Portfolio Manager's Letter
First Investors New York Insured Tax Free Fund
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Series
Dear Investor:
U.S. economic growth slowed during the first six months of 1995. In
response to the Federal Reserve's tightening of monetary policy,
economic growth downshifted from an unsustainable 5.1% fourth quarter
pace to a more moderate 2.7% rate in the first quarter of 1995. By
Spring, the financial markets began to anticipate an end to the Federal
Reserve's interest rate hikes. The economic crisis in Mexico, higher
individual tax payments and excessive business inventories further
dampened the U.S. economy in the second quarter. By June, in a notable
reversal of opinion from six months earlier, the markets began to expect
the Federal Reserve to lower short-term interest rates to insure against
the possibility of a recession.
The municipal bond market rose during the first six months of 1995. Most
of this gain occurred during the first quarter of the year as new
issuance of municipal bonds fell by approximately 45% compared to the
first quarter of 1994. During the second quarter, several factors
limited further improvement in the market. First, concern about
potential tax reform and a rallying equity market limited investor
interest in tax-exempt bonds. Second, new issue supply began to
increase, reaching an eighteen-month high in June. Third, Orange County,
California's bankruptcy raised concerns about credit risk in the
municipal bond market and dramatically underscored the importance of
insurance for municipal bonds.
During the first half of 1995, the New York Insured Tax Free Fund and
the nine Multi-State Series included in this report had, on a net asset
value basis, the following total returns on Class A and Class B shares
(first offered for sale on January 12, 1995), respectively: New York
8.69% and 7.33%, Connecticut 9.47% and 8.09%, Florida 9.90% and 8.71%,
Georgia 9.33% and 7.84%, Maryland 9.13% and 8.04%, Massachusetts 8.76%
and 7.52%, New Jersey 8.84% and 7.43%, North Carolina 9.81% and 8.31%,
Pennsylvania 9.75% and 8.57%, and Virginia 9.40% and 8.05%. Management
of the Funds focused on improving call protection, particularly through
purchases of noncallable bonds when available. This helped the Funds
maintain their duration -- or sensitivity to interest rates --
throughout the rally, which enhanced total return. In order to maximize
current income, the Funds generally remained fully invested which
allowed the Florida, Georgia, Maryland, New Jersey, Pennsylvania and
Virginia Series to increase their monthly dividends during the first six
months of the year.
Looking forward, the uncertainty of potential tax reform over the next
few years is the main hurdle facing the tax exempt bond market. The
market has responded to this uncertainty by becoming cheaper relative to
taxable bonds. While it is impossible to predict what might occur in
Congress, at current levels, we believe insured municipal bonds appear
attractive for long-term investors.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
July 31, 1995
<TABLE>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 1995
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.6%
Education--11.9%
New York State Dormitory Authority Revenues:
City University:
$1,500M 8.2% 7/1/1998* $1,657,500 $79
4,000M 6 1/4% 7/1/2019 4,090,000 195
1,000M Iona College 7 5/8% 7/1/2009 1,086,250 52
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,216,500 153
1,250M Skidmore College 7 3/4% 7/1/2000* 1,360,938 65
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,133,800 102
1,000M 5 7/8% 5/15/2011 1,016,250 48
2,000M 5 1/2% 5/15/2013 1,932,500 92
3,700M 7 3/8% 5/15/2014 4,065,375 194
2,000M 5 1/4% 5/15/2015 1,857,500 88
2,700M University of Puerto Rico University Revenues 5 1/4% 6/1/2025 2,473,875 118
- -------------------------------------------------------------------------------------------------------------
24,890,488 1,186
- -------------------------------------------------------------------------------------------------------------
General Obligation--20.6%
1,500M Erie County, N.Y. 5 1/2% 6/15/2014 1,432,500 68
Nassau County, N.Y.:
2,000M 5.7% 8/1/2010 1,995,000 95
4,355M 5.7% 8/1/2012 4,300,563 205
3,845M 6 1/2% 11/1/2012 4,114,150 196
New York City, N.Y.:
4,250M 8% 8/1/1997* 4,653,750 222
1,000M 8 1/8% 11/1/1997* 1,101,250 52
3,000M 6.2% 8/1/2008 3,172,500 151
1,000M 8% 12/1/2011 1,076,250 51
3,500M 6.95% 8/15/2012 3,832,500 183
1,000M 7 1/4% 3/15/2018 1,111,250 53
Niagara Falls, N. Y. Public Improvement:
1,000M 7 1/2% 3/1/2015 1,196,250 57
1,100M 7 1/2% 3/1/2018 1,324,125 63
1,750M North Hempstead, N.Y. 6.4% 4/1/2012 1,859,375 88
Puerto Rico Commonwealth:
2,000M 7.9% 7/1/1996* 2,137,500 102
1,350M 6 1/4% 7/1/2013 1,427,625 68
3,300M 5.65% 7/1/2015 3,250,500 155
6,000M 5% 7/1/2021 5,317,500 253
- -------------------------------------------------------------------------------------------------------------
43,302,588 2,062
- -------------------------------------------------------------------------------------------------------------
Hospital--16.8%
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2010 4,109,738 196
1,000M Good Samaritan Hospital 8% 11/1/2013 1,073,750 51
1,850M Long Term Health Care 7 3/8% 11/1/2011 2,014,187 96
Mental Health Services Facilities:
1,595M 7.7% 2/15/1998* 1,762,475 84
2,115M 7 3/4% 2/15/2000* 2,432,250 116
2,040M 7 3/8% 2/15/2014 2,226,150 106
1,405M 7.7% 2/15/2018 1,512,131 72
10,000M 6 1/4% 8/15/2019 10,212,500 486
2,080M 7 3/4% 2/15/2020 2,306,200 109
4,100M 6 1/2% 8/15/2024 4,238,375 202
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,412,500 163
- -------------------------------------------------------------------------------------------------------------
35,300,256 1,681
- -------------------------------------------------------------------------------------------------------------
Housing--5.3%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor) 7.45% 10/1/2008 2,368,125 113
6,500M Insured Residential Charter 7 3/8% 4/1/2017 6,833,125 326
1,735M New York State Hsg. Fin. Agcy. Series "A" 7.45% 11/1/2028 1,834,762 87
- -------------------------------------------------------------------------------------------------------------
11,036,012 526
- -------------------------------------------------------------------------------------------------------------
Transportation--25.1%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8% 7/1/2014 5,100,000 243
Transit Facilities Series:
1,800M 8 1/2% 7/1/1996* 1,914,750 91
1,500M 8 1/2% 7/1/1997* 1,653,750 79
5,000M 8% 7/1/1998* 5,612,500 267
7,900M New York City Transit Auth. Rev. (Livingston Plaza Proj.)
7 1/2% 1/1/2000* 8,986,250 428
Puerto Rico Commonwealth Highway & Transportation Authority:
3,500M 5 1/2% 7/1/2013 3,390,625 162
2,000M 5 1/2% 7/1/2015 1,897,500 90
Triborough Bridge & Tunnel Authority:
1,000M Series "H" 8 3/8% 1/1/1996* 1,041,250 50
1,000M Special Obligation 8% 1/1/1998* 1,102,500 53
3,000M Series "O" 7.7% 1/1/1999* 3,367,500 160
6,900M Series "Y" 6% 1/1/2012 7,063,875 336
1,500M Series "L" 8 1/8% 1/1/2012 1,635,000 78
10,595M Series "Y" 5 1/2% 1/1/2017 10,038,763 478
- -------------------------------------------------------------------------------------------------------------
52,804,263 2,515
- -------------------------------------------------------------------------------------------------------------
Utilities--12.0%
New York City Municipal Water Finance Authority:
4,975M 5 7/8% 6/15/2012 5,012,312 239
2,000M 5 7/8% 6/15/2013 2,015,000 96
5,000M 5 1/2% 6/15/2015 4,756,250 227
3,000M 5 3/8% 6/15/2019 2,760,000 131
New York State Energy Research & Development Authority:
1,500M Brooklyn Union Gas 9% 5/15/2015 1,550,625 74
1,200M Orange & Rockland Utilities 9% 8/1/2015 1,227,000 58
2,000M New York State Power Authority General Purpose Bonds 8% 1/1/1998* 2,212,500 105
Suffolk County, N. Y. Water Authority:
1,895M 5.1% 6/1/2012 1,743,400 83
4,000M 6% 6/1/2017 4,050,000 193
- -------------------------------------------------------------------------------------------------------------
25,327,087 1,206
- -------------------------------------------------------------------------------------------------------------
Other Revenue--8.9%
1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy. (Rochester Inst. Tech.)
7 3/4% 5/1/2000* 1,152,500 55
1,000M New York State Dorm. Auth. Rev. (Suffolk County Jud. Facs.)
7 3/8% 7/1/2016 1,182,500 57
New York State Urban Development Corporation Correctional Facilities:
1,150M 8% 1/1/1996* 1,196,000 57
1,000M Series "A" 9.2% 1/1/1996* 1,045,000 50
2,000M Series "C" 7 3/4% 1/1/1998* 2,205,000 105
3,000M Series "F" 7 1/2% 1/1/1999* 3,345,000 159
6,000M 5 1/2% 1/1/2015 5,655,000 269
2,675M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 2,835,500 135
- -------------------------------------------------------------------------------------------------------------
18,616,500 887
- -------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $197,612,205) 100.6% 211,277,194 10,063
Excess of Liabilities Over Other Assets (.6) (1,319,438) (63)
- -------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $209,957,756 $10,000
=============================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT SERIES
June 30, 1995
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.0%
Certificates of Participation--2.1%
Connecticut State (Middletown Courthouse Facilities):
$130M 6 1/4% 12/15/2009 $135,200 $83
100M 6 1/4% 12/15/2010 104,375 64
100M 6 1/4% 12/15/2012 103,750 63
- -----------------------------------------------------------------------------------------------------------------
343,325 210
- -----------------------------------------------------------------------------------------------------------------
Education--16.3%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2015 785,719 480
500M Loomis Chafee School Project-Series "B" 6% 7/1/2015 507,500 310
Trinity College:
350M 6% 7/1/2012 354,812 217
1,000M 6 1/8% 7/1/2014 1,021,250 624
- -----------------------------------------------------------------------------------------------------------------
2,669,281 1,631
- -----------------------------------------------------------------------------------------------------------------
General Obligation--36.7%
50M Bristol, Conn. 6 1/2% 6/15/2006 54,688 33
30M Colchester, Conn. 7.3% 1/15/2007 34,687 21
Connecticut State:
500M 6 1/2% 3/15/2002* - Series "A" 555,625 339
620M 6% 3/15/2012 - Series "E" 640,925 392
130M Coventry, Conn. 6.7% 12/15/2009 143,000 87
Griswold, Conn.:
250M 5 3/4% 4/15/2010 250,625 153
100M 6 1/4% 6/15/2010 105,750 65
100M Groton City, Conn. 6 3/4% 6/1/2007 110,750 68
800M New Britain, Conn. 6% 3/1/2012 820,000 501
625M New Haven, Conn. 5 3/4% 2/15/2011 619,531 378
500M New Haven, Conn. 5 3/4% 2/15/2012 492,500 301
130M Newton, Conn. 6.7% 8/15/2010 143,000 87
30M North Canaan, Conn. 6.9% 1/15/2006 33,225 20
40M Old Saybrook, Conn. 6 1/2% 2/15/2009 43,700 27
250M Plainfield, Conn. 6 3/8% 8/1/2011 261,250 160
350M Puerto Rico Commonwealth 6 1/4% 7/1/2013 370,125 226
290M Regional School District #5, Conn. 6.3% 3/1/2009 303,050 185
255M Salisbury, Conn. 5 1/2% 6/1/2008 250,219 153
330M Southington, Conn. 6.55% 4/1/2012 349,800 214
90M Stafford, Conn. 6.55% 11/15/2008 97,425 60
50M Stratford, Conn. 6.6% 3/1/2007 54,438 33
250M Westbrook, Conn. 6.4% 3/15/2010 266,563 163
- -----------------------------------------------------------------------------------------------------------------
6,000,876 3,666
- -----------------------------------------------------------------------------------------------------------------
Hospital--18.7%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 471,375 288
60M Danbury Hospital-University of New Haven 6 7/8% 1/1/2010 64,125 39
580M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 643,800 393
700M New Britain General Hospital 6 1/8% 7/1/2014 718,375 439
325M Stamford Hospital 6 1/2% 7/1/2006 349,375 213
280M Yale-New Haven Hospital 7% 7/1/2010 302,050 185
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 516,875 316
- -----------------------------------------------------------------------------------------------------------------
3,065,975 1,873
- -----------------------------------------------------------------------------------------------------------------
Housing--4.0%
650M Connecticut State Housing Finance Authority 6.1% 5/15/2013 645,125 394
- -----------------------------------------------------------------------------------------------------------------
Transportation--8.0%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
285M 6% 10/1/2009 295,687 181
200M 6 1/4% 10/1/2009 208,250 127
250M 6 1/8% 9/1/2012 257,813 157
250M 6.1% 10/1/2012 258,437 158
300M 5.65% 4/1/2013 294,000 180
- -----------------------------------------------------------------------------------------------------------------
1,314,187 803
- -----------------------------------------------------------------------------------------------------------------
Utilities--7.7%
300M Connecticut State Resource Recovery Auth. Mid. Conn. Sys.
7.3% 11/15/2012 316,500 193
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
400M 5 7/8% 8/1/2002* 431,000 263
500M 6 1/8% 8/1/2014 511,875 312
- -----------------------------------------------------------------------------------------------------------------
1,259,375 768
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--5.5%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2% 6/15/2008 585,875 358
300M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 316,125 193
- -----------------------------------------------------------------------------------------------------------------
902,000 551
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $15,394,749) 99.0% 16,200,144 9,896
Other Assets, Less Liabilities 1.0 169,596 104
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,369,740 $10,000
=================================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA SERIES
June 30, 1995
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.0%
Certificates of Participation--4.4%
$1,000M Hillsborough County, Fla. School Board 5 5/8% 7/1/2015 $956,250 $441
- ---------------------------------------------------------------------------------------------------------------
Education--1.9%
400M Volusia County, Fla. Educ. Facs. Auth. (Stetson University)
6 3/8% 6/1/2012 418,000 193
- ---------------------------------------------------------------------------------------------------------------
General Obligation--4.1%
300M Miami, Fla. 6% 12/1/2010 309,000 142
500M North Springs, Fla. Impt. Dist. 7% 10/1/2009 570,000 263
- ---------------------------------------------------------------------------------------------------------------
879,000 405
- ---------------------------------------------------------------------------------------------------------------
Hospital--9.7%
400M Miami, Fla. Health Facs. Auth. (Mercy Hospital) 6 3/4% 8/1/2001* 450,000 208
350M North Broward, Fla. Hosp. Dist. 6 1/2% 1/1/2012 371,438 171
Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.:
750M 6 1/4% 7/1/2016 775,313 358
500M 6 1/4% 7/1/2024 512,500 236
- ---------------------------------------------------------------------------------------------------------------
2,109,251 973
- ---------------------------------------------------------------------------------------------------------------
Housing--2.0%
250M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge.
6.95% 12/15/2012 260,937 120
175M Florida Housing Finance Agency-Residential Mtge. (Series 2)
8% 12/15/2016 183,312 85
- ---------------------------------------------------------------------------------------------------------------
444,249 205
- ---------------------------------------------------------------------------------------------------------------
Transportation--13.2%
500M Dade County, Fla. Aviation Revenue Series "A" 6% 10/1/2010 507,500 234
Florida State Turnpike Authority Turnpike Revenue:
430M 6.35% 7/1/2002* 475,150 219
1,000M 5% 7/1/2016 888,750 410
500M Lee County, Fla. Transportation Facilities 6% 10/1/2015 501,250 231
455M Port Palm Beach District, Fla. Revenue 6 1/4% 9/1/2008 479,456 221
- ---------------------------------------------------------------------------------------------------------------
2,852,106 1,315
- ---------------------------------------------------------------------------------------------------------------
Utilities--37.6%
250M Broward County, Fla. Water & Sewer Utilities Rev. 6 1/2% 10/1/2001* 276,563 128
750M Charlotte County, Fla. Utilities Revenue 6 3/4% 10/1/2013 820,312 378
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 523,750 242
1,000M 6 1/4% 1/1/2015 1,045,000 482
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4% 10/1/2001* 777,975 359
Kissimmee, Fla. Utility Authority Electric System Revenue:
300M 6 1/2% 10/1/2001* 334,125 154
1,000M 5 3/8% 10/1/2012 952,500 439
500M Miramar, Fla. Util. Impt. Rev. 6.4% 10/1/2007 535,625 247
Reedy Creek, Fla. Impt. Dist. Utilities Revenue:
300M 6 1/2% 10/1/2001* 331,875 153
500M 5% 10/1/2014 451,875 208
500M Sarasota County, Fla. Utility System Revenue 6 1/2% 10/1/2014 539,375 249
500M Seminole County, Fla. Water & Sewer Revenue 6% 10/1/2009 517,500 239
200M Tampa, Fla. Water & Sewer Revenue 6.3% 10/1/2006 211,000 97
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4% 10/1/2014 825,000 380
- ---------------------------------------------------------------------------------------------------------------
8,142,475 3,755
- ---------------------------------------------------------------------------------------------------------------
Other Revenue--27.1%
Florida State Div. Bd. Fin. Dept. General Services Revenues:
500M 5 3/4% 7/1/2011 495,625 228
400M 6 3/4% 7/1/2013 431,000 199
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 991,250 457
1,000M Jacksonville, Fla. Cap. Improv. (Gator Bowl Project) 5 7/8% 10/1/2015 995,000 459
350M Jacksonville, Fla. Excise Taxes Revenue 6 1/2% 10/1/2013 372,313 172
740M Jacksonville, Fla. Sales Tax Revenue 5 3/8% 10/1/2018 680,800 314
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9% 10/1/2010 616,500 284
1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev. 5 3/8% 6/1/2011 962,500 444
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2% 10/1/2002* 337,125 155
- ---------------------------------------------------------------------------------------------------------------
5,882,113 2,712
- ---------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,707,850) 100.0% 21,683,444 9,999
Other Assets, Less Liabilities .0 2,003 1
- ---------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $21,685,447 $10,000
===============================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA SERIES
June 30, 1995
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--95.6%
Education--9.5%
$100M Atlanta, Ga. Urban Res. Fin. Auth. (Morehouse College Proj.)
5.7% 12/1/2010 $99,750 $354
Private Colleges & Univs. Facs. Auth., Ga.:
80M Mercer University Project 6.35% 11/1/2006 87,300 310
80M Spelman College Project 6% 6/1/2009 82,100 291
- ---------------------------------------------------------------------------------------------------------------
269,150 955
- ---------------------------------------------------------------------------------------------------------------
General Obligation--23.2%
75M Columbia County, Ga. School District 6 1/4% 4/1/2013 77,438 275
100M Hall County, Ga. School District 6.7% 12/1/2014 107,250 381
100M Mitchell County, Ga. School District 6 1/2% 3/1/2009 106,375 378
125M Paulding County, Ga. School District 6% 2/1/2013 127,969 454
100M Peach County, Ga. School District 6.4% 2/1/2019 103,125 366
125M Puerto Rico Commonwealth 6 1/4% 7/1/2012 132,656 471
- ---------------------------------------------------------------------------------------------------------------
654,813 2,325
- ---------------------------------------------------------------------------------------------------------------
Hospital--3.7%
100M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 103,375 367
- ---------------------------------------------------------------------------------------------------------------
Housing--4.1%
115M Georgia State Housing & Finance Authority 6 1/8% 12/1/2012 115,431 410
- ---------------------------------------------------------------------------------------------------------------
Transportation--9.4%
250M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 263,437 935
- ---------------------------------------------------------------------------------------------------------------
Utilities--34.2%
25M Bartow County, Ga. Water & Sewer Revenue 6.05% 9/1/2007 26,125 93
95M Brunswick, Ga. Water & Sewer Revenue 6.1% 10/1/2019 98,444 350
85M Conyers, Ga. Water & Sewer Revenue 6.45% 7/1/2010 89,994 319
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4% 11/1/2014 83,100 295
210M Douglasville-Douglas County, Ga. Water & Sewer Authority
5 5/8% 6/1/2015 205,275 729
250M Fulton County, Ga. Water & Sewer Revenue 6 3/8% 1/1/2014 266,250 945
100M Georgia Municipal Electric Authority, Special Obligation 6 1/2% 1/1/20 106,875 379
80M Georgia Municipal Gas Authority Revenue 6.8% 11/1/2009 87,600 311
- ---------------------------------------------------------------------------------------------------------------
963,663 3,421
- ---------------------------------------------------------------------------------------------------------------
Other Revenue--11.5%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 86,400 307
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7% 2/1/2020 84,500 300
50M East Point, Ga. Building Authority Revenue 6% 2/1/2011 50,875 180
100M Puerto Rico Municipal Finance Agency 6% 7/1/2014 101,000 359
- ---------------------------------------------------------------------------------------------------------------
322,775 1,146
- ---------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,586,614) 95.6% 2,692,644 9,559
Other Assets, Less Liabilities 4.4 124,371 441
- ---------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $2,817,015 $10,000
===============================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND SERIES
June 30, 1995
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.7%
Certificates of Participation--.4%
$30M Baltimore, Maryland Series "B" 7 1/4% 4/1/2016 $32,212 $38
- ---------------------------------------------------------------------------------------------------------------
Education--10.4%
Morgan State University Academic & Aux. Facs. Fees Revenue:
90M 7% 7/1/2000* 100,912 120
500M 6.05% 7/1/2015 516,250 613
200M 6.1% 7/1/2020 207,250 246
50M University of Maryland Sys. Aux. Fac. & Tuition Rev. 6.3% 2/1/2001* 54,625 65
- ---------------------------------------------------------------------------------------------------------------
879,037 1,044
- ---------------------------------------------------------------------------------------------------------------
General Obligation--34.8%
350M Anne Arundel County, Maryland Water & Sewer 6.3% 8/1/2015 363,563 432
Baltimore, Maryland:
100M 6.3% 10/15/2004 108,250 128
100M 7% 10/15/2009 113,375 135
55M Carroll County, Maryland 6 1/4% 11/1/2001* 60,431 72
100M Chesapeake Beach, Maryland 6 1/2% 5/1/2012 103,375 123
Frederick, Maryland:
100M 6 1/8% 12/1/2008 104,875 124
200M 6 1/8% 10/1/2014 204,250 242
60M Frederick County, Maryland 6 5/8% 8/1/2003* 68,100 81
35M Howard County, Maryland 6 5/8% 2/15/2001* 38,544 46
35M Montgomery County, Maryland 6 3/4% 4/1/2001* 39,113 46
250M Ocean City, Maryland 5 3/4% 3/15/2016 251,875 299
400M Prince Georges County, Maryland 5 1/2% 1/1/2013 386,000 458
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 118,913 141
420M 6 1/4% 7/1/2012 445,725 529
200M 5.65% 7/1/2015 197,000 234
325M Washington County, Maryland 5.8% 1/1/2013 324,188 385
- ---------------------------------------------------------------------------------------------------------------
2,927,577 3,475
- ---------------------------------------------------------------------------------------------------------------
Hospital--23.1%
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9% 7/1/2001* 39,506 47
Francis Scott Key Medical Center:
90M 6 3/4% 7/1/2000* 100,013 119
30M 7% 7/1/2000* 33,637 40
500M Maryland General Hospital 6 1/8% 7/1/2014 509,375 605
20M Memorial Hospital 7% 7/1/2007 21,475 25
170M North Arundel Hospital 6% 7/1/2012 172,762 205
140M Sinai Hospital of Baltimore 7% 7/1/2000* 156,975 186
110M Suburban Hospital 6% 7/1/2002* 118,113 140
65M University of Maryland Medical System 7% 7/1/2001* 73,694 87
350M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/201 361,813 429
350M Takoma Park, Maryland Hosp. Facs. (Adventist Hosp.) 6 1/2% 9/1/2012 363,562 432
- ---------------------------------------------------------------------------------------------------------------
1,950,925 2,315
- ---------------------------------------------------------------------------------------------------------------
Housing--11.0%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.) 7% 7/1/2016 260,937 310
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 46,969 56
350M 7% 4/1/2014 364,875 433
250M Montgomery County, Maryland Single Family Mtge. Rev. 6 1/2% 7/1/2011 256,562 304
- ---------------------------------------------------------------------------------------------------------------
929,343 1,103
- ---------------------------------------------------------------------------------------------------------------
Transportation--3.0%
Maryland State Department of Transportation:
60M 6 3/8% 9/1/2006 63,525 76
500M Zero Cpn. 7/1/2012 188,125 223
- ---------------------------------------------------------------------------------------------------------------
251,650 299
- ---------------------------------------------------------------------------------------------------------------
Utilities--7.4%
Baltimore, Maryland Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 178,819 212
215M 6 1/4% 7/1/2002* 237,037 281
200M 6% 7/1/2015 205,250 244
- ---------------------------------------------------------------------------------------------------------------
621,106 737
- ---------------------------------------------------------------------------------------------------------------
Other Revenue--8.6%
250M Baltimore, Maryland (Convention Center) 6.1% 9/1/2013 255,937 304
35M Maryland Industrial Financing Authority 7% 7/1/2010 37,931 45
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot)
6 1/4% 6/1/2009 103,750 123
320M Puerto Rico Municipal Finance Agency Rev. 6% 7/1/2014 323,200 384
- ---------------------------------------------------------------------------------------------------------------
720,818 856
- ---------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,964,197) 98.7% 8,312,668 9,867
Other Assets, Less Liabilities 1.3 111,712 133
- ---------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,424,380 $10,000
===============================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS SERIES
June 30, 1995
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.7%
Certificates of Participation--3.6%
$690M Massachusetts Bay Transportation Authority Series "A" 7.65% 8/1/2000* $800,400 $360
- --------------------------------------------------------------------------------------------------------------------
Education--15.7%
Massachusetts Health & Educational Facilities Authority:
425M Northeastern University 7 1/8% 10/1/2000* 465,375 209
400M Williams College Series "D" 5 1/2% 7/1/2017 372,500 167
600M Massachusetts State College Bldg. Auth. Series "A" 7 1/4% 5/1/1996* 627,750 282
1,000M Massachusetts State Indl. Fin. Babson College-Series "A" 5 3/4% 10/1/2015 973,750 437
1,100M Southeastern Massachusetts Univ. Bldg. 5 3/4% 5/1/2016 1,064,250 478
- --------------------------------------------------------------------------------------------------------------------
3,503,625 1,573
- --------------------------------------------------------------------------------------------------------------------
General Obligation--21.5%
Boston, Massachusetts:
250M 7 3/8% 2/1/2000* 281,875 127
850M 5 7/8% 8/1/2012 850,000 382
750M Boston, Massachusetts Met. Dist. 5 5/8% 12/1/2011 730,312 328
Massachusetts General Obligations:
300M 7% 7/1/2009 337,875 152
1,000M 6% 8/1/2010 1,027,500 462
150M North Borough, Massachusetts 7.2% 11/1/2003 161,062 72
150M Rochester, Massachusetts 7 1/4% 3/1/2007 162,750 73
400M Rockport, Massachusetts Unlimited Tax Sch. Proj. Loan 6.9% 12/15/2007 436,000 196
Wareham, Massachusetts:
225M 7.05% 1/15/2007 248,625 112
500M 7.1% 1/15/2008 553,125 248
- --------------------------------------------------------------------------------------------------------------------
4,789,124 2,152
- --------------------------------------------------------------------------------------------------------------------
Hospital--31.2%
Massachusetts Health & Educational Facilities Authority:
295M Berkshire Hospital 7.6% 10/1/1998* 328,925 148
Capital Asset Program:
225M 7.35% 8/1/2008 246,938 111
400M 7.2% 7/1/2009 432,000 194
500M Carney Hospital 7 3/4% 7/1/2000* 577,500 259
Massachusetts General Hospital:
750M 6 1/4% 7/1/2012 780,000 350
1,000M 5 1/4% 7/1/2023 886,250 398
570M Milton Hospital 7% 7/1/2016 618,450 278
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,524,375 685
510M Newton-Wellesley Hospital 8% 7/1/2018 561,000 252
400M South Shore Hospital 7 1/2% 7/1/2000* 457,500 205
490M University Hospital 7 1/4% 7/1/2019 537,775 242
- --------------------------------------------------------------------------------------------------------------------
6,950,713 3,122
- --------------------------------------------------------------------------------------------------------------------
Housing--.8%
160M Massachusetts Housing Finance Agency 7.7% 12/1/2017 167,600 75
- --------------------------------------------------------------------------------------------------------------------
Transportation--4.9%
1,100M Massachusetts Bay Transportation Authority Series "A" 5.8% 3/1/2013 1,093,125 491
- --------------------------------------------------------------------------------------------------------------------
Utilities--21.0%
Boston, Massachusetts Water & Sewer Commission:
850M 7% 11/1/2001* 967,938 435
100M 7 1/4% 11/1/2006 108,875 49
1,035M 5 3/4% 11/1/2013 1,018,181 457
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4% 12/1/2000* 542,094 243
1,000M Massachusetts State Water Resource Authority 5.9% 8/1/2016 975,000 438
1,000M South Essex, Massachusetts Sewer District 6 3/4% 6/1/2013 1,068,750 480
- --------------------------------------------------------------------------------------------------------------------
4,680,838 2,102
- --------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,660,556) 98.7% 21,985,425 9,875
Other Assets, Less Liabilities 1.3 278,640 125
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,264,065 $10,000
=====================================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY SERIES
June 30, 1995
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.7%
Certificates of Participation--4.6%
$1,000M Hudson County, N.J. Correctional Facility 7 1/4% 12/1/2000* $1,141,250 $201
700M Mantua Township, N.J. School District 7 1/4% 6/30/2000* 798,000 140
600M Piscataway Township, N.J. School District 7% 12/15/2000* 682,500 120
- ---------------------------------------------------------------------------------------------------------------
2,621,750 461
- ---------------------------------------------------------------------------------------------------------------
Education--4.8%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.) 6 1/4% 7/1/2010 1,348,750 237
1,500M University of Puerto Rico 5 1/4% 6/1/2025 1,374,375 241
- ---------------------------------------------------------------------------------------------------------------
2,723,125 478
- ---------------------------------------------------------------------------------------------------------------
General Obligation--19.6%
Essex County, N.J. Improvement Authority:
955M County College Project 6.9% 12/1/2014 1,036,175 182
545M Jail & Youth House Project 6.9% 12/1/2014 589,281 104
Orange School District:
1,025M Series "A" 6.95% 7/1/2014 1,119,813 197
1,220M Series "B" 6.95% 7/1/2014 1,332,850 234
1,000M Mercer County, N.J. Improvement Authority Revenue 7.2% 12/15/1998* 1,106,250 194
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,030,000 181
Puerto Rico Commonwealth:
1,440M 6 1/4% 7/1/2012 1,528,200 268
1,200M 6 1/4% 7/1/2013 1,269,000 223
Union City, N.J.:
1,000M 6.7% 9/1/2012 1,062,500 187
995M 6.4% 11/1/2013 1,053,456 185
- ---------------------------------------------------------------------------------------------------------------
11,127,525 1,955
- ---------------------------------------------------------------------------------------------------------------
Hospital--27.6%
New Jersey Health Care Facilities Financing Authority:
1,250M Bayonne Hospital 6 1/4% 7/1/2012 1,295,313 227
400M Community Medical Center 7% 7/1/2009 425,500 75
1,500M Dover General Hospital & Medical Center 5 7/8% 7/1/2012 1,505,625 265
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,758,087 309
750M Holy Name Hospital 7% 7/1/2008 809,062 142
1,100M Hunterdon Hospital 7% 7/1/2020 1,167,375 205
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,802,500 317
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,653,750 291
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,279,900 576
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 877,594 154
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,127,500 198
- ---------------------------------------------------------------------------------------------------------------
15,702,206 2,759
- ---------------------------------------------------------------------------------------------------------------
Housing--4.8%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 395,200 69
420M Series "E" 7.65% 10/1/2016 444,675 78
1,385M Series "C" 7 3/8% 10/1/2017 1,443,862 254
450M Series "B" 8.1% 10/1/2017 477,563 84
- ---------------------------------------------------------------------------------------------------------------
2,761,300 485
- ---------------------------------------------------------------------------------------------------------------
Transportation--6.8%
900M Delaware River Port Authority 7 3/8% 1/1/2007 978,750 172
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2% 1/1/2010 1,052,500 185
2,000M Port Authority, New York & New Jersey 5 1/4% 7/15/2017 1,825,000 320
- ---------------------------------------------------------------------------------------------------------------
3,856,250 677
- ---------------------------------------------------------------------------------------------------------------
Utilities--13.2%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2% 12/15/2012 1,055,000 185
380M Camden County, N.J. Municipal Utilities Sewer Revenue 8 1/4% 12/1/2017 417,050 73
1,100M Evesham, N.J. Municipal Utilities Authority 7% 7/1/2000* 1,216,875 214
500M Long Branch, N.J. Sewer Authority 7 1/4% 6/1/2000* 565,625 99
600M Lower Township, N.J. Municipal Utilities Authority 7% 12/1/2000* 677,250 119
250M Montville Township, N.J. Municipal Utilities Authority 7% 12/1/2011 271,250 48
500M Musconetcong, N.J. Sewer Authority 7.15% 1/1/2000* 559,375 98
1,435M New Jersey Wastewater Treatment Trust 6 1/4% 4/1/2010 1,501,369 264
1,140M Passaic Valley, N.J. Water Commn. 6.4% 12/15/2002* 1,272,525 224
- ---------------------------------------------------------------------------------------------------------------
7,536,319 1,324
- ---------------------------------------------------------------------------------------------------------------
Other Revenue--18.3%
1,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Convention Center)
7.4% 7/1/2016 2,253,875 396
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth. 6.8% 3/1/202 395,062 69
1,000M New Brunswick, N.J. Parking Authority 7.2% 9/1/1999* 1,113,750 196
New Jersey Economic Development Authority:
3,000M Educational Testing Service 5.9% 5/15/2015 2,973,750 522
1,500M Market Transition Facility 5 7/8% 7/1/2011 1,503,750 264
1,000M Puerto Rico Public Buildings Authority Series "A" 6 1/4% 7/1/2013 1,056,250 186
1,000M Salem County, N.J. Impt. Auth. Rev. County Corr. Facs. 7 1/8% 5/1/1998 1,107,500 195
- ---------------------------------------------------------------------------------------------------------------
10,403,937 1,828
- ---------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $53,263,389) 99.7% 56,732,412 9,967
Other Assets, Less Liabilities .3 190,629 33
- ---------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $56,923,041 $10,000
===============================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA SERIES
June 30, 1995
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.4%
Certificates of Participation--5.0%
$100 M Charlotte, N.C. Convention Facilities Project 6 3/4% 12/1/2001* $112,750 $255
100M Cumberland County, N.C. Civic Center Project 6.3% 12/1/2008 106,000 240
- --------------------------------------------------------------------------------------------------------------------------
218,750 495
- --------------------------------------------------------------------------------------------------------------------------
Education--4.5%
205M University of Puerto Rico 5 1/2% 6/1/2015 198,850 450
- --------------------------------------------------------------------------------------------------------------------------
General Obligation--53.1%
200M Cumberland County, N.C. 5 1/2% 4/1/2012 193,000 437
200M Currituck County, N.C. 5.4% 4/1/2013 189,250 429
200M Gaston County, N.C. 5.7% 3/1/2013 201,250 456
220M Laurinburg, N.C. 5.3% 6/1/2012 210,650 477
200M Mecklenburg County, N.C. Public Improvement 6.2% 1/1/2002* 217,500 492
200M Morganton, N.C. 5.7% 6/1/2014 197,250 447
400M Onslow County, N.C. 5.7% 3/1/2011 398,500 902
200M Puerto Rico Commonwealth 6 1/4% 7/1/2012 212,250 481
280M Rowan County, N.C. 5.6% 4/1/2014 271,600 615
45M Rutherford, N.C. 5.7% 6/1/2002* 48,150 109
200M Watauga County, N.C. 5.9% 6/1/2014 203,750 461
- --------------------------------------------------------------------------------------------------------------------------
2,343,150 5,306
- --------------------------------------------------------------------------------------------------------------------------
Hospital--7.7%
140M North Carolina Med. Care Commn. (Presbyterian Hosp.) 7 3/8% 10/1/2000* 160,125 362
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 180,906 410
- --------------------------------------------------------------------------------------------------------------------------
341,031 772
- --------------------------------------------------------------------------------------------------------------------------
Housing--2.9%
125M North Carolina Housing Finance Agency 6.6% 7/1/2017 128,594 291
- --------------------------------------------------------------------------------------------------------------------------
Utilities--18.1%
200M Concord, N.C. Utility Systems 5 1/2% 12/1/2014 $190,250 $431
200M Dare County, N.C. Utility System 5 3/4% 6/1/2014 201,000 455
300M Fayetteville, N.C. Public Works Commission Revenue 5 1/4% 3/1/2013 280,500 635
125M North Carolina Municipal Power Agency 6% 1/1/2010 128,594 291
- --------------------------------------------------------------------------------------------------------------------------
800,344 1,812
- --------------------------------------------------------------------------------------------------------------------------
Other Revenue--7.1%
100M Puerto Rico Municipal Finance Agency 6% 7/1/2014 101,000 229
200M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 212,000 480
- --------------------------------------------------------------------------------------------------------------------------
313,000 709
- --------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $4,306,657) 98.4% 4,343,719 9,835
Other Assets, Less Liabilities 1.6 72,779 165
- --------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $4,416,498 $10,000
==========================================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA SERIES
June 30, 1995
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Certificates of Participation--3.6%
$1,500M Pennsylvania State 5% 7/1/2015 $1,314,375 $359
- -------------------------------------------------------------------------------------------------------------------------
Education--8.7%
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 8/15/2009 715,500 196
Pennsylvania State Higher Educational Facilities Authority:
455M Hahnemann University 7.2% 7/1/2019 489,125 134
1,000M Series M 5 5/8% 6/15/2019 957,500 262
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,016,250 278
- -------------------------------------------------------------------------------------------------------------------------
3,178,375 870
- -------------------------------------------------------------------------------------------------------------------------
General Obligation--17.5%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3% 4/1/2009 161,625 44
1,000M Cambria County, Pa. 6.2% 8/15/2021 1,013,750 277
200M Conrad Weiser Area School District 6 5/8% 10/1/2007 202,250 55
265M Falls Township, Pa. 7% 12/15/2000* 290,506 80
700M Jeannette, Pa. School District 6.65% 6/15/2001* 770,000 211
1,000M Philadelphia, Pa. 6% 11/15/2014 998,750 273
1,500M Pittsburgh, Pa. 5 1/2% 9/1/2014 1,445,625 395
800M Trinity Area School District, Pa. 6 5/8% 11/1/2001* 883,000 241
565M Venango County, Pa. 7% 7/15/2000* 629,269 172
- -------------------------------------------------------------------------------------------------------------------------
6,394,775 1,748
- -------------------------------------------------------------------------------------------------------------------------
Hospital--13.4%
1,000M Allegheny County, Pa. Hosp. Dev. Auth. (Allegheny Gen. Hosp.)
6.2% 9/1/2015 1,015,000 277
1,500M Berks County, Pa. Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.)
5.7% 10/1/2014 1,468,125 401
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8% 7/1/2014 1,127,500 308
235M Delaware County, Pa. Auth. Hosp. Rev. (Memorial Hosp.) 7 1/8% 8/15/2009 250,569 69
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2024 512,500 140
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7% 7/1/2014 526,875 144
- -------------------------------------------------------------------------------------------------------------------------
4,900,569 1,339
- -------------------------------------------------------------------------------------------------------------------------
Housing--1.4%
500M Pennsylvania Housing Finance Agency Single-Family Mtge.
7.15% 4/1/2015 521,250 142
- -------------------------------------------------------------------------------------------------------------------------
Transportation--5.0%
1,600M Pennsylvania State Turnpike Commission Oil Franchise Rev.
5 1/2% 12/1/2012 1,530,000 418
260M Pennsylvania State Turnpike Commission Turnpike Revenue
7.4% 12/1/2000* 298,675 82
- -------------------------------------------------------------------------------------------------------------------------
1,828,675 500
- -------------------------------------------------------------------------------------------------------------------------
Utilities--32.7%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,208,625 330
1,000M 6 1/4% 12/1/2014 1,022,500 280
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison)
7 3/4% 9/1/2024 190,531 52
230M Fairview Township, Pa. Authority Sewer Revenue 7% 11/1/2000* 255,875 70
Harrisburg, Pa. Authority Water Revenue:
250M 7% 7/15/2001* 280,000 77
350M 6 1/2% 8/15/2002* 386,750 106
1,000M North Pennsylvania, Pa. Water Authority 6 7/8% 11/1/2019 1,066,250 291
1,000M North Wales, Pa. Water Authority 6 3/4% 11/1/2017 1,055,000 288
Philadelphia, Pa. Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,282,275 350
1,000M 5 1/2% 8/1/2014 938,750 257
1,000M 5% 6/15/2019 862,500 236
Pittsburgh, Pa. Water & Sewer Auth. Water & Sewer System:
275M 6 3/4% 9/1/2001* 309,031 84
2,000M 6 1/2% 9/1/2013 2,130,000 582
1,000M Washington County, Pa. Indl. Dev. Auth. (West Penn. Power)
6.05% 4/1/2014 996,250 272
- -------------------------------------------------------------------------------------------------------------------------
11,984,337 3,275
- -------------------------------------------------------------------------------------------------------------------------
Other Revenue--16.0%
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev.
7% 6/15/2014 1,087,500 297
Pennsylvania State Industrial Development Authority:
1,000M 6% 1/1/2012 1,008,750 275
2,750M 5 1/2% 1/1/2014 2,612,500 714
500M Somerset County, Pa. Gen. Auth. Commonwealth Lease Rev.
7% 10/15/2001* 561,875 154
500M Washington County, Pa. Auth. Lease Rev. 7.45% 6/15/2000* 574,375 157
- -------------------------------------------------------------------------------------------------------------------------
5,845,000 1,597
- -------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $34,438,928) 98.3% 35,967,356 9,830
Other Assets, Less Liabilities 1.7 623,693 170
- -------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $36,591,049 $10,000
=========================================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA SERIES
June 30, 1995
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.3%
Certificates of Participation--1.7%
$275M Stafford County, Va. 7% 11/1/1999* $306,281 $122
110M Virginia Beach, Va. 7 1/4% 9/1/2000* 124,988 50
- -------------------------------------------------------------------------------------------------------------------------
431,269 172
- -------------------------------------------------------------------------------------------------------------------------
Education--10.4%
575M George Mason University, Va. 6 3/8% 2/1/2016 597,281 237
750M James Madison University, Va. 5 1/4% 6/1/2013 695,625 277
1,100M Norfolk, Va. Redev. & Hsg. Auth. (Tidewater Cmnty. College)
5 7/8% 11/1/2015 1,086,250 432
200M Virginia College Bldg. Auth. (Washington & Lee Univ.) 7% 1/1/2000* 222,500 89
- -------------------------------------------------------------------------------------------------------------------------
2,601,656 1,035
- -------------------------------------------------------------------------------------------------------------------------
General Obligation--19.2%
1,250M Chesapeake, Va. Public Improvement 5% 5/1/2013 1,126,563 448
Danville, Virginia:
500M 5.8% 4/1/2014 493,750 196
500M 5.8% 4/1/2015 490,625 195
185M Hampton, Va. Public Improvement 6 5/8% 1/1/2000* 202,575 81
165M Leesburg, Va. 7% 8/1/1999* 182,531 73
750M Loudon County, Va. 5 1/2% 10/1/2013 718,125 286
100M Newport News, Va. General Improvement Series "A" 6 7/8% 12/1/1998* 110,250 44
170M Portsmouth, Va. Utility 6.8% 8/1/2000* 189,125 75
750M Puerto Rico Commonwealth 6 1/4% 7/1/2012 795,938 317
500M Virginia State Public School Authority 6 1/2% 8/1/2013 523,125 208
- -------------------------------------------------------------------------------------------------------------------------
4,832,607 1,923
- -------------------------------------------------------------------------------------------------------------------------
Hospital--16.2%
125M Charlottesville, Va. Indl. Dev. Auth. (Martha Jefferson Hosp.)
7 3/8% 10/1/2000* 142,969 57
1,150M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.) 6 3/8% 10/1/2014 1,196,000 476
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 319,706 127
355M 7 1/4% 7/1/2000* 402,037 160
1,675M 6 1/8% 7/1/2017 1,716,875 683
250M Winchester, Va. Indl. Dev. Auth. (Winchester Med.Ctr.) 7 1/4% 1/1/2010* 280,625 112
- -------------------------------------------------------------------------------------------------------------------------
4,058,212 1,615
- -------------------------------------------------------------------------------------------------------------------------
Transportation--13.1%
750M Metro Washington, D.C. Airport Revenue 5 3/8% 10/1/2013 705,938 281
280M Richmond, Va. Metro. Auth. Expressway Rev. 7% 10/15/2000* 302,400 121
200M Virginia State Transportation Board Trans. Contract Rev. 6.8% 5/15/1998* 216,500 86
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,036,250 412
1,000M 6% 7/1/2010 1,036,250 412
- -------------------------------------------------------------------------------------------------------------------------
3,297,338 1,312
- -------------------------------------------------------------------------------------------------------------------------
Utilities--27.6%
Fairfax County, Va. Sewer Revenue:
325M 7% 11/15/1999* 361,969 144
750M 5 1/2% 11/15/2013 718,125 286
170M Fairfax County, Va. Water Authority Water Revenue 7 1/4% 1/1/2000* 190,825 76
275M Henry County, Va. Public Service Auth. Water & Sewer Rev.
7.2% 11/15/2000* 310,750 124
750M Leesburg, Va. Utility System Revenue 6.3% 7/1/2012 775,312 308
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4% 1/1/2010 520,000 207
1,000M 5 1/2% 1/1/2015 947,500 377
250M Norfolk, Va. Water Revenue 5 1/4% 11/1/2013 231,562 92
1,000M Prince William County, Va. Svce. Auth. Water Sewer Sys.Rev.
6 1/2% 7/1/2001* 1,107,500 441
560M Roanoke County, Va. Water System Revenue 6 1/2% 7/1/2001* 620,200 247
625M Upper Occoquan Sewer Authority, Va. Regional Sewer Revenue
6 1/2% 7/1/2001* 692,187 275
500M Virginia Beach, Va. Water & Sewer Revenue 5 1/8% 2/1/2014 452,500 180
- -------------------------------------------------------------------------------------------------------------------------
6,928,430 2,757
- -------------------------------------------------------------------------------------------------------------------------
Other Revenue--11.1%
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex Proj.)
6 1/2% 12/1/2014 735,875 293
1,000M Richmond, Va. Redev. & Hsg. Auth. (Old Manchester Proj.)
6.8% 3/1/2015 1,062,500 423
1,000M Riverside, Va. Regl. Jail Authority 5 7/8% 7/1/2014 992,500 395
- ------------------------------------------------------------------------------------------------------------------------
2,790,875 1,111
- ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $23,983,502) 99.3% 24,940,387 9,925
Other Assets, Less Liabilities .7 189,663 75
- -------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $25,130,050 $10,000
=========================================================================================================================
<FN>
<F1>
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
</FN>
See notes to financial statements
</TABLE>
<TABLE>
Statement of Assets and Liabilities
June 30, 1995
<CAPTION>
- ---------------------------------------------- ------------------- -------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS
NEW YORK INSURED -------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- ---------------------------------------------- ------------------- ------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $197,612,205 $15,394,749 $20,707,850 $2,586,614 $7,964,197
============ =========== =========== ========== ==========
At value (Note 1A) $211,277,194 $16,200,144 $21,683,444 $2,692,644 $8,312,668
Cash 447,110 195,039 128,448 57,792 23,595
Receivables:
Interest 4,931,462 335,100 343,775 55,453 173,097
Investment securities sold 369,032 -- 931,272 -- 418,841
Shares sold 170,543 47,371 94,941 23,956 52,554
Other assets 10,408 16 31 -- 7
------------ ----------- ----------- ---------- ----------
Total Assets 217,205,749 16,777,670 23,181,911 2,829,845 8,980,762
------------ ----------- ----------- ---------- ----------
Liabilities
Payables:
Investment securities purchased 5,778,074 322,484 1,230,574 -- 519,068
Dividends payable July 20, 1995 918,548 68,547 96,332 12,335 36,213
Shares redeemed 367,972 5,813 156,542 -- --
Accrued advisory fees 132,905 5,253 6,426 -- --
Accrued expenses 50,494 5,833 6,590 495 1,101
------------ ----------- ----------- ---------- ----------
Total Liabilities 7,247,993 407,930 1,496,464 12,830 556,382
------------ ----------- ----------- ---------- ----------
Net Assets $209,957,756 $16,369,740 $21,685,447 $2,817,015 $8,424,380
============ =========== =========== ========== ==========
Net Assets Consist of:
Capital paid in $198,178,042 15,864,518 20,833,597 2,746,798 8,204,925
Undistributed net investment income (deficit) (54,346) 1,948 12,144 3,988 4,720
Accumulated net realized gain (loss) on investments (1,830,929) (302,121) (135,888) (39,801) (133,736)
Net unrealized appreciation in value of investments 13,664,989 805,395 975,594 106,030 348,471
------------ ----------- ----------- ---------- ----------
Total $209,957,756 $16,369,740 $21,685,447 $2,817,015 $8,424,380
============ =========== =========== ========== ==========
Shares outstanding (Note 2):
Class A 14,490,584 1,290,628 1,699,767 229,869 650,147
Class B 33,288 34,455 16,757 3,534 23,308
Net asset value and redemption price per share--Class $14.46 $12.35 $12.63 $12.07 $12.51
====== ====== ====== ====== ======
Maximum offering price per share--Class A* $15.42 $13.17 $13.47 $12.87 $13.34
====== ====== ====== ====== ======
Net asset value and offering price per share--Class B $14.46 $12.35 $12.63 $12.06 $12.52
====== ====== ====== ====== ======
<FN>
<F1>
*On purchases of $25,000 or more, the sales charge is reduced.
</FN>
See notes to financial statements.
(CONTINUED)
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $20,660,556 $53,263,389 $4,306,657 $34,438,928 $23,983,502
=========== =========== ========== =========== ===========
At value (Note 1A) $21,985,425 $56,732,412 $4,343,719 $35,967,356 $24,940,387
Cash 232,060 316,239 67,461 183,235 27,174
Receivables:
Interest 442,221 1,252,090 57,957 593,728 527,833
Investment securities sold -- -- 323,250 -- --
Shares sold 101,130 79,319 53,019 29,518 14,279
Other assets 644 277 -- 81 47
----------- ----------- ---------- ----------- -----------
Total Assets 22,761,480 58,380,337 4,845,406 36,773,918 25,509,720
----------- ----------- ---------- ----------- -----------
Liabilities
Payables:
Investment securities purchased 378,198 1,076,716 409,355 -- 262,091
Dividends payable July 20, 1995 97,793 247,938 18,771 158,303 104,767
Shares redeemed 4,447 92,541 -- 734 --
Accrued advisory fees 9,320 28,994 -- 15,497 8,490
Accrued expenses 7,657 11,107 782 8,335 4,322
----------- ----------- ---------- ----------- -----------
Total Liabilities 497,415 1,457,296 428,908 182,869 379,670
----------- ----------- ---------- ----------- -----------
Net Assets $22,264,065 $56,923,041 $4,416,498 $36,591,049 $25,130,050
=========== =========== ========== =========== ===========
Net Assets Consist of:
Capital paid in $21,011,736 $53,206,410 $4,483,262 $34,999,035 $24,170,947
Undistributed net investment income (deficit) 1,045 7,575 859 7,640 9,197
Accumulated net realized gain (loss) on investments (73,585) 240,033 (104,685) 55,946 (6,979)
Net unrealized appreciation in value of investments 1,324,869 3,469,023 37,062 1,528,428 956,885
----------- ----------- ---------- ----------- -----------
Total $22,264,065 $56,923,041 $4,416,498 $36,591,049 $25,130,050
=========== =========== ========== =========== ===========
Shares outstanding (Note 2):
Class A 1,888,478 4,431,835 373,546 2,910,319 1,978,488
Class B 21,221 17,575 5,128 9,405 38,962
Net asset value and redemption price per share--Class $11.66 $12.79 $11.66 $12.53 $12.46
====== ====== ====== ====== ======
Maximum offering price per share--Class A* $12.44 $13.64 $12.44 $13.37 $13.29
====== ====== ====== ====== ======
Net asset value and offering price per share--Class B $11.65 $12.78 $11.66 $12.54 $12.45
====== ====== ====== ====== ======
</TABLE>
<TABLE>
Statement of Operations
Six Months Ended June 30, 1995
<CAPTION>
- --------------------------------------------------- ----------------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS
NEW YORK INSURED -------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- --------------------------------------------------- ------------------ -------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $ 6,622,443 $ 468,024 $ 612,464 $ 71,257 $226,766
----------- ---------- ---------- -------- --------
Expenses (Note 5):
Advisory fees 769,707 59,583 78,224 9,428 29,169
Distribution plan expenses--Class A 307,603 15,672 20,775 2,491 7,706
Distribution plan expenses--Class B 932 1,031 424 115 353
Shareholder servicing costs 79,735 7,699 7,780 1,635 4,538
Professional fees 16,673 5,706 11,508 5,020 2,634
Reports to shareholders 14,585 1,690 515 222 925
Bond insurance premiums (Note 1A) 34,990 1,665 307 99 889
Other expenses 45,333 3,406 3,334 843 1,593
----------- ---------- ---------- -------- --------
Total expenses 1,269,558 96,452 122,867 19,853 47,807
Less: Expenses waived or assumed -- (27,805) (41,720) (17,247) (30,060)
----------- ---------- ---------- -------- --------
Expenses--net 1,269,558 68,647 81,147 2,606 17,747
----------- ---------- ---------- -------- --------
Net investment income 5,352,885 399,377 531,317 68,651 209,019
----------- ---------- ---------- -------- --------
Realized and Unrealized Gain (Loss) on Investments (Note 4):
Net realized gain (loss) on investments 567,332 52,716 129,045 1,000 (2,082)
Net unrealized appreciation of investments 10,841,578 958,880 1,262,727 141,035 447,919
----------- ---------- ---------- -------- --------
Net gain on investments 11,408,910 1,011,596 1,391,772 142,035 445,837
----------- ---------- ---------- -------- --------
Net Increase in Net Assets Resulting from Operations $16,761,795 $1,410,973 $1,923,089 $210,686 $654,856
=========== ========== ========== ======== ========
See notes to financial statements
(CONTINUED)
<CAPTION>
- ------------------------------------------------------ -------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- ------------------------------------------------------ -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $ 680,201 $1,760,796 $114,705 $1,069,866 $ 708,207
---------- ---------- -------- ---------- ----------
Expenses (Note 5):
Advisory fees 82,116 214,822 15,769 134,622 90,432
Distribution plan expenses--Class A 21,757 57,167 4,156 35,852 23,715
Distribution plan expenses--Class B 707 587 239 201 1,477
Shareholder servicing costs 9,314 18,626 2,486 12,458 10,756
Professional fees 4,396 12,721 7,110 5,707 5,391
Reports to shareholders 2,013 4,022 350 2,598 2,361
Bond insurance premiums (Note 1A) 512 2,791 459 199 2,571
Other expenses 4,237 13,941 1,131 6,782 4,940
---------- ---------- -------- ---------- ----------
Total expenses 125,052 324,677 31,700 198,419 141,643
Less: Expenses waived or assumed (27,372) (42,964) (27,305) (44,874) (42,202)
---------- ---------- -------- ---------- ----------
Expenses--net 97,680 281,713 4,395 153,545 99,441
---------- ---------- -------- ---------- ----------
Net investment income 582,521 1,479,083 110,310 916,321 608,766
---------- ---------- -------- ---------- ----------
Realized and Unrealized Gain (Loss) on Investments (Note 4):
Net realized gain (loss) on investments 255,810 465,813 (20,882) 128,043 55,233
Net unrealized appreciation of investments 957,694 2,915,451 295,069 2,225,184 1,439,698
---------- ---------- -------- ---------- ----------
Net gain on investments 1,213,504 3,381,264 274,187 2,353,227 1,494,931
---------- ---------- -------- ---------- ----------
Net Increase in Net Assets Resulting from Operations $1,796,025 $4,860,347 $384,497 $3,269,548 $2,103,697
========== ========== ======== ========== ==========
</TABLE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
- ------------------------------------------------------------------------------------------------ --------------------------
FIRST INVESTORS
NEW YORK INSURED --------------------------
TAX FREE FUND, INC. CONNECTICUT
----------------------------- --------------------------
1/1/95 to 1/1/95 to
6/30/95 1994 6/30/95 1994
- ------------------------------------------------------------------------------------------------ --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 5,352,885 $ 10,780,042 $ 399,377 $ 801,496
Net realized gain (loss) on investments 567,332 (2,398,261) 52,716 (313,831)
Net unrealized appreciation (depreciation) of investments 10,841,578 (19,225,762) 958,880 (1,639,963)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets
resulting from operations 16,761,795 (10,843,981) 1,410,973 (1,152,298)
------------ ------------ ----------- -----------
Dividends to Shareholders from:
Net investment income--Class A (5,446,257) (10,924,339) (397,831) (801,765)
Net investment income--Class B (4,292) -- (4,853) --
------------ ------------ ----------- -----------
Total dividends (5,450,549) (10,924,339) (402,684) (801,765)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 13,356,245 24,920,224 1,372,554 2,473,254
Value of dividends reinvested 3,327,429 8,056,192 260,879 613,310
Cost of shares redeemed (12,433,656) (29,259,279) (1,542,391) (3,486,374)
------------ ------------ ----------- -----------
4,250,018 3,717,137 91,042 (399,810)
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 478,732 -- 418,921 --
Value of dividends reinvested 2,178 -- 3,502 --
Cost of shares redeemed (160) -- -- --
------------ ------------ ----------- -----------
480,750 -- 422,423 --
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions 4,730,768 3,717,137 513,465 (399,810)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets 16,042,014 (18,051,183) 1,521,754 (2,353,873)
Net Assets
Beginning of period 193,915,742 211,966,925 14,847,986 17,201,859
------------ ------------ ----------- -----------
End of period+ $209,957,756 $193,915,742 $16,369,740 $14,847,986
============ ============ =========== ===========
+ Includes undistributed net investment income (deficit) of $ (54,346) $ 43,318 $ 1,948 $ 5,255
============ ============ =========== ===========
(a)Shares Issued and Redeemed
Class A:
Sold 932,369 1,733,745 112,034 203,067
Issued for dividends reinvested 232,115 566,477 21,299 51,022
Redeemed (871,511) (2,070,038) (126,136) (288,696)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares outstanding 292,973 230,184 7,197 (34,607)
============ ============ =========== ===========
Class B:
Sold 33,149 -- 34,171 --
Issued for dividends reinvested 150 -- 284 --
Redeemed (11) -- -- --
------------ ------------ ----------- -----------
Net increase in Class B shares outstanding 33,288 -- 34,455 --
============ ============ =========== ===========
See notes to financial statements
(CONTINUED)
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------
FLORIDA GEORGIA
-------------------------------- -------------------------
1/1/95 to 1/1/95 to
6/30/95 1994 6/30/95 1994
- ----------------------------------------------------------------------------------------------- -------------------------
Increase (Decrease) in Net Assets from Operations
Net investment income $ 531,317 $ 1,097,381 $ 68,651 $ 80,665
Net realized gain (loss) on investments 129,045 (264,933) 1,000 (40,801)
Net unrealized appreciation (depreciation) of investments 1,262,727 (2,040,709) 141,035 (110,067)
----------- ----------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations 1,923,089 (1,208,261) 210,686 (70,203)
----------- ----------- ---------- ----------
Dividends to Shareholders from:
Net investment income--Class A (533,515) (1,102,831) (65,157) (79,754)
Net investment income--Class B (2,122) -- (556) --
----------- ----------- ---------- ----------
Total dividends (535,637) (1,102,831) (65,713) (79,754)
----------- ----------- ---------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,028,335 4,193,910 572,748 927,355
Value of dividends reinvested 205,389 513,004 45,492 73,507
Cost of shares redeemed (1,911,342) (4,027,836) (53,374) (254,666)
----------- ----------- ---------- ----------
322,382 679,078 564,866 746,196
----------- ----------- ---------- ----------
Class B:
Proceeds from shares sold 209,560 -- 41,564 --
Value of dividends reinvested 1,043 -- 395 --
Cost of shares redeemed -- -- -- --
----------- ----------- ---------- ----------
210,603 -- 41,959 --
----------- ----------- ---------- ----------
Net increase (decrease) from share transactions 532,985 679,078 606,825 746,196
----------- ----------- ---------- ----------
Net increase (decrease) in net assets 1,920,437 (1,632,014) 751,798 596,239
Net Assets
Beginning of period 19,765,010 21,397,024 2,065,217 1,468,978
----------- ----------- ---------- ----------
End of period+ $21,685,447 $19,765,010 $2,817,015 $2,065,217
=========== =========== ========== ==========
+ Includes undistributed net investment income (deficit) of $ 12,144 $ 16,464 $ 3,988 $ 1,050
=========== =========== ========== ==========
(a)Shares Issued and Redeemed
Class A:
Sold 161,243 337,394 48,184 80,499
Issued for dividends reinvested 16,448 42,134 3,798 6,313
Redeemed (153,651) (332,533) (4,451) (22,084)
----------- ----------- ---------- ---------
Net increase (decrease) in Class A shares outstanding 24,040 46,995 47,531 64,728
=========== =========== ========== =========
Class B:
Sold 16,674 -- 3,501 --
Issued for dividends reinvested 83 -- 33 --
Redeemed -- -- -- --
----------- ----------- ---------- ---------
Net increase in Class B shares outstanding 16,757 -- 3,534 --
=========== =========== ========== =========
(CONTINUED)
<CAPTION>
- -----------------------------------------------------------------------------------------------
--------------------------------
MARYLAND
--------------------------------
1/1/95 to
6/30/95 1994
- -----------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets from Operations
Net investment income $ 209,019 $ 359,177
Net realized gain (loss) on investments (2,082) (115,472)
Net unrealized appreciation (depreciation) of investments 447,919 (63,993)
---------- ----------
Net increase (decrease) in net assets
resulting from operations 654,856 (396,288)
---------- ----------
Dividends to Shareholders from:
Net investment income--Class A (204,927) (362,227)
Net investment income--Class B (1,688) --
---------- ----------
Total dividends (206,615) (362,227)
---------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 972,684 1,928,630
Value of dividends reinvested 111,297 254,066
Cost of shares redeemed (303,119) (1,164,023)
---------- ----------
780,862 1,018,673
---------- ----------
Class B:
Proceeds from shares sold 419,691 --
Value of dividends reinvested 400 --
Cost of shares redeemed (128,337) --
---------- ----------
291,754 --
---------- ----------
Net increase (decrease) from share transactions 1,072,616 1,018,673
---------- ----------
Net increase (decrease) in net assets 1,520,857 260,158
Net Assets
Beginning of period 6,903,523 6,643,365
---------- ----------
End of period+ $8,424,380 $6,903,523
========== ==========
+ Includes undistributed net investment income (deficit) of $ 4,720 $ 2,316
========== ==========
(a)Shares Issued and Redeemed
Class A:
Sold 78,963 156,671
Issued for dividends reinvested 8,973 20,852
Redeemed (24,473) (96,175)
---------- ----------
Net increase (decrease) in Class A shares outstanding 63,463 81,348
========== ==========
Class B:
Sold 33,389 --
Issued for dividends reinvested 32 --
Redeemed (10,113) --
---------- ----------
Net increase in Class B shares outstanding 23,308 --
========== ==========
</TABLE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------
MASSACHUSETTS NEW JERSEY
------------------------------- --------------------------
1/1/95 to 1/1/95 to
6/30/95 1994 6/30/95 1994
- ------------------------------------------------------------------------------------------------ --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 582,521 $ 1,198,075 $ 1,479,083 $ 3,137,659
Net realized gain (loss) on investments 255,810 (329,395) 465,813 (225,780)
Net unrealized appreciation (depreciation) of investments 957,694 (2,097,875) 2,915,451 (6,767,311)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations 1,796,025 (1,229,195) 4,860,347 (3,855,432)
----------- ----------- ----------- -----------
Dividends to Shareholders from:
Net investment income--Class A (582,205) (1,203,624) (1,491,198) (3,146,005)
Net investment income--Class B (3,634) -- (2,613) --
----------- ----------- ----------- -----------
Total dividends (585,839) (1,203,624) (1,493,811) (3,146,005)
----------- ----------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,202,450 2,473,916 2,844,286 7,713,722
Value of dividends reinvested 376,580 933,965 814,635 2,084,420
Cost of shares redeemed (1,608,882) (3,789,844) (5,704,069) (11,976,023)
----------- ----------- ----------- -----------
(29,852) (381,963) (2,045,148) (2,177,881)
----------- ----------- ----------- -----------
Class B:
Proceeds from shares sold 242,733 -- 221,964 --
Value of dividends reinvested 2,767 -- 898 --
Cost of shares redeemed -- -- -- --
----------- ----------- ----------- -----------
245,500 -- 222,862 --
----------- ----------- ----------- -----------
Net increase (decrease) from share transactions 215,648 (381,963) (1,822,286) (2,177,881)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets 1,425,834 (2,814,782) 1,544,250 (9,179,318)
Net Assets
Beginning of period 20,838,231 23,653,013 55,378,791 64,558,109
----------- ----------- ----------- -----------
End of period+ $22,264,065 $20,838,231 $56,923,041 $55,378,791
=========== =========== =========== ===========
+ Includes undistributed net investment income of $ 1,045 $ 4,363 $ 7,575 $ 22,303
=========== =========== =========== ===========
(a)Shares Issued and Redeemed
Class A:
Sold 103,934 214,343 225,332 601,287
Issued for dividends reinvested 32,581 81,626 64,251 166,135
Redeemed (139,847) (329,777) (451,525) (951,262)
----------- ----------- ----------- -----------
Net increase (decrease) in Class A shares outstanding (3,332) (33,808) (161,942) (183,840)
=========== =========== =========== ===========
Class B:
Sold 20,983 -- 17,505 --
Issued for dividends reinvested 238 -- 70 --
Redeemed -- -- -- --
----------- ----------- ----------- -----------
Net increase in Class B shares outstanding 21,221 -- 17,575 --
=========== =========== =========== ===========
See notes to financial statements
(CONTINUED)
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
NORTH CAROLINA PENNSYLVANIA
--------------------------- --------------------------
1/1/95 to 1/1/95 to
6/30/95 1994 6/30/95 1994
- ----------------------------------------------------------------------------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 110,310 $ 226,865 $ 916,321 $ 1,771,003
Net realized gain (loss) on investments (20,882) (83,803) 128,043 (72,097)
Net unrealized appreciation (depreciation) of investments 295,069 (437,561) 2,225,184 (3,989,085)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations 384,497 (294,499) 3,269,548 (2,290,179)
---------- ---------- ----------- -----------
Dividends to Shareholders from:
Net investment income--Class A (109,405) (226,667) (916,780) (1,777,494)
Net investment income--Class B (1,080) -- (1,028) --
---------- ---------- ----------- -----------
Total dividends (110,485) (226,667) (917,808) (1,777,494)
---------- ---------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 363,831 1,415,758 2,055,918 5,661,896
Value of dividends reinvested 56,917 127,189 443,070 1,033,699
Cost of shares redeemed (207,690) (1,032,579) (1,920,543) (4,599,995)
---------- ---------- ----------- -----------
213,058 510,368 578,445 2,095,600
---------- ---------- ----------- -----------
Class B:
Proceeds from shares sold 56,714 -- 118,155 --
Value of dividends reinvested 429 -- 601 --
Cost of shares redeemed -- -- -- --
---------- ---------- ----------- -----------
57,143 -- 118,756 --
---------- ---------- ----------- -----------
Net increase (decrease) from share transactions 270,201 510,368 697,201 2,095,600
---------- ---------- ----------- -----------
Net increase (decrease) in net assets 544,213 (10,798) 3,048,941 (1,972,073)
Net Assets
Beginning of period 3,872,285 3,883,083 33,542,108 35,514,181
---------- ---------- ----------- -----------
End of period+ $4,416,498 $3,872,285 $36,591,049 $33,542,108
========== ========== =========== ===========
+ Includes undistributed net investment income of $ 859 $ 1,034 $ 7,640 $ 9,127
========== ========== =========== ===========
(a)Shares Issued and Redeemed
Class A:
Sold 31,464 121,402 164,864 457,976
Issued for dividends reinvested 4,918 11,292 35,641 84,890
Redeemed (18,184) (93,643) (154,028) (377,755)
---------- ---------- ----------- -----------
Net increase (decrease) in Class A shares outstanding 18,198 39,051 46,477 165,111
========== ========== =========== ===========
Class B:
Sold 5,091 -- 9,357 --
Issued for dividends reinvested 37 -- 48 --
Redeemed -- -- -- --
---------- ---------- ----------- -----------
Net increase in Class B shares outstanding 5,128 -- 9,405 --
========== ========== =========== ===========
(CONTINUED)
<CAPTION>
- -----------------------------------------------------------------------------------------------
-----------------------------------
VIRGINIA
-----------------------------------
1/1/95 to
6/30/95 1994
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 608,766 $ 1,180,699
Net realized gain (loss) on investments 55,233 (61,681)
Net unrealized appreciation (depreciation) of investments 1,439,698 (2,611,443)
----------- -----------
Net increase (decrease) in net assets
resulting from operations 2,103,697 (1,492,425)
----------- -----------
Dividends to Shareholders from:
Net investment income--Class A (604,223) (1,175,046)
Net investment income--Class B (6,641) --
----------- -----------
Total dividends (610,864) (1,175,046)
----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,605,502 3,263,981
Value of dividends reinvested 304,041 721,894
Cost of shares redeemed (1,074,027) (3,677,279)
----------- -----------
835,516 308,596
----------- -----------
Class B:
Proceeds from shares sold 474,415 --
Value of dividends reinvested 4,596 --
Cost of shares redeemed (2,250) --
----------- -----------
476,761 --
----------- -----------
Net increase (decrease) from share transactions 1,312,277 308,596
----------- -----------
Net increase (decrease) in net assets 2,805,110 (2,358,875)
Net Assets
Beginning of period 22,324,940 24,683,815
----------- -----------
End of period+ $25,130,050 $22,324,940
=========== ===========
+ Includes undistributed net investment income of $ 9,197 $ 11,295
=========== ===========
(a)Shares Issued and Redeemed
Class A:
Sold 130,180 265,790
Issued for dividends reinvested 24,673 59,666
Redeemed (87,560) (304,592)
----------- -----------
Net increase (decrease) in Class A shares outstanding 67,293 20,864
=========== ===========
Class B:
Sold 38,773 --
Issued for dividends reinvested 370 --
Redeemed (181) --
----------- -----------
Net increase in Class B shares outstanding 38,962 --
=========== ===========
</TABLE>
Notes to Financial Statements
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Series
1. Significant Accounting Policies--First Investors New York Insured Tax
Free Fund, Inc. and First Investors Multi-State Insured Tax Free Fund
(collectively, the "Funds") are registered under the Investment Company
Act of 1940 (the "1940 Act") as diversified, open-end management
investment companies. First Investors New York Insured Tax Free Fund,
Inc. ("New York Insured") consists of a single investment series and
First Investors Multi-State Insured Tax Free Fund ("Multi-State
Insured") consists of seventeen separate investment series. This report
relates to New York Insured and the nine series of Multi-State Insured
listed above (singularly and collectively, "Series"). Multi-State
Insured operates as a series fund, issuing shares of beneficial interest
in each Series and accounts separately for the assets, liabilities and
operations of each Series.
A. Security Valuation--The municipal securities in which the Series
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Board of
Directors/Trustees. The pricing service considers security type, rating,
market condition and yield data, as well as market quotations and prices
provided by market makers in determining valuations. "When Issued
Securities" are reflected in the assets of the Series as of the date the
securities are purchased.
The municipal bonds held by the Series are insured as to payment of
principal and interest by the issuer or under insurance policies written
by independent insurance companies. It is the intention of the Series to
retain any insured securities which are in default or in significant
risk of default and to place a value on the defaulted securities equal
to the value of similar securities which are not in default. Each Series
may invest up to 20% of its assets in portfolio securities not covered
by the insurance feature.
B. Federal Income Taxes--It is the policy of the Series to continue to
qualify as regulated investment companies, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The
Series make distributions of income and net realized capital gains (in
excess of any available capital loss carryovers) sufficient to relieve
them from all, or substantially all, federal income taxes. At June 30,
1995, the Series had the following capital loss carryovers, expiring in
the year 2002:
Amount
----------
NEW YORK INSURED $1,016,113
MULTI-STATE INSURED
-------------------
CONNECTICUT Series 329,239
FLORIDA Series 176,344
GEORGIA Series 18,533
MARYLAND Series 111,759
MASSACHUSETTS Series 322,147
NEW JERSEY Series 148,482
NORTH CAROLINA Series 68,000
PENNSYLVANIA Series 60,264
VIRGINIA Series 62,212
C. Distributions to Shareholders--Dividends from net investment income
are declared daily and paid monthly. Distributions from net realized
capital gains are normally declared and paid annually. Income dividends
and capital gain distributions are determined in accordance with income
tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments
for capital loss carryforwards, deferral of wash sales and post October
losses.
D. Expense Allocation--Direct expenses attributable to a Series of
Multi-State Insured are charged to and paid from the assets of that
Series. Indirect or general expenses of Multi-State Insured are
allocated among and charged to the assets of each Series on a fair and
equitable basis, which may be based on the relative assets of each
Series or the nature of the services performed and relative
applicability to each Series.
E. Security Transactions and Investment Income--Security transactions
are accounted for on the date the securities are purchased or sold. Cost
is determined, and gains and losses are based, on the identified cost
basis for both financial statement and federal income tax purposes.
Interest income is earned from settlement date and recorded on the
accrual basis. Estimated expenses are accrued daily.
2. Capital--Each Series sells two classes of shares, Class A and Class
B, each with a public offering price that reflects different sales
charges and expense levels. Class A shares are sold with an initial
sales charge of up to 6.25% of the amount invested and together with the
Class B shares are subject to 12b-1 fees as described in Note 5. Class B
shares are sold without an initial sales charge, but are generally
subject to a contingent deferred sales charge which declines in steps
from 4% to 0% during a six-year period. Class B shares automatically
convert into Class A shares after eight years. Realized and unrealized
gains or losses, investment income and expenses (other than 12b-1 fees
and certain other class expenses) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class.
Of the 1,000,000,000 shares originally authorized, New York Insured has
designated 500,000,000 shares as Class A and 500,000,000 shares as Class
B. Multi-State Insured has established an unlimited number of shares of
beneficial interest for both Class A and Class B shares.
3. Concentration of Credit Risk--The Series invest in debt instruments
of municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions--For the six months ended June 30,1995,
purchases and sales of municipal securities were as follows:
Cost Proceeds
of of
Purchases Sales
-------------- --------------
NEW YORK INSURED $53,804,833 $48,762,974
MULTI-STATE INSURED
-------------------
CONNECTICUT Series 2,974,705 2,190,901
FLORIDA Series 8,377,127 7,430,080
GEORGIA Series 1,372,978 835,869
MARYLAND Series 4,517,493 3,319,481
MASSACHUSETTS Series 6,447,580 6,029,553
NEW JERSEY Series 11,844,596 13,160,029
NORTH CAROLINA Series 2,945,473 2,638,654
PENNSYLVANIA Series 11,106,754 9,795,756
VIRGINIA Series 6,240,203 4,858,316
At June 30, 1995, aggregate cost and net unrealized appreciation of
securities for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Appreciation
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NEW YORK INSURED $197,612,205 $14,082,720 $417,731 $13,664,989
MULTI-STATE INSURED
-------------------
CONNECTICUT Series 15,394,749 812,275 6,880 805,395
FLORIDA Series 20,707,850 1,045,830 70,236 975,594
GEORGIA Series 2,586,614 109,008 2,978 106,030
MARYLAND Series 7,964,197 367,741 19,270 348,471
MASSACHUSETTS Series 20,660,556 1,348,703 23,834 1,324,869
NEW JERSEY Series 53,263,389 3,537,517 68,494 3,469,023
NORTH CAROLINA Series 4,306,657 66,868 29,806 37,062
PENNSYLVANIA Series 34,438,928 1,662,187 133,759 1,528,428
VIRGINIA Series 23,983,502 1,100,183 143,298 956,885
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates--Certain officers
and directors/trustees of the Series are officers and directors of the
Series' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC") and/or
their transfer agent, Administrative Data Management Corp. ("ADM").
Officers and directors/trustees of the Series received no remuneration
from the Series for serving in such capacities. Their remuneration
(together with certain other expenses of the Series) is paid by FIMCO or
FIC.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of New York Insured and of the
average daily net assets of each Series of the Multi-State Insured,
declining by .03% on each $250 million thereafter, down to .66% on
average daily net assets over $750 million. For the six months ended
June 30, 1995, advisory fees of New York Insured amounted to $769,707.
For the same period, advisory fees for the nine Series of Multi-State
Insured included in this report amounted to $714,165, of which $281,303
was waived; other expenses in the amount of $16,125 were assumed by
FIMCO.
For the six months ended June 30, 1995, FIC, as underwriter, received
$208,662 in commissions on sales of shares of New York Insured, after
allowing $56,605 to other dealers, and $393,771 in commissions on sales
of shares of the nine Series of Multi-State Insured included in this
report, after allowing $131,264 to other dealers. Shareholder servicing
costs of New York Insured and the nine Series of Multi-State Insured
consisted of $79,735 and $75,292, respectively, in transfer agent fees
and out of pocket expenses accrued to ADM. Transfer agent fees and out
of pocket expenses attributable to the Georgia and North Carolina Series
of Multi-State Insured, in the amount of $4,121, were waived by the
transfer agent for the six months ended June 30, 1995.
Pursuant to a Distribution Plan adopted by the Series under Rule 12b-1
of the 1940 Act, each Series is authorized to pay FIC a fee up to .30%
of the average net assets of the Class A shares and up to 1% of the
average net assets of the Class B shares on an annualized basis each
fiscal year, payable monthly. The fee consists of a distribution fee and
a service fee. The service fee is paid for the ongoing servicing of
clients who are shareholders of that series. For the six months ended
June 30, 1995, these fees amounted to $308,535 and $194,425,
respectively, for New York Insured and the nine Series of Multi-State
Insured.
This page intentionally left blank.
<TABLE>
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.
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
- ----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
1990 $13.87 $.889 $ (.119) $ .770 $.890 $ -- $.890
1991 13.75 .881 .574 1.455 .875 -- .875
1992 14.33 .844 .386 1.230 .840 -- .840
1993 14.72 .809 .608 1.417 .820 .137 .957
1994 15.18 .758 (1.510) (.752) .768 -- .768
1/1/95 to 6/30/95 13.66 .373 .807 1.180 .380 -- .380
Class B
- -------
1/12/95* to 6/30/95 13.76 .300 .705 1.005 .305 -- .305
<CAPTION>
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------------------
CONNECTICUT SERIES
- ------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
10/8/90* to 12/31/90 $11.17 $.034 $ (.014) $ .020 $ -- $ -- $ --
1991 11.19 .630 .449 1.079 .625 .004 .629
1992 11.64 .669 .401 1.070 .660 -- .660
1993 12.05 .615 1.053 1.668 .625 .043 .668
1994 13.05 .609 (1.480) (.871) .609 -- .609
1/1/95 to 6/30/95 11.57 .308 .782 1.090 .310 -- .310
Class B
- -------
1/12/95* to 6/30/95 11.67 .245 .696 .941 .261 -- .261
<CAPTION>
FLORIDA SERIES
- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
10/5/90* to 12/31/90 $11.17 $.018 $ (.058) $(.040) $ -- $ -- $ --
1991 11.13 .658 .582 1.240 .640 .030 .670
1992 11.70 .702 .508 1.210 .700 -- .700
1993 12.21 .664 1.032 1.696 .671 .095 .766
1994 13.14 .642 (1.346) (.704) .646 -- .646
1/1/95 to 6/30/95 11.79 .318 .842 1.160 .320 -- .320
Class B
- -------
1/12/95* to 6/30/95 11.87 .248 .782 1.030 .270 -- .270
<CAPTION>
GEORGIA SERIES
- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
5/1/92* to 12/31/92 $11.17 $.267 $ .233 $ .500 $.250 $ -- $.250
1993 11.42 .603 1.091 1.694 .619 .005 .624
1994 12.49 .584 (1.165) (.581) .579 -- .579
1/1/95 to 6/30/95 11.33 .324 .728 1.052 .312 -- .312
Class B
- -------
1/12/95* to 6/30/95 11.42 .247 .645 .892 .252 -- .252
<FN>
<F1>
* Commencement of operations or date shares first offered
<F2>
** Calculated without sales charges
<F3>
+ Annualized
</FN>
See notes to financial statements
(CONTINUED)
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
----------------------------- ----------------------------------
Net Asset
Value Net Net Portfolio
---------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands (%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
- ----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
1990 $13.75 5.81 $156,022 1.23 6.53 N/A N/A 33
1991 14.33 10.89 162,296 1.24 6.29 N/A N/A 25
1992 14.72 8.84 181,389 1.29 5.84 N/A N/A 46
1993 15.18 9.82 211,967 1.27 5.35 N/A N/A 31
1994 13.66 (5.03) 193,916 1.28 5.30 N/A N/A 55
1/1/95 to 6/30/95 14.46 8.69 209,476 1.24+ 5.22+ N/A N/A 24
Class B
- -------
1/12/95* to 6/30/95 14.46 7.33 481 1.93+ 4.42+ N/A N/A 24
<CAPTION>
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------------------
CONNECTICUT SERIES
- ------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
10/8/90* to 12/31/90 $11.19 7.71+ $ 625 -- 1.75+ 1.46+ .28+ 0
1991 11.64 9.92 5,050 0.06 5.83 1.60 4.28 35
1992 12.05 9.49 10,828 0.33 5.73 1.20 4.86 46
1993 13.05 14.10 17,202 0.80 4.83 1.15 4.48 29
1994 11.57 (6.75) 14,848 0.87 5.01 1.22 4.66 63
1/1/95 to 6/30/95 12.35 9.47 15,944 .85+ 5.04+ 1.20+ 4.69+ 14
Class B
- -------
1/12/95* to 6/30/95 12.35 8.09 426 1.65+ 4.18+ 2.00+ 3.83+ 14
<CAPTION>
FLORIDA SERIES
- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
10/5/90* to 12/31/90 $11.13 (1.48)+ $ 1,339 -- 1.20+ 1.03+ .17+ 0
1991 11.70 11.45 6,891 0.06 6.12 1.12 5.06 70
1992 12.21 10.67 12,678 0.29 5.97 1.17 5.10 65
1993 13.14 14.19 21,397 0.45 5.20 1.10 4.55 53
1994 11.79 (5.39) 19,765 0.62 5.24 1.19 4.67 98
1/1/95 to 6/30/95 12.63 9.90 21,474 .77+ 5.10+ 1.17+ 4.70+ 36
Class B
- -------
1/12/95* to 6/30/95 12.63 8.71 212 1.70+ 4.12+ 2.10+ 3.72+ 36
<CAPTION>
GEORGIA SERIES
- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
5/1/92* to 12/31/92 $11.42 6.75+ $ 365 -- 4.45+ 3.32+ 1.13+ 53
1993 12.49 15.16 1,469 0.13 4.96 1.84 3.24 50
1994 11.33 (4.69) 2,065 0.20 4.99 1.93 3.26 78
1/1/95 to 6/30/95 12.07 9.33 2,774 .20+ 5.47+ 1.56+ 4.11+ 34
Class B
- -------
1/12/95* to 6/30/95 12.06 7.84 43 .99+ 4.71+ 4.20+ 1.50+ 34
<FN>
<FN4>
++ Net of expenses waived or assumed by the investment adviser and the transfer agent from the commencement of operations
of each Series of the First Investors Multi-State Insured Tax Free Fund through June 30, 1995 (Note 5).
</FN>
</TABLE>
<TABLE>
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.
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------------------
MARYLAND SERIES
- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
10/8/90* to 12/31/90 $11.17 $.021 $ .189 $ .210 $ -- $ -- $ --
1991 11.38 .628 .287 .915 .615 -- .615
1992 11.68 .669 .426 1.095 .665 -- .665
1993 12.11 .653 1.083 1.736 .660 .036 .696
1994 13.15 .644 (1.373) (.729) .651 -- .651
1/1/95 to 6/30/95 11.77 .332 .737 1.069 .329 -- .329
Class B
- -------
1/12/95* to 6/30/95 11.85 .280 .669 .949 .279 -- .279
<CAPTION>
MASSACHUSETTS SERIES
- --------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
1990 $10.88 $.748 $ (.038) $ .710 $.750 $ -- $.750
1991 10.84 .732 .468 1.200 .730 -- .730
1992 11.31 .687 .399 1.086 .676 .010 .686
1993 11.71 .653 .716 1.369 .660 .139 .799
1994 12.28 .627 (1.267) (.640) .630 -- .630
1/1/95 to 6/30/95 11.01 .308 .651 .959 .309 -- .309
Class B
- -------
1/12/95* to 6/30/95 11.09 .247 .584 .831 .271 -- .271
<CAPTION>
NEW JERSEY SERIES
- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
1990 $11.73 $.787 $ .013 $ .800 $.800 $ -- $.800
1991 11.73 .762 .548 1.310 .750 -- .750
1992 12.29 .716 .439 1.155 .716 .059 .775
1993 12.67 .680 .947 1.627 .684 .103 .787
1994 13.51 .659 (1.448) (.789) .661 -- .661
1/1/95 to 6/30/95 12.06 .327 .733 1.060 .330 -- .330
Class B
- -------
1/12/95* to 6/30/95 12.14 .255 .644 .899 .259 -- .259
<CAPTION>
NORTH CAROLINA SERIES
- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
5/4/92* to 12/31/92 $11.17 $.272 $ .188 $ .460 $.260 $ -- $.260
1993 11.37 .595 .962 1.557 .604 .043 .647
1994 12.28 .594 (1.380) (.786) .594 -- .594
1/1/95 to 6/30/95 10.90 .303 .761 1.064 .304 -- .304
Class B
- -------
1/12/95* to 6/30/95 10.99 .234 .677 .911 .241 -- .241
<FN>
<F1>
* Commencement of operations or date shares first offered
<F2>
** Calculated without sales charges
<F3>
+ Annualized
</FN>
See notes to financial statements
(CONTINUED)
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
----------------------------- ----------------------------------
Net Asset
Value Net Net Portfolio
---------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands (%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------------------
MARYLAND SERIES
- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
10/8/90* to 12/31/90 $11.38 8.08+ $ 403 -- 1.69+ 2.88+ (1.19)+ 0
1991 11.68 8.30 1,543 0.05 5.74 1.88 3.92 26
1992 12.11 9.64 3,575 0.20 5.72 1.38 4.55 38
1993 13.15 14.62 6,643 0.45 5.16 1.28 4.33 50
1994 11.77 (5.59) 6,904 0.45 5.27 1.34 4.37 44
1/1/95 to 6/30/95 12.51 9.13 8,133 .45+ 5.38+ 1.22+ 4.61+ 44
Class B
- -------
1/12/95* to 6/30/95 12.52 8.04 292 1.00+ 4.83+ 1.80+ 4.03+ 44
<CAPTION>
MASSACHUSETTS SERIES
- --------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
1990 $10.84 6.85 $12,760 0.06 7.01 0.99 6.09 22
1991 11.31 11.45 17,608 0.28 6.66 0.99 5.94 4
1992 11.71 9.90 20,067 0.70 5.99 1.17 5.52 28
1993 12.28 11.93 23,653 0.90 5.37 1.15 5.12 32
1994 11.01 (5.30) 20,838 0.95 5.45 1.20 5.20 64
1/1/95 to 6/30/95 11.66 8.76 22,017 .89+ 5.33+ 1.14+ 5.08+ 28
Class
- -------
1/12/95* to 6/30/95 11.65 7.52 247 1.65+ 4.45+ 1.90+ 4.20+ 28
CAPTION
NEW JERSEY SERIES
- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
1990 $11.73 7.10 $30,686 0.10 6.93 0.91 6.12 16
1991 12.29 11.52 42,475 0.44 6.38 0.98 5.84 22
1992 12.67 9.74 54,372 0.78 5.76 1.13 5.41 42
1993 13.51 13.09 64,558 0.96 5.12 1.11 4.97 44
1994 12.06 (5.91) 55,379 0.99 5.21 1.14 5.06 60
1/1/95 to 6/30/95 12.79 8.84 56,698 .98+ 5.17+ 1.13+ 5.02+ 21
Class B
- -------
1/12/95* to 6/30/95 12.78 7.43 225 1.71+ 4.32+ 1.86+ 4.17+ 21
<CAPTION>
NORTH CAROLINA SERIES
- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
5/4/92* to 12/31/92 $11.37 6.21+ $ 1,084 -- 4.53+ 2.20+ 2.33+ 10
1993 12.28 13.98 3,883 0.13 4.99 1.28 3.83 32
1994 10.90 (6.45) 3,872 0.20 5.22 1.44 3.99 61
1/1/95 to 6/30/95 11.66 9.81 4,357 .20+ 5.26+ 1.48+ 3.98+ 65
Class B
- -------
1/12/95* to 6/30/95 11.66 8.31 60 .99+ 4.38+ 3.90+ 1.47+ 65
<FN>
<F4>
++ Net of expenses waived or assumed by the investment adviser and the transfer agent from the commencement of operations
of each Series of the First Investors Multi-State Insured Tax Free Fund through June 30, 1995 (Note 5).
</FN>
</TABLE>
<TABLE>
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.
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
---------------------
PENNSYLVANIA SERIES
- -------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
4/30/90* to 12/31/90 $11.17 $.296 $ .214 $ .510 $.270 $ -- $.270
1991 11.41 .714 .429 1.143 .695 .008 .703
1992 11.85 .699 .427 1.126 .716 -- .716
1993 12.26 .667 1.048 1.715 .663 .152 .815
1994 13.16 .627 (1.447) (.820) .630 -- .630
1/1/95 to 6/30/95 11.71 .317 .820 1.137 .317 -- .317
Class B
- -------
1/12/95* to 6/30/95 11.81 .258 .750 1.008 .278 -- .278
<CAPTION>
VIRGINIA SERIES
- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
4/30/90* to 12/31/90 $11.17 $.320 $.080 $.400 $.300 $ -- $.300
1991 11.27 .715 .523 1.238 .690 .018 .708
1992 11.80 .683 .481 1.164 .702 .032 .734
1993 12.23 .636 .915 1.551 .639 .082 .721
1994 13.06 .611 (1.383) (.772) .608 -- .608
1/1/95 to 6/30/95 11.68 .311 .781 1.092 .312 -- .312
Class B
- -------
1/12/95* to 6/30/95 11.76 .242 .701 .943 .253 -- .253
<FN>
<F1>
* Commencement of operations or date shares first offered
<F2>
** Calculated without sales charges
<F3>
+ Annualized
</FN>
See notes to financial statements
(CONTINUED)
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
----------------------------- ----------------------------------
Net Asset
Value Net Net Portfolio
---------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands (%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
---------------------
PENNSYLVANIA SERIES
- -------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
4/30/90* to 12/31/90 $11.41 6.88+ $ 6,252 .05+ 5.39+ 1.05+ 4.39+ 1
1991 11.85 10.24 16,118 0.29 6.28 1.03 5.54 26
1992 12.26 9.81 26,036 0.56 5.84 1.12 5.28 18
1993 13.16 14.28 35,514 0.79 5.17 1.10 4.86 37
1994 11.71 (6.31) 33,542 0.88 5.11 1.13 4.86 81
1/1/95 to 6/30/95 12.53 9.75 36,473 .85+ 5.11+ 1.10+ 4.86+ 28
Class B
- -------
1/12/95* to 6/30/95 12.54 8.57 118 1.42+ 3.55+ 1.67+ 3.30+ 28
<CAPTION>
VIRGINIA SERIES
- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A
- -------
4/30/90* to 12/31/90 $11.27 5.40+ $ 3,327 .08+ 5.56+ 1.22+ 4.43+ 0
1991 11.80 11.31 9,756 0.13 6.32 1.10 5.36 15
1992 12.23 10.19 16,507 0.56 6.75 1.22 5.09 41
1993 13.06 12.94 24,684 0.81 4.97 1.16 4.62 39
1994 11.68 (5.97) 22,325 0.85 5.01 1.20 4.66 55
1/1/95 to 6/30/95 12.46 9.40 24,645 .82+ 5.08+ 1.17+ 4.73+ 21
Class B
- -------
1/12/95* to 6/30/95 12.45 8.05 485 1.16+ 3.11+ 1.51+ 2.76+ 21
<FN>
<F4>
++ Net of expenses waived or assumed by the investment adviser and the transfer agent from the commencement of operations
of each Series of the First Investors Multi-State Insured Tax Free Fund through June 30, 1995 (Note 5).
</FN>
</TABLE>
Independent Auditor's Report
To the Shareholders and Boards of Directors/Trustees of
First Investors New York Insured Tax Free Fund, Inc. and
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Series
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of First Investors New York
Insured Tax Free Fund, Inc. and the nine series of First Investors
Multi-State Insured Tax Free Fund listed above as of June 30, 1995, and
the related statement of operations for the six months ended, the
statement of changes in net assets for the six months ended June 30,
1995 and the year ended December 31, 1994, and the financial highlights
for the periods indicated thereon. These financial statements and
financial highlights are the responsibility of the Funds' management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June 30,
1995, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of First Investors New York Insured Tax Free Fund,
Inc. and each of the nine series of First Investors Multi-State Insured
Tax Free Fund listed above as of June 30, 1995, and the results of their
operations, changes in their net assets and the financial highlights for
the periods indicated thereon, in conformity with generally accepted
accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1995
This page intentionally left blank.
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Directors/Trustees
- ---------------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
F. William Ortman, Jr.
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- ---------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Shareholder Information
- ---------------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 M Street, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is each Fund's practice to mail only one copy of its annual and semi-
annual reports to any address at which more than one shareholder with
the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. Each Fund will ensure
that separate reports are sent to any shareholder who subsequently
changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Fund's prospectus.
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
The following appears on the bottom lefthand side:
First Investors Logo, which is described as follows: the arabic numeral
one separated into seven vertical segments followed by the words "First
Investors"
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIMS148
Vertically reading from bottom to top in the center of the page the
words "FIRST INVESTORS" appear.
FIRST
INVESTORS
NEW YORK INSURED
TAX FREE FUND
FUND, INC.
FIRST INVESTORS
MULTI-STATE INSURED
TAX FREE FUND
Connecticut Series
Florida Series
Georgia Series
Maryland Series
Massachusetts Series
New Jersey Series
North Carolina Series
Pennsylvania Series
Virginia Series
SEMI-
ANNUAL
REPORT
JUNE 30, 1995
Portfolio Manager's Letter
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Series
Dear Investor:
U.S. economic growth slowed during the first six months of 1995. In
response to the Federal Reserve's tightening of monetary policy,
economic growth downshifted from an unsustainable 5.1% fourth quarter
pace to a more moderate 2.7% rate in the first quarter of 1995. By
Spring, the financial markets began to anticipate an end to the Federal
Reserve's interest rate hikes. The economic crisis in Mexico, higher
individual tax payments and excessive business inventories further
dampened the U.S. economy in the second quarter. By June, in a notable
reversal of opinion from six months earlier, the markets began to expect
the Federal Reserve to lower short-term interest rates to insure against
the possibility of a recession.
The municipal bond market rose during the first six months of 1995. Most
of this gain occurred during the first quarter of the year as new
issuance of municipal bonds fell by approximately 45% compared to the
first quarter of 1994. During the second quarter, several factors
limited further improvement in the market. First, concern about
potential tax reform and a rallying equity market limited investor
interest in tax-exempt bonds. Second, new issue supply began to
increase, reaching an eighteen-month high in June. Third, Orange County,
California's bankruptcy raised concerns about credit risk in the
municipal bond market and dramatically underscored the importance of
insurance for municipal bonds.
During the first half of 1995, the eight Multi-State Series included in
this report had the following total returns on Class A and Class B
shares (first offered for sale on January 12, 1995), respectively:
Arizona 10.36% and 8.70%, California 8.89% and 7.29%, Colorado 9.85% and
8.33%, Michigan 9.86% and 8.47%, Minnesota 8.80% and 7.56%, Missouri
10.03% and 8.39%, Ohio 9.26% and 7.77%, and Oregon 9.75% and 8.32%.
Management of the Series focused on improving call protection,
particularly through purchases of noncallable bonds when available. This
helped the Series maintain their duration -- or sensitivity to interest
rates -- throughout the rally, which enhanced total return. In order to
maximize current income, the Series generally remained fully invested
which allowed the Colorado, Michigan, Missouri, Ohio and Oregon Series
to increase their monthly dividends during the first six months of the
year.
Looking forward, the uncertainty of potential tax reform over the next
few years is the main hurdle facing the tax exempt bond market. The
market has responded to this uncertainty by becoming cheaper relative to
taxable bonds. While it is impossible to predict what might occur in
Congress, at current levels we believe insured municipal bonds appear
attractive for long-term investors.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
July 31, 1995
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA SERIES
June 30, 1995
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.3%
Certificates of Participation--6.6%
Arizona State:
$ 100M 6.1% 5/1/2007 $ 104,000 $ 112
375M 61/4% 9/1/2010 390,000 421
Arizona State Municipal Financing Program:
100M 7.7% 8/1/2010 117,375 126
- -----------------------------------------------------------------------------------------------------------------------
611,375 659
- -----------------------------------------------------------------------------------------------------------------------
Education--1.7%
140M Arizona State University Revenue 7% 7/1/2001* 158,375 170
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--56.5%
600M Chandler, Arizona 61/4% 7/1/2011 637,500 686
250M Gilbert, Arizona 51/2% 7/1/2013 241,250 260
Maricopa County, Arizona:
235M School District #3 (Tempe) 7.3% 7/1/2009 275,831 297
400M School District #11 (Peoria) 6.1% 7/1/2010 416,000 447
100M School District #14 (Creighton) 77/8% 7/1/2006 121,500 131
1,000M School District #41 (Gilbert) Zero Coupon 1/1/2008 496,250 533
300M School District #68 (Alhambra) 63/4% 7/1/2014 326,625 351
100M School District #92 (Pendergast Elementary) 65/8% 7/1/2000* 109,750 118
200M School District #231 (Tempe) 7% 7/1/2008 228,500 246
225M Mohave County, Arizona High School District #30, 6.7% 7/1/2001* 250,031 269
250M Phoenix, Arizona 61/4% 7/1/2016 260,313 280
Pima County, Arizona:
145M Unified School District #13 (Tanque Verde) 6.7% 7/1/2010 155,331 167
250M Unified School District #16 (Catalina Foothills) 5.7% 7/1/2010 246,875 266
140M Puerto Rico Commonwealth 6.6% 7/1/2002* 158,550 171
200M Santa Cruz County, Arizona School District #35, 6% 7/1/2008 203,750 219
250M Tucson, Arizona 53/4% 7/1/2010 250,313 269
Yavapai County, Arizona:
230M Elementary School District #6 (Cottonwood-Oak Creek) 6.7% 7/1/2009 248,975 268
215M Elementary School District #28 (Camp Verde) 6% 7/1/2008 221,719 239
400M Unified School District #22 (Humboldt) 5.95% 7/1/2014 401,500 431
- -----------------------------------------------------------------------------------------------------------------------
5,250,563 5,648
- -----------------------------------------------------------------------------------------------------------------------
Hospital--13.0%
Maricopa County, Arizona Ind. Dev. Auth., Health Facs. Rev.:
50M John Lincoln Hospital 71/2% 12/1/2013 55,375 60
650M Samaritan Health Services 7% 12/1/2016 743,438 799
100M Mohave County, Arizona Hosp. Dist. #1 (Kingman Reg. Med. Ctr.)
6.45% 6/1/2008 105,125 113
300M Pima County, Arizona Ind. Dev. Auth. (Tucson Med. Ctr.) 63/8% 4/1/201 310,500 334
- -----------------------------------------------------------------------------------------------------------------------
1,214,438 1,306
- -----------------------------------------------------------------------------------------------------------------------
Housing--1.4%
130M Phoenix, Arizona Hsg. Fin. Corp. Mtg. Rev. 6.65% 7/1/2006 131,950 142
- -----------------------------------------------------------------------------------------------------------------------
Transportation--4.3%
385M Phoenix, Arizona Airport Revenue 61/4% 7/1/2012 398,956 429
- -----------------------------------------------------------------------------------------------------------------------
Utilities--5.0%
200M Central Arizona Water Conservation District Zero Coupon 5/1/2005 117,500 126
225M Gilbert, Arizona Water & Sewer Revenue 61/2% 7/1/2012 238,500 257
100M Peoria, Arizona Water & Sewer Revenue 6.6% 7/1/2004 107,000 115
- -----------------------------------------------------------------------------------------------------------------------
463,000 498
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--11.8%
305M Casa Grande, Arizona Excise Tax Rev. 6.1% 4/1/2009 313,006 337
250M Phoenix, Arizona Civic Improvement Mun. Facs. Excise Tax Rev.
6.6% 7/1/2008 269,375 290
100M Phoenix, Arizona Street & Highway User Revenue 61/4% 7/1/2002* 107,875 116
400M Sierra Vista, Arizona Mun. Ppty. Corp. Mun. Facs. Rev. 6% 1/1/2011 406,500 437
- -----------------------------------------------------------------------------------------------------------------------
1,096,756 1,180
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,812,033) 100.3% 9,325,413 10,032
Excess of Liabilities Over Other Assets (.3) (29,904) (32)
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,295,509 $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--CALIFORNIA SERIES
June 30, 1995
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.4%
Certificates of Participation--8.6%
$ 100M Alameda, Calif. Sewer Impt. Fin. Corp. 7.4% 3/1/2018 $ 108,000 $ 63
500M Castaic Lake Water Agency Water System Imp. Proj. 7% 8/1/2012 559,375 325
500M San Diego County, Calif. Inmate Reception Center 63/4% 8/1/2014 534,375 311
240M Yolo County, Calif. Flood Control & Water Conservation 71/8% 7/15/200 278,400 162
- -----------------------------------------------------------------------------------------------------------------------
1,480,150 861
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--10.4%
370M Greenfield, Calif. School District 7.1% 8/1/2012 390,350 227
910M Orchard, Calif. School District Zero Coupon 2/1/2015 266,175 155
390M Puerto Rico Commonwealth 5.65% 7/1/2015 384,150 223
750M Walnut Valley, Calif. School District 6% 8/1/2012 755,625 440
- -----------------------------------------------------------------------------------------------------------------------
1,796,300 1,045
- -----------------------------------------------------------------------------------------------------------------------
Hospital--3.2%
California Health Facilities Financing Authority Revenue:
250M Cedars Sinai Medical Center 7% 11/1/2000* 282,500 164
155M Episcopal Homes 7.85% 7/1/2015 159,069 93
100M R.F. Kennedy Hospital 73/4% 3/1/2014 105,250 61
- -----------------------------------------------------------------------------------------------------------------------
546,819 318
- -----------------------------------------------------------------------------------------------------------------------
Transportation--3.3%
500M Los Angeles County, Calif. Trans. Comm. Sales Tax Rev. 63/4% 7/1/2001 563,125 328
- -----------------------------------------------------------------------------------------------------------------------
Utilities--13.0%
300M California State Dept. Water Resources (Central Valley Proj.)
6.9% 6/1/2000* 334,875 195
250M Contra Costa, Calif. Water District 53/4% 10/1/2014 241,875 141
East Bay Municipal Utility District:
750M 6.4% 6/1/2013 783,750 455
340M 7.2% 6/1/2000* 385,475 224
250M Los Angeles, Calif. Wastewater System 7% 6/1/2011 268,437 156
250M Riverside, Calif. Sewer Revenue 5% 8/1/2010 227,813 133
- -----------------------------------------------------------------------------------------------------------------------
2,242,225 1,304
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--59.9%
500M Barstow, Calif. Redevelopment Agency 7% 9/1/2014 563,125 328
110M California Public Capital Impt. Fin. Auth. Rev. 8.1% 3/1/2018 120,450 70
1,315M California State Public Works Board 61/2% 12/1/2008 1,423,487 828
290M Compton, Calif. Community Redevelopment Agency 71/2% 8/1/2013 317,912 185
1,000M Long Beach, Calif. Fing. Auth. Rev. 6% 11/1/2017 995,000 579
750M Orange County, Calif. Recovery Series A 53/4% 6/1/2015 696,563 405
800M Puerto Rico Public Building Authority 61/4% 7/1/2015 843,000 490
300M Sacramento, Calif. Redev. Agency Merged Downtown Redev. Proj.
63/4% 11/1/2005 324,750 189
640M San Francisco, Calif. City & Cnty. Pkg. Auth. Rev. 7% 6/1/2011 717,600 417
500M San Francisco, Calif. City & Cnty. Redev. Agy. (Moscone Ctr.)
63/4% 7/1/2015 530,000 308
250M San Francisco, Calif. City & Cnty. Redev. Fin. Auth. 67/8% 8/1/2000* 280,625 163
500M San Jose, Calif. Redevelopment Agency 6% 8/1/2015 500,625 291
500M San Rafael, Calif. Redev. Agency 6.45% 12/1/2017 514,375 299
500M Santa Ana, Calif. Fin. Auth. Lease Rev. 61/4% 7/1/2015 511,875 298
750M Santa Margarita/Dana Point, Calif. Imp. Dist. 71/4% 8/1/2010 858,750 500
South Orange County, Calif. Public Finance Authority:
500M 61/2% 8/15/2010 535,625 312
500M 7% 9/1/2011 557,500 324
- -----------------------------------------------------------------------------------------------------------------------
10,291,262 5,986
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $16,064,122) 98.4% 16,919,881 9,842
Other Assets, Less Liabilities 1.6 271,585 158
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $17,191,466 $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--COLORADO SERIES
June 30, 1995
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.9%
Education--7.5%
$ 150M Colorado State Board Cmnty. Colleges & Occupational Ed. Rev.
5.7% 11/1/2015 $ 145,313 $ 442
100M University of Northern Colorado Revenue 6% 6/1/2014 102,125 311
- -----------------------------------------------------------------------------------------------------------------------
247,438 753
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--49.0%
150M Bayfield, Colo. School District #10, 61/2% 6/1/2009 159,938 486
45M Denver, Colo. City & County School District #1, 6.35% 12/15/2002* 49,612 151
250M Douglas County., Colo. School District #RE 1, 8% 12/15/2009 310,000 944
150M Eagle Garfield & Routt Cntys., Colo. School District #RE 50J,
6.3% 12/1/2012 156,562 476
150M El Paso County, Colo. School District #020, 6.2% 6/15/2007 159,563 485
150M Garfield County, Colo. School District #RE-2, 6.15% 12/1/2009 154,312 469
150M Garfield Pitkin & Eagle Cntys., Colo. School District #RE 1,
6.6% 12/15/2014 157,312 478
40M Lafayette, Colo. 61/4% 12/1/2012 41,250 125
150M Puerto Rico Commonwealth 61/4% 7/1/2012 159,188 484
100M Summit County, Colo. School District #RE 1, 6.55% 12/1/2009 106,375 323
150M Yuma Hospital District, Colo. 6.4% 11/1/2014 156,750 477
- -----------------------------------------------------------------------------------------------------------------------
1,610,862 4,898
- -----------------------------------------------------------------------------------------------------------------------
Hospital--15.7%
100M Colorado Health Facilities Authority (Sisters of Charity) 61/4% 5/15/2012 105,375 320
260M Colorado Springs, Colo. Hospital Revenue 53/4% 12/15/2010 258,050 785
150M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 61/4% 7/1/2024 153,750 467
- -----------------------------------------------------------------------------------------------------------------------
517,175 1,572
- -----------------------------------------------------------------------------------------------------------------------
Utilities--11.6%
125M Thornton County, Colo. Sewer Revenue 5.7% 5/15/2010 125,156 381
150M Westminster, Colo. Water & Wastewater Util. Enterprise Rev.
6% 12/1/2009 154,313 469
100M Woodland Park, Colo. Wastewater Util. Rev. 6.05% 12/1/2013 102,250 311
- -----------------------------------------------------------------------------------------------------------------------
381,719 1,161
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--16.1%
150M Aurora, Colo. Municipal Building Corp. 1st Mtge. 9.2% 12/1/1997* 168,000 511
100M Pueblo, Colo. Urban Renewal Authority Tax Increment Rev.
6.05% 12/1/2012 102,000 310
100M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2014 101,000 307
150M Puerto Rico Public Buildings Authority 61/4 7/1/2012 159,000 483
- -----------------------------------------------------------------------------------------------------------------------
530,000 1,611
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,183,372) 99.9% 3,287,194 9,995
Other Assets, Less Liabilities .1 1,759 5
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,288,953 $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--MICHIGAN SERIES
June 30, 1995
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.1%
Education--1.3%
$ 400M Central Michigan University Revenue 7% 10/1/2000* $ 449,500 $ 134
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--51.2%
325M Chippewa Valley, Michigan Schools 7.1% 5/1/2001* 369,281 110
230M Comstock, Michigan School District 67/8% 5/1/1999* 252,425 74
325M Detroit, Michigan 7.2% 5/1/1999* 360,750 107
350M East Detroit, Michigan School District 7% 5/1/2008 378,437 113
380M Forest Hills, Michigan Public Schools 73/8% 5/1/2000* 427,025 127
1,325M Gibralter, Michigan Public School District 51/2% 5/1/2014 1,247,156 372
1,000M Goodrich, Michigan Area School District 5.7% 5/1/2015 971,250 289
1,000M Grand Ledge, Michigan Public School District 77/8% 5/1/2011 1,172,500 349
1,000M Gull Lake, Michigan Community School District Zero Coupon 5/1/2013 347,500 103
450M Haslett, Michigan Public School District 71/2% 5/1/2000* 508,500 151
2,000M Howell, Michigan Public Schools Zero Coupon 5/1/2000* 522,500 156
1,000M Huron, Michigan School District Zero Coupon 5/1/2015 300,000 89
450M Inkster, Michigan School District 7% 5/1/2000* 501,750 149
1,000M Lake Orion, Michigan Community School District 7% 5/1/2020 1,163,750 348
475M Leslie, Michigan Public Schools (Ingham & Jackson Cntys.) 6% 5/1/2015 475,594 142
1,000M Michigan State Environmental Protection Program 61/4% 11/1/2012 1,053,750 314
450M Oak Park, Michigan 7.2% 5/1/2002* 522,563 156
270M Oakland County, Michigan 7.1% 5/1/2007 284,175 85
1,000M Portage Lake, Michigan Water & Sewer Authority 6.1% 10/1/2014 1,011,250 301
1,000M Reeths Puffer Schools 53/4% 5/1/2015 965,000 287
800M Rochester, Michigan School District 55/8% 5/1/2011 790,000 235
300M Rockford, Michigan Public Schools 73/8% 5/1/2000* 337,125 100
250M Romulus, Michigan Community Schools 63/4% 5/1/2001* 279,687 83
380M Saline, Michigan Building Authority 7.1% 7/1/2009 413,250 123
1,000M Waterford Township, Michigan School District 61/4% 6/1/2012 1,030,000 307
450M White Cloud, Michigan Public Schools 7.1% 5/1/2000* 504,563 150
1,000M Zeeland, Michigan Public Schools 6% 5/1/2014 1,001,250 299
- -----------------------------------------------------------------------------------------------------------------------
17,191,031 5,119
- -----------------------------------------------------------------------------------------------------------------------
Hospital--4.6%
1,000M Michigan State Hospital Finance Authority (St. John's Hospital)
6% 5/15/2008 1,030,000 306
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 61/4% 7/1/2024 512,500 153
- -----------------------------------------------------------------------------------------------------------------------
1,542,500 459
- -----------------------------------------------------------------------------------------------------------------------
Housing--1.6%
500M Michigan State Housing Dev. Auth. Single-Family Mtge. Rev.
7.3% 12/1/2016 516,875 154
- -----------------------------------------------------------------------------------------------------------------------
Transportation--4.0%
1,190M Wayne Charter County, Michigan (Detroit Metro. Airport)
63/4% 12/1/2001* 1,341,725 401
- -----------------------------------------------------------------------------------------------------------------------
Utilities--23.1%
Detroit, Michigan Water Supply System:
1,275M 61/2% 7/1/2015 1,384,969 411
400M 63/8% 7/1/2002* 444,000 132
280M Gogebic-Iron Wastewater Authority 5.95% 1/1/2015 277,550 83
1,240M Kalamazoo, Michigan Water Revenue 6% 9/1/2015 1,252,400 373
500M Kent County, Michigan Refuse Disposal System 8.4% 11/1/2010 539,375 161
Michigan State Strategic Fund (Detroit Edison Co.):
1,750M 6.95% 5/1/2011 1,960,000 584
500M 7% 5/1/2021 570,000 170
500M Monroe County, Michigan Econ. Dev. Corp. (Detroit Edison)
6.95% 9/1/2022 563,125 168
750M Wyandotte, Michigan Electric Revenue 61/4% 10/1/2017 770,625 230
- -----------------------------------------------------------------------------------------------------------------------
7,762,044 2,312
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--13.3%
1,000M Grand Rapids, Michigan Downtown Dev. Auth. Zero Cpn. 6/1/2009 443,750 132
Michigan Municipal Bond Authority Revenue:
1,500M 6.55% 11/1/2008 1,618,125 482
1,000M 61/8% 5/1/2014 1,018,750 303
1,500M Michigan State Building Authority 5.3% 10/1/2012 1,395,000 415
- -----------------------------------------------------------------------------------------------------------------------
4,475,625 1,332
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $31,120,828) 99.1% 33,279,300 9,911
Other Assets, Less Liabilities .9 298,139 89
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $33,577,439 $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--MINNESOTA SERIES
June 30, 1995
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.8%
General Obligation--51.5%
$ 75M Annandale, Minn. Independent School District #876, 6.9% 2/1/1999* $ 81,094 $ 105
75M Baxter, Minn. 6.9% 2/1/1999* 81,469 106
325M Becker, Minn. Wastewater Treatment 5.8% 2/1/2010 325,813 424
180M Blaine, Minn. Series "A" Fire Impt. 6.8% 2/1/2007 191,925 250
150M Cass Lake, Minn. Independent School District #115, 65/8% 2/1/2007* 160,875 209
250M Faribault, Minn. Independent School District #656, 53/4% 6/1/2015 247,813 322
280M Lakeville, Minn. 51/2% 2/1/2011 272,300 353
350M Maccray, Minn. Independent School District #2180, 53/4% 2/1/2015 343,000 445
125M Mahnomen, Minn. Independent School District #432, 61/2% 2/1/2011 129,063 168
80M Mahtomedi, Minn. 7.1% 2/1/1998* 85,800 111
70M Metropolitan Council, Minn. Minneapolis-St. Paul Met. Area
7.3% 12/1/1999* 77,788 101
275M Minnesota State 61/4% 8/1/2002* 299,406 388
500M North Branch, Minn. Independent School District 51/2% 2/1/2012 481,250 623
350M North St. Paul Maplewood, Minn. Independent School District #622,
7.1% 2/1/2019 383,250 496
75M Ramsey County, Minn. 7% 2/1/2008 81,375 106
300M Redwood Falls, Minn. Independent School District 5.1% 4/1/2009 281,250 365
145M Rockford, Minn. Independent School District No. #883, 7.2% 12/15/1998 158,775 206
70M South Washington County, Minn. Independent School District #833
67/8% 6/1/2000* 76,912 100
350M West St. Paul, Minn. Independent School District #197, Zero Coupon
2/1/2005 206,937 268
- -----------------------------------------------------------------------------------------------------------------------
3,966,095 5,146
- -----------------------------------------------------------------------------------------------------------------------
Hospital--20.0%
300M Brainerd, Minn. Health Care Facilities (St. Joseph's) 57/8% 2/15/2013 300,000 389
240M Duluth, Minn. Economic Dev. Auth. (Duluth Clinic) 6.2% 11/1/2012 247,200 321
180M Minneapolis & St. Paul, Minn. Hsg. & Redev. Auth. (Health One)
7.4% 8/15/2011 196,425 255
250M Minneapolis, Minn. Hospital Revenue (Fairview Hospital) 61/2% 1/1/201 262,812 341
170M St. Cloud, Minn. Facs. Rev. (St. Cloud Hospital) 7% 7/1/2020 192,738 250
St. Louis Park, Minn. Hosp. Rev. Facs. (Methodist Hospital):
200M 71/4% 7/1/2000* 226,500 294
100M 71/4% 7/1/2000* 111,125 144
- -----------------------------------------------------------------------------------------------------------------------
1,536,800 1,994
- -----------------------------------------------------------------------------------------------------------------------
Housing--11.9%
30M Dakota County, Minn. Housing & Redev. 8.1% 9/1/2012 31,725 41
120M Eagen, Minn. Multi-Family Housing (Forest Ridge Apts.) 71/2% 3/1/2027 123,450 160
Minnesota State Housing Finance Authority:
100M 6.9% 7/1/2009 105,125 136
85M 7.7% 7/1/2014 91,269 119
250M 6.4% 1/1/2015 251,562 326
St. Paul, Minn. Housing & Redevelopment Authority:
65M Multi-Family Housing Revenue 71/2% 3/1/2026 (Defaulted)(Note 1A) 65,000 84
250M Single Family Mortgage Revenue 61/4% 9/1/2014 252,187 328
- -----------------------------------------------------------------------------------------------------------------------
920,318 1,194
- -----------------------------------------------------------------------------------------------------------------------
Utilities--15.4%
Northern Municipal Power Agency, Minn. Electric System Revenue:
200M 71/4% 1/1/2016 215,000 279
120M 7.4% 1/1/1999* 133,650 173
210M Southern Minn. Municipal Power Agency, Power Supply System
53/4% 7/1/2016* 212,625 276
350M St. Paul, Minn. Hsg. & Redev. Auth. Pkg. Rev. 53/4% 8/1/2013 341,250 443
300M St. Paul, Minn. Hsg. & Redev. Auth. Sales Tax Rev. (Civic Ctr.)
5.55% 11/1/2023 285,375 370
- -----------------------------------------------------------------------------------------------------------------------
1,187,900 1,541
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,319,707) 98.8% 7,611,113 9,875
Other Assets, Less Liabilities 1.2 96,506 125
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $7,707,619 $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--MISSOURI SERIES
June 30, 1995
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--95.3%
Education--4.9%
$ 80M Excelsior Springs, Mo. School District Bldg. Corp. 61/2% 3/1/2009 $ 83,400 $ 491
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--11.3%
50M Lincoln County, Mo. Reorg. School District #3, 6.1% 3/1/2014 50,438 296
50M Springfield, Mo. School District 7% 3/1/2008 56,250 331
80M St. Charles, Mo. School District 61/2% 2/1/2011 84,200 496
- -----------------------------------------------------------------------------------------------------------------------
190,888 1,123
- -----------------------------------------------------------------------------------------------------------------------
Hospital--29.4%
Missouri State Health & Educational Facilities Authority:
140M BJC Health System 63/4% 5/15/2011 153,825 906
35M Christian Health 67/8% 2/15/2001* 39,244 231
90M Health Midwest 6.1% 6/1/2011 92,138 542
125M Sisters of Sorrowful Mother Healthcare 61/4% 6/1/2007 131,562 774
80M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 61/4% 7/1/2016 82,700 487
- -----------------------------------------------------------------------------------------------------------------------
499,469 2,940
- -----------------------------------------------------------------------------------------------------------------------
Transportation--4.8%
75M Kansas City, Mo. Airport Revenue 67/8% 9/1/2014 80,906 476
- -----------------------------------------------------------------------------------------------------------------------
Utilities--13.8%
80M Liberty, Mo. Sewer System Revenue 6.15% 2/1/2015 82,100 483
150M St. Louis, Mo. Water and Sewer Revenue 6% 7/1/2014 152,812 900
- -----------------------------------------------------------------------------------------------------------------------
234,912 1,383
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--31.1%
50M Clay County, Mo. Public Bldg. Auth. Leasehold Rev. 7% 5/15/2014 54,188 319
Missouri State Env. Impt. & Energy Res. Auth. Water Poll. Control:
80M 6% 1/1/2016 79,100 466
85M 6.05% 7/1/2016 85,956 505
75M Puerto Rico Public Buildings Authority 61/4% 7/1/2012 79,500 468
St. Louis, Mo. Municipal Financing Corp. Leasehold Revenue:
65M 61/4% 2/15/2012 67,194 396
80M 53/4% 8/1/2013 79,500 468
80M Warren County, Mo. Pub. Facs. Auth. 6.3% 6/1/2010 83,500 492
- -----------------------------------------------------------------------------------------------------------------------
528,938 3,114
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $1,557,281) 95.3% 1,618,513 9,527
Other Assets, Less Liabilities 4.7 80,241 473
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $1,698,754 $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--OHIO SERIES
June 30, 1995
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.6%
Education--4.1%
$ 500M Ohio State Higher Educ. Fac. Rev. (University of Dayton)
5.8% 12/1/2014 $ 495,625 $ 256
270M University of Toledo, Ohio General Receipts 71/8% 6/1/2000* 304,088 158
- -----------------------------------------------------------------------------------------------------------------------
799,713 414
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--69.8%
1,000M Adams County Ohio Valley Local School District 7% 12/1/2015 1,140,000 589
500M Batavia, Ohio Local School District 7% 12/1/2014 551,250 286
425M Bedford Heights, Ohio (Jail Facilities) 61/2% 12/1/2014 445,188 231
215M Bellefontaine, Ohio City School District 71/8% 12/1/2001* 246,981 128
500M Buckeye Valley, Ohio Local School District (Delaware Cnty.)
6.85% 12/1/2015 567,500 294
250M Cardington & Lincoln, Ohio Local School District 6.6% 12/1/2014 261,250 135
Cleveland, Ohio:
500M 63/8% 7/1/2012 516,875 268
250M 65/8% 11/15/2014 265,313 137
500M Clyde-Green Springs, Ohio Exempted Village School District
7% 12/1/2013 551,875 286
500M Cuyahoga Falls, Ohio 5.85% 12/1/2012 501,875 260
450M Dublin, Ohio 6.4% 12/1/2014 478,688 248
525M East Clinton, Ohio Local School District 67/8% 12/1/2009 574,875 298
700M Garfield Heights, Ohio 6.3% 12/1/2014 721,875 374
500M Lakeview, Ohio Local School District 6.9% 12/1/2014 540,000 280
500M Lakewood, Ohio City School District 6.95% 12/1/2015 542,500 281
215M Logan Hocking, Ohio Local School District Series "A" 7.1% 12/1/2012 244,831 127
270M Muskingum County, Ohio 7.2% 12/1/2010 293,625 152
250M North Canton, Ohio City School District 5.9% 12/1/2014 249,375 129
500M North Royalton, Ohio City School District 6% 12/1/2014 504,375 261
250M Olmsted Falls, Ohio Local School District 6.85% 12/15/2011 273,437 142
350M Portage County, Ohio 6.2% 12/1/2014 360,938 187
600M Puerto Rico Commonwealth 61/4% 7/1/2012 636,750 330
285M Shaker Heights, Ohio City School District 7.1% 12/15/2010 328,106 170
250M Springfield, Ohio Local School District 71/8% 12/1/2012 270,313 140
Summit County, Ohio:
250M 6.9% 8/1/2012 268,437 139
550M 6.4% 12/1/2014 571,313 296
Toledo, Ohio:
500M 53/4% 12/1/2009 501,250 260
250M 61/2% 12/1/2011 263,125 136
500M Tuscarawas Valley, Ohio Local School District 6.6% 12/1/2015 527,500 273
250M Valley View, Ohio 7% 12/1/2011 269,063 139
- -----------------------------------------------------------------------------------------------------------------------
13,468,483 6,976
- -----------------------------------------------------------------------------------------------------------------------
Hospital--11.5%
300M Akron Bath Copley, Ohio State Twp. Hosp. Dist. (Childrens Hosp.)
7.45% 11/15/2020 345,000 179
Franklin County, Ohio Hospital Revenue (Holy Cross Health System):
255M Holy Cross Health System 75/8% 6/1/2009 276,037 143
250M Riverside United Hospital 71/4% 5/15/2020 268,125 139
325M Lucas County, Ohio Hosp. Imp. Rev. (St. Vincent Med. Ctr.)
63/4% 8/15/2000* 354,656 184
Montgomery County, Ohio:
100M Dayton Osteopathic Hospital 7.4% 12/1/2008 103,750 54
300M Sisters of Charity Health Care 61/4% 5/15/2008 312,000 162
125M Parma, Ohio Hosp. Impt. (Parma Cmnty. General Hosp. Assoc.)
7.2% 11/15/2008 135,469 70
400M Trumbull County, Ohio Hospital Revenue 6.9% 11/15/2012 431,000 222
- -----------------------------------------------------------------------------------------------------------------------
2,226,037 1,153
- -----------------------------------------------------------------------------------------------------------------------
Utilities--11.2%
600M Alliance, Ohio Sewer System Revenue 6% 10/15/2010 613,500 317
340M Cleveland, Ohio Waterworks Revenue 61/2% 1/1/2021 377,825 196
165M Ohio State Air Quality Dev. Auth. Rev. (Ohio Power Co.) 7.4% 8/1/2009 174,900 91
500M Ohio State Water Dev. Auth. Rev. Fresh Water Series 57/8% 6/1/2012 503,750 261
250M Ohio State Water Dev. Auth. Rev. Pure Water Series 7% 12/1/2009 288,437 149
200M Toledo, Ohio Water Revenue 6% 11/15/2007 208,000 108
- -----------------------------------------------------------------------------------------------------------------------
2,166,412 1,122
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--3.0%
270M Franklin County, Ohio Conv. Facs. Auth. Tax & Lease Rev. Ant.
7% 12/1/2000* 304,762 158
250M Ohio State Building Auth. (Juvenile Correction Projects) 6.6% 10/1/20 265,937 138
- -----------------------------------------------------------------------------------------------------------------------
570,699 296
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $18,264,671) 99.6% 19,231,344 9,961
Other Assets, Less Liabilities .4 74,592 39
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $19,305,936 $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--OREGON SERIES
June 30, 1995
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.0%
Certificate of Participation--3.9%
$ 100M Oregon State Dept. of General Services 6% 9/1/2010 $ 101,625 $ 180
100M Washington County, Oregon Educational Service District 7% 6/1/2016 117,625 208
- -----------------------------------------------------------------------------------------------------------------------
219,250 388
- -----------------------------------------------------------------------------------------------------------------------
Education--7.3%
200M Chemeketa, Oregon Commmunity College District 6.4% 7/1/2009 211,750 375
200M Oregon State Hlth. & Hsg. Educl. & Cult. Facs. (Lewis & Clark College)
6% 10/1/2013 203,750 360
- -----------------------------------------------------------------------------------------------------------------------
415,500 735
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--53.7%
200M Clackamas County, Oregon School District #115, 5.8% 6/1/2008 204,750 362
200M Josephine County, Oregon School District (Three Rivers) 5.65% 12/1/20 201,250 356
200M Lane County, Oregon School District #019 (Springfield) 61/4% 10/15/20 208,750 369
115M Lane County, Oregon School District #052 (Bethel) 7% 12/1/2006 131,100 232
200M Lincoln County, Oregon School District 51/4% 6/15/2012 187,750 332
100M Marion & Linn Counties, Oregon Elem. School Dist. #077J (Stayton)
6.1% 7/1/2009 103,500 183
250M Multnomah County, Oregon School District #3 (Park Rose) 51/2% 12/1/20 245,625 434
185M Oregon State 5.9% 6/1/2014 186,619 330
200M Polk Marion & Benton Counties, Oregon School District #13,
51/2% 12/1/2008 198,750 352
Puerto Rico Commonwealth:
255M 61/4% 7/1/2012 270,619 479
100M 61/4% 7/1/2013 105,750 187
200M Umatilla County, Oregon School District #16 (Pendleton) 6% 7/1/2014 203,750 360
170M Washington County, Oregon School District #003 (Hillsboro)
6% 11/1/2008 176,375 312
200M Washington County, Oregon School District #48J (Beaverton)
5.8% 6/1/2013 200,250 354
200M Washington County, Oregon School District #88 (Sherwood)
6.1% 6/1/2012 204,250 361
200M Yamhill County, Oregon School District #029, 6.1% 6/1/2011 205,000 363
- -----------------------------------------------------------------------------------------------------------------------
3,034,088 5,366
- -----------------------------------------------------------------------------------------------------------------------
Hospital--4.9%
25M Clackamas County, Oregon Health Facs. Auth. (Adventist Health)
6.35% 3/1/2009 26,500 47
250M Western Lane Hosp. Dist. Oregon (Sisters of St. Joseph) 57/8% 8/1/201 251,562 445
- -----------------------------------------------------------------------------------------------------------------------
278,062 492
- -----------------------------------------------------------------------------------------------------------------------
Transportation--7.6%
Oregon State Department of Transportation Revenue:
100M 7% 6/1/2004 113,375 201
100M 6.2% 6/1/2008 106,000 187
200M 61/4% 6/1/2009 210,000 371
- -----------------------------------------------------------------------------------------------------------------------
429,375 759
- -----------------------------------------------------------------------------------------------------------------------
Utilities--16.5%
100M Emerald, Oregon Peoples Utility District 6.4% 11/1/2001* 109,500 194
200M Klamath Falls, Oregon Water Revenue 6.1% 6/1/2014 205,250 363
Portland, Oregon Sewer System Revenue:
200M 6.2% 6/1/2012 209,000 370
200M 6.2% 6/1/2012 208,250 368
200M South Fork Water Board, Oregon Water Revenue 6% 2/1/2014 203,500 360
- -----------------------------------------------------------------------------------------------------------------------
935,500 1,655
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--5.1%
100M Puerto Rico Municipal Finance Agency 6% 7/1/2014 101,000 179
175M Puerto Rico Public Buildings Authority 61/4% 7/1/2012 185,500 328
- -----------------------------------------------------------------------------------------------------------------------
286,500 507
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,430,245) 99.0% 5,598,275 9,902
Other Assets, Less Liabilities 1.0 55,309 98
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,653,584 $10,000
=======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1995
- -------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS
-----------------------------------------------------------
Arizona California Colorado Michigan
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $8,812,033 $16,064,122 $3,183,372 $31,120,828
========== =========== ========== ===========
At value (Note 1A) $9,325,413 $16,919,881 $3,287,194 $33,279,300
Cash 28,436 125,077 41,253 84,868
Receivables:
Interest 208,298 290,002 24,772 429,268
Investment securities sold 97,976 783,537 128,707 --
Trust shares sold 5,171 23,526 4,912 14,799
Other assets 10 631 -- 607
---------- ----------- ---------- -----------
Total Assets 9,665,304 18,142,654 3,486,838 33,808,842
---------- ----------- ---------- -----------
Liabilities
Payables:
Investment securities purchased 274,210 859,957 161,998 --
Trust shares redeemed 49,615 -- 19,603 62,573
Dividends payable July 20, 1995 41,928 73,901 15,688 148,298
Accrued advisory fees 2,373 7,284 -- 14,222
Accrued expenses 1,669 10,046 596 6,310
---------- ----------- ---------- -----------
Total Liabilities 369,795 951,188 197,885 231,403
---------- ----------- ---------- -----------
Net Assets $9,295,509 $17,191,466 $3,288,953 $33,577,439
========== =========== ========== ===========
Net Assets Consist of:
Capital paid in $8,925,593 $16,302,697 $3,249,086 $31,588,976
Undistributed net investment income (deficit) 4,964 (4,193) 1,038 22,243
Accumulated net realized gain (loss)
on investments (148,428) 37,203 (64,993) (192,252)
Net unrealized appreciation in value
of investments 513,380 855,759 103,822 2,158,472
---------- ----------- ---------- -----------
Total $9,295,509 $17,191,466 $3,288,953 $33,577,439
========== =========== ========== ===========
Trust shares outstanding (Note 2):
Class A 728,957 1,501,649 271,414 2,714,649
Class B 10,181 4,105 2,486 18,640
Net asset value and redemption price
per share--Class A $12.58 $11.42 $12.01 $12.28
====== ====== ====== ======
Maximum offering price per share--Class A* $13.42 $12.18 $12.81 $13.10
====== ====== ====== ======
Net asset value and offering price
per share--Class B $12.58 $11.42 $12.01 $12.28
====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1995
(CONTINUED)
- -------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------
Minnesota Missouri Ohio Oregon
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $7,319,707 $1,557,281 $18,264,671 $5,430,245
========== ========== =========== ==========
At value (Note 1A) $7,611,113 $1,618,513 $19,231,344 $5,598,275
Cash 20,387 51,064 1,191 28,960
Receivables:
Interest 166,331 29,768 164,459 74,254
Investment securities sold 438,185 89,105 -- 352,287
Trust shares sold 3,282 -- 2,543 18,595
Other assets 528 -- 572 --
---------- ---------- ----------- ----------
Total Assets 8,239,826 1,788,450 19,400,109 6,072,371
---------- ---------- ----------- ----------
Liabilities
Payables:
Investment securities purchased 491,652 80,999 -- 378,431
Trust shares redeemed 5,409 -- -- 13,179
Dividends payable July 20, 1995 34,835 8,414 85,727 26,182
Accrued advisory fees 311 -- 6,554 --
Accrued expenses -- 283 1,892 995
---------- ---------- ----------- ----------
Total Liabilities 532,207 89,696 94,173 418,787
---------- ---------- ----------- ----------
Net Assets $7,707,619 $1,698,754 $19,305,936 $5,653,584
========== ========== =========== ==========
Net Assets Consist of:
Capital paid in $7,592,084 $1,711,088 $18,395,005 $5,684,885
Undistributed net investment income (deficit) 212 1,474 5,249 1,033
Accumulated net realized gain (loss)
on investments (176,083) (75,040) (60,991) (200,364)
Net unrealized appreciation in value
of investments 291,406 61,232 966,673 168,030
---------- ---------- ----------- ----------
Total $7,707,619 $1,698,754 $19,305,936 $5,653,584
========== ========== =========== ==========
Trust shares outstanding (Note 2):
Class A 694,625 142,775 1,589,208 480,734
Class B 10 10 15,433 6,187
Net asset value and redemption price
per share--Class A $11.10 $11.90 $12.03 $11.61
====== ====== ====== ======
Maximum offering price per share--Class A* $11.84 $12.69 $12.83 $12.38
====== ====== ====== ======
Net asset value and offering price
per share--Class B $11.09 $11.89 $12.03 $11.60
====== ====== ====== ======
* 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, 1995
- -------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------
Arizona California Colorado Michigan
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $273,545 $ 500,054 $ 96,071 $1,004,423
-------- ---------- -------- ----------
Expenses (Notes 1A and 5):
Advisory fees 35,087 62,587 12,406 122,751
Distribution plan expenses--Class A 9,305 16,653 3,295 32,629
Distribution plan expenses--Class B 254 192 61 523
Shareholder servicing costs 4,885 5,070 3,223 12,394
Professional fees 1,473 6,307 3,370 3,868
Reports to shareholders 888 1,324 542 3,503
Bond insurance premiums 94 1,076 -- 2,604
Other expenses 1,999 3,427 996 5,500
-------- ---------- -------- ----------
Total expenses 53,985 96,636 23,893 183,772
Less: Expenses waived or assumed (30,391) (20,862) (20,537) (40,917)
-------- ---------- -------- ----------
Expenses--net 23,594 75,774 3,356 142,855
-------- ---------- -------- ----------
Net investment income 249,951 424,280 92,715 861,568
-------- ---------- -------- ----------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments 80,189 45,752 11,957 25,712
Net unrealized appreciation of investments 583,205 894,812 201,368 2,149,803
-------- ---------- -------- ----------
Net gain on investments 663,394 940,564 213,325 2,175,515
-------- ---------- -------- ----------
Net Increase in Net Assets Resulting
from Operations $913,345 $1,364,844 $306,040 $3,037,083
======== ========== ======== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1995
(CONTINUED)
- -------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------
Minnesota Missouri Ohio Oregon
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $231,366 $ 49,622 $ 579,826 $151,378
-------- -------- ---------- --------
Expenses (Notes 1A and 5):
Advisory fees 28,892 6,296 71,929 19,992
Distribution plan expenses--Class A 7,704 1,680 19,118 5,310
Distribution plan expenses--Class B -- -- 322 101
Shareholder servicing costs 3,772 1,307 9,210 4,657
Professional fees 5,364 1,761 6,407 778
Reports to shareholders 882 231 2,341 766
Bond insurance premiums 1,052 15 897 280
Other expenses 1,743 797 4,264 1,347
-------- -------- ---------- --------
Total expenses 49,409 12,087 114,488 33,231
Less: Expenses waived or assumed (24,372) (10,407) (33,567) (27,820)
-------- -------- ---------- --------
Expenses--net 25,037 1,680 80,921 5,411
-------- -------- ---------- --------
Net investment income 206,329 47,942 498,905 145,967
-------- -------- ---------- --------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments (90,847) 1,745 105,810 14,337
Net unrealized appreciation of investments 526,664 110,785 1,063,772 317,551
-------- -------- ---------- --------
Net gain on investments 435,817 112,530 1,169,582 331,888
-------- -------- ---------- --------
Net Increase in Net Assets Resulting
from Operations $642,146 $160,472 $1,668,487 $477,855
======== ======== ========== ========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- ---------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORSMULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------
Arizona California
-----------------------------------------------------------
1/1/95 to 1/1/95 to
6/30/95 1994 6/30/95 1994
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 249,951 $ 480,698 $ 424,280 $ 859,525
Net realized gain (loss) on investments 80,189 (227,728) 45,752 (8,549)
Net unrealized appreciation (depreciation)
of investments 583,205 (792,840) 894,812 (1,904,770)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations 913,345 (539,870) 1,364,844 (1,053,794)
---------- ---------- ----------- -----------
Dividends to Shareholders from:
Net investment income--Class A (251,939) (487,439) (443,718) (891,640)
Net investment income--Class B (1,176) -- (875) --
---------- ---------- ----------- -----------
Total dividends (253,115) (487,439) (444,593) (891,640)
---------- ---------- ----------- -----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 870,560 3,427,567 1,640,948 2,286,986
Value of dividends reinvested 106,770 268,008 204,073 503,739
Cost of shares redeemed (1,273,055) (2,112,368) (954,840) (3,134,493)
---------- ---------- ----------- -----------
(295,725) 1,583,207 890,181 (343,768)
---------- ---------- ----------- -----------
Class B:
Proceeds from shares sold 127,196 -- 44,903 --
Value of dividends reinvested 489 -- 705 --
Cost of shares redeemed -- -- -- --
---------- ---------- ----------- -----------
127,685 -- 45,608 --
---------- ---------- ----------- -----------
Net increase (decrease) from trust
share transactions (168,040) 1,583,207 935,789 (343,768)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets 492,190 555,898 1,856,040 (2,289,202)
Net Assets
Beginning of period 8,803,319 8,247,421 15,335,426 17,624,628
---------- ---------- ----------- -----------
End of period+ $9,295,509 $8,803,319 $17,191,466 $15,335,426
========== ========== =========== ===========
+ Includes undistributed net investment income
(deficit) of $ 4,964 $ 8,128 $ (4,193) $ 16,120
========== ========== =========== ===========
(a) Trust Shares Issued and Redeemed
Class A:
Sold 70,040 276,121 144,346 199,720
Issued for dividends reinvested 8,578 22,128 17,907 44,854
Redeemed (101,555) (175,117) (84,606) (274,794)
---------- ---------- ----------- -----------
Net increase (decrease) in Class A trust
shares outstanding (22,937) 123,132 77,647 (30,220)
========== ========== =========== ===========
Class B:
Sold 10,143 -- 4,043 --
Issued for dividends reinvested 38 -- 62 --
Redeemed -- -- -- --
---------- ---------- ----------- -----------
Net increase in Class B trust shares outstanding 10,181 -- 4,105 --
========== ========== =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
(CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------
Colorado Michigan
-----------------------------------------------------------
1/1/95 to 1/1/95 to
6/30/95 1994 6/30/95 1994
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 92,715 $ 160,429 $ 861,568 $ 1,546,711
Net realized gain (loss) on investments 11,957 (76,950) 25,712 (217,964)
Net unrealized appreciation (depreciation)
of investments 201,368 (260,352) 2,149,803 (3,292,803)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations 306,040 (176,873) 3,037,083 (1,964,056)
---------- ---------- ----------- -----------
Dividends to Shareholders from:
Net investment income--Class A (91,792) (162,310) (848,449) (1,539,297)
Net investment income--Class B (320) -- (2,477) --
---------- ---------- ----------- -----------
Total dividends (92,112) (162,310) (850,926) (1,539,297)
---------- ---------- ----------- -----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 298,875 1,041,474 1,644,242 6,577,080
Value of dividends reinvested 53,918 120,485 435,298 966,749
Cost of shares redeemed (417,225) (600,150) (1,275,877) (3,959,063)
---------- ---------- ----------- -----------
(64,432) 561,809 803,663 3,584,766
---------- ---------- ----------- -----------
Class B:
Proceeds from shares sold 29,665 -- 223,915 --
Value of dividends reinvested 201 -- 1,329 --
Cost of shares redeemed -- -- -- --
---------- ---------- ----------- -----------
29,866 -- 225,244 --
---------- ---------- ----------- -----------
Net increase (decrease) from trust
share transactions (34,566) 561,809 1,028,907 3,584,766
---------- ---------- ----------- -----------
Net increase (decrease) in net assets 179,362 222,626 3,215,064 81,413
Net Assets
Beginning of period 3,109,591 2,886,965 30,362,375 30,280,962
---------- ---------- ----------- -----------
End of period+ $3,288,953 $3,109,591 $33,577,439 $30,362,375
========== ========== =========== ===========
+ Includes undistributed net investment income
(deficit) of $ 1,038 $ 435 $ 22,243 $ 11,601
========== ========== =========== ===========
(a) Trust Shares Issued and Redeemed
Class A:
Sold 25,240 88,330 136,048 542,805
Issued for dividends reinvested 4,524 10,357 35,839 81,294
Redeemed (35,017) (51,065) (104,893) (326,423)
---------- ---------- ----------- -----------
Net increase (decrease) in Class A trust
shares outstanding (5,253) 47,622 66,994 297,676
========== ========== =========== ===========
Class B:
Sold 2,470 -- 18,532 --
Issued for dividends reinvested 16 -- 108 --
Redeemed -- -- -- --
---------- ---------- ----------- -----------
Net increase in Class B trust shares outstanding 2,486 -- 18,640 --
========== ========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
(CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------
Minnesota Missouri
-----------------------------------------------------------
1/1/95 to 1/1/95 to
6/30/95 1994 6/30/95 1994
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 206,329 $ 420,623 $ 47,942 $ 86,522
Net realized gain (loss) on investments (90,847) (85,235) 1,745 (76,785)
Net unrealized appreciation (depreciation)
of investments 526,664 (827,572) 110,785 (115,009)
---------- ---------- ---------- ----------
Net increase (decrease) in net assets resulting
from operations 642,146 (492,184) 160,472 (105,272)
---------- ---------- ---------- ----------
Dividends to Shareholders from:
Net investment income--Class A (208,062) (426,080) (47,502) (85,819)
Net investment income--Class B (2) -- (3) --
---------- ---------- ---------- ----------
Total dividends (208,064) (426,080) (47,505) (85,819)
---------- ---------- ---------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 168,185 782,210 82,158 452,897
Value of dividends reinvested 125,234 312,864 25,313 61,785
Cost of shares redeemed (394,705) (920,314) (132,956) (252,327)
---------- ---------- ---------- ----------
(101,286) 174,760 (25,485) 262,355
---------- ---------- ---------- ----------
Class B:
Proceeds from shares sold 105 -- 112 --
Value of dividends reinvested 2 -- 2 --
Cost of shares redeemed -- -- -- --
---------- ---------- ---------- ----------
107 -- 114 --
---------- ---------- ---------- ----------
Net increase (decrease) from trust
share transactions (101,179) 174,760 (25,371) 262,355
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 332,903 (743,504) 87,596 71,264
Net Assets
Beginning of period 7,374,716 8,118,220 1,611,158 1,539,894
---------- ---------- ---------- ----------
End of period+ $7,707,619 $7,374,716 $1,698,754 $1,611,158
========== ========== ========== ==========
+ Includes undistributed net investment income
(deficit) of $ 212 $ 1,947 $ 1,474 $ 1,037
========== ========== ========== ==========
(a) Trust Shares Issued and Redeemed
Class A:
Sold 15,257 70,506 6,879 38,682
Issued for dividends reinvested 11,364 28,719 2,144 5,356
Redeemed (35,796) (85,260) (11,110) (22,393)
---------- ---------- ---------- ----------
Net increase (decrease) in Class A trust
shares outstanding (9,175) 13,965 (2,087) 21,645
========== ========== ========== ==========
Class B:
Sold 10 -- 10 --
Issued for dividends reinvested -- -- -- --
Redeemed -- -- -- --
---------- ---------- ---------- ----------
Net increase in Class B trust shares outstanding 10 -- 10 --
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
(CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------
Ohio Oregon
-----------------------------------------------------------
1/1/95 to 1/1/95 to
6/30/95 1994 6/30/95 1994
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 498,905 $ 1,000,909 $ 145,967 $ 226,913
Net realized gain (loss) on investments 105,810 (147,400) 14,337 (212,062)
Net unrealized appreciation (depreciation)
of investments 1,063,772 (2,064,948) 317,551 (289,223)
----------- ----------- ---------- ----------
Net increase (decrease) in net assets resulting
from operations 1,668,487 (1,211,439) 477,855 (274,372)
----------- ----------- ---------- ----------
Dividends to Shareholders from:
Net investment income--Class A (498,784) (1,012,934) (145,331) (228,557)
Net investment income--Class B (1,513) -- (554) --
----------- ----------- ---------- ----------
Total dividends (500,297) (1,012,934) (145,885) (228,557)
----------- ----------- ---------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 812,716 2,394,093 879,566 1,814,006
Value of dividends reinvested 283,765 701,544 94,326 180,991
Cost of shares redeemed (1,313,648) (3,068,271) (420,588) (542,460)
----------- ----------- ---------- ----------
(217,167) 27,366 553,304 1,452,537
----------- ----------- ---------- ----------
Class B:
Proceeds from shares sold 185,366 -- 71,780 --
Value of dividends reinvested 741 -- 312 --
Cost of shares redeemed -- -- -- --
----------- ----------- ---------- ----------
186,107 -- 72,092 --
----------- ----------- ---------- ----------
Net increase (decrease) from trust
share transactions (31,060) 27,366 625,396 1,452,537
----------- ----------- ---------- ----------
Net increase (decrease) in net assets 1,137,130 (2,197,007) 957,366 949,608
Net Assets
Beginning of period 18,168,806 20,365,813 4,696,218 3,746,610
----------- ----------- ---------- ----------
End of period+ $19,305,936 $18,168,806 $5,653,584 $4,696,218
=========== =========== ========== ==========
+ Includes undistributed net investment income
(deficit) of $ 5,249 $ 6,641 $ 1,033 $ 951
=========== =========== ========== ==========
(a) Trust Shares Issued and Redeemed
Class A:
Sold 68,127 200,153 77,023 159,521
Issued for dividends reinvested 23,747 59,779 8,199 16,104
Redeemed (109,839) (261,699) (36,560) (48,313)
----------- ----------- ---------- ----------
Net increase (decrease) in Class A trust
shares outstanding (17,965) (1,767) 48,662 127,312
=========== =========== ========== ==========
Class B:
Sold 15,372 -- 6,160 --
Issued for dividends reinvested 61 -- 27 --
Redeemed -- -- -- --
----------- ----------- ---------- ----------
Net increase in Class B trust shares outstanding 15,433 -- 6,187 --
=========== =========== ========== ==========
</TABLE>
Notes to Financial Statements
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Series
1. Significant Accounting Policies--First Investors Multi-State Insured
Tax Free Fund ("Multi-State Insured") is registered under the Investment
Company Act of 1940 (the "1940 Act") as a diversified, open-end
management investment company. Multi-State Insured consists of seventeen
separate investment series. This report relates to the eight series of
Multi-State Insured listed above (collectively, "Series"). Multi-State
Insured operates as a series fund, issuing shares of beneficial interest
in each Series and accounts separately for the assets, liabilities and
operations of each Series.
A. Security Valuation--The municipal securities in which the Series
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the 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
Series as of the date the securities are purchased.
The municipal bonds held by the Series are insured as to payment of
principal and interest by the issuer or under insurance policies written
by independent insurance companies. It is the intention of the Series to
retain any insured securities which are in default or in significant
risk of default and to place a value on the defaulted securities equal
to the value of similar securities which are not in default. Each Series
may invest up to 20% of its assets in portfolio securities not covered
by the insurance feature.
B. Federal Income Taxes--It is the policy of each Series to continue to
qualify as a regulated investment company, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The
Series make distributions of income and net realized capital gains (in
excess of any available capital loss carryovers) sufficient to relieve
them from all, or substantially all, federal income taxes. At June 30,
1995, the Series had the following capital loss carryovers, all expiring
in the year 2002:
MULTI-STATE INSURED Amount
--------------------- ------------
ARIZONA Series $ 127,581
CALIFORNIA Series 8,549
COLORADO Series 74,872
MICHIGAN Series 173,162
MINNESOTA Series 79,931
MISSOURI Series 65,036
OHIO Series 102,285
OREGON Series 200,817
C. Distributions to Shareholders--Dividends from net investment income
are declared daily and paid monthly. Dividends from net realized capital
gain are normally declared and paid annually. Income dividends and
capital gain distributions are determined in accordance with tax
regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments
for capital loss carryforwards, deferral of wash sales and post October
losses.
D. Expense Allocation--Direct expenses attributable to a Series are
charged to and paid from the assets of that Series. Indirect or general
expenses are allocated among and charged to the assets of each Series on
a fair and equitable basis, which may be based on the relative assets of
each Series or the nature of the services performed and relative
applicability to each Series.
E. Security Transactions and Investment Income--Security transactions
are accounted for on the date the securities are purchased or sold. Cost
is determined, and gains and losses are based, on the identified cost
basis for both financial statement and federal income tax purposes.
Interest income is earned from settlement date and recorded on the
accrual basis. Estimated expenses are accrued daily.
2. Capital--Each Series sells two classes of shares, Class A and Class
B, each with a public offering price that reflects different sales
charges and expense levels. Class A shares are sold with an initial
sales charge of up to 6.25% of the amount invested and together with the
Class B shares are subject to 12b-1 fees as described in Note 5. Class B
shares are sold without an initial sales charge, but are generally
subject to a contingent deferred sales charge which declines in steps
from 4% to 0% during a six-year period. Class B shares automatically
convert into Class A shares after eight years. Realized and unrealized
gains or losses, investment income and expenses (other than 12b-1 fees
and certain other class expenses) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class.
Multi-State Insured has established an unlimited number of Class A and
Class B shares of beneficial interest.
3. Concentration of Credit Risk--The Series invest in debt instruments
of municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions--For the six months ended June 30,1995,
purchases and sales of municipal securities were as follows:
Cost of Proceeds of
MULTI-STATE INSURED Purchases Sales
- ------------------- ---------- ------------
ARIZONA Series $2,223,859 $2,154,403
CALIFORNIA Series 5,030,464 4,160,516
COLORADO Series 1,129,020 1,076,713
MICHIGAN Series 8,511,253 7,480,018
MINNESOTA Series 3,006,633 2,985,362
MISSOURI Series 747,687 808,842
OHIO Series 9,080,765 9,007,984
OREGON Series 1,852,955 1,021,514
<TABLE>
<CAPTION>
At June 30, 1995, aggregate cost and net unrealized appreciation of securities for federal income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
MULTI-STATE INSURED Cost Appreciation Depreciation Appreciation
------------------- ------------ -------------- -------------- --------------
<S> <C> <C> <C> <C>
ARIZONA Series $ 8,812,033 $ 528,920 $ 15,540 $ 513,380
CALIFORNIA Series 16,064,122 926,742 70,983 855,759
COLORADO Series 3,183,372 110,506 6,684 103,822
MICHIGAN Series 31,120,828 2,194,537 36,065 2,158,472
MINNESOTA Series 7,319,707 321,739 30,333 291,406
MISSOURI Series 1,557,281 64,301 3,069 61,232
OHIO Series 18,264,671 998,975 32,302 966,673
OREGON Series 5,432,452 174,425 8,602 165,823
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates--Certain officers
and trustees of the Series are officers and directors of the Series'
investment adviser, First Investors Management Company, Inc. ("FIMCO"),
their underwriter, First Investors Corporation ("FIC") and/or their
transfer agent, Administrative Data Management Corp. ("ADM"). Officers
and trustees of the Series received no remuneration from the Series for
serving in such capacities. Their remuneration (together with certain
other expenses of the Series) is paid by FIMCO or FIC.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of each Series, 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, 1995,
advisory fees amounted to $359,940 of which $174,353 was waived; other
expenses in the amount of $20,448 were assumed by FIMCO.
For the six months ended June 30, 1995, FIC, as underwriter, received
$186,615 in commissions on sales of shares after allowing $113,383 to
other dealers. Shareholder servicing costs consisted of $44,518, in
transfer agent fees and out of pocket expenses accrued to ADM. Transfer
agent fees and out of pocket expenses attributable to the Arizona,
Colorado, Missouri and Oregon Series, in the amount of $14,072, were
waived by the transfer agent for the six months ended June 30, 1995.
Pursuant to a Distribution Plan adopted under Rule 12b-1 of the 1940
Act, each Series is authorized to pay FIC a fee up to .30% of the
average net assets of the Class A shares and up to 1% of the average net
assets of the Class B shares on an annualized basis each fiscal year,
payable monthly. The fee consists of a distribution fee and a service
fee. The service fee is paid for the ongoing servicing of clients who
are shareholders of that series.
(This page has been left blank intentionally.)
Financial Highlights
<TABLE>
<CAPTION>
First Investors Multi-State Insured Tax Free Fund
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
---------------------------------
Net Asset Net
Value Realized and
---------- Net Unrealized Total from Net
Beginning Investment Gain (Loss) on Investment Investment
of Period Income Investments Operations Income
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ARIZONA SERIES
- --------------
Class A
- -------
11/1/90* to 12/31/90 $11.17 $.009 $ (.059) $ (.050) $ --
1991 11.12 .605 .420 1.025 .605
1992 11.52 .683 .545 1.228 .668
1993 12.08 .681 1.078 1.759 .672
1994 13.12 .663 (1.397) (.734) .676
1/1/95 to 6/30/95 11.71 .332 .874 1.206 .336
Class B
- -------
1/12/95* to 6/30/95 11.82 .262 .763 1.025 .265
CALIFORNIA SERIES
- -----------------
Class A
- -------
1990 10.67 .747 (.047) .700 .750
1991 10.62 .706 .452 1.158 .708
1992 11.07 .653 .406 1.059 .644
1993 11.44 .637 .845 1.482 .612
1994 12.12 .598 (1.328) (.730) .620
1/1/95 to 6/30/95 10.77 .289 .664 .953 .303
Class B
- -------
1/12/95* to 6/30/95 10.87 .226 .564 .790 .240
COLORADO SERIES
- ---------------
Class A
- -------
5/4/92* to 12/31/92 11.17 .308 .442 .750 .290
1993 11.63 .625 .984 1.609 .633
1994 12.60 .631 (1.351) (.720) .640
1/1/95 to 6/30/95 11.24 .333 .768 1.101 .331
Class B
- -------
1/12/95* to 6/30/95 11.35 .270 .671 .941 .281
MICHIGAN SERIES
- ---------------
Class A
- -------
1990 10.99 .743 (.023) .720 .730
1991 10.98 .729 .476 1.205 .735
1992 11.43 .681 .494 1.175 .675
1993 11.93 .641 1.053 1.694 .655
1994 12.89 .612 (1.423) (.811) .609
1/1/95 to 6/30/95 11.47 .319 .806 1.125 .315
Class B
- -------
1/12/95* to 6/30/95 11.57 .259 .717 .976 .266
*Commencement of operations or date shares first offered
**Calculated without sales charges
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
(CONTINUED)
First Investors Multi-State Insured Tax Free Fund
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.
- -----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------
Less Distribution from
----------------------
Net Asset
Value
Net ---------- Total Net Assets
Realized Total End of Return** End of Period
Gain Distributions Period (%) (in thousands)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ARIZONA SERIES
- --------------
Class A
- -------
11/1/90* to 12/31/90 $ -- $ -- $11.12 (2.68)+ $ 602
1991 .020 .625 11.52 9.49 2,380
1992 -- .668 12.08 10.98 4,818
1993 .047 .719 13.12 14.87 8,247
1994 -- .676 11.71 (5.63) 8,803
1/1/95 to 6/30/95 -- .336 12.58 10.36 9,167
Class B
- -------
1/12/95* to 6/30/95 -- .265 12.58 8.70 128
CALIFORNIA SERIES
- -----------------
Class A
- -------
1990 -- .750 10.62 6.81 7,873
1991 -- .708 11.07 11.26 12,761
1992 .045 .689 11.44 9.84 15,195
1993 .190 .802 12.12 13.21 17,625
1994 -- .620 10.77 (6.10) 15,335
1/1/95 to 6/30/95 -- .303 11.42 8.89 17,145
Class B
- -------
1/12/95* to 6/30/95 -- .240 11.42 7.29 47
COLORADO SERIES
- ---------------
Class A
- -------
5/4/92* to 12/31/92 -- .290 11.63 10.10+ 1,122
1993 .006 .639 12.60 14.14 2,887
1994 -- .640 11.24 (5.77) 3,110
1/1/95 to 6/30/95 -- .331 12.01 9.85 3,259
Class B
- -------
1/12/95* to 6/30/95 -- .281 12.01 8.33 30
MICHIGAN SERIES
- ---------------
Class A
- -------
1990 -- .730 10.98 6.83 10,542
1991 .020 .755 11.43 11.14 13,630
1992 -- .675 11.93 10.59 20,971
1993 .079 .734 12.89 14.49 30,281
1994 -- .609 11.47 (6.36) 30,362
1/1/95 to 6/30/95 -- .315 12.28 9.86 33,348
Class B
- -------
1/12/95* to 6/30/95 -- .266 12.28 8.47 229
+Annualized
++Net of expenses waived or assumed by the investment adviser and the transfer agent from the commencement of operations
through June 30, 1995 (Note 5).
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
(CONTINUED)
First Investors Multi-State Insured Tax Free Fund
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
Ratio to Average Net Assets++ Expenses Waived or Assumed
--------------------------- --------------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ARIZONA SERIES
- --------------
Class A
- -------
11/1/90* to 12/31/90 -- .59+ 1.47+ (.88)+ 0
1991 .05 5.75 1.51 4.29 45
1992 .20 5.84 1.32 4.72 58
1993 .20 5.40 1.20 4.41 45
1994 .30 5.52 1.24 4.59 63
1/1/95 to 6/30/95 .50+ 5.35+ 1.15+ 4.70+ 24
Class B
- -------
1/12/95* to 6/30/95 1.28+ 4.49+ 2.08+ 3.70+ 24
CALIFORNIA SERIES
- -----------------
Class A
- -------
1990 .08 7.11 1.05 6.14 27
1991 .30 6.49 1.02 5.77 34
1992 .72 5.83 1.25 5.30 52
1993 .89 5.33 1.14 5.08 66
1994 .97 5.27 1.22 5.02 83
1/1/95 to 6/30/95 .91+ 5.09+ 1.16+ 4.84+ 26
Class B
- -------
1/12/95* to 6/30/95 1.71+ 4.26+ 1.96+ 4.01+ 26
COLORADO SERIES
- ---------------
Class A
- -------
5/4/92* to 12/31/92 -- 4.95+ 1.90+ 3.06+ 46
1993 .12 5.13 1.42 3.83 27
1994 .20 5.41 1.43 4.18 108
1/1/95 to 6/30/95 .20+ 5.61+ 1.44+ 4.37+ 34
Class B
- -------
1/12/95* to 6/30/95 .99+ 4.72+ 3.37+ 2.34+ 34
MICHIGAN SERIES
- ---------------
Class A
- -------
1990 .10 6.90 1.06 5.94 11
1991 .31 6.56 1.05 5.82 22
1992 .73 5.86 1.22 5.37 56
1993 .89 5.11 1.14 4.86 25
1994 .93 5.11 1.18 4.86 60
1/1/95 to 6/30/95 .87+ 5.27+ 1.12+ 5.02+ 23
Class B
- -------
1/12/95* to 6/30/95 1.65+ 4.49+ 1.90+ 4.24+ 23
+Annualized
++Net of expenses waived or assumed by the investment adviser and the transfer agent from the commencement of operations
through June 30, 1995 (Note 5).
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
First Investors Multi-State Insured Tax Free Fund
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
--------------------------------------------
Net Asset Net
Value Realized and
---------- Net Unrealized Total from Net
Beginning Investment Gain (Loss) on Investment Investment
of Period Income Investments Operations Income
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MINNESOTA SERIES
- ----------------
Class A
- -------
1990 $10.61 $.722 $ (.037) $ .685 $.725
1991 10.57 .728 .399 1.127 .720
1992 10.97 .676 .313 .989 .659
1993 11.30 .625 .622 1.247 .640
1994 11.77 .592 (1.282) (.690) .600
1/1/95 to 6/30/95 10.48 .295 .622 .917 .297
Class B
- -------
1/12/95* to 6/30/95 10.55 .254 .540 .794 .254
MISSOURI SERIES
- ---------------
Class A
- -------
5/4/92* to 12/31/92 11.17 .272 .363 .635 .255
1993 11.55 .620 .988 1.608 .635
1994 12.50 .617 (1.384) (.767) .613
1/1/95 to 6/30/95 11.12 .332 .777 1.109 .329
Class B
- -------
1/12/95* to 6/30/95 11.22 .258 .670 .928 .258
OHIO SERIES
- -----------
Class A
- -------
1990 10.95 .752 (.012) .740 .760
1991 10.93 .725 .493 1.218 .718
1992 11.43 .676 .432 1.108 .668
1993 11.87 .632 .894 1.526 .632
1994 12.66 .613 (1.353) (.740) .620
1/1/95 to 6/30/95 11.30 .310 .731 1.041 .311
Class B
- -------
1/12/95* to 6/30/95 11.40 .245 .638 .883 .253
OREGON SERIES
- -------------
Class A
- -------
5/4/92* to 12/31/92 11.17 .260 .230 .490 .240
1993 11.42 .661 .807 1.468 .598
1994 12.29 .529 (1.339) (.810) .610
1/1/95 to 6/30/95 10.87 .314 .740 1.054 .314
Class B
- -------
1/12/95* to 6/30/95 10.97 .267 .642 .909 .279
* Commencement of operations or date shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and the transfer agent from the commencement of operations through
June 30, 1995 (Note 5).
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
First Investors Multi-State Insured Tax Free Fund
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.
- ----------------------------------------------------------------------------------------------------
Less Distributions from
---------------------------
Net Asset
Value
Net ---------- Total Net Assets
Realized Total End of Return** End of Period
Gain Distributions Period (%) (in thousands)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MINNESOTA SERIES
- ----------------
Class A
- -------
1990 $ -- .725 $10.57 6.71 $ 3,365
1991 .007 .727 10.97 11.00 4,430
1992 -- .659 11.30 9.29 5,983
1993 .137 .777 11.77 11.30 8,118
1994 -- .600 10.48 (5.93) 7,375
1/1/95 to 6/30/95 -- .297 11.10 8.80 7,708
Class B
- -------
1/12/95* to 6/30/95 -- .254 11.09 7.56 --
MISSOURI SERIES
- ---------------
Class A
- -------
5/4/92* to 12/31/92 -- .255 11.55 8.58+ 475
1993 .023 .658 12.50 14.21 1,540
1994 -- .613 11.12 (6.20) 1,611
1/1/95 to 6/30/95 -- .329 11.90 10.03 1,699
Class B
- -------
1/12/95* to 6/30/95 -- .258 11.89 8.39 --
OHIO SERIES
- -----------
Class A
- -------
1990 -- .760 10.93 7.05 6,627
1991 -- .718 11.43 11.51 9,324
1992 -- .668 11.87 9.99 13,869
1993 .104 .736 12.66 13.12 20,366
1994 -- .620 11.30 (5.91) 18,169
1/1/95 to 6/30/95 -- .311 12.03 9.26 19,120
Class B
- -------
1/12/95* to 6/30/95 -- .253 12.03 7.77 186
OREGON SERIES
- -------------
Class A
- -------
5/4/92* to 12/31/92 -- .240 11.42 6.62+ 931
1993 -- .598 12.29 13.13 3,747
1994 -- .610 10.87 (6.65) 4,696
1/1/95 to 6/30/95 -- .314 11.61 9.75 5,582
Class B
- -------
1/12/95* to 6/30/95 -- .279 11.60 8.32 72
* Commencement of operations or date shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and the transfer agent from the commencement of operations through
June 30, 1995 (Note 5).
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
(CONTINUED)
First Investors Multi-State Insured Tax Free Fund
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
Ratio to Average Net Assets++ Expenses Waived or Assumed
------------------------------ --------------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MINNESOTA SERIES
- ----------------
Class A
- -------
1990 .15 6.92 1.54 5.53 22
1991 .17 6.83 1.21 5.80 17
1992 .51 6.10 1.38 5.23 33
1993 .65 5.40 1.24 4.80 41
1994 .65 5.40 1.29 4.76 34
1/1/95 to 6/30/95 .65+ 5.36+ 1.28+ 4.72+ 40
Class B
- -------
1/12/95* to 6/30/95 1.55+ 4.64+ 2.37+ 3.81+ 40
MISSOURI SERIES
- ---------------
Class A
- -------
5/4/92* to 12/31/92 -- 4.36+ 4.60+ (.24)+ 28
1993 .13 4.44 1.76 2.81 8
1994 .20 5.45 1.57 4.07 98
1/1/95 to 6/30/95 .20+ 5.71+ 1.44+ 4.47+ 45
Class B
- -------
1/12/95* to 6/30/95 1.05+ 4.21+ 3.72+ 1.54+ 45
OHIO SERIES
- -----------
Class A
- -------
1990 .07 6.99 1.11 5.95 31
1991 .29 6.50 1.05 5.73 34
1992 .62 5.83 1.21 5.23 29
1993 .80 5.09 1.15 4.74 30
1994 .85 5.18 1.20 4.83 57
1/1/95 to 6/30/95 .84+ 5.21+ 1.19+ 4.86+ 48
Class B
- -------
1/12/95* to 6/30/95 1.68+ 4.29+ 2.03+ 3.94+ 48
OREGON SERIES
- -------------
Class A
- -------
5/4/92* to 12/31/92 -- 4.30+ 2.48+ 1.82+ 12
1993 -- 4.94 1.28 3.66 77
1994 .20 5.36 1.39 4.17 135
1/1/95 to 6/30/95 .20+ 5.48+ 1.24+ 4.44+ 20
Class B
- -------
1/12/95* to 6/30/95 .99+ 4.74+ 2.49+ 3.24+ 20
* Commencement of operations or date shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and the transfer agent from the commencement of operations through
June 30, 1995 (Note 5).
See notes to financial statements
</TABLE>
Independent Auditor's Report
To the Shareholders and Trustees of
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Series
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of the eight series of First
Investors Multi-State Insured Tax Free Fund listed above as of June 30,
1995, the related statement of operations for the six months ended June
30, 1995, the statement of changes in net assets for the six months
ended June 30, 1995 and the year ended December 31, 1994 and the
financial highlights for the periods indicated thereon. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June 30,
1995, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the eight series of First Investors Multi-
State Insured Tax Free Fund listed above as of June 30, 1995, and the
results of their operations, changes in their net assets and the
financial highlights for the periods indicated thereon, in conformity
with generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1995
First Investors Multi-State Insured Tax Free Fund
Trustees
- -------------------------------------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
F. William Ortman, Jr.
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- -------------------------------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Shareholder Information
- -------------------------------------------------
Investment Adviser
First Investors Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 M Street, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Fund's practice to mail only one copy of its annual and semi-
annual reports to any address at which more than one shareholder with
the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Fund will ensure
that separate reports are sent to any shareholder who subsequently
changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Fund's prospectus.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
The following appears on the bottom lefthand side:
First Investors Logo, which is described as follows: the arabic numeral
one separated into seven vertical segments followed by the words "First
Investors"
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIMS149
Vertically reading from bottom to top in the center of the page the
words "FIRST INVESTORS" appear.
FIRST INVESTORS
MULTI-STATE INSURED
TAX FREE FUND
Arizona Series
California Series
Colorado Series
Michigan Series
Minnesota Series
Missouri Series
Ohio Series
Oregon Series
SEMI-
ANNUAL
REPORT
JUNE 30, 1995
