,774
------------ ---------- ---------- ----------
Net increase (decrease) from share transactions 1,249,715 241,989 430,035 784,630
------------ ---------- ---------- ----------
Net increase (decrease) in net assets 402,949 2,762,837 299,793 1,079,512
Net Assets
Beginning of period 22,527,847 19,765,010 3,144,729 2,065,217
------------ ---------- ---------- ----------
End of period+ 22,930,796 22,527,847 3,444,522 3,144,729
============ ========== ========== ==========
+ Includes undistributed net investment
income (deficit) of $ 1,528 $ 4,871 $ 197 $ 2,014
============ ========== ========== ==========
(a) Shares Issued and Redeemed
Class A:
Sold 209,336 279,362 44,582 86,530
Issued for distributions reinvested 16,412 39,482 4,438 9,542
Redeemed (141,809) (324,510) (16,963) (38,851)
------------ ---------- ---------- ----------
Net increase (decrease) in Class A shares
outstanding 83,939 (5,666) 32,057 57,221
============ ========== ========== ==========
Class B:
Sold 14,399 25,731 2,685 7,980
Issued for distributions reinvested 337 392 160 190
Redeemed (1,205) (3,685) (416) (499)
------------ ---------- ---------- ----------
Net increase in Class B shares
outstanding 13,531 22,438 2,429 7,671
============ ========== ========== ==========
<CAPTION>
- --------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------
MARYLAND
- --------------------------------------------------------------------------------------------
1/1/96 to
6/30/96 1995
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 240,897 $ 437,765
Net realized gain (loss) on investments (12,765) 22,502
Net unrealized appreciation (depreciation)
of investments (362,543) 845,062
----------- ---------
Net increase (decrease) in net assets resulting
from operations. (134,411) 1,305,329
----------- ---------
Distributions to Shareholders from:
Net investment income-Class A (229,353) (426,969)
Net investment income-Class B (15,801) (9,709)
Net realized gains-Class A -- --
Net realized gains-Class B -- --
----------- ---------
Total distributions (245,154) (436,678)
----------- ---------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,262,633 1,624,609
Value of distributions reinvested 126,445 275,270
Cost of shares redeemed (640,330) (989,316)
----------- ---------
748,748 910,563
----------- ---------
Class B:
Proceeds from shares sold 449,903 524,692
Value of distributions reinvested 9,204 9,187
Cost of shares redeemed -- (128,337)
----------- ---------
459,107 405,542
----------- ---------
Net increase (decrease) from share transactions 1,207,855 1,316,105
----------- ---------
Net increase (decrease) in net assets 828,290 2,184,756
Net Assets
Beginning of period 9,088,279 6,903,523
----------- ---------
End of period+ 9,916,569 9,088,279
=========== =========
+ Includes undistributed net investment
income (deficit) of $ (854) $ 3,403
========== =========
(a) Shares Issued and Redeemed
Class A:
Sold 98,674 130,068
Issued for distributions reinvested 9,901 21,809
Redeemed (50,387) (78,092)
----------- ---------
Net increase (decrease) in Class A shares
outstanding 58,188 73,785
=========== =========
Class B:
Sold 34,979 41,606
Issued for distributions reinvested 721 718
Redeemed -- (10,113)
=========== =========
Net increase in Class B shares
outstanding 35,700 32,211
=========== =========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS NEW JERSEY
- ------------------------------------------------------------------------------------------------------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 582,496 $ 1,164,983 $ 1,444,412 $ 2,914,025
Net realized gain (loss) on investments (18,039) 360,045 (75,520) 657,781
Net unrealized appreciation (depreciation)
of investments (939,763) 1,956,930 (2,159,733) 5,200,017
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations. (375,306) 3,481,958 (790,841) 8,771,823
------------ ------------ ------------ ------------
Distributions to Shareholders from:
Net investment income-Class A (574,113) (1,157,985) (1,428,444) (2,918,856)
Net investment income-Class B (7,091) (9,593) (21,642) (11,913)
Net realized gains-Class A -- (30,240) -- (425,117)
Net realized gains-Class B -- (410) -- (6,884)
------------ ------------ ------------ ------------
Total distributions (581,204) (1,198,228) (1,450,086) (3,362,770)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,613,790 2,470,541 2,996,773 5,310,392
Value of distributions reinvested 364,778 919,516 788,012 2,248,846
Cost of shares redeemed (1,536,879) (3,317,029) (3,130,023) (9,176,935)
------------ ------------ ------------ ------------
441,689 73,028 654,762 (1,617,697)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 58,998 289,235 350,501 925,149
Value of distributions reinvested 5,482 9,486 11,639 14,857
Cost of shares redeemed -- -- (36,657) (15)
------------ ------------ ------------ ------------
64,480 298,721 325,483 939,991
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 506,169 371,749 980,245 (677,706)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (450,341) 2,655,479 (1,260,682) 4,731,347
Net Assets
Beginning of period 23,493,710 20,838,231 60,110,138 55,378,791
------------ ------------ ------------ ------------
End of period+ 23,043,369 23,493,710 58,849,456 60,110,138
============ ============ ============ ============
+ Includes undistributed net investment income
(deficit) of $ 3,060 $ 1,768 $ (115) $ 5,559
============ ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 135,806 210,626 231,199 415,051
Issued for distributions reinvested 30,620 78,127 60,878 174,001
Redeemed (128,657) (283,611) (242,137) (718,864)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding 37,769 5,142 49,940 (129,812)
============ ============ ============ ============
Class B:
Sold 4,991 24,887 27,389 71,143
Issued for distributions reinvested 461 801 900 1,130
Redeemed -- -- (2,856) (1)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 5,452 25,688 25,433 72,272
============ ============ ============ ============
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA PENNSYLVANIA
- ------------------------------------------------------------------------------------------------------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 129,032 $ 229,944 $ 980,163 $ 1,875,305
Net realized gain (loss) on investments (26,827) (4,494) (115,520) 179,294
Net unrealized appreciation (depreciation)
of investments (185,599) 526,683 (1,310,286) 4,079,329
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations. (83,394) 752,133 (445,643) 6,133,928
------------ ------------ ------------ ------------
Distributions to Shareholders from:
Net investment income-Class A (127,527) (227,689) (988,791) (1,862,206)
Net investment income-Class B (1,963) (2,522) (8,750) (4,635)
Net realized gains-Class A -- -- -- (106,537)
Net realized gains-Class B -- -- -- (659)
------------ ------------ ------------ ------------
Total distributions (129,490) (230,211) (997,541) (1,974,037)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 910,649 759,377 3,939,336 5,109,553
Value of distributions reinvested 65,891 143,540 492,398 1,181,930
Cost of shares redeemed (409,503) (306,492) (2,514,157) (4,005,976)
------------ ------------ ------------ ------------
567,037 596,425 1,917,577 2,285,507
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 60,881 67,909 263,537 234,237
Value of distributions reinvested 914 1,218 6,171 5,250
Cost of shares redeemed -- -- -- --
------------ ------------ ------------ ------------
61,795 69,127 269,708 239,487
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 628,832 665,552 2,187,285 2,524,994
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 415,948 1,187,474 744,101 6,684,885
Net Assets
Beginning of period 5,059,759 3,872,285 40,226,993 33,542,108
------------ ------------ ------------ ------------
End of period+ 5,475,707 5,059,759 40,971,094 40,226,993
============ ============ ============ ============
+ Includes undistributed net investment income
(deficit) of $ 309 $ 767 $ 213 $ 17,591
============ ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 75,598 64,567 308,373 402,916
Issued for distributions reinvested 5,508 12,164 38,420 93,037
Redeemed (34,328) (26,571) (197,081) (316,221)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding 46,778 50,160 149,712 179,732
============ ============ ============ ============
Class B:
Sold 5,148 6,029 20,200 18,376
Issued for distributions reinvested 77 103 482 407
Redeemed -- -- -- --
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 5,225 6,132 20,682 18,783
============ ============ ============ ============
<CAPTION>
- ---------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------
VIRGINIA
- ---------------------------------------------------------------------------------------------
1/1/96 to
6/30/96 1995
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 616,944 $ 1,240,900
Net realized gain (loss) on investments 10,982 133,406
Net unrealized appreciation (depreciation)
of investments (989,349) 2,554,416
------------ -----------
Net increase (decrease) in net assets resulting
from operations. (361,423) 3,928,722
------------ -----------
Distributions to Shareholders from:
Net investment income-Class A (592,948) (1,226,418)
Net investment income-Class B (23,765) (23,560)
Net realized gains-Class A -- (68,578)
Net realized gains-Class B -- (2,616)
------------ -----------
Total distributions (616,713) (1,321,172)
------------ -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,849,845 3,246,591
Value of distributions reinvested 304,447 805,092
Cost of shares redeemed (4,448,238) (3,742,909)
------------ -----------
(2,293,946) 308,774
------------ -----------
Class B:
Proceeds from shares sold 471,141 947,469
Value of distributions reinvested 15,486 23,492
Cost of shares redeemed (402,524) (28,539)
------------ -----------
84,103 942,422
------------ -----------
Net increase (decrease) from share transactions (2,209,843) 1,251,196
------------ -----------
Net increase (decrease) in net assets (3,187,979) 3,858,746
Net Assets
Beginning of period 26,183,686 22,324,940
------------ -----------
End of period+ 22,995,707 26,183,686
============ ===========
+ Includes undistributed net investment income
(deficit) of $ 2,448 $ 2,217
============ ===========
(a) Shares Issued and Redeemed
Class A:
Sold 145,438 259,461
Issued for distributions reinvested 23,958 64,025
Redeemed (354,498) (297,826)
------------ -----------
Net increase (decrease) in Class A shares
outstanding (185,102) 25,660
============ ===========
Class B:
Sold 36,805 76,625
Issued for distributions reinvested 1,219 1,850
Redeemed (32,243) (2,233)
------------ -----------
Net increase in Class B shares outstanding 5,781 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 Funds
1. Significant Accounting Policies--First Investors New York Insured Tax Free
Fund, Inc. ("New York Insured") and First Investors Multi-State Insured Tax
Free Fund ("Multi-State Insured") (collectively, "Funds") are registered
under the Investment Company Act of 1940 (the "1940 Act") as diversified,
open-end management investment companies. New York Insured consists of a
single investment series and Multi-State Insured consists of seventeen separate
investment series. This report relates to New York Insured
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 Fund of Multi-State Insured is to achieve a
high level of interest income which is exempt from federal income tax and,
to the extent indicated for a particular Fund, from state and local income
taxes for residents of that state.
A. Security Valuation--The municipal securities in which the Funds invest
are traded primarily in the over-the-counter markets. Such securities
are valued daily at their fair value on the basis of valuations provided
by a pricing service approved by the 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 Funds as of the date the securities are purchased.
The municipal bonds held by the Funds are insured as to payment of principal
and interest by the issuer or under insurance policies written by
independent insurance companies. It is the intention of the Funds 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 Fund
may invest up to 35% of its assets in portfolio securities not covered
by the insurance feature.
B. Federal Income Taxes--It is the policy of the Funds to continue to
qualify as regulated investment companies, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The Funds
make distributions of income and net realized capital gains (in excess of
any available capital loss carryovers) sufficient to relieve them from
all, or substantially all, federal income taxes. At June 30, 1996, the
Funds had the following capital loss carryovers, expiring in the year
2002:
MULTI-STATE INSURED Amount
- ---------------------------- ----------
CONNECTICUT Fund $240,764
#FLORIDA Fund 76,464
GEORGIA Fund 37,828
MARYLAND Fund 109,152
NORTH CAROLINA Fund 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 Fund are charged
to and paid from the assets of that Fund. Indirect or general expenses of
Multi-State Insured are allocated among and charged to the assets of each
Fund on a fair and equitable basis, which may be based on the relative
assets of each Fund or the nature of the services performed and relative
applicability to each Fund.
E. Security Transactions and Investment Income--Security transactions are
accounted for on the date the securities are purchased or sold. Cost is
determined, and gains and losses are based, on the identified cost basis
for both financial statement and federal income tax purposes. Interest
income is earned from settlement date and recorded on the accrual basis.
Estimated expenses are accrued daily. The Funds' Custodian has provided
credits for the New York Insured and the nine Funds of Multi-State Insured
included in this report of $10,901 and $15,477, respectively, against
custodian charges based on the uninvested cash balances of the Funds.
2. Capital--Each Fund sells two classes of shares, Class A and Class B,
each with a public offering price that reflects different sales charges
and expense levels. Class A shares are sold with an initial sales charge
of up to 6.25% of the amount invested and together with the Class B shares
are subject to 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 Funds invest in debt instruments of
municipal issuers whose ability to meet their obligations may be affected
by economic developments in a State, industry or region.
4. Security Transactions--For the six months ended June 30, 1996, purchases
and sales of municipal securities were as follows:
<TABLE>
<CAPTION>
Cost Proceeds
of of
Purchases Sales
----------------------------
<S> <C> <C>
NEW YORK INSURED $51,410,050 $53,878,249
MULTI-STATE INSURED
- --------------------------
CONNECTICUT Fund 1,153,642 1,768,355
FLORIDA Fund 7,871,014 6,940,173
GEORGIA Fund 977,177 584,432
MARYLAND Fund 2,269,951 1,252,287
MASSACHUSETTS Fund 7,166,804 6,425,041
NEW JERSEY Fund 14,648,430 13,590,883
NORTH CAROLINA Fund 1,937,549 1,494,047
PENNSYLVANIA Fund 10,507,809 8,078,559
VIRGINIA Fund 5,023,560 6,944,392
At June 30, 1996, aggregate cost and net unrealized appreciation of securities for federal
income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Apppreciation
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NEW YORK INSURED $190, 689,070 $11,633,530 $389,333 $11,244,197
MULTI-STATE INSURED
CONNECTICUT Fund 15,127,052 858,739 -- 858,739
FLORIDA Fund 22,879,620 1,227,240 9,788 1,217,452
GEORGIA Fund 3,264,459 145,793 3,326 142,467
MARYLAND Fund 9,140,623 388,170 5,099 383,071
MASSACHUSETTS Fund 21,933,752 1,394,981 10,639 1,384,342
NEW JERSEY Fund 54,037,419 3,633,951 40,095 3,593,856
NORTH CAROLINA Fund 5,130,442 88,961 5,884 83,077
PENNSYLVANIA Fund 38,765,219 2,072,287 -- 2,072,287
VIRGINIA Fund 21,532,515 1,094,998 12,744 1,082,254
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates--Certain officers
and directors/trustees of the Funds are officers and directors of the
Funds' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC") and/or
their transfer agent, Administrative Data Management Corp. ("ADM").
Officers and directors/trustees of the Funds received no remuneration
from the Funds for serving in such capacities. Their remuneration (together
with certain other expenses of the Funds) 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 each Fund, declining by .03% on each
$250 million thereafter, down to .66% on average daily net assets over $750
million. For the six months ended June 30, 1996, advisory fees of New York
Insured amounted to $789,950. For the same period, advisory fees for the
nine Funds of Multi-State Insured included in this report amounted to
$769,908, of which $280,138 was waived; other expenses in the amount of
$46,932 were assumed by FIMCO.
For the six months ended June 30, 1996, FIC, as underwriter, received
$216,443 in commissions on sales of shares of New York Insured, after
allowing $434,449 to other dealers, and $476,962 in commissions on
sales of shares of the nine Funds of Multi-State Insured included in
this report, after allowing $203,265 to other dealers. Shareholder
servicing costs of New York Insured and the nine Funds of Multi-State
Insured consisted of $75,223 and $76,116, respectively, in transfer
agent fees and out of pocket expenses accrued to ADM.
Pursuant to a Distribution Plan adopted by the Funds under Rule 12b-1
of the 1940 Act, each Fund 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 Fund.
This page intentionally left blank.
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- -------------------------
Net Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSUrED TAX FREE FUND, INC.
Class A
1991 $ 13.75 $ .881 $ .574 $ 1.455 $ .875 $ --
1992 14.33 .844 .386 1.230 .840 --
1993 14.72 .809 .608 1.417 .820 .137
1994 15.18 .758 (1.510) (0.752) .768 --
1995 13.66 .738 1.331 2.069 .740 .059
1/1/96 to 6/30/96 14.93 .360 (0.510) (0.150) .360 --
Class B
1/12/95* to 12/31/95 13.76 .616 1.232 1.848 .619 .059
1/1/96 to 6/30/96 14.93 .309 (0.510) (0.201) .309 --
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1991 $ 11.19 $ .630 $ .449 $ 1.079 $ .625 $ .004
1992 11.64 .669 .401 1.070 .660 --
1993 12.05 .615 1.053 1.668 .625 .043
1994 13.05 .609 (1.480) (0.871) .609 --
1995 11.57 .617 1.333 1.950 .620 --
1/1/96 to 6/30/96 12.90 .309 (0.443) (0.134) .306 --
Class B
1/12/95* to 12/31/95 11.67 .512 1.242 1.754 .524 --
1/1/96 to 6/30/96 12.90 .261 (0.446) (0.185) .255 --
FLORIDA FUND
Class A
1991 $ 11.13 $ .658 $ .582 $ 1.240 $ .640 $ .030
1992 11.70 .702 .508 1.210 .700 --
1993 12.21 .664 1.032 1.696 .671 .095
1994 13.14 .642 (1.346) (0.704) .646 --
1995 11.79 .640 1.527 2.167 .647 --
1/1/96 to 6/30/96 13.31 .312 (0.498) (0.186) .314 --
Class B
1/12/95* to 12/31/95 11.87 .529 1.460 1.989 .549 --
1/1/96 to 6/30/96 13.31 .268 (0.505) (0.237) .263 --
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSUrED TAX FREE FUND, INC.
Class A
1991 $ .875 $ 14.33 $ 10.89 $162,296
1992 .840 14.72 8.84 181,389
1993 .957 15.18 9.82 211,967
1994 .768 13.66 (5.03) 193,916
1995 .799 14.93 15.45 215,259
1/1/96 to 6/30/96 .360 14.42 (1.01) 203,745
Class B
1/12/95* to 12/31/95 .678 14.93 13.66 1,156
1/1/96 to 6/30/96 .309 14.42 (1.35) 2,037
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1991 $ .629 $ 11.64 $ 9.92 $5,050
1992 .660 12.05 9.49 10,828
1993 .668 13.05 14.10 17,202
1994 .609 11.57 (6.75) 14,848
1995 .620 12.90 17.18 16,725
1/1/96 to 6/30/96 .306 12.46 (1.04) 15,180
Class B
1/12/95* to 12/31/95 .524 12.90 15.28 857
1/1/96 to 6/30/96 .255 12.46 (1.44) 1,118
FLORIDA FUND
Class A
1991 $ .670 $ 11.70 $ 11.45 $6,891
1992 .700 12.21 10.67 12,678
1993 .766 13.14 14.19 21,397
1994 .646 11.79 (5.39) 19,765
1995 .647 13.31 18.77 22,229
1/1/96 to 6/30/96 .314 12.81 (1.40) 22,470
Class B
1/12/95* to 12/31/95 .549 13.31 17.06 299
1/1/96 to 6/30/96 .263 12.81 (1.78) 461
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Asset++ Waived or Assumed
---------------------- -----------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1991 1.24 6.29 N/A N/A 25
1992 1.29 5.84 N/A N/A 46
1993 1.27 5.35 N/A N/A 31
1994 1.28 5.30 N/A N/A 55
1995 1.23 5.10 N/A N/A 53
1/1/96 to 6/30/96 1.22+ 4.94+ N/A N/A 25
Class B
1/12/95* to 12/31/95 2.00+ 4.34+ N/A N/A 53
1/1/96 to 6/30/96 1.93+ 4.23+ N/A N/A 25
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1991 .06 5.83 1.60 4.28 35
1992 .33 5.73 1.20 4.86 46
1993 .80 4.83 1.15 4.48 29
1994 .87 5.01 1.22 4.66 63
1995 .85 4.98 1.20 4.63 26
1/1/96 to 6/30/96 .82+ 4.91+ 1.24+ 4.49+ 7
Class B
1/12/95* to 12/31/95 1.71+ 4.12+ 2.07+ 3.76+ 26
1/1/96 to 6/30/96 1.64+ 4.09+ 2.17+ 3.56+ 7
FLORIDA FUND
Class A
1991 .06 6.12 1.12 5.06 70
1992 .29 5.97 1.17 5.10 65
1993 .45 5.20 1.10 4.55 53
1994 .62 5.24 1.19 4.67 98
1995 .75 5.05 1.15 4.65 68
1/1/96 to 6/30/96 .80+ 4.82+ 1.14+ 4.48+ 32
Class B
1/12/95* to 12/31/95 1.68+ 4.12+ 2.09+ 3.70+ 68
1/1/96 to 6/30/96 1.70+ 3.92+ 2.07+ 3.55+ 32
* Date shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
--------------------------------------- -------------------------
Net Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $ 11.17 $ .267 $ .233 $ .500 $ .250 $ --
1993 11.42 .603 1.091 1.694 .619 .005
1994 12.49 .584 (1.165) (0.581) .579 --
1995 11.33 .653 1.387 2.040 .650 --
1/1/96 to 6/30/96 12.72 .320 (0.482) (0.162) .328 --
Class B
1/12/95* to 12/31/95 11.42 .529 1.303 1.832 .542 --
1/1/96 to 6/30/96 12.71 .276 (0.488) (0.212) .278 --
MARYLAND FUND
Class A
1991 $ 11.38 $ .628 $ .287 $ .915 $ .615 $ --
1992 11.68 .669 .426 1.095 .665 --
1993 12.11 .653 1.083 1.736 .660 .036
1994 13.15 .644 (1.373) (0.729) .651 --
1995 11.77 .668 1.348 2.016 .666 --
1/1/96 to 6/30/96 13.12 .325 (0.504) (0.179) .331 --
Class B
1/12/95* to 12/31/95 11.85 .561 1.279 1.840 .570 --
1/1/96 to 6/30/96 13.12 .279 (0.509) (0.230) .280 --
MASSACHUSETTS FUND
Class A
1991 $ 10.84 $ .732 $ .468 $ 1.200 $ .730 $ --
1992 11.31 .687 .399 1.086 .676 .010
1993 11.71 .653 .716 1.369 .660 .139
1994 12.28 .627 (1.267) (0.640) .630 --
1995 11.01 .612 1.227 1.839 .613 .016
1/1/96 to 6/30/96 12.22 .301 (0.501) (0.200) .300 --
Class B
1/12/95* to 12/31/95 11.09 .508 1.155 1.663 .527 .016
1/1/96 to 6/30/96 12.21 .256 (0.494) (0.238) .252 --
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $ .250 $ 11.42 $ 6.75+ $365
1993 .624 12.49 15.16 1,469
1994 .579 11.33 (4.69) 2,065
1995 .650 12.72 18.40 3,047
1/1/96 to 6/30/96 .328 12.23 (1.28) 3,321
Class B
1/12/95* to 12/31/95 .542 12.71 16.34 97
1/1/96 to 6/30/96 .278 12.22 (1.68) 123
MARYLAND FUND
Class A
1991 $ .615 $ 11.68 $ 8.30 $1,543
1992 .665 12.11 9.64 3,575
1993 .696 13.15 14.62 6,643
1994 .651 11.77 (5.59) 6,904
1995 .666 13.12 17.50 8,666
1/1/96 to 6/30/96 .331 12.61 (1.36) 9,060
Class B
1/12/95* to 12/31/95 .570 13.12 15.82 423
1/1/96 to 6/30/96 .280 12.61 (1.76) 856
MASSACHUSETTS FUND
Class A
1991 $ .730 $ 11.31 $ 11.45 $17,608
1992 .686 11.71 9.90 20,067
1993 .799 12.28 11.93 23,653
1994 .630 11.01 (5.30) 20,838
1995 .629 12.22 17.07 23,180
1/1/96 to 6/30/96 .300 11.72 (1.64) 22,679
Class B
1/12/95* to 12/31/95 .543 12.21 15.28 314
1/1/96 to 6/30/96 .252 11.72 (1.96) 365
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets++ Waived or Assumed
--------------------------- --------------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 -- 4.45+ 3.32+ 1.13+ 53
1993 .13 4.96 1.84 3.24 50
1994 .20 4.99 1.93 3.26 78
1995 .20 5.41 1.42 4.20 45
1/1/96 to 6/30/96 .33+ 5.20+ 1.34+ 4.19+ 18
Class B
1/12/95* to 12/31/95 1.00+ 4.61+ 2.22+ 3.40+ 45
1/1/96 to 6/30/96 1.22+ 4.31+ 3.19+ 2.34+ 18
MARYLAND FUND
Class A
1991 .05 5.74 1.88 3.92 26
1992 .20 5.72 1.38 4.55 38
1993 .45 5.16 1.28 4.33 50
1994 .45 5.27 1.34 4.37 44
1995 .48 5.32 1.24 4.55 49
1/1/96 to 6/30/96 .49+ 5.11+ 1.21+ 4.39+ 14
Class B
1/12/95* to 12/31/95 1.38+ 4.42+ 2.19+ 3.61+ 49
1/1/96 to 6/30/96 1.33+ 4.27+ 2.25+ 3.35+ 14
MASSACHUSETTS FUND
Class A
1991 .28 6.66 .99 5.94 4
1992 .70 5.99 1.17 5.52 28
1993 .90 5.37 1.15 5.12 32
1994 .95 5.45 1.20 5.20 64
1995 .90 5.22 1.15 4.97 40
1/1/96 to 6/30/96 .87+ 5.06+ 1.16+ 4.77+ 28
Class B
1/12/95* to 12/31/95 1.76+ 4.36+ 2.01+ 4.10+ 40
1/1/96 to 6/30/96 1.69+ 4.24+ 2.01+ 3.92+ 28
* Commencement of operations of Class A shares or date Class B shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- -------------------------
Net Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1991 $ 11.73 $ .762 $ .548 $ 1.310 $ .750 $ --
1992 12.29 .716 .439 1.155 .716 .059
1993 12.67 .680 .947 1.627 .684 .103
1994 13.51 .659 (1.448) (0.789) .661 --
1995 12.06 .648 1.291 1.939 .652 .097
1/1/96 to 6/30/96 13.25 .317 (0.489) (0.172) .318 --
Class B
1/12/95* to 12/31/95 12.14 .526 1.199 1.725 .528 .097
1/1/96 to 6/30/96 13.24 .265 (0.489) (0.224) .266 --
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $ 11.17 $ .272 $ .188 $ .460 $ .260 $ --
1993 11.37 .595 .962 1.557 .604 .043
1994 12.28 .594 (1.380) (0.786) .594 --
1995 10.90 .608 1.391 1.999 .609 --
1/1/96 to 6/30/96 12.29 .293 (0.479) (0.186) .294 --
Class B
1/12/95* to 12/31/95 10.99 .492 1.307 1.799 .499 --
1/1/96 to 6/30/96 12.29 .248 (0.482) (0.234) .246 --
PENNSYLVANIA FUND
Class A
1991 $ 11.41 $ .714 $ .429 $ 1.143 $ .695 $ .008
1992 11.85 .699 .427 1.126 .716 --
1993 12.26 .667 1.048 1.715 .663 .152
1994 13.16 .627 (1.447) (0.820) .630 --
1995 11.71 .638 1.463 2.101 .635 .036
1/1/96 to 6/30/96 13.14 .310 (0.464) (0.154) .316 --
Class B
1/12/95* to 12/31/95 11.81 .539 1.376 1.915 .549 .036
1/1/96 to 6/30/96 13.14 .265 (0.460) (0.195) .265 --
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1991 $ .750 $ 12.29 $ 11.52 $42,475
1992 .775 12.67 9.74 54,372
1993 .787 13.51 13.09 64,558
1994 .661 12.06 (5.91) 55,379
1995 .749 13.25 16.41 59,153
1/1/96 to 6/30/96 .318 12.76 (1.30) 57,604
Class B
1/12/95* to 12/31/95 .625 13.24 14.45 957
1/1/96 to 6/30/96 .266 12.75 (1.70) 1,246
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $ .260 $ 11.37 $ 6.21+ $1,084
1993 .647 12.28 13.98 3,883
1994 .594 10.90 (6.45) 3,872
1995 .609 12.29 18.72 4,984
1/1/96 to 6/30/96 .294 11.81 (1.52) 5,342
Class B
1/12/95* to 12/31/95 .499 12.29 16.65 75
1/1/96 to 6/30/96 .246 11.81 (1.91) 134
PENNSYLVANIA FUND
Class A
1991 $ .703 $ 11.85 $ 10.24 $16,118
1992 .716 12.26 9.81 26,036
1993 .815 13.16 14.28 35,514
1994 .630 11.71 (6.31) 33,542
1995 .671 13.14 18.29 39,980
1/1/96 to 6/30/96 .316 12.67 (1.17) 40,471
Class B
1/12/95* to 12/31/95 .585 13.14 16.49 247
1/1/96 to 6/30/96 .265 12.68 (1.48) 500
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets++ Waived or Assumed
--------------------------- -----------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1991 .44 6.38 .98 5.84 22
1992 .78 5.76 1.13 5.41 42
1993 .96 5.12 1.11 4.97 44
1994 .99 5.21 1.14 5.06 60
1995 .99 5.06 1.14 4.91 30
1/1/96 to 6/30/96 .99+ 4.90+ 1.14+ 4.75+ 23
Class B
1/12/95* to 12/31/95 1.81+ 4.24+ 1.97+ 4.08+ 30
1/1/96 to 6/30/96 1.80+ 4.10+ 1.95+ 3.95+ 23
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 -- 4.53+ 2.20+ 2.33+ 10
1993 .13 4.99 1.28 3.83 32
1994 .20 5.22 1.44 3.99 61
1995 .20 5.18 1.36 4.03 76
1/1/96 to 6/30/96 .33+ 4.91+ 1.26+ 3.98+ 30
Class B
1/12/95* to 12/31/95 1.00+ 4.38+ 2.16+ 3.23+ 76
1/1/96 to 6/30/96 1.21+ 4.02+ 2.91+ 2.32+ 30
PENNSYLVANIA FUND
Class A
1991 .29 6.28 1.03 5.54 26
1992 .56 5.84 1.12 5.28 18
1993 .79 5.17 1.10 4.86 37
1994 .88 5.11 1.13 4.86 81
1995 .86 5.07 1.11 4.82 48
1/1/96 to 6/30/96 .86+ 4.86+ 1.11+ 4.61+ 20
Class B
1/12/95* to 12/31/95 1.72+ 4.20+ 1.98+ 3.94+ 48
1/1/96 to 6/30/96 1.68+ 4.04+ 1.93+ 3.79+ 20
* Commencement of operations of Class A shares or date Class B shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
-------------------------------------- ---------------------------
Net Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1991 $ 11.27 $ .715 $ .523 $ 1.238 $ .690 $ .018
1992 11.80 .683 .481 1.164 .702 .032
1993 12.23 .636 .915 1.551 .639 .082
1994 13.06 .611 (1.383) (0.772) .608 --
1995 11.68 .625 1.370 1.995 .629 .036
1/1/96 to 6/30/96 13.01 .312 (0.470) (0.158) .312 --
Class B
1/12/95* to 12/31/95 11.76 .510 1.286 1.796 .520 .036
1/1/96 to 6/30/96 13.00 .262 (0.471) (0.209) .261 --
<CAPTION>
- -------------------------------------------------------------------------------------
PER SHARE DATA
- -------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1991 $ .708 $ 11.80 11.31 $ $9,756
1992 .734 12.23 10.19 16,507
1993 .721 13.06 12.94 24,684
1994 .608 11.68 (5.97) 22,325
1995 .665 13.01 17.42 25,193
1/1/96 to 6/30/96 .312 12.54 (1.22) 21,968
Class B
1/12/95* to 12/31/95 .556 13.00 15.53 991
1/1/96 to 6/30/96 .261 12.53 (1.61) 1,028
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets++ Waived or Assumed
---------------------- -------------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1991 .13 6.32 1.10 5.36 15
1992 .56 6.75 1.22 5.09 41
1993 .81 4.97 1.16 4.62 39
1994 .85 5.01 1.20 4.66 55
1995 .81 5.01 1.16 4.66 34
1/1/96 to 6/30/96 .80+ 4.92+ 1.17+ 4.55+ 20
Class B
1/12/95* to 12/31/95 1.66+ 4.16+ 2.02+ 3.80+ 34
1/1/96 to 6/30/96 1.61+ 4.11+ 2.05+ 3.67+ 20
* Date shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
See notes to financial statements
</TABLE>
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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 Funds
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 Funds of First Investors Multi-
State Insured Tax Free Fund listed above as of June 30, 1996, and the
related statement of operations for the six months ended June 30, 1996,
the statement of changes in net assets for the six months ended June 30,
1996 and the year ended December 31, 1995, and the 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 June 30, 1996, 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 Funds of First Investors Multi-State Insured
Tax Free Fund listed above as of June 30, 1996, 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
July 31, 1996
[This page intentionally left blank]
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
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
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 the Funds' practice to mail only one copy of their annual and
semi-annual reports to any address at which more than one shareholder
with the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Funds will ensure
that an additional copy of such reports are sent to any shareholder who
subsequently changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Funds' prospectus.
