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
ANNUAL
REPORT
DECEMBER 31, 1996
Vertically reading from bottom to top in the center of the page the words
"FIRST INVESTORS" appear.
The following appears in a box to the left of the above language:
First Investors Logo (as described above)
NEED SERVICE?
If you have questions about your account...or would like information regarding
other products or services...please contact your representative or call our
Shareholder Services Department at...
(800) 423-4026
The following appears in a box within the above box:
Our business is...putting investors first
The following appears on the bottom lefthand side:
FIMS-148
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:
The current economic expansion extended to its fifth year in 1996. The
economy grew by 3.4% during the year with the core rate of consumer
price inflation increasing 2.6%, its slowest pace since the mid-1960's.
The combination of moderate growth and low inflation provided a positive
background for the financial markets. The broad stock market averages
made new highs in 1996 while long-term interest rates moved somewhat
higher during the year. Besides the economy, the markets benefited from
strong demand for U.S. securities. Individual investors bought a record
amount of stock mutual funds, while foreign investors bought a record
amount of U.S. Treasury bonds.
Long-term municipal bond prices fell slightly during 1996. The municipal
bond market's performance compares very favorably to the Treasury bond
market where long-term bond prices fell substantially. The municipal
bond market's relatively strong performance during 1996 was attributable
to the comparatively cheap levels at which the market began the year,
due to concerns over potential tax reform. As those concerns
disappeared, demand for tax-exempt bonds increased and municipal bonds
appreciated versus Treasury bonds. In fact, broad based demand
throughout the year from individuals and insurance companies was
sufficient to absorb $183 billion of the new issue supply.
During 1996, the First Investors New York Insured Tax Free Fund and the
nine Multi-State Funds included in this report had the following returns
on a net asset value basis on Class A and Class B shares, respectively:
New York 3.0% and 2.2%, Connecticut 3.4% and 2.6%, Florida 3.3% and
2.6%, Georgia 3.9% and 3.1%, Maryland 3.3% and 2.5%, Massachusetts 3.0%
and 2.2%, New Jersey 3.1% and 2.2%, North Carolina 3.7% and 2.9%,
Pennsylvania 3.4% and 2.6%, and Virginia 3.5% and 2.7%.
The total returns on the Class A shares of the New York, Florida,
Georgia, Maryland, North Carolina, and Virginia Funds exceeded the
average return of their respective mutual fund peer group according to
Lipper Analytical Services, Inc. The returns of the Connecticut, New
Jersey, and Pennsylvania Funds were within 10 to 16 basis points (.10%
to .16%) of their Lipper peer group average, while the Massachusetts
Fund's return was 40 basis points (.40%) below the average Lipper return
for Massachusetts municipal bond funds. The generally good relative
performance of the Funds was the result of two factors. First, the Funds
have accumulated substantial positions in relatively high yielding bonds
during periods of market weakness. These bonds provide a high level of
current income and help enhance total return. Second, the Funds have
focused during the past several years on improving call protection, in
particular buying high coupon noncallable bonds when available. In the
New York Fund, for example, approximately two-thirds of the Fund's
assets are noncallable.
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 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 five years, ten year Treasury bond yields have moved more than
1%. 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, the factors that benefited the markets in 1996 appear
likely to continue in 1997: moderate growth, low inflation, and strong
demand for financial assets. A significant risk to the market is that
inflation may increase due to the length of the economic expansion. This
could lead the Federal Reserve to raise interest rates, hurting both the
bond and stock markets. On the other hand, the markets may be positively
surprised by legislation from the President and Congress to eliminate
the federal budget deficit. We will continue to be alert to events that
may affect the value of your investments.
As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
/S/Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1997
Cumulative Performance Information
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
Comparison of change in value of $10,000 investment in the First
Investors New York Insured Tax Free Fund, Inc. (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
NEW YORK LEHMAN
JAN 1987 9,375 10,000
DEC 1987 9,258 10,150
DEC 1988 10,201 11,180
DEC 1989 11,155 12,386
DEC 1990 11,820 13,289
DEC 1991 13,108 14,903
DEC 1992 14,247 16,217
DEC 1993 15,647 18,207
DEC 1994 14,860 17,266
DEC 1995 17,156 20,303
DEC 1996 17,662 21,166
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 2.95% (3.51)%
Five Years 6.16% 4.79%
Ten Years 6.54% 5.85%
S.E.C. 30-Day Yield 3.65%
Class B Shares
One Year 2.18% (1.89)%
Since Inception
(1/12/95) 7.89% 5.69%
S.E.C. 30-Day Yield 3.21%
Footnote reads:
The graph compares a $10,000 investment in the First Investors New York
Insured Tax Free Fund, Inc. (Class A shares) beginning 1/1/87 with a
theoretical investment in the Lehman Brothers Municipal Bond Index. The
Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest directly in the Lehman Brothers Municipal Bond
Index. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Fund and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown in the line graph above
based on differences in sales loads and fees paid by shareholders
investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 and 12/29/89, the maximum sales
charges were 6.9% and 7.25%, respectively). The Class B "S.E.C.
Standardized" return is adjusted for the applicable deferred sales
charge (maximum of 4% in the first year). Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. Lehman Brothers Municipal Bond Index figures from Lehman
Brothers Inc. and all other figures from First Investors Management
Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Connecticut Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
CONNECTICUT LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,395 10,431
DEC 1991 10,345 11,698
DEC 1992 11,306 12,730
DEC 1993 12,900 14,292
DEC 1994 12,030 13,553
DEC 1995 14,097 15,918
DEC 1996 14,573 16,595
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.37% (3.08)%
Five Years 7.13% 5.75%
Since Inception
(10/8/90) 7.32% 6.23%
S.E.C. 30-Day Yield 4.35%
Class B Shares
One Year 2.57% (1.55)%
Since Inception
(1/12/95) 8.88% 6.63%
S.E.C. 30-Day Yield 3.85%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Connecticut Fund (Class A shares)
beginning 10/8/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years
and Since Inception would have been (3.52)%, 5.24% and 5.55%,
respectively, and the S.E.C. 30-Day Yield for
December 1996 would have been 3.95%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (1.96)% and 6.10%, respectively, and the
S.E.C. 30-Day Yield for and do not indicate future results.
Investment return and principal value of an investment will fluctuate
so that an investor's shares, when redeemed, may be worth more or
less than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Florida Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
FLORIDA LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,345 10,431
DEC 1991 10,442 11,698
DEC 1992 11,526 12,730
DEC 1993 13,161 14,292
DEC 1994 12,451 13,553
DEC 1995 14,788 15,918
DEC 1996 15,282 16,595
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.34% (3.14)%
Five Years 7.92% 6.53%
Since Inception
(10/5/90) 8.13% 7.03%
S.E.C. 30-Day Yield 4.32%
Class B Shares
One Year 2.56% (1.51)%
Since Inception
(1/12/95) 9.72% 7.49%
S.E.C. 30-Day Yield 3.82%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Florida Fund (Class A shares) beginning
10/5/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond Index
is a total return performance benchmark for the long-term investment
grade tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years and
Since Inception would have been (3.57)%, 5.88% and 6.31%,
respectively, and the S.E.C. 30-Day Yield for December 1996 would have
been 3.99%. The Class B "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (1.88)% and
6.95%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 3.48%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Georgia Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
GEORGIA LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,803 10,753
DEC 1993 11,289 12,073
DEC 1994 10,760 11,449
DEC 1995 12,740 13,447
DEC 1996 13,242 14,018
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.94% (2.57)%
Since Inception
(5/1/92) 7.66% 6.20%
S.E.C. 30-Day Yield 4.72%
Class B Shares
One Year 3.13% (1.00)%
Since Inception
(1/12/95) 9.69% 7.42%
S.E.C. 30-Day Yield 4.25%
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Georgia Fund (Class A shares) beginning
5/1/92 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond Index
is a total return performance benchmark for the long-term investment
grade tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (3.69)% and 4.64%, respectively, and the
S.E.C. 30-Day Yield for December 1996 would have been 3.73%. The Class
B "S.E.C. Standardized" Average Annual Total Return for One Year and
Since Inception would have been (2.15)% and 5.97%, respectively, and
the S.E.C. 30-Day Yield for December 1996 would have been 3.19%.
Results represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate
so that an investor's shares, when redeemed, may be worth more or less
than the original cost. Lehman Brothers Municipal Bond Index figures
from Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Maryland Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
MARYLAND LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,555 10,431
DEC 1991 10,374 11,698
DEC 1992 11,346 12,730
DEC 1993 13,005 14,292
DEC 1994 12,277 13,553
DEC 1995 14,426 15,918
DEC 1996 14,905 16,595
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.33% (3.10)%
Five Years 7.57% 6.19%
Since Inception
(10/8/90) 7.71% 6.61%
S.E.C. 30-Day Yield 4.63%
Class B Shares
One Year 2.45% (1.67)%
Since Inception
(1/12/95) 9.07% 6.85%
S.E.C. 30-Day Yield 4.16%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Maryland Fund (Class A shares) beginning
10/8/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond Index
is a total return performance benchmark for the long-term investment
grade tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years and
Since Inception would have been (3.87)%, 5.25% and 5.52%,
respectively, and the S.E.C. 30-Day Yield for December 1996 would have
been 3.94%. The Class B "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (2.43)% and
5.35%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 3.41%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Massachusetts Fund (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
MASSACHUSETTS LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,868 10,150
DEC 1988 10,057 11,180
DEC 1989 11,096 12,386
DEC 1990 11,885 13,289
DEC 1991 13,232 14,903
DEC 1992 14,529 16,217
DEC 1993 16,262 18,207
DEC 1994 15,404 17,266
DEC 1995 18,033 20,279
DEC 1996 18,572 21,141
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 2.99% (3.41)%
Five Years 7.03% 5.67%
Ten Years 7.07% 6.39%
S.E.C. 30-Day Yield 4.27%
Class B Shares
One Year 2.16% (1.96)%
Since Inception
(1/12/95) 8.65% 6.43%
S.E.C. 30-Day Yield 3.76%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Massachusetts Fund (Class A shares)
beginning 1/1/87 with a theoretical investment in the Lehman Brothers
Municipal Bond Index. The Lehman Brothers Municipal Bond Index is a
total return performance benchmark for the long-term investment grade
tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 and 12/29/89, the maximum sales
charges were 6.9% and 7.25%, respectively). The Class B "S.E.C.
Standardized" returns are adjusted for the applicable deferred sales
charge (maximum of 4% in the first year). Some or all of the expenses
of the Fund were waived or assumed. If such expenses had been paid by
the Fund, the Class A "S.E.C. Standardized" Average Annual Total
Return for One Year, Five Years and Ten Years would have been (3.77)%,
5.30% and 5.79%, respectively, and the S.E.C. 30-Day Yield for
December 1996 would have been 3.99%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would
have been (2.27)% and 6.10%, respectively, and the S.E.C. 30-Day Yield
for December 1996 would have been 3.46%. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. Lehman Brothers Municipal Bond Index figures from Lehman
Brothers Inc. and all other figures from First Investors Management
Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- New Jersey Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
NEW JERSEY LEHMAN
SEP 1988 9,375 10,000
DEC 1988 9,545 10,370
DEC 1989 10,540 11,488
DEC 1990 11,327 12,326
DEC 1991 12,608 13,823
DEC 1992 13,831 15,041
DEC 1993 15,641 16,888
DEC 1994 14,704 16,015
DEC 1995 17,131 18,810
DEC 1996 17,660 19,609
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.09% (3.33)%
Five Years 6.97% 5.60%
Since Inception
(9/13/88) 7.93% 7.09%
S.E.C. 30-Day Yield 4.24%
Class B Shares
One Year 2.22% (1.86)%
Since Inception
(1/12/95) 8.29% 6.05%
S.E.C. 30-Day Yield 3.74%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- New Jersey Fund (Class A shares)
beginning 9/13/88 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 and 12/29/89, the maximum sales
charges were 6.9% and 7.25%, respectively). The Class B "S.E.C.
Standardized" returns are adjusted for the applicable deferred sales
charge (maximum of 4% in the first year). Some or all of the expenses
of the Fund were waived or assumed. If such expenses had been paid by
the Fund, the Class A "S.E.C. Standardized" Average Annual Total
Return for One Year, Five Years and Since Inception would have been
(3.58)%, 5.33% and 6.63%, respectively, and the S.E.C. 30-Day Yield
for December 1996 would have been 4.09%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (2.04)% and 5.83%, respectively, and the
S.E.C. 30-Day Yield for December 1996 would have been 3.59%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate
so that an investor's shares, when redeemed, may be worth more or less
than the original cost. Lehman Brothers Municipal Bond Index figures
from Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- North Carolina Fund
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
NORTH CAROLINA LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,769 10,753
DEC 1993 11,135 12,073
DEC 1994 10,417 11,449
DEC 1995 12,367 13,447
DEC 1996 12,821 14,018
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.68% (2.81)%
Since Inception
(5/4/92) 6.92% 5.46%
S.E.C. 30-Day Yield 4.69%
Class B Shares
One Year 2.85% (1.25)%
Since Inception
(1/12/95) 9.69% 7.43%
S.E.C. 30-Day Yield 4.21%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- North Carolina Fund (Class A shares)
beginning 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (3.84)% and 4.22%, respectively, and the
S.E.C. 30-Day Yield for December 1996 would have been 3.77%. The Class
B "S.E.C. Standardized" Average Annual Total Return for One Year and
Since Inception would have been (2.32)% and 6.27%, respectively, and
the S.E.C. 30-Day Yield for December 1996 would have been 3.24%.
Results represent past performance and do not indicate future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth
more or less than the original cost. Lehman Brothers Municipal Bond
Index figures from Lehman Brothers Inc. and all other figures from
First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Pennsylvania Fund (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
PENNSYLVANIA LEHMAN
APR 1990 9,375 10,000
DEC 1990 9,830 10,759
DEC 1991 10,861 12,066
DEC 1992 11,885 13,129
DEC 1993 13,583 14,741
DEC 1994 12,726 13,979
DEC 1995 15,054 16,418
DEC 1996 15,564 17,116
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.39% (3.10)%
Five Years 7.51% 6.14%
Since Inception
(4/30/90) 7.88% 6.85%
S.E.C. 30-Day Yield 4.30%
Class B Shares
One Year 2.61% (1.51)%
Since Inception
(1/12/95) 9.48% 7.24%
S.E.C. 30-Day Yield 3.80%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Pennsylvania Fund (Class A shares)
beginning 4/30/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years and
Since Inception would have been (3.44)%, 5.71% and 6.32%,
respectively, and the S.E.C. 30-Day Yield for December 1996 would have
been 4.06%. The Class B "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (1.79)% and
6.87%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 3.55%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Virginia Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
VIRGINIA LEHMAN
APR 1990 9,375 10,000
DEC 1990 9,729 10,759
DEC 1991 10,830 12,066
DEC 1992 11,923 13,129
DEC 1993 13,466 14,741
DEC 1994 12,663 13,979
DEC 1995 14,870 16,418
DEC 1996 15,385 17,116
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.47% (3.02)%
Five Years 7.26% 5.88%
Since Inception
(4/30/90) 7.70% 6.66%
S.E.C. 30-Day Yield 4.29%
Class B Shares
One Year 2.66% (1.43)%
Since Inception
(1/12/95) 9.05% 6.81%
S.E.C. 30-Day Yield 3.79%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Virginia Fund (Class A shares) beginning
4/30/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond Index
is a total return performance benchmark for the long-term investment
grade tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years and
Since Inception would have been (3.42)%, 5.45% and 6.10%,
respectively, and the S.E.C. 30-Day Yield for December 1996 would have
been 3.93%. The Class B "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (1.76)% and
6.37%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 3.41%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc.
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
December 31, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--100.1%
Education--14.8%
New York State Dormitory Authority Revenues:
$1,140M Barnard College 5 1/4% 7/1/2016 $ 1,098,675 $ 54
City University:
1,500M 8.2% 7/1/1998* 1,608,750 78
1,955M 5 3/4% 7/1/2013 - 2nd Gen. - A 2,035,644 99
2,000M 5 3/4% 7/1/2013 - 2nd - A 2,085,000 102
2,000M 5 3/4% 7/1/2013 - A 2,082,500 101
3,000M 6% 7/1/2020 - 2nd Gen. - A 3,210,000 156
Cooper Union:
700M 5 3/8% 7/1/2016 682,500 33
860M 5 3/8% 7/1/2020 830,975 40
1,000M Iona College 7 5/8% 7/1/1998* 1,072,500 52
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,136,000 153
1,250M Skidmore College 7 3/4% 7/1/1997* 1,300,875 63
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,084,450 101
1,000M 5 7/8% 5/15/2011 1,053,750 51
2,000M 5 1/2% 5/15/2013 2,027,500 99
3,700M 7 3/8% 5/15/2014 4,074,625 198
2,000M 5 1/4% 5/15/2015 1,960,000 95
- -----------------------------------------------------------------------------------
30,343,744 1,475
- -----------------------------------------------------------------------------------
General Obligation--20.9%
Monroe County, N.Y.:
1,000M 6% 3/1/2016 1,065,000 52
1,535M 6% 3/1/2017 1,634,775 79
1,000M 6% 3/1/2018 1,066,250 52
Nassau County, N.Y.:
4,355M 5.7% 8/1/2012 4,474,763 217
3,845M 6 1/2% 11/1/2012 4,258,337 207
1,750M 5 1/8% 11/1/2014 1,680,000 82
New York City, N.Y.:
4,250M 8% 8/1/1997* 4,442,525 216
1,000M 8 1/8% 11/1/1997* 1,051,120 51
1,000M 8% 6/1/1998* 1,068,750 52
3,000M 6.2% 8/1/2008 3,232,500 157
3,500M 6.95% 8/15/2012 3,928,750 191
1,000M 7 1/4% 3/15/2018 1,103,750 54
Niagara Falls, N. Y. Public Improvement:
1,340M 7 1/2% 3/1/2012 1,639,825 80
1,680M 7 1/2% 3/1/2015 2,079,000 101
1,600M 7 1/2% 3/1/2018 2,014,000 98
1,750M North Hempstead, N.Y. 6.4% 4/1/2012 1,931,562 94
Puerto Rico Commonwealth:
1,400M 6 1/4% 7/1/2013 1,550,500 75
4,640M 5.65% 7/1/2015 4,819,800 234
- -----------------------------------------------------------------------------------
43,041,207 2,092
- -----------------------------------------------------------------------------------
Hospital--12.5%
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2010 4,132,800 201
1,000M Good Samaritan Hospital 8% 11/1/2013 1,043,130 51
1,850M Long Term Health Care 7 3/8% 11/1/2011 2,028,063 98
Mental Health Services Facilities:
1,595M 7.7% 2/15/1998* 1,694,687 82
2,120M 7 3/4% 2/15/2000* 2,366,450 115
1,955M 7 3/8% 2/15/2014 2,121,175 103
1,405M 7.7% 2/15/2018 1,475,250 71
2,075M 7 3/4% 2/15/2020 2,277,313 111
4,915M 6 1/2% 8/15/2024 5,320,488 259
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,326,250 162
- -----------------------------------------------------------------------------------
25,785,606 1,253
- -----------------------------------------------------------------------------------
Housing--7.1%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor)
7.45% 10/1/2008 2,354,062 114
6,500M Insured Residential Charter 7 3/8% 4/1/2017 6,719,375 327
New York State Housing Finance Agency:
3,680M 6.05% 5/1/2011 3,808,800 185
1,720M 7.45% 11/1/2028 1,803,850 88
- -----------------------------------------------------------------------------------
14,686,087 714
- -----------------------------------------------------------------------------------
Transportation--23.5%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8% 7/1/2014 5,237,500 254
Transit Facilities Series:
1,400M 8 1/2% 7/1/1997* 1,461,656 71
5,000M 8% 7/1/1998* 5,381,250 261
7,900M New York City Transit Auth. Hwy.
& Brdg. Trust Fund Rev. 7 1/2%
1/1/2000* 8,739,375 425
5,100M New York Thruway Authority 5 1/8% 4/1/2015 4,870,500 237
Puerto Rico Commonwealth Highway
& Transportation Authority:
3,430M 6 1/4% 7/1/2014 3,798,725 185
5,000M 6% 7/1/2018 5,406,250 263
Triborough Bridge & Tunnel Authority:
1,000M Special Obligation 8% 1/1/1998* 1,055,720 51
1,500M Series "L" 8 1/8% 1/1/1998* 1,583,115 77
3,000M Series "O" 7.7% 1/1/1999* 3,243,750 158
6,900M Series "Y" 6% 1/1/2012 7,443,375 362
- -----------------------------------------------------------------------------------
48,221,216 2,344
- -----------------------------------------------------------------------------------
Utilities--9.0%
New York City Municipal Water
Finance Authority:
4,975M 5 7/8% 6/15/2012 5,236,188 255
2,000M 5 7/8% 6/15/2013 2,097,500 102
2,750M 6% 6/15/2021 2,932,187 143
2,000M New York State Power Authority General
Purpose Bonds 8% 1/1/1998* 2,120,080 103
4,000M Suffolk County, N. Y. Water Authority
6% 6/1/2017 4,305,000 209
2,000M Upper Mohawk Valley Regional Water Fin.
Auth. 5 1/8% 10/1/2016 1,897,500 92
- -----------------------------------------------------------------------------------
18,588,455 904
- -----------------------------------------------------------------------------------
Other Revenue--12.3%
1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy.
(Rochester Inst. Tech.) 7 3/4%
5/1/2000* 1,121,250 54
1,100M Municipal Assistance Corp. for
City of Troy, N.Y. 5% 1/15/2022 1,007,875 49
1,000M New York State Dorm. Auth. Rev.
(Suffolk County Jud. Facs.) 7 3/8%
7/1/2016 1,162,500 57
5,000M New York State Environmental Facs. Corp.
(Riverbank St. Pk.) 5 1/8%
4/1/2022 4,706,250 229
New York State Urban Development
Corporation Correctional Facilities:
2,000M Series "C" 7 3/4% 1/1/1998* 2,117,280 103
3,000M Series "F" 7 1/2% 1/1/1999* 3,232,500 157
Puerto Rico Public Buildings Authority:
1,250M 6 1/4% 7/1/2013 1,378,125 67
1,910M 6 1/4% 7/1/2015 2,108,162 102
7,000M 5 1/2% 7/1/2021 7,087,500 344
1,315M St. Lawrence County, N.Y. (Ind. Dev.
Civic Fac.) 5 5/8% 7/1/2013 1,331,438 65
- -----------------------------------------------------------------------------------
25,252,880 1,227
- -----------------------------------------------------------------------------------
Total Value of Municipal Bonds
(cost $193,062,306) 100.1% 205,919,195 10,009
Excess of Liabilities Over
Other Assets (.1) (181,480) (9)
- -----------------------------------------------------------------------------------
Net Assets 100.0% $205,737,715 $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
December 31, 1996
- -----------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.7%
Certificates of Participation--2.1%
Connecticut State (Middletown
Courthouse Facilities):
$ 130M 6 1/4% 12/15/2009 $ 138,775 $ 83
100M 6 1/4% 12/15/2010 106,500 64
100M 6 1/4% 12/15/2012 105,375 63
- -----------------------------------------------------------------------------------
350,650 210
- -----------------------------------------------------------------------------------
Education--14.1%
Conn. State Health & Educational
Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2015 800,219 479
500M Loomis Chafee School Project-Series "B"
6% 7/1/2015 516,875 309
1,000M Trinity College 6 1/8% 7/1/2014 1,042,500 624
- -----------------------------------------------------------------------------------
2,359,594 1,412
- -----------------------------------------------------------------------------------
General Obligation--32.4%
100M Bethel, Conn. 6 1/2% 2/15/2011 112,375 67
500M Bridgeport, Conn. 5 1/2% 9/1/2015 500,625 300
50M Bristol, Conn. 6 1/2% 6/15/2006 56,375 34
30M Colchester, Conn. 7.3% 1/15/2007 35,475 21
Connecticut State:
500M 6 1/2% 3/15/2002* -- Series "A" 551,250 330
620M 6% 3/15/2012 -- Series "E" 665,508 398
130M Coventry, Conn. 6.7% 12/15/2009 149,500 89
Griswold, Conn.:
250M 5 3/4% 4/15/2010 256,875 154
100M 6 1/4% 6/15/2010 111,250 67
100M Groton City, Conn. 6 3/4% 6/1/2007 116,375 70
800M New Britain, Conn. 6% 3/1/2012 862,000 516
130M Newton, Conn. 6.7% 8/15/2010 148,362 89
30M North Canaan, Conn. 6.9% 1/15/2006 34,200 20
40M Old Saybrook, Conn. 6 1/2% 2/15/2009 45,000 27
250M Plainfield, Conn. 6 3/8% 8/1/2011 268,438 161
350M Puerto Rico Commonwealth 6 1/4% 7/1/2013 387,625 232
290M Regional School District #5, Conn.
6.3% 3/1/2009 308,487 185
330M Southington, Conn. 6.55% 4/1/2012 356,813 214
90M Stafford, Conn. 6.55% 11/15/2008 102,262 61
50M Stratford, Conn. 6.6% 3/1/2007 57,437 34
250M Westbrook, Conn. 6.4% 3/15/2010 278,750 167
- -----------------------------------------------------------------------------------
5,404,982 3,236
- -----------------------------------------------------------------------------------
Hospital--21.1%
Conn. State Health & Educational
Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 481,500 288
Capital Asset -- Series "C":
25M 6 7/8% 1/1/2001* 27,625 16
35M 6 7/8% 1/1/2001 37,975 23
500M Greenwich Hospital 5 3/4% 7/1/2016 506,250 303
500M Lawrence & Memorial Hospital
6 3/8% 7/1/2002* 551,875 330
700M New Britain General Hospital
6 1/8% 7/1/2014 729,750 437
325M Stamford Hospital 6 1/2%
7/1/2006 350,188 210
280M Yale-New Haven Hospital 7% 7/1/2000* 309,050 185
500M Puerto Rico Indl. Tourist Edl. Med.
& Env. Ctl. Facs. 6 1/4% 7/1/2016 532,500 319
- -----------------------------------------------------------------------------------
3,526,713 2,111
- -----------------------------------------------------------------------------------
Housing--4.6%
750M Connecticut State Housing Finance Authority
6% 11/15/2010 762,188 456
- -----------------------------------------------------------------------------------
Transportation--9.7%
Connecticut State Special Tax Oblig.
Transportation Infrastructure:
200M 6 1/4% 10/1/2001* 218,000 131
285M 6% 10/1/2009 301,744 181
500M 6 1/2% 10/1/2011 563,750 337
250M 6 1/8% 9/1/2012 269,687 161
250M 6.1% 10/1/2012 262,500 157
- -----------------------------------------------------------------------------------
1,615,681 967
- -----------------------------------------------------------------------------------
Utilities--4.7%
South Central Conn. Regl. Water
Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 269,375 161
500M 6 1/8% 8/1/2014 525,000 314
- -----------------------------------------------------------------------------------
794,375 475
- -----------------------------------------------------------------------------------
Other Revenue--10.0%
545M Connecticut State Dev. Auth. Govtl.
Lease Rev. 6 1/2% 6/15/2008 598,819 358
Puerto Rico Public Buildings Authority:
250M 6 1/4% 7/1/2013 275,625 165
725M 6 1/4% 7/1/2015 800,219 479
- -----------------------------------------------------------------------------------
1,674,663 1,002
- -----------------------------------------------------------------------------------
Total Value of Municipal Bonds
(cost $15,338,153) 98.7% 16,488,846 9,869
Other Assets, Less Liabilities 1.3 219,220 131
- -----------------------------------------------------------------------------------
Net Assets 100.0% $16,708,066 $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
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.4%
Education--1.8%
$400M Volusia County, Fla. Edl. Facs.
(Stetson University Project) 6 3/8% 6/1/2012 $437,000 $183
- ------------------------------------------------------------------------------------------------------------------
General Obligation--3.8%
300M Miami, Fla. 6% 12/1/2010 321,750 135
500M North Springs, Fla. Impt. Dist. 7% 10/1/2009 587,500 246
- ------------------------------------------------------------------------------------------------------------------
909,250 381
- ------------------------------------------------------------------------------------------------------------------
Hospital--9.5%
350M North Broward, Fla. Hosp. Dist. 6 1/2% 1/1/2012 378,000 158
1,000M Orange County, Fla. Health Facs. Auth.
(Orlando Regl. Hlthcare) 6 1/4% 10/1/2018 1,096,250 460
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 798,750 335
- ------------------------------------------------------------------------------------------------------------------
2,273,000 953
- ------------------------------------------------------------------------------------------------------------------
Housing--1.6%
185M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge.
6.95% 12/15/2012 195,175 82
175M Florida Housing Finance Agency-Residential Mtge. (Series 2) 8%
12/15/2016 181,125 76
- ------------------------------------------------------------------------------------------------------------------
376,300 158
- ------------------------------------------------------------------------------------------------------------------
Transportation--5.7%
500M Dade County, Fla. Aviation Revenue Series "A" 6% 10/1/2010 528,125 221
300M Florida State Turnpike Authority Turnpike Revenue 6.35% 7/1/2002* 328,125 138
455M Port Palm Beach District, Fla. Revenue 6 1/4% 9/1/2008 494,244 207
- ------------------------------------------------------------------------------------------------------------------
1,350,494 566
- ------------------------------------------------------------------------------------------------------------------
Utilities--52.3%
250M Broward County, Fla. Water & Sewer Utilities Rev.
6 1/2% 10/1/2001* 273,750 115
750M Charlotte County, Fla. Utilities Revenue 6 3/4% 10/1/2003* 853,125 358
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 547,500 229
1,000M 6 1/4% 1/1/2015 1,097,500 460
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4% 10/1/2001* 768,487 322
300M Kissimmee, Fla. Utility Authority Electric System Revenue 6 1/2%
10/1/2001* 330,750 139
1,495M Lakeland, Fla. Electric & Water Revenue 6% 10/1/2014 1,605,256 673
420M Miramar, Fla. Util. Impt. Rev. 6.4% 10/1/2007 462,525 194
625M Ocoee, Fla. Water & Sewer System Revenue 5 3/8% 10/1/2016 614,844 258
1,000M Plant City, Fla. Utility System Revenue 6% 10/1/2015 1,071,250 449
300M Reedy Creek, Fla. Impt. Dist. Utilities Revenue 6 1/2% 10/1/2001 328,500 138
500M Sarasota County, Fla. Utility System Revenue 6 1/2% 10/1/2004* 565,000 237
Seminole County, Fla. Water & Sewer Revenue:
500M 6% 10/1/2009 542,500 227
500M 6% 10/1/2019 535,000 224
1,000M St. John's County, Fla. Water & Sewer Revenue 5 1/2% 6/1/2011 1,022,500 429
1,000M Sunrise, Fla. Utility System Revenue 5 3/4% 10/1/2016 1,010,000 424
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4% 10/1/2014 845,625 355
- ------------------------------------------------------------------------------------------------------------------
12,474,112 5,231
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--24.7%
400M Florida State Div. Bd. Fin. Dept. General Services
6 3/4% 7/1 2013 433,500 182
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,030,000 432
1,000M Jacksonville, Fla. Cap. Improv. (Gator Bowl Project)
5 7/8% 10/1/2010 1,023,750 429
350M Jacksonville, Fla. Excise Taxes Revenue 6 1/2% 10/1/2013 380,188 159
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9% 10/1/2010 640,500 269
1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev.
5 3/8% 6/1/2011 1,010,000 423
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2% 10/1/2002* 333,750 140
1,000M Tampa, Fla. Sales Tax Revenue 5 3/4% 10/1/2020 1,038,750 436
- ------------------------------------------------------------------------------------------------------------------
5,890,438 2,470
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,042,838) 23,710,594 9,942
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.8 %
$200M Indian River County, Fla. Hospital District
Variable Rate Note 4.15% (cost $200,000)** $200,000 $84
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $22,242,838) 100.2% $23,910,594 10,026
Excess of Liabilities Over Other Assets (0.2) (63,179) (26)
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,847,415 $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 December 31, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.9%
Education--5.1%
Private Colleges & Univs. Facs. Auth., Ga.:
$80M Mercer University Project 6.35% 11/1/2006 $88,400 $259
80M Spelman University Project 6% 6/1/2009 84,800 248
- -----------------------------------------------------------------------------------------------------------------------
173,200 507
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--24.5%
75M Columbia County, Ga. School District 6 1/4% 4/1/2013 80,625 236
100M Hall County, Ga. School District 6.7% 12/1/2014 111,500 326
100M Mitchell County, Ga. School District 6 1/2% 3/1/2009 110,375 323
125M Paulding County, Ga. School District 6% 2/1/2013 134,063 392
100M Peach County, Ga. School District 6.4% 2/1/2019 108,625 318
150M Pike County, Ga. School District 5.7% 2/1/2016 155,437 454
125M Puerto Rico Commonwealth 6 1/4% 7/1/2012 137,812 403
- -----------------------------------------------------------------------------------------------------------------------
838,437 2,452
- -----------------------------------------------------------------------------------------------------------------------
Hospital--3.9%
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 133,125 389
- -----------------------------------------------------------------------------------------------------------------------
Transportation--9.7%
300M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 331,875 970
- -----------------------------------------------------------------------------------------------------------------------
Utilities--43.2%
25M Bartow County, Ga. Water & Sewer Revenue 6.05% 9/1/2007 26,531 78
95M Brunswick, Ga. Water & Sewer Revenue 6.1% 10/1/2019 102,363 299
85M Conyers, Ga. Water & Sewer Revenue 6.45% 7/1/2010 92,331 270
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4% 11/1/2014 86,800 254
210M Douglasville-Douglas County, Ga. Water & Sewer Authority 5 5/8% 6/1/2015 214,987 629
250M Fulton County, Ga. Water & Sewer Revenue 6 3/8% 1/1/2014 277,500 811
100M Georgia Municipal Electric Authority, Special Obligation 6 1/2% 1/1/2017 111,875 327
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 89,300 261
100M 5.8% 1/1/2015 102,750 300
95M Henry County, Ga. Water & Sewer Auth. Revenue 7.1% 2/1/2000* 104,263 305
150M Milledgeville, Ga. Water & Sewer Revenue 6% 12/1/2021 159,938 468
100M St. Marys, Ga. Water & Sewer Revenue 6 1/8% 7/1/2018 107,750 315
- -----------------------------------------------------------------------------------------------------------------------
1,476,388 4,317
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--11.5%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 89,500 262
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7% 2/1/2020 88,400 258
50M East Point, Ga. Building Authority Revenue 6% 2/1/2011 52,375 153
150M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 165,375 484
- -----------------------------------------------------------------------------------------------------------------------
395,650 1,157
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,128,268) 97.9% 3,348,675 9,792
Other Assets, Less Liabilities 2.1 71,019 208
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,419,694 $10,000
- -----------------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
December 31, 1996
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.8%
Certificates of Participation--.3%
$30M Baltimore, Maryland Series "B" 7 1/4% 4/1/2016 $ 32,513 $29
- ----------------------------------------------------------------------------------------------------------------------
Education--10.6%
275M Maryland State Hlth. & High. Edl. Facs. Auth. (Loyola College) 5 1/2%
10/1/16
Morgan State University Academic & Aux. Facs. Fees Revenue: 275,344 247
90M 7% 7/1/2000* 99,337 89
500M 6.05% 7/1/2015 538,125 483
200M 6.1% 7/1/2020 218,750 196
50M University of Maryland Sys. Aux. Fac. & Tuition Rev. 6.3% 2/1/2001* 54,250 49
- ----------------------------------------------------------------------------------------------------------------------
1,185,806 1,064
- ----------------------------------------------------------------------------------------------------------------------
General Obligation--31.7%
350M Anne Arundel County, Maryland Water & Sewer 6.3% 8/1/2015 379,312 340
Baltimore, Maryland:
100M 6.3% 10/15/2004 110,250 99
100M 7% 10/15/2009 117,125 105
250M 5 5/8% 10/15/2012 254,688 229
55M Carroll County, Maryland 6 1/4% 11/1/2001* 60,156 54
100M Chesapeake Beach, Maryland 6 1/2% 5/1/2012 105,875 95
Frederick, Maryland:
100M 6 1/8% 12/1/2008 107,875 97
200M 6 1/8% 10/1/2014 211,250 190
60M Frederick County, Maryland 6 5/8% 8/1/2003* 67,500 61
35M Howard County, Maryland 6 5/8% 2/15/2001* 38,106 34
35M Montgomery County, Maryland 6 3/4% 4/1/2001* 38,675 35
400M Prince Georges County, Maryland 5 1/2% 1/1/2013 406,000 364
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 117,075 105
650M 6 1/4% 7/1/2012 716,625 643
250M 5.65% 7/1/2015 259,688 233
325M Washington County, Maryland 5.8% 1/1/2013 334,750 301
200M Worcester County, Maryland 5 5/8% 8/1/2016 202,500 182
- ----------------------------------------------------------------------------------------------------------------------
3,527,450 3,167
- ----------------------------------------------------------------------------------------------------------------------
Hospital--18.2%
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross Health System) 5.7%
12/10/2010 259,688 233
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9% 7/1/2001* 39,025 35
90M Francis Scott Key Medical Center 6 3/4% 7/1/2000* 98,662 88
500M Maryland General Hospital 6 1/8% 7/1/2014 524,375 471
20M Memorial Hospital 7% 7/1/2007 21,500 19
140M Sinai Hospital of Baltimore 7% 7/1/2000* 154,525 139
110M Suburban Hospital 6% 7/1/2002* 117,700 106
65M University of Maryland Medical System 7% 7/1/2001* 72,719 65
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 346,125 311
350M Takoma Park, Maryland Hosp. Facs. (Adventist Hosp.) 6 1/2% 9/1/2012 391,125 351
- ----------------------------------------------------------------------------------------------------------------------
2,025,444 1,818
- ----------------------------------------------------------------------------------------------------------------------
Housing--7.8%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.) 7% 7/1/2016 265,000 238
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 48,713 44
345M 7% 4/1/2014 364,837 328
180M Montgomery County, Maryland Single Family Mtge. Rev. 6 1/2% 7/1/2011 188,775 169
- ----------------------------------------------------------------------------------------------------------------------
867,325 779
- ----------------------------------------------------------------------------------------------------------------------
Transportation--7.5%
Maryland State Department of Transportation:
60M 6 3/8% 9/1/2006 64,200 58
500M Zero Coupon 7/1/2012 213,125 191
500M Puerto Rico Highway & Transportation Authority 6 1/4% 7/1/2014 553,750 497
- ----------------------------------------------------------------------------------------------------------------------
831,075 746
- ----------------------------------------------------------------------------------------------------------------------
Utilities--7.9%
200M Baltimore, Maryland Rev. Wastewater Projects 6% 7/1/2015 215,750 193
250M Baltimore, Maryland Rev. Water Project 5.8% 7/1/2015 254,688 229
Baltimore, Maryland Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 176,550 159
215M 6 1/4% 7/1/2002* 235,962 212
- ----------------------------------------------------------------------------------------------------------------------
882,950 793
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--12.8%
250M Baltimore, Maryland (Convention Center) 6.1% 9/1/2013 259,375 232
35M Maryland Industrial Financing Authority 7% 7/1/2010 38,456 35
500M Maryland State Stadium Authority 5.65% 3/1/2015 501,875 451
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot) 6 1/4%
6/1/09 107,125 96
475M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 524,281 471
- ----------------------------------------------------------------------------------------------------------------------
1,431,112 1,285
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,180,635) 10,783,675 9,681
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.9%
100M Maryland State Hlth. & High. Edl. Facs. Auth. (Kennedy Krieger)
Variable Rate Note 4.15% (cost $100,000)** 100,000 90
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $10,280,635) 97.7% 10,883,675 9,771
Other Assets, Less Liabilities 2.3 254,968 229
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $11,138,643 $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 December 31, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
December 31, 1996
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Education--7.1%
$425M Massachusetts Health & Educ. Facs. Auth. (Northeastern Univ.)
7 1/8% 10/1/2000* $468,031 $203
1,000M University of Massachusetts Building Authority Revenue
6 7/8% 5/1/2014 1,176,250 510
- -----------------------------------------------------------------------------------------------------------------------
1,644,281 713
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--30.7%
Boston, Massachusetts:
250M 7 3/8% 2/1/2000* 275,938 120
750M 5 7/8% 8/1/2012 772,500 335
Massachusetts General Obligations:
300M 7% 7/1/2009 353,250 153
1,000M 6% 8/1/2010 1,075,000 466
1,100M New Bedford, Massachusetts 5 5/8% 10/1/2016 1,100,000 477
150M North Borough, Massachusetts 7.2% 11/1/2003 158,812 69
1,000M Northampton, Massachusetts 5 1/4% 12/1/2015 973,750 422
150M Rochester, Massachusetts 7 1/4% 3/1/2007 161,063 70
400M Rockport, Massachusetts Unlimited Tax Sch. Proj. Loan
6.9% 12/15/2007 437,000 189
1,000M Springfield, Massachusetts 5.3% 8/1/2013 980,000 425
Wareham, Massachusetts:
225M 7.05% 1/15/2007 249,188 108
500M 7.1% 1/15/2008 553,750 240
- -----------------------------------------------------------------------------------------------------------------------
7,090,251 3,074
- -----------------------------------------------------------------------------------------------------------------------
Hospital--23.7%
Massachusetts Health & Educational Facilities Authority:
195M Berkshire Hospital 7.6% 10/1/1998* 210,356 91
Capital Asset Program:
225M 7.35% 8/1/2008 244,969 106
400M 7.2% 7/1/2009 433,000 188
500M Carney Hospital 7 3/4% 7/1/2000* 563,750 244
750M Massachusetts General Hospital 6 1/4% 7/1/2012 820,313 356
570M Milton Hospital 7% 7/1/2016 617,737 268
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,588,125 689
400M South Shore Hospital 7 1/2% 7/1/2000* 448,000 194
490M University Hospital 7 1/4% 7/1/2019 537,162 233
- -----------------------------------------------------------------------------------------------------------------------
5,463,412 2,369
- -----------------------------------------------------------------------------------------------------------------------
Housing--5.1%
Massachusetts Housing Finance Agency:
1,000M 6% 12/1/2012 1,021,250 443
145M 7.7% 12/1/2017 151,887 66
- -----------------------------------------------------------------------------------------------------------------------
1,173,137 509
- -----------------------------------------------------------------------------------------------------------------------
Transportation--10.2%
Massachusetts Bay Transportation Authority:
1,500M Series "A" 5.8% 3/1/2013 1,569,375 681
690M Series "A" 7.65% 8/1/2000* 777,975 337
- -----------------------------------------------------------------------------------------------------------------------
2,347,350 1,018
- -----------------------------------------------------------------------------------------------------------------------
Utilities--21.5%
Boston, Massachusetts Water & Sewer Commission:
850M 7% 11/1/2001* 956,250 414
100M 7 1/4% 11/1/2006 106,750 46
1,035M 5 3/4% 11/1/2013 1,075,106 466
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4% 12/1/2000* 532,594 231
1,250M Massachusetts State Water Resource Authority 5% 3/1/2022 1,140,625 495
1,000M South Essex, Massachusetts Sewer District 6 3/4% 6/1/2004* 1,141,250 495
- -----------------------------------------------------------------------------------------------------------------------
4,952,575 2,147
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,920,707) 98.3% 22,671,006 9,830
Other Assets, Less Liabilities 1.7 391,043 170
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,062,049 $10,000
=======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.6%
Certificates of Participation--3.9%
$1,000M Hudson County, N.J. Correctional Facility 7 1/4% 12/1/2000* $1,121,250 $186
500M Mantua Township, N.J. School District 7 1/4% 6/30/2000* 556,875 92
600M Piscataway Township, N.J. School District 7% 12/15/2000* 669,750 111
- ------------------------------------------------------------------------------------------------------------------------------
2,347,875 389
- ------------------------------------------------------------------------------------------------------------------------------
Education--2.3%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.)
6 1/4% 7/1/2010 1,386,125 229
- ------------------------------------------------------------------------------------------------------------------------------
General Obligation--16.4%
1,000M Essex County, N.J. 5% 11/15/2011 957,500 159
Essex County, N.J. Improvement Authority:
955M County College Project 6.9% 12/1/2004* 1,105,412 183
545M Jail & Youth House Project 6.9% 12/1/2004* 630,838 104
Orange School District:
1,025M Series "A" 6.95% 7/1/2014 1,159,531 192
1,220M Series "B" 6.95% 7/1/2014 1,380,125 229
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,080,240 179
1,300M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,439,750 238
Union City, N.J.:
1,000M 6.7% 9/1/2012 1,093,750 181
995M 6.4% 11/1/2013 1,108,181 183
- ------------------------------------------------------------------------------------------------------------------------------
9,955,327 1,648
- ------------------------------------------------------------------------------------------------------------------------------
Hospital--24.0%
New Jersey Health Care Facilities Financing Authority:
1,250M Bayonne Hospital 6 1/4% 7/1/2012 1,318,750 218
400M Community Medical Center 7% 7/1/2009 428,500 71
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,810,438 300
750M Holy Name Hospital 7% 7/1/2008 815,625 135
1,100M Hunterdon Hospital 7% 7/1/2020 1,186,625 196
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,837,500 304
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,655,625 274
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,435,900 569
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 888,937 147
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,113,750 184
- ------------------------------------------------------------------------------------------------------------------------------
14,491,650 2,398
- ------------------------------------------------------------------------------------------------------------------------------
Housing--4.6%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 402,800 67
420M Series "E" 7.65% 10/1/2016 442,575 73
1,385M Series "C" 7 3/8% 10/1/2017 1,440,400 238
450M Series "B" 8.1% 10/1/2017 470,813 78
- ------------------------------------------------------------------------------------------------------------------------------
2,756,588 456
- ------------------------------------------------------------------------------------------------------------------------------
Transportation--10.8%
900M Delaware River Port Authority 7 3/8% 1/1/2007 966,375 160
1,000M New Jersey State Highway Authority (Garden State Parkway) 6.2%
1/1/2010 1,091,250 180
4,750M New Jersey State Transportation Fund Transit System Series "A" 5%
6/15/2015 4,500,625 745
- ------------------------------------------------------------------------------------------------------------------------------
6,558,250 1,085
- ------------------------------------------------------------------------------------------------------------------------------
Utilities--14.6%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2% 12/15/2012 1,071,250 177
1,500M Brick Township, N.J. Municipal Utilities Authority 5% 12/1/2016 1,406,250 233
500M Camden County, N.J. Municipal Utilities Authority 5.3% 7/15/2013 487,500 80
1,000M Evesham, N.J. Municipal Utilities Authority 7% 7/1/2000* 1,086,250 180
500M Long Branch, N.J. Sewer Authority 7 1/4% 6/1/2000* 555,000 92
500M Lower Township, N.J. Municipal Utilities Authority 7% 12/1/2000* 556,250 92
250M Montville Township, N.J. Municipal Utilities Authority 7% 12/1/2001* 282,500 47
500M Musconetcong, N.J. Sewer Authority 7.15% 1/1/2000* 548,125 91
1,435M New Jersey Wastewater Treatment Trust 6 1/4% 4/1/2010 1,537,244 254
1,140M Passaic Valley, N.J. Water Commn. 6.4% 12/15/2002* 1,266,825 210
- ------------------------------------------------------------------------------------------------------------------------------
8,797,194 1,456
- ------------------------------------------------------------------------------------------------------------------------------
Other Revenue--23.0%
1,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Convention Center) 7.4%
7/1/2016 2,329,875 386
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth. 6.8% 3/1/2021 413,000 68
New Jersey Economic Development Authority:
1,000M Educational Testing Service: 1,023,750 169
2,000M 5.9% 5/15/2015 2,095,000 347
2,185M 6 1/8% 5/15/2015 2,258,744 374
1,775M Market Transition Facility 5 7/8% 7/1/2011 1,897,031 314
N.J. Performing Arts Center 6% 6/15/2012
Puerto Rico Public Buildings Authority:
1,350M Series "A" 6 1/4% 7/1/2013 1,488,375 246
1,195M Series "A" 6 1/4% 7/1/2014 1,321,969 219
1,000M Salem County, N.J. Impt. Auth. Rev. County Corr. Facs. 7 1/8% 5/1/1999* 1,083,750 179
- ------------------------------------------------------------------------------------------------------------------------------
13,911,494 2,302
- ------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $55,647,657) 99.6% 60,204,503 9,963
Other Assets, Less Liabilities .4 220,782 37
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $60,425,285 $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
December 31, 1996
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.2%
Certificates of Participation--3.7%
$100M Charlotte, N.C. Convention Facilities Project 6 3/4% 12/1/2001* $111,625 $187
100M Cumberland County, N.C. Civic Center Project 6.3% 12/1/2008 108,750 183
- --------------------------------------------------------------------------------------------------------------
220,375 370
- --------------------------------------------------------------------------------------------------------------
General Obligation--44.3%
250M Cleveland County, N.C. 5 1/2% 3/1/2012 253,125 425
200M Cumberland County, N.C. 5 1/2% 4/1/2012 202,000 339
200M Currituck County, N.C. 5.4% 4/1/2013 199,250 335
200M Gaston County, N.C. 5.7% 3/1/2013 207,000 348
220M Laurinburg, N.C. 5.3% 6/1/2012 218,075 366
200M Mecklenburg County, N.C. 6.2% 1/1/2002* 216,250 363
200M Morganton, N.C. 5.7% 6/1/2014 206,250 346
400M Onslow County, N.C. 5.7% 3/1/2011 417,500 701
200M Puerto Rico Commonwealth 6 1/4% 7/1/2012 220,500 370
280M Rowan County, N.C. 5.6% 4/1/2014 287,000 482
200M Watauga County, N.C. 5.9% 6/1/2014 209,500 352
- --------------------------------------------------------------------------------------------------------------
2,636,450 4,427
- --------------------------------------------------------------------------------------------------------------
Hospital--5.0%
100M North Carolina Med. Care Commn. (Presbyterian Hosp.) 7 3/8% 10/1/2000* 112,250 188
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 186,375 313
- --------------------------------------------------------------------------------------------------------------
298,625 501
- --------------------------------------------------------------------------------------------------------------
Housing--2.2%
125M North Carolina Housing Finance Agency Multi-Family 6.6% 7/1/2017 131,719 221
- --------------------------------------------------------------------------------------------------------------
Transportation--7.0%
375M Puerto Rico Commonwealth Highway & Transportation Authority 6 1/4%
7/1/2014 415,312 697
- --------------------------------------------------------------------------------------------------------------
Utilities--22.3%
250M Asheville, N.C. Water System Revenue 5 5/8% 8/1/2013 254,688 428
250M Buncombe County, N.C. Solid Waste System 5.6% 3/1/2011 254,688 428
390M Fayetteville, N.C. Public Works Commission Revenue 5.7% 2/1/2010 401,700 674
200M North Carolina Eastern Municipal Power Agency 5.6% 1/1/2010 202,250 340
200M North Carolina Municipal Power Agency (Catawba Electric) 6% 1/1/2010 215,250 361
- --------------------------------------------------------------------------------------------------------------
1,328,576 2,231
- --------------------------------------------------------------------------------------------------------------
Other Revenue--12.7%
250M Kinston, N.C. Enterprise System Revenue 5.7% 4/1/2012 255,937 430
250M North Carolina Cent. Univ. Hsg. Rev. 5.6% 11/1/2012 253,750 426
225M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 248,344 417
- --------------------------------------------------------------------------------------------------------------
758,031 1,273
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,554,812) 97.2% 5,789,088 9,720
Other Assets, Less Liabilities 2.8 166,999 280
- --------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,956,087 $10,000
==============================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.5%
Education--11.1%
$1,000M Allegheny County, Pa. Higher Educ. Bldg. Auth. (Duquesne Univ.) 5%
3/1/2016 $932,500 $217
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 8/15/2009 729,000 169
Pennsylvania State Higher Education Facilities Authority:
455M Hahnemann University 7.2% 7/1/2019 495,950 115
1,565M La Salle University 5 5/8% 5/1/2017 1,568,913 365
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,051,250 244
- ------------------------------------------------------------------------------------------------------------------
4,777,613 1,110
- ------------------------------------------------------------------------------------------------------------------
General Obligation--19.9%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3% 4/1/2009 162,187 38
1,250M Beaver County, Pa. 5 3/4% 10/1/2015 1,271,875 296
1,000M Conrad Weiser Area School District, Pa. 5 1/4% 12/15/2014 975,000 226
265M Falls Township, Pa. 7% 12/15/2000* 288,519 67
700M Jeannette, Pa. School District 6.65% 6/15/2001* 760,375 177
1,000M Philadelphia, Pa. 6% 11/15/2014 1,048,750 244
1,500M Pittsburgh, Pa. 5 1/2% 9/1/2014 1,526,250 355
1,000M Stroudsburg, Pa. Area School District 5.8% 10/1/2010 1,032,500 240
800M Trinity Area School District, Pa. 6 5/8% 11/1/2001* 873,000 203
565M Venango County, Pa. 7% 7/15/2000* 614,438 143
- ------------------------------------------------------------------------------------------------------------------
8,552,894 1,989
- ------------------------------------------------------------------------------------------------------------------
Hospital--12.9%
Allegheny County, Pa. Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,048,750 244
1,250M South Hills Health System 5.8% 5/1/2016 1,268,750 295
1,500M Berks County, Pa. Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.) 5.7%
10/1/2014 1,546,875 360
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8% 7/1/2014 1,155,000 268
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7% 7/1/2014 527,500 123
- ------------------------------------------------------------------------------------------------------------------
5,546,875 1,290
- ------------------------------------------------------------------------------------------------------------------
Housing--2.7%
Pennsylvania Housing Finance Agency Single-Family Mtge.:
470M 7.15% 4/1/2015 495,262 115
625M 7.3% 10/1/2017 664,063 154
- ------------------------------------------------------------------------------------------------------------------
1,159,325 269
- ------------------------------------------------------------------------------------------------------------------
Transportation--3.0%
1,000M Pennsylvania State Turnpike Commission Oil Franchise Rev. 5 1/2%
12/1/2012 1,006,250 234
260M Pennsylvania State Turnpike Commission Turnpike Revenue 7.4%
12/1/2000* 292,500 68
- ------------------------------------------------------------------------------------------------------------------
1,298,750 302
- ------------------------------------------------------------------------------------------------------------------
Utilities--28.9%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,196,250 278
1,000M 6 1/4% 12/1/2014 1,056,250 246
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison) 7 3/4%
9/1/2024 190,750 44
350M Harrisburg, Pa. Authority Water Revenue 6 1/2% 8/15/2002* 382,375 89
1,000M North Pennsylvania, Pa. Water Authority 6 7/8% 11/1/2004* 1,143,750 266
1,000M North Wales, Pa. Water Authority 6 3/4% 11/1/2004* 1,128,750 263
Philadelphia, Pa. Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,343,775 312
2,000M 6 1/4% 8/1/2012 2,182,500 507
2,450M Pittsburgh, Pa. Water & Sewer Authority 6 1/2% 9/1/2013 2,759,312 642
1,000M Washington County, Pa. Indl. Dev. Auth. (West Penn. Power) 6.05%
4/1/2014 1,037,500 241
- ------------------------------------------------------------------------------------------------------------------
12,421,212 2,888
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--20.0%
615M Luzerne County, Pa. Flood Protection Authority 5 1/2% 7/15/2011 615,000 143
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev.
7% 6/15/2005* 1,147,500 267
Pennsylvania State Industrial Development Authority:
1,000M 6% 1/1/2012 1,042,500 242
2,750M 5 1/2% 1/1/2014 2,756,875 641
2,000M Philadelphia, Pa. Authority for Ind. Dev. Lease Rev.
5.4% 2/15/2000* 1,945,000 452
500M Somerset County, Pa. Gen. Auth. Commonwealth Lease Rev. 7%
10/15/2001* 553,125 129
500M Washington County, Pa. Auth. Lease Rev. 7.45% 6/15/2000* 561,875 131
- ------------------------------------------------------------------------------------------------------------------
8,621,875 2,005
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $39,637,127) 98.5% 42,378,544 9,853
Other Assets, Less Liabilities 1.5 630,562 147
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $43,009,106 $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--VIRGINIA FUND
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.6%
Education--7.9%
$575M George Mason University, Va. 6 3/8% 8/1/2016 $617,406 $278
1,100M Norfolk, Va. Redev. & Hsg. Auth. (Tidewater Cmnty. College) 5 7/8%
11/1/2015 1,134,375 511
- ------------------------------------------------------------------------------------------------------------------
1,751,781 789
- ------------------------------------------------------------------------------------------------------------------
General Obligation--9.0%
1,000M Chesapeake, Va. Public Improvement 5% 5/1/2013 952,500 429
500M Danville, Virginia 5.8% 4/1/2014 511,875 230
500M Virginia State Public School Authority 6 1/2% 8/1/2013 543,750 245
- ------------------------------------------------------------------------------------------------------------------
2,008,125 904
- ------------------------------------------------------------------------------------------------------------------
Hospital--19.6%
1,150M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.) 6 3/8% 10/2014 1,234,813 556
500M Hanover County, Va. Indl. Dev. Auth. (Bon Secours Health Sys. Projs.)
6% 8/15/2010 534,375 241
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 315,650 142
255M 7 1/4% 7/1/2000* 283,369 128
1,675M 6 1/8% 7/1/2017 1,811,094 815
150M Winchester, Va. Indl. Dev. Auth. (Winchester Med.Ctr.) 7 1/4% 1/1/2000* 165,000 74
- ------------------------------------------------------------------------------------------------------------------
4,344,301 1,956
- ------------------------------------------------------------------------------------------------------------------
Transportation--16.0%
1,000M Puerto Rico Commonwealth Highway & Transportation Authority 6 1/4%
7/1/2014 1,107,500 499
280M Richmond, Va. Metro. Auth. Expressway Rev. 7% 10/15/2000* 297,850 134
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,075,000 484
1,000M 6% 7/1/2010 1,063,750 479
- ------------------------------------------------------------------------------------------------------------------
3,544,100 1,596
- ------------------------------------------------------------------------------------------------------------------
Utilities--22.8%
275M Henry County, Va. Public Service Auth. Water & Sewer Rev. 7.2%
11/15/2000* 305,250 137
750M Leesburg, Va. Utility System Revenue 6.3% 7/1/2012 794,062 358
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4% 1/1/2010 536,875 242
1,000M 5 7/8% 11/1/2015 1,028,750 463
1,000M Prince William County, Va. Svce. Auth. Water & Sewer Sys. Rev. 1,095,000 493
6 1/2% 7/1/2001*
560M Roanoke County, Va. Water System Revenue 6 1/2% 7/1/2001* 615,300 277
625M Upper Occoquan Sewer Authority, Va. Regional Sewer Revenue 6 1/2%
7/1/2001* 686,719 309
- ------------------------------------------------------------------------------------------------------------------
5,061,956 2,279
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--22.3%
1,000M Chesapeake, Va. Indl. Dev. Auth. (Chesapeake Court House Proj.) 5 1/4% 956,250 430
6/1/2017
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex Proj.) 6 1/2% 767,375 345
12/1/2014
1,000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,106,250 498
1,000M Richmond, Va. Redev. & Hsg. Auth. (Old Manchester Proj.) 6.8% 3/1/2015 1,100,000 495
1,000M Riverside, Va. Regl. Jail Authority 5 7/8% 7/1/2014 1,030,000 464
- ------------------------------------------------------------------------------------------------------------------
4,959,875 2,232
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,218,142) 97.6% 21,670,138 9,756
Other Assets, Less Liabilities 2.4 542,892 244
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,213,030 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Statement of Assets and Liabilities
December 31, 1996
<TABLE>
<CAPTION>
- --------------------------- ------------------- --------------------------------
FIRST INVESTORS FIRST
NEW YORK INSURED --------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA
- --------------------------- ------------------- --------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $193,062,306 $15,338,153 $22,242,838
============ =========== ===========
At value (Note 1A) $205,919,195 $16,488,846 $23,910,594
Cash (overdraft) (51,670) 129,986 184,470
Receivables:
Interest 4,497,537 344,002 356,346
Investment securities sold 2,064,405 -- 25,384
Shares sold 128,674 28,636 47,662
Other assets 10,408 16 31
------------ ----------- -----------
Total Assets 212,568,549 16,991,486 24,524,487
------------ ----------- -----------
Liabilities
Payables:
Investment securities purchased 5,777,080 251,755 609,022
Cash portion of dividend
payable January 20, 1997 448,749 15,560 46,863
Shares redeemed 389,430 517 64
Accrued advisory fees 128,612 6,922 9,887
Accrued expenses 86,963 8,666 11,236
------------ ----------- -----------
Total Liabilities 6,830,834 283,420 677,072
------------ ----------- -----------
Net Assets $205,737,715 $16,708,066 $23,847,415
============ =========== ===========
Net Assets Consist of:
Capital paid in $192,877,449 $15,744,931 $22,179,253
Undistributed net investment income 4,760 3,312 2,047
Accumulated net realized
loss on investments (1,383) (190,870) (1,641)
Net unrealized appreciation
in value of investments 12,856,889 1,150,693 1,667,756
------------ ----------- -----------
Total $205,737,715 $16,708,066 $23,847,415
============ =========== ===========
Shares outstanding (Note 2):
Class A 13,998,593 1,196,717 1,777,661
Class B 154,252 118,507 41,876
Net asset value and redemption
price per share--Class A $14.54 $12.70 $13.11
====== ====== ======
Maximum offering price
per share--Class A* $15.51 $13.55 $13.98
====== ====== ======
Net asset value and offering
price per share--Class B $14.53 $12.70 $13.11
====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities (continued)
December 31, 1996
- --------------------------- ---------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------
GEORGIA MARYLAND MASSACHUSETTS
- --------------------------- ---------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $3,128,268 $10,280,635 $20,920,707
========== =========== ===========
At value (Note 1A) $3,348,675 $10,883,675 $22,671,006
Cash (overdraft) 30,094 149,779 96,265
Receivables:
Interest 70,525 252,910 414,456
Investment securities sold -- -- --
Shares sold 1,038 26,879 6,334
Other assets -- 7 644
---------- ----------- -----------
Total Assets 3,450,332 11,313,250 23,188,705
---------- ----------- -----------
Liabilities
Payables:
Investment securities purchased -- 151,893 --
Cash portion of dividend
payable January 20, 1997 3,364 14,785 38,643
Shares redeemed 26,030 -- 66,407
Accrued advisory fees 572 2,735 9,606
Accrued expenses 672 5,194 12,000
---------- ----------- -----------
Total Liabilities 30,638 174,607 126,656
---------- ----------- -----------
Net Assets $3,419,694 $11,138,643 $23,062,049
========== =========== ===========
Net Assets Consist of:
Capital paid in $3,240,682 $10,657,520 $21,307,322
Undistributed net
investment income -- -- 4,428
Accumulated net realized
loss on investments (41,395) (121,917) --
Net unrealized appreciation
in value of investments 220,407 603,040 1,750,299
---------- ----------- -----------
Total $3,419,694 $11,138,643 $23,062,049
========== =========== ===========
Shares outstanding (Note 2):
Class A 260,428 785,671 1,891,431
Class B 12,052 79,300 43,561
Net asset value and redemption
price per share--Class A $12.55 $12.88 $11.92
====== ====== ======
Maximum offering price
per share--Class A* $13.39 $13.74 $12.71
====== ====== ======
Net asset value and offering
price per share--Class $12.54 $12.87 $11.91
====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities (continued)
December 31, 1996
- --------------------------- --------------------------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------
NORTH
NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------- --------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $55,647,657 $5,554,812 $39,637,127 $20,218,142
=========== ========== =========== ===========
At value (Note 1A) $60,204,503 $5,789,088 $42,378,544 $21,670,138
Cash (overdraft) 218,183 15,400 (7,914) 155,198
Receivables:
Interest 1,172,764 104,803 656,777 469,797
Investment securities sold 190 -- 100,288 --
Shares sold 142,912 57,376 268,311 6,326
Other assets 277 -- 81 47
----------- ---------- ----------- -----------
Total Assets 61,738,829 5,966,667 43,396,087 22,301,506
----------- ---------- ----------- -----------
Liabilities
Payables:
Investment securities purchased 955,116 -- 243,537 --
Cash portion of dividend payable
January 20, 1997 95,178 8,529 102,128 49,210
Shares redeemed 201,530 -- 6,749 22,612
Accrued advisory fees 30,150 981 17,759 9,229
Accrued expenses 31,570 1,070 16,808 7,425
----------- ---------- ----------- -----------
Total Liabilities 1,313,544 10,580 386,981 88,476
----------- ---------- ----------- -----------
Net Assets $60,425,285 $5,956,087 $43,009,106 $22,213,030
=========== ========== =========== ===========
Net Assets Consist of:
Capital paid in $55,865,072 $5,832,781 $40,264,950 $20,755,185
Undistributed net investment income 3,367 442 2,739 5,849
Accumulated net realized loss
on investments -- (111,412) -- --
Net unrealized appreciation
in value of investments 4,556,846 234,276 2,741,417 1,451,996
----------- ---------- ----------- -----------
Total $60,425,285 $5,956,087 $43,009,106 $22,213,030
=========== ========== =========== ===========
Shares outstanding (Note 2):
Class A 4,528,646 479,807 3,269,921 1,650,990
Class B 123,544 11,027 60,482 91,528
Net asset value and redemption
price per share--Class A $12.99 $12.13 $12.91 $12.75
====== ====== ====== ======
Maximum offering price
per share--Class A* $13.86 $12.94 $13.77 $13.60
====== ====== ====== ======
Net asset value and offering
price per share--Class B $12.97 $12.13 $12.91 $12.74
====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Year Ended December 31, 1996
- --------------------------- ------------------- --------------------------------
FIRST INVESTORS FIRST
NEW YORK INSURED --------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA
- --------------------------- ------------------- --------------------------------
<S> <C> <C> <C>
Investment Income
Interest income $12,798,732 $955,901 $1,281,754
----------- -------- ----------
Expenses (Notes 1 and 5):
Advisory fees 1,560,042 125,615 171,339
Distribution plan expenses--Class A 618,287 31,179 44,815
Distribution plan expenses--Class B 19,102 11,599 4,380
Shareholder servicing costs 161,257 16,619 16,963
Professional fees 41,975 12,795 14,111
Reports to shareholders 34,668 2,420 1,996
Bond insurance premiums 44,608 3,052 --
Custodian fees 25,075 3,188 5,436
Other expenses 59,714 7,962 9,270
----------- -------- ----------
Total expenses 2,564,728 214,429 268,310
Less: Expenses waived or assumed -- (68,968) (76,337)
Custodian fees paid indirectly (19,913) (3,188) (5,215)
----------- -------- ----------
Expenses--net 2,544,815 142,273 186,758
----------- -------- ----------
Net investment income 10,253,917 813,628 1,094,996
----------- -------- ----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized gain (loss)
on investments 1,289,959 49,894 74,824
Net unrealized depreciation
of investments (5,797,415) (341,867) (389,084)
----------- -------- ----------
Net loss on investments (4,507,456) (291,973) (314,260)
----------- -------- ----------
Net Increase in Net Assets
Resulting from Operations $ 5,746,461 $521,655 $ 780,736
=========== ======== ==========
</TABLE>
<TABLE>
<CAPTION
Statement of Operations (continued)
Year Ended December 31, 1996
- --------------------------- ---------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------
GEORGIA MARYLAND MASSACHUSETTS
- --------------------------- ---------------------------------------------------
<S> <C> <C> <C>
Investment Income
Interest income $185,121 $561,277 $1,368,717
-------- -------- ----------
Expenses (Notes 1 and 5):
Advisory fees 25,146 75,296 173,355
Distribution plan expenses--Class A 6,455 18,376 45,449
Distribution plan expenses--Class B 1,250 8,512 3,893
Shareholder servicing costs 4,039 11,045 20,889
Professional fees 8,523 7,731 13,351
Reports to shareholders 573 1,263 4,066
Bond insurance premiums -- 1,634 1,047
Custodian fees 1,101 2,335 4,876
Other expenses 2,288 5,438 8,819
-------- -------- ----------
Total expenses 49,375 131,630 275,745
Less: Expenses waived or assumed (35,499) (73,457) (74,509)
Custodian fees paid indirectly (1,101) (2,335) (4,876)
-------- -------- ----------
Expenses--net 12,775 55,838 196,360
-------- -------- ----------
Net investment income 172,346 505,439 1,172,357
-------- -------- ----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized gain (loss)
on investments (3,567) (12,765) 85,294
Net unrealized depreciation
of investments (35,533) (142,574) (573,806)
-------- -------- ----------
Net loss on investments (39,100) (155,339) (488,512)
-------- -------- ----------
Net Increase in Net Assets
Resulting from Operations $133,246 $350,100 $ 683,845
======== ======== ==========
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
Year Ended December 31, 1996
- --------------------------- --------------------------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------
NORTH
NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------- --------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $3,501,331 $291,347 $2,351,983 $1,359,515
---------- -------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 445,969 41,297 309,157 178,355
Distribution plan expenses--Class A 116,539 10,783 81,378 45,310
Distribution plan expenses--Class B 11,940 1,146 5,319 11,264
Shareholder servicing costs 38,474 6,270 27,605 22,793
Professional fees 31,309 6,779 10,711 13,184
Reports to shareholders 8,639 834 5,510 4,598
Bond insurance premiums 2,040 543 1,947 4,728
Custodian fees 8,300 1,807 6,244 4,745
Other expenses 17,771 3,514 13,972 9,443
---------- -------- ---------- ----------
Total expenses 680,981 72,973 461,843 294,420
Less: Expenses waived or assumed (89,194) (50,843) (103,053) (97,395)
Custodian fees paid indirectly (7,136) (1,807) (6,244) (1,386)
---------- -------- ---------- ----------
Expenses--net 584,651 20,323 352,546 195,639
---------- -------- ---------- ----------
Net investment income 2,916,680 271,024 1,999,437 1,163,876
---------- -------- ---------- ----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized gain (loss)
on investments 70,669 (23,116) 92,636 116,236
Net unrealized depreciation
of investments (1,196,743) (34,400) (641,156) (619,607)
---------- -------- ---------- ----------
Net loss on investments (1,126,074) (57,516) (548,520) (503,371)
---------- -------- ---------- ----------
Net Increase in Net Assets
Resulting from Operations $1,790,606 $213,508 $1,450,917 $ 660,505
========== ======== ========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- --------------------------------------- ---------------------------------- ----------------------------------
FIRST INVESTORS FIRST
NEW YORK INSURED ----------------------------------
TAX FREE FUND, INC. CONNECTICUT
- --------------------------------------- ---------------------------------- ----------------------------------
Year Ended December 31 1996 1995 1996 1995
- --------------------------------------- ---------------------------------- ----------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets From Operations
Net investment income $ 10,253,917 $ 10,640,790 $ 813,628 $ 817,186
Net realized gain (loss) on investments 1,289,959 3,236,161 49,894 114,073
Net unrealized appreciation (depreciation)
of investments (5,797,415) 15,830,893 (341,867) 1,646,045
------------ ------------ ----------- -----------
Net increase in net assets resulting
from operations 5,746,461 29,707,844 521,655 2,577,304
------------ ------------ ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (10,188,583) (10,644,109) (763,323) (802,390)
Net investment income--Class B (81,519) (19,054) (47,896) (19,148)
Net realized gains--Class A (1,270,477) (840,260) -- --
Net realized gains--Class B (14,025) (4,480) -- --
------------ ------------ ----------- -----------
Total distributions (11,554,604) (11,507,903) (811,219) (821,538)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 14,929,752 20,127,144 1,791,879 2,072,940
Value of distributions reinvested 8,479,739 8,499,603 591,466 634,983
Cost of shares redeemed (29,403,688) (25,461,327) (3,622,967) (2,553,706)
------------ ------------ ----------- -----------
(5,994,197) 3,165,420 (1,239,622) 154,217
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 1,324,681 1,324,490 870,165 805,158
Value of distributions reinvested 43,157 16,591 44,644 19,148
Cost of shares redeemed (242,836) (207,131) (259,832) --
------------ ------------ ----------- -----------
1,125,002 1,133,950 654,977 824,306
------------ ------------ ----------- -----------
Net increase (decrease) from
share transactions (4,869,195) 4,299,370 (584,645) 978,523
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (10,677,338) 22,499,311 (874,209) 2,734,289
Net Assets
Beginning of year 216,415,053 193,915,742 17,582,275 14,847,986
------------ ------------ ----------- -----------
End of year+ $205,737,715 $216,415,053 $16,708,066 $17,582,275
============ ============ =========== ===========
+ Includes undistributed net
investment income of $ 4,760 $ 20,945 $ 3,312 $ 903
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 1,025,758 1,396,279 142,380 167,960
Issued for distributions reinvested 582,469 584,026 46,920 51,005
Redeemed (2,024,730) (1,762,820) (288,759) (206,220)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding (416,503) 217,485 (99,459) 12,745
============ ============ =========== ===========
Class B:
Sold 90,689 90,459 69,093 64,921
Issued for distributions reinvested 2,968 1,128 3,543 1,522
Redeemed (16,810) (14,182) (20,572) --
------------ ------------ ----------- -----------
Net increase in Class B shares outstanding 76,847 77,405 52,064 66,443
============ ============ =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
- ---------------------------------- -----------------------------------------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------------------------------
FLORIDA GEORGIA MARYLAND
-----------------------------------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995 1996 1995
--------------------------- ------------------------ -------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets From Operations
Net investment income $ 1,094,996 $ 1,070,108 $ 172,346 $ 146,430 $ 505,439 $ 437,765
Net realized gain (loss)
on investments 74,824 188,468 (3,567) 2,973 (12,765) 22,502
Net unrealized appreciation
(depreciation)
of investments (389,084) 2,343,973 (35,533) 290,945 (142,574) 845,062
----------- ----------- ---------- ---------- ----------- ----------
Net increase in net
assets resulting from
operations 780,736 3,602,549 133,246 440,348 350,100 1,305,329
----------- ----------- ---------- ---------- ----------- ----------
Distributions to Shareholders from:
Net investment income--Class A (1,080,032) (1,074,302) (168,808) (143,122) (471,931) (426,969)
Net investment income--Class B (17,788) (7,399) (5,554) (2,344) (37,153) (9,709)
Net realized gains--Class A -- -- -- -- -- --
Net realized gains--Class B -- -- -- -- -- --
----------- ----------- ---------- ---------- ----------- ----------
Total distributions (1,097,820) (1,081,701) (174,362) (145,466) (509,084) (436,678)
----------- ----------- ---------- ---------- ----------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 4,886,609 3,558,826 708,947 1,042,204 2,371,706 1,624,609
Value of distributions reinvested 527,296 502,849 130,926 116,431 318,426 275,270
Cost of shares redeemed (4,030,124) (4,103,965) (577,642) (466,779) (1,084,280) (989,316)
----------- ----------- ---------- ---------- ----------- ----------
1,383,781 (42,290) 262,231 691,856 1,605,852 910,563
----------- ----------- ---------- ---------- ----------- ----------
Class B:
Proceeds from shares sold 270,535 327,260 53,815 96,664 605,384 524,692
Value of distributions reinvested 11,860 5,044 5,551 2,348 27,636 9,187
Cost of shares redeemed (29,524) (48,025) (5,516) (6,238) (29,524) (128,337)
----------- ----------- ---------- ---------- ----------- ----------
252,871 284,279 53,850 92,774 603,496 405,542
----------- ----------- ---------- ---------- ----------- ----------
Net increase (decrease)
from share transactions 1,636,652 241,989 316,081 784,630 2,209,348 1,316,105
----------- ----------- ---------- ---------- ----------- ----------
Net increase (decrease)
in net assets 1,319,568 2,762,837 274,965 1,079,512 2,050,364 2,184,756
Net Assets
Beginning of year 22,527,847 19,765,010 3,144,729 2,065,217 9,088,279 6,903,523
----------- ----------- ---------- ---------- ----------- ----------
End of year+ $23,847,415 $22,527,847 $3,419,694 $3,144,729 $11,138,643 $9,088,279
=========== =========== ========== ========== =========== ==========
+Includes undistributed
net investment income of $ 2,047 $ 4,871 $ -- $ 2,014 $ -- $ 3,403
=========== =========== ========== ========== =========== ==========
(a) Shares Issued and Redeemed
Class A:
Sold 376,905 279,362 57,305 86,530 185,393 130,068
Issued for distributions reinvested 40,598 39,482 10,551 9,542 24,934 21,809
Redeemed (309,903) (324,510) (46,987) (38,851) (85,125) (78,092)
----------- ----------- ---------- ---------- ----------- ----------
Net increase (decrease)
in Class A shares
outstanding 107,600 (5,666) 20,869 57,221 125,202 73,785
=========== =========== ========== ========== =========== ==========
Class B:
Sold 20,824 25,731 4,383 7,980 47,217 41,606
Issued for distributions reinvested 913 392 447 190 2,165 718
Redeemed (2,299) (3,685) (449) (499) (2,293) (10,113)
----------- ----------- ---------- ---------- ----------- ----------
Net increase in Class B
shares outstanding 19,438 22,438 4,381 7,671 47,089 32,211
=========== =========== ========== ========== =========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
----------------------------------------------------------
FIRST INVESTORS
----------------------------------------------------------
MASSACHUSETTS NEW JERSEY
----------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets From Operations
Net investment income $ 1,172,357 $ 1,164,983 $ 2,916,680 $ 2,914,025
Net realized gain (loss)
on investments 85,294 360,045 70,669 657,781
Net unrealized appreciation
(depreciation)
of investments (573,806) 1,956,930 (1,196,743) 5,200,017
----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations 683,845 3,481,958 1,790,606 8,771,823
----------- ----------- ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (1,153,025) (1,157,985) (2,869,228) (2,918,856)
Net investment income--Class B (16,672) (9,593) (49,644) (11,913)
Net realized gains--Class A (83,372) (30,240) (68,924) (425,117)
Net realized gains--Class B (1,922) (410) (1,745) (6,884)
----------- ----------- ----------- -----------
Total distributions (1,254,991) (1,198,228) (2,989,541) (3,362,770)
----------- ----------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,511,826 2,470,541 5,754,747 5,310,392
Value of distributions reinvested 944,356 919,516 1,964,745 2,248,846
Cost of shares redeemed (3,529,036) (3,317,029) (6,865,273) (9,176,935)
----------- ----------- ----------- -----------
(72,854) 73,028 854,219 (1,617,697)
----------- ----------- ----------- -----------
Class B:
Proceeds from shares sold 202,279 289,235 662,997 925,149
Value of distributions reinvested 16,060 9,486 34,559 14,857
Cost of shares redeemed (6,000) -- (37,693) (15)
----------- ----------- ----------- -----------
212,339 298,721 659,863 939,991
----------- ----------- ----------- -----------
Net increase (decrease)
from share transactions 139,485 371,749 1,514,082 (677,706)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets (431,661) 2,655,479 315,147 4,731,347
Net Assets
Beginning of year 23,493,710 20,838,231 60,110,138 55,378,791
----------- ----------- ----------- -----------
End of year+ $23,062,049 $23,493,710 $60,425,285 $60,110,138
=========== =========== =========== ===========
+ Includes undistributed net
investment income of $ 4,428 $ 1,768 $ 3,367 $ 5,559
=========== =========== =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 211,581 210,626 444,851 415,051
Issued for distributions reinvested 79,444 78,127 152,014 174,001
Redeemed (296,546) (283,611) (532,184) (718,864)
----------- ----------- ----------- -----------
Net increase (decrease)
in Class A shares
outstanding (5,521) 5,142 64,681 (129,812)
=========== =========== =========== ===========
Class B:
Sold 17,031 24,887 51,533 71,143
Issued for distributions reinvested 1,352 801 2,676 1,130
Redeemed (510) -- (2,937) (1)
----------- ----------- ----------- -----------
Net increase in Class B
shares outstanding 17,873 25,688 51,272 72,272
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------------------------------------
NORTH CAROLINA PENNSYLVANIA VIRGINIA
-----------------------------------------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets From Operations
Net investment income $ 271,024 $ 229,944 $ 1,999,437 $ 1,875,305 $ 1,163,876 $ 1,240,900
Net realized gain (loss)
on investments (23,116) (4,494) 92,636 179,294 116,236 133,406
Net unrealized appreciation
(depreciation) of investments (34,400) 526,683 (641,156) 4,079,329 (619,607) 2,554,416
---------- ---------- ----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations 213,508 752,133 1,450,917 6,133,928 660,505 3,928,722
---------- ---------- ----------- ----------- ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (266,604) (227,689) (1,992,199) (1,862,206) (1,113,699) (1,226,418)
Net investment income--Class B (4,745) (2,522) (22,090) (4,635) (46,545) (23,560)
Net realized gains--Class A -- -- (90,955) (106,537) (110,130) (68,578)
Net realized gains--Class B -- -- (1,681) (659) (6,106) (2,616)
---------- ---------- ----------- ----------- ----------- -----------
Total distributions (271,349) (230,211) (2,106,925) (1,974,037) (1,276,480) (1,321,172)
---------- ---------- ----------- ----------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,421,600 759,377 6,171,576 5,109,553 2,536,360 3,246,591
Value of distributions reinvested 171,717 143,540 1,238,624 1,181,930 803,597 805,092
Cost of shares redeemed (697,053) (306,492) (4,511,225) (4,005,976) (6,898,896) (3,742,909)
---------- ---------- ----------- ----------- ----------- -----------
896,264 596,425 2,898,975 2,285,507 (3,558,939) 308,774
---------- ---------- ----------- ----------- ----------- -----------
Class B:
Proceeds from shares sold 61,061 67,909 553,480 234,237 596,169 947,469
Value of distributions reinvested 2,715 1,218 18,267 5,250 39,343 23,492
Cost of shares redeemed (5,871) -- (32,601) -- (431,254) (28,539)
---------- ---------- ----------- ----------- ----------- -----------
57,905 69,127 539,146 239,487 204,258 942,422
---------- ---------- ----------- ----------- ----------- -----------
Net increase (decrease)
from share transactions 954,169 665,552 3,438,121 2,524,994 (3,354,681) 1,251,196
---------- ---------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets 896,328 1,187,474 2,782,113 6,684,885 (3,970,656) 3,858,746
Net Assets
Beginning of year 5,059,759 3,872,285 40,226,993 33,542,108 26,183,686 22,324,940
---------- ---------- ----------- ----------- ----------- -----------
End of year+ $5,956,087 $5,059,759 $43,009,106 $40,226,993 $22,213,030 $26,183,686
========== ========== =========== =========== =========== ===========
+ Includes undistributed
net investment income of $ 442 $ 767 $ 2,739 $ 17,591 $ 5,849 $ 2,217
========== ========== =========== =========== =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 118,028 64,567 482,260 402,916 199,610 259,461
Issued for distributions reinvested 14,318 12,164 96,567 93,037 63,260 64,025
Redeemed (58,047) (26,571) (352,480) (316,221) (548,735) (297,826)
---------- ---------- ----------- ----------- ----------- -----------
Net increase (decrease)
in Class A shares outstanding 74,299 50,160 226,347 179,732 (285,865) 25,660
========== ========== =========== =========== =========== ===========
Class B:
Sold 5,163 6,029 42,789 18,376 46,713 76,625
Issued for distributions reinvested 227 103 1,424 407 3,098 1,850
Redeemed (495) -- (2,514) -- (34,525) (2,233)
---------- ---------- ----------- ----------- ----------- -----------
Net increase in Class B
shares outstanding 4,895 6,132 41,699 18,783 15,286 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 and the nine Funds
of Multi-State Insured listed above. Multi-State Insured operates as
a series fund, issuing shares of beneficial interest in each Fund
and accounts separately for the assets, liabilities and operations
of each Fund.
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 and is not an
item of tax preference for purposes of the federal alternative
minimum tax.
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 and is not
an item of tax preference for purposes of the federal alternative
minimum tax.
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.
<TABLE>
<CAPTION>
At December 31, 1996, Funds having capital loss carryovers were as
follows:
Year Capital Loss Carryovers Expire
-----------------------------------
MULTI-STATE INSURED Total 2002 2003 2004
- ------------------- -------- -------- ------- -------
<S> <C> <C> <C> <C>
CONNECTICUT Fund $190,870 $190,870 $ -- $ --
FLORIDA Fund 1,641 1,641 -- --
GEORGIA Fund 41,395 18,533 19,295 3,567
MARYLAND Fund 121,917 109,152 -- 12,765
NORTH CAROLINA Fund 110,411 68,000 20,296 22,115
</TABLE>
C. Distributions to Shareholders--Dividends from net investment income
are declared daily and paid monthly. Distributions from net realized
capital gains are normally declared and paid annually. 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 carry forwards, 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 $19,913 and
$33,288, respectively, against custodian charges based on the
uninvested cash balances of the Funds.
F. Use of Estimates--The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
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 year ended December 31, 1996,
purchases and sales of municipal securities, other than short-term
municipal notes, were as follows:
Cost Proceeds
of of
Purchases Sales
------------ ------------
NEW YORK INSURED $108,648,805 $110,126,129
MULTI-STATE INSURED
- -------------------
CONNECTICUT Fund 2,403,161 2,825,683
FLORIDA Fund 14,347,491 12,332,290
GEORGIA Fund 1,458,642 1,213,473
MARYLAND Fund 3,309,963 1,252,287
MASSACHUSETTS Fund 10,516,704 10,291,319
NEW JERSEY Fund 23,084,757 20,563,161
NORTH CAROLINA Fund 3,259,851 2,295,691
PENNSYLVANIA Fund 20,361,658 16,868,656
VIRGINIA Fund 6,921,512 10,261,971
<TABLE>
<CAPTION>
At December 31, 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 Appreciation
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
NEW YORK INSURED $193,063,689 $12,943,714 $88,208 $12,855,506
MULTI-STATE INSURED
- ---------------------
CONNECTICUT Fund 15,338,153 1,150,693 -- 1,150,693
FLORIDA Fund 22,242,838 1,667,756 -- 1,667,756
GEORGIA Fund 3,128,268 221,113 706 220,407
MARYLAND Fund 10,280,635 603,040 -- 603,040
MASSACHUSETTS Fund 20,920,707 1,750,299 -- 1,750,299
NEW JERSEY Fund 55,647,657 4,558,526 1,680 4,556,846
NORTH CAROLINA Fund 5,554,812 234,276 -- 234,276
PENNSYLVANIA Fund 39,637,127 2,741,417 -- 2,741,417
VIRGINIA Fund 20,218,142 1,451,966 -- 1,451,966
</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 year ended December 31,
1996, advisory fees of New York Insured amounted to $1,560,042. For
the same period, advisory fees for the nine Funds of Multi-State
Insured included in this report amounted to $1,545,529, of which
$533,024 was waived; other expenses in the amount of $136,231 were
assumed by FIMCO.
For the year ended December 31, 1996, FIC, as underwriter, received
$367,316 in commissions on sales of shares of New York Insured,
after allowing $7,893 to other dealers, and $783,451 in commissions
on sales of shares of the nine Funds of Multi-State Insured included
in this report, after allowing $333,646 to other dealers.
Shareholder servicing costs of New York Insured and the nine Funds
of Multi-State Insured consisted of $161,257 and $164,697
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.
<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.
- --------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------------------------- ----------------------------------------
Net Asset Net
Value Realized and
----- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
NEW YORK
INSURED TAX FREE
FUND, INC.
Class A
1987 $14.25 $.919 $(1.109) $ (.190) $.910 $ -- $.910
1988 13.15 .902 .388 1.290 .930 -- .930
1989 13.51 .901 .339 1.240 .880 -- .880
1990 13.87 .889 (.119) .770 .890 -- .890
1991 13.75 .881 .574 1.455 .875 -- .875
1992 14.33 .844 .386 1.230 .840 -- .840
1993 14.72 .809 .608 1.417 .820 .137 .957
1994 15.18 .758 (1.510) (.752) .768 -- .768
1995 13.66 .738 1.331 2.069 .740 .059 .799
1996 14.93 .719 (.298) .421 .720 .091 .811
Class B
1/12/95* to 12/31/95 13.76 .616 1.232 1.848 .619 .059 .678
1996 14.93 .617 (.306) .311 .620 .091 .711
FIRST INVESTORS
MULTI-STATE INSURED
TAX FREE FUND
CONNECTICUT FUND
Class A
10/8/90* to 12/31/90 $11.17 $.034 $ (.014) $ .020 $ -- $ -- $ --
1991 11.19 .630 449 1.079 .625 .004 .629
1992 11.64 .669 .401 1.070 .660 -- .660
1993 12.05 .615 1.053 1.668 .625 .043 .668
1994 13.05 .609 (1.480) (.871) .609 -- .609
1995 11.57 .617 1.333 1.950 .620 -- .620
1996 12.90 .619 (.202) .417 .617 -- .617
Class B
1/12/95* to 12/31/95 11.67 .512 1.242 1.754 .524 -- .524
1996 12.90 .522 (.204) .318 .518 -- .518
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Ratio to Average Net Assets++ Before Expenses Waived or Assumed
Net Asset --------------------------- ---------------------------------
Value Net Net Portfolio
--------- Total Net Assests Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
NEW YORK
INSURED TAX FREE
FUND, INC.
Class A
1987 $13.15 (1.25) $103,892 1.10 6.91 N/A N/A 2
1988 13.51 10.10 121,017 1.26 6.77 N/A . N/A 21
1989 13.87 9.43 150,154 1.14 6.57 N/A N/A 13
1990 13.75 5.81 156,022 1.23 6.53 N/A N/A 33
1991 14.33 10.89 162,296 1.24 6.29 N/A N/A 25
1992 14.72 8.84 181,389 1.29 5.84 N/A N/A 46
1993 15.18 9.82 211,967 1.27 5.35 N/A N/A 31
1994 13.66 (5.03) 193,916 1.28 5.30 N/A N/A 55
1995 14.93 15.45 215,259 1.23 5.10 N/A N/A 53
1996 14.54 2.95 203,496 1.23 4.93 N/A N/A 53
Class B
1/12/95* to 12/31/95 14.93 13.66 1,156 2.00+ 4.34+ N/A N/A 53
1996 14.53 2.18 2,242 1.93 4.23 N/A N/A 53
FIRST INVESTORS
MULTI-STATE INSURED
TAX FREE FUND
CONNECTICUT FUND
Class A
10/8/90* to 12/31/90 $11.19 7.71+ $ 625 -- 1.75+ 1.46+ .28+ 0
1991 11.64 9.92 5,050 .06 5.83 1.60 4.28 35
1992 12.05 9.49 10,828 .33 5.73 1.20 4.86 46
1993 13.05 14.10 17,202 .80 4.83 1.15 4.48 29
1994 11.57 (6.75) 14,848 .87 5.01 1.22 4.66 63
1995 12.90 17.18 16,725 .85 4.98 1.20 4.63 26
1996 12.70 3.37 15,203 .81 4.92 1.23 4.50 15
Class B
1/12/95* to 12/31/95 12.90 15.28 857 1.71+ 4.12+ 2.07+ 3.76+ 26
1996 12.70 2.57 1,505 1.61 4.12 2.02 3.71 15
* 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 by the investment adviser and/or the transfer agent from the commencement
of operations of each of the Funds of the First Investors Multi-State Tax Free Fund through December 31, 1996 (Note 5).
</TABLE>
<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.
- --------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------------------------- ----------------------------------------
Net Asset Net
Value Realized and
----- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
FLORIDA FUND
Class A
10/5/90* to 12/31/90 $11.17 $.018 $ (.058) $(.040) $ -- $ -- $ --
1991 11.13 .658 .582 1.240 .640 .030 .670
1992 11.70 .702 .508 1.210 .700 -- .700
1993 12.21 .664 1.032 1.696 .671 .095 .766
1994 13.14 .642 (1.346) (.704) .646 -- .646
1995 11.79 .640 1.527 2.167 .647 -- .647
1996 13.31 .623 (.198) .425 .625 -- .625
Class B
1/12/95* to 12/31/95 11.87 .529 1.460 1.989 .549 -- .549
1996 13.31 .530 (.204) .326 .526 -- .526
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $11.17 $.267 $ .233 $ .500 $.250 $ -- $.250
1993 11.42 .603 1.091 1.694 .619 .005 .624
1994 12.49 .584 (1.165) (.581) .579 -- .579
1995 11.33 .653 1.387 2.040 .650 -- .650
1996 12.72 .639 (.161) .478 .648 -- .648
Class B
1/12/95* to 12/31/95 11.42 .529 1.303 1.832 .542 -- .542
1996 12.71 .563 (.183) .380 .550 -- .550
MARYLAND FUND
Class A
10/8/90* to 12/31/90 $11.17 $.021 $ .189 $ .210 $ -- $ -- $ --
1991 11.38 .628 .287 .915 .615 -- .615
1992 11.68 .669 .426 1.095 .665 -- .665
1993 12.11 .653 1.083 1.736 .660 .036 .696
1994 13.15 .644 (1.373) (.729) .651 -- .651
1995 11.77 .668 1.348 2.016 .666 -- .666
1996 13.12 .650 (.235) .415 .655 -- .655
Class B
1/12/95* to 12/31/95 11.85 .561 1.279 1.840 .570 -- .570
1996 13.12 .555 (.249) .306 .556 -- .556
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
--------------------------- --------------------------
Net Asset Net Net Portfolio
Value Total Net Assests Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
FLORIDA FUND
Class A
10/5/90* to 12/31/90 $11.13 (1.48)+ $ 1,339 -- 1.20+ 1.03+ .17+ 0
1991 11.70 11.45 6,891 .06 6.12 1.12 5.06 70
1992 12.21 10.67 12,678 .29 5.97 1.17 5.10 65
1993 13.14 14.19 21,397 .45 5.20 1.10 4.55 53
1994 11.79 (5.39) 19,765 .62 5.24 1.19 4.67 98
1995 13.31 18.77 22,229 .75 5.05 1.15 4.65 68
1996 13.11 3.34 23,299 .83 4.80 1.16 4.47 55
Class B
1/12/95* to 12/31/95 13.31 17.06 299 1.68+ 4.12+ 2.09+ 3.70+ 68
1996 13.11 2.56 549 1.62 4.01 1.95 3.68 55
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $11.42 6.75+ $ 365 -- 4.45+ 3.32+ 1.13+ 53
1993 12.49 15.16 1,469 .13 4.96 1.84 3.24 50
1994 11.33 (4.69) 2,065 .20 4.99 1.93 3.26 78
1995 12.72 18.40 3,047 .20 5.41 1.42 4.20 45
1996 12.55 3.94 3,269 .38 5.17 1.44 4.11 37
Class B
1/12/95* to 12/31/95 12.71 16.34 97 1.00+ 4.61+ 2.22+ 3.40+ 45
1996 12.54 3.13 151 1.19 4.36 2.25 3.30 37
MARYLAND FUND
Class A
10/8/90* to 12/31/90 $11.38 8.08+ $ 403 -- 1.69+ 2.88+ (1.19)+ 0
1991 11.68 8.30 1,543 .05 5.74 1.88 3.92 26
1992 12.11 9.64 3,575 .20 5.72 1.38 4.55 38
1993 13.15 14.62 6,643 .45 5.16 1.28 4.33 50
1994 11.77 (5.59) 6,904 .45 5.27 1.34 4.37 44
1995 13.12 17.50 8,666 .48 5.32 1.24 4.55 49
1996 12.88 3.33 10,118 .51 5.10 1.24 4.37 13
Class B
1/12/95* to 12/31/95 13.12 15.82 423 1.38+ 4.42+ 2.19+ 3.61+ 49
1996 12.87 2.45 1,021 1.31 4.30 2.05 3.57 13
* 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 by the investment adviser and/or the transfer agent from the commencement of
operations of each of the Funds of the First Investors Multi-State Tax Free Fund through December 31, 1996 (Note 5).
</TABLE>
<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.
- --------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------------------------- ----------------------------------------
Net Asset Net
Value Realized and
----- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
MASSACHUSETTS FUND
Class A
1987 $11.13 $.533 $(1.143) $(.610) $.510 $ -- $.510
1988 10.01 .753 .547 1.300 .770 -- .770
1989 10.54 .725 .345 1.070 .730 -- .730
1990 10.88 .748 (.038) .710 .750 -- .750
1991 10.84 .732 .468 1.200 .730 -- .730
1992 11.31 .687 .399 1.086 .676 .010 .686
1993 11.71 .653 .716 1.369 .660 .139 .799
1994 12.28 .627 (1.267) (.640) .630 -- .630
1995 11.01 .612 1.227 1.839 .613 .016 .629
1996 12.22 .603 (.256) .347 .602 .045 .647
Class B
1/12/95* to 12/31/95 11.09 .508 1.155 1.663 .527 .016 .543
1996 12.21 .514 (.263) .251 .506 .045 .551
NEW JERSEY FUND
Class A
9/13/88* to 12/31/88 $11.13 $.083 $ .117 $ .200 $ -- $ -- $ --
1989 11.33 .797 .373 1.170 .770 -- .770
1990 11.73 .787 .013 .800 .800 -- .800
1991 11.73 .762 .548 1.310 .750 -- .750
1992 12.29 .716 .439 1.155 .716 .059 .775
1993 12.67 .680 .947 1.627 .684 .103 .787
1994 13.51 .659 (1.448) (.789) .661 -- .661
1995 12.06 .648 1.291 1.939 .652 .097 .749
1996 13.25 .636 (.245) .391 .636 .015 .651
Class B
1/12/95* to 12/31/95 12.14 .526 1.199 1.725 .528 .097 .625
1996 13.24 .533 (.253) .280 .535 .015 .550
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
Net Asset --------------------------- --------------------------
Value Net Net Portfolio
------ Total Net Assests Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
MASSACHUSETTS FUND
Class A
1987 $10.01 5.43 $ 1,595 .05 6.32 1.13 5.24 16
1988 10.54 13.40 2,901 .10 7.33 1.29 6.14 31
1989 10.88 10.43 8,292 .10 6.78 1.03 5.85 11
1990 10.84 6.85 12,760 .06 7.01 .99 6.09 22
1991 11.31 11.45 17,608 .28 6.66 .99 5.94 4
1992 11.71 9.90 20,067 .70 5.99 1.17 5.52 28
1993 12.28 11.93 23,653 .90 5.37 1.15 5.12 32
1994 11.01 (5.30) 20,838 .95 5.45 1.20 5.20 64
1995 12.22 17.07 23,180 .90 5.22 1.15 4.97 40
1996 11.92 2.99 22,543 .86 5.08 1.18 4.76 45
Class B
1/12/95* to 12/31/95 12.21 15.28 314 1.76+ 4.36+ 2.01+ 4.10+ 40
1996 11.91 2.16 519 1.66 4.28 1.98 3.96 45
NEW JERSEY FUND
Class A
9/13/88* to 12/31/88 $11.33 5.96+ $ 2,148 -- 4.95+ .95+ 3.99+ 0
1989 11.73 10.61 17,380 .03 6.82 .92 5.93 10
1990 11.73 7.10 30,686 .10 6.93 .91 6.12 16
1991 12.29 11.52 42,475 .44 6.38 .98 5.84 22
1992 12.67 9.74 54,372 .78 5.76 1.13 5.41 42
1993 13.51 13.09 64,558 .96 5.12 1.11 4.97 44
1994 12.06 (5.91) 55,379 .99 5.21 1.14 5.06 60
1995 13.25 16.41 59,153 .99 5.06 1.14 4.91 30
1996 12.99 3.09 58,823 .98 4.92 1.13 4.77 35
Class B
1/12/95* to 12/31/95 13.24 14.45 957 1.81+ 4.24+ 1.97+ 4.08+ 30
1996 12.97 2.22 1,603 1.78 4.12 1.93 3.97 35
* 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 by the investment adviser and/or the transfer agent from the commencement of
operations of each of the Funds of the First Investors Multi-State Tax Free Fund through December 31, 1996 (Note 5).
</TABLE>
<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.
- --------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------------------------- ----------------------------------------
Net Asset Net
Value Realized and
----- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $11.17 $.272 $ .188 $ .460 $.260 $ -- $.260
1993 11.37 .595 .962 1.557 .604 .043 .647
1994 12.28 .594 (1.380) (.786) .594 -- .594
1995 10.90 .608 1.391 1.999 .609 -- .609
1996 12.29 .590 (.159) .431 .591 -- .591
Class B
1/12/95* to 12/31/95 10.99 .492 1.307 1.799 .499 -- .499
1996 12.29 .496 (.161) .335 .495 -- .495
PENNSYLVANIA FUND
Class A
4/30/90* to 12/31/90 $11.17 $.296 $ .214 $ .510 $.270 $ -- $.270
1991 11.41 .714 .429 1.143 .695 .008 .703
1992 11.85 .699 .427 1.126 .716 -- .716
1993 12.26 .667 1.048 1.715 .663 .152 .815
1994 13.16 .627 (1.447) (.820) .630 -- .630
1995 11.71 .638 1.463 2.101 .635 .036 .671
1996 13.14 .622 (.197) .425 .627 .028 .655
Class B
1/12/95* to 12/31/95 11.81 .539 1.376 1.915 .549 .036 .585
1996 13.14 .529 (.201) .328 .530 .028 .558
VIRGINIA FUND
Class A
4/30/90* to 12/31/90 $11.17 $.320 $ .080 $ .400 $.300 $ -- $.300
1991 11.27 .715 .523 1.238 .690 .018 .708
1992 11.80 .683 .481 1.164 .702 .032 .734
1993 12.23 .636 .915 1.551 .639 .082 .721
1994 13.06 .611 (1.383) (.772) .608 -- .608
1995 11.68 .625 1.370 1.995 .629 .036 .665
1996 13.01 .626 (.195) .431 .624 .067 .691
Class B
1/12/95* to 12/31/95 11.76 .510 1.286 1.796 .520 .036 .556
1996 13.00 .525 (.194) .331 .524 .067 .591
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
Net Asset --------------------------- ----------------------------------
Value Net Net Portfolio
------ Total Net Assests Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $11.37 6.21+ $ 1,084 -- 4.53+ 2.20+ 2.33+ 10
1993 12.28 13.98 3,883 .13 4.99 1.28 3.83 32
1994 10.90 (6.45) 3,872 .20 5.22 1.44 3.99 61
1995 12.29 18.72 4,984 .20 5.18 1.36 4.03 76
1996 12.13 3.68 5,822 .38 4.94 1.31 4.02 43
Class B
1/12/95* to 12/31/95 12.29 16.65 75 1.00+ 4.38+ 2.16+ 3.23+ 76
1996 12.13 2.85 134 1.20 4.12 2.12 3.20 43
PENNSYLVANIA FUND
Class A
4/30/90* to 12/31/90 $11.41 6.88+ $ 6,252 .05+ 5.39+ 1.05+ 4.39+ 1
1991 11.85 10.24 16,118 .29 6.28 1.03 5.54 26
1992 12.26 9.81 26,036 .56 5.84 1.12 5.28 18
1993 13.16 14.28 35,514 .79 5.17 1.10 4.86 37
1994 11.71 (6.31) 33,542 .88 5.11 1.13 4.86 81
1995 13.14 18.29 39,980 .86 5.07 1.11 4.82 48
1996 12.91 3.39 42,228 .86 4.86 1.11 4.61 42
Class B
1/12/95* to 12/31/95 13.14 16.49 247 1.72+ 4.20+ 1.98+ 3.94+ 48
1996 12.91 2.61 781 1.66 4.06 1.91 3.81 42
VIRGINIA FUND
Class A
4/30/90* to 12/31/90 $11.27 5.40+ $ 3,327 .08+ 5.56+ 1.22+ 4.43+ 0
1991 11.80 11.31 9,756 .13 6.32 1.10 5.36 15
1992 12.23 10.19 16,507 .56 6.75 1.22 5.09 41
1993 13.06 12.94 24,684 .81 4.97 1.16 4.62 39
1994 11.68 (5.97) 22,325 .85 5.01 1.20 4.66 55
1995 13.01 17.42 25,193 .81 5.01 1.16 4.66 34
1996 12.75 3.47 21,047 .79 4.93 1.20 4.52 30
Class B
1/12/95* to 12/31/95 13.00 15.53 991 1.66+ 4.16+ 2.02+ 3.80+ 34
1996 12.74 2.66 1,166 1.59 4.13 2.00 3.72 30
* 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 by the investment adviser and/or the transfer agent from the commencement of
operations of each of the Funds of the First Investors Multi-State Tax Free Fund through December 31, 1996 (Note 5).
See notes to financial statements
</TABLE>
Independent Auditor's Report
To the Shareholders and Boards of Directors/Trustees of
First Investors New York Insured Tax Free Fund, Inc. and
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia 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 December 31, 1996, and
the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the
period then ended and financial highlights for the periods indicated
thereon. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 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 December 31, 1996, and the results of
their operations, changes in their net assets and financial highlights
for the periods indicated thereon, in conformity with generally accepted
accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
January 31, 1997
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
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
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.
