FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
FIMS-148
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First Investors
New York Insured
Tax Free Fund, Inc.
First Investors
Multi-State Insured
Tax Free Fund
Connecticut Fund
Florida Fund
Georgia Fund
Maryland Fund
Massachusetts Fund
New Jersey Fund
North Carolina Fund
Pennsylvania Fund
Virginia Fund
SEMI-
ANNUAL
REPORT
JUNE 30, 1998
Chief Investment Officer's Market Overview 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:
We are pleased to present the semi-annual report for First Investors New
York Insured Tax Free Fund, Inc. and the above nine funds of First
Investors Multi-State Insured Tax Free Fund for the six months ended
June 30, 1998. Although both the bond and stock markets suffered
setbacks at times during the first six months of the year, the
combination of moderate growth, low inflation, and respectable corporate
earnings reports helped provide a positive environment for investors in
most types of funds.
The U.S. economy remained strong for the first half of 1998, with
sustained, moderate growth and low levels of inflation and unemployment.
Inflation remained low, as the Consumer Price Index rose just 1.7% for
the twelve months ended June 30. The unemployment rate continued to be
low, at 4.5% as of June 30, 1998. Consumer confidence remained high,
encouraged by the robust domestic economy and rising income levels.
In general, our long-term outlook for the financial markets continues to
be positive. The economy appears to be growing moderately, inflation
remains subdued and the Federal Reserve appears unlikely to tolerate
unsustainably fast economic growth. In regard to the stock market, we
are encouraged by the underlying fundamentals of the U.S. economy.
However, we are cautioned by a number of situations, including the
struggles in Asia. We are concerned about the effect this region's
difficulties may have on U.S. growth and corporate earnings. We are also
concerned about the relative lack of pricing power and the prospects
that the lofty level of gains posted year-to-date can continue into the
second half of 1998.
With regard to the bond market, interest rates continue to remain in a
tight range; we believe the Federal Reserve is likely to maintain
current interest rates. Continued weak Asian markets, low inflation in
the U.S. and the Federal budget surplus should support an environment of
low interest rates and high bond prices. However, the continued strength
of the U.S. economy could result in higher interest rates and inflation,
notwithstanding Asia. In this event, bond fund values would decline.
Thank you for your continued confidence in First Investors. As always,
we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
First Investors Management Company, Inc.
July 31, 1998
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.6%
Education--18.4%
Monroe County Industrial Development Agency:
$1,430M Nazareth College Civic Facility 5 1/4% 4/1/2018 $ 1,440,725 $ 74
1,000M Rochester Institute of Technology 7 3/4% 5/1/2000* 1,085,000 56
New York State Dormitory Authority Revenues:
City University:
1,955M 5 3/4% 7/1/2013 2,157,831 112
2,000M 5 3/4% 7/1/2013 2,207,500 114
2,000M 5 3/4% 7/1/2013 2,207,500 114
3,000M 6% 7/1/2020 3,416,250 176
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,041,500 157
2,000M Mental Services Health Facilities Series "B" 5% 2/15/2028 1,945,000 100
1,000M Pace University 6 1/2% 7/1/2012 1,181,250 61
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,028,050 105
1,000M 5 7/8% 5/15/2011 1,110,000 57
3,500M 5 1/2% 5/15/2013 3,771,250 195
3,700M 7 3/8% 5/15/2014 3,991,375 206
2,000M 5 1/4% 5/15/2015 2,087,500 108
University of Rochester:
2,000M 5% 7/1/2017 Series "A" 1,977,500 102
2,000M 5% 7/1/2027 Series "A" 1,947,500 101
- -----------------------------------------------------------------------------------------------------------------
35,595,731 1,838
- -----------------------------------------------------------------------------------------------------------------
General Obligation--15.3%
1,250M Monroe County 6% 3/1/2015 1,404,687 73
Nassau County:
3,845M 6 1/2% 11/1/2004* 4,421,750 228
4,355M 5.7% 8/1/2012 4,638,075 240
1,300M 6% 7/1/2013 1,454,375 75
New York City:
3,355M 6.95% 8/15/2004* 3,875,025 200
3,000M 6.2% 8/1/2008 3,390,000 175
1,000M 7 1/4% 3/15/2018 1,070,000 55
Niagara Falls Public Improvement:
1,340M 7 1/2% 3/1/2012 1,711,850 88
1,680M 7 1/2% 3/1/2015 2,169,300 112
1,600M 7 1/2% 3/1/2018 2,090,000 108
1,750M North Hempstead 6.4% 4/1/2012 2,045,313 106
1,100M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,273,250 66
- -----------------------------------------------------------------------------------------------------------------
29,543,625 1,526
- -----------------------------------------------------------------------------------------------------------------
Health Care--10.9%
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2000* 4,045,163 209
1,850M Long Term Health Care 7 3/8% 11/1/2011 1,965,625 102
Mental Health Services Facilities:
4,190M 7 3/4% 2/15/2000* 4,519,962 233
990M 7 3/8% 2/15/2014 1,045,688 54
845M 7.7% 2/15/2018 865,255 45
4,915M 6 1/2% 8/15/2024 5,467,938 282
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,221,250 166
- -----------------------------------------------------------------------------------------------------------------
21,130,881 1,091
- -----------------------------------------------------------------------------------------------------------------
Housing--3.3%
2,250M New York City Hsg. Dev. Corp. Ins. Multi-Family
(Sheridan Manor) 7.45% 10/1/2008 2,337,187 121
3,655M New York State Housing Finance Agency 6.05% 5/1/2011 3,970,244 205
- -----------------------------------------------------------------------------------------------------------------
6,307,431 326
- -----------------------------------------------------------------------------------------------------------------
Transportation--28.8%
Metropolitan Transit Authority of New York:
Commuter Facilities Series:
5,000M 6 1/8% 7/1/2004* 5,562,500 287
3,380M RITES-PA 359A Variable Rate 6.57452% 7/1/2011 (Note 6)** 3,646,175 188
3,565M RITES-PA 359B Variable Rate 6.57452% 7/1/2012 (Note 6)** 3,778,900 195
1,750M RITES-PA 359C Variable Rate 6.57452% 7/1/2013 (Note 6)** 1,837,500 95
1,760M 5 3/4% 7/1/2021 1,863,400 96
Metropolitan Transit Authority of New York:
1,000M Dedicated Tax Fund Series "A" 5 1/2% 4/1/2015 1,063,750 55
Transit Facilities Series:
3,200M 5 1/2% 7/1/2017 3,388,000 175
1,500M 5 3/4% 7/1/2021 1,590,000 82
7,900M New York City Transit Auth. Hwy. & Brdg. Trust Fund
Rev. 7 1/2% 1/1/2000* 8,462,875 437
4,500M New York State Thruway Auth. Hwy. & Brdg. Trust Fund
Rev. 5% 4/1/2018 4,471,875 231
Puerto Rico Commonwealth Highway & Transportation Authority:
3,030M 6 1/4% 7/1/2014 3,541,313 183
5,000M 6% 7/1/2018 5,700,000 295
Triborough Bridge & Tunnel Authority:
3,000M Series "O" 7.7% 1/1/1999* 3,102,930 160
6,900M Series "Y" 6% 1/1/2012 7,693,500 398
- -----------------------------------------------------------------------------------------------------------------
55,702,718 2,877
- -----------------------------------------------------------------------------------------------------------------
Utilities--13.8%
9,035M Long Island Power Authority 5 1/8% 12/1/2022 8,922,062 461
New York City Municipal Water Finance Authority:
4,975M 5 7/8% 6/15/2001* 5,559,562 287
2,000M 5 7/8% 6/15/2013 2,235,000 115
2,750M 6% 6/15/2021 3,121,250 161
Suffolk County Water Authority:
2,165M 6% 6/1/2014 2,446,450 127
4,000M 6% 6/1/2017 4,515,000 233
- -----------------------------------------------------------------------------------------------------------------
26,799,324 1,384
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--8.1%
1,000M New York State Dorm. Auth. Rev. (Suffolk County Jud. Facs.)
7 3/8% 7/1/2016 1,243,750 64
3,000M New York State Urban Development Corporation Corr. Facs.
7 1/2% 1/1/1999* 3,100,050 160
Puerto Rico Public Buildings Authority:
1,250M 6 1/4% 7/1/2013 1,459,375 76
2,035M 6 1/4% 7/1/2015 2,380,950 123
7,000M 5 1/2% 7/1/2021 7,568,750 391
- -----------------------------------------------------------------------------------------------------------------
15,752,875 814
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $175,269,456) 98.6% 190,832,585 9,856
Other Assets, Less Liabilities 1.4 2,782,316 144
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $193,614,901 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** The interest rates on these securities (commonly referred to as inverse floaters) vary inversely
with interest rates on other municipal obligations or an index and are reset weekly by the issuer.
The interest rate shown on these securities is the rate in effect on June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Certificates of Participation--1.8%
Connecticut State (Middletown Courthouse Facilities):
$ 130M 6 1/4% 12/15/2009 $ 140,562 $ 70
100M 6 1/4% 12/15/2010 107,875 54
100M 6 1/4% 12/15/2012 108,000 54
- -----------------------------------------------------------------------------------------------------------------
356,437 178
- -----------------------------------------------------------------------------------------------------------------
Education--18.8%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2004* 829,219 414
500M Loomis Chafee School Project-Series "B" 6% 7/1/2015 538,750 269
1,000M Trinity College 6 1/8% 7/1/2004* 1,116,250 558
University of Connecticut:
750M 5 1/4% 4/1/2014 772,275 386
500M 5 1/4% 6/1/2015 516,250 258
- -----------------------------------------------------------------------------------------------------------------
3,772,744 1,885
- -----------------------------------------------------------------------------------------------------------------
General Obligation--28.4%
250M Ansonia 5% 10/15/2015 251,577 126
100M Bethel 6 1/2% 2/15/2011 117,808 59
775M Bridgeport 5 1/2% 9/1/2015 812,177 406
50M Bristol 6 1/2% 6/15/2006 57,368 29
Connecticut State:
500M 6 1/2% 3/15/2002* - Series "A" 548,750 274
700M 6% 3/15/2012 - Series "E" 794,857 397
130M Coventry 6.7% 12/15/2009 156,129 78
Griswold:
250M 5 3/4% 4/15/2010 265,032 132
100M 6 1/4% 6/15/2010 115,825 58
100M Groton City 6 3/4% 6/1/2007 117,633 59
800M New Britain 6% 3/1/2012 905,584 452
130M Newton 6.7% 8/15/2010 156,488 78
30M North Canaan 6.9% 1/15/2006 34,725 17
250M Plainfield 6 3/8% 8/1/2011 272,977 136
290M Regional School District #5, 6.3% 3/1/2009 314,456 157
330M Southington 6.55% 4/1/2012 361,697 181
90M Stafford 6.55% 11/15/2008 106,034 53
250M Westbrook 6.4% 3/15/2010 292,300 146
- -----------------------------------------------------------------------------------------------------------------
5,681,417 2,838
- -----------------------------------------------------------------------------------------------------------------
Health Care--20.2%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 492,187 245
35M Capital Asset - Series "C" 6 7/8% 1/1/2010 37,844 19
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 550,625 275
500M Masonicare 5% 7/1/2013 503,750 252
700M New Britain General Hospital 6 1/8% 7/1/2014 762,125 381
325M Stamford Hospital 6 1/2% 7/1/2006 350,594 175
750M Yale-New Haven Hospital 5.7% 7/1/2025 791,250 395
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
61/4% 7/1/2016 554,375 277
- -----------------------------------------------------------------------------------------------------------------
4,042,750 2,019
- -----------------------------------------------------------------------------------------------------------------
Housing--4.0%
750M Connecticut State Housing Finance Authority 6%
11/15/2010 801,562 400
- -----------------------------------------------------------------------------------------------------------------
Transportation--8.4%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
200M 6 1/4% 10/1/2001* 217,000 108
285M 6% 10/1/2004* 314,925 157
250M 6.1% 10/1/2004* 277,812 139
500M 6 1/2% 10/1/2011 585,000 292
250M 6 1/8% 9/1/2012 283,750 142
- -----------------------------------------------------------------------------------------------------------------
1,678,487 838
- -----------------------------------------------------------------------------------------------------------------
Utilities--4.1%
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 270,625 135
500M 6 1/8% 8/1/2014 542,500 271
- -----------------------------------------------------------------------------------------------------------------
813,125 406
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--12.6%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2%
6/15/2008 615,850 308
Puerto Rico Public Buildings Authority:
375M 6 1/4% 7/1/2013 437,813 219
575M 6 1/4% 7/1/2015 672,750 336
795M Puerto Rico Commonwealth Infrastructure Fing. Auth. Spl.
5% 7/1/2017 795,994 398
- -----------------------------------------------------------------------------------------------------------------
2,522,407 1,261
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $17,894,894) 98.3% 19,668,929 9,825
Other Assets, Less Liabilities 1.7 350,022 175
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $20,018,951 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
General Obligation--3.7%
$ 300M Miami 6% 12/1/2010 $ 337,875 $ 134
500M North Springs Improvement District 7% 10/1/2009 608,125 241
- -----------------------------------------------------------------------------------------------------------------
946,000 375
- -----------------------------------------------------------------------------------------------------------------
Health Care--9.3%
350M North Broward Hospital District 6 1/2% 1/1/2002* 383,250 152
1,000M Orange County Health Facs. Auth. (Orlando Regl. Healthcare)
6 1/4% 10/1/2018 1,145,000 453
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 831,562 329
- -----------------------------------------------------------------------------------------------------------------
2,359,812 934
- -----------------------------------------------------------------------------------------------------------------
Housing--.6%
135M Dade County Hsg. Fin. Auth. Single-Family Mtge. 6.95% 12/15/2012 144,619 57
- -----------------------------------------------------------------------------------------------------------------
Transportation--6.5%
500M Dade County Aviation Revenue Series "A" 6% 10/1/2010 551,875 219
300M Florida State Turnpike Authority Turnpike Revenue 6.35% 7/1/2002* 327,375 130
250M Pensacola Airport Revenue 5.6% 10/1/2017 262,812 104
455M Port Palm Beach District Revenue 6 1/4% 9/1/2008 501,069 198
- -----------------------------------------------------------------------------------------------------------------
1,643,131 651
- -----------------------------------------------------------------------------------------------------------------
Utilities--53.8%
750M Charlotte County Utilities Revenue 6 3/4% 10/1/2003* 855,000 338
1,000M Cocoa Water & Sewer Revenue 5 3/4% 10/1/2017 1,085,000 429
Escambia County Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 578,125 229
1,000M 6 1/4% 1/1/2015 1,148,750 455
690M Jacksonville Beach Utility Revenue 6 3/4% 10/1/2001* 759,000 300
300M Kissimmee Utility Authority Electric System Revenue 61/2% 10/1/2001* 327,750 130
1,495M Lakeland Electric & Water Revenue 6% 10/1/2014 1,683,744 667
395M Miramar Utilities Improvement Revenue 6.4% 10/1/2007 445,856 177
650M North Port Utility Revenue 5% 10/1/2018 637,812 253
1,000M Plant City Utility System Revenue 6% 10/1/2015 1,125,000 445
300M Reedy Creek Improvement District Utilities Revenue 61/2% 10/1/2001* 325,125 129
500M Sarasota County Utility System Revenue 6 1/2% 10/1/2004* 571,875 226
Seminole County Water & Sewer Revenue:
500M 6% 10/1/2009 564,375 223
500M 6% 10/1/2019 562,500 223
1,000M St. John's County Water & Sewer Revenue 5 1/2% 6/1/2011 1,080,000 428
1,000M Sunrise Utility System Revenue 5% 10/1/2028 978,750 388
750M West Melbourne Water & Sewer Revenue 6 3/4% 10/1/2014 850,313 337
- -----------------------------------------------------------------------------------------------------------------
13,578,975 5,377
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--24.4%
400M Florida State Div. Bd. Fin. Dept. General Services 63/4% 7/1/2001* 438,000 173
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,082,500 429
1,000M Jacksonville Capital Improvement (Gator Bowl Project)
5 7/8% 10/1/2015 1,076,250 426
350M Jacksonville Excise Taxes Revenue 6 1/2% 10/1/2013 384,563 152
600M Orange County Tourist Development Tax Revenue 5.9% 10/1/2010 677,250 268
1,000M Palm Beach County Criminal Justice Facilities Revenue 5 3/8% 6/1/2011 1,067,500 423
300M St. Lucie County Sales Tax Revenue 6 1/2% 10/1/2002* 333,000 132
1,000M Tampa Sales Tax Revenue 5 3/4% 10/1/2020 1,101,250 436
- -----------------------------------------------------------------------------------------------------------------
6,160,313 2,439
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,383,986) 24,832,850 9,833
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.4%
Puerto Rico Commonwealth Government Development Bank
100M Adjustable Rate Note 3.15%** (cost $100,000) 100,000 40
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $22,483,986) 98.7% 24,932,850 9,873
Other Assets, Less Liabilities 1.3 321,856 127
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $25,254,706 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.3%
Education--5.5%
Private Colleges & Universities Facilities Authority:
$ 80M Mercer University Project 6.35% 11/1/2006 $ 90,703 $ 282
80M Spelman University Project 6% 6/1/2009 87,824 273
- -----------------------------------------------------------------------------------------------------------------
178,527 555
- -----------------------------------------------------------------------------------------------------------------
General Obligation--26.2%
75M Columbia County School District 6 1/4% 4/1/2013 82,566 257
100M Hall County School District 6.7% 12/1/2004* 115,375 359
100M Mitchell County School District 6 1/2% 3/1/2009 113,239 352
125M Paulding County School District 6% 2/1/2013 140,866 438
100M Peach County School District 6.4% 2/1/2019 111,162 346
150M Pike County School District 5.7% 2/1/2016 164,019 510
100M Puerto Rico Commonwealth 6 1/4% 7/1/2012 115,500 359
- -----------------------------------------------------------------------------------------------------------------
842,727 2,621
- -----------------------------------------------------------------------------------------------------------------
Health Care--4.3%
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 61/4% 7/1/2016 138,594 431
- -----------------------------------------------------------------------------------------------------------------
Housing--5.0%
150M Georgia State Housing & Finance Authority Revenue 5.7% 12/1/2011 161,063 501
- -----------------------------------------------------------------------------------------------------------------
Transportation--11.9%
300M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 345,762 1,076
30M Puerto Rico Commonwealth Hwy. & Transn. Auth. 6 1/4% 7/1/2014 35,062 109
- -----------------------------------------------------------------------------------------------------------------
380,824 1,185
- -----------------------------------------------------------------------------------------------------------------
Utilities--33.4%
95M Brunswick Water & Sewer Revenue 6.1% 10/1/2019 109,962 342
85M Conyers Water & Sewer Revenue 6.45% 7/1/2010 94,563 294
80M Cordele Combined Public Utilities Revenue 6.4% 11/1/2014 89,700 279
250M Fulton County Water & Sewer Revenue 6 3/8% 1/1/2014 291,562 907
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 91,700 285
100M 5.8% 1/1/2015 107,750 335
150M Milledgeville Water & Sewer Revenue 6% 12/1/2021 172,313 536
100M St. Mary's Water & Sewer Revenue 6 1/8% 7/1/2018 114,750 357
- -----------------------------------------------------------------------------------------------------------------
1,072,300 3,335
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--11.0%
80M Appling County Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 91,300 284
80M Downtown Smyrna Development Authority Revenue 6.7% 2/1/2005* 92,300 287
50M East Point Building Authority Revenue 6% 2/1/2011 54,179 169
100M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 116,750 363
- -----------------------------------------------------------------------------------------------------------------
354,529 1,103
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,799,019) 97.3% 3,128,564 9,731
Other Assets, Less Liabilities 2.7 86,632 269
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,215,196 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.8%
Education--7.0%
Morgan State University Academic & Aux. Facs. Fees Revenue:
$ 90M 7% 7/1/2000* $ 96,975 $ 75
500M 6.05% 7/1/2015 568,125 442
200M 6.1% 7/1/2020 234,250 182
- -----------------------------------------------------------------------------------------------------------------
899,350 699
- -----------------------------------------------------------------------------------------------------------------
General Obligation--28.9%
350M Anne Arundel County Water & Sewer 6.3% 8/1/2015 388,937 302
Baltimore, Maryland:
100M 6.3% 10/15/2004 111,586 87
100M 7% 10/15/2009 122,506 95
250M 5 5/8% 10/15/2012 269,923 210
100M 5 5/8% 10/15/2013 107,545 84
100M Chesapeake Beach 6 1/2% 5/1/2012 106,689 83
Frederick:
100M 6 1/8% 12/1/2008 108,523 84
200M 6 1/8% 10/1/2014 218,908 170
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 116,419 90
630M 6 1/4% 7/1/2012 727,650 565
275M 5 1/4% 7/1/2015 282,562 220
250M 5.65% 7/1/2015 272,500 212
500M Queen Annes County 5.6% 11/15/2015 531,875 413
325M Washington County 5.8% 1/1/2013 350,727 272
- -----------------------------------------------------------------------------------------------------------------
3,716,350 2,887
- -----------------------------------------------------------------------------------------------------------------
Health Care--18.5%
500M Calvert County Economic Development Authority 5% 1/1/2017 497,500 387
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross Health System)
5.7% 12/1/2010 273,125 212
Maryland State Health & Higher Education Facilities Authority:
500M Maryland General Hospital 6 1/8% 7/1/2014 546,875 425
20M Memorial Hospital 7% 7/1/2007 20,967 16
140M Sinai Hospital of Baltimore 7% 7/1/2000* 150,850 117
110M Suburban Hospital 6% 7/1/2002* 117,700 91
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 360,344 280
350M Takoma Park Hospital Facilities (Adventist Hosp.) 6 1/2% 9/1/2012 411,687 320
- -----------------------------------------------------------------------------------------------------------------
2,379,048 1,848
- -----------------------------------------------------------------------------------------------------------------
Housing--13.5%
250M Baltimore County Mortgage Revenue (Old Orchard Apts.) 7% 7/1/2016 273,125 212
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 48,938 38
345M 7% 4/1/2014 375,619 292
600M 5 7/8% 7/1/2016 638,250 496
200M 5.6% 3/1/2017 208,250 162
175M Montgomery County Single Family Mortgage Revenue 6 1/2% 7/1/2011 189,656 147
- -----------------------------------------------------------------------------------------------------------------
1,733,838 1,347
- -----------------------------------------------------------------------------------------------------------------
Transportation--6.7%
500M Maryland State Department of Transportation Zero Coupon 7/1/2012 252,500 196
525M Puerto Rico Highway & Transportation Authority 6 1/4% 7/1/2014 613,594 477
- -----------------------------------------------------------------------------------------------------------------
866,094 673
- -----------------------------------------------------------------------------------------------------------------
Utilities--7.0%
250M Baltimore Revenue Water Project 5.8% 7/1/2015 268,750 209
Baltimore Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 173,044 135
215M 6 1/4% 7/1/2002* 235,694 183
200M 6% 7/1/2015 227,000 176
- -----------------------------------------------------------------------------------------------------------------
904,488 703
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--16.2%
300M Baltimore City Parking System Facilities 5 1/4% 7/1/2021 315,375 245
Baltimore Convention Center:
250M 6.1% 9/1/2013 275,625 214
500M 5% 9/1/2019 496,250 385
35M Maryland Industrial Financing Authority 7% 7/1/2010 38,281 30
250M Maryland State Stadium Authority 5 7/8% 12/15/2013 271,250 211
100M Montgomery County Parking Revenue (Bethesda Parking Lot)
6 1/4% 6/1/2009 108,625 84
500M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 585,000 455
- -----------------------------------------------------------------------------------------------------------------
2,090,406 1,624
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $11,546,501) 97.8% 12,589,574 9,781
Other Assets, Less Liabilities 2.2 281,462 219
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $12,871,036 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.0%
Education--11.9%
$ 425M Massachusetts Health & Edl. Facs. Auth. (Northeastern Univ.)
7 1/8% 10/1/2000* $ 459,531 $ 202
1,000M Massachusetts State Indl. Fin. Agy. (Suffolk University)
5 1/4% 7/1/2017 1,008,750 444
1,000M University of Massachusetts Building Authority Revenue
6 7/8% 5/1/2014 1,242,500 547
- -----------------------------------------------------------------------------------------------------------------
2,710,781 1,193
- -----------------------------------------------------------------------------------------------------------------
General Obligation--27.6%
1,000M Amherst-Pelham Regional School District 5 1/8% 5/15/2018 999,310 440
750M Boston 5 7/8% 8/1/2012 800,055 352
1,000M Frontier Regional School District 5% 6/15/2017 977,210 430
Massachusetts General Obligations:
300M 7% 7/1/2009 363,570 160
1,000M 6% 8/1/2010 1,130,490 497
1,100M New Bedford 5 5/8% 10/1/2016 1,158,058 510
150M North Borough 7.2% 11/1/2003 154,427 68
Wareham:
125M 7.05% 1/15/2001* 137,500 60
500M 7.1% 1/15/2001* 550,625 242
- -----------------------------------------------------------------------------------------------------------------
6,271,245 2,759
- -----------------------------------------------------------------------------------------------------------------
Health Care--21.3%
Massachusetts Health & Educational Facilities Authority:
Capital Asset Program:
225M 7.35% 8/1/2008 237,361 105
400M 7.2% 7/1/2009 420,144 185
500M Carney Hospital 7 3/4% 7/1/2000* 545,625 240
750M Massachusetts General Hospital 6 1/4% 7/1/2012 855,000 376
570M Milton Hospital 7% 7/1/2016 612,038 269
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,648,125 725
490M University Hospital 7 1/4% 7/1/2019 527,975 232
- -----------------------------------------------------------------------------------------------------------------
4,846,268 2,132
- -----------------------------------------------------------------------------------------------------------------
Housing--5.3%
Massachusetts Housing Finance Agency:
1,000M 6% 12/1/2012 1,073,750 472
130M 7.7% 12/1/2017 135,362 60
- -----------------------------------------------------------------------------------------------------------------
1,209,112 532
- -----------------------------------------------------------------------------------------------------------------
Transportation--10.6%
Massachusetts Bay Transportation Authority:
690M Series "A" 7.65% 8/1/2000* 753,825 331
1,500M Series "A" 5.8% 3/1/2013 1,651,410 727
- -----------------------------------------------------------------------------------------------------------------
2,405,235 1,058
- -----------------------------------------------------------------------------------------------------------------
Utilities--16.9%
Boston Water & Sewer Commission:
850M 7% 11/1/2001* 943,500 415
100M 7 1/4% 11/1/2006 101,082 44
1,035M 5 3/4% 11/1/2013 1,135,912 500
475M Lynn Water & Sewer Commission 7 1/4% 12/1/2000* 518,938 228
1,000M South Essex Sewer District 6 3/4% 6/1/2004* 1,147,500 505
- -----------------------------------------------------------------------------------------------------------------
3,846,932 1,692
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--4.4%
1,000M Martha's Vineyard Land Bank Revenue 5 1/8% 5/1/2018 1,001,250 440
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,351,656) 22,290,823 9,806
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.5%
100M Massachusetts Health & Edl. Facs. Auth. Capital Asset Program
Series "A" Adjustable Rate Note 3.95%** (cost $100,000) 100,000 44
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $20,451,656) 98.5% 22,390,823 9,850
Other Assets, Less Liabilities 1.5 339,901 150
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,730,724 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.5%
Certificates of Participation--1.8%
$1,000M Hudson County Correctional Facility 7 1/4% 12/1/2000* $ 1,092,500 $ 180
- -----------------------------------------------------------------------------------------------------------------
Education--2.3%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.)
6 1/4% 7/1/2010 1,395,875 230
- -----------------------------------------------------------------------------------------------------------------
General Obligation--19.0%
1,750M Atlantic City Board of Education 6.1% 12/1/2015 1,998,325 329
Essex County Improvement Authority:
545M Correctional Facility 6.9% 12/1/2004* 636,969 105
955M County College Project 6.9% 12/1/2004* 1,116,156 184
Orange School District:
1,025M Series "A" 6.95% 7/1/2005* 1,191,563 196
1,220M Series "B" 6.95% 7/1/2005* 1,418,250 233
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,126,610 185
1,550M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,794,125 295
Union City:
1,000M 6.7% 9/1/2002* 1,116,250 184
995M 6.4% 11/1/2013 1,174,548 193
- -----------------------------------------------------------------------------------------------------------------
11,572,796 1,904
- -----------------------------------------------------------------------------------------------------------------
Health Care--22.6%
New Jersey Health Care Facilities Financing Authority:
Bayonne Hospital:
205M 6 1/4% 7/1/2004* 230,113 38
1,045M 6 1/4% 7/1/2012 1,153,419 190
100M Community Medical Center 7% 7/1/1999* 105,195 17
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,960,944 323
1,100M Hunterdon Hospital 7% 7/1/2020 1,175,625 194
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,907,500 314
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,636,875 269
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,588,000 590
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 865,871 142
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,097,500 181
- -----------------------------------------------------------------------------------------------------------------
13,721,042 2,258
- -----------------------------------------------------------------------------------------------------------------
Housing--4.5%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 396,880 65
420M Series "E" 7.65% 10/1/2016 442,050 73
1,385M Series "C" 7 3/8% 10/1/2017 1,450,787 239
450M Series "B" 8.1% 10/1/2017 465,417 76
- -----------------------------------------------------------------------------------------------------------------
2,755,134 453
- -----------------------------------------------------------------------------------------------------------------
Transportation--3.4%
900M Delaware River Port Authority 7 3/8% 1/1/2007 932,652 154
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2% 1/1/2010 1,143,750 188
- -----------------------------------------------------------------------------------------------------------------
2,076,402 342
- -----------------------------------------------------------------------------------------------------------------
Utilities--16.5%
Bergen County Utility Authority Pollution Control:
1,000M 6 1/2% 6/15/2002* 1,105,000 182
500M 4 3/4% 12/15/2015 487,250 80
1,500M Essex County Impt. Auth. Rev. Utility System 5 3/4% 7/1/2027 1,588,125 261
1,000M Evesham Municipal Utilities Authority 7% 7/1/2000* 1,058,750 174
150M Lower Township Municipal Utilities Authority 7% 12/1/2000* 163,125 27
New Jersey Wastewater Treatment Trust:
1,435M 6 1/4% 4/1/2004* 1,605,406 264
1,310M 7% 7/1/2011 1,594,925 263
1,140M Passaic Valley Water Commission 6.4% 12/15/2002* 1,265,400 208
1,000M Puerto Rico Commonwealth Aqueduct & Sewer Authority
6 1/4% 7/1/2013 1,167,500 192
- -----------------------------------------------------------------------------------------------------------------
10,035,481 1,651
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--27.4%
2,900M Atlantic County Impt. Auth. Lux. Tax. (Convention Center)
7.4% 7/1/2016 3,693,875 608
350M Cape May County Indl. Pollution Control Fin. Auth. 6.8% 3/1/2021 441,000 72
1,250M Casino Reinvestment Dev. Auth. Pkg. Fee Rev. 5 1/4% 10/1/2013 1,281,250 211
650M Mercer County Impt. Auth. Rev. Library System 5% 12/1/2014 650,812 107
New Jersey Economic Development Authority:
Educational Testing Service:
1,000M 5.9% 5/15/2015 1,083,750 178
2,000M 6 1/8% 5/15/2015 2,205,000 363
2,185M Market Transition Facility 5 7/8% 7/1/2011 2,376,187 391
1,775M N.J. Performing Arts Center 6% 6/15/2012 2,016,844 332
Puerto Rico Public Buildings Authority:
1,275M Series "A" 6 1/4% 7/1/2013 1,488,562 245
1,195M Series "A" 6 1/4% 7/1/2014 1,396,656 230
- -----------------------------------------------------------------------------------------------------------------
16,633,936 2,737
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $53,522,632) 59,283,166 9,755
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.5%
200M Essex County Improvement Authority Project
Adjustable Rate Note 3.45%** 200,000 33
100M Puerto Rico Commonwealth Government Development Bank
Adjustable Rate Note 3.15%** 100,000 16
- -----------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $300,000) 300,000 49
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $53,822,632) 98.0% 59,583,166 9,804
Other Assets, Less Liabilities 2.0 1,191,962 196
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $60,775,128 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.1%
Certificates of Participation--2.8%
$ 100M Charlotte Convention Facilities Project 6 3/4% 12/1/2001* $ 110,375 $ 137
100M Cumberland County Civic Center Project 6.3% 12/1/2008 111,592 138
- -----------------------------------------------------------------------------------------------------------------
221,967 275
- -----------------------------------------------------------------------------------------------------------------
Education--3.3%
250M North Carolina Cent. Univ. Hsg. Rev. 5.6% 11/1/2012 268,125 332
- -----------------------------------------------------------------------------------------------------------------
General Obligation--34.3%
250M Cleveland County 5 1/2% 3/1/2012 265,883 329
200M Cumberland County 5 1/2% 4/1/2012 212,172 262
200M Currituck County 5.4% 4/1/2013 208,664 258
200M Gaston County 5.7% 3/1/2013 211,964 262
220M Laurinburg 5.3% 6/1/2012 229,953 285
200M Mecklenburg County 6.2% 1/1/2002* 215,500 267
200M Morganton 5.7% 6/1/2014 213,586 264
400M Onslow County 5.7% 3/1/2011 431,088 533
235M Puerto Rico Commonwealth 6 1/4% 7/1/2012 271,425 336
280M Rowan County 5.6% 4/1/2014 297,139 368
200M Watauga County 5.9% 6/1/2014 214,740 266
- -----------------------------------------------------------------------------------------------------------------
2,772,114 3,430
- -----------------------------------------------------------------------------------------------------------------
Health Care--15.2%
150M New Hanover County (New Hanover Regional Medical Center)
5 3/4% 10/1/2026 159,375 197
North Carolina Medical Care Commission Health Care Facilities:
500M Novant Health Project 5% 10/1/2013 504,375 624
250M Rex Healthcare 5% 6/1/2013 250,937 311
125M Rex Healthcare 5% 6/1/2023 121,875 151
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 194,031 240
- -----------------------------------------------------------------------------------------------------------------
1,230,593 1,523
- -----------------------------------------------------------------------------------------------------------------
Housing--1.7%
125M North Carolina Housing Finance Agency Multi-Family 6.6% 7/1/2017 137,031 170
- -----------------------------------------------------------------------------------------------------------------
Transportation--7.3%
505M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2014 590,219 730
- -----------------------------------------------------------------------------------------------------------------
Utilities--28.6%
250M Asheville Water System Revenue 5 5/8% 8/1/2013 267,500 331
250M Buncombe County Solid Waste System 5.6% 3/1/2011 267,278 331
400M Concord Utilities System Revenue 5% 12/1/2017 393,500 487
Fayetteville Public Works Commission Revenue:
390M 5.7% 2/1/2010 421,325 521
250M 5.1% 3/1/2015 253,750 314
250M Kinston Enterprise System Revenue 5.7% 4/1/2012 269,687 334
200M North Carolina Eastern Municipal Power Agency 5.6% 1/1/2010 213,060 264
200M North Carolina Municipal Power Agency (Catawba Electric)
6% 1/1/2010 224,004 277
- -----------------------------------------------------------------------------------------------------------------
2,310,104 2,859
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--3.9%
270M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 314,550 389
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,335,170) 97.1% 7,844,703 9,708
Other Assets, Less Liabilities 2.9 236,364 292
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,081,067 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.2%
Education--10.6%
Allegheny County Higher Educ. Bldg. Auth. (Duquesne Univ.):
$1,000M 5% 3/1/2016 $ 998,750 $ 234
1,570M 5 1/2% 3/1/2020 1,672,050 391
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 2/15/2005* 761,906 178
1,000M Philadelphia Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,086,250 254
- -----------------------------------------------------------------------------------------------------------------
4,518,956 1,057
- -----------------------------------------------------------------------------------------------------------------
General Obligation--18.1%
1,470M Erie 5.7% 5/15/2012 1,576,502 369
1,310M General McLane School District 5 3/4% 5/15/2013 1,409,625 330
100M Jeannette School District 6.65% 6/15/2001* 107,125 25
1,000M Philadelphia 6% 11/15/2014 1,086,120 254
1,500M Pittsburgh 5 1/2% 9/1/2014 1,611,690 377
1,000M Stroudsburg Area School District 5.8% 10/1/2005* 1,092,500 256
800M Trinity Area School District 65/8% 11/1/2001* 863,000 202
- -----------------------------------------------------------------------------------------------------------------
7,746,562 1,813
- -----------------------------------------------------------------------------------------------------------------
Health Care--23.5%
Allegheny County Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,102,500 258
Health Center - University of Pittsburgh:
1,000M 5.6% 4/1/2013 1,056,250 247
1,000M 5.65% 4/1/2014 1,060,000 248
1,250M South Hills Health System 5.8% 5/1/2016 1,331,250 311
1,500M Berks County Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.)
5.7% 10/1/2014 1,635,000 383
1,100M Blair County Hosp. Auth. Rev.(Altoona Hosp.) 63/8% 7/1/2014 1,194,875 280
1,000M Dauphin County Gen. Health System (Pinnacle Health System)
5 1/2% 5/15/2013 1,047,500 245
1,000M Pennsylvania State Higher Edl. Facs. Auth. Health
Svcs. 5.7% 11/15/2011 1,087,500 254
500M St. Mary Hosp. Auth., Langhorne (Franciscan Health) 7% 7/1/2014 524,275 123
- -----------------------------------------------------------------------------------------------------------------
10,039,150 2,349
- -----------------------------------------------------------------------------------------------------------------
Housing--2.4%
Pennsylvania Housing Finance Agency Single-Family Mtge.:
460M 7.15% 4/1/2015 487,600 114
500M 7.3% 10/1/2017 531,250 124
- -----------------------------------------------------------------------------------------------------------------
1,018,850 238
- -----------------------------------------------------------------------------------------------------------------
Utilities--31.0%
Allegheny County Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,185,250 277
1,000M 6 1/4% 12/1/2014 1,101,250 258
350M Harrisburg Authority Water Revenue 61/2% 8/15/2002* 381,062 89
1,000M North Pennsylvania Water Authority 67/8% 11/1/2004* 1,151,250 269
1,000M North Wales Water Authority 63/4% 11/1/2004* 1,140,000 267
Philadelphia Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,420,650 332
2,000M 6 1/4% 8/1/2012 2,307,500 540
2,950M Pittsburgh Water & Sewer Authority 61/2% 9/1/2013 3,488,375 816
1,000M Washington County Indl. Dev. Auth. (West Penn. Power)
6.05% 4/1/2014 1,088,750 255
- -----------------------------------------------------------------------------------------------------------------
13,264,087 3,103
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--12.6%
1,500M Harrisburg Authority Pooled Bond Program 55/8% 4/01/2015 1,576,875 369
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. 7% 6/15/2005* 1,163,750 272
1,000M Pennsylvania State Industrial Development Authority 6% 1/1/2012 1,083,750 254
1,000M Philadelphia Authority for Ind. Dev. Lease Rev. 5.4% 2/15/2017 1,026,250 240
500M Somerset County Gen. Auth. Commonwealth Lease Rev. 7% 10/15/2001* 545,000 128
- -----------------------------------------------------------------------------------------------------------------
5,395,625 1,263
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $38,173,402) 41,983,230 9,823
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.5%
100M Delaware County Indl. Dev. Auth. Arpt. Facs. Rev.
(United Parcel Project)
Adjustable Rate Note 3.90%** 100,000 23
100M Puerto Rico Commonwealth Government Development Bank
Adjustable Rate Note 3.15%** 100,000 23
- -----------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $200,000) 200,000 46
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $38,373,402) 98.7% 42,183,230 9,869
Other Assets, Less Liabilities 1.3 558,270 131
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $42,741,500 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.4%
Education--7.6%
$ 575M George Mason University 6 3/8% 8/1/2016 $ 637,531 $ 268
1,100M Norfolk Redev. & Hsg. Auth. (Tidewater Cmnty. College)
5 7/8% 11/1/2015 1,179,750 497
- -----------------------------------------------------------------------------------------------------------------
1,817,281 765
- -----------------------------------------------------------------------------------------------------------------
General Obligation--9.4%
625M Bristol 5.2% 4/1/2014 648,138 273
1,000M Chesapeake Public Improvement 5% 5/1/2013 1,008,750 425
500M Virginia State Public School Authority 6 1/2% 8/1/2004* 567,500 239
- -----------------------------------------------------------------------------------------------------------------
2,224,388 937
- -----------------------------------------------------------------------------------------------------------------
Health Care--17.9%
1,150M Danville Ind. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2014 1,269,313 534
500M Hanover County Indl. Dev. Auth. (Bon Secours Health Sys. Projs.)
6% 8/15/2010 559,955 236
Roanoke Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 309,381 130
155M 7 1/4% 7/1/2000* 167,787 71
1,675M 6 1/8% 7/1/2017 1,936,719 815
- -----------------------------------------------------------------------------------------------------------------
4,243,155 1,786
- -----------------------------------------------------------------------------------------------------------------
Transportation--20.4%
1,000M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2014 1,168,750 492
Richmond Metropolitan Authority Expressway Revenue:
280M 7% 10/15/2000* 313,950 132
1,075M 5 1/4% 7/15/2017 1,120,687 472
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,113,620 469
1,000M 6% 7/1/2010 1,121,980 472
- -----------------------------------------------------------------------------------------------------------------
4,838,987 2,037
- -----------------------------------------------------------------------------------------------------------------
Utilities--20.3%
750M Leesburg Utility System Revenue 6.3% 7/1/2002* 824,063 347
500M Loudoun County Sanitation Authority Water & Sewer Revenue
6 1/4% 1/1/2010 546,150 230
1,000M Norfolk Water Revenue 5 7/8% 11/1/2015 1,075,000 453
1,000M Prince William County Svc. Auth. Water & Sewer Sys. Rev.
6 1/2% 7/1/2001* 1,087,500 458
560M Roanoke County Water System Revenue 6 1/2% 7/1/2001* 609,000 256
625M Upper Occoquan Sewer Authority Regional Sewer Revenue
6 1/2% 7/1/2001* 679,688 286
- -----------------------------------------------------------------------------------------------------------------
4,821,401 2,030
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--21.8%
1,000M Chesapeake Indl. Dev. Auth. (Chesapeake Court House Proj.)
5 1/4% 6/1/2017 1,016,250 428
700M Frederick County Indl. Dev. Auth. (Govt. Complex Proj.)
6 1/2% 12/1/2014 784,000 330
1,000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,168,750 492
1,000M Richmond Redev. & Hsg. Auth. (Old Manchester Proj.) 6.8% 3/1/2015 1,137,500 479
1,000M Riverside Regional Jail Authority 5 7/8% 7/1/2014 1,077,500 454
- -----------------------------------------------------------------------------------------------------------------
5,184,000 2,183
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,906,107) 23,129,212 9,738
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.8%
200M Roanoke Industrial Development Authority (Carilion Health System)
Adjustable Rate Note 4.00%** (cost $200,000) 200,000 84
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $21,106,107) 98.2% 23,329,212 9,822
Other Assets, Less Liabilities 1.8 421,910 178
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,751,122 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1998
- ------------------------- ------------------ -----------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED -----------------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- ------------------------- ------------------ -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $175,269,456 $17,894,894 $22,483,986 $2,799,019 $11,546,501
============ =========== =========== ========== ===========
At value (Note 1A) $190,832,585 $19,668,929 $24,932,850 $3,128,564 $12,589,574
Cash 57,113 21,188 103,635 17,156 47,216
Receivables
Interest 3,677,325 397,841 366,234 62,631 269,699
Shares sold 272,349 15,772 22,721 19,900 19,137
Investment securities sold -- -- -- -- --
------------ ----------- ----------- ---------- -----------
Total Assets 194,839,372 20,103,730 25,425,440 3,228,251 12,925,626
------------ ----------- ----------- ---------- -----------
Liabilities
Payables:
Investment securities purchased -- -- -- -- --
Dividend payable 707,537 72,775 91,480 12,515 48,665
Shares redeemed 388,270 -- 63,901 -- --
Accrued advisory fees 105,269 8,376 10,581 540 3,213
Accrued expenses 23,395 3,628 4,772 -- 2,712
------------ ----------- ----------- ---------- -----------
Total Liabilities 1,224,471 84,779 170,734 13,055 54,590
------------ ----------- ----------- ---------- -----------
Net Assets $193,614,901 $20,018,951 $25,254,706 $3,215,196 $12,871,036
============ =========== =========== ========== ===========
Net Assets Consist of:
Capital paid in $177,243,015 $18,363,561 $22,780,183 $2,888,041 $11,865,443
Undistributed net investment
income (deficit) 9,382 4,625 5,638 475 2,871
Accumulated net
realized gain (loss)
on investments 799,375 (123,270) 20,021 (2,865) (40,351)
Net unrealized
appreciation in value
of investments 15,563,129 1,774,035 2,448,864 329,545 1,043,073
------------ ----------- ----------- ---------- -----------
Total $193,614,901 $20,018,951 $25,254,706 $3,215,196 $12,871,036
============ =========== =========== ========== ===========
Net Assets:
Class A $188,854,179 $16,726,880 $24,393,012 $2,974,226 $11,007,210
Class B $ 4,760,722 $ 3,292,071 $ 861,694 $ 240,970 $1,863,826
Shares outstanding (Note 2):
Class A 12,762,154 1,266,050 1,798,085 226,707 817,945
Class B 321,791 249,355 63,513 18,387 138,537
Net asset value and
redemption price per
share--Class A $14.80 $13.21 $13.57 $13.12 $13.46
====== ====== ====== ====== ======
Maximum offering price
per share--Class A* $15.79 $14.09 $14.47 $13.99 $14.36
====== ====== ====== ====== ======
Net asset value and offering
price per share--Class B (Note 2) $14.79 $13.20 $13.57 $13.11 $13.45
====== ====== ====== ====== ======
<CAPTION>
Statement of Assets and Liabilities (continued)
- --------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $20,451,656 $53,822,632 $7,335,170 $38,373,402 $21,106,107
=========== =========== ========== =========== ===========
At value (Note 1A) $22,390,823 $59,583,166 $7,844,703 $42,183,230 $23,329,212
Cash 80,521 206,461 106,859 84,080 19,382
Receivables:
Interest 378,679 1,252,313 129,870 606,210 479,063
Shares sold 281 57,343 30,580 44,821 37,820
Investment
securities sold -- -- -- 980,541 --
----------- ----------- ---------- ----------- -----------
Total Assets 22,850,304 61,099,283 8,112,012 43,898,882 23,865,477
----------- ----------- ---------- ----------- -----------
Liabilities
Payables:
Investment securities purchased -- -- -- 980,541 --
Dividend payable 88,162 222,647 29,584 154,734 85,905
Shares redeemed 13,794 53,191 -- 275 11,200
Accrued advisory fees 9,486 30,235 1,361 17,881 9,889
Accrued expenses 8,138 18,082 -- 3,951 7,361
----------- ----------- ---------- ----------- -----------
Total Liabilities 119,580 324,155 30,945 1,157,382 114,355
----------- ----------- ---------- ----------- -----------
Net Assets $22,730,724 $60,775,128 $8,081,067 $42,741,500 $23,751,122
=========== =========== ========== =========== ===========
Net Assets Consist of:
Capital paid in $20,530,077 $54,845,662 $7,663,407 $38,732,157 $21,475,071
Undistributed net investment
income (deficit) 4,504 4,882 1,231 5,130 (340)
Accumulated net realized
gain (loss) on investments 256,976 164,050 (93,104) 194,385 53,286
Net unrealized appreciation
in value of investments 1,939,167 5,760,534 509,533 3,809,828 2,223,105
----------- ----------- ---------- ----------- -----------
Total $22,730,724 $60,775,128 $8,081,067 $42,741,500 $23,751,122
=========== =========== ========== =========== ===========
Net Assets:
Class A $21,827,056 $58,561,901 $7,842,984 $40,769,050 $22,284,904
Class B $ 903,668 $ 2,213,227 $ 238,083 $ 1,972,450 $ 1,466,218
Shares outstanding
(Note 2):
Class A 1,797,569 4,408,524 617,179 3,069,654 1,686,442
Class B 74,456 166,891 18,740 148,626 111,056
Net asset value and redemption
price per share--Class A $12.14 $13.28 $12.71 $13.28 $13.21
====== ====== ====== ====== ======
Maximum offering price
per share--Class A* $12.95 $14.17 $13.56 $14.17 $14.09
====== ====== ====== ====== ======
Net asset value and offering
price per share--Class B (Note 2) $12.14 $13.26 $12.70 $13.27 $13.20
====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1998
- ------------------------- ------------------ ----------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED ----------------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- ------------------------- ------------------ ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $5,612,296 $525,058 $675,528 $86,664 $341,155
---------- -------- -------- ------- --------
Expenses (Notes 1 and 5):
Advisory fees 733,587 73,068 94,984 12,282 47,980
Distribution plan
expenses--Class A 287,370 16,394 24,481 3,066 10,928
Distribution plan
expenses--Class B 20,216 15,457 4,037 1,049 9,330
Shareholder servicing
costs 91,088 8,784 9,346 1,720 5,844
Professional fees 14,659 3,449 4,549 611 2,264
Custodian fees 13,054 1,641 2,049 468 1,271
Reports to shareholders 8,854 613 638 72 236
Bond insurance premiums 9,952 1,280 -- -- 1,267
Other expenses 26,863 4,199 3,525 1,295 3,404
---------- -------- -------- ------- --------
Total expenses 1,205,643 124,885 143,609 20,563 82,524
Less: Expenses waived or assumed (97,812) (33,006) (37,126) (12,711) (41,816)
Custodian fees paid indirectly (8,902) (1,548) (1,759) (462) (1,248)
---------- -------- -------- ------- --------
Expenses--net 1,098,929 90,331 104,724 7,390 39,460
---------- -------- -------- ------- --------
Net investment income 4,513,367 434,727 570,804 79,274 301,695
---------- -------- -------- ------- --------
Realized and
Unrealized Gain (Loss) on
Investments (Note 4):
Net realized gain
on investments 799,968 17,080 20,021 8,350 38,666
Net unrealized appreciation
(depreciation) of investments (1,628,164) 39,296 (137,875) (10,105) (12,901)
---------- -------- -------- ------- --------
Net gain (loss) on investments (828,196) 56,376 (117,854) (1,755) 25,765
---------- -------- -------- ------- --------
Net Increase in Net Assets
Resulting from Operations $3,685,171 $491,103 $452,950 $77,519 $327,460
========== ======== ======== ======= ========
<CAPTION>
Statement of Operations (continued)
- ---------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $647,449 $1,689,472 $189,653 $1,163,198 $632,728
-------- ---------- -------- ---------- --------
Expenses (Notes 1 and 5):
Advisory fees 85,992 227,548 28,126 161,121 88,269
Distribution plan expenses--
Class A 22,117 58,549 7,298 41,082 22,124
Distribution plan expenses--
Class B 4,071 10,654 1,013 9,425 7,067
Shareholder servicing costs 13,199 23,921 3,162 16,095 11,904
Professional fees 4,276 10,910 1,278 7,690 4,257
Custodian fees 1,963 4,763 1,108 2,535 1,817
Reports to shareholders 932 1,740 459 1,134 778
Bond insurance premiums 315 833 157 593 1,083
Other expenses 5,255 7,215 1,880 5,683 5,995
-------- ---------- -------- ---------- --------
Total expenses 138,120 346,133 44,481 245,358 143,294
Less: Expenses waived or assumed (41,689) (45,510) (27,566) (53,707) (41,893)
Custodian fees paid indirectly (1,431) (2,548) (1,095) (2,237) (1,557)
-------- ---------- -------- ---------- --------
Expenses--net 95,000 298,075 15,820 189,414 99,844
-------- ---------- -------- ---------- --------
Net investment income 552,449 1,391,397 173,833 973,784 532,884
-------- ---------- -------- ---------- --------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain on investments 256,976 164,050 3,345 194,385 53,286
Net unrealized appreciation
(depreciation) of investments (362,567) (254,925) 20,923 (191,818) (70,270)
-------- ---------- -------- ---------- --------
Net gain (loss) on investments (105,591) (90,875) 24,268 2,567 (16,984)
-------- ---------- -------- ---------- --------
Net Increase in Net Assets
Resulting from Operations $446,858 $1,300,522 $198,101 $ 976,351 $515,900
======== ========== ======== ========== ========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- -----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
FIRST INVESTORS INSURED TAX FREE FUND
NEW YORK INSURED ---------------------------
TAX FREE FUND, INC. CONNECTICUT
--------------------------- ---------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ------------------------------------------------------- --------------------------- ---------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 4,513,367 $ 9,669,364 $ 434,727 $ 795,326
Net realized gain on investments 799,968 999,973 17,080 50,520
Net unrealized appreciation (depreciation)
of investments (1,628,164) 4,334,404 39,296 584,046
------------ ------------ ----------- -----------
Net increase in net assets resulting from operations 3,685,171 15,003,741 491,103 1,429,892
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income--Class A (4,440,654) (9,533,619) (373,512) (727,487)
Net investment income--Class B (79,133) (124,703) (58,130) (69,611)
Net realized gains--Class A -- (991,578) -- --
Net realized gains--Class B -- (18,325) -- --
------------ ------------ ----------- -----------
Total distributions (4,519,787) (10,668,225) (431,642) (797,098)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 3,702,438 8,821,313 1,528,864 3,345,337
Reinvestment of distributions 2,682,473 7,725,167 248,221 577,348
Cost of shares redeemed (11,982,711) (29,029,473) (1,250,920) (3,536,484
------------ ------------ ----------- -----------
(5,597,800) (12,482,993) 526,165 386,201
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 1,238,504 1,309,248 426,608 1,650,444
Reinvestment of distributions 39,882 85,393 43,036 60,562
Cost of shares redeemed (106,729) (109,219) (78,356) (396,030)
------------ ------------ ----------- -----------
1,171,657 1,285,422 391,288 1,314,976
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions (4,426,143) (11,197,571) 917,453 1,701,177
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (5,260,759) (6,862,055) 976,914 2,333,971
Net Assets
Beginning of period 198,875,660 205,737,715 19,042,037 16,708,066
------------ ------------ ----------- -----------
End of period+ $193,614,901 $198,875,660 $20,018,951 $19,042,037
============ ============ =========== ===========
+Includes undistributed net investment income of $ 9,382 $ 15,802 $ 4,625 $ 1,540
============ ============ =========== ===========
(a)Shares Issued and Redeemed
Class A:
Sold 249,751 605,875 116,151 261,160
Issued for distributions reinvested 181,596 528,609 18,856 44,937
Redeemed (809,082) (1,993,188) (94,873) (276,898)
------------ ------------ ----------- -----------
Net increase (decrease) in--
Class A shares outstanding (377,735) (858,704) 40,134 29,199
============ ============ =========== ===========
Class B:
Sold 83,838 89,912 32,416 127,371
Issued for distributions reinvested 2,702 5,830 3,272 4,708
Redeemed (7,237) (7,506) (5,928) (30,991)
------------ ------------ ----------- -----------
Net increase in Class B shares outstanding 79,303 88,236 29,760 101,088
============ ============ =========== ===========
<CAPTION>
Statement of Changes in Net Assets (continued)
- ----------------------------------------------------- ------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------
FLORIDA GEORGIA
-------------------------- ------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ----------------------------------------------------- ------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 570,804 $ 1,129,186 $ 79,274 $ 168,712
Net realized gain on investments 20,021 67,791 8,350 30,180
Net unrealized appreciation (depreciation)
of investments (137,875) 918,984 (10,105) 119,243
----------- ------------ ----------- -----------
Net increase in net assets resulting
from operations 452,950 2,115,961 77,519 318,135
----------- ------------ ----------- -----------
Distributions to Shareholders
Net investment income--Class A (551,648) (1,103,241) (74,873) (160,266)
Net investment income--Class B (15,745) (25,765) (4,270) (8,102)
Net realized gains--Class A -- (64,428) -- --
Net realized gains--Class B -- (2,262) -- --
----------- ------------ ----------- -----------
Total distributions (567,393) (1,195,696) (79,143) (168,368)
----------- ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,079,317 3,953,847 144,778 311,222
Reinvestment of distributions 233,789 639,331 41,178 121,894
Cost of shares redeemed (1,649,612) (4,945,111) (361,769) (691,067)
----------- ------------ ----------- -----------
663,494 (351,933) (175,813) (257,951)
----------- ------------ ----------- -----------
Class B:
Proceeds from shares sold 48,206 383,014 34,784 46,095
Reinvestment of distributions 8,560 19,073 3,566 8,065
Cost of shares redeemed (27,850) (141,095) -- (11,387)
----------- ------------ ----------- -----------
28,916 260,992 38,350 42,773
----------- ------------ ----------- -----------
Net increase (decrease) from share transactions 692,410 (90,941) (137,463) (215,178)
----------- ------------ ----------- -----------
Net increase (decrease) in net assets 577,967 829,324 (139,087) (65,411)
Net Assets
Beginning of period 24,676,739 23,847,415 3,354,283 3,419,694
----------- ------------ ----------- -----------
End of period+ $25,254,706 $24,676,739 $ 3,215,196 $ 3,354,283
=========== ============ =========== ===========
+Includes undistributed net investment income of $ 5,638 $ 2,227 $ 475 $ 344
=========== ============ =========== ===========
(a)Shares Issued and Redeemed
Class A:
Sold 152,605 297,950 11,052 24,835
Issued for distributions reinvested 17,230 48,100 3,149 9,603
Redeemed (121,622) (373,839) (27,586) (54,774)
----------- ------------ ----------- -----------
Net increase (decrease) in--
Class A shares outstanding 48,213 (27,789) (13,385) (20,336)
=========== ============ =========== ===========
Class B:
Sold 3,530 28,887 2,654 3,668
Issued for distributions reinvested 631 1,432 273 635
Redeemed (2,061) (10,782) -- (895)
----------- ------------ ----------- -----------
Net increase in Class B shares outstanding 2,100 19,537 2,927 3,408
=========== ============ =========== ===========
<CAPTION>
Statement of Changes in Net Assets (continued)
- -----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------- --------------------------
MARYLAND MASSACHUSETTS
-------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ----------------------------------------------------- -------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 301,695 $ 570,758 $ 552,449 $ 1,155,755
Net realized gain on investments 38,666 42,900 256,976 140,093
Net unrealized appreciation (depreciation)
of investments (12,901) 452,934 (362,567) 551,435
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 327,460 1,066,592 446,858 1,847,283
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (262,564) (511,125) (531,700) (1,133,213)
Net investment income--Class B (37,368) (58,525) (16,412) (26,803)
Net realized gains--Class A -- -- -- (137,168)
Net realized gains--Class B -- -- -- (4,721)
------------ ------------ ------------ ------------
Total distributions (299,932) (569,650) (548,112) (1,301,905)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 883,302 1,369,331 816,687 2,739,539
Reinvestment of distributions 129,071 315,673 348,001 983,401
Cost of shares redeemed (734,122) (1,531,338) (2,091,868) (3,944,233)
------------ ------------ ------------ ------------
278,251 153,666 (927,180) (221,293)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 130,356 755,812 122,214 242,414
Reinvestment of distributions 15,258 33,277 9,539 24,880
Cost of shares redeemed (67,861) (90,836) (7,940) (18,083)
------------ ------------ ------------ ------------
77,753 698,253 123,813 249,211
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 356,004 851,919 (803,367) 27,918
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 383,532 1,348,861 (904,621) 573,296
Net Assets
Beginning of period 12,487,504 11,138,643 23,635,345 23,062,049
------------ ------------ ------------ ------------
End of period+ $ 12,871,036 $ 12,487,504 $ 22,730,724 $ 23,635,345
============ ============ ============ ============
+Includes undistributed net investment income of $ 2,871 $ 1,108 $ 4,504 $ 167
============ ============ ============ ============
(a)Shares Issued and Redeemed
Class A:
Sold 65,881 105,429 67,065 228,885
Issued for distributions reinvested 9,642 24,226 28,670 81,842
Redeemed (54,687) (118,217) (171,623) (328,701)
------------ ------------ ------------ ------------
Net increase (decrease) in
Class A shares outstanding 20,836 11,438 (75,888) (17,974)
============ ============ ============ ============
Class B:
Sold 9,714 57,852 10,063 20,137
Issued for distributions reinvested 1,140 2,552 786 2,069
Redeemed (5,057) (6,964) (654) (1,506)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 5,797 53,440 10,195 20,700
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets (continued)
- ---------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------- --------------------------
NEW JERSEY NORTH CAROLINA
-------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ----------------------------------------------------- -------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,391,397 $ 2,894,916 $ 173,833 $ 299,883
Net realized gain on investments 164,050 538,959 3,345 14,963
Net unrealized appreciation (depreciation)
of investments (254,925) 1,458,613 20,923 254,334
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 1,300,522 4,892,488 198,101 569,180
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (1,353,037) (2,820,992) (169,069) (294,736)
Net investment income--Class B (40,704) (70,065) (3,841) (5,281)
Net realized gains--Class A -- (521,354) -- --
Net realized gains--Class B -- (17,683) -- --
------------ ------------ ------------ ------------
Total distributions (1,393,741) (3,430,094) (172,910) (300,017)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,705,139 5,185,860 1,230,708 1,277,363
Reinvestment of distributions 759,075 2,163,582 86,004 189,740
Cost of shares redeemed (4,054,789) (8,349,542) (195,764) (855,438)
------------ ------------ ------------ ------------
(590,575) (1,000,100) 1,120,948 611,665
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 336,475 514,175 61,154 125,284
Reinvestment of distributions 26,835 68,543 2,216 3,236
Cost of shares redeemed (157,876) (216,809) (10,799) (83,078)
------------ ------------ ------------ ------------
205,434 365,909 52,571 45,442
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (385,141) (634,191) 1,173,519 657,107
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (478,360) 828,203 1,198,710 926,270
Net Assets
Beginning of period 61,253,488 60,425,285 6,882,357 5,956,087
------------ ------------ ------------ ------------
End of period+ $ 60,775,128 $ 61,253,488 $ 8,081,067 $ 6,882,357
============ ============ ============ ============
+Includes undistributed net investment
income (defict) of $ 4,882 $ 7,226 $ 1,231 $ 308
============ ============ ============ ============
(a)Shares Issued and Redeemed
Class A:
Sold 203,206 397,509 97,041 103,107
Issued for distributions reinvested 57,176 164,789 6,802 15,450
Redeemed (304,672) (638,130) (15,470) (69,558)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A
shares outstanding (44,290) (75,832) 88,373 48,999
============ ============ ============ ============
Class B:
Sold 25,413 39,138 4,804 10,154
Issued for distributions reinvested 2,025 5,219 175 264
Redeemed (11,926) (16,522) (861) (6,823)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 15,512 27,835 4,118 3,595
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets (continued)
- ------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------- --------------------------
PENNSYLVANIA VIRGINIA
-------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ----------------------------------------------------- -------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 973,784 $ 2,102,139 $ 532,884 $ 1,062,779
Net realized gain on investments 194,385 499,152 53,286 55,541
Net unrealized appreciation (depreciation)
of investments (191,818) 1,260,229 (70,270) 841,380
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 976,351 3,861,520 515,900 1,959,700
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (935,694) (2,053,887) (508,650) (1,017,300)
Net investment income--Class B (35,337) (48,614) (26,765) (49,137)
Net realized gains--Class A -- (481,910) -- (53,373)
Net realized gains--Class B -- (19,807) -- (3,353)
------------ ------------ ------------ ------------
Total distributions (971,031) (2,604,218) (535,415) (1,123,163)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,768,597 4,830,698 956,478 1,989,565
Reinvestment of distributions 468,908 1,549,699 279,816 717,022
Cost of shares redeemed (3,695,796) (7,614,846) (1,068,984) (2,405,825)
------------ ------------ ------------ ------------
(1,458,291) (1,234,449) 167,310 300,762
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 239,193 965,794 128,978 372,554
Reinvestment of distributions 15,285 48,384 12,196 30,964
Cost of shares redeemed (22,214) (83,930) (63,839) (227,855)
------------ ------------ ------------ ------------
232,264 930,248 77,335 175,663
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (1,226,027) (304,201) 244,645 476,425
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,220,707) 953,101 225,130 1,312,962
Net Assets
Beginning of period 43,962,207 43,009,106 23,525,992 22,213,030
------------ ------------ ------------ ------------
End of period+ $ 42,741,500 $ 43,962,207 $ 23,751,122 $ 23,525,992
============ ============ ============ ============
+Includes undistributed net investment
income (defict) of $ 5,130 $ 2,377 $ (340) $ 2,191
============ ============ ============ ============
(a)Shares Issued and Redeemed
Class A:
Sold 133,295 373,121 72,544 155,283
Issued for distributions reinvested 35,404 118,522 21,252 55,601
Redeemed (278,307) (582,302) (81,287) (187,941)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A
shares outstanding (109,608) (90,659) 12,509 22,943
============ ============ ============ ============
Class B:
Sold 18,072 73,391 9,794 29,002
Issued for distributions reinvested 1,156 3,687 927 2,405
Redeemed (1,670) (6,492) (4,838) (17,762)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 17,558 70,586 5,883 13,645
============ ============= ============ ============
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, the
"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 (each a "Fund"). 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.
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 in the prospectus, from state
and local income taxes for residents of that state.
A. Security Valuation--The municipal securities in which the Funds
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Boards of
Directors/Trustees. The pricing service considers security type, rating,
market condition and yield data, as well as market quotations and prices
provided by market makers. "When-issued securities" are reflected in the
assets of the Funds as of the date the securities are purchased.
The municipal bonds held by the Funds are insured as to payment of
principal and interest by the issuer or under insurance policies written
by independent insurance companies. The Funds may retain any insured
municipal bond which is in default in the payment of principal or
interest until the default has been cured, or the principal and interest
outstanding are paid by an insurer or the issuer of any letter of credit
or other guarantee supporting such municipal bond. In such case, it is
the Funds' policy to value the defaulted bond daily based upon the value
of a comparable bond which is insured and not in default. In selecting a
comparable bond, the Funds will consider security type, rating, market
condition and yield. Each Fund may invest up to 35% of its assets in
portfolio securities not covered by the insurance feature.
B. Federal Income Taxes--It is the policy of the Funds to continue to
qualify as regulated investment companies, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The Funds
make distributions of income and net realized capital gains (in excess
of any available capital loss carryovers) sufficient to relieve them
from all, or substantially all, federal income taxes.
At June 30, 1998, capital loss carryovers were as
follows:
Year Capital Loss
Carryovers Expire
------------------------------------------------
MULTI-STATE INSURED Total 2002 2003 2004
- -------------------- ---------- --------- --------- ----------
CONNECTICUT Fund $140,350 $140,350 $ -- $ --
GEORGIA Fund 11,215 -- 7,648 3,567
MARYLAND Fund 79,017 66,252 -- 12,765
NORTH CAROLINA Fund 96,449 53,037 20,296 23,116
C. Distributions to Shareholders--Dividends from net investment income are
declared daily and paid monthly. Distributions from net realized capital
gains, if any, are generally declared and paid annually. Income dividends
and capital gain distributions are determined in accordance with income
tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments
for capital loss carryforwards, deferral of wash sales and post-October
losses.
D. Expense Allocation--Direct expenses attributable to a Fund are
charged to and paid from the assets of that Fund. 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. For the six months
ended June 30, 1998, the Funds' custodian has provided credits for the
New York Insured and Multi-State Insured in the amounts of $8,902 and
$13,885, 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--New York Insured and 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 distribution plan 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 distribution plan fees) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class.
Of the 1,000,000,000 shares originally authorized, New York Insured has
designated 500,000,000 shares as Class A and 500,000,000 shares as Class B.
Multi-State Insured has established an unlimited number of shares of
beneficial interest for both Class A and Class B shares.
3. Concentration of Credit Risk--The Funds invest in debt instruments of
municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions--For the six months ended June 30, 1998,
purchases and sales of municipal securities, other than short-term
municipal notes, were as follows:
Cost Proceeds
of of
Purchases Sales
------------ ------------
NEW YORK INSURED $ 46,863,264 $ 59,288,883
MULTI-STATE INSURED
- -------------------
CONNECTICUT Fund 1,233,254 433,781
FLORIDA Fund 4,924,708 4,167,237
GEORGIA Fund 332,374 472,856
MARYLAND Fund 1,681,456 1,361,569
MASSACHUSETTS Fund 5,848,740 7,336,322
NEW JERSEY Fund 3,608,204 5,483,925
NORTH CAROLINA Fund 3,820,623 2,702,719
PENNSYLVANIA Fund 7,323,552 8,872,794
VIRGINIA Fund 3,350,844 3,146,868
At June 30, 1998, 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
------------ ------------ ------------ ------------
NEW YORK
INSURED $175,269,717 $15,562,868 $ -- $15,562,868
MULTI-STATE INSURED
- -------------------
CONNECTICUT
Fund 17,894,894 1,774,035 -- 1,774,035
FLORIDA
Fund 22,483,986 2,450,424 1,560 2,448,864
GEORGIA
Fund 2,799,019 329,545 -- 329,545
MARYLAND
Fund 11,546,501 1,043,073 -- 1,043,073
MASSACHUSETTS
Fund 20,451,656 1,939,167 -- 1,939,167
NEW JERSEY
Fund 53,822,632 5,762,114 1,580 5,760,534
NORTH CAROLINA
Fund 7,335,170 510,153 620 509,533
PENNSYLVANIA
Fund 38,373,402 3,809,828 -- 3,809,828
VIRGINIA
Fund 21,106,107 2,223,105 -- 2,223,105
5. Advisory Fee and Other Transactions With Affiliates--Certain officers
and directors/trustees of the Funds are officers and directors of the
Funds' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC")
and/or their transfer agent, Administrative Data Management Corp. ("ADM").
Directors/trustees of the Funds who are not "interested persons"
of the Funds as defined in the 1940 Act are remunerated by the Funds.
For the six months ended June 30, 1998, total directors/trustees
fees accrued by New York Insured and Multi-State Insured amounted to
$4,500 and $3,627, respectively.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of each Fund, declining by .03%
on each $250 million thereafter, down to .66% on average daily net
assets over $750 million. For the six months ended June 30, 1998,
advisory fees of New York Insured amounted to $733,587, of which $97,812
was waived. For the same period, advisory fees for Multi-State Insured
amounted to $819,370 of which $271,740 was waived; other expenses in the
amount of $63,284 were assumed by FIMCO.
For the six months ended June 30, 1998, FIC, as underwriter, received
$86,711 in commissions on sales of shares of New York Insured, after
allowing $15,238 to other dealers, and $310,876 in commissions on sales
of shares of Multi-State Insured, after allowing $123,560 to other
dealers. Shareholder servicing costs of New York Insured and Multi-State
Insured consisted of $61,358 and $65,760, respectively, in transfer
agent fees accrued to ADM.
Pursuant to Distribution Plans 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 daily net assets of the Class A shares and up to 1% of the
average daily net assets of the Class B shares on an annualized basis
each fiscal year, payable monthly. For the six months ended June 30,
1998, FIC was paid a fee of .20% of the average daily net assets of the
Class A shares of Multi-State Insured. 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.
6. Rule 144A Securities--Under Rule 144A, certain restricted securities
are exempt from the registration requirements of the Securities Act of
1933 and may only be resold to qualified institutional investors. At
June 30, 1998, New York Insured held three 144A securities with an
aggregate value of $9,262,575 representing approximately 4.78% of the
Fund's net assets. These securities are valued as set forth in Note 1A.
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1993 $14.72 $.809 $ .608 $ 1.417 $.820 $.137
1994 15.18 .758 (1.510) (.752) .768 --
1995 13.66 .738 1.331 2.069 .740 .059
1996 14.93 .719 (.298) .421 .720 .091
1997 14.54 .709 .395 1.104 .708 .076
1/1/98 to 6/30/98 14.86 .345 (.060) .285 .345 --
Class B
1995* 13.76 .616 1.232 1.848 .619 .059
1996 14.93 .617 (.306) .311 .620 .091
1997 14.53 .608 .406 1.014 .608 .076
1/1/98 to 6/30/98 14.86 .292 (.071) .221 .291 --
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1993 $12.05 $.615 $ 1.053 $1.668 $.625 $.043
1994 13.05 .609 (1.480) (.871) .609 --
1995 11.57 .617 1.333 1.950 .620 --
1996 12.90 .619 (.202) .417 .617 --
1997 12.70 .613 .471 1.084 .614 --
1/1/98 to 6/30/98 13.17 .304 .038 .342 .302 --
Class B
1995* 11.67 .512 1.242 1.754 .524 --
1996 12.90 .522 (.204) .318 .518 --
1997 12.70 .516 .470 .986 .516 --
1/1/98 to 6/30/98 13.17 .251 .028 .279 .249 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1993 $.957 $15.18 9.82 $211,967 1.27 5.35
1994 .768 13.66 (5.03) 193,916 1.28 5.30
1995 .799 14.93 15.45 215,259 1.23 5.10
1996 .811 14.54 2.95 203,496 1.23 4.93
1997 .784 14.86 7.82 195,273 1.17 4.86
1/1/98 to 6/30/98 .345 14.80 1.94 188,854 1.12+ 4.63+
Class B
1995* .678 14.93 13.66 1,156 2.00+ 4.34+
1996 .711 14.53 2.18 2,242 1.93 4.23
1997 .684 14.86 7.16 3,602 1.87 4.16
1/1/98 to 6/30/98 .291 14.79 1.51 4,761 1.82+ 3.93+
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1993 $.668 $13.05 14.10 $ 17,202 .80 4.83
1994 .609 11.57 (6.75) 14,848 .87 5.01
1995 .620 12.90 17.18 16,725 .85 4.98
1996 .617 12.70 3.37 15,203 .81 4.92
1997 .614 13.17 8.77 16,151 .80 4.78
1/1/98 to 6/30/98 .302 13.21 2.63 16,727 .80+ 4.59+
Class B
1995* .524 12.90 15.28 857 1.71+ 4.12+
1996 .518 12.70 2.57 1,505 1.61 4.12
1997 .516 13.17 7.95 2,891 1.60 3.98
1/1/98 to 6/30/98 .249 13.20 2.14 3,292 1.60+ 3.79+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1993 N/A N/A 31
1994 N/A N/A 55
1995 N/A N/A 53
1996 N/A N/A 53
1997 1.22 4.81 24
1/1/98 to 6/30/98 1.22+ 4.53+ 25
Class B
1995* N/A N/A 53
1996 N/A N/A 53
1997 1.92 4.11 24
1/1/98 to 6/30/98 1.92+ 3.83+ 25
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1993 1.15 4.48 29
1994 1.22 4.66 63
1995 1.20 4.63 26
1996 1.23 4.50 15
1997 1.17 4.41 14
1/1/98 to 6/30/98 1.15+ 4.24+ 2
Class B
1995* 2.07+ 3.76+ 26
1996 2.02 3.71 15
1997 1.97 3.61 14
1/1/98 to 6/30/98 1.95+ 3.44+ 2
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (Note 5).
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
FLORIDA FUND
Class A
1993 $12.21 $.664 $ 1.032 $1.696 $.671 $.095
1994 13.14 .642 (1.346) (.704) .646 --
1995 11.79 .640 1.527 2.167 .647 --
1996 13.31 .623 (.198) .425 .625 --
1997 13.11 .624 .547 1.171 .624 .037
1/1/98 to 6/30/98 13.62 .310 (.052) .258 .308 --
Class B
1995* 11.87 .529 1.460 1.989 .549 --
1996 13.31 .530 (.204) .326 .526 --
1997 13.11 .531 .552 1.083 .526 .037
1/1/98 to 6/30/98 13.63 .255 (.061) .194 .254 --
GEORGIA FUND
Class A
1993 $11.42 $.603 $ 1.091 $1.694 $.619 $.005
1994 12.49 .584 (1.165) (.581) .579 --
1995 11.33 .653 1.387 2.040 .650 --
1996 12.72 .639 (.161) .478 .648 --
1997 12.55 .639 .578 1.217 .637 --
1/1/98 to 6/30/98 13.13 .323 (.011) .312 .322 --
Class B
1995* 11.42 .529 1.303 1.832 .542 --
1996 12.71 .563 (.183) .380 .550 --
1997 12.54 .524 .584 1.108 .538 --
1/1/98 to 6/30/98 13.11 .269 (.001) .268 .268 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
FLORIDA FUND
Class A
1993 $.766 $13.14 14.19 $ 21,397 .45 5.20
1994 .646 11.79 (5.39) 19,765 .62 5.24
1995 .647 13.31 18.77 22,229 .75 5.05
1996 .625 13.11 3.34 23,299 .83 4.80
1997 .661 13.62 9.18 23,840 .80 4.71
1/1/98 to 6/30/98 .308 13.57 1.92 24,393 .80+ 4.56+
Class B
1995* .549 13.31 17.06 299 1.68+ 4.12+
1996 .526 13.11 2.56 549 1.62 4.01
1997 .563 13.63 8.38 837 1.60 3.91
1/1/98 to 6/30/98 .254 13.57 1.44 862 1.60+ 3.76+
GEORGIA FUND
Class A
1993 $.624 $12.49 15.16 $ 1,469 .13 4.96
1994 .579 11.33 (4.69) 2,065 .20 4.99
1995 .650 12.72 18.40 3,047 .20 5.41
1996 .648 12.55 3.94 3,269 .38 5.17
1997 .637 13.13 10.00 3,152 .40 5.03
1/1/98 to 6/30/98 .322 13.12 2.41 2,974 .40+ 4.92+
Class B
1995* .542 12.71 16.34 97 1.00+ 4.61+
1996 .550 12.54 3.13 151 1.19 4.36
1997 .538 13.11 9.07 203 1.20 4.23
1/1/98 to 6/30/98 .268 13.11 2.07 241 1.20+ 4.12+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
FLORIDA FUND
Class A
1993 1.10 4.55 53
1994 1.19 4.67 98
1995 1.15 4.65 68
1996 1.16 4.47 55
1997 1.11 4.40 19
1/1/98 to 6/30/98 1.09+ 4.27+ 17
Class B
1995* 2.09+ 3.70+ 68
1996 1.95 3.68 55
1997 1.91 3.60 19
1/1/98 to 6/30/98 1.89+ 3.47+ 17
GEORGIA FUND
Class A
1993 1.84 3.24 50
1994 1.93 3.26 78
1995 1.42 4.20 45
1996 1.44 4.11 37
1997 1.33 4.10 21
1/1/98 to 6/30/98 1.20+ 4.12+ 10
Class B
1995* 2.22+ 3.40+ 45
1996 2.25 3.30 37
1997 2.13 3.30 21
1/1/98 to 6/30/98 2.00+ 3.32+ 10
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (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.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
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
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
MARYLAND FUND
Class A
1993 $12.11 $.653 $ 1.083 $1.736 $.660 $.036
1994 13.15 .644 (1.373) (.729) .651 --
1995 11.77 .668 1.348 2.016 .666 --
1996 13.12 .650 (.235) .415 .655 --
1997 12.88 .652 .549 1.201 .651 --
1/1/98 to 6/30/98 13.43 .326 .028 .354 .324 --
Class B
1995* 11.85 .561 1.279 1.840 .570 --
1996 13.12 .555 (.249) .306 .556 --
1997 12.87 .551 .556 1.107 .547 --
1/1/98 to 6/30/98 13.43 .272 .018 .290 .270 --
MASSACHUSETTS FUND
Class A
1993 $11.71 $.653 $ .716 $ 1.369 $.660 $.139
1994 12.28 .627 (1.267) (.640) .630 --
1995 11.01 .612 1.227 1.839 .613 .016
1996 12.22 .603 (.256) .347 .602 .045
1997 11.92 .601 .356 .957 .603 .074
1/1/98 to 6/30/98 12.20 .296 (.062) .234 .294 --
Class B
1995* 11.09 .508 1.155 1.663 .527 .016
1996 12.21 .514 (.263) .251 .506 .045
1997 11.91 .508 .353 .861 .507 .074
1/1/98 to 6/30/98 12.19 .247 (.051) .196 .246 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
MARYLAND FUND
Class A
1993 $.696 $13.15 14.62 $ 6,643 .45 5.16
1994 .651 11.77 (5.59) 6,904 .45 5.27
1995 .666 13.12 17.50 8,666 .48 5.32
1996 .655 12.88 3.33 10,118 .51 5.10
1997 .651 13.43 9.59 10,705 .50 5.01
1/1/98 to 6/30/98 .324 13.46 2.67 11,007 .50+ 4.85+
Class B
1995* .570 13.12 15.82 423 1.38+ 4.42+
1996 .556 12.87 2.45 1,021 1.31 4.30
1997 .547 13.43 8.81 1,782 1.30 4.21
1/1/98 to 6/30/98 .270 13.45 2.19 1,864 1.30+ 4.05+
MASSACHUSETTS FUND
Class A
1993 $.799 $12.28 11.93 $23,653 .90 5.37
1994 .630 11.01 (5.30) 20,838 .95 5.45
1995 .629 12.22 17.07 23,180 .90 5.22
1996 .647 11.92 2.99 22,543 .86 5.08
1997 .677 12.20 8.27 22,852 .80 5.01
1/1/98 to 6/30/98 .294 12.14 1.95 21,827 .80+ 4.86+
Class B
1995* .543 12.21 15.28 314 1.76+ 4.36+
1996 .551 11.91 2.16 519 1.66 4.28
1997 .581 12.19 7.41 783 1.60 4.21
1/1/98 to 6/30/98 .246 12.14 1.63 904 1.60+ 4.06+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
MARYLAND FUND
Class A
1993 1.28 4.33 50
1994 1.34 4.37 44
1995 1.24 4.55 49
1996 1.24 4.37 13
1997 1.18 4.33 35
1/1/98 to 6/30/98 1.17+ 4.18+ 11
Class B
1995* 2.19+ 3.61+ 49
1996 2.05 3.57 13
1997 1.98 3.53 35
1/1/98 to 6/30/98 1.97+ 3.38+ 11
MASSACHUSETTS FUND
Class A
1993 1.15 5.12 32
1994 1.20 5.20 64
1995 1.15 4.97 40
1996 1.18 4.76 45
1997 1.15 4.66 28
1/1/98 to 6/30/98 1.12+ 4.54+ 26
Class B
1995* 2.01+ 4.10+ 40
1996 1.98 3.96 45
1997 1.95 3.86 28
1/1/98 to 6/30/98 1.92+ 3.74+ 26
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (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.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
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
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1993 $12.67 $.680 $ .947 $ 1.627 $.684 $.103
1994 13.51 .659 (1.448) (.789) .661 --
1995 12.06 .648 1.291 1.939 .652 .097
1996 13.25 .636 (.245) .391 .636 .015
1997 12.99 .630 .427 1.057 .629 .118
1/1/98 to 6/30/98 13.30 .309 (.020) .289 .309 --
Class B
1995* 12.14 .526 1.199 1.725 .528 .097
1996 13.24 .533 (.253) .280 .535 .015
1997 12.97 .525 .433 .958 .530 .118
1/1/98 to 6/30/98 13.28 .254 (.019) .235 .255 --
NORTH CAROLINA FUND
Class A
1993 $11.37 $.595 $ .962 $1.557 $.604 $.043
1994 12.28 .594 (1.380) (.786) .594 --
1995 10.90 .608 1.391 1.999 .609 --
1996 12.29 .590 (.159) .431 .591 --
1997 12.13 .597 .530 1.127 .597 --
1/1/98 to 6/30/98 12.66 .296 .049 .345 .295 --
Class B
1995* 10.99 .492 1.307 1.799 .499 --
1996 12.29 .496 (.161) .335 .495 --
1997 12.13 .497 .534 1.031 .501 --
1/1/98 to 6/30/98 12.66 .245 .036 .281 .241 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1993 $.787 $13.51 13.09 $64,558 .96 5.12
1994 .661 12.06 (5.91) 55,379 .99 5.21
1995 .749 13.25 16.41 59,153 .99 5.06
1996 .651 12.99 3.09 58,823 .98 4.92
1997 .747 13.30 8.36 59,243 .96 4.81
1/1/98 to 6/30/98 .309 13.28 2.20 58,562 .96+ 4.62+
Class B
1995* .625 13.24 14.45 957 1.81+ 4.24+
1996 .550 12.97 2.22 1,603 1.78 4.12
1997 .648 13.28 7.56 2,011 1.76 4.01
1/1/98 to 6/30/98 .255 13.26 1.78 2,213 1.76+ 3.82+
NORTH CAROLINA FUND
Class A
1993 $.647 $12.28 13.98 $ 3,883 .13 4.99
1994 .594 10.90 (6.45) 3,872 .20 5.22
1995 .609 12.29 18.72 4,984 .20 5.18
1996 .591 12.13 3.68 5,822 .38 4.94
1997 .597 12.66 9.56 6,697 .40 4.87
1/1/98 to 6/30/98 .295 12.71 2.76 7,843 .40+ 4.69+
Class B
1995* .499 12.29 16.65 75 1.00+ 4.38+
1996 .495 12.13 2.85 134 1.20 4.12
1997 .501 12.66 8.71 185 1.20 4.07
1/1/98 to 6/30/98 .241 12.70 2.24 238 1.20+ 3.89+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1993 1.11 4.97 44
1994 1.14 5.06 60
1995 1.14 4.91 30
1996 1.13 4.77 35
1997 1.11 4.66 22
1/1/98 to 6/30/98 1.11+ 4.47+ 6
Class B
1995* 1.97+ 4.08+ 30
1996 1.93 3.97 35
1997 1.91 3.86 22
1/1/98 to 6/30/98 1.91+ 3.67+ 6
NORTH CAROLINA FUND
Class A
1993 1.28 3.83 32
1994 1.44 3.99 61
1995 1.36 4.03 76
1996 1.31 4.02 43
1997 1.23 4.04 30
1/1/98 to 6/30/98 1.16+ 3.93+ 37
Class B
1995* 2.16+ 3.23+ 76
1996 2.12 3.20 43
1997 2.03 3.24 30
1/1/98 to 6/30/98 1.96+ 3.13+ 37
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (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.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
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
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
PENNSYLVANIA FUND
Class A
1993 $12.26 $.667 $ 1.048 $1.715 $.663 $.152
1994 13.16 .627 (1.447) (.820) .630 --
1995 11.71 .638 1.463 2.101 .635 .036
1996 13.14 .622 (.197) .425 .627 .028
1997 12.91 .624 .523 1.147 .624 .153
1/1/98 to 6/30/98 13.28 .305 (.001) .304 .304 --
Class B
1995* 11.81 .539 1.376 1.915 .549 .036
1996 13.14 .529 (.201) .328 .530 .028
1997 12.91 .526 .510 1.036 .523 .153
1/1/98 to 6/30/98 13.27 .251 (.001) .250 .250 --
VIRGINIA FUND
Class A
1993 $12.23 $.636 $ .915 $1.551 $.639 $.082
1994 13.06 .611 (1.383) (.772) .608 --
1995 11.68 .625 1.370 1.995 .629 .036
1996 13.01 .626 (.195) .431 .624 .067
1997 12.75 .615 .504 1.119 .617 .032
1/1/98 to 6/30/98 13.22 .304 (.009) .295 .305 --
Class B
1995* 11.76 .510 1.286 1.796 .520 .036
1996 13.00 .525 (.194) .331 .524 .067
1997 12.74 .513 .505 1.018 .516 .032
1/1/98 to 6/30/98 13.21 .250 (.009) .241 .251 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
PENNSYLVANIA FUND
Class A
1993 $.815 $13.16 14.28 $35,514 .79 5.17
1994 .630 11.71 (6.31) 33,542 .88 5.11
1995 .671 13.14 18.29 39,980 .86 5.07
1996 .655 12.91 3.39 42,228 .86 4.86
1997 .777 13.28 9.14 42,223 .85 4.79
1/1/98 to 6/30/98 .304 13.28 2.32 40,769 .86+ 4.56+
Class B
1995* .585 13.14 16.49 247 1.72+ 4.20+
1996 .558 12.91 2.61 781 1.66 4.06
1997 .676 13.27 8.23 1,739 1.65 3.99
1/1/98 to 6/30/98 .250 13.27 1.90 1,972 1.66+ 3.76+
VIRGINIA FUND
Class A
1993 $.721 $13.06 12.94 $24,684 .81 4.97
1994 .608 11.68 (5.97) 22,325 .85 5.01
1995 .665 13.01 17.42 25,193 .81 5.01
1996 .691 12.75 3.47 21,047 .79 4.93
1997 .649 13.22 9.03 22,136 .80 4.78
1/1/98 to 6/30/98 .305 13.21 2.26 22,285 .80+ 4.59+
Class B
1995* .556 13.00 15.53 991 1.66+ 4.16+
1996 .591 12.74 2.66 1,166 1.59 4.13
1997 .548 13.21 8.19 1,390 1.60 3.98
1/1/98 to 6/30/98 .251 13.20 1.84 1,466 1.60+ 3.79+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
PENNSYLVANIA FUND
Class A
1993 1.10 4.86 37
1994 1.13 4.86 81
1995 1.11 4.82 48
1996 1.11 4.61 42
1997 1.10 4.54 37
1/1/98 to 6/30/98 1.11+ 4.31+ 17
Class B
1995* 1.98+ 3.94+ 48
1996 1.91 3.81 42
1997 1.90 3.74 37
1/1/98 to 6/30/98 1.91+ 3.51+ 17
VIRGINIA FUND
Class A
1993 1.16 4.62 39
1994 1.20 4.66 55
1995 1.16 4.66 34
1996 1.20 4.52 30
1997 1.16 4.42 10
1/1/98 to 6/30/98 1.17+ 4.22+ 14
Class B
1995* 2.02+ 3.80+ 34
1996 2.00 3.72 30
1997 1.96 3.62 10
1/1/98 to 6/30/98 1.97+ 3.42+ 14
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (Note 5).
See notes to financial statements
</TABLE>
Independent Auditors' Report
To the Shareholders and Boards of Directors/Trustees of
First Investors New York Insured Tax Free Fund, Inc. and
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of First Investors New York
Insured Tax Free Fund, Inc. and the nine Funds of First Investors
Multi-State Insured Tax Free Fund listed above as of June 30, 1998, the
related statement of operations for the six months then ended, the
statement of changes in net assets for the six months ended June 30,
1998 and the year ended December 31, 1997 and financial highlights for
each of the periods indicated thereon. These financial statements and
financial highlights are the responsibility of the Funds' management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of June 30, 1998, by correspondence
with the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of First Investors New York Insured Tax Free Fund,
Inc. and each of the nine Funds of First Investors Multi-State Insured
Tax Free Fund listed above as of June 30, 1998, 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
July 31, 1998
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Directors/Trustees
- --------------------------------------------------------------------
James J. Coy (Emeritus)
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- --------------------------------------------------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
Shareholder Information
- --------------------------------------------------------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Eight Penn Center Plaza
Philadelphia, PA 19103
It is the Funds' practice to mail only one copy of their annual and
semi-annual reports to any address at which more than one shareholder
with the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Funds will ensure
that separate reports are sent to any shareholder who subsequently
changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Funds' prospectus.
