Portfolio Manager's Letter
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Series
Dear Shareholder:
The principal factors that affected the Funds' performance in 1994 were
strong economic growth and fears of inflation. The U.S. economic
recovery hit full stride with gross domestic product growth of
approximately 4%. The unemployment rate fell from 6.4% to 5.4% as the
economy created 3.5 million new jobs. Feeling secure about job
prospects, consumers were willing to borrow and spend. U.S. vehicle
sales reached their highest level since 1988. Despite strong growth,
inflation remained below 3% as low labor costs, improved productivity
and international competition kept prices from accelerating.
Nonetheless, concerned that strong economic growth would eventually
lead to inflation, the Federal Reserve in February engineered the first
of six short-term interest rate increases which in total raised rates
250 basis points (2.50%). As is typical at this point in the economic
cycle, long-term interest rates also rose with the benchmark 30 year
U.S. Treasury bond yield increasing approximately 155 basis points
(1.55%) during the year. With higher interest rates creating concern
that the economy might slow, broad stock market indices were unable to
advance and ended the year unchanged to slightly lower despite strong
earnings reported by many companies.
The municipal bond market fell in stages during 1994. The first decline
was precipitated by the Federal Reserve's decision to begin raising
interest rates in February, causing long-term municipal bond yields to
rise over 100 basis points (1.00%). The second decline -- which took
rates up another 95 basis points (.95%) -- ran from September through
November, as economic growth continued to be strong. The Fed continued
to raise short-term rates and municipal bond funds sustained high
levels of redemptions. Following a December rally, municipal bond
yields ended the year 145 basis points (1.45%) higher than they had
begun 1994. New issue supply totalled $163 billion, a drop of 44% from
1993's record pace. The positive impact of lower supply was offset by
the sale of bonds by mutual funds. The municipal yield curve flattened
during the year as short-term interest rates rose more than long-term
rates. In general, sector and credit decisions had little impact on
relative returns in the municipal bond market. Rather, the sustained
decline in the market made "duration" -- which measures the interest
rate sensitivity of bonds -- the key determinant of total return. While
the bankruptcy of Orange County, California disrupted the municipal
bond market in general, and the California market in particular, the
First Investors tax free funds were relatively unaffected because all
the bonds in the funds are insured as to payment of principal and
interest.
The New York Fund and the nine Series of the Multi-State Fund included
in this Annual Report outperformed the average fund in their peer
groups according to Lipper Analytical Services. In addition, the New
York Insured Tax Free Fund and the Georgia Series of the Multi-State
Insured Tax Free Fund outperformed the Lehman Brothers Municipal Bond
Index, while the remaining Series of the Multi-State Fund
underperformed the Index. The New York Insured Tax Free Fund had a
total return of -5.03%. The Multi-State Insured Tax Free Fund had the
following returns: Connecticut Series -6.75%; Florida Series -5.39%;
Georgia Series -4.69%; Maryland Series -5.59%; Massachusetts Series
- - -5.30%; New Jersey Series -5.91%; North Carolina Series -6.45%;
Pennsylvania Series -6.31%; Virginia Series -5.97%.
The New York Fund benefitted from a relatively short duration of
approximately 5.6 years at the beginning of 1994, compared to the
Municipal Bond Index's 8.06 year duration. The Fund remained
defensively invested throughout the year, although its duration had
increased to 7.1 years by the year-end to lock in current high yields.
During the first half of 1994, the Connecticut and North Carolina
Series had relatively long durations. While their durations allowed the
Series to increase current yield, they also made them vulnerable to
higher interest rates. Consequently, at mid-year, their durations were
lowered to decrease their sensitivity to interest rates. This
adjustment improved total return in the Series during the second half
of the year.
The Massachusetts and New Jersey Series began 1994 with relatively
short durations of 6.10 and 7.21 years, respectively. During the year,
their durations increased to 7.21 and 8.66 years in order to lock in
higher market yields. To a lesser extent, the Pennsylvania and Virginia
Series also extended their durations as 1994 progressed in order to
capture the greater yields available at year-end. Florida and Maryland
had relatively stable durations throughout 1994.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1995
Cumulative Performance Information
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
Comparison of change in value of $10,000 investment in the First
Investors New York Insured Tax Free Fund, Inc. (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
New York Tax Free Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Jan-85 $ 9,375 $10,000
Dec-85 11,138 12,004
Dec-86 13,026 14,323
Dec-87 12,872 14,537
Dec-88 14,184 16,013
Dec-89 15,510 17,740
Dec-90 16,434 19,033
Dec-91 18,225 21,345
Dec-92 19,810 23,227
Dec-93 21,756 26,078
Dec-94 20,661 24,730
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.03%) (10.96%)
Five Years 5.90% 4.55%
Ten Years 8.22% 7.53%
S.E.C. 30-Day Yield 5.65%
</TABLE>
The graph compares a $10,000 investment made in the First Investors New
York Insured Tax Free Fund, Inc. on 1/1/85 with a similar investment in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the fund and all dividends and distributions were
reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were
6.9% and 7.25%, respectively) and are higher than they would have been
had the sales charge not been reduced. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. Lehman Brothers Municipal Bond Index figures from Lehman Brothers
Inc. and all other figures from First Investors Management Company,
Inc. Class A shares were the only shares offered by the Fund during the
period reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - CONNECTICUT SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Connecticut Series (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Connecticut Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Oct-90 $ 9,375 $10,000
Dec-90 9,395 10,431
Dec-91 10,345 11,698
Dec-92 11,306 12,730
Dec-93 12,900 14,292
Dec-94 12,030 13,553
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.75%) (12.57%)
Since Inception 6.06% 4.46%
S.E.C. 30-Day Yield 5.37%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Connecticut Series on 10/8/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (12.97%) and 3.71%, respectively and the S.E.C. Yield for December
1994 would have been 4.94%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - FLORIDA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Florida Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Florida Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Oct-90 $ 9,375 $10,000
Dec-90 9,345 10,431
Dec-91 10,416 11,698
Dec-92 11,526 12,730
Dec-93 13,162 14,292
Dec-94 12,452 13,553
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.39%) (11.33%)
Since Inception 6.91% 5.31%
S.E.C. 30-Day Yield 5.20%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Florida Series on 10/5/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (11.94%) and 4.48%, respectively and the S.E.C. Yield for December
1994 would have been 4.73%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - GEORGIA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Georgia Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Georgia Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
May-92 $ 9,375 $10,000
Dec-92 9,804 10,755
Dec-93 11,290 12,073
Dec-94 10,760 11,449
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (4.69%) (10.63%)
Since Inception 5.29% 2.78%
S.E.C. 30-Day Yield 5.64%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Georgia Series on 5/1/92 (inception
date) with a similar investment in the Lehman Brothers Municipal Bond
Index. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (11.64%) and 1.09%, respectively and the S.E.C. Yield for December
1994 would have been 4.65%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - MARYLAND SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Maryland Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Maryland Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Oct-90 $ 9,375 $10,000
Dec-90 9,555 10,431
Dec-91 10,347 11,698
Dec-92 11,346 12,730
Dec-93 13,005 14,292
Dec-94 12,277 13,553
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.59%) (11.52%)
Since Inception 6.57% 4.97%
S.E.C. 30-Day Yield 5.55%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Maryland Series on 10/8/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (12.29%) and 3.79%, respectively and the S.E.C. Yield for December
1994 would have been 4.74%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - MASSACHUSETTS
SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Massachusetts Series
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Massachusetts Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Jan-87 $ 9,375 $10,000
Dec-87 8,868 10,150
Dec-88 10,057 11,180
Dec-89 11,096 12,386
Dec-90 11,884 13,289
Dec-91 13,232 14,903
Dec-92 14,529 16,217
Dec-93 16,262 18,207
Dec-94 15,404 17,266
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.30%) (11.21%)
Five Years 6.77% 5.39%
Since Inception 6.42% 5.56%
S.E.C. 30-Day Yield 5.47%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Massachusetts Series on 1/1/87
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were
6.9% and 7.25%, respectively) and are higher than they would have been
had the sales charge not been reduced. Some or all of the expenses of
the Series were waived or assumed. If such expenses had been paid by
the Series, the S.E.C. Standardized Average Annual Total Return for One
Year, Five Years and Since Inception would have been (11.50%), 4.83%
and 4.92%, respectively and the S.E.C. Yield for December 1994 would
have been 5.13%. Results represent past performance and do not indicate
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost. Lehman Brothers Municipal
Bond Index figures from Lehman Brothers Inc. and all other figures from
First Investors Management Company, Inc. Class A shares were the only
shares offered by the Series during the period reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - NEW JERSEY SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -
New Jersey Series (Class A shares) and the Lehman Brothers Municipal
Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
New Jersey Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Sep-88 $ 9,375 $10,000
Dec-88 9,545 10,370
Dec-89 10,558 11,488
Dec-90 11,308 12,326
Dec-91 12,608 13,823
Dec-92 13,835 15,041
Dec-93 15,646 16,888
Dec-94 14,721 16,015
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.91%) (11.79%)
Five Years 6.87% 5.51%
Since Inception 7.43% 6.34%
S.E.C. 30-Day Yield 5.36%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - New Jersey Series on 9/13/88
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were
6.9% and 7.25%, respectively) and are higher than they would have been
had the sales charge not been reduced. Some or all of the expenses of
the Series were waived or assumed. If such expenses had been paid by
the Series, the S.E.C. Standardized Average Annual Total Return for One
Year, Five Years and Since Inception would have been (12.03%), 5.06%
and 5.82%, respectively and the S.E.C. Yield for December 1994 would
have been 5.12%. Results represent past performance and do not indicate
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost. Lehman Brothers Municipal
Bond Index figures from Lehman Brothers Inc. and all other figures from
First Investors Management Company, Inc. Class A shares were the only
shares offered by the Series during the period reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - NORTH CAROLINA
SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - North Carolina Series
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
North Carolina Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
May-92 $ 9,375 $10,000
Dec-92 9,769 10,753
Dec-93 11,135 12,073
Dec-94 10,417 11,449
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.45%) (12.31%)
Since Inception 4.01% 1.54%
S.E.C. 30-Day Yield 5.67%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - North Carolina Series on 5/4/92
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (13.28%) and .28%, respectively and the S.E.C. Yield for December
1994 would have been 4.67%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - PENNSYLVANIA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Pennsylvania Series
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Pennsylvania Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Apr-90 $ 9,375 $10,000
Dec-90 9,830 10,759
Dec-91 10,854 12,066
Dec-92 11,877 13,129
Dec-93 13,573 14,741
Dec-94 12,717 13,979
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.31%) (12.18%)
Since Inception 6.73% 5.28%
S.E.C. 30-Day Yield 5.43%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Pennsylvania Series on 4/30/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (12.50%) and 4.69%, respectively and the S.E.C. Yield for December
1994 would have been 5.09%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - VIRGINIA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund - Virginia Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Virginia Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Apr-90 $ 9,375 $10,000
Dec-90 9,729 10,759
Dec-91 10,830 12,066
Dec-92 11,923 13,129
Dec-93 13,466 14,741
Dec-94 12,663 13,979
</TABLE>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
One Year (5.97%) (11.48%)
Since Inception 6.63% 5.18%
S.E.C. 30-Day Yield 5.37%
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Virginia Series on 4/30/90
(inception date) with a similar investment in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (12.24%) and 4.58%, respectively and the S.E.C. Yield for December
1994 would have been 4.9%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.5%
Education--13.0%
New York State Dormitory Authority Revenues:
City University:
$ 1,500M 8.2%, 7/1/2012 $ 1,651,875 $ 85
2,150M 7 5/8%, 7/1/2013 2,268,250 117
1,000M Iona College 7 5/8%, 7/1/2009 1,056,250 54
2,800M Manhattanville College 7 1/2%, 7/1/2022 3,090,500 159
1,250M Skidmore College 7 3/4%, 7/1/2012 1,345,313 69
State University Educational Facilities:
1,000M 5 7/8%, 5/15/2011 927,500 48
3,700M 7 3/8%, 5/15/2014 3,861,875 199
2,000M 5 1/4%, 5/15/2015 1,677,500 87
1,880M 7 1/4%, 5/15/2015 2,049,200 106
4,000M 5 1/2%, 5/15/2019 3,425,000 177
4,000M 6 1/4%, 7/1/2019 3,795,000 196
- - ------------------------------------------------------------------------------------------------------------------------
25,148,263 1,297
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--15.7%
Nassau County, N.Y.:
3,000M 5.70%, 8/1/2010 2,715,000 140
4,355M 5.70%, 8/1/2012 3,870,506 200
3,845M 6 1/2%, 11/1/2012 3,772,906 195
1,950M 5.45%, 1/15/2013 1,689,188 87
1,140M 5.45%, 1/15/2015 974,700 50
New York City, N.Y.:
4,250M 8%, 8/1/2006 4,600,625 237
1,000M 8 1/8%, 11/1/2007 1,086,250 56
1,000M 8%, 12/1/2011 1,042,500 54
3,500M 6.95%, 8/15/2012 3,548,125 183
1,000M 7 1/4%, 3/15/2018 1,057,500 55
Niagara Falls, N. Y. Public Improvement:
1,000M 7 1/2%, 3/1/2015 1,097,500 57
1,100M 7 1/2%, 3/1/2018 1,207,250 62
1,750M North Hempstead, N.Y. 6.4%, 4/1/2012 1,710,625 88
2,000M Puerto Rico, 7.9%, 7/1/2011 2,142,500 110
- - ------------------------------------------------------------------------------------------------------------------------
30,515,175 1,574
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--18.0%
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2%, 11/1/2010 3,897,562 201
1,425M Doctors Hospital 9 1/4%, 1/15/2025 1,455,281 75
1,000M Good Samaritan Hospital 8%, 11/1/2013 1,060,000 55
1,850M Long Term Health Care 7 3/8%, 11/1/2011 1,935,563 100
Mental Health Services Facilities:
2,065M 7 3/8%, 2/15/2014 2,152,762 111
3,000M 7.7%, 2/15/2018 3,200,556 165
10,000M 6 1/4%, 8/15/2019 9,412,500 485
4,195M 7 3/4%, 2/15/2020 4,555,006 235
4,100M 6 1/2%, 8/15/2024 3,930,875 203
3,000M St. Luke's Hospital 7.45%, 2/15/2029 3,288,750 169
- - ------------------------------------------------------------------------------------------------------------------------
34,888,855 1,799
- - ------------------------------------------------------------------------------------------------------------------------
Housing--8.5%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor) 7.45%, 10/1/2008 2,317,500 119
6,500M Insured Residential Charter 7 3/8%, 4/1/2017 6,727,500 347
New York State Hsg. Fin. Agcy. Multi-Family:
2,000M Series "B" 6 1/4%, 8/15/2014 1,872,500 97
1,735M Series "A" 7.45%, 11/1/2028 1,821,750 94
4,000M New York State Mortgage Agency 6.45%, 10/1/2014 3,780,000 195
- - ------------------------------------------------------------------------------------------------------------------------
16,519,250 852
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--31.5%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8%, 7/1/2014 4,706,250 242
Transit Facilities Series:
1,420M 5 1/2%, 7/1/2011 1,251,375 65
1,800M 8 1/2%, 7/1/2011 1,923,750 99
1,500M 8 1/2%, 7/1/2017 1,638,750 85
5,000M 8% 7/1/2018 5,493,750 283
7,900M New York City Transit Auth. Rev. (Livingston Plaza Project)
7 1/2%, 1/1/2020 8,660,375 447
5,150M New York State Thruway Authority 5 3/4%, 1/1/2019 4,538,438 234
2,840M New York State Thruway Authority Svce. Contract Revenue
5 3/4%, 4/1/2013 2,570,200 133
Triborough Bridge & Tunnel Authority:
6,900M Series "Y" 6%, 1/1/2012 6,503,250 335
1,500M Series "L" 8 1/8%, 1/1/2012 1,627,500 84
1,000M Series "H" 8 3/8%, 1/1/2016 1,052,500 54
13,345M Series "Y" 5 1/2%, 1/1/2017 11,426,656 589
3,000M Series "O" 7.7%, 1/1/2019 3,273,750 169
1,000M Special Obligation 8%, 1/1/2008 1,085,000 56
5,500M Special Obligation 6 1/4%, 1/1/2012 5,259,375 271
- - ------------------------------------------------------------------------------------------------------------------------
61,010,919 3,146
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--8.2%
New York City Municipal Water Finance Authority:
4,975M 5 7/8%, 6/15/2012 4,601,875 237
5,500M 5 1/2%, 6/15/2015 4,764,375 245
New York State Energy Research & Development Authority:
1,500M Brooklyn Union Gas 9%, 5/15/2015 1,546,875 80
1,200M Orange & Rockland Utilities 9%, 8/1/2015 1,243,500 64
2,000M New York State Power Authority General Purpose Bonds 8%, 1/1/2017 2,147,500 111
1,895M Suffolk County, N. Y. Water Authority 5.1%, 6/1/2012 1,601,275 83
- - ------------------------------------------------------------------------------------------------------------------------
15,905,400 820
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--5.6%
1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy. (Rochester Inst. Tech.)
7 3/4%, 5/1/2005 1,107,500 57
1,000M New York City Indl. Dev. Agcy. (National Tennis Center)
6 3/8%, 11/15/2014 972,500 50
1,000M New York State Dorm. Auth. Rev. (Suffolk County Jud. Facs.)
7 3/8%, 7/1/2016 1,070,000 55
New York State Urban Development Corporation Correctional Facilities:
2,000M Series "C" 7 3/4%, 1/1/2013 2,167,500 112
1,150M Series "B" 8%, 1/1/2015 1,206,063 62
3,000M Series "F" 7 1/2%, 1/1/2016 3,255,000 168
1,000M Series "A" 9.2%, 1/1/2016 1,060,000 55
- - ------------------------------------------------------------------------------------------------------------------------
10,838,563 559
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $192,003,014) 194,826,425 10,047
- - ------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENT--.2 %
General Obligation
500M New York City Floating Rate Note 4.80%, (cost $500,000)(a) 500,000 26
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $192,503,014) 100.7% 195,326,425 10,073
Excess of Liabilities Over Other Assets (.7) (1,410,683) (73)
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $193,915,742 $10,000
========================================================================================================================
(a) Interest rates are determined and reset daily by the issuer.
Interest rate shown is the rate in effect at December 31, 1994.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.0%
Certificates of Participation--2.2%
Connecticut State (Middletown Courthouse Facilities):
$ 130M 6 1/4%, 12/15/2009 $ 128,050 $ 86
100M 6 1/4%, 12/15/2010 97,875 66
100M 6 1/4%, 12/15/2012 97,750 66
- - --------------------------------------------------------------------------------------------------------------------
323,675 218
- - --------------------------------------------------------------------------------------------------------------------
Education--13.6%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8%, 7/1/2015 744,937 502
Trinity College:
350M 6%, 7/1/2012 329,000 222
1,000M 6 1/8%, 7/1/2014 945,000 636
- - --------------------------------------------------------------------------------------------------------------------
2,018,937 1,360
- - --------------------------------------------------------------------------------------------------------------------
General Obligation--28.8%
50M Bristol, Conn. 6 1/2%, 6/15/2006 51,063 34
30M Colchester, Conn. 7.3%, 1/15/2007 32,513 22
Connecticut State:
620M 6%, 3/15/2012 - Series "E" 589,775 397
500M 6 1/2%, 3/15/2012 - Series "A" 523,750 353
130M Coventry, Conn. 6.7%, 12/15/2009 133,900 90
Griswold, Conn.:
250M 5 3/4%, 4/15/2010 233,437 157
100M 6 1/4%, 6/15/2010 98,625 66
100M Groton City, Conn. 6 3/4%, 6/1/2007 103,500 70
800M New Britain, Conn. 6%, 3/1/2012 761,000 512
130M Newton, Conn. 6.7%, 8/15/2010 133,738 90
30M North Canaan, Conn. 6.9%, 1/15/2006 31,425 21
40M Old Saybrook, Conn. 6 1/2%, 2/15/2009 40,950 28
250M Plainfield, Conn. 6 3/8%, 8/1/2011 245,937 166
290M Regional School District #5, Conn. 6.3%, 3/1/2009 284,925 192
255M Salisbury, Conn. 5 1/2%, 6/1/2008 233,644 157
330M Southington, Conn. 6.55%, 4/1/2012 332,887 224
Stratford, Conn.:
50M 6.6%, 3/1/2007 51,313 35
90M 6.55%, 11/15/2008 91,350 62
50M Suffield, Conn. 6 1/2%, 11/15/2005 51,375 35
250M Westbrook, Conn. 6.4%, 3/15/2010 249,062 168
- - --------------------------------------------------------------------------------------------------------------------
4,274,169 2,879
- - --------------------------------------------------------------------------------------------------------------------
Hospital--20.3%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2%, 7/1/2012 446,062 300
60M Danbury Hospital-University of New Haven 6 7/8%, 1/1/2010 61,425 41
580M Lawrence & Memorial Hospital 6 3/8%, 7/1/2012 607,550 409
700M New Britain General Hospital 6 1/8%, 7/1/2014 658,000 443
650M Newington Childrens Hospital 6 1/4%, 7/1/2015 619,125 417
325M Stamford Hospital 6 1/2%, 7/1/2006 335,969 226
280M Yale-New Haven Hospital 7%, 7/1/2010 285,950 193
- - --------------------------------------------------------------------------------------------------------------------
3,014,081 2,029
- - --------------------------------------------------------------------------------------------------------------------
Housing--6.2%
Connecticut State Housing Finance Authority:
750M 6.1%, 5/15/2013 686,250 462
250M 6.35%, 5/15/2017 238,437 161
- - --------------------------------------------------------------------------------------------------------------------
924,687 623
- - --------------------------------------------------------------------------------------------------------------------
Transportation--8.2%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
285M 6%, 10/1/2009 275,025 185
200M 6 1/4%, 10/1/2009 195,750 132
250M 6.1%, 10/1/2012 237,813 160
250M 6 1/8%, 9/1/2012 238,125 160
300M 5.65%, 4/1/2013 270,375 182
- - --------------------------------------------------------------------------------------------------------------------
1,217,088 819
- - --------------------------------------------------------------------------------------------------------------------
Utilities--9.0%
300M Connecticut State Resource Recovery Auth. Mid. Conn. Sys.
7.3%, 11/15/2012 316,500 213
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
150M 5 7/8%, 8/1/2008 151,313 102
150M 5 3/4%, 8/1/2012 137,063 92
250M 5 7/8%, 8/1/2012 252,187 170
500M 6 1/8%, 8/1/2014 475,000 320
- - --------------------------------------------------------------------------------------------------------------------
1,332,063 897
- - --------------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2%, 6/15/2008 547,044 369
800M Puerto Rico Municipal Finance Agency 6%, 7/1/2014 753,000 507
- - --------------------------------------------------------------------------------------------------------------------
1,300,044 876
- - --------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,558,229) 97.0% 14,404,744 9,701
Other Assets, Less Liabilities 3.0 443,242 299
- - --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,847,986 $10,000
====================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.9%
Education--2.0%
$ 400M Volusia County, Fla. Educ. Facs. Auth. (Stetson University)
6 3/8%, 6/1/2012 $ 394,500 $ 200
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--4.1%
300M Miami, Fla. 6%, 12/1/2010 287,625 146
500M North Springs, Fla. Impt. Dist. 7%, 10/1/2009 530,000 268
- - ------------------------------------------------------------------------------------------------------------------------
817,625 414
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--3.9%
400M Miami, Fla. Health Facs. Auth. (Mercy Hospital) 6 3/4%, 8/1/2020 428,000 217
350M North Broward, Fla. Hosp. Dist. 6 1/2%, 1/1/2012 350,000 177
- - ------------------------------------------------------------------------------------------------------------------------
778,000 394
- - ------------------------------------------------------------------------------------------------------------------------
Housing--6.9%
250M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge. 6.95%, 12/15/2012 252,812 128
Florida Housing Finance Agency:
975M General Mtge. (Series "A") 6 1/4%, 7/1/2011 934,781 472
175M Residential Mtge. (Series 2) 8%, 12/15/2016 178,938 91
- - ------------------------------------------------------------------------------------------------------------------------
1,366,531 691
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--9.3%
Florida State Turnpike Authority Turnpike Revenue:
1,000M 5%, 7/1/2016 817,500 413
530M 6.35%, 7/1/2022 551,200 279
455M Port Palm Beach District, Fla. Revenue 6 1/4%, 9/1/2008 457,844 232
- - ------------------------------------------------------------------------------------------------------------------------
1,826,544 924
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--47.4%
750M Brevard County, Fla. Utilities Rev. 5 1/4%, 3/1/2014 635,625 321
250M Broward County, Fla. Water & Sewer Utilities Rev. 6 1/2%, 10/1/2017 262,813 133
750M Charlotte County, Fla. Utilities Revenue 6 3/4%, 10/1/2013 764,063 386
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4%, 1/1/2013 485,000 245
500M 6 1/4%, 1/1/2015 488,750 247
Florida State Mun. Pwr. Agency Rev. (St. Lucie Project):
400M 5 1/2%, 10/1/2012 356,500 180
500M 5.7%, 10/1/2016 451,875 228
100M Jacksonville, Fla. Elec. Auth. Rev. (St. John's River Power)
6 1/4%, 10/1/2007 100,500 51
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4%, 10/1/2020 739,162 374
Kissimmee, Fla. Utility Authority Electric System Revenue:
1,000M 5 3/8%, 10/1/2012 887,500 449
300M 6 1/2%, 10/1/2017 317,250 161
500M Miramar, Fla. Util. Impt. Rev. 6.4%, 10/1/2007 500,000 253
100M Orlando, Fla. Utilities Comm. Water & Electric Rev. 6 1/2%, 10/1/2020 105,750 54
140M Pinellas County, Fla. Resource Recovery Revenue 6.9%, 10/1/2004 149,450 76
Reedy Creek, Fla. Impt. Dist. Utilities Revenue:
500M 5%, 10/1/2014 413,125 209
300M 6 1/2%, 10/1/2016 315,375 160
500M Sarasota County, Fla. Utility System Revenue 6 1/2%, 10/1/2014 502,500 254
500M St. Lucie County, Fla. Utility System Revenue 5 3/8%, 10/1/2011 443,750 225
500M Seminole County, Fla. Water & Sewer Revenue 6%, 10/1/2009 490,625 248
200M Tampa, Fla. Water & Sewer Revenue 6.3%, 10/1/2006 203,000 103
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4%, 10/1/2014 756,562 383
- - ------------------------------------------------------------------------------------------------------------------------
9,369,175 4,740
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--24.3%
1,000M Escambia County, Fla. Sales Tax Revenue 5.8%, 1/1/2015 906,250 459
Florida State Div. Bd. Fin. Dept. General Services Revenues:
1,000M 5.8%, 7/1/2013 908,750 460
400M 6 3/4%, 7/1/2013 406,500 206
Jacksonville, Fla. Excise Taxes Revenue:
500M 5 1/4%, 10/1/2010 439,375 222
350M 6 1/2%, 10/1/2013 348,250 176
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9%, 10/1/2010 573,750 290
1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev. 5 3/8%, 6/1/2011 892,500 452
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2%, 10/1/2022 316,875 160
- - ------------------------------------------------------------------------------------------------------------------------
4,792,250 2,425
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $19,631,758) 97.9% 19,344,625 9,788
Other Assets, Less Liabilities 2.1 420,385 212
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $19,765,010 $10,000
========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.5%
Education--7.7%
Private Colleges & Univs. Facs. Auth., Ga.:
$ 80M Mercer University Project 6.35%, 11/1/2006 $ 82,100 $ 398
80M Spelman University Project 6%, 6/1/2009 76,800 372
- - ------------------------------------------------------------------------------------------------------------------------
158,900 770
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--25.8%
75M Columbia County, Ga. School District 6 1/4%, 4/1/2013 73,125 354
100M Fulton County, Ga. School District 7 5/8%, 5/1/2017 107,875 522
85M Hall County, Ga. School District 6.7%, 12/1/2014 85,425 414
75M Henry County, Ga. School District 5.9%, 8/1/2011 70,500 341
100M Mitchell County, Ga. School District 6 1/2%, 3/1/2009 100,375 486
100M Peach County, Ga. School District 6.4%, 2/1/2019 96,000 465
- - ------------------------------------------------------------------------------------------------------------------------
533,300 2,582
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--3.8%
Fulton DeKalb, Ga. Hospital Authority (Grady Hospital):
65M 5 1/2%, 1/1/2012 56,956 276
20M 6.9%, 1/1/2020 21,475 104
- - ------------------------------------------------------------------------------------------------------------------------
78,431 380
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--12.1%
Metropolitan Atlanta Rapid Transit Authority:
150M 6 1/4%, 7/1/2011 146,812 711
35M 6 1/4%, 7/1/2020 33,294 161
65M 7.2%, 7/1/2020 70,363 341
- - ------------------------------------------------------------------------------------------------------------------------
250,469 1,213
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--30.5%
25M Bartow County, Ga. Water & Sewer Revenue 6.05%, 9/1/2007 24,687 120
95M Brunswick, Ga. Water & Sewer Revenue 6.1%, 10/1/2019 89,419 432
85M Conyers, Ga. Water & Sewer Revenue 6.45%, 7/1/2010 84,787 411
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4%, 11/1/2014 77,500 375
65M Fulton County, Ga. Water & Sewer Revenue 6 3/8%, 1/1/2014 64,188 311
60M Gainesville, Ga. Water & Sewer Revenue 7.2%, 11/15/2010 65,625 318
100M Georgia Municipal Electric Authority, Special Obligation 6 1/2%, 1/1/2017 97,875 474
80M Georgia Municipal Gas Authority Revenue 6.8%, 11/1/2009 82,600 400
45M Sugar Hill, Ga. Public Utilities Revenue 5.9%, 1/1/2014 41,963 203
- - ------------------------------------------------------------------------------------------------------------------------
628,644 3,044
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--17.6%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1%, 1/1/2014 82,100 398
75M Cobb-Marietta, Ga. Coliseum & Exhibit Hall Authority 6.6%, 10/1/2013 79,781 386
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7%, 2/1/2020 79,200 383
50M East Point, Ga. Building Authority Revenue 6%, 2/1/2011 47,375 229
80M Puerto Rico Municipal Finance Agency 6%, 7/1/2014 75,300 365
- - ------------------------------------------------------------------------------------------------------------------------
363,756 1,761
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,048,505) 97.5% 2,013,500 9,750
Other Assets, Less Liabilities 2.5 51,717 250
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $2,065,217 $10,000
========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.6%
Certificates of Participation--0.5%
$ 30M Baltimore, Maryland Series "B" 7 1/4%, 4/1/2016 $ 31,312 $ 45
- - ------------------------------------------------------------------------------------------------------------------------
Education--5.6%
Morgan State University Academic & Aux. Facs. Fees Revenue:
200M 6.1%, 7/1/2020 188,000 272
90M 7%, 7/1/2020 97,200 141
University of Maryland Sys. Aux. Fac. & Tuition Revenue:
50M 6.3%, 2/1/2001 52,250 76
50M 6 1/2%, 4/1/2011 52,750 76
- - ------------------------------------------------------------------------------------------------------------------------
390,200 565
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--15.9%
50M Anne Arundel County, Maryland Water & Sewer 6.9%, 1/15/2019 53,188 77
Baltimore, Maryland:
100M 6.3%, 10/15/2004 102,125 148
100M 7%, 10/15/2007 107,125 155
100M 7%, 10/15/2009 106,250 154
55M Carroll County, Maryland 6 1/4%, 11/1/2011 57,406 83
100M Chesapeake Beach, Maryland 6 1/2%, 5/1/2012 99,000 143
Frederick, Maryland:
100M 6 1/8%, 12/1/2008 98,875 144
200M 6 1/8%, 10/1/2014 188,750 274
60M Frederick County, Maryland 6 5/8%, 8/1/2019 63,600 92
35M Howard County, Maryland 6 5/8%, 2/15/2021 36,881 53
35M Maryland State First Series 6 1/2%, 3/15/2005 36,794 53
35M Montgomery County, Maryland 6 3/4%, 4/1/2010 37,406 54
105M Puerto Rico Commonwealth 6.6%, 7/1/2013 111,694 162
- - ------------------------------------------------------------------------------------------------------------------------
1,099,094 1,592
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--20.2%
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9%, 7/1/2013 37,713 55
Francis Scott Key Medical Center:
30M 7%, 7/1/2010 32,400 47
200M 5%, 7/1/2013 165,500 240
90M 6 3/4%, 7/1/2023 96,187 139
250M Maryland General Hospital 6 1/8%, 7/1/2014 236,250 342
20M Memorial Hospital 7%, 7/1/2007 20,775 30
170M North Arundel Hospital 6%, 7/1/2012 159,800 231
140M Sinai Hospital of Baltimore 7%, 7/1/2019 151,200 219
110M Suburban Hospital 6%, 7/1/2021 110,962 161
65M University of Maryland Medical System 7%, 7/1/2017 70,444 102
350M Maryland State Indl. Dev. Fing. (Holy Cross Health System) 5.4%, 12/1/2008 316,312 458
- - ------------------------------------------------------------------------------------------------------------------------
1,397,543 2,024
- - ------------------------------------------------------------------------------------------------------------------------
Housing--17.8%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.) 7%, 7/1/2016 254,062 368
250M Charles County, Maryland Housing Mtge. Rev. 5.8%, 7/1/2019 218,438 316
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7%, 6/1/2011 45,338 66
225M 6.45%, 4/1/2014 214,594 311
250M 7%, 4/1/2014 252,187 365
250M Montgomery County, Maryland Single Family Mtge. Rev. 6 1/2%, 7/1/2011 243,437 353
- - ------------------------------------------------------------------------------------------------------------------------
1,228,056 1,779
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--7.5%
Maryland State Department of Transportation:
60M 6 3/8%, 9/1/2006 60,975 88
50M 7.3%, 11/15/2001 52,750 77
500M Zero Cpn. 7/1/2012 160,625 233
250M Washington, D.C. Metro. Area Transportation Authority 6%, 7/1/2010 239,688 347
- - ------------------------------------------------------------------------------------------------------------------------
514,038 745
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--14.5%
Baltimore, Maryland Wastewater Utilities Revenue:
200M 6%, 7/1/2015 187,750 272
165M 6 1/2%, 7/1/2020 172,013 249
215M 6 1/4%, 7/1/2022 223,600 324
400M Baltimore, Maryland Water Utilities Revenue 6 1/4%, 7/1/2022 416,000 603
- - ------------------------------------------------------------------------------------------------------------------------
999,363 1,448
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--14.6%
30M Baltimore, Maryland (Baltimore City Parking System) 6 5/8%, 7/1/2008 31,500 46
250M Baltimore, Maryland (Convention Center) 6.1%, 9/1/2013 238,438 345
35M Maryland Industrial Financing Authority 7%, 7/1/2010 36,400 53
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot) 6 1/4%,
6/1/2009 98,000 142
300M Prince Georges County, Maryland Ind. Dev. Auth. 7%, 6/30/2019 322,500 467
300M Puerto Rico Municipal Finance Agency Rev. 6%, 7/1/2014 282,375 409
- - ------------------------------------------------------------------------------------------------------------------------
1,009,213 1,462
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $6,768,267) 96.6% 6,668,819 9,660
Other Assets, Less Liabilities 3.4 234,704 340
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $6,903,523 $10,000
========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS SERIES
December 31, 1994
- - -------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Education--6.3%
Massachusetts Health & Educational Facilities Authority:
$ 425M Northeastern University 7 1/8%, 10/1/2010 $ 436,688 $ 210
120M Tufts University 7 3/4%, 8/1/2013 128,550 62
600M Massachusetts State College Bldg. Auth. Series "A" 7 1/4%, 5/1/2016 628,500 301
120M University of Massachusetts Bldg. Auth. 7 1/2%, 5/1/2014 125,400 60
- - -------------------------------------------------------------------------------------------------------------------------
1,319,138 633
- - -------------------------------------------------------------------------------------------------------------------------
General Obligation--19.6%
250M Boston, Massachusetts 7 3/8%, 2/1/2010 271,875 130
160M Brighton-Rehoboth, Mass. Regional School District 7.2%, 2/1/2006 172,600 83
500M Chelsea, Massachusetts 6 1/2%, 6/15/2012 494,375 237
70M Holyoke, Massachusetts 8.2%, 6/15/2007 81,113 39
Massachusetts General Obligations:
360M 7%, 6/1/2009 386,550 186
300M 7%, 7/1/2009 314,250 151
500M 6%, 8/1/2009 481,875 231
255M 6%, 8/1/2010 244,162 117
150M North Borough, Massachusetts 7.2%, 11/1/2003 158,813 76
150M Rochester, Massachusetts 7 1/4%, 3/1/2007 159,750 77
400M Rockport, Massachusetts Unlimited Tax School Project Loan
6.9%, 12/15/2007 425,500 204
Wareham, Massachusetts:
225M 7.05%, 1/15/2007 241,031 116
500M 7.1%, 1/15/2008 536,250 257
100M Wrentham, Massachusetts 7.4%, 9/1/2004 110,125 53
- - -------------------------------------------------------------------------------------------------------------------------
4,078,269 1,957
- - -------------------------------------------------------------------------------------------------------------------------
Hospital--37.4%
Massachusetts Health & Educational Facilities Authority:
295M Berkshire Hospital 7.6%, 10/1/2014 309,381 148
Capital Asset Program:
225M 7.35%, 8/1/2008 239,625 115
400M 7.2%, 7/1/2009 412,500 198
500M Carney Hospital 7 3/4%, 7/1/2014 557,500 268
1,200M Dana-Farber Cancer Institute 6%, 12/1/2015 1,093,500 525
500M Lahey Clinic 7 5/8%, 7/1/2018 543,750 261
Massachusetts General Hospital:
750M 6 1/4%, 7/1/2012 720,938 346
1,000M 5 1/4%, 7/1/2023 798,750 383
570M Milton Hospital 7%, 7/1/2016 576,412 277
Mt. Auburn Hospital:
1,000M 6 1/4%, 8/15/2014 948,750 455
75M 7 7/8%, 7/1/2018 81,844 39
510M Newton-Wellesley Hospital 8%, 7/1/2018 551,437 265
400M South Shore Hospital 7 1/2%, 7/1/2020 441,500 212
490M University Hospital 7 1/4%, 7/1/2019 508,375 244
- - -------------------------------------------------------------------------------------------------------------------------
7,784,262 3,736
- - -------------------------------------------------------------------------------------------------------------------------
Housing--4.7%
Massachusetts Housing Finance Agency:
900M 5.95%, 12/1/2014 816,750 392
160M 7.7%, 12/1/2017 163,800 79
- - -------------------------------------------------------------------------------------------------------------------------
980,550 471
- - -------------------------------------------------------------------------------------------------------------------------
Transportation--5.9%
Massachusetts Bay Transportation Authority:
220M Series "A" 7.1%, 3/1/2008 236,775 114
690M Series "A" 7.65%, 8/1/2015 736,575 353
50M Massachusetts Port Authority Revenue 7 1/8%, 7/1/2012 51,000 24
250M Massachusetts State Turnpike Authority Rev. 5 1/8%, 1/1/2023 199,063 96
- - -------------------------------------------------------------------------------------------------------------------------
1,223,413 587
- - -------------------------------------------------------------------------------------------------------------------------
Utilities--23.8%
Boston, Massachusetts Water & Sewer Commission:
100M 7 1/4%, 11/1/2006 106,250 51
950M 7%, 11/1/2011 1,031,937 495
1,035M 5 3/4%, 11/1/2013 936,675 450
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4%, 12/1/2010 520,719 250
1,000M Massachusetts State Water Resource Authority 5.9%, 8/1/2016 892,500 428
435M Peabody, Massachusetts Electric Rev. 7.15%, 10/1/2009 471,431 226
1,000M South Essex, Massachusetts Sewer District 6 3/4%, 6/1/2013 1,008,750 484
- - -------------------------------------------------------------------------------------------------------------------------
4,968,262 2,384
- - -------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $19,986,719) 97.7% 20,353,894 9,768
Other Assets, Less Liabilities 2.3 484,337 232
- - -------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $20,838,231 $10,000
=========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.7%
Certificates of Participation--5.3%
$ 400M Hamilton Township, N.J. Board of Education 7%, 6/1/2009 $ 414,500 $ 75
1,000M Hudson County, N.J. Correctional Facility 7 1/4%, 12/1/2021 1,096,250 198
700M Mantua Township, N.J. School District 7 1/4%, 6/30/2010 769,125 139
600M Piscataway Township, N.J. School District 7%, 12/15/2010 655,500 118
- - --------------------------------------------------------------------------------------------------------------------------
2,935,375 530
- - --------------------------------------------------------------------------------------------------------------------------
Education--5.6%
New Jersey Educational Facilities Financing Authority:
1,300M Seton Hall University 6 1/4%, 7/1/2010 1,277,250 230
2,000M Trenton State College 6%, 7/1/2019 1,837,500 332
- - --------------------------------------------------------------------------------------------------------------------------
3,114,750 562
- - --------------------------------------------------------------------------------------------------------------------------
General Obligation--15.6%
750M Carteret, N.J. 7.1%, 10/1/2008 797,812 144
Essex County, N.J. Improvement Authority:
955M County College Project 6.9%, 12/1/2014 976,488 176
545M Jail & Youth House Project 6.9%, 12/1/2014 554,538 100
Orange School District:
1,025M Series "A" 6.95%, 7/1/2014 1,051,906 190
1,220M Series "B" 6.95%, 7/1/2014 1,252,025 226
Mercer County, N.J. Improvement Authority Revenue:
900M 7%, 12/15/2009 970,875 176
1,000M 7.2%, 12/15/2012 1,075,000 194
1,000M New Jersey State Various Purposes 6%, 2/15/2011 958,750 173
1,000M Union, N.J. 6.7%, 9/1/2012 1,015,000 183
- - --------------------------------------------------------------------------------------------------------------------------
8,652,394 1,562
- - --------------------------------------------------------------------------------------------------------------------------
Hospital--27.9%
New Jersey Health Care Facilities Financing Authority:
1,000M Bayonne Hospital 6 1/4%, 7/1/2012 966,250 175
400M Community Medical Center 7%, 7/1/2009 412,000 75
1,500M Dover General Hospital & Medical Center 5 7/8%, 7/1/2012 1,385,625 250
1,745M General Hospital Center at Passaic 6%, 7/1/2014 1,618,487 292
750M Holy Name Hospital 7%, 7/1/2008 775,313 140
1,100M Hunterdon Hospital 7%, 7/1/2020 1,120,625 202
1,750M Monmouth Medical Center 6 1/4%, 7/1/2016 1,675,625 303
1,500M Ocean County Medical Center 6.9%, 7/1/2007 1,590,000 287
3,120M Riverview Medical Center 6 1/4%, 7/1/2011 3,034,200 548
825M St. Barnabas Medical Center 7 1/4%, 7/1/2018 850,781 154
1,000M St. Clares Riverside Medical Center 5 3/4%, 7/1/2010 921,250 166
1,000M St. Peter's Medical Center Series "E" 6 7/8%, 7/1/2011 1,076,250 194
- - --------------------------------------------------------------------------------------------------------------------------
15,426,406 2,786
- - --------------------------------------------------------------------------------------------------------------------------
Housing--4.9%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2%, 4/1/2015 385,700 70
420M Series "E" 7.65%, 10/1/2016 433,650 78
1,385M Series "C" 7 3/8%, 10/1/2017 1,412,700 255
450M Series "B" 8.1%, 10/1/2017 471,938 85
- - --------------------------------------------------------------------------------------------------------------------------
2,703,988 488
- - --------------------------------------------------------------------------------------------------------------------------
Transportation--6.4%
900M Delaware River Port Authority 7 3/8%, 1/1/2007 960,750 174
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2%, 1/1/2010 973,750 176
2,000M Port Authority, New York & New Jersey 5 1/4%, 7/15/2017 1,635,000 295
- - --------------------------------------------------------------------------------------------------------------------------
3,569,500 645
- - --------------------------------------------------------------------------------------------------------------------------
Utilities--16.3%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2%, 12/15/2012 1,001,250 181
380M Camden County, N.J. Municipal Utilities Sewer Revenue 8 1/4%, 12/1/2017 412,300 74
1,100M Evesham, N.J. Municipal Utilities Authority 7%, 7/1/2015 1,171,500 211
1,900M Jersey City, N.J. Sewer Authority 4 1/2%, 1/1/2019 1,372,750 248
425M Lacey, N.J. Municipal Utilities Authority 7%, 12/1/2016 458,469 83
500M Long Branch, N.J. Sewer Authority 7 1/4%, 6/1/2014 545,625 99
600M Lower Township, N.J. Municipal Utilities Authority 7%, 12/1/2015 650,250 117
250M Montville Township, N.J. Municipal Utilities Authority 7%, 12/1/2011 259,375 47
500M Musconetcong, N.J. Sewer Authority 7.15%, 1/1/2014 540,625 98
1,435M New Jersey Wastewater Treatment Trust 6 1/4%, 4/1/2010 1,402,712 253
1,140M Passaic Valley, N.J. Water Commn. 6.4%, 12/15/2022 1,197,000 216
- - --------------------------------------------------------------------------------------------------------------------------
9,011,856 1,627
- - --------------------------------------------------------------------------------------------------------------------------
Other Revenue--16.7%
1,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Conv. Ctr.) 7.4%, 7/1/2016 2,037,750 368
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth. 6.8%, 3/1/2021 358,312 65
1,000M New Brunswick, N.J. Parking Authority 7.2%, 9/1/2015 1,080,000 195
New Jersey Econ. Dev. Auth. Market Transition Fac. Rev.:
1,500M 5.8%, 7/1/2009 1,410,000 255
1,500M 5 7/8%, 7/1/2011 1,413,750 255
2,000M New Jersey Sports & Exposition Authority (Conv. Ctr.) 6%, 7/1/2012 1,875,000 338
1,000M Salem County, N.J. Impt. Auth. Rev. County Corr. Facs. 7 1/8%, 5/1/2017 1,077,500 195
- - --------------------------------------------------------------------------------------------------------------------------
9,252,312 1,671
- - --------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $54,113,009) 98.7% 54,666,581 9,871
Other Assets, Less Liabilities 1.3 712,210 129
- - --------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $55,378,791 $10,000
==========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA SERIES
December 31, 1994
- - ---------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.2%
Certificates of Participation--5.7%
Charlotte, N.C.:
$135M 5 1/4%, 12/1/2013 $ 114,412 $ 295
100M 6 3/4%, 12/1/2021 107,250 277
- - ---------------------------------------------------------------------------------------------------------------------------
221,662 572
- - ---------------------------------------------------------------------------------------------------------------------------
Education--6.1%
University of North Carolina:
100M Dormitory & Dining Hall System Revenue 5 1/2%, 6/1/2016 89,500 231
150M University Housing & Dining System 5.1%, 1/1/2008 130,875 338
15M Student Union System Revenue 6.9%, 1/1/2005 15,900 41
- - ---------------------------------------------------------------------------------------------------------------------------
236,275 610
- - ---------------------------------------------------------------------------------------------------------------------------
General Obligation--20.3%
25M Cleveland, N.C. 7.1%, 6/1/2001 26,812 69
200M Gaston County, N.C. 5.7%, 3/1/2013 182,250 471
200M Mecklenburg County, N.C. Public Improvement 6.2%, 1/1/2004 205,250 530
65M New Hanover, N.C. 4.9%, 8/1/2010 55,169 142
100M Orange County, N.C. 4 3/4%, 3/1/2008 83,500 216
45M Rutherford, N.C. 5.7%, 6/1/2012 45,169 117
200M Watauga County, N.C. 5.9%, 6/1/2014 186,750 482
- - ---------------------------------------------------------------------------------------------------------------------------
784,900 2,027
- - ---------------------------------------------------------------------------------------------------------------------------
Hospital--11.6%
135M Craven, N.C. Regl. Med. Auth. Health Care Facs. Rev. 5 5/8%, 10/1/2017 119,306 308
100M Cumberland County, N.C. Hosp. Facs. (Cumberland Cnty. Hosp. Sys.)
5 1/2%, 10/1/2014 88,125 228
North Carolina Medical Care Commission Hospital Revenue:
100M Memorial Mission Hospital Project 5 1/2%, 10/1/2011 88,625 229
140M Presbyterian Health Services Corporation 7 3/8%, 10/1/2020 154,000 398
- - ---------------------------------------------------------------------------------------------------------------------------
450,056 1,163
- - ---------------------------------------------------------------------------------------------------------------------------
Housing--3.1%
125M North Carolina Housing Finance Agency 6.6%, 7/1/2017 121,719 314
- - ---------------------------------------------------------------------------------------------------------------------------
Transportation--0.4%
15M Piedmont Triad Airport Authority, N.C. Airport Revenue 6 3/4%, 7/1/2016 16,031 41
- - ---------------------------------------------------------------------------------------------------------------------------
Utilities--45.1%
135M Buncombe County, N.C. Metro. Sewer District Rev. 5 3/8%, 7/1/2013 118,294 306
200M Charlotte, N.C. Water & Sewer 5 1/4%, 2/1/2014 174,000 450
70M Concord, N.C. Utility Systems 5 3/4%, 12/1/2017 62,825 162
100M Dare County, N.C. Utility System 5 3/4%, 6/1/2014 91,000 235
Fayetteville, N.C. Public Works Commission Revenue:
150M 4 3/4%, 3/1/2014 118,312 306
25M 6 1/2%, 3/1/2014 26,375 68
475M North Carolina Eastern Municipal Power Agency 5 1/2%, 1/1/2007 439,969 1,136
North Carolina Municipal Power Agency (#1 Catawba Electric):
420M 5 3/4%, 1/1/2020 372,225 961
125M 6%, 1/1/2010 119,688 309
210M Puerto Rico Electric Power Authority 9%, 7/1/2005 221,132 571
- - ---------------------------------------------------------------------------------------------------------------------------
1,743,820 4,504
- - ---------------------------------------------------------------------------------------------------------------------------
Other Revenue--4.9%
200M Puerto Rico Municipal Finance Agency 6%, 7/1/2014 188,250 486
- - ---------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $4,020,720) 97.2% 3,762,713 9,717
Other Assets, Less Liabilities 2.8 109,572 283
- - ---------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,872,285 $10,000
===========================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.3%
Certificates of Participation--3.6%
$1,500M Pennsylvania State 5%, 7/1/2015 $ 1,190,625 $ 355
- - ------------------------------------------------------------------------------------------------------------------------
Education--8.9%
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55%, 8/15/2009 675,844 201
Pennsylvania State Higher Educational Facilities Authority:
1,000M Drexel University 5 5/8%, 5/1/2014 881,250 263
455M Hahnemann University 7.2%, 7/1/2019 475,475 142
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College) 6 1/8%, 5/1/2014 940,000 280
- - ------------------------------------------------------------------------------------------------------------------------
2,972,569 886
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--16.0%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3%, 4/1/2009 157,312 47
200M Conrad Weiser Area School District 6 5/8%, 10/1/2007 201,750 60
265M Falls Township, Pa. 7%, 12/15/2010 282,225 84
700M Jeannette, Pa. School District 6.65%, 6/15/2021 735,000 219
300M Lehigh County, Pa. 6.9%, 8/1/2011 322,875 96
1,000M Philadelphia, Pa. 6%, 11/15/2014 918,750 274
1,500M Pittsburgh, Pa. 5 1/2%, 9/1/2014 1,312,500 391
800M Trinity Area School District, Pa. 6 5/8%, 11/1/2011 841,000 251
565M Venango County, Pa. 7%, 7/15/2015 605,962 181
- - ------------------------------------------------------------------------------------------------------------------------
5,377,374 1,603
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--14.1%
1,000M Allegheny County, Pa. Hosp. Dev. Auth. (Magee-Womens Hosp.)
6%, 10/1/2013 933,750 279
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8%, 7/1/2014 1,060,125 316
Dauphin County, Pa. Gen. Auth. Hosp. Rev. (Hapsco-Western Hospital):
500M 6 1/4%, 7/1/2008 497,500 148
1,000M 6 1/8%, 7/1/2010 951,250 284
235M Delaware County, Pa. Auth. Hosp. Rev. (Memorial Hosp.) 7 1/8%, 8/15/2009 242,931 72
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7%, 7/1/2014 504,375 150
500M Washington County, Pa. Auth. Lease Revenue 7.45%, 12/15/2018 553,750 165
- - ------------------------------------------------------------------------------------------------------------------------
4,743,681 1,414
- - ------------------------------------------------------------------------------------------------------------------------
Housing--1.5%
500M Pennsylvania Housing Finance Agency Single-Family Mtge. 7.15%, 4/1/2015 502,500 150
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--5.8%
1,600M Pennsylvania State Tpk. Commn. Oil Franchise Rev. 5 1/2%, 12/1/2012 1,430,000 426
260M Pennsylvania State Tpk. Commn. Tpk. Revenue 7.4%, 12/1/2017 286,975 86
225M Philadelphia, Pa. Regional Port Authority Lease Revenue 7.15%, 8/1/2020 241,594 72
- - ------------------------------------------------------------------------------------------------------------------------
1,958,569 584
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--29.3%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,000M 6 1/4%, 12/1/2014 943,750 282
1,100M 6 1/2%, 12/1/2016 1,149,500 343
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison) 7 3/4%, 9/1/2024 186,156 55
1,000M Center Township, Pa. Sewer Authority Series "A" 5 1/2%, 4/15/2016 883,750 263
230M Fairview Township, Pa. Authority Sewer Revenue 7%, 11/1/2020 245,813 73
Harrisburg, Pa. Authority Water Revenue:
250M 7%, 7/15/2015 267,500 80
350M 6 1/2%, 8/15/2016 364,875 109
1,000M Meadville, Pa. Area Water Authority 5 1/8%, 7/1/2014 835,000 249
1,000M North Pennsylvania, Pa. Water Authority 6 7/8%, 11/1/2019 1,007,500 300
1,000M North Wales, Pa. Water Authority 6 3/4%, 11/1/2017 996,250 297
1,500M Philadelphia, Pa. Water & Sewer 5%, 6/15/2019 1,166,250 348
Pittsburgh, Pa. Water & Sewer Auth. Water & Sewer System:
275M 6 3/4%, 9/1/2010 294,594 88
1,500M 6 1/2%, 9/1/2013 1,492,500 445
- - ------------------------------------------------------------------------------------------------------------------------
9,833,438 2,932
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--17.1%
$1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. 7%, 6/15/2014 1,025,000 305
Pennsylvania State Industrial Development Authority:
1,000M 6%, 1/1/2012 927,500 277
2,750M 5 1/2%, 1/1/2014 2,358,125 703
1,000M Philadelphia, Pa. Municipal Authority Revenue 5 5/8%, 11/15/2014 877,500 262
500M Somerset County, Pa. Gen. Auth. Comwlth. Lease Rev. 7%, 10/15/2013 536,250 160
- - ------------------------------------------------------------------------------------------------------------------------
5,724,375 1,707
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $32,999,887 ) 32,303,131 9,631
- - ------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENT--1.5%
Hospital
500M Sayre, Pa. Health Care Facs. Auth. Variable Rate Note 5.25%
(cost $500,000) (a) 500,000 149
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $33,499,887) 97.8% 32,803,131 9,780
Other Assets, Less Liabilities 2.2 738,977 220
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $33,542,108 $10,000
========================================================================================================================
(a) Interest rates are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at December 31, 1994.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA SERIES
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.8%
Certificates of Participation--1.9%
$ 275M Stafford County, Va. 7%, 11/1/2009 $ 296,312 $ 133
110M Virginia Beach, Va. 7 1/4%, 9/1/2010 120,313 54
- - ------------------------------------------------------------------------------------------------------------------------
416,625 187
- - ------------------------------------------------------------------------------------------------------------------------
Education--3.8%
750M James Madison University, Va. 5 1/4%, 6/1/2013 644,062 289
200M Virginia College Bldg. Auth. (Washington & Lee Univ.) 7%, 1/1/2015 215,000 96
- - ------------------------------------------------------------------------------------------------------------------------
859,062 385
- - ------------------------------------------------------------------------------------------------------------------------
General Obligation--24.4%
1,250M Chesapeake, Va. Public Improvement 5%, 5/1/2013 1,032,812 463
185M Hampton, Va. Public Improvement 6 5/8%, 1/1/2010 195,175 87
165M Leesburg, Va. 7%, 8/1/2010 176,756 79
750M Loudon County, Va. 5 1/2%, 10/1/2013 663,750 297
100M Newport News, Va. General Improvement Series "A" 6 7/8%, 12/1/2009 107,375 48
170M Portsmouth, Va. Utility 6.8%, 8/1/2010 181,263 81
Richmond, Virginia:
500M 7.2%, 1/15/2007 535,000 239
600M 6 1/2%, 7/15/2012 633,000 284
Virginia Beach, Virginia:
1,000M 5.4%, 7/15/2008 910,000 408
500M 5.8%, 11/1/2011 460,625 206
Virginia State Public School Authority:
50M 7%, 6/1/2010 52,750 24
500M 6 1/2%, 8/1/2013 493,125 221
- - ------------------------------------------------------------------------------------------------------------------------
5,441,631 2,437
- - ------------------------------------------------------------------------------------------------------------------------
Hospital--12.1%
125M Charlottesville, Va. Indl. Dev. Auth. (Martha Jefferson Hosp.)
7 3/8%, 10/1/2020 137,500 61
1,000M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.) 6 3/8%, 10/1/2014 966,250 433
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
255M 7 1/4%, 7/1/2010 278,269 125
675M 6 1/8%, 7/1/2017 627,750 281
100M 7 1/4%, 7/1/2017 109,125 49
295M 6 1/2%, 7/1/2025 307,537 138
250M Winchester, Va. Indl. Dev. Auth. (Winchester Med.Ctr.) 7 1/4%, 1/1/2015 271,563 122
- - ------------------------------------------------------------------------------------------------------------------------
2,697,994 1,209
- - ------------------------------------------------------------------------------------------------------------------------
Housing--7.5%
1,000M Richmond, Va. Redev. & Hsg. Auth. (Old Manchester Proj.) 6.8%, 3/1/2015 1,005,000 450
750M Virginia State Hsg. Dev. Auth. Multi-Family Series "D" 5.85%, 11/1/2010 681,563 305
- - ------------------------------------------------------------------------------------------------------------------------
1,686,563 755
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--12.7%
750M Metro Washington, D.C. Airport Revenue 5 3/8%, 10/1/2013 644,063 288
280M Richmond, Va. Metro. Auth. Expressway Rev. 7%, 10/15/2013 304,500 136
200M Virginia State Transportation Board Trans. Contract Rev. 6.8%, 5/15/2009 211,500 95
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6%, 7/1/2008 963,750 432
750M 6%, 7/1/2010 719,062 322
- - ------------------------------------------------------------------------------------------------------------------------
2,842,875 1,273
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--33.3%
Fairfax County, Va. Sewer Revenue:
750M 5 1/2%, 11/15/2013 662,812 297
325M 7%, 11/15/2016 350,594 157
170M Fairfax County, Va. Water Authority Water Revenue 7 1/4%, 1/1/2027 184,663 83
750M Frederick-Winchester Service Auth. Sewer System Rev. 5 3/4%, 10/1/2015 672,188 301
275M Henry County, Va. Pub. Svce. Auth. Water/Sewer Rev. 7.2%, 11/15/2019 298,719 134
750M Leesburg, Va. Utility System Revenue 6.3%, 7/1/2012 728,437 326
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4%, 1/1/2010 481,875 216
1,000M 5 1/2%, 1/1/2015 876,250 392
500M Peppers Ferry, Va. Regl. Wastewater Treatment Auth. 5 3/8%, 3/1/2009 448,125 201
1,000M Prince William County, Va. Svce. Auth. Water Sewer Sys.Rev.
6 1/2%, 7/1/2021 1,056,250 473
560M Roanoke County, Va. Water System Revenue 6 1/2%, 7/1/2021 591,500 265
625M Upper Occoquan Sewer Authority, Va. Regl. Sewer Rev. 6 1/2%, 7/1/2017 660,156 296
500M Virginia Beach, Va. Water & Sewer Revenue 5 1/8%, 2/1/2014 416,875 187
- - ------------------------------------------------------------------------------------------------------------------------
7,428,444 3,328
- - ------------------------------------------------------------------------------------------------------------------------
Other Revenue--3.1%
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex) 6 1/2%, 12/1/2014 690,375 309
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,546,382) 22,063,569 9,883
- - ------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENT--0.5%
Hospital
Lynchburg, Va. Indl. Dev. Auth. (VHA Mid Atlantic/Cap) Variable
100M Rate Note Series "C" 5.25%, (cost $100,000)(a) 100,000 45
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $22,646,382) 99.3% 22,163,569 9,928
Other Assets, Less Liabilities .7 161,371 72
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,324,940 $10,000
========================================================================================================================
(a) Interest rates are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at December 31, 1994.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
December 31, 1994
------------------- --------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED --------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- - ------------------------------------------- ------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $192,503,014 $14,558,229 $19,631,758 $2,048,505 $6,768,267
============ =========== =========== ========== ==========
At value (Note 1A) $195,326,425 $14,404,744 $19,344,625 $2,013,500 $6,668,819
Cash 300,141 67,288 13,110 46,877 96,713
Receivables:
Interest 4,727,451 305,112 353,441 36,942 141,908
Investment securities sold 5,723,436 -- 25,261 -- --
Shares sold 330,953 102,958 153,815 95,423 24,949
Other assets 10,408 16 31 -- 7
------------ ----------- ----------- ---------- ----------
Total Assets 206,418,814 14,880,118 19,890,283 2,192,742 6,932,396
------------ ----------- ----------- ---------- ----------
Liabilities
Payables:
Investment securities purchased 10,761,714 -- -- 97,299 --
Shares redeemed 1,286,496 3,225 45,900 29,505 10,000
Dividends payable January 20, 1995 242,112 16,613 58,747 402 11,177
Accrued advisory fees 120,881 4,933 6,093 -- --
Accrued expenses 91,869 7,361 14,533 319 7,696
------------ ----------- ----------- ---------- ----------
Total Liabilities 12,503,072 32,132 125,273 127,525 28,873
------------ ----------- ----------- ---------- ----------
Net Assets $193,915,742 $14,847,986 $19,765,010 $2,065,217 $6,903,523
============ =========== =========== ========== ==========
Net Assets Consist of:
Capital paid in $193,447,274 $15,351,053 $20,300,612 $2,139,973 $7,132,309
Undistributed net investment income 43,318 5,255 16,464 1,050 2,316
Accumulated net realized loss on investments (2,398,261) (354,837) (264,933) (40,801) (131,654)
Net unrealized appreciation (depreciation)
in value of investments 2,823,411 (153,485) (287,133) (35,005) (99,448)
------------ ----------- ----------- ---------- ----------
Total $193,915,742 $14,847,986 $19,765,010 $2,065,217 $6,903,523
============ =========== =========== ========== ==========
Shares Outstanding (Note 2) 14,197,611 1,283,431 1,675,727 182,338 586,684
============ =========== =========== ========== ==========
Net Asset Value and Redemption
Price Per Share--Class A
(Note 2) $13.66 $11.57 $11.79 $11.33 $11.77
====== ====== ====== ====== ======
Maximum Offering Price Per Share--Class A
(Net Asset Value/.9375)*. $14.57 $12.34 $12.58 $12.09 $12.55
====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
-------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- - ------------------------------------------- ------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $19,986,719 $54,113,009 $4,020,720 $33,499,887 $22,646,382
============ =========== =========== ========== ==========
At value (Note 1A) $20,353,894 $54,666,581 $3,762,713 $32,803,131 $22,163,569
Cash 75,845 471,126 88,391 75,364 253,395
Receivables:
Interest 420,925 1,224,385 87,810 558,307 467,878
Investment securities sold -- 506,196 -- 882,795 106,594
Shares sold 67,384 211,277 367 220,403 81,209
Other assets 644 277 -- 81 47
------------ ----------- ----------- ---------- ----------
Total Assets 20,918,692 57,079,842 3,939,281 34,540,081 23,072,692
------------ ----------- ----------- ---------- ----------
Liabilities
Payables:
Investment securities purchased -- 1,459,226 -- 672,018 688,721
Shares redeemed 34,360 86,830 59,411 229,505 --
Dividends payable January 20, 1995 23,281 96,955 6,935 67,449 40,156
Accrued advisory fees 8,624 27,511 -- 13,932 7,374
Accrued expenses 14,196 30,529 650 15,069 11,501
------------ ----------- ----------- ---------- ----------
Total Liabilities 80,461 1,701,051 66,996 997,973 747,752
------------ ----------- ----------- ---------- ----------
Net Assets $20,838,231 $55,378,791 $3,872,285 $33,542,108 $22,324,940
============ =========== =========== ========== ==========
Net Assets Consist of:
Capital paid in $20,796,088 $55,028,696 $4,213,061 $34,301,834 $22,858,670
Undistributed net investment income 4,363 22,303 1,034 9,127 11,295
Accumulated net realized loss on investments (329,395) (225,780) (83,803) (72,097) (62,212)
Net unrealized appreciation (depreciation)
in value of investments 367,175 553,572 (258,007) (696,756) (482,813)
------------ ----------- ----------- ---------- ----------
Total $20,838,231 $55,378,791 $3,872,285 $33,542,108 $22,324,940
============ =========== =========== ========== ==========
Shares Outstanding (Note 2) 1,891,810 4,593,777 355,348 2,863,842 1,911,195
============ =========== =========== ========== ==========
Net Asset Value and Redemption
Price Per Share--Class A
(Note 2) $11.01 $12.06 $10.90 $11.71 $11.68
====== ====== ====== ====== ======
Maximum Offering Price Per Share--Class A
(Net Asset Value/.9375)*. $11.74 $12.86 $11.63 $12.49 $12.46
====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Year Ended December 31, 1994
--------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------------------
NEW YORK INSURED
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $13,385,056 $940,807 $1,226,395 $83,897 $389,869
------------ ----------- ----------- -------- ---------
Expenses:
Advisory fees (Note 5) 1,526,855 119,993 157,128 12,122 51,149
Distribution plan expenses (Note 6) 610,742 31,998 41,901 3,232 13,640
Shareholder servicing costs (Note 5) 167,766 14,952 16,280 2,979 12,142
Professional fees 46,113 12,470 14,937 10,997 7,281
Reports to shareholders 75,397 6,127 9,216 525 2,428
Bond insurance premiums (Note 1A) 111,751 3,568 1,316 163 1,426
Other expenses 66,390 6,200 7,630 1,179 3,494
------------ ----------- ----------- -------- ---------
Total expenses 2,605,014 195,308 248,408 31,197 91,560
Less: Expenses waived or assumed (Note 5) -- (55,997) (119,394) (27,965) (60,868)
------------ ----------- ----------- -------- ---------
Expenses - net 2,605,014 139,311 129,014 3,232 30,692
------------ ----------- ----------- -------- ---------
Net investment income 10,780,042 801,496 1,097,381 80,665 359,177
------------ ----------- ----------- -------- ---------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized loss on investments (2,398,261) (313,831) (264,933) (40,801) (115,472)
Net unrealized depreciation of investments (19,225,762) (1,639,963) (2,040,709) (110,067) (639,993)
------------ ----------- ----------- -------- ---------
Net loss on investments (21,624,023) (1,953,794) (2,305,642) (150,868) (755,465)
------------ ----------- ----------- -------- ---------
Net Decrease in Net Assets
Resulting from Operations $(10,843,981) $(1,152,298) $(1,208,261) $(70,203) $(396,288)
============ =========== =========== ======== =========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - --------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
--------------------------------------------------------------------------------
<S>
Investment Income
Interest income $1,407,445 $3,732,427 $235,549 $2,075,225 $1,380,019
------------ ----------- --------- ----------- -----------
Expenses:
Advisory fees (Note 5) 165,005 451,268 32,570 259,689 176,624
Distribution plan expenses (Note 6) 44,001 120,338 8,684 69,250 47,100
Shareholder servicing costs (Note 5) 18,980 39,279 5,047 24,559 21,218
Professional fees 15,751 26,923 11,357 12,764 12,020
Reports to shareholders 8,007 19,289 1,210 11,223 8,745
Bond insurance premiums (Note 1A) 3,633 5,165 1,665 2,143 7,485
Other expenses 8,995 22,760 1,860 11,158 8,552
------------ ----------- --------- ----------- -----------
Total expenses 264,372 685,022 62,393 390,786 281,744
Less: Expenses waived or assumed (Note 5) (55,002) (90,254) (53,709) (86,564) (82,424)
------------ ----------- --------- ----------- -----------
Expenses - net 209,370 594,768 8,684 304,222 199,320
------------ ----------- --------- ----------- -----------
Net investment income 1,198,075 3,137,659 226,865 1,771,003 1,180,699
------------ ----------- --------- ----------- -----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized loss on investments (329,395) (225,780) (83,803) (72,097) (61,681)
Net unrealized depreciation of investments (2,097,875) (6,767,311) (437,561) (3,989,085) (2,611,443)
------------ ----------- --------- ----------- -----------
Net loss on investments (2,427,270) (6,993,091) (521,364) (4,061,182) (2,673,124)
------------ ----------- --------- ----------- -----------
Net Decrease in Net Assets
Resulting from Operations $(1,229,195) $(3,855,432) $(294,499) $(2,290,179) $(1,492,425)
============ =========== ========= =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
---------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------------------------------------
FIRST INVESTORS
NEW YORK INSURED
TAX FREE FUND, INC. CONNECTICUT FLORIDA
---------------------------------------------------------------------------------------
Year Ended December 31 1994 1993 1994 1993 1994 1993
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 10,780,042 $ 10,629,827 $ 801,496 $ 700,629 $ 1,097,381 $ 892,710
Net realized gain
(loss) on investments (2,398,261) 1,956,805 (313,831) 19,159 (264,933) 153,384
Net unrealized appreciation
(depreciation) of investments (19,225,762) 5,717,430 (1,639,963) 1,092,677 (2,040,709) 1,130,563
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease) in net
assets resulting from operations (10,843,981) 18,304,062 (1,152,298) 1,812,465 (1,208,261) 2,176,657
------------ ------------ ----------- ----------- ----------- -----------
Distributions to Shareholders:
From net investment income (10,924,339) (10,744,568) (801,765) (708,098) (1,102,831) (891,655)
From net realized gain from
security transactions -- (1,883,601) -- (14,569) -- (152,663)
In excess of realized gain from
security transactions -- -- (41,006) -- --
------------ ------------ ----------- ----------- ----------- -----------
Total distributions (10,924,339) (12,628,169) (801,765) (763,673) (1,102,831) (1,044,318)
------------ ------------ ----------- ----------- ----------- -----------
Share Transactions--Class A (a)
Issued 24,920,224 35,247,740 2,473,254 6,895,332 4,193,910 9,026,307
Issued on reinvestments 8,056,192 9,501,950 613,310 572,413 513,004 491,864
Redeemed (29,259,279) (19,847,378) (3,486,374) (2,142,874) (4,027,836) (1,931,381)
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease)
from share transactions 3,717,137 24,902,312 (399,810) 5,324,871 679,078 7,586,790
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease) in net assets (18,051,183) 30,578,205 (2,353,873) 6,373,663 (1,632,014) 8,719,129
Net Assets
Beginning of year 211,966,925 181,388,720 17,201,859 10,828,196 21,397,024 12,677,895
------------ ------------ ----------- ----------- ----------- -----------
End of year+ $193,915,742 $211,966,925 $14,847,986 $17,201,859 $19,765,010 $21,397,024
============ ============ =========== =========== =========== ===========
+Includes undistributed net
investment income of $ 43,318 $ 187,615 $ 5,255 $ 5,524 $ 16,464 $ 21,914
============ ============ =========== =========== =========== ===========
(a)Shares Issued and
Redeemed--Class A (Note 2)
Issued 1,733,745 2,324,856 203,067 541,604 337,394 703,204
Issued on reinvestments 566,477 626,756 51,022 44,693 42,134 38,036
Redeemed (2,070,038) (1,309,852) (288,696) (167,023) (332,533) (150,883)
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease) in shares 230,184 1,641,760 (34,607) 419,274 46,995 590,357
============ ============ =========== =========== =========== ===========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
---------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
GEORGIA MARYLAND
------------------------------------------------------
Year Ended December 31 1994 1993 1994 1993
------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 80,665 $ 42,700 $ 359,177 $ 261,536
Net realized gain
(loss) on investments (40,801) 1,790 (115,472) 4,285
Net unrealized appreciation
(depreciation) of investments (110,067) 68,450 (639,993) 399,808
---------- ---------- ---------- ----------
Net increase (decrease) in net
assets resulting from operations (70,203) 112,940 (396,288) 665,629
---------- ---------- ---------- ----------
Distributions to Shareholders:
From net investment income (79,754) (43,118) (362,227) (261,400)
From net realized gain from
security transactions -- (588) -- (1,759)
In excess of realized gain from
security transactions -- -- -- (16,183)
---------- ---------- ---------- ----------
Total distributions (79,754) (43,706) (362,227) (279,342)
---------- ---------- ---------- ----------
Share Transactions--Class A (a)
Issued 927,355 1,030,007 1,928,630 2,781,436
Issued on reinvestments 73,507 39,557 254,066 199,323
Redeemed (254,666) (34,706) (1,164,023) (298,784)
---------- ---------- ---------- ----------
Net increase (decrease)
from share transactions 746,196 1,034,858 1,018,673 2,681,975
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 596,239 1,104,092 260,158 3,068,262
Net Assets
Beginning of year 1,468,978 364,886 6,643,365 3,575,103
---------- ---------- ---------- ----------
End of year+ $2,065,217 $1,468,978 $6,903,523 $6,643,365
========== ========== ========== ==========
+Includes undistributed net
investment income of $ 1,050 $ 139 $ 2,316 $ 5,366
========== ========== ========== ==========
(a)Shares Issued and
Redeemed--Class A (Note 2)
Issued 80,499 85,247 156,671 217,830
Issued on reinvestments 6,313 3,252 20,852 15,474
Redeemed (22,084) (2,830) (96,175) (23,191)
---------- ---------- ---------- ----------
Net increase (decrease) in shares 64,728 85,669 81,348 210,113
========== ========== ========== ==========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
Statement of Changes in Net Assets)
-------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE TAX FREE FUND
-------------------------------------------------------------------------------------
MASSACHUSETTS NEW JERSEY NORTH CAROLINA
-------------------------------------------------------------------------------------
Year Ended December 31 1994 1993 1994 1993 1994 1993
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 1,198,075 $ 1,184,371 $ 3,137,659 $ 3,097,264 $ 226,865 $ 129,186
Net realized gain (loss)
on investments (329,395) 262,882 (225,780) 484,191 (83,803) 14,078
Net unrealized appreciation
(depreciation) of investments (2,097,875) 1,017,370 (6,767,311) 3,741,512 (437,561) 166,196
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) in net
assets resulting from operations (1,229,195) 2,464,623 (3,855,432) 7,322,967 (294,499) 309,460
----------- ----------- ----------- ----------- ---------- ----------
Distributions to Shareholders:
From net investment income (1,203,624) (1,195,356) (3,146,005) (3,112,114) (226,667) (129,454)
From net realized gain from
security transactions -- (262,882) -- (484,191) -- (13,491)
In excess of realized gain from
security transactions -- -- -- -- -- --
----------- ----------- ----------- ----------- ---------- ----------
Total distributions (1,203,624) (1,458,238) (3,146,005) (3,596,305) (226,667) (142,945)
----------- ----------- ----------- ----------- ---------- ----------
Share Transactions--Class A (a)
Issued 2,473,916 4,845,856 7,713,722 13,337,259 1,415,758 2,605,521
Issued on reinvestments 933,965 1,157,295 2,084,420 2,387,643 127,189 81,454
Redeemed (3,789,844) (3,423,407) (11,976,023) (9,265,052) (1,032,579) (53,980)
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease)
from share transactions (381,963) 2,579,744 (2,177,881) 6,459,850 510,368 2,632,995
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) in net assets (2,814,782) 3,586,129 (9,179,318) 10,186,512 (10,798) 2,799,510
Net Assets
Beginning of year 23,653,013 20,066,884 64,558,109 54,371,597 3,883,083 1,083,573
----------- ----------- ----------- ----------- ---------- ----------
End of year+ $20,838,231 $23,653,013 $55,378,791 $64,558,109 $3,872,285 $3,883,083
=========== =========== =========== =========== ========== ==========
+Includes undistributed
net investment income of $ 4,363 $ 9,912 $ 22,303 $ 30,649 $ 1,034 $ 836
=========== =========== =========== =========== ========== ==========
(a)Shares Issued and
Redeemed--Class A (Note 2)
Issued 214,343 397,068 601,287 1,006,097 121,402 218,843
Issued on reinvestments 81,626 94,669 166,135 178,780 11,292 6,758
Redeemed (329,777) (279,963) (951,262) (697,805) (93,643) (4,568)
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) in shares (33,808) 211,774 (183,840) 487,072 39,051 221,033
=========== =========== =========== =========== ========== ==========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
-----------------------------------------------------------
FIRST INVESTORS MULTI-STATE TAX FREE FUND
-----------------------------------------------------------
PENNSYLVANIA VIRGINIA
-----------------------------------------------------------
Year Ended December 31 1994 1993 1994 1993
-----------------------------------------------------------
<S> <C> <C. <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 1,771,003 $ 1,600,264 $ 1,180,699 $ 1,045,066
Net realized gain (loss)
on investments (72,097) 415,726 (61,681) 153,737
Net unrealized appreciation
(depreciation) of investments (3,989,085) 2,005,862 (2,611,443) 1,295,816
----------- ----------- ----------- -----------
Net increase (decrease) in net
assets resulting from operations (2,290,179) 4,021,852 (1,492,425) 2,494,619
----------- ----------- ----------- -----------
Distributions to Shareholders:
From net investment income (1,777,494) (1,588,147) (1,175,046) (1,047,903)
From net realized gain from
security transactions -- (404,132) -- (153,737)
In excess of realized gain from
security transactions -- -- -- --
----------- ----------- ----------- -----------
Total distributions (1,777,494) (1,992,279) (1,175,046) (1,201,640)
----------- ----------- ----------- -----------
Share Transactions--Class A (a)
Issued 5,661,896 10,379,865 3,263,981 8,272,351
Issued on reinvestments 1,033,699 1,172,678 721,894 784,569
Redeemed (4,599,995) (4,103,687) (3,677,279) (2,173,312)
----------- ----------- ----------- -----------
Net increase (decrease)
from share transactions 2,095,600 7,448,856 308,596 6,883,608
----------- ----------- ----------- -----------
Net increase (decrease) in net assets (1,972,073) 9,478,429 (2,358,875) 8,176,587
Net Assets
Beginning of year 35,514,181 26,035,752 24,683,815 16,507,228
----------- ----------- ----------- -----------
End of year+ $33,542,108 $35,514,181 $22,324,940 $24,683,815
=========== =========== =========== ===========
+Includes undistributed
net investment income of $ 9,127 $ 15,618 $ 11,295 $ 5,642
=========== =========== =========== ===========
(a)Shares Issued and
Redeemed--Class A (Note 2)
Issued 457,976 803,680 265,790 648,409
Issued on reinvestments 84,890 90,262 59,666 61,031
Redeemed (377,755) (318,749) (304,592) (169,025)
----------- ----------- ----------- -----------
Net increase (decrease) in shares 165,111 575,193 20,864 540,415
=========== =========== =========== ===========
See notes to financial statements
</TABLE>
Notes to Financial Statements
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Series
1. Significant Accounting Policies--First Investors New York Insured
Tax Free Fund, Inc. and First Investors Multi-State Insured Tax Free
Fund (collectively, the "Funds") are registered under the Investment
Company Act of 1940 (the "1940 Act") as diversified, open-end
management investment companies. First Investors New York Insured Tax
Free Fund, Inc. ("New York Insured") consists of a single investment
series and First Investors Multi-State Insured Tax Free Fund ("Multi-
State Insured") consists of seventeen separate investment series. This
report relates to New York Insured and the nine series of Multi-State
Insured listed above (singularly and collectively, "Series"). Multi-
State Insured operates as a series fund, issuing shares of beneficial
interest in each Series and accounts separately for the assets,
liabilities and operations of each Series.
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
sufficient to relieve them from all, or substantially all, federal
income taxes. At December 31, 1994, the Series had the following
capital loss carryovers, expiring in the year 2002:
<TABLE>
<CAPTION>
<S> <C>
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
</TABLE>
C. Distributions to Shareholders--Dividends from net investment income
are declared daily and paid monthly. Distributions from net realized
capital gains are normally declared and paid annually. To the extent
that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Series not to distribute such gain.
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. Fund Shares--The Articles of Incorporation of New York Insured
authorize the Fund to issue 1,000,000,000 shares of capital stock of
$.01 par value. The Declaration of Trust of Multi-State Insured permits
the Fund to issue an unlimited number of shares of beneficial interest
in each Series. By action of the Board of Directors of New York
Insured, the Articles of Incorporation were amended on October 21,
1994, so that of the 1,000,000,000 shares originally authorized,
500,000,000 shares were allocated as Class A and 500,000,000 shares
were allocated as Class B capital stock. Also, on September 22, 1994,
the Board of Trustees of Multi-State Insured established an unlimited
number of Class A and an unlimited number of Class B shares of
beneficial interest. As of December 31, 1994, only Class A shares have
been issued by either Fund.
3. Concentration of Credit Risk--The Series invest in debt instruments
of municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions--For the year ended December 31, 1994,
purchases and sales of municipal securities were as follows:
<TABLE>
<CAPTION>
Cost Proceeds
of of
Purchases Sales
-------------- --------------
<S> <C> <C>
NEW YORK INSURED $124,389,966 $109,436,929
MULTI-STATE INSURED
---------------------
CONNECTICUT Series 9,660,816 9,502,542
FLORIDA Series 20,375,213 19,442,552
GEORGIA Series 1,901,913 1,201,113
MARYLAND Series 3,863,867 2,878,776
MASSACHUSETTS Series 14,194,253 13,634,743
NEW JERSEY Series 34,952,953 35,467,568
NORTH CAROLINA Series 2,974,198 2,468,352
PENNSYLVANIA Series 29,387,625 26,350,063
VIRGINIA Series 13,353,627 12,434,565
</TABLE>
At December 31, 1994, aggregate cost and net unrealized appreciation
(depreciation) of securities for federal income tax purposes were as
follows:
<TABLE>
<CAPTION>
Net
Gross Gross Unrealized
Aggregate Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NEW YORK INSURED $192,503,014 $7,381,615 $4,558,204 $2,823,411
MULTI-STATE INSURED
-------------------
CONNECTICUT Series 14,558,229 173,580 327,065 (153,485)
FLORIDA Series 19,631,758 349,254 636,387 (287,133)
GEORGIA Series 2,048,505 10,573 45,578 (35,005)
MARYLAND Series 6,768,267 107,886 207,334 (99,448)
MASSACHUSETTS Series 19,986,719 807,748 440,573 367,175
NEW JERSEY Series 54,113,009 764,093 1,210,521 553,572
NORTH CAROLINA Series 4,020,720 3,887 261,894 (258,007)
PENNSYLVANIA Series 33,499,887 637,914 1,334,670 (696,756)
VIRGINIA Series 22,646,382 484,874 967,687 (482,813)
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates (Also see Note
6)--Certain officers and directors/trustees of the Series are officers
and directors of the Series' investment adviser, First Investors
Management Company, Inc. ("FIMCO"), their underwriter, First Investors
Corporation ("FIC") and/or their transfer agent, Administrative Data
Management Corp. ("ADM"). Officers and directors/trustees of the Series
received no remuneration from the Series for serving in such
capacities. Their remuneration (together with certain other expenses of
the Series) is paid by FIMCO or FIC.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of New York Insured and of the
average daily net assets of each Series of the Multi-State Insured,
declining by .03% on each $250 million thereafter, down to .66% on
average daily net assets over $750 million. For the year ended December
31, 1994, advisory fees of New York Insured amounted to $1,526,855. For
the same period, advisory fees for the nine Series of Multi-State
Insured included in this report amounted to $1,425,548, of which
$585,477 was waived; other expenses in the amount of $35,181 were
assumed by FIMCO.
For the year ended December 31, 1994, FIC, as underwriter, received
$425,087 in commissions on sales of shares of New York Insured, after
allowing $30,213 to other dealers, and $918,064 in commissions on sales
of shares of the nine Series of Multi-State Insured included in this
report, after allowing $260,188 to other dealers. Shareholder servicing
costs of New York Insured and the nine Series of Multi-State Insured
consisted of $167,766, and $155,436, 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, Maryland and North
Carolina Series of Multi-State Insured, in the amount of $11,519, were
waived by the transfer agent for the year ended December 31, 1994.
6. Distribution Plan--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 its respective average net assets, 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 year ended December 31, 1994, these fees amounted to $610,742 and
$380,144 respectively, for New York Insured and the nine Series of
Multi-State Insured.
This page intentionally left blank.
Financial Highlights
The following table sets forth the per share operating performance data
for a Class A share outstanding, total return,
ratios to average net assets and other supplemental data for each
period indicated.
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
-------------------------------------- -----------------------
Net Asset Net Net Asset
Value Realized and Net Value
---------- Net Unrealized Total from Net Realized ----------
Beginning Investment Gain (Loss) on Investment Investment Gain on Total End of
of Period Income Investments Operations Income Investments Distributions Period
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
--------------------------
1985 $11.82 $.942 $1.228 $2.170 $.960 $ --- $.960 $13.03
1986 13.03 .932 1.238 2.170 .950 -- .950 14.25
1987 14.25 .919 (1.109) (.190) .910 -- .910 13.15
1988 13.15 .902 .388 1.290 .930 -- .930 13.51
1989 13.51 .901 .339 1.240 .880 -- .880 13.87
1990 13.87 .889 (.119) .770 .890 -- .890 13.75
1991 13.75 .881 .574 1.455 .875 -- .875 14.33
1992 14.33 .844 .386 1.230 .840 -- .840 14.72
1993 14.72 .809 .608 1.417 .820 .137 .957 15.18
1994 15.18 .758 (1.510) (.752) .768 -- .768 13.66
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
---------------------
CONNECTICUT SERIES
- - ------------------
10/8/90** to 12/31/90 11.17 .034 (.014) .020 -- -- -- 11.19
1991 11.19 .630 .449 1.079 .625 .004 .629 11.64
1992 11.64 .669 .401 1.070 .660 -- .660 12.05
1993 12.05 .615 1.053 1.668 .625 .043 .668 13.05
1994 13.05 .609 (1.480) (.871) .609 -- .609 11.57
FLORIDA SERIES
- - --------------
10/5/90** to 12/31/90 11.17 .018 (.058) (.040) -- -- -- 11.13
1991 11.13 .658 .582 1.240 .640 .030 .670 11.70
1992 11.70 .702 .508 1.210 .700 -- .700 12.21
1993 12.21 .664 1.032 1.696 .671 .095 .766 13.14
1994 13.14 .642 (1.346) (.704) .646 -- .646 11.79
GEORGIA SERIES
- - --------------
5/1/92** to 12/31/92 11.17 .267 .233 .500 .250 -- .250 11.42
1993 11.42 .603 1.091 1.694 .619 .005 .624 12.49
1994 12.49 .584 (1.165) (.581) .579 -- .579 11.33
MARYLAND SERIES
- - ---------------
10/8/90** to 12/31/90 11.17 .021 .189 .210 -- -- -- 11.38
1991 11.38 .628 .287 .915 .615 -- .615 11.68
1992 11.68 .669 .426 1.095 .665 -- .665 12.11
1993 12.11 .653 1.083 1.736 .660 .036 .696 13.15
1994 13.15 .644 (1.373) (.729) .651 -- .651 11.77
*Annualized
**Commencement of operations
+Calculated without sales charge
++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 December 31, 1994 (See Note 5).
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - ----------------------------------------------------------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA
- - ----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
------------------------------------------------------------------
Total Net Assets Net Net Portfolio
Return+ End of Period Investment Investment Turnover
(%) (in thousands Expenses(%) Income(%) Expenses(%) Income(%) Rate(%)
- - ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
--------------------------
1985 18.92 $ 44,606 1.18 8.02 N/A N/A 32
1986 17.03 83,760 1.13 6.90 N/A N/A 10
1987 (1.25) 103,892 1.10 6.91 N/A N/A 2
1988 10.10 121,017 1.26 6.77 N/A N/A 21
1989 9.43 150,154 1.14 6.57 N/A N/A 13
1990 5.81 156,022 1.23 6.53 N/A N/A 33
1991 10.89 162,296 1.24 6.29 N/A N/A 25
1992 8.84 181,389 1.29 5.84 N/A N/A 46
1993 9.82 211,967 1.27 5.35 N/A N/A 31
1994 (5.03) 193,916 1.28 5.30 N/A N/A 55
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
---------------------
CONNECTICUT SERIES
- - ------------------
10/8/90** to 12/31/90 7.71* 625 -- 1.75* 1.46* .28* 0
1991 9.92 5,050 .06 5.83 1.60 4.28 35
1992 9.49 10,828 .33 5.73 1.20 4.86 46
1993 14.10 17,202 .80 4.83 1.15 4.48 29
1994 (6.75) 14,848 .87 5.01 1.22 4.66 63
FLORIDA SERIES
- - --------------
10/5/90** to 12/31/90 (1.48)* 1,339 -- 1.20* 1.03* .17* 0
1991 11.45 6,891 .06 6.12 1.12 5.06 70
1992 10.67 12,678 .29 5.97 1.17 5.10 65
1993 14.19 21,397 .45 5.20 1.10 4.55 53
1994 (5.39) 19,765 .62 5.24 1.19 4.67 98
GEORGIA SERIES
- - --------------
5/1/92** to 12/31/92 6.75* 365 -- 4.45* 3.32* 1.13* 53
1993 15.16 1,469 .13 4.96 1.84 3.24 50
1994 (4.69) 2,065 .20 4.99 1.93 3.26 78
MARYLAND SERIES
- - ---------------
10/8/90** to 12/31/90 8.08* 403 -- 1.69* 2.88* (1.19)* 0
1991 8.30 1,543 .05 5.74 1.88 3.92 26
1992 9.64 3,575 .20 5.72 1.38 4.55 38
1993 14.62 6,643 .45 5.16 1.28 4.33 50
1994 (5.59) 6,904 .45 5.27 1.34 4.37 44
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data
for a Class A share outstanding, total return,
ratios to average net assets and other supplemental data for each
period indicated.
- - ------------------------------------------------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
-------------------------------------- -----------------------
Net Asset Net Net Asset
Value Realized and Net Value
---------- Net Unrealized Total from Net Realized ----------
Beginning Investment Gain (Loss) on Investment Investment Gain on Total End of
of Period Income Investments Operations Income Investments Distributions Period
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MASSACHUSETTS SERIES
- - --------------------
1987 $11.13 .533 (1.143) (.610) .510 $ -- $.510 $10.01
1988 10.01 .753 .547 1.300 .770 -- .770 10.54
1989 10.54 .725 .345 1.070 .730 -- .730 10.88
1990 10.88 .748 (.038) .710 .750 -- .750 10.84
1991 10.84 .732 .468 1.200 .730 -- .730 11.31
1992 11.31 .687 .399 1.086 .676 .010 .686 11.71
1993 11.71 .653 .716 1.369 .660 .139 .799 12.28
1994 12.28 .627 (1.267) (.640) .630 -- .630 11.01
NEW JERSEY SERIES
- - -----------------
9/13/88** to 12/31/88 11.13 .083 .117 .200 -- -- -- 11.33
1989 11.33 .797 .373 1.170 .770 -- .770 11.73
1990 11.73 .787 .013 .800 .800 -- .800 11.73
1991 11.73 .762 .548 1.310 .750 -- .750 12.29
1992 12.29 .716 .439 1.155 .716 .059 .775 12.67
1993 12.67 .680 .947 1.627 .684 .103 .787 13.51
1994 13.51 .659 (1.448) (.789) .661 -- .661 12.06
NORTH CAROLINA SERIES
- - ---------------------
5/4/92** to 12/31/92 11.17 .272 .188 .460 .260 -- .260 11.37
1993 11.37 .595 .962 1.557 .604 .043 .647 12.28
1994 12.28 .594 (1.380) (.786) .594 -- .594 10.90
PENNSYLVANIA SERIES
- - -------------------
4/30/90** to 12/31/90 11.17 .296 .214 .510 .270 -- .270 11.41
1991 11.41 .714 .429 1.143 .695 .008 .703 11.85
1992 11.85 .699 .427 1.126 .716 -- .716 12.26
1993 12.26 .667 1.048 1.715 .663 .152 .815 13.16
1994 13.16 .627 (1.447) (.820) .630 -- .630 11.71
VIRGINIA SERIES
- - ---------------
4/30/90** to 12/31/90 11.17 .320 .080 .400 .300 -- .300 11.27
1991 11.27 .715 .523 1.238 .690 .018 .708 11.80
1992 11.80 .683 .481 1.164 .702 .032 .734 12.23
1993 12.23 .636 .915 1.551 .639 .082 .721 13.06
1994 13.06 .611 (1.383) (.772) .608 -- .608 11.68
*Annualized
**Commencement of operations
+Calculated without sales charge
++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 December 31, 1994 (See Note 5).
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - ----------------------------------------------------------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA
- - ----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
------------------------------------------------------------------
Total Net Assets Net Net Portfolio
Return+ End of Period Investment Investment Turnover
(%) (in thousands) Expenses(%) Income(%) Expenses(%) Income(%) Rate(%)
- - --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MASSACHUSETTS SERIES
- - --------------------
1987 5.43 $1,595 .05 6.32 1.13 5.24 16
1988 13.40 2,901 .10 7.33 1.29 6.14 31
1989 10.43 8,292 .10 6.78 1.03 5.85 11
1990 6.85 12,760 .06 7.01 0.99 6.09 22
1991 11.45 17,608 .28 6.66 0.99 5.94 4
1992 9.90 20,067 .70 5.99 1.17 5.52 28
1993 11.93 23,653 .90 5.37 1.15 5.12 32
1994 (5.30) 20,838 .95 5.45 1.20 5.20 64
NEW JERSEY SERIES
- - -----------------
9/13/88** to 12/31/88 5.96* 2,148 -- 4.95* .95* 3.99* 0
1989 10.61 17,380 .03 6.82 0.92 5.93 10
1990 7.10 30,686 .10 6.93 0.91 6.12 16
1991 11.52 42,475 .44 6.38 0.98 5.84 22
1992 9.74 54,372 .78 5.76 1.13 5.41 42
1993 13.09 64,558 .96 5.12 1.11 4.97 44
1994 (5.91) 55,379 .99 5.21 1.14 5.06 60
NORTH CAROLINA SERIES
- - ---------------------
5/4/92** to 12/31/92 6.21* 1,084 -- 4.53* 2.20* 2.33* 10
1993 13.98 3,883 .13 4.99 1.28 3.83 32
1994 (6.45) 3,872 .20 5.22 1.44 3.99 61
PENNSYLVANIA SERIES
- - -------------------
4/30/90** to 12/31/90 6.88* 6,252 .05* 5.39* 1.05* 4.39* 1
1991 10.24 16,118 .29 6.28 1.03 5.54 26
1992 9.81 26,036 .56 5.84 1.12 5.28 18
1993 14.28 35,514 .79 5.17 1.10 4.86 37
1994 (6.31) 33,542 .88 5.11 1.13 4.86 81
VIRGINIA SERIES
- - ---------------
4/30/90** to 12/31/90 5.40* 3,327 .08* 5.56* 1.22* 4.43* 0
1991 11.31 9,756 .13 6.32 1.10 5.36 15
1992 10.19 16,507 .56 6.75 1.22 5.09 41
1993 12.94 24,684 .81 4.97 1.16 4.62 39
1994 (5.97) 22,325 .85 5.01 1.20 4.66 55
</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 December 31, 1994,
and the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the
period then ended and financial highlights for the periods indicated
thereon. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1994, by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of First Investors New York Insured Tax Free Fund,
Inc. and each of the nine series of First Investors Multi-State Insured
Tax Free Fund listed above as of December 31, 1994, and the results of
their operations, changes in their net assets and financial highlights
for each of the respective periods presented, in conformity with
generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
January 31, 1995
Directors/Trustees
- - ------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
F. William Ortman, Jr.
Rex R. Reed
Herbert Rubinstein
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.
10 Woodbridge Center Drive
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart
1800 M Street, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
For more complete information about First Investors New York Insured
Tax Free Fund, Inc. and/or First Investors Multi-State Insured Tax Free
Fund, including charges and expenses, you may obtain a prospectus
from your registered representative or by calling 1-800-423-4026. Read
it carefully before you invest or send money.
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
First Investors LOGO
LOGO 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
The words "BULK RATE U.S. POSTAGE PAID PERMIT NO. 1796" in a box
to the right of a circle containing the words "MAILED FROM
ZIP CODE 17604" appears to the right of the above language in the
printed piece.
Vertically reading from bottom to top in center of the page the words
"FIRST INVESTORS" appear in the printed piece.
First Investors
New York Insured
Tax Free Fund, Inc.
First Investors
Multi-State Insured
Tax Free Fund
Connecticut Series
Florida Series
Georgia Series
Maryland Series
Massachusetts Series
New Jersey Series
North Carolina Series
Pennsylvania Series
Virginia Series
ANNUAL
REPORT
DECEMBER 31, 1994
Portfolio Manager's Letter
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Series
Dear Shareholder:
The principal factors that affected the Fund's performance in 1994 were
strong economic growth and fears of inflation. The U.S. economic recovery
hit full stride with gross domestic product growth of approximately 4%. The
unemployment rate fell from 6.4% to 5.4% as the economy created 3.5 million
new jobs. Feeling secure about job prospects, consumers were willing to
borrow and spend. U.S. vehicle sales reached their highest level since 1988.
Despite strong growth, inflation remained below 3% as low labor costs,
improved productivity and international competition kept prices from
accelerating.
Nonetheless, concerned that strong economic growth would eventually lead to
inflation, the Federal Reserve in February engineered the first of six
short-term interest rate increases which in total raised rates 250 basis
points (2.50%). As is typical at this point in the economic cycle, long-term
interest rates also rose with the benchmark 30 year U.S. Treasury bond yield
increasing approximately 155 basis points (1.55%) during the year. With
higher interest rates creating concern that the economy might slow, broad
stock market indices were unable to advance and ended the year unchanged to
slightly lower despite strong earnings reported by many companies.
The municipal bond market fell in stages during 1994. The first decline was
precipitated by the Federal Reserve's decision to begin raising interest
rates in February, causing long-term municipal bond yields to rise over 100
basis points (1.00%). The second decline -- which took rates up another 95
basis points (.95%) -- ran from September through November, as economic
growth continued to be strong. The Fed continued to raise short-term rates
and municipal bond funds sustained high levels of redemptions. Following a
December rally, municipal bond yields ended the year 145 basis points
(1.45%) higher than they had begun 1994.
New issue supply totalled $163 billion, a drop of 44% from 1993's record
pace. The positive impact of lower supply was offset by the sale of bonds by
mutual funds. The municipal yield curve flattened during the year as
short-term interest rates rose more than long- term rates. In general,
sector and credit decisions had little impact on relative returns in the
municipal bond market. Rather, the sustained decline in the market made
"duration" -- which measures the interest rate sensitivity of bonds - - the
key determinant of total return. While the bankruptcy of Orange County,
California disrupted the municipal bond market in general, and the
California market in particular, the First Investors Insured tax free funds
were relatively unaffected because all the bonds in the funds are insured as
to payment of principal and interest.
The eight Multi-State Series included in this annual report had somewhat
lower returns than the Lehman Brothers Municipal Bond Index during 1994. The
Multi-State Insured Tax Free Fund had the following returns: Arizona Series
- - -5.63%; California Series -6.10%; Colorado Series -5.77%; Michigan Series -
6.36%; Minnesota Series -5.93%; Missouri Series -6.20%; Ohio Series -5.91%;
Oregon Series -6.65%. Despite underperforming the Index, the Arizona,
California, Colorado, Missouri, Ohio and Oregon Series had better returns
than the average fund in their peer group according to Lipper Analytical
Services. With the exception of the Oregon Series, the durations of these
Series were increased throughout the year to lock in increasingly attractive
yields.
During the first half of the year, the Michigan, Minnesota and Oregon Series
had relatively long durations. While the long durations allowed the Series
to increase their current yield, they also made the Series vulnerable to
higher interest rates. Consequently, at mid-year, the durations of these
Series were lowered to decrease their sensitivity to interest rates. This
adjustment improved total return in the Series during the second half of the
year.
As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1995
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - ARIZONA SERIES
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund - Arizona Series (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Lehman Brothers Municipal
Arizona Series Bond Index
<S> <C> <C>
Nov-90 $ 9,375 $10,000
Dec-90 9,337 10,246
Dec-91 10,223 11,490
Dec-92 11,347 12,503
Dec-93 13,035 14,038
Dec-94 12,300 13,313
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.63%) (11.51%)
Since Inception 6.72% 5.09%
S.E.C. 30-Day Yield 5.44%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Arizona Series on 11/1/90 (inception
date) with a similar investment in the Lehman Brothers Municipal Bond Index.
For purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was deducted
from the initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market. Returns
and attributes for the Index are calculated semi- monthly using
approximately 21,000 municipal bonds which are priced by Muller Data Corp.
The Index does not take into account fees and expenses or cost of insurance
of the bonds held by an insured tax-exempt bond fund. It is not possible to
invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94) include
the reinvestment of all dividends and distributions. "N.A.V. Only" returns
are calculated without sales charges. The "S.E.C. Standardized" returns
shown are based on the maximum sales charge of 6.25% (prior to 7/1/93, the
maximum sales charge was 6.9%) and are higher than they would have been had
the sales charge not been reduced. Some or all of the expenses of the Series
were waived or assumed. If such expenses had been paid by the Series, the
S.E.C. Standardized Average Annual Total Return for One Year and Since
Inception would have been (12.33%) and 4.03%, respectively and the S.E.C.
Yield for December 1994 would have been 4.73%. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc. and
all other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information First Investors Multi-State Insured Tax
Free Fund - CALIFORNIA SERIES
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund - California Series (Class A shares) and
the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Lehman Brothers Municipal
California Series Bond Index
<S> <C> <C>
Feb-87 $ 9,375 $10,000
Dec-87 8,758 9,805
Dec-88 9,891 10,800
Dec-89 10,911 11,965
Dec-90 11,999 12,838
Dec-91 13,356 14,397
Dec-92 14,690 15,666
Dec-93 16,617 17,589
Dec-94 15,635 16,680
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.10%) (11.98%)
Five Years 6.75% 5.39%
Since Inception 6.72% 5.85%
S.E.C. 30-Day Yield 5.82%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - California Series on 2/23/87 (inception
date) with a similar investment in the Lehman Brothers Municipal Bond Index.
For purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was deducted
from the initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market. Returns
and attributes for the Index are calculated semi- monthly using
approximately 21,000 municipal bonds which are priced by Muller Data Corp.
The Index does not take into account fees and expenses or cost of insurance
of the bonds held by an insured tax-exempt bond fund. It is not possible to
invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94) include
the reinvestment of all dividends and distributions. "N.A.V. Only" returns
are calculated without sales charges. The "S.E.C. Standardized" returns
shown are based on the maximum sales charge of 6.25% (prior to 7/1/93 and
12/29/89, the maximum sales charges were 6.9% and 7.25%, respectively) and
are higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If such
expenses had been paid by the Series, the S.E.C. Standardized Average Annual
Total Return for One Year, Five Years and Since Inception would have been
(12.27%), 4.80% and 5.16%, respectively and the S.E.C. Yield for December
1994 would have been 5.49%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than the original cost. Lehman Brothers Municipal Bond
Index figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc. Class A shares were the only shares
offered by the Series during the period reported.
Cumulative Performance Information First Investors Multi-State Insured Tax
Free Fund - COLORADO SERIES
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund - Colorado Series (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Lehman Brothers Municipal
Colorado Series Bond Index
<S> <C> <C>
May-92 $ 9,375 $10,000
Dec-92 10,015 10,753
Dec-93 11,432 12,073
Dec-94 10,773 11,449
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.77%) (11.65%)
Since Inception 5.33% 2.83%
S.E.C. 30-Day Yield 5.88%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Colorado Series on 5/4/92 (inception
date) with a similar investment in the Lehman Brothers Municipal Bond Index.
For purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was deducted
from the initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market. Returns
and attributes for the Index are calculated semi- monthly using
approximately 21,000 municipal bonds which are priced by Muller Data Corp.
The Index does not take into account fees and expenses or cost of insurance
of the bonds held by an insured tax-exempt bond fund. It is not possible to
invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94) include
the reinvestment of all dividends and distributions. "N.A.V. Only" returns
are calculated without sales charges. The "S.E.C. Standardized" returns
shown are based on the maximum sales charge of 6.25% (prior to 7/1/93, the
maximum sales charge was 6.9%) and are higher than they would have been had
the sales charge not been reduced. Some or all of the expenses of the Series
were waived or assumed. If such expenses had been paid by the Series, the
S.E.C. Standardized Average Annual Total Return for One Year and Since
Inception would have been (12.64%) and 1.61%, respectively and the S.E.C.
Yield for December 1994 would have been 4.87%. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc. and
all other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information First Investors Multi-State Insured Tax
Free Fund - MICHIGAN SERIES
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund - Michigan Series (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Michigan Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Jan-87 $ 9,375 $10,000
Dec-87 8,947 10,150
Dec-88 10,169 11,180
Dec-89 11,285 12,386
Dec-90 12,057 13,289
Dec-91 13,340 14,903
Dec-92 14,819 16,217
Dec-93 16,966 18,207
Dec-94 15,888 17,266
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.36%) (12.21%)
Five Year 7.08% 5.71%
Since Inception 6.83% 5.97%
S.E.C. 30-Day Yield 5.30%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Michigan Series on 1/1/87 (inception
date) with a similar investment in the Lehman Brothers Municipal Bond Index.
For purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was deducted
from the initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market. Returns
and attributes for the Index are calculated semi- monthly using
approximately 21,000 municipal bonds which are priced by Muller Data Corp.
The Index does not take into account fees and expenses or cost of insurance
of the bonds held by an insured tax-exempt bond fund. It is not possible to
invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94) include
the reinvestment of all dividends and distributions. "N.A.V. Only" returns
are calculated without sales charges. The "S.E.C. Standardized" returns
shown are based on the maximum sales charge of 6.25% (prior to 7/1/93 and
12/29/89, the maximum sales charges were 6.9% and 7.25%, respectively) and
are higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If such
expenses had been paid by the Series, the S.E.C. Standardized Average Annual
Total Return for One Year, Five Years and Since Inception would have been
(12.55%), 5.06% and 5.23%, respectively and the S.E.C. Yield for December
1994 would have been 4.96%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than the original cost. Lehman Brothers Municipal Bond
Index figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc. Class A shares were the only shares
offered by the Series during the period reported.
Cumulative Performance Information First Investors Multi-State Insured Tax
Free Fund - MINNESOTA SERIES
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund - Minnesota Series (Class A shares) and
the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Minnesota Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Jan-87 $ 9,375 $10,000
Dec-87 8,904 10,150
Dec-88 9,897 11,180
Dec-89 10,871 12,386
Dec-90 11,601 13,289
Dec-91 12,867 14,903
Dec-92 14,072 16,217
Dec-93 15,662 18,207
Dec-94 14,733 17,266
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.93%) (11.78%)
Five Years 6.22% 4.86%
Since Inception 5.83% 4.98%
S.E.C. 30-Day Yield 5.42%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Minnesota Series on 1/1/87 (inception
date) with a similar investment in the Lehman Brothers Municipal Bond Index.
For purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was deducted
from the initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market. Returns
and attributes for the Index are calculated semi- monthly using
approximately 21,000 municipal bonds which are priced by Muller Data Corp.
The Index does not take into account fees and expenses or cost of insurance
of the bonds held by an insured tax-exempt bond fund. It is not possible to
invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94) include
the reinvestment of all dividends and distributions. "N.A.V. Only" returns
are calculated without sales charges. The "S.E.C. Standardized" returns
shown are based on the maximum sales charge of 6.25% (prior to 7/1/93 and
12/29/89, the maximum sales charges were 6.9% and 7.25%, respectively) and
are higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If such
expenses had been paid by the Series, the S.E.C. Standardized Average Annual
Total Return for One Year, Five Years and Since Inception would have been
(12.31%), 3.93% and 4.00%, respectively and the S.E.C. Yield for December
1994 would have been 4.84%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than the original cost. Lehman Brothers Municipal Bond
Index figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc. Class A shares were the only shares
offered by the Series during the period reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - MISSOURI SERIES
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund - Missouri Series (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Missouri Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
May-92 $ 9,375 $10,000
Dec-92 9,917 10,753
Dec-93 11,326 12,073
Dec-94 10,624 11,449
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.20%) (12.03%)
Since Inception 4.78% 2.29%
S.E.C. 30-Day Yield 5.78%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Missouri Series on 5/4/92 (inception
date) with a similar investment in the Lehman Brothers Municipal Bond Index.
For purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was deducted
from the initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market. Returns
and attributes for the Index are calculated semi- monthly using
approximately 21,000 municipal bonds which are priced by Muller Data Corp.
The Index does not take into account fees and expenses or cost of insurance
of the bonds held by an insured tax-exempt bond fund. It is not possible to
invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94) include
the reinvestment of all dividends and distributions. "N.A.V. Only" returns
are calculated without sales charges. The "S.E.C. Standardized" returns
shown are based on the maximum sales charge of 6.25% (prior to 7/1/93, the
maximum sales charge was 6.9%) and are higher than they would have been had
the sales charge not been reduced. Some or all of the expenses of the Series
were waived or assumed. If such expenses had been paid by the Series, the
S.E.C. Standardized Average Annual Total Return for One Year and Since
Inception would have been (13.00%) and .34%, respectively and the S.E.C.
Yield for December 1994 would have been 4.78%. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc. and
all other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - OHIO SERIES
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund - Ohio Series (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Ohio Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
Jan-87 $ 9,375 $10,000
Dec-87 8,893 10,150
Dec-88 10,152 11,180
Dec-89 11,278 12,386
Dec-90 12,074 13,289
Dec-91 13,463 14,903
Dec-92 14,808 16,217
Dec-93 16,750 18,207
Dec-94 15,760 17,266
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (5.91%) (11.77%)
Five Years 6.92% 5.55%
Since Inception 6.73% 5.87%
S.E.C. 30-Day Yield 5.40%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Ohio Series on 1/1/87 (inception date)
with a similar investment in the Lehman Brothers Municipal Bond Index. For
purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was deducted
from the initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market. Returns
and attributes for the Index are calculated semi- monthly using
approximately 21,000 municipal bonds which are priced by Muller Data Corp.
The Index does not take into account fees and expenses or cost of insurance
of the bonds held by an insured tax-exempt bond fund. It is not possible to
invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94) include
the reinvestment of all dividends and distributions. "N.A.V. Only" returns
are calculated without sales charges. The "S.E.C. Standardized" returns
shown are based on the maximum sales charge of 6.25% (prior to 7/1/93 and
12/29/89, the maximum sales charges were 6.9% and 7.25%, respectively) and
are higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If such
expenses had been paid by the Series, the S.E.C. Standardized Average Annual
Total Return for One Year, Five Years and Since Inception would have been
(12.15%), 4.90% and 5.10%, respectively and the S.E.C. Yield for December
1994 would have been 4.97%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than the original cost. Lehman Brothers Municipal Bond
Index figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc. Class A shares were the only shares
offered by the Series during the period reported.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - OREGON SERIES
Comparison of change in value of $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund - Oregon Series (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Oregon Series Lehman Brothers Municipal
Bond Index
<S> <C> <C>
May-92 $ 9,375 $10,000
Dec-92 9,794 10,753
Dec-93 11,079 12,073
Dec-94 10,343 11,449
</TABLE>
<TABLE>
<CAPTION>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
<S> <C> <C>
One Year (6.65%) (12.48%)
Since Inception 3.74% 1.27%
S.E.C. 30-Day Yield 5.65%
</TABLE>
The graph compares a $10,000 investment made in the First Investors
Multi-State Insured Tax Free Fund - Oregon Series on 5/4/92 (inception date)
with a similar investment in the Lehman Brothers Municipal Bond Index. For
purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was deducted
from the initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market. Returns
and attributes for the Index are calculated semi- monthly using
approximately 21,000 municipal bonds which are priced by Muller Data Corp.
The Index does not take into account fees and expenses or cost of insurance
of the bonds held by an insured tax-exempt bond fund. It is not possible to
invest in the Lehman Brothers Municipal Bond Index.
*Average Annual Total Return figures (for the period ended 12/31/94) include
the reinvestment of all dividends and distributions. "N.A.V. Only" returns
are calculated without sales charges. The "S.E.C. Standardized" returns
shown are based on the maximum sales charge of 6.25% (prior to 7/1/93, the
maximum sales charge was 6.9%) and are higher than they would have been had
the sales charge not been reduced. Some or all of the expenses of the Series
were waived or assumed. If such expenses had been paid by the Series, the
S.E.C. Standardized Average Annual Total Return for One Year and Since
Inception would have been (13.44%) and (.19%), respectively and the S.E.C.
Yield for December 1994 would have been 4.65%. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc. and
all other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
This page left blank intentionally.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.6%
Certificates of Participation--11.7%
Arizona State:
$ 100M 6.1%, 5/1/2007 $ 98,000 $ 111
375M 6 1/4%, 9/1/2010 360,469 410
Arizona State Municipal Financing Program:
100M 5.9%, 8/1/2009 94,250 107
100M 7.7%, 8/1/2010 110,625 126
400M University of Arizona Administration & Parking Facs. 5 3/4%, 7/15/2009 369,000 419
- - --------------------------------------------------------------------------------------------------------------------------------
1,032,344 1,173
- - --------------------------------------------------------------------------------------------------------------------------------
Education--1.7%
140M Arizona State University Revenue 7%, 7/1/2007 150,850 171
- - --------------------------------------------------------------------------------------------------------------------------------
General Obligation--43.2%
600M Chandler, Arizona 6 1/4%, 7/1/2011 585,750 666
400M Gilbert, Arizona 5 1/2%, 7/1/2013 348,000 395
Maricopa County, Arizona:
235M School District #3 (Tempe) 7.3%, 7/1/2009 256,150 291
400M School District #11 (Peoria) 6.1%, 7/1/2010 387,000 440
100M School District #14 (Creighton) 7 7/8%, 7/1/2006 113,125 129
School District #41 (Gilbert):
1,000M Zero Coupon 1/1/2008 430,000 488
100M 6 1/2%, 7/1/2008 104,250 118
300M School District #68 (Alhambra) 6 3/4%, 7/1/2014 304,875 346
100M School District #92 (Pendergast Elementary) 6 5/8%, 7/1/2005 105,500 120
200M School District #231 (Tempe) 7%, 7/1/2008 214,750 244
225M Mohave County, Arizona High School District #30, 6.7%, 7/1/2011 238,500 271
145M Pima County, Arizona School District #13 (Tanque Verde) 6.7%, 7/1/2010 146,269 166
140M Puerto Rico Commonwealth 6.6%, 7/1/2013 148,925 169
200M Santa Cruz County, Arizona School District #35, 6%, 7/1/2008 191,250 217
230M Yavapai County, Arizona School District #6 (Cottonwood-Oak Creek)
6.7%, 7/1/2009 231,150 263
- - --------------------------------------------------------------------------------------------------------------------------------
3,805,494 4,323
- - --------------------------------------------------------------------------------------------------------------------------------
Hospital--20.3%
135M Arizona Health Facilities Authority (Phoenix Baptist) 6 1/4%, 9/1/2011 128,925 146
Maricopa County, Arizona Ind. Dev. Auth., Health Facs. Rev.:
285M Catholic Healthcare West 5 3/4%, 7/1/2011 258,994 294
50M John Lincoln Hospital 7 1/2%, 12/1/2013 53,688 61
650M Samaritan Health Services 7%, 12/1/2016 680,062 773
100M Mohave County, Arizona Hosp. Dist. #1 (Kingman Reg. Med. Ctr.)
6.45%, 6/1/2008 100,125 114
300M Pima County, Arizona Ind. Dev. Auth. (Tucson Med. Ctr.) 6 3/8%, 4/1/2012 290,625 330
250M University of Arizona Medical Center Corp. Hosp. Rev. 6 7/8%, 7/1/2021 269,062 306
- - --------------------------------------------------------------------------------------------------------------------------------
1,781,481 2,024
- - --------------------------------------------------------------------------------------------------------------------------------
Transportation--4.2%
385M Phoenix, Arizona Airport Revenue 6 1/4%, 7/1/2012 372,006 423
- - --------------------------------------------------------------------------------------------------------------------------------
Utilities--11.4%
250M Arizona State Wastewater Management Authority 5.95%, 7/1/2012 233,438 265
200M Central Arizona Water Conservation District Zero Cpn. 5/1/2005 104,750 119
225M Gilbert, Arizona Water & Wastewater 6 1/2%, 7/1/2012 221,906 252
100M Peoria, Arizona Water & Sewer Revenue 6.6%, 7/1/2004 103,750 118
55M Pima County, Arizona Sewer Revenue 6 3/4%, 7/1/2015 58,506 67
100M Salt River Project, Arizona Electric System Revenue 6.2%, 1/1/2012 94,625 107
205M Tuscon, Arizona Water Revenue 5 3/4%, 7/1/2012 186,038 211
- - --------------------------------------------------------------------------------------------------------------------------------
1,003,013 1,139
- - --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--5.1%
250M Phoenix, Arizona Civic Impt. Mun. Facs. Excise Tax Rev. 6.6%, 7/1/2008 253,750 288
100M Phoenix, Arizona Street & Highway User Revenue 6 1/4%, 7/1/2011 97,500 111
100M Tucson, Arizona Local Business Development Fin. Corp. 6 1/4%, 7/1/2012 96,125 109
- - --------------------------------------------------------------------------------------------------------------------------------
447,375 508
- - --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,662,388) 97.6% 8,592,563 9,761
Other Assets, Less Liabilities 2.4 210,756 239
- - --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,803,319 $10,000
================================================================================================================================
See notes to financial statements
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.5%
Certificates of Participation--12.7%
$ 100M Alameda, Calif. Sewer Impt. Fin. Corp. 7.4%, 3/1/2018 $ 104,125 $ 68
500M Castaic Lake Water Agency Water System Imp. Proj. 7%, 8/1/2012 523,125 341
500M San Diego County, Calif. Inmate Reception Center 6 3/4%, 8/1/2014 501,875 327
600M San Diego County, Calif. Water 5.681%, 4/22/2009 561,000 366
240M Yolo County, Calif. Flood Control & Water Consv. 7 1/8%, 7/15/2015 259,500 169
- - --------------------------------------------------------------------------------------------------------------------------------
1,949,625 1,271
- - --------------------------------------------------------------------------------------------------------------------------------
General Obligation--7.0%
370M Greenfield, Calif. School District 7.1%, 8/1/2012 380,175 248
750M Walnut Valley, Calif. School District 6%, 8/1/2012 700,313 457
- - --------------------------------------------------------------------------------------------------------------------------------
1,080,488 705
- - --------------------------------------------------------------------------------------------------------------------------------
Hospital--5.4%
California Health Facilities Financing Authority Revenue:
275M Catholic Hospital 7%, 7/1/2020 295,625 193
250M Cedars Sinai Medical Center 7%, 11/1/2007 269,375 176
155M Episcopal Homes 7.85%, 7/1/2015 158,488 103
100M R.F. Kennedy Hospital 7 3/4%, 3/1/2014 102,875 67
- - --------------------------------------------------------------------------------------------------------------------------------
826,363 539
- - --------------------------------------------------------------------------------------------------------------------------------
Transportation--3.5%
500M Los Angeles County, Calif. Trans. Comm. Sales Tax Rev. 6 3/4%, 7/1/2020 535,000 349
- - --------------------------------------------------------------------------------------------------------------------------------
Utilities--14.8%
300M California State Dept. Water Res. (Central Valley Proj.) 6.9%, 12/1/2025 321,375 210
250M Contra Costa, Calif. Water District 5 3/4%, 10/1/2014 220,313 144
East Bay Municipal Utility District:
750M 6.4%, 6/1/2013 728,437 475
340M 7.2%, 6/1/2020 370,175 241
Los Angeles, Calif. Wastewater System Revenue:
250M 7%, 6/1/2011 255,000 166
150M 7.1%, 2/1/2021 161,250 105
250M Riverside, Calif. Sewer Revenue 5%, 8/1/2010 209,687 137
- - --------------------------------------------------------------------------------------------------------------------------------
2,266,237 1,478
- - --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--55.1%
500M Barstow, Calif. Redevelopment Agency 7%, 9/1/2014 523,750 342
110M California Public Capital Impt. Fin. Auth. Rev. 8.1%, 3/1/2018 116,050 76
1,315M California State Public Works Board 6 1/2%, 12/1/2008 1,313,356 856
290M Compton, Calif. Community Redevelopment Agency 7 1/2%, 8/1/2013 303,775 198
1,000M Long Beach, Calif. Fing. Auth. Rev. 6%, 11/1/2017 918,750 599
800M Orange County, Calif. Sales Tax Rev. 5.958%, 2/15/2011 761,000 496
300M Sacramento, Calif. Redev. Agency Merged Downtown Redev. Proj.
6 3/4%, 11/1/2005 311,250 203
640M San Francisco, Calif. City & Cnty. Pkg. Auth. Rev. 7%, 6/1/2011 645,600 421
500M San Francisco, Calif. City & Cnty. Redev. Agy. (Moscone Ctr.)
6 3/4%, 7/1/2015 497,500 324
250M San Francisco, Calif. City & Cnty. Redev. Fin. Auth. 6 7/8%, 8/1/2020 268,750 175
500M San Rafael, Calif. Redev. Agency 6.45%, 12/1/2017 482,500 315
500M Santa Ana, Calif. Fin. Auth. Lease Rev. 6 1/4%, 7/1/2015 475,000 310
750M Santa Margarita/Dana Point, Calif. Imp. Dist. 7 1/4%, 8/1/2010 808,125 527
South Orange County, Calif. Public Finance Authority:
500M 6 1/2%, 8/15/2010 503,125 328
500M 7%, 9/1/2011 523,125 341
- - --------------------------------------------------------------------------------------------------------------------------------
8,451,656 5,511
- - --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $15,148,422) 98.5% 15,109,369 9,853
Other Assets , Less Liabilities 1.5 226,057 147
- - --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $15,335,426 $10,000
================================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.2%
Education--7.4%
$150M Colorado State Colleges (Adams State College) 5.7%, 5/15/2014 $ 137,250 $ 442
100M University of Northern Colorado Revenue 6%, 6/1/2014 94,000 302
- - --------------------------------------------------------------------------------------------------------------------------------
231,250 744
- - --------------------------------------------------------------------------------------------------------------------------------
General Obligation--48.2%
150M Bayfield, Colo. School District #10, 6 1/2%, 6/1/2009 151,875 488
45M Denver, Colo. City & County School District #1, 6.35%, 12/15/2012 46,688 150
250M Douglas County., Colo. School District #RE 1, 8%, 12/15/2009 291,250 936
150M Eagle Garfield & Routt Cntys., Colo. Sch. Dist. #RE 50J, 6.3%, 12/1/2012 145,500 468
150M El Paso County, Colo. School District #020, 6.2%, 6/15/2007 148,500 478
150M Garfield County, Colo. School District #RE-2, 6.15%, 12/1/2009 145,125 467
150M Garfield Pitkin & Eagle Cntys., Colo. Sch. Dist. #RE 1, 6.6%, 12/15/2014 148,500 478
40M Lafayette, Colo. 6 1/4%, 12/1/2012 39,000 125
150M Northglenn, Colo. Refunding Water & Sewer 5 1/2%, 12/1/2009 134,063 431
100M Summit County, Colo. School District #RE 1, 6.55%, 12/1/2009 100,625 324
150M Yuma Hospital District, Colo. 6.4%, 11/1/2014 147,187 473
- - --------------------------------------------------------------------------------------------------------------------------------
1,498,313 4,818
- - --------------------------------------------------------------------------------------------------------------------------------
Hospital--10.6%
Colorado Health Facilities Authority Revenue:
250M North Colorado Medical 5.95%, 5/15/2012 233,125 749
100M Sisters of Charity 6 1/4%, 5/15/2012 97,250 313
- - --------------------------------------------------------------------------------------------------------------------------------
330,375 1,062
- - --------------------------------------------------------------------------------------------------------------------------------
Utilities--15.0%
125M Metro Wastewater Reclamation District, Colo. 4 3/4%, 4/1/2012 103,125 332
135M Project Seven Water Authority, Colo. 5.7%, 12/1/2012 123,187 396
150M Westminster, Colo. Water/Wastewater Util. Enterprise 6%, 12/1/2009 144,563 465
100M Woodland Park, Colo. Wastewater Util. Rev. 6.05%, 12/1/2013 94,250 303
- - --------------------------------------------------------------------------------------------------------------------------------
465,125 1,496
- - --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--16.0%
150M Aurora, Colo. Municipal Building Corp. 1st Mtge. 9.2%, 12/1/2008 166,687 536
100M Pueblo, Colo. Urban Renewal Auth. Tax Increment Rev. 6.05%, 12/1/2012 94,500 304
250M Puerto Rico Mun. Fin. Agy. Series "A" 6%, 7/1/2014 235,312 757
- - --------------------------------------------------------------------------------------------------------------------------------
496,499 1,597
- - --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,119,108) 97.2% 3,021,562 9,717
Other Assets, Less Liabilities 2.8 88,029 283
- - --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,109,591 $10,000
================================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.1%
Education--1.4%
$400M Central Michigan University Revenue 7%, 10/1/2010 $ 431,000 $ 142
- - --------------------------------------------------------------------------------------------------------------------------------
General Obligation--45.5%
325M Chippewa Valley, Michigan Schools 7.1%, 5/1/2013 353,438 116
230M Comstock, Michigan School District 6 7/8%, 5/1/2014 244,663 80
425M Detroit, Michigan 7.2%, 5/1/2009 459,000 151
350M East Detroit, Michigan School District 7%, 5/1/2008 366,188 121
380M Forest Hills, Michigan Public Schools 7 3/8%, 5/1/2015 411,825 136
1,325M Gibralter, Michigan Public School District 5 1/2%, 5/1/2014 1,149,438 379
1,000M Grand Haven, Michigan Public School District 6.05%, 5/1/2014 931,250 307
1,000M Grand Ledge, Michigan Public School District 7 7/8%, 5/1/2011 1,103,750 364
1,000M Gull Lake, Michigan Community School District Zero Coupon 5/1/2013 297,500 98
450M Haslett, Michigan Public School District 7 1/2%, 5/1/2020 489,937 161
2,060M Holland, Michigan School District Zero Coupon 5/1/2016 486,675 160
2,000M Howell, Michigan Public Schools Zero Coupon 5/1/2017 450,000 148
1,000M Huron, Michigan School District Zero Coupon 5/1/2015 252,500 83
450M Inkster, Michigan School District 7%, 5/1/2019 483,750 159
275M Jackson County, Michigan 6 3/4%, 4/1/2011 288,062 95
1,000M Lake Orion, Michigan Community School District 7%, 5/1/2020 1,018,750 336
1,000M Michigan State Environmental Protection Program 6 1/4%, 11/1/2012 973,750 321
450M Oak Park, Michigan 7.2%, 5/1/2011 495,562 163
270M Oakland County, Michigan 7.1%, 5/1/2007 281,813 93
800M Rochester, Michigan School District 5 5/8%, 5/1/2011 725,000 239
300M Rockford, Michigan Public Schools 7 3/8%, 5/1/2019 325,125 107
250M Romulus, Michigan Community Schools 6 3/4%, 5/1/2020 267,187 88
380M Saline, Michigan Building Authority 7.1%, 7/1/2009 399,475 132
140M St. Clair, Michigan 7.4%, 11/1/2011 150,150 49
450M White Cloud, Michigan Public Schools 7.1%, 5/1/2020 487,125 160
1,000M Zeeland, Michigan Public Schools 6%, 5/1/2014 928,750 306
- - --------------------------------------------------------------------------------------------------------------------------------
13,820,663 4,552
- - --------------------------------------------------------------------------------------------------------------------------------
Hospital--3.2%
1,000M Michigan State Hosp. Fin. Auth. (St. John's Hospital) 6%, 5/15/2008 962,500 317
- - --------------------------------------------------------------------------------------------------------------------------------
Housing--1.7%
500M Michigan State Hsg. Dev. Auth. Single-Family Mtge. Rev. 7.3%, 12/1/2016 503,124 166
- - --------------------------------------------------------------------------------------------------------------------------------
Transportation--6.5%
Wayne Charter County, Michigan Airport Revenue (Detroit Metro. Airport):
750M 5 7/8%, 12/1/2008 699,375 230
1,190M 6 3/4%, 12/1/2019 1,276,275 421
- - --------------------------------------------------------------------------------------------------------------------------------
1,975,650 651
- - --------------------------------------------------------------------------------------------------------------------------------
Utilities--24.2%
290M Detroit, Michigan Sewer Disposal Revenue 6 7/8%, 7/1/2006 305,588 100
Detroit, Michigan Water Supply System:
2,620M 6 1/4%, 7/1/2012 2,525,025 831
400M 6 3/8%, 7/1/2022 419,000 138
500M Kent County, Michigan Refuse Disposal System 8.4%, 11/1/2010 536,250 177
Michigan State Strategic Fund (Detroit Edison Co.):
1,750M 6.95%, 5/1/2011 1,820,000 599
500M 7%, 5/1/2021 515,625 170
500M Monroe Cnty., Michigan Econ. Dev. Corp. (Detroit Edison) 6.95%, 9/1/2022 511,875 169
750M Wyandotte, Michigan Electric Revenue 6 1/4%, 10/1/2017 718,125 237
- - --------------------------------------------------------------------------------------------------------------------------------
7,351,488 2,421
- - --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--16.6%
1,000M Grand Rapids, Michigan Downtown Dev. Auth. Zero Cpn. 6/1/2009 388,750 128
Michigan Municipal Bond Authority Revenue:
1,500M 6.55%, 11/1/2008 1,509,375 497
1,000M 5 3/4%, 5/1/2014 900,000 296
1,000M 6 1/8%, 5/1/2014 943,750 311
1,500M Michigan State Building Authority 5.3%, 10/1/2012 1,286,250 424
- - --------------------------------------------------------------------------------------------------------------------------------
5,028,125 1,656
- - --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $30,063,881) 99.1% 30,072,550 9,905
Other Assets, Less Liabilities .9 289,825 95
- - --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $30,362,375 $10,000
================================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.0%
Education--.9%
$ 60M Minnesota State Higher Educ. Facs. (College of St. Thomas) 7.3%, 11/1/2012 $ 64,500 $ 87
- - --------------------------------------------------------------------------------------------------------------------------------
General Obligation--39.8%
75M Annandale, Minn. Independent School District #876, 6.9%, 2/1/2007 78,938 107
60M Anoka County, Minn. Capital Improvements 7.2%, 2/1/2009 62,850 85
75M Baxter, Minn. 6.9%, 2/1/2007 79,313 108
325M Becker, Minn. Wastewater Treatment 5.8%, 2/1/2010 303,469 412
180M Blaine, Minn. Series "A" Fire Impt. 6.8%, 2/1/2007 185,400 252
150M Cass Lake, Minnesota Independent School District #115, 6 5/8%, 2/1/2015 153,562 208
125M Mahnomen, Minn. Independent School District #432, 6 1/2%, 2/1/2011 125,625 171
80M Mahtomedi, Minn. 7.1%, 2/1/2006 84,400 114
70M Met. Council, Minn. Minneapolis-St. Paul Met. Area 7.3%, 12/1/2010 75,337 102
60M Minneapolis, Minn. Hennepin Ave. Series "C" 6.7%, 3/1/2012 63,150 86
275M Minnesota State 6 1/4%, 8/1/2011 282,562 383
350M North St. Paul Maplewood, Minn. Indpt. Sch. Dist. #622, 7.1%, 2/1/2019 361,375 490
200M Osseo Minn. Independent School District #279, 5 5/8%, 2/1/2012 181,250 246
75M Ramsey County, Minn. 7%, 2/1/2008 79,219 107
300M Redwood Falls, Minn. Indpt. Sch. Dist. 5.1%, 4/1/2009 261,750 355
145M Rockford, Minn. Independent School District No. #883, 7.2%, 12/15/2014 154,969 210
South Washington County, Minnesota Independent School District #833:
70M 6 7/8%, 6/1/2009 74,112 100
400M 4 7/8%, 6/1/2011 330,000 447
- - --------------------------------------------------------------------------------------------------------------------------------
2,937,281 3,983
- - --------------------------------------------------------------------------------------------------------------------------------
Hospital--34.7%
440M Bloomington, Minn. Health Care Facs. (Masonic Home Care Ctr.)
7/8%, 7/1/2022 401,500 545
300M Brainerd, Minn. Health Care Facilities (St. Joseph's) 5 7/8%, 2/15/2013 275,250 373
240M Duluth, Minn. Economic Dev. Auth. (Duluth Clinic) 6.2%, 11/1/2012 230,100 312
Minneapolis & St. Paul, Minn. Hsg. & Redev. Auth. (Health One):
180M 7.4%, 8/15/2011 190,350 258
750M 4 3/4%, 11/15/2018 567,187 769
250M Minneapolis, Minn. Hospital Revenue (Fairview Hospital) 6 1/2%, 1/1/2011 247,500 336
60M Robbinsdale, Minn. Hospital Revenue (North Memorial Med. Ctr.)
7 3/8%, 1/1/2019 65,025 88
170M St. Cloud, Minn. Facs. Rev. (St. Cloud Hospital) 7%, 7/1/2020 184,238 250
St. Louis Park, Minn. Hosp. Rev. Facs. (Methodist Hospital):
170M 7 1/4%, 7/1/2015 181,475 246
200M 7 1/4%, 7/1/2018 218,250 296
- - --------------------------------------------------------------------------------------------------------------------------------
2,560,875 3,473
- - --------------------------------------------------------------------------------------------------------------------------------
Housing--10.9%
30M Dakota County, Minn. Housing & Redev. 8.1%, 9/1/2012 31,088 42
120M Eagen, Minn. Multi-Family Housing (Forest Ridge Apts.) 7 1/2%, 3/1/2027 120,600 164
Minnesota State Housing Finance Authority:
100M 6.9%, 7/1/2009 101,875 138
85M 7.7%, 7/1/2014 89,569 122
250M St. Paul, Minn. Housing & Development 5.4%, 9/1/2008 221,562 300
65M St. Paul, Minn. Hsg. & Redev. Auth. 7 1/2%, 3/1/2026 (Defaulted)(Note 1A) 65,000 88
200M Washington County, Minn. Hsg. & Redev. Auth. 5%, 2/1/2007 176,500 239
- - --------------------------------------------------------------------------------------------------------------------------------
806,194 1,093
- - --------------------------------------------------------------------------------------------------------------------------------
Utilities--10.7%
Northern Municipal Power Agency, Minn. Electric System Revenue:
200M 7 1/4%, 1/1/2016 209,750 284
120M 7.4%, 1/1/2018 130,200 177
Southern Minn. Municipal Power Agency, Power Supply System Revenue:
290M 5 3/4%, 1/1/2018 257,012 349
210M 5 3/4%, 1/1/2018 188,213 255
- - --------------------------------------------------------------------------------------------------------------------------------
785,175 1,065
- - --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,389,283) 97.0% 7,154,025 9,701
Other Assets, Less Liabilities 3.0 220,691 299
- - --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $7,374,716 $10,000
================================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--Missouri SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.3%
Education--9.0%
$ 80M Excelsior Springs, Mo. School District Bldg. Corp. 6 1/2%, 3/1/2009 $ 79,300 $ 492
60M Kansas City, Mo. School District Building Corp. 7.9%, 2/1/2008 65,400 406
- - --------------------------------------------------------------------------------------------------------------------------------
144,700 898
- - --------------------------------------------------------------------------------------------------------------------------------
General Obligation--11.2%
50M Lincoln County, Mo. Reorg. School District #3, 6.1%, 3/1/2014 46,813 290
50M Springfield, Mo. School District 7%, 3/1/2008 52,937 329
80M St. Charles, Mo. School District 6 1/2%, 2/1/2011 79,700 495
- - --------------------------------------------------------------------------------------------------------------------------------
179,450 1,114
- - --------------------------------------------------------------------------------------------------------------------------------
Hospital--33.9%
80M Jackson County, Mo. Indl. Dev. Auth. (Carondelet Health) 5 3/4%, 7/1/2014 72,000 447
Missouri State Health & Educational Facilities Authority:
140M BJC Health System 6 3/4%, 5/15/2011 142,450 884
35M Christian Health 6 7/8%, 2/15/2021 37,581 233
75M Freeman Hospital 5 3/8%, 2/15/2014 64,125 398
90M Health Midwest 6.1%, 6/1/2011 85,725 532
125M Sisters of Sorrowful Mother Healthcare 6 1/4%, 6/1/2007 124,531 773
20M St. Louis Childrens Hospital 6 1/4%, 5/15/2012 20,351 127
- - --------------------------------------------------------------------------------------------------------------------------------
546,763 3,394
- - --------------------------------------------------------------------------------------------------------------------------------
Transportation--4.7%
75M Kansas City, Mo. Airport Revenue 6 7/8%, 9/1/2014 76,125 472
- - --------------------------------------------------------------------------------------------------------------------------------
Utilities--8.8%
150M St. Louis, Mo. Water and Sewer Revenue 6%, 7/1/2014 141,375 877
- - --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--29.7%
50M Clay County, Mo. Public Bldg. Auth. Leasehold Rev. 7%, 5/15/2014 51,313 318
70M Green County, Mo. Special Obligation 6.1%, 3/1/2015 65,275 405
75M Jackson County, Mo. Pub. Facs. Auth. 6 1/8%, 12/1/2015 71,156 442
75M Missouri State Econ. Dev. Export & Infrastructure Brd. Lease Rev.
5.7%, 8/1/2007 70,781 439
90M Puerto Rico Municipal Finance Agency 6%, 7/1/2014 84,712 526
St. Louis, Mo. Municipal Financing Corp. Leasehold Revenue:
65M 6 1/4%, 2/15/2012 62,888 390
80M 5 3/4%, 8/1/2013 72,600 451
- - --------------------------------------------------------------------------------------------------------------------------------
478,725 2,971
- - --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $1,616,691) 97.3% 1,567,138 9,726
Other Assets, Less Liabilities 2.7 44,020 274
- - --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $1,611,158 $10,000
================================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.0%
Education--6.4%
$500M Columbus, Ohio State Cmnty. College General Receipts 5%, 6/1/2010 $ 427,500 $ 235
500M Ohio State Higher Educ. Fac. Rev. (Univ. of Dayton) 5.8%, 12/1/2014 451,875 249
270M University of Toledo, Ohio General Receipts 7 1/8%, 6/1/2020 292,950 161
- - --------------------------------------------------------------------------------------------------------------------------------
1,172,325 645
- - --------------------------------------------------------------------------------------------------------------------------------
General Obligation--48.9%
215M Bellefontaine, Ohio City School District 7 1/8%, 12/1/2011 235,694 130
250M Cardington & Lincoln, Ohio Local School District 6.6%, 12/1/2014 248,750 137
Cleveland, Ohio:
500M 5 3/8%, 9/1/2011 443,125 244
500M 6 3/8%, 7/1/2012 488,125 269
250M 6 5/8%, 11/15/2014 250,625 138
250M Cleveland, Ohio City School District 5 7/8%, 12/1/2011 232,812 128
250M East Guernsey, Ohio Local School District 6%, 12/1/2009 239,687 132
700M Garfield Heights, Ohio 6.3%, 12/1/2014 673,750 371
200M Guernsey County, Ohio 6.2%, 12/1/2011 191,250 105
500M Lakeview, Ohio Local School District 6.9%, 12/1/2014 510,625 281
500M Lakewood, Ohio City School District 6.95%, 12/1/2015 512,500 282
215M Logan Hocking, Ohio Local School District Series "A" 7.1%, 12/1/2012 233,275 128
170M Miamisburg, Ohio 7 1/4%, 12/1/2017 186,363 103
270M Muskingum County, Ohio 7.2%, 12/1/2010 284,175 156
250M North Canton, Ohio City School District 5.9%, 12/1/2014 229,688 126
500M North Royalton, Ohio City School District 6%, 12/1/2014 465,000 256
250M Portage County, Ohio 6.2%, 12/1/2014 237,813 131
285M Shaker Heights, Ohio City School District 7.1%, 12/15/2010 301,388 166
500M South Western City School Dist., Ohio (Franklin & Pickway Cnty.)
5%, 12/1/2013 412,500 227
250M Springfield, Ohio City School District 6.4%, 12/1/2012 246,250 136
250M Springfield, Ohio Local School District 7 1/8%, 12/1/2012 261,250 144
Summit County, Ohio:
250M 6.9%, 8/1/2012 257,500 142
550M 6.4%, 12/1/2014 532,812 293
Toledo, Ohio:
500M 5 3/4%, 12/1/2009 465,000 256
250M 6 1/2%, 12/1/2011 249,062 137
250M Valley View, Ohio 7%, 12/1/2011 259,375 143
250M West Geauga, Ohio Local School District 5.95%, 11/1/2012 233,437 128
- - --------------------------------------------------------------------------------------------------------------------------------
8,881,831 4,889
- - --------------------------------------------------------------------------------------------------------------------------------
Hospital--20.8%
Akron Bath Copley, Ohio State Twp. Hosp. Dist. Revenue,
Childrens Hospital Medical Center:
270M 5%, 11/15/2015 221,062 122
300M 7.45%, 11/15/2020 331,500 182
Cuyahoga County, Ohio Hospital Revenue:
450M Fairview General Hospital 7 3/8%, 8/1/2019 490,500 270
250M Mt. Sinai Medical Center 6 5/8%, 11/15/2021 247,812 136
Franklin County, Ohio Hospital Revenue:
255M Holy Cross Health System 7 5/8%, 6/1/2009 265,519 146
250M Riverside United Hospital 7 1/4%, 5/15/2020 259,063 143
325M Lucas County, Ohio Hosp. Imp. Rev. (St. Vincent Med. Ctr.) 6 3/4%, 8/15/2020 339,625 187
750M Maumee, Ohio Hosp. Facs. Rev. (St. Lukes Hosp.) 5.8%, 12/1/2014 684,375 377
Montgomery County, Ohio:
100M Dayton Osteopathic Hospital 7.4%, 12/1/2008 100,125 55
300M Sisters of Charity Health Care 6 1/4%, 5/15/2008 293,625 162
125M Parma, Ohio Hosp. Impt. (Parma Cmnty. Gen. Hosp. Assoc.) 7.2%, 11/15/2008 133,125 73
400M Trumbull County, Ohio Hospital Revenue 6.9%, 11/15/2012 411,500 226
- - --------------------------------------------------------------------------------------------------------------------------------
3,777,831 2,079
- - --------------------------------------------------------------------------------------------------------------------------------
Utilities--19.9%
600M Alliance, Ohio Sewer System Revenue 6%, 10/15/2010 563,250 310
Cleveland, Ohio Waterworks Revenue:
800M 5 1/2%, 1/1/2009 740,000 407
340M 6 1/2%, 1/1/2021 357,850 197
250M Hamilton County, Ohio Electric System Mtge. Rev. 8%, 10/15/2022 275,625 152
165M Ohio State Air Quality Dev. Auth. Rev. (Ohio Power Co.) 7.4%, 8/1/2009 168,094 92
Ohio State Water Dev. Auth. Rev. Pure Water Series:
600M 6%, 12/1/2008 580,500 320
250M 7%, 12/1/2009 263,125 145
500M Orrville, Ohio Water System Revenue 6%, 12/1/2011 470,625 259
200M Toledo, Ohio Water Revenue 6%, 11/15/2007 195,000 107
- - --------------------------------------------------------------------------------------------------------------------------------
3,614,069 1,989
- - --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--3.0%
270M Franklin County, Ohio Conv. Facs. Auth. Tax & Lease Rev. Ant.
7%, 12/1/2019 292,612 161
250M Ohio State Building Auth. (Juvenile Correction Proj.) 6.6%, 10/1/2014 250,313 138
- - --------------------------------------------------------------------------------------------------------------------------------
542,925 299
- - --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $18,086,080) 99.0% 17,988,981 9,901
Other Assets, Less Liabilities 1.0 179,825 99
- - --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $18,168,806 $10,000
================================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--Oregon SERIES
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--94.4%
Certificate of Participation--4.2%
$100M Oregon State Dept. of General Services 6%, 9/1/2010 $ 94,875 $ 202
100M Washington County, Oregon Educational Service District 7%, 6/1/2016 102,000 217
- - --------------------------------------------------------------------------------------------------------------------------------
196,875 419
- - --------------------------------------------------------------------------------------------------------------------------------
Education--8.3%
200M Chemeketa, Oregon Commmunity College District 6.4%, 7/1/2009 201,000 428
200M Oregon State Hlth. & Hsg. Educl. & Cult. Facs. (Lewis & Clark College)
6%, 10/1/2013 188,500 402
- - --------------------------------------------------------------------------------------------------------------------------------
389,500 830
- - --------------------------------------------------------------------------------------------------------------------------------
General Obligation--52.5%
200M Clackamas County, Oregon School District #115, 5.8%, 6/1/2008 191,250 407
200M Josephine County, Oregon Sch. Dist. (Three Rivers) 5.65%, 12/1/2008 188,250 401
200M Lane County, Oregon Sch. Dist. #019, (Springfield) 6 1/4%, 10/15/2011 196,250 418
115M Lane County, Oregon School District #052, (Bethel) 7%, 12/1/2006 122,331 260
100M Marion & Linn Counties, Oregon Elem. School Dist. #077J,
(Stayton) 6.1%, 7/1/2009 97,625 208
200M Multnomah County, Oregon 5 1/4%, 10/1/2010 177,500 378
200M Oregon State 5.9%, 6/1/2014 200,250 426
200M Polk Marion & Benton Counties, Oregon Sch. Dist. #13, 5 1/2%, 12/1/2008 185,250 394
200M Salem-Keizer Oregon School District #24, 5 3/4%, 6/1/2011 184,250 392
200M Umatilla County, Oregon Sch. Dist. #16, (Pendleton) 6%, 7/1/2014 189,500 404
170M Washington County, Oregon Sch. Dist. #003, (Hillsboro) 6%, 11/1/2008 166,175 354
200M Washington County, Oregon Sch. Dist. #48J, (Beaverton) 5.8%, 6/1/2013 182,500 389
200M Washington County, Oregon Sch. Dist. #88, (Sherwood) 6.1%, 6/1/2012 192,000 409
200M Yamhill County, Oregon School District #029, 6.1%, 6/1/2011 192,000 409
- - --------------------------------------------------------------------------------------------------------------------------------
2,465,131 5,249
- - --------------------------------------------------------------------------------------------------------------------------------
Hospital--4.3%
25M Clackamas County, Oregon Health Facs. Auth. (Adventist Health)
6.35%, 3/1/2009 25,219 53
200M Western Lane Hosp. Dist. Oregon (Sisters of St. Joseph) 5 3/4%, 8/1/2019 179,250 382
- - ---------------------------------------------------------------------------------------------- --------------------------
204,469 435
- - --------------------------------------------------------------------------------------------------------------------------------
Transportation--4.2%
200M Oregon State Department of Transportation Revenue 6 1/4%, 6/1/2009 197,250 420
- - --------------------------------------------------------------------------------------------------------------------------------
Utilities--16.9%
100M Emerald, Oregon Peoples Utility District 6.4%, 11/1/2002 104,125 222
200M Klamath Falls, Oregon Water Revenue 6.1%, 6/1/2014 188,500 401
200M Portland, Oregon Sewer System Revenue 6.2%, 6/1/2012 193,500 412
115M Puerto Rico Electric Power Authority Power Revenue 9%, 7/1/2005 121,096 258
200M South Fork Water Board, Oregon Water Revenue 6%, 2/1/2014 186,250 397
- - --------------------------------------------------------------------------------------------------------------------------------
793,471 1,690
- - --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--4.0%
200M Puerto Rico Municipal Finance Agency 6%, 7/1/2014 188,250 401
- - --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $4,584,467) 94.4% 4,434,946 9,444
Other Assets, Less Liabilities 5.6 261,272 556
- - --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $4,696,218 $10,000
================================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
December 31, 1994
- - -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- - -----------------------------------------------------------------------------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $8,662,388 $15,148,422 $3,119,108 $30,063,881
=========== =========== =========== ===========
At value (Note 1A) $8,592,563 $15,109,369 $3,021,562 $30,072,550
Cash 254,074 1,893 51,473 58,861
Receivables:
Interest 214,723 283,758 31,390 367,240
Shares sold 955 7,129 12,840 13,748
Investment securities sold -- -- -- --
Other assets 10 628 -- 607
----------- ----------- ----------- -----------
Total Assets 9,062,325 15,402,777 3,117,265 30,513,006
----------- ----------- ----------- -----------
Liabilities
Payables:
Investment securities purchased 230,357 -- -- --
Dividends payable January 20, 1995 21,685 46,913 4,667 58,025
Shares redeemed 3,321 2,230 2,493 66,926
Accrued advisory fees 2,186 6,369 -- 12,589
Accrued expenses 1,457 11,839 514 13,091
----------- ----------- ----------- -----------
Total Liabilities 259,006 67,351 7,674 150,631
----------- ----------- ----------- -----------
Net Assets $8,803,319 $15,335,426 $3,109,591 $30,362,375
=========== =========== =========== ===========
Net Assets Consist of:
Capital paid in $9,093,634 $15,366,908 $3,283,652 $30,560,069
Undistributed net investment income 8,128 16,120 435 11,601
Accumulated net realized loss on investments (228,618) (8,549) (76,950) (217,964)
Net unrealized appreciation (depreciation)
in value of investments. (69,825) (39,053) (97,546) 8,669
----------- ----------- ----------- -----------
Total $8,803,319 $15,335,426 $3,109,591 $30,362,375
=========== =========== =========== ===========
Shares Outstanding (Note 2) 751,894 1,424,001 276,667 2,647,655
=========== =========== =========== ===========
Net Asset Value and Redemption
Price Per Share--Class A (Note 2) $11.71 $10.77 $11.24 $11.47
=========== =========== =========== ===========
Maximum Offering Price Per Share--Class A
(Net Asset Value/.9375)* $12.49 $11.49 $11.99 $12.23
=========== =========== =========== ===========
*On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- - -----------------------------------------------------------------------------------------------------------------------------
MINNESOTA MISSOURI OHIO OREGON
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $7,389,283 $1,616,691 $18,086,080 $4,584,467
=========== =========== =========== ===========
At value (Note 1A) $7,154,025 $1,567,138 $17,988,981 $4,434,946
Cash 36,296 18,467 14,626 193,694
Receivables:
Interest 168,614 28,950 233,061 53,722
Shares sold 8,645 121 15,207 23,063
Investment securities sold 25,000 -- -- --
Other assets 528 -- 572 --
----------- ----------- ----------- -----------
Total Assets 7,393,108 1,614,676 18,252,447 4,705,425
----------- ----------- ----------- -----------
Liabilities
Payables:
Investment securities purchased -- -- -- --
Dividends payable January 20, 1995 10,093 3,139 26,693 4,818
Shares redeemed 400 126 38,099 3,623
Accrued advisory fees 1,534 -- 6,077 --
Accrued expenses 6,365 253 12,772 766
----------- ----------- ----------- -----------
Total Liabilities 18,392 3,518 83,641 9,207
----------- ----------- ----------- -----------
Net Assets $7,374,716 $1,611,158 $18,168,806 $4,696,218
=========== =========== =========== ===========
Net Assets Consist of:
Capital paid in $7,693,262 $1,736,459 $18,426,064 $5,059,490
Undistributed net investment income 1,947 1,037 6,641 951
Accumulated net realized loss on investments (85,235) (76,785) (166,800) (214,702)
Net unrealized appreciation (depreciation)
in value of investments. (235,258) (49,553) (97,099) (149,521)
----------- ----------- ----------- -----------
Total $7,374,716 $1,611,158 $18,168,806 $4,696,218
=========== =========== =========== ===========
Shares Outstanding (Note 2) 703,801 144,862 1,607,173 432,073
=========== =========== =========== ===========
Net Asset Value and Redemption
Price Per Share--Class A (Note 2) $10.48 $11.12 $11.30 $10.87
=========== =========== =========== ===========
Maximum Offering Price Per Share--Class A
(Net Asset Value/.9375)* $11.18 $11.86 $12.05 $11.59
=========== =========== =========== ===========
*On purchases of $25,000 or more, the sales charge is reduced.
</TABLE>
See notes to financial statements
<TABLE>
<CAPTION>
Statement of Operations
Year Ended December 31, 1994
- - -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- - -----------------------------------------------------------------------------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Investment Income
Interest income $ 507,134 $ 1,017,008 $ 166,369 $ 1,828,997
----------- ----------- ----------- -----------
Expenses:
Advisory fees (Note 4) 65,930 122,210 22,258 226,802
Distribution plan expenses (Note 5) 17,580 32,589 5,936 60,481
Shareholder servicing costs (Note 4) 9,864 10,176 6,357 24,189
Professional fees 6,175 15,493 4,412 14,117
Reports to shareholders 3,576 6,572 1,762 13,293
Bond insurance premiums (Note 1A) 678 3,616 96 8,699
Other expenses 3,835 7,564 1,642 10,306
----------- ----------- ----------- -----------
Total expenses 107,638 198,220 42,463 357,887
Less: Expenses waived or assumed (Note 4) (81,202) (40,737) (36,523) (75,601)
----------- ----------- ----------- -----------
Expenses - net 26,436 157,483 5,940 282,286
----------- ----------- ----------- -----------
Net investment income 480,698 859,525 160,429 1,546,711
----------- ----------- ----------- -----------
Realized and Unrealized Gain (Loss)
on Investments (Note 3):
Net realized loss on investments (227,728) (8,549) (76,950) (217,964)
Net unrealized depreciation of investments (792,840) (1,904,770) (260,352) (3,292,803)
----------- ----------- ----------- -----------
Net loss on investments (1,020,568) (1,913,319) (337,302) (3,510,767)
----------- ----------- ----------- -----------
Net Decrease in Net Assets Resulting
from Operations $ (539,870) $(1,053,794) $(176,873) $(1,964,056)
=========== =========== =========== ===========
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- - -----------------------------------------------------------------------------------------------------------------------------
MINNESOTA MISSOURI OHIO OREGON
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Investment Income
Interest income $ 471,282 $ 89,699 $ 1,164,943 $ 235,366
----------- ----------- ----------- -----------
Expenses:
Advisory fees (Note 4) 58,450 11,913 144,811 31,743
Distribution plan expenses (Note 5) 15,587 3,177 38,616 8,466
Shareholder servicing costs (Note 4) 7,367 2,797 18,055 7,517
Professional fees 8,221 4,890 10,359 4,807
Reports to shareholders 4,028 849 9,911 2,308
Bond insurance premiums (Note 1A) 2,715 183 2,488 2,151
Other expenses 4,025 1,183 7,372 1,924
----------- ----------- ----------- -----------
Total expenses 100,393 24,992 231,612 58,916
Less: Expenses waived or assumed (Note 4) (49,734) (21,815) (67,578) (50,463)
----------- ----------- ----------- -----------
Expenses - net 50,659 3,177 164,034 8,453
----------- ----------- ----------- -----------
Net investment income 420,623 86,522 1,000,909 226,913
----------- ----------- ----------- -----------
Realized and Unrealized Gain (Loss)
on Investments (Note 3):
Net realized loss on investments (85,235) (76,785) (147,400) (212,062)
Net unrealized depreciation of investments (827,572) (115,009) (2,064,948) (289,223)
----------- ----------- ----------- -----------
Net loss on investments (912,807) (191,794) (2,212,348) (501,285)
----------- ----------- ----------- -----------
Net Decrease in Net Assets Resulting
from Operations $(492,184) $(105,272) $(1,211,439) $(274,372)
=========== =========== =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- - ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- - ------------------------------------------------------------------------------------------------------------------------------
ARIZONA CALIFORNIA
---------------------------- ------------------------------
Year Ended December 31 1994 1993 1994 1993
---------- ---------- ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from
Operations
Net investment income $ 480,698 $ 366,266 $ 859,525 $ 870,055
Net realized gain (loss) on investments (227,728) 28,311 (8,549) 271,658
Net unrealized appreciation (depreciation)
of investments (792,840) 500,688 (1,904,770) 856,787
---------- ---------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (539,870) 895,265 (1,053,794) 1,998,500
---------- ---------- ------------ ------------
Distributions to Shareholders:
From net investment income (487,439) (357,173) (891,640) (833,251)
From net realized gain from security transactions -- (28,304) -- (271,658)
In excess of realized gain from security
transactions -- (890) -- --
---------- ---------- ------------ ------------
Total distributions (487,439) (386,367) (891,640) (1,104,909)
---------- ---------- ------------ ------------
Share Transactions--Class A (a)
Issued 3,427,567 4,152,277 2,286,986 4,196,196
Issued on reinvestments 268,008 221,584 503,739 651,820
Redeemed (2,112,368) (1,453,506) (3,134,493) (3,311,956)
---------- ---------- ------------ ------------
Net increase (decrease) from share transactions 1,583,207 2,920,355 (343,768) 1,536,060
---------- ---------- ------------ ------------
Total increase (decrease) 555,898 3,429,253 (2,289,202) 2,429,651
Net Assets
Beginning of year 8,247,421 4,818,168 17,624,628 15,194,977
---------- ---------- ------------ ------------
End of year+ 8,803,319 8,247,421 15,335,426 17,624,628
========== ========== ============ ============
+Includes undistributed net investment income of $ 8,128 $ 14,869 $ 16,120 $ 48,235
========== ========== ============ ============
(a) Shares issued and redeemed--Class A (Note 2)
Issued 276,121 324,124 199,720 349,017
Issued on reinvestments 22,128 17,268 44,854 54,099
Redeemed (175,117) (111,354) (274,794) (277,498)
---------- ---------- ------------ ------------
Net increase (decrease) in shares 123,132 230,038 (30,220) 125,618
========== ========== ============ ============
TABLE CONTINUED BELOW
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- - ------------------------------------------------------------------------------------------------------------------------------
COLORADO MICHIGAN
---------------------------- ------------------------------
Year Ended December 31 1994 1993 1994 1993
---------- ---------- ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from
Operations
Net investment income $ 160,429 $ 97,449 $ 1,546,711 $ 1,310,547
Net realized gain (loss) on investments (76,950) 3,550 (217,964) 183,948
Net unrealized appreciation (depreciation)
of investments (260,352) 135,959 (3,292,803) 1,856,140
---------- ---------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (176,873) 236,958 (1,964,056) 3,350,635
---------- ---------- ------------ ------------
Distributions to Shareholders:
From net investment income (162,310) (96,861) (1,539,297) (1,333,650)
From net realized gain from security transactions -- (1,304) -- (182,127)
In excess of realized gain from security
transactions -- -- -- --
---------- ---------- ------------ ------------
Total distributions (162,310) (98,165) (1,539,297) (1,515,777)
---------- ---------- ------------ ------------
Share Transactions--Class A (a)
Issued 1,041,474 1,610,556 6,577,080 8,651,438
Issued on reinvestments 120,485 79,008 966,749 1,005,409
Redeemed (600,150) (62,941) (3,959,063) (2,181,470)
---------- ---------- ------------ ------------
Net increase (decrease) from share transactions 561,809 1,626,623 3,584,766 7,475,377
---------- ---------- ------------ ------------
Total increase (decrease) 222,626 1,765,416 81,413 9,310,235
Net Assets
Beginning of year 2,886,965 1,121,549 30,280,962 20,970,727
---------- ---------- ------------ ------------
End of year+ $3,109,591 $2,886,965 $30,362,375 $30,280,962
========== ========== ============ ============
+Includes undistributed net investment income of $ 435 $ 2,316 $ 11,601 $ 4,187
========== ========== ============ ============
(a) Shares issued and redeemed--Class A (Note 2)
Issued 88,330 131,303 542,805 685,243
Issued on reinvestments 10,357 6,434 81,294 79,365
Redeemed (51,065) (5,112) (326,423) (172,246)
---------- ---------- ------------ ------------
Net increase (decrease) in shares 47,622 132,625 297,676 592,362
========== ========== ============ ============
TABLE CONTINUED BELOW
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- - ------------------------------------------------------------------------------------------------------------------------------
MINNESOTA MISSOURI
---------------------------- ------------------------------
Year Ended December 31 1994 1993 1994 1993
---------- ---------- ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from
Operations
Net investment income $ 420,623 $ 390,894 $ 86,522 $ 47,836
Net realized gain (loss) on investments (85,235) 92,958 (76,785) 2,842
Net unrealized appreciation (depreciation)
of investments (827,572) 282,896 (115,009) 55,810
---------- ---------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (492,184) 766,748 (105,272) 106,488
---------- ---------- ------------ ------------
Distributions to Shareholders:
From net investment income (426,080) (397,017) (85,819) (48,214)
From net realized gain from security transactions -- (92,847) -- (2,763)
In excess of realized gain from security
transactions -- -- -- --
---------- ---------- ------------ ------------
Total distributions (426,080) (489,864) (85,819) (50,977)
---------- ---------- ------------ ------------
Share Transactions--Class A (a)
Issued 782,210 1,928,446 452,897 1,095,731
Issued on reinvestments 312,864 378,101 61,785 38,773
Redeemed (920,314) (447,738) (252,327) (125,174)
---------- ---------- ------------ ------------
Net increase (decrease) from share transactions 174,760 1,858,809 262,355 1,009,330
---------- ---------- ------------ ------------
Total increase (decrease) (743,504) 2,135,693 71,264 1,064,841
Net Assets
Beginning of year 8,118,220 5,982,527 1,539,894 475,053
---------- ---------- ------------ ------------
End of year+ $7,374,716 $8,118,220 $1,611,158 $1,539,894
========== ========== ============ ============
+Includes undistributed net investment income of $ 1,947 $ 7,404 $ 1,037 $ 334
========== ========== ============ ============
(a) Shares issued and redeemed--Class A (Note 2)
Issued 70,506 165,941 38,682 89,074
Issued on reinvestments 28,719 32,336 5,356 3,161
Redeemed (85,260) (38,094) (22,393) (10,136)
---------- ---------- ------------ ------------
Net increase (decrease) in shares 13,965 160,183 21,645 82,099
========== ========== ============ ============
TABLE CONTINUED BELOW
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- - ------------------------------------------------------------------------------------------------------------------------------
OHIO OREGON
---------------------------- ------------------------------
Year Ended December 31 1994 1993 1994 1993
---------- ---------- ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from
Operations
Net investment income $ 1,000,909 $ 911,444 $ 226,913 $ 105,632
Net realized gain (loss) on investments (147,400) 150,398 (212,062) (2,345)
Net unrealized appreciation (depreciation)
of investments (2,064,948) 1,050,507 (289,223) 128,793
---------- ---------- ------------ ------------
Net increase (decrease) in net assets resulting
from operations (1,211,439) 2,112,349 (274,372) 232,080
---------- ---------- ------------ ------------
Distributions to Shareholders:
From net investment income (1,012,934) (906,030) (228,557) (104,643)
From net realized gain from security transactions -- (144,826) -- --
In excess of realized gain from security
transactions -- (19,400) -- --
---------- ---------- ------------ ------------
Total distributions (1,012,934) (1,070,256) (228,557) (104,643)
---------- ---------- ------------ ------------
Share Transactions--Class A (a)
Issued 2,394,093 6,848,149 1,814,006 2,741,021
Issued on reinvestments 701,544 764,575 180,991 86,108
Redeemed (3,068,271) (2,158,269) (542,460) (138,566)
---------- ---------- ------------ ------------
Net increase (decrease) from share transactions 27,366 5,454,455 1,452,537 2,688,563
---------- ---------- ------------ ------------
Total increase (decrease) (2,197,007) 6,496,548 949,608 2,816,000
Net Assets
Beginning of year 20,365,813 13,869,265 3,746,610 930,610
---------- ---------- ------------ ------------
End of year+ $18,168,806 $20,365,813 $4,696,218 $3,746,610
========== ========== ============ ============
+Includes undistributed net investment income of $ 6,641 $ 18,666 $ 951 $ 2,595
========== ========== ============ ============
(a) Shares issued and redeemed--Class A (Note 2)
Issued 200,153 551,418 159,521 227,725
Issued on reinvestments 59,779 61,218 16,104 7,157
Redeemed (261,699) (172,305) (48,313) (11,617)
---------- ---------- ------------ ------------
Net increase (decrease) in shares (1,767) 440,331 127,312 223,265
========== ========== ============ ============
See notes to financial statements
</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. The Series may invest up to
20% of their 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 sufficient to relieve
them from all, or substantially all, federal income taxes. At December 31,
1994, the Series had the following capital loss carryovers, all expiring in
the year 2002:
<TABLE>
<CAPTION>
MULTI-STATE INSURED
- - ------------------------
<S> <C>
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
</TABLE>
C. Distributions to Shareholders-- Dividends from net investment income are
declared daily and are paid monthly. Dividends from net realized capital
gain are normally declared and paid annually. To the extent that net
realized capital gain can be offset by capital loss carryovers, it is the
policy of the Series not to distribute such gain.
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. Fund Shares--The Declaration of Trust of Multi-State Insured permits the
Fund to issue an unlimited number of shares of beneficial interest in each
Series. On September 22, 1994, the Board of Trustees established an
unlimited number of Class A and an unlimited number of Class B shares of
beneficial interest. As of December 31, 1994, only Class A shares have been
issued by the Series.
3. Security Transactions--For the year ended December 31, 1994, purchases
and sales of municipal securities were as follows:
<TABLE>
<CAPTION>
Cost Proceeds
of of
Purchases Sales
---------- ------------
<S> <C> <C>
MULTI-STATE INSURED
- - -------------------
ARIZONA Series $ 7,094,621 $ 5,275,515
CALIFORNIA Series 13,016,728 12,843,410
COLORADO Series 3,694,561 3,106,341
MICHIGAN Series 21,677,319 16,945,595
MINNESOTA Series 3,042,509 2,579,940
MISSOURI Series 1,758,520 1,458,756
OHIO Series 10,922,708 10,535,710
OREGON Series 6,462,781 5,190,269
</TABLE>
At December 31, 1994, aggregate cost and net unrealized appreciation
(depreciation) of securities for federal income tax purposes were as
follows:
<TABLE>
<CAPTION>
Net
Gross Gross Unrealized
Aggregate Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
---------------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
MULTI-STATE INSURED
- - -------------------
ARIZONA Series $ 8,662,388 $121,855 $191,680 $ (69,825)
CALIFORNIA Series 15,148,422 310,954 350,007 (39,053)
COLORADO Series 3,119,108 5,374 102,920 (97,546)
MICHIGAN Series 30,063,881 762,098 753,429 8,669
MINNESOTA Series 7,389,283 152,699 387,957 (235,258)
MISSOURI Series 1,616,691 6,533 56,086 (49,553)
OHIO Series 18,086,080 416,388 513,487 (97,099)
OREGON Series 4,586,674 9,800 161,528 (151,728)
</TABLE>
4. Advisory Fee and Other Transactions With Affiliates (Also see Note
5)--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 year ended December 31, 1994, advisory fees amounted to
$684,117, of which $345,872 was waived; other expenses in the amount of
$51,246 were assumed by FIMCO.
For the year ended December 31, 1994, FIC, as underwriter, received $458,660
in commissions on sales of shares after allowing $310,963 to other dealers.
Shareholder servicing costs consisted of $86,322 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 $26,535, were waived by the transfer agent for the year
ended December 31, 1994.
5. Distribution Plan--Pursuant to a Distribution Plan adopted under Rule
12b-1 of the 1940 Act, each Series is authorized to pay a fee up to .30% of
their respective average annual net assets, 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. Under the Plan, FIC, as underwriter,
received $182,432 for the year ended December 31, 1994 from the eight
Series.
6. 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.
Financial Highlights
The following table sets forth the per share operating performance data
for a Class A share outstanding, total return, ratios to average net assets
and other supplemental data for each period indicated.
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
--------------------------------------------- -------------------------------
Net Asset Net Net Asset
Value Realized and Value
---------- Net Unrealized Total from Net Net ----------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gains Distributions Period
- - ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
- - ---------------------------
INSURED TAX FREE FUND
- - ---------------------
ARIZONA SERIES
- - --------------
11/1/90** to 12/31/90 $11.17 $.009 ($.059) ($.050) $ -- $ -- $ -- $11.12
1991 11.12 .605 .420 1.025 .605 .020 .625 11.52
1992 11.52 .683 .545 1.228 .668 -- .668 12.08
1993 12.08 .681 1.078 1.759 .672 .047 .719 13.12
1994 13.12 .663 (1.397) (.734) .676 -- .676 11.71
CALIFORNIA SERIES
- - -----------------
2/23/87** to 12/31/87 11.13 .497 (1.247) (.750) .460 -- .460 9.92
1988 9.92 .747 .493 1.240 .780 -- .780 10.38
1989 10.38 .736 .294 1.030 .740 -- .740 10.67
1990 10.67 .747 (.047) .700 .750 -- .750 10.62
1991 10.62 .706 .452 1.158 .708 -- .708 11.07
1992 11.07 .653 .406 1.059 .644 .045 .689 11.44
1993 11.44 .637 .845 1.482 .612 .190 .802 12.12
1994 12.12 .598 (1.328) (.730) .620 -- .620 10.77
COLORADO SERIES
- - ---------------
5/4/92** to 12/31/92 11.17 .308 .442 .750 .290 -- .290 11.63
1993 11.63 .625 .984 1.609 .633 .006 .639 12.60
1994 12.60 .631 (1.351) (.720) .640 -- .640 11.24
MICHIGAN SERIES
- - ---------------
1987 11.13 .566 (1.106) (.540) .540 -- .540 10.05
1988 10.05 .773 .557 1.330 .790 -- .790 10.59
1989 10.59 .724 .406 1.130 .730 -- .730 10.99
1990 10.99 .743 (.023) .720 .730 -- .730 10.98
1991 10.98 .729 .476 1.205 .735 .020 .755 11.43
1992 11.43 .681 .494 1.175 .675 -- .675 11.93
1993 11.93 .641 1.053 1.694 .655 .079 .734 12.89
1994 12.89 .612 (1.423) (.811) .609 -- .609 11.47
* Annualized
** Commencement of operations
+ Calculated without sales charge
++ Net of expenses waived or assumed by the investment adviser and
the transfer agent from the commencement of operations through
December 31, 1994 (See Note 4).
See notes to financial statements
TABLE CONTINUED BELOW
<CAPTION>
- - ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- - ----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
------------------------------- ---------------------------------------------
Total Net Assets Net Net Portfolio
Return+ End of Period Investment Investment Turnover
(%) (in thousands) Expenses (%) Income (%) Expenses (%) Income (%) Rate (%)
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
- - ---------------------------
INSURED TAX FREE FUND
- - ---------------------
ARIZONA SERIES
- - --------------
11/1/90** to 12/31/90 (2.68)* $ 602 -- .59* 1.47* (.88)* 0
1991 9.49 2,380 .05 5.75 1.51 4.29 45
1992 10.98 4,818 .20 5.84 1.32 4.72 58
1993 14.87 8,247 .20 5.40 1.20 4.41 45
1994 (5.63) 8,803 .30 5.52 1.24 4.59 63
CALIFORNIA SERIES
- - -----------------
2/23/87** to 12/31/87 7.64* 2,033 .03* 5.02* .76* 4.30* 32
1988 12.94 2,707 .05 7.42 1.19 6.29 9
1989 10.21 6,311 .09 7.02 1.19 5.91 16
1990 6.81 7,873 .08 7.11 1.05 6.14 27
1991 11.26 12,761 .30 6.49 1.02 5.77 34
1992 9.84 15,195 .72 5.83 1.25 5.30 52
1993 13.21 17,625 .89 5.33 1.14 5.08 66
1994 (6.10) 15,335 .97 5.27 1.22 5.02 83
COLORADO SERIES
- - ---------------
5/4/92** to 12/31/92 10.10* 1,122 -- 4.95* 1.90* 3.06* 46
1993 14.14 2,887 .12 5.13 1.42 3.83 27
1994 (5.77) 3,110 .20 5.41 1.43 4.18 108
MICHIGAN SERIES
- - ---------------
1987 6.03 1,077 .07 6.52 1.18 5.41 7
1988 13.65 1,845 .12 7.52 1.41 6.23 31
1989 10.98 6,255 .13 6.76 1.14 5.75 1
1990 6.83 10,542 .10 6.90 1.06 5.94 11
1991 11.14 13,630 .31 6.56 1.05 5.82 22
1992 10.59 20,971 .73 5.86 1.22 5.37 26
1993 14.49 30,281 .89 5.11 1.14 4.86 25
1994 (6.36) 30,362 .93 5.11 1.18 4.86 60
* Annualized
** Commencement of operations
+ Calculated without sales charge
++ Net of expenses waived or assumed by the investment adviser and
the transfer agent from the commencement of operations through
December 31, 1994 (See Note 4).
See notes to financial statements
</TABLE>
Financial Highlights (cont'd)
The following table sets forth the per share operating performance data
for a Class A share outstanding, total return, ratios to average net
assets and other supplemental data for each period indicated.
<TABLE>
<CAPTION>
- - ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
--------------------------------------------- -------------------------------
Net Asset Net Net Asset
Value Realized and Value
---------- Net Unrealized Total from Net Net ----------
Beginning Investment Gain (Loss) on Investment Investment Realized Total End of
of Period Income Investments Operations Income Gains Distributions Period
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
- - ---------------------------
INSURED TAX FREE FUND (continued)
- - ---------------------------------
MINNESOTA SERIES
- - ----------------
1987 $11.13 $.557 ($1.127) ($.570) $.550 $ -- $.550 $10.01
1988 10.01 .748 .332 1.080 .740 -- .740 10.35
1989 10.35 .719 .271 .990 .730 -- .730 10.61
1990 10.61 .722 (.037) .685 .725 -- .725 10.57
1991 10.57 .728 .399 1.127 .720 .007 .727 10.97
1992 10.97 .676 .313 .989 .659 -- .659 11.30
1993 11.30 .625 .622 1.247 .640 .137 .777 11.77
1994 11.77 .592 (1.282) (.690) .600 -- .600 10.48
MISSOURI SERIES
- - ---------------
5/4/92** to 12/31/92 11.17 .272 .363 .635 .255 -- .255 11.55
1993 11.55 .620 .988 1.608 .635 .023 .658 12.50
1994 12.50 .617 (1.384) (.767) .613 -- .613 11.12
OHIO SERIES
- - -----------
1987 11.13 .576 (1.166) (.590) .550 -- .550 9.99
1988 9.99 .792 .578 1.370 .800 -- .800 10.56
1989 10.56 .732 .408 1.140 .750 -- .750 10.95
1990 10.95 .752 (.012) .740 .760 -- .760 10.93
1991 10.93 .725 .493 1.218 .718 -- .718 11.43
1992 11.43 .676 .432 1.108 .668 -- .668 11.87
1993 11.87 .632 .894 1.526 .632 .104 .736 12.66
1994 12.66 .613 (1.353) (.740) .620 -- .620 11.30
OREGON SERIES
- - -------------
5/4/92** to 12/31/92 11.17 .260 .230 .490 .240 -- .240 11.42
1993 11.42 .661 .807 1.468 .598 -- .598 12.29
1994 12.29 .529 (1.339) (.810) .610 -- .610 10.87
* Annualized
** Commencement of operations
+ Calculated without sales charge
++ Net of expenses waived or assumed by the investment adviser
and the transfer agent from the commencement
of operations through December 31, 1994 (See Note 4).
TABLE CONTINUED BELOW
<CAPTION>
- - --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- - --------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
------------------------------- -------------------------------------------
Total Net Assets Net Net Portfolio
Return+ End of Period Investment Investment Turnover
(%) (in thousands) Expenses (%) Income (%) Expenses (%) Income (%) Rate (%)
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
- - ---------------------------
INSURED TAX FREE FUND (continued)
- - ---------------------------------
MINNESOTA SERIES
- - ----------------
1987 5.04 $ 585 .15 6.06 1.49 4.72 15
1988 11.14 789 .15 7.38 1.86 5.67 10
1989 9.85 1,992 .16 6.94 1.42 5.68 16
1990 6.71 3,365 .15 6.92 1.54 5.53 22
1991 11.00 4,430 .17 6.83 1.21 5.80 17
1992 9.29 5,983 .51 6.10 1.38 5.23 33
1993 11.30 8,118 .65 5.40 1.24 4.80 41
1994 (5.93) 7,375 .65 5.40 1.29 4.76 34
MISSOURI SERIES
- - ---------------
5/4/92** to 12/31/92 8.58* 475 -- 4.36* 4.60* (.24)* 28
1993 14.21 1,540 .13 4.44 1.76 2.81 8
1994 (6.20) 1,611 .20 5.45 1.57 4.07 98
OHIO SERIES
- - -----------
1987 5.15 965 .07 6.71 1.20 5.59 23
1988 14.15 1,485 .06 7.76 1.50 6.33 23
1989 11.09 4,058 .07 6.94 1.17 5.84 5
1990 7.05 6,627 .07 6.99 1.11 5.95 31
1991 11.51 9,324 .29 6.50 1.05 5.73 34
1992 9.99 13,869 .62 5.83 1.21 5.23 29
1993 13.12 20,366 .80 5.09 1.15 4.74 30
1994 (5.91) 18,169 .85 5.18 1.20 4.83 57
OREGON SERIES
- - -------------
5/4/92** to 12/31/92 6.62* 931 -- 4.30* 2.48* 1.82* 12
1993 13.13 3,747 -- 4.94 1.28 3.66 77
1994 (6.65) 4,696 .20 5.36 1.39 4.17 135
* Annualized
** Commencement of operations
+ Calculated without sales charge
++ Net of expenses waived or assumed by the investment adviser
and the transfer agent from the commencement
of operations through December 31, 1994 (See Note 4).
</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 December 31,
1994, the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the period
then ended and financial highlights for the periods indicated thereon.
These financial statements and financial highlights are the responsibility
of the Funds' management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1994, 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 December 31, 1994, and the results of their
operations, changes in their net assets and financial highlights for each of
the respective periods presented, in conformity with generally accepted
accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
January 31, 1995
This page left blank intentionally.
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
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 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.
10 Woodbridge Center Drive
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart
1800 M Street, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
For more complete information about First Investors Multi-State
Insured Tax Free Fund, including charges and expenses, you may
obtain a prospectus from your registered representative or by
calling 1-800-423-4026. Read it carefully before you invest
or send money.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
First Investors LOGO
LOGO 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
The words "BULK RATE U.S. POSTAGE PAID PERMIT NO. 7379" in a box
to the right of a circle containing the words "MAILED FROM
ZIP CODE 11201" appears to the right of the above language in the
printed piece.
Vertically reading from bottom to top in center of the page the words
"FIRST INVESTORS" appear in the printed piece.
First Investors
Multi-State Insured
Tax Free Fund
Arizona Series
California Series
Colorado Series
Michigan Series
Minnesota Series
Missouri Series
Ohio Series
Oregon Series
ANNUAL
REPORT
DECEMBER 31, 1994
