First Investors
Multi-State Insured
Tax Free Fund
Arizona Fund
California Fund
Colorado Fund
Michigan Fund
Minnesota Fund
Missouri Fund
Ohio Fund
Oregon Fund
SEMI-
ANNUAL
REPORT
JUNE 30, 1996
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words "FIRST INVESTORS" appear.
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FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
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A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIMS-149
Portfolio Manager's Letter
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Funds
Dear Investor:
As 1996 began, most investors expected the U.S. economy to continue to
slow or even enter a recession. Instead the economy accelerated
throughout the first half of the year. After growing at an annualized
rate of only .5% in the fourth quarter of 1995, the economy expanded at
a 2.2% pace during the first quarter of this year and at an estimated
3.5%-4% during the second quarter. Concern that faster growth would lead
to higher inflation contributed to a sharp rise in interest rates with
the yield on long-term U.S. Treasury bonds increasing from 5.95% to
6.87%. Despite higher interest rates the stock market continued to rally
with the broad stock market averages hitting record highs during the
second quarter.
Faster economic growth, expectations of inflation, and the failure of
Congress and the President to agree on a balanced budget plan
contributed to a 50 basis point (.5%) increase in long-term municipal
bond yields during the first half of 1996. In comparison, long-term
Treasury bond yields rose almost 1% over the same time period. The
relatively strong performance of the municipal bond market was
attributable to two factors. First, municipal bonds began the year at
attractive levels relative to taxable bonds because of concern over tax
reform. As those concerns diminished, demand for tax-exempt bonds
increased. Second, rising yields increased demand for municipal bonds as
investors took advantage of the highest tax-exempt interest rates
available since August 1995.
During the first half of 1996, according to Lipper Analytical Services,
Inc., the Class A shares of the Multi-State Funds outperformed the
average return on comparable funds, on a net asset value basis, by the
following number of basis points: Arizona Fund 18, California Fund 49,
Colorado Fund 44, Michigan Fund 24, Minnesota Fund 35, Missouri Fund 36,
Ohio Fund 35 and Oregon Fund 28. The Funds had the following total
returns on a net asset value basis for Class A and Class B shares,
respectively: Arizona -1.1% and -1.5%, California -1.4% and -1.7%,
Colorado -.3% and -.7%, Michigan -1.3% and -1.7%, Minnesota -.8% and
- -1.2%, Missouri -1.0% and -1.4%, Ohio -.9% and -1.3%, and Oregon -.9%
and -1.3%.
Management of the Funds focused on reducing interest rate exposure to
protect the Funds' investments as the market declined during the first
six months of the year. Generally, the Funds accomplished this by
reducing the average maturity of their holdings and by slightly
increasing their cash positions. As in the past, the Funds improved call
protection where possible through the purchase of noncallable bonds.
Finally, taking advantage of the market's decline, the Funds sold bonds
purchased at lower yields and replaced them with higher yielding bonds.
Investors who buy bond funds -- whether for income or total return --
should be aware that the value of their investment fluctuates as
interest rates change. For example, a 100 basis point (or 1%) increase
in yield on a ten year bond results in roughly a 7% decrease in that
bond's price. In each of the last four years and the first half of 1996,
ten year Treasury bond yields have moved more than 100 basis points. In
addition, while the Funds' municipal bonds are insured as to timely
payment of principal and interest, this insurance does not protect the
bonds against changes in market value. Investors should be aware of
these risks and recognize that successful investing generally requires a
long-term commitment to the market.
Looking forward, inflation shows few signs of accelerating, despite the
market's concern. In addition, the pace of economic growth is likely to
slow during the second half of the year. A combination of stable
inflation and moderate growth should provide a comfortable environment
for investors throughout the remainder of 1996.
As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
July 8, 1996
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Certificates of Participation--7.1%
Arizona State:
$100 M 6.1% 5/1/2007 $105,250 $121
375 M 6 1/4% 9/1/2010 392,813 454
100 M Arizona State Municipal Financing Program 7.7% 8/1/2010 116,500 135
- -----------------------------------------------------------------------------------------------------------------------------
614,563 710
- -----------------------------------------------------------------------------------------------------------------------------
Education--1.8%
140 M Arizona State University Revenue 7% 7/1/2001* 156,450 181
- -----------------------------------------------------------------------------------------------------------------------------
General Obligation--47.9%
600 M Chandler, Arizona 6 1/4% 7/1/2011 639,750 740
Maricopa County, Arizona:
235 M School District #3 (Tempe) 7.3% 7/1/2009 276,419 320
250 M School District #8 (Osborne) 5 7/8% 7/1/2014 247,875 287
400 M School District #11 (Peoria) 6.1% 7/1/2010 415,500 480
100 M School District #14 (Creighton) 7 7/8% 7/1/2006 120,250 139
1,000 M School District #41 (Gilbert) Zero Coupon 1/1/2008 528,750 611
300 M School District #68 (Alhambra) 6 3/4% 7/1/2014 326,625 378
100 M School District #92 (Pendergast Elementary) 6 5/8% 7/1/2000* 108,125 125
200 M School District #231 (Tempe) 7% 7/1/2008 230,750 267
225 M Mohave County, Arizona High School District #30, 6.7% 7/1/2001* 246,656 285
145 M Pima County, Arizona Unified School District #13 (Tanque Verde)
6.7% 7/1/2010 158,412 183
140 M Puerto Rico Commonwealth 6.6% 7/1/2002* 154,875 179
200 M Santa Cruz County, Arizona School District #35, 6% 7/1/2008 209,750 242
Yavapai County, Arizona:
230 M Elementary School District #6 (Cottonwood-Oak Creek) 6.7% 7/1/2009 250,412 289
215 M Elementary School District #28 (Camp Verde) 6% 7/1/2008 225,481 261
- -----------------------------------------------------------------------------------------------------------------------------
4,139,630 4,786
- -----------------------------------------------------------------------------------------------------------------------------
Hospital--13.5%
650 M Maricopa County, Arizona Ind. Dev. Auth. (Samaritan Health Svcs.)
7% 12/1/2016 750,750 868
100 M Mohave County, Arizona Hosp. Dist. #1 (Kingman Reg. Med. Ctr.)
6.45% 6/1/2008 105,500 122
300 M Pima County, Arizona Ind. Dev. Auth. (Tucson Med. Ctr.) 6 3/8% 4/1/2012 313,500 362
- -----------------------------------------------------------------------------------------------------------------------------
1,169,750 1,352
- -----------------------------------------------------------------------------------------------------------------------------
Housing--1.5%
125 M Phoenix, Arizona Hsg. Fin. Corp. Mtg. Rev. 6.65% 7/1/2006 125,938 146
- -----------------------------------------------------------------------------------------------------------------------------
Transportation--5.9%
385 M Phoenix, Arizona Airport Revenue 6 1/4% 7/1/2012 403,769 467
100 M Phoenix, Arizona Street & Highway User Revenue 6 1/4% 7/1/2002* 106,000 122
- -----------------------------------------------------------------------------------------------------------------------------
509,769 589
- -----------------------------------------------------------------------------------------------------------------------------
Utilities--9.1%
200 M Central Arizona Water Conservation District Zero Coupon 5/1/2005 125,500 145
225 M Gilbert, Arizona Water & Sewer Revenue 6 1/2% 7/1/2012 240,469 278
100 M Peoria, Arizona Water & Sewer Revenue 6.6% 7/1/2004 106,250 123
250 M Tucson, Arizona Water Revenue 8% 7/1/2013 314,375 363
- -----------------------------------------------------------------------------------------------------------------------------
786,594 909
- -----------------------------------------------------------------------------------------------------------------------------
Other Revenue--11.5%
305 M Casa Grande, Arizona Excise Tax Rev. 6.1% 4/1/2009 316,819 366
250 M Phoenix, Arizona Civic Impt. Mun. Facs. Excise Tax Rev. 6.6% 7/1/2008 271,875 315
400 M Sierra Vista, Arizona Mun. Ppty. Corp. Mun. Facs. Rev. 6% 1/1/2011 410,000 474
- -----------------------------------------------------------------------------------------------------------------------------
998,694 1,155
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,934,851) 98.3% 8,501,388 9,828
Other Assets, Less Liabilities 1.7 148,849 172
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,650,237 $10,000
- -----------------------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.0%
Certificates of Participation--9.1%
$500 M Castaic Lake Water Agency Water System Impt. Proj. 7% 8/1/2012 $573,125 $375
500 M San Diego County, Calif. Inmate Reception Center 6 3/4% 8/1/2014 541,250 354
240 M Yolo County, Calif. Flood Control & Water Conservation 7 1/8% 7/15/2003* 272,100 178
- ----------------------------------------------------------------------------------------------------------------------------
1,386,475 907
- ----------------------------------------------------------------------------------------------------------------------------
General Obligation--7.6%
370 M Greenfield, Calif. School District 7.1% 8/1/2012 391,275 256
750 M Walnut Valley, Calif. School District 6% 8/1/2012 776,250 508
- ----------------------------------------------------------------------------------------------------------------------------
1,167,525 764
- ----------------------------------------------------------------------------------------------------------------------------
Hospital--1.8%
California Health Facilities Financing Authority Revenue:
155 M Episcopal Homes 7.85% 7/1/2015 159,290 104
100 M R.F. Kennedy Hospital 7 3/4% 3/1/1998 107,750 71
- ----------------------------------------------------------------------------------------------------------------------------
267,040 175
- ----------------------------------------------------------------------------------------------------------------------------
Transportation--5.7%
500 M Los Angeles County, Calif. Trans. Comm. Sales Tax Rev. 6 3/4% 7/1/2001* 553,125 362
300 M Puerto Rico Commonwealth Highway & Transportation Authority Rev.
6 1/4% 7/1/2014 322,875 211
- ----------------------------------------------------------------------------------------------------------------------------
876,000 573
- ----------------------------------------------------------------------------------------------------------------------------
Utilities--9.4%
East Bay Municipal Utility District:
300 M 7.2% 6/1/2000* 332,625 218
750 M 6.4% 6/1/2004* 833,438 545
250 M Los Angeles, Calif. Wastewater System 7% 6/1/1999 268,438 176
- ----------------------------------------------------------------------------------------------------------------------------
1,434,501 939
- ----------------------------------------------------------------------------------------------------------------------------
Other Revenue--64.4%
500 M Barstow, Calif. Redevelopment Agency 7% 9/1/2014 575,625 377
105 M California Public Capital Impt. Fin. Auth. Rev. 8.1% 3/1/2018 111,825 73
1,315 M California State Public Works Board 6 1/2% 12/1/2008 1,443,213 944
1,000 M Long Beach, Calif. Fing. Auth. Rev. 6% 11/1/2017 1,035,000 677
300 M Sacramento, Calif. Redev. Agency Merged Downtown Redev. Proj.
6 3/4% 11/1/2005 324,375 212
640 M San Francisco, Calif. City & Cnty. Pkg. Auth. Rev. 7% 6/1/2011 719,200 471
500 M San Francisco, Calif. City & Cnty. Redev. Agy. (Moscone Ctr.)
6 3/4% 7/1/2015 541,250 354
500 M San Jose, Calif. Redevelopment Agency 6% 8/1/2015 516,875 338
700 M San Mateo County, Calif. Jt. Powers Auth. Lease Revenue 6 1/2% 7/1/2015 763,875 500
500 M San Rafael, Calif. Redev. Agency 6.45% 12/1/2017 521,250 341
500 M Santa Ana, Calif. Fin. Auth. Lease Rev. 6 1/4% 7/1/2015 533,750 349
750 M Santa Margarita/Dana Point, Calif. Impt. Dist. 7 1/4% 8/1/2010 872,812 571
750 M South Gate, Calif. Public Financing Authority 6% 10/1/2012 777,187 509
South Orange County, Calif. Public Finance Authority:
500 M 6 1/2% 8/15/2010 543,125 356
500 M 7% 9/1/2011 567,500 371
- ----------------------------------------------------------------------------------------------------------------------------
9,846,862 6,443
- ----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $13,979,559 ) 14,978,403 9,801
- ----------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.7%
100 M Los Angeles, Calif. Regl. Arpts. Impt. (American Airlines)
Adjustable Rate Note 3.65% (cost $100,000)** 100,000 65
- ----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $14,079,559) 98.7% 15,078,403 9,866
Other Assets, Less Liabilities 1.3 204,376 134
- ----------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $15,282,779 $10,000
============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. Interest rate shown is the
rate in effect at June 30, 1996.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.6%
Education--9.7%
$225 M Colorado Postsecondary Educ. Facs. Auth. Rev. (Auroria Fndtn. Proj.)
6% 9/1/2015 $228,656 $668
100 M University of Northern Colorado Revenue 6% 6/1/2014 103,000 301
- -----------------------------------------------------------------------------------------------------------------------------
331,656 969
- -----------------------------------------------------------------------------------------------------------------------------
General Obligation--45.2%
150 M Bayfield, Colo. School District #10, 6 1/2% 6/1/2009 160,500 469
250 M Douglas County., Colo. School District #RE 1, 8% 12/15/2009 311,250 910
150 M Eagle Garfield & Routt Cntys., Colo. School District #RE 50J, 6.3%
12/1/12 158,250 462
150 M El Paso County, Colo. School District #020, 6.2% 6/15/2007 162,375 475
150 M Garfield County, Colo. School District #RE 2, 6.15% 12/1/2009 157,313 460
150 M Garfield Pitkin & Eagle Cntys., Colo. School District #RE 1, 6.6%
6/15/2004* 166,500 487
150 M Puerto Rico Commonwealth 6 1/4% 7/1/2012 162,750 476
100 M Summit County, Colo. School District #RE 1, 6.55% 12/1/2004* 110,500 323
150 M Yuma Hospital District, Colo. 6.4% 11/1/2014 156,937 459
- -----------------------------------------------------------------------------------------------------------------------------
1,546,375 4,521
- -----------------------------------------------------------------------------------------------------------------------------
Hospital--10.8%
100 M Colorado Health Facilities Authority (Sisters of Charity) 6 1/4% 5/15/2012 107,125 313
260 M Colorado Springs, Colo. Hospital Revenue 5 3/4% 12/15/2010 261,300 764
- -----------------------------------------------------------------------------------------------------------------------------
368,425 1,077
- -----------------------------------------------------------------------------------------------------------------------------
Transportation--10.5%
100 M Arapahoe Cnty, Colo. Capital Improv. Highway Rev. (E-470) 6.05%
8/31/15 102,500 299
150 M Denver, Colo. City & County Airport Revenue 5 3/4% 11/15/2016 148,500 434
100 M Puerto Rico Commonwealth Hwy. & Transn. Auth. Rev. 6 1/4% 7/1/2014 107,625 315
- -----------------------------------------------------------------------------------------------------------------------------
358,625 1,048
- -----------------------------------------------------------------------------------------------------------------------------
Utilities--7.5%
150 M Westminster, Colo. Water & Wastewater Util. Enterprise Rev. 6% 12/1/2009 154,125 450
100 M Woodland Park, Colo. Wastewater Util. Rev. 6.05% 12/1/2013 103,250 302
- -----------------------------------------------------------------------------------------------------------------------------
257,375 752
- -----------------------------------------------------------------------------------------------------------------------------
Other Revenue--13.9%
150 M Aurora, Colo. Municipal Building Corp. 1st Mtge. Rev. 9.2% 12/1/1997* 162,000 474
100 M Pueblo, Colo. Urban Renewal Authority Tax Increment Rev. 6.05%
12/1/2012 103,125 301
100 M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2014 101,500 297
100 M Puerto Rico Public Buildings Authority 6 1/4 % 7/1/2012 108,125 316
- -----------------------------------------------------------------------------------------------------------------------------
474,750 1,388
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,192,711) 97.6% 3,337,206 9,755
Other Assets, Less Liabilities 2.4 83,747 245
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,420,953 $10,000
=============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.0%
Education--3.0%
$400 M Central Michigan University Revenue 7% 10/1/2000* $441,500 $123
650 M Oakland, Michigan University Revenue 5 3/4% 5/15/2015 642,688 179
- -----------------------------------------------------------------------------------------------------------------------------
1,084,188 302
- -----------------------------------------------------------------------------------------------------------------------------
General Obligation--47.3%
325 M Chippewa Valley, Michigan Schools 7.1% 5/1/2001* 362,781 101
East Detroit, Michigan School District:
350 M 7% 5/1/2000* 383,250 107
1,000 M 6.1% 5/1/2016 1,013,750 282
1,000 M Goodrich, Michigan Area School District 5.7% 5/1/2015 983,750 274
1,000 M Grand Ledge, Michigan Public School District 7 7/8% 5/1/2004* 1,201,250 335
1,000 M Gull Lake, Michigan Community School District Zero Coupon 5/1/2013 376,250 105
450 M Haslett, Michigan Public School District 7 1/2% 5/1/2000* 497,250 138
2,000 M Howell, Michigan Public Schools Zero Coupon 5/1/2006* 542,500 151
1,000 M Huron, Michigan School District Zero Coupon 5/1/2015 323,750 90
450 M Inkster, Michigan School District 7% 5/1/2000* 492,187 137
1,000 M Lake Orion, Michigan Community School District 7% 5/1/2005* 1,143,750 318
1,000 M Lincoln Park, Michigan School District 7% 5/1/2020 1,070,000 298
1,000 M Michigan State Environmental Protection Program 6 1/4% 11/1/2012 1,076,660 300
450 M Oak Park, Michigan 7.2% 5/1/2002* 509,625 142
270 M Oakland County, Michigan 7.1% 5/1/2007 279,788 78
1,000 M Portage Lake, Michigan Water & Sewer Authority 6.1% 10/1/2014 1,032,500 288
1,195 M Redford, Michigan Unified School District 6 3/8% 5/1/2010 1,289,106 359
800 M Rochester, Michigan School District 5 5/8% 5/1/2011 805,000 224
300 M Rockford, Michigan Public Schools 7 3/8% 5/1/2000* 330,375 92
250 M Romulus, Michigan Community Schools 6 3/4% 5/1/2001* 275,312 77
380 M Saline, Michigan Building Authority 7.1% 7/1/2009 418,475 117
1,000 M Waterford Township, Michigan School District 6 1/4% 6/1/2012 1,047,500 291
450 M White Cloud, Michigan Public Schools 7.1% 5/1/2000* 492,750 137
1,000 M Zeeland, Michigan Public Schools 6% 5/1/2014 1,025,000 285
- -----------------------------------------------------------------------------------------------------------------------------
16,972,559 4,726
- -----------------------------------------------------------------------------------------------------------------------------
Hospital--2.9%
1,000 M Michigan State Hospital Finance Authority (St. John's Hospital) 6%
5/15/2008 $1,035,000 $288
- -----------------------------------------------------------------------------------------------------------------------------
Housing--1.4%
500 M Michigan State Housing Dev. Auth. Single-Family Mtge. Rev. 7.3%
12/1/2016 514,375 143
- -----------------------------------------------------------------------------------------------------------------------------
Transportation--8.2%
1,500 M Puerto Rico Commonwealth Hwy. & Transn. Hwy. Rev. 6 1/4% 7/1/2015 1,608,750 448
1,190 M Wayne Charter County, Michigan (Detroit Metro. Airport) 6 3/4% 12/1/2001* 1,320,900 368
- -----------------------------------------------------------------------------------------------------------------------------
2,929,650 816
- -----------------------------------------------------------------------------------------------------------------------------
Utilities--25.6%
1,000 M Dearborn, Michigan Sewage Disposal System 5 1/8% 4/1/2016 921,250 256
Detroit, Michigan Water Supply System:
400 M 6 3/8% 7/1/2002* 437,500 122
1,750 M 5.55% 7/1/2012 1,736,875 484
1,275 M 6 1/2% 7/1/2015 1,404,094 391
1,000 M Kalamazoo, Michigan Water Revenue 6% 9/1/2015 1,016,250 283
500 M Kent County, Michigan Refuse Disposal System 8.4% 11/1/2010 528,750 147
Michigan State Strategic Fund (Detroit Edison):
1,750 M 6.95% 5/1/2011 1,977,500 551
500 M 7% 5/1/2021 585,625 163
500 M Monroe County, Michigan Econ. Dev. Corp. (Detroit Edison) 6.95% 9/1/2022 580,625 162
- -----------------------------------------------------------------------------------------------------------------------------
9,188,469 2,559
- -----------------------------------------------------------------------------------------------------------------------------
Other Revenue--10.6%
1,000 M Grand Rapids, Michigan Downtown Dev. Auth. Zero Coupon 6/1/2009 465,000 130
650 M Greater Detroit Resource Recovery Authority 6 1/4% 12/13/2007 690,625 192
Michigan Municipal Bond Authority Revenue:
1,500 M 6.55% 11/1/2008 1,635,000 455
1,000 M 6 1/8% 5/1/2014 1,028,750 287
- -----------------------------------------------------------------------------------------------------------------------------
3,819,375 1,064
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $33,398,816) 35,543,616 9,898
- -----------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.5%
$100 M Michigan State Strategic Fund Pollution Control (General Motors Corp.)
Adjustable Rate Note 3.40%** $100,000 $28
100 M University of Michigan Revenue Adjustable Rate Note 3.55%** 100,000 28
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $200,000) 200,000 56
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $33,598,816) 99.5% 35,743,616 9,954
Other Assets, Less Liabilities 0.5 166,945 46
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $35,910,561 $10,000
=============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset at least weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1996.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--Minnesota Fund
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--96.8%
Certificates of Participation--4.9%
$400 M Minneapolis, Minn. Special School District #001, 5.9% 2/1/2012 $404,000 $491
- -----------------------------------------------------------------------------------------------------------------------------
General Obligation--37.3%
325 M Becker, Minn. Wastewater Treatment 5.8% 2/1/2010 329,875 401
180 M Blaine, Minn. Series "A" Fire Impt. 6.8% 2/1/2007 191,025 232
150 M Cass Lake, Minn. Independent School District #115, 6 5/8% 2/1/2000* 161,438 196
250 M Esko, Minn. Independent School District 5.7% 4/1/2014 248,750 302
285 M Inner Grove Heights, Minn. Independent School District #199, 5 3/4%
2/1/2012 286,069 348
280 M Lakeville, Minn. 5 1/2% 2/1/2011 275,800 335
125 M Mahnomen, Minn. Independent School District #432, 6 1/2% 2/1/2001* 133,594 162
250 M Minnesota, Minn. Sports Arena Project 5.1% 10/1/2013 237,187 288
275 M Minnesota State 6 1/4% 8/1/2002* 294,938 358
350 M North St. Paul Maplewood, Minn. Independent School District #622, 7.1%
2/1/2005* 398,125 484
75 M Ramsey County, Minn. 7% 2/1/1999* 79,781 97
100 M Rockford, Minn. Independent School District No. #883, 7.2% 12/15/1998* 107,125 130
70 M South Washington County, Minn. Independent School District #833, 6 7/8%
6/1/2000* 75,512 92
250 M Waseca, Minn. Independent School District, 5 1/2% 4/1/2012 246,875 300
- -----------------------------------------------------------------------------------------------------------------------------
3,066,094 3,725
- -----------------------------------------------------------------------------------------------------------------------------
Hospital--28.8%
Duluth, Minn. Economic Development Authority (Duluth Clinic):
45 M 6.2% 11/1/2004* 48,656 59
195 M 6.2% 11/1/2012 202,069 246
200 M Hibbing, Minn. Health Care Facs. Rev. (Duluth Clinic) 5 1/2% 11/1/2016 190,500 231
Minneapolis & St. Paul, Minn. Hsg. & Redev. Auth. Health Care System:
Childrens Health Care:
300 M 5.7% 8/15/2016 296,250 360
305 M 5 1/2% 8/15/2025 285,175 346
180 M Health One 7.4% 8/15/2011 198,900 242
250 M Minneapolis, Minn. Hospital Revenue (Fairview Hospital) 6 1/2% 1/1/2011 266,563 324
170 M Series "B" 7% 7/1/2001* 189,550 230
400 M Series "A" 5% 7/1/2015 358,000 435
St. Louis Park, Minn. Hosp. Rev. Facs. (Methodist Hospital):
100 M Series "A" 7 1/4% 7/1/2000* 110,250 134
200 M Series "C" 7 1/4% 7/1/2000* 222,000 270
- -----------------------------------------------------------------------------------------------------------------------------
2,367,913 2,877
- -----------------------------------------------------------------------------------------------------------------------------
Housing--19.1%
120 M Eagen, Minn. Multi-Family Housing (Forest Ridge Apts.) 7 1/2% 3/1/2027 122,850 149
Minnesota State Housing Finance Authority:
700 M Rental Housing Revenue 5.9% 8/1/2015 687,750 836
Single Family Mortgage Revenue:
95 M 6.9% 7/1/2009 101,294 123
80 M 7.7% 7/1/2014 84,700 103
250 M 6.4% 1/1/2015 256,875 312
St. Paul, Minn. Housing & Redevelopment Authority:
65 M Multi-Family Housing Revenue 7 1/2% 3/1/2026 (Defaulted)(Note 1A) 65,000 79
250 M Single Family Mortgage Revenue 6 1/4% 9/1/2014 254,062 309
- -----------------------------------------------------------------------------------------------------------------------------
1,572,531 1,911
- -----------------------------------------------------------------------------------------------------------------------------
Utilities--6.7%
Northern Municipal Power Agency, Minn. Electric System Revenue:
120 M 7.4% 1/1/1999* 130,650 159
200 M 7 1/4% 1/1/2016 211,250 257
210 M Southern Minn. Municipal Power Agency, Power Supply System 5 3/4%
7/1/2016* 212,887 258
- -----------------------------------------------------------------------------------------------------------------------------
554,787 674
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,723,527) 96.8% 7,965,325 9,678
Other Assets, Less Liabilities 3.2 265,211 322
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,230,536 $10,000
=============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.4%
General Obligation--15.4%
$50 M Lincoln County, Mo. Reorg. School District #3, 6.1% 3/1/2014 $51,188 $278
80 M Puerto Rico Commonwealth 6 1/4% 7/1/2012 86,800 470
50 M Springfield, Mo. School District 7% 3/1/2008 57,500 312
80 M St. Charles, Mo. School District 6 1/2% 2/1/2006* 88,400 479
- -----------------------------------------------------------------------------------------------------------------------------
283,888 1,539
- -----------------------------------------------------------------------------------------------------------------------------
Hospital--25.2%
Missouri State Health & Educational Facilities Authority:
140 M BJC Health System 6 3/4% 5/15/2011 155,925 845
90 M Health Midwest 6.1% 6/1/2011 92,587 502
125 M Sisters of Sorrowful Mother Healthcare 6 1/4% 6/1/2007 132,344 717
80 M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 83,300 451
- -----------------------------------------------------------------------------------------------------------------------------
464,156 2,515
- -----------------------------------------------------------------------------------------------------------------------------
Transportation--4.4%
75 M Kansas City, Mo. Airport Revenue 6 7/8% 9/1/2014 81,469 441
- -----------------------------------------------------------------------------------------------------------------------------
Utilities--21.9%
80 M Liberty, Mo. Sewer System Revenue 6.15% 2/1/2015 83,000 450
Missouri State Env. Impt. & Energy Res. Auth. Water Poll. Control:
80 M 6% 1/1/2016 81,100 440
85 M 6.05% 7/1/2016 86,806 470
150 M St. Louis, Mo. Water and Sewer Revenue 6% 7/1/2014 153,375 831
- -----------------------------------------------------------------------------------------------------------------------------
404,281 2,191
- -----------------------------------------------------------------------------------------------------------------------------
Other Revenue--30.5%
50 M Clay County, Mo. Public Bldg. Auth. Leasehold Rev. 7% 5/15/2014 55,125 299
80 M Excelsior Springs, Mo. School Dist. Bldg. Corp. Leasehold Rev. 6 1/2%
3/1/2009 83,700 454
50 M Kansas City, Mo. Redevelopment Authority Lease Revenue 5.6% 12/1/2010 49,875 270
50 M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 54,063 293
85 M Sikeston, Mo. Electric Revenue 6% 6/1/2013 88,612 480
St. Louis, Mo. Municipal Financing Corp. Leasehold Revenue:
65 M 6 1/4% 2/15/2012 67,844 368
80 M 5 3/4% 8/1/2013 80,600 437
80 M Warren County, Mo. Pub. Facs. Auth. Leasehold Rev. 6.3% 6/1/2010 83,300 451
- -----------------------------------------------------------------------------------------------------------------------------
563,119 3,052
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $1,721,049) 97.4% 1,796,913 9,738
Other Assets, Less Liabilities 2.6 48,425 262
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $1,845,338 $10,000
=============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.5%
General Obligation--78.6%
$1,000 M Adams County Ohio Valley Local School District 7% 12/1/2015 $1,151,250 $597
800 M Avon, Ohio Local School District 6 1/2% 12/1/2015 870,000 451
500 M Batavia, Ohio Local School District 7% 12/1/2014 551,875 286
1,000 M Beaver Creek, Ohio Local School District 6.6% 12/1/2015 1,101,250 571
425 M Bedford Heights, Ohio 6 1/2% 12/1/2014 447,313 232
215 M Bellefontaine, Ohio City School District 7 1/8% 12/1/2001* 241,875 125
500 M Brecksville-Broadview Heights, Ohio City School District 6 1/2% 12/1/2016 535,000 277
500 M Buckeye Valley, Ohio Local School District 6.85% 12/1/2015 570,000 295
250 M Cardington & Lincoln, Ohio Local School District 6.6% 12/1/2014 264,688 137
Cleveland, Ohio:
500 M 6 3/8% 7/1/2012 521,250 270
250 M 6 5/8% 11/15/2014 266,562 138
500 M Clyde-Green Springs, Ohio Exempted Village School District 7% 12/1/2013 553,125 287
450 M Dublin, Ohio 6.4% 12/1/2014 482,062 250
525 M East Clinton, Ohio Local School District 6 7/8% 12/1/2009 580,781 301
700 M Garfield Heights, Ohio 6.3% 12/1/2014 729,750 378
500 M Lakeview, Ohio Local School District 6.9% 12/1/2014 550,625 285
500 M Lakewood, Ohio City School District 6.95% 12/1/2015 551,875 286
215 M Logan Hocking, Ohio Local School District Series "A" 7.1% 12/1/2001* 241,069 125
270 M Muskingum County, Ohio 7.2% 12/1/2010 296,325 154
500 M North Royalton, Ohio City School District 6% 12/1/2014 508,750 264
250 M Olmsted Falls, Ohio Local School District 6.85% 12/15/2011 276,875 143
700 M Parma, Ohio 5 3/4% 12/1/2015 694,750 360
350 M Portage County, Ohio 6.2% 12/1/2014 366,188 190
285 M Shaker Heights, Ohio City School District 7.1% 12/15/2010 330,600 171
250 M Springfield, Ohio Local School District 7 1/8% 12/1/2012 273,750 142
Summit County, Ohio:
130 M 6.9% 8/1/2003* 145,762 76
115 M 6.9% 8/1/2012 124,056 64
550 M 6.4% 12/1/2014 581,625 301
250 M Toledo, Ohio 6 1/2% 12/1/2011 265,625 138
500 M Tuscarawas Valley, Ohio Local School District 6.6% 12/1/2015 540,625 280
$250 M Valley View, Ohio 7% 12/1/2011 $270,625 $140
250 M Wayne, Ohio Local School District 6.45% 12/1/2011 270,938 140
- -----------------------------------------------------------------------------------------------------------------------------
15,156,844 7,854
- -----------------------------------------------------------------------------------------------------------------------------
Hospital--9.7%
Franklin County, Ohio Hospital Revenue:
255 M Holy Cross Health System 7 5/8% 6/1/2009 273,806 142
250 M Riverside United Hospital 7 1/4% 5/15/2020 267,500 139
325 M Lucas County, Ohio Hosp. Impt. Rev. (St. Vincent Med. Ctr.) 6 3/4%
8/15/2000* 353,031 183
Montgomery County, Ohio:
100 M Dayton Osteopathic Hospital 7.4% 12/1/2008 102,975 53
300 M Sisters of Charity Health Care 6 1/4% 5/15/2008 316,875 164
125 M Parma, Ohio Hosp. Impt. (Parma Cmnty. General Hosp. Assoc.) 7.2%
11/15/2008 133,437 69
400 M Trumbull County, Ohio Hospital Revenue 6.9% 11/15/2012 431,500 224
- -----------------------------------------------------------------------------------------------------------------------------
1,879,124 974
- -----------------------------------------------------------------------------------------------------------------------------
Transportation--1.2%
250 M Dayton, Ohio Airport Revenue (James E. Cox Dayton Intl.) 5 1/4%
12/1/2015 237,188 123
- -----------------------------------------------------------------------------------------------------------------------------
Utilities--8.6%
600 M Alliance, Ohio Sewer System Revenue 6% 10/15/2010 617,250 320
340 M Cleveland, Ohio Waterworks Revenue 6 1/2% 1/1/2002* 372,725 193
165 M Ohio State Air Quality Dev. Auth. Rev. (Ohio Power Co.) 7.4% 8/1/2009 174,694 91
250 M Ohio State Water Dev. Auth. Rev. Pure Water Series 7% 12/1/2009 284,063 147
200 M Toledo, Ohio Water Revenue 6% 11/15/2007 211,000 109
- -----------------------------------------------------------------------------------------------------------------------------
1,659,732 860
- -----------------------------------------------------------------------------------------------------------------------------
Other Revenue--1.4%
250 M Ohio State Building Auth. (Juvenile Correction Projects) 6.6% 10/1/2014 267,500 139
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $18,247,879 ) 19,200,388 9,950
- -----------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.1%
$400 M Ohio State Air Quality Dev. Auth. Rev. (Cincinnati Gas & Electric)
Adjustable Rate Note 3.50% (cost $400,000)** 400,000 207
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $18,647,879) 101.60% 19,600,388 10,157
Excess of Liabilities Over Other Assets (1.6) (303,816) (157)
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets 100.00% $19,296,572 $10,000
=============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. Interest rate
shown is the rate in effect at June 30, 1996.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--95.9%
Certificates of Participation--2.5%
$100 M Oregon State Dept. of General Services 6% 9/1/2010 $102,625 $119
100 M Washington County, Oregon Educational Service District 7% 6/1/2005* 114,250 132
- -----------------------------------------------------------------------------------------------------------------------------
216,875 251
- -----------------------------------------------------------------------------------------------------------------------------
Education--8.3%
Chemeketa, Oregon Commmunity College District:
200 M 6.4% 7/1/2009 212,750 246
300 M 5.8% 6/1/2012 302,250 349
200 M Oregon State Hlth. & Hsg. Educl. & Cult. Facs. (Lewis & Clark College)
6% 10/1/2013 204,750 237
- -----------------------------------------------------------------------------------------------------------------------------
719,750 832
- -----------------------------------------------------------------------------------------------------------------------------
General Obligation--39.4%
200 M Clackamas County, Oregon School District #115, 5.8% 6/1/2008 206,750 239
250 M Jackson County, Oregon School District #005 (Ashland) 5.7% 6/1/2007 258,438 299
200 M Josephine County, Oregon School District (Three Rivers) 5.65% 12/1/2008 203,750 235
245 M La Grande, Oregon 5 5/8% 6/1/2011 246,225 284
200 M Lane County, Oregon School District #019 (Springfield) 6 1/4% 10/15/2011 211,250 244
115 M Lane County, Oregon School District #052 (Bethel) 7% 12/1/2006 131,531 152
200 M Lincoln County, Oregon School District 5 1/4% 6/15/2012 193,000 223
100 M Marion & Linn Counties, Oregon Elem. School Dist. #077J (Stayton) 6.1%
7/1/2009 105,000 121
200 M Polk Marion & Benton Counties, Oregon School District #13, 5 1/2%
12/1/2008 202,750 234
Puerto Rico Commonwealth:
540 M 6 1/4% 7/1/2012 585,900 677
250 M 6 1/4% 7/1/2013 269,687 312
200 M Umatilla County, Oregon School District #16 (Pendleton) 6% 7/1/2014 207,000 239
170 M Washington County, Oregon School District #003 (Hillsboro) 6% 11/1/2008 177,863 205
200 M Washington County, Oregon School District #88 (Sherwood) 6.1% 6/1/2012 208,250 241
200 M Yamhill County, Oregon School District #029, 6.1% 6/1/2011 208,750 241
- -----------------------------------------------------------------------------------------------------------------------------
3,416,144 3,946
- -----------------------------------------------------------------------------------------------------------------------------
Hospital--5.5%
25 M Clackamas County, Oregon Health Facs. Auth. (Adventist Health) 6.35%
3/1/2009 26,219 30
200 M Ontario, Oregon Catholic Health (Holy Rosary Med. Ctr.) 5 1/2% 11/15/2012 195,250 226
250 M Western Lane Hosp. Dist. Oregon (Sisters of St. Joseph) 5 7/8% 8/1/2012 253,438 293
- -----------------------------------------------------------------------------------------------------------------------------
474,907 549
- -----------------------------------------------------------------------------------------------------------------------------
Housing--7.7%
Oregon State Housing & Community Svcs. Dept. Mtge. Rev. Single
Family Mortgage Program:
250 M 6% 7/1/2012 256,562 296
400 M 5.95% 7/1/2013 407,500 471
- -----------------------------------------------------------------------------------------------------------------------------
664,062 767
- -----------------------------------------------------------------------------------------------------------------------------
Transportation--8.3%
Oregon State Department of Transportation Revenue:
100 M 7% 6/1/2004 111,625 129
100 M 6.2% 6/1/2008 106,250 123
200 M 6 1/4% 6/1/2009 211,750 245
Puerto Rico Highway & Transportation Authority Highway Revenue:
100 M 5 1/2% 7/1/2013 99,625 115
175 M 6 1/4% 7/1/2014 188,344 217
- -----------------------------------------------------------------------------------------------------------------------------
717,594 829
- -----------------------------------------------------------------------------------------------------------------------------
Utilities--19.0%
100 M Emerald, Oregon Peoples Utility District 6.4% 11/1/2001* 107,875 125
200 M Klamath Falls, Oregon Water Revenue 6.1% 6/1/2014 207,000 239
250 M Marion County, Oregon Solid Waste & Elec. Revenue 5 3/8% 10/1/2008 249,375 288
250 M Salem, Oregon Water & Sewer Revenue 5 1/2% 6/1/2012 246,875 285
Portland, Oregon Sewer System Revenue:
400 M 6.2% 6/1/2012 418,250 483
200 M 6 1/4% 6/1/2015 207,250 240
200 M South Fork Water Board, Oregon Water Revenue 6% 2/1/2014 205,250 237
- -----------------------------------------------------------------------------------------------------------------------------
1,641,875 1,897
- -----------------------------------------------------------------------------------------------------------------------------
Other Revenue--5.2%
$100 M Puerto Rico Municipal Finance Agency 6% 7/1/2014 101,500 117
325 M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 351,406 406
- -----------------------------------------------------------------------------------------------------------------------------
452,906 523
- -----------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,063,401) 95.9% 8,304,113 9,594
Other Assets, Less Liabilities 4.1 351,415 406
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,655,528 $10,000
=============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
This page left blank intentionally.
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------
Arizona California Colorado Michigan
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $7,934,851 $14,079,559 $3,192,711 $33,598,816
============ ============ ============ ============
At value (Note 1A) $8,501,388 $15,078,403 $3,337,206 $35,743,616
Cash (overdraft) 198,777 28,359 69,573 (11,109)
Receivables:
Investment securities sold -- -- -- --
Interest 185,930 276,305 31,641 412,733
Trust shares sold 59,851 141 971 48,561
Other assets 10 628 -- 608
------------ ------------ ------------ ------------
Total Assets 8,945,956 15,383,836 3,439,391 36,194,409
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 248,528 -- -- --
Dividends payable July 20, 1996 37,257 64,695 14,819 218,914
Trust shares redeemed 6,219 22,562 2,400 38,111
Accrued advisory fees 2,120 6,300 567 14,820
Accrued expenses 1,595 7,500 652 12,003
------------ ------------ ------------ ------------
Total Liabilities 295,719 101,057 18,438 283,848
------------ ------------ ------------ ------------
Net Assets $8,650,237 $15,282,779 $3,420,953 $35,910,561
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $8,202,753 $14,234,721 $3,328,070 $33,863,219
Undistributed net investment income 2,752 2,493 406 2,072
Accumulated net realized gain (loss)
on investments (121,805) 46,721 (52,018) (99,530)
Net unrealized appreciation in value
of investments 566,537 998,844 144,495 2,144,800
------------ ------------ ------------ ------------
Total $8,650,237 $15,282,779 $3,420,953 $35,910,561
============ ============ ============ ============
Trust shares outstanding (Note 2):
Class A 660,321 1,319,982 269,406 2,876,504
Class B 21,720 7,688 10,653 38,813
Net asset value and redemption
price per share--Class A $12.68 $11.51 $12.22 $12.32
======= ======= ======= =======
Maximum offering price per share--Class A* $13.53 $12.28 $13.03 $13.14
======= ======= ======= =======
Net asset value and offering price
per share--Class B $12.68 $11.51 $12.21 $12.31
======= ======= ======= =======
<CAPTION>
Statement of Assets and Liabilities (Continued)
June 30, 1996
- ----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------
Minnesota Missouri Ohio Oregon
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $7,723,527 $1,721,049 $18,647,879 $8,063,401
============ ============ ============ ============
At value (Note 1A) $7,965,325 $1,796,913 $19,600,388 $8,304,113
Cash (overdraft) 108,292 26,829 55,065 243,428
Receivables:
Investment securities sold 552,798 -- 345,592 --
Interest 174,013 33,177 165,342 121,353
Trust shares sold -- -- 95,876 41,017
Other assets 528 -- 572 --
------------ ------------ ------------ ------------
Total Assets 8,800,956 1,856,919 20,262,835 8,709,911
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 528,316 -- 865,924 --
Dividends payable July 20, 1996 36,524 10,964 80,200 36,540
Trust shares redeemed -- -- 2,512 14,000
Accrued advisory fees 2,040 305 7,975 2,124
Accrued expenses 3,540 312 9,652 1,719
------------ ------------ ------------ ------------
Total Liabilities 570,420 11,581 966,263 54,383
------------ ------------ ------------ ------------
Net Assets $8,230,536 $1,845,338 $19,296,572 $8,655,528
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $8,110,183 $1,840,447 $18,255,931 $8,641,137
Undistributed net investment income 1,368 68 3,889 875
Accumulated net realized gain (loss)
on investments (122,813) (71,041) 84,243 (227,196)
Net unrealized appreciation in value
of investments 241,798 75,864 952,509 240,712
------------ ------------ ------------ ------------
Total $8,230,536 $1,845,338 $19,296,572 $8,655,528
============ ============ ============ ============
Trust shares outstanding (Note 2):
Class A 740,169 152,561 1,573,194 696,034
Class B 11 907 23,008 40,775
Net asset value and redemption
price per share--Class A $11.12 $12.02 $12.09 $11.75
======= ======= ======= =======
Maximum offering price per share--Class A* $11.86 $12.82 $12.90 $12.53
======= ======= ======= =======
Net asset value and offering price
per share--Class B $11.12 $12.03 $12.09 $11.74
======= ======= ======= =======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -----------------------------------------------------------------------------------------------------------------------
Arizona California Colorado Michigan
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $250,462 $460,758 $99,884 $1,073,188
---------- ---------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 33,150 59,818 13,384 136,571
Distribution plan expenses-Class A 8,612 15,882 3,439 35,972
Distribution plan expenses-Class B 1,140 342 648 2,185
Shareholder servicing costs 4,272 5,117 2,945 12,765
Custodian fees 1,076 2,081 583 2,852
Professional fees 2,772 6,795 2,094 5,318
Reports to shareholders 1,181 2,177 830 3,473
Bond insurance premiums 201 720 -- 1,820
Other expenses 3,389 3,527 1,667 5,686
---------- ---------- ---------- ----------
Total expenses 55,793 96,459 25,590 206,642
Less: Expenses waived or assumed (31,706) (26,575) (19,296) (45,548)
Custodian fees paid indirectly (1,076) (1,257) (483) (2,852)
---------- ---------- ---------- ----------
Expenses--net 23,011 68,627 5,811 158,242
---------- ---------- ---------- ----------
Net investment income 227,451 392,131 94,073 914,946
---------- ---------- ---------- ----------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments (29,995) 46,721 3,087 (36,414)
Net unrealized depreciation of investments (295,909) (668,399) (113,472) (1,369,547)
---------- ---------- ---------- ----------
Net loss on investments (325,904) (621,678) (110,385) (1,405,961)
---------- ---------- ---------- ----------
Net Decrease in Net Assets Resulting
from Operations ($98,453) ($229,547) ($16,312) ($491,015)
========== ========== ========== ==========
See notes to financial statements
<CAPTION>
Statement of Operations (Continued)
Six Months Ended June 30, 1996
- ----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ----------------------------------------------------------------------------------------------------------------------
Minnesota Missouri Ohio Oregon
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $238,750 $52,373 $555,183 $213,784
---------- ---------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 30,923 6,996 71,607 29,607
Distribution plan expenses-Class A 8,246 1,861 18,819 7,468
Distribution plan expenses-Class B -- 24 1,379 2,138
Shareholder servicing costs 3,655 1,411 8,828 5,523
Custodian fees 888 301 2,096 975
Professional fees 4,986 2,784 4,632 2,287
Reports to shareholders 1,006 431 3,465 1,338
Bond insurance premiums 1,024 36 969 219
Other expenses 1,783 1,685 983 2,270
---------- ---------- ---------- ----------
Total expenses 52,511 15,529 112,778 51,825
Less: Expenses waived or assumed (27,901) (12,423) (32,129) (35,010)
Custodian fees paid indirectly (888) (301) (1,212) (975)
---------- ---------- ---------- ----------
Expenses--net 23,722 2,805 79,437 15,840
---------- ---------- ---------- ----------
Net investment income 215,028 49,568 475,746 197,944
---------- ---------- ---------- ----------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments 21,752 3,700 84,243 (56,405)
Net unrealized depreciation of investments (304,985) (71,491) (736,610) (197,927)
---------- ---------- ---------- ----------
Net loss on investments (283,233) (67,791) (652,367) (254,332)
---------- ---------- ---------- ----------
Net Decrease in Net Assets Resulting
from Operations ($68,205) ($18,223) ($176,621) ($56,388)
========== ========== ========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- -----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -----------------------------------------------------------------------------------------------------------------------
Arizona California
- --------------------------------------------------------------------------------------- ------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $227,451 $483,709 $392,131 $847,420
Net realized gain (loss) on investments (29,995) 136,808 46,721 194,904
Net unrealized appreciation (depreciation)
of investments (295,909) 932,271 (668,399) 1,706,296
---------- ------------ ------------ ----------
Net increase (decrease) in net assets
resulting from operations (98,453) 1,552,788 (229,547) 2,748,620
---------- ------------ ------------ ----------
Distributions to Shareholders from:
Net investment income--Class A (221,241) (485,518) (390,917) (858,894)
Net investment income--Class B (5,002) (4,775) (1,410) (1,957)
Net realized gains--Class A -- -- -- (185,698)
Net realized gains--Class B -- -- -- (657)
---------- ------------ ------------ ----------
Total distributions (226,243) (490,293) (392,327) (1,047,206)
---------- ------------ ------------ ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 578,552 1,445,438 843,604 2,525,229
Value of distributions reinvested 101,170 250,290 193,373 622,341
Cost of shares redeemed (821,524) (2,719,374) (1,769,745) (3,633,802)
---------- ---------- ------------ ------------
(141,802) (1,023,646) (732,768) (486,232)
---------- ---------- ------------ ------------
Class B:
Proceeds from shares sold 106,503 161,953 36,500 52,477
Value of distributions reinvested 2,699 3,412 714 2,614
Cost of shares redeemed -- -- (5,492) --
---------- ---------- ------------ ------------
109,202 165,365 31,722 55,091
---------- ---------- ------------ ------------
Net increase (decrease) from
trust share transactions (32,600) (858,281) (701,046) (431,141)
---------- ---------- ------------ ------------
Net increase (decrease) in net assets (357,296) 204,214 (1,322,920) 1,270,273
Net Assets
Beginning of period 9,007,533 8,803,319 16,605,699 15,335,426
---------- ------------ ------------ ----------
End of period+ $8,650,237 $9,007,533 $15,282,779 $16,605,699
========== ========== ========== ==========
+Includes undistributed net investment
income (deficit) of $2,752 $1,544 $2,493 $2,689
========== ========== ========== ==========
(a) Trust Shares Issued and Redeemed
Class A:
Sold 44,702 114,860 72,524 220,361
Issued for distributions reinvested 7,857 19,770 16,540 53,402
Redeemed (64,079) (214,683) (152,747) (314,099)
---------- ------------ ------------ ----------
Net increase (decrease) in Class A trust
shares outstanding (11,520) (80,053) (63,683) (40,336)
---------- ------------ ------------ ----------
Class B:
Sold 8,334 12,909 3,188 4,689
Issued for distributions reinvested 210 267 61 223
Redeemed -- -- (473) --
---------- ---------- ------------ ------------
Net increase in Class B trust shares outstanding 8,544 13,176 2,776 4,912
========== ========== ========== ==========
<CAPTION>
Statement of Changes in Net Assets (Continued)
- -----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -----------------------------------------------------------------------------------------------------------------------
Colorado Michigan
- --------------------------------------------------------------------------------------- ------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $94,073 $187,273 $914,946 $1,749,625
Net realized gain (loss) on investments 3,087 21,845 (36,414) 154,848
Net unrealized appreciation (depreciation)
of investments (113,472) 355,512 (1,369,547) 3,505,678
---------- ------------ ------------ ----------
Net increase (decrease) in net assets
resulting from operations (16,312) 564,630 (491,015) 5,410,151
---------- ------------ ------------ ----------
Distributions to Shareholders from:
Net investment income--Class A (91,186) (184,373) (913,748) (1,741,474)
Net investment income--Class B (2,934) (2,882) (9,435) (9,443)
Net realized gains--Class A -- -- -- --
Net realized gains--Class B -- -- -- --
---------- ------------ ------------ ----------
Total distributions (94,120) (187,255) (923,183) (1,750,917)
---------- ------------ ------------ ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 280,556 568,153 1,762,194 4,302,109
Value of distributions reinvested 49,599 132,179 445,545 1,056,208
Cost of shares redeemed (457,607) (656,430) (2,213,711) (2,525,215)
---------- ---------- ------------ ------------
(127,452) 43,902 (5,972) 2,833,102
---------- ---------- ------------ ------------
Class B:
Proceeds from shares sold 750 121,871 108,827 363,013
Value of distributions reinvested 2,466 2,882 6,022 7,158
Cost of shares redeemed -- -- (9,000) --
---------- ---------- ------------ ------------
3,216 124,753 105,849 370,171
---------- ---------- ------------ ------------
Net increase (decrease) from
trust share transactions (124,236) 168,655 99,877 3,203,273
---------- ---------- ------------ ------------
Net increase (decrease) in net assets (234,668) 546,030 (1,314,321) 6,862,507
Net Assets
Beginning of period 3,655,621 3,109,591 37,224,882 30,362,375
---------- ------------ ------------ ----------
End of period+ $3,420,953 $3,655,621 $35,910,561 $37,224,882
========== ========== ========== ==========
+Includes undistributed net investment
income (deficit) of $406 $453 $2,072 $10,309
========== ========== ========== ==========
(a) Trust Shares Issued and Redeemed
Class A:
Sold 22,460 47,198 141,376 348,278
Issued for distributions reinvested 4,008 10,906 35,632 85,474
Redeemed (37,314) (54,519) (177,441) (204,470)
---------- ------------ ------------ ----------
Net increase (decrease) in Class A trust
shares outstanding (10,846) 3,585 (433) 229,282
---------- ------------ ------------ ----------
Class B:
Sold 61 10,158 8,745 29,747
Issued for distributions reinvested 200 234 482 573
Redeemed -- -- (734) --
---------- ---------- ------------ ------------
Net increase in Class B trust shares outstanding 261 10,392 8,493 30,320
========== ========== ========== ==========
<CAPTION>
Statement of Changes in Net Assets (Continued)
- -----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -----------------------------------------------------------------------------------------------------------------------
Minnesota Missouri
- ---------------------------------------------------------------------------------------- -----------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $215,028 $413,215 $49,568 $96,652
Net realized gain (loss) on investments 21,752 (59,330) 3,700 2,044
Net unrealized appreciation (depreciation)
of investments (304,985) 782,041 (71,491) 196,908
---------- ---------- ---------- ------------
Net increase (decrease) in net assets
resulting from operations (68,205) 1,135,926 (18,223) 295,604
---------- ---------- ---------- ------------
Distributions to Shareholders from:
Net investment income--Class A (214,025) (414,790) (49,577) (97,491)
Net investment income--Class B (2) (5) (115) (6)
Net realized gains--Class A -- -- -- --
Net realized gains--Class B -- -- -- --
---------- ---------- ---------- ------------
Total distributions (214,027) (414,795) (49,692) (97,497)
---------- ---------- ---------- ------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 586,509 449,758 119,827 187,513
Value of distributions reinvested 130,987 296,914 27,758 64,248
Cost of shares redeemed (366,876) (680,483) (134,752) (171,398)
---------- ---------- ---------- ----------
350,620 66,189 12,833 80,363
---------- ---------- ---------- ----------
Class B:
Proceeds from shares sold -- 105 10,600 112
Value of distributions reinvested 2 5 75 5
Cost of shares redeemed -- -- -- --
---------- ---------- ---------- ----------
2 110 10,675 117
---------- ---------- ---------- ----------
Net increase (decrease) from
trust share transactions 350,622 66,299 23,508 80,480
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 68,390 787,430 (44,407) 278,587
Net Assets
Beginning of period 8,162,146 7,374,716 1,889,745 1,611,158
---------- ---------- ---------- ------------
End of period+ $8,230,536 $8,162,146 $1,845,338 $1,889,745
========== ========== ========== ==========
+Includes undistributed net investment
income (deficit) of $1,368 $367 $68 $192
========== ========== ========== ==========
(a) Trust Shares Issued and Redeemed
Class A:
Sold 51,614 40,306 9,862 15,600
Issued for distributions reinvested 11,620 26,574 2,278 5,350
Redeemed (32,585) (61,161) (11,097) (14,294)
---------- ---------- ---------- ------------
Net increase (decrease) in Class A trust
shares outstanding 30,649 5,719 1,043 6,656
---------- ---------- ---------- ------------
Class B:
Sold -- 10 890 10
Issued for distributions reinvested 1 -- 7 --
Redeemed -- -- -- --
---------- ---------- ---------- ----------
Net increase in Class B trust shares outstanding 1 10 897 10
========== ========== ========== ==========
<CAPTION>
Statement of Changes in Net Assets (Continued)
- ----------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ----------------------------------------------------------------------------------------------------------------------
Ohio Oregon
- ---------------------------------------------------------------------------------------- ----------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $475,746 $986,446 $197,944 $312,589
Net realized gain (loss) on investments 84,243 309,448 (56,405) 43,911
Net unrealized appreciation (depreciation)
of investments (736,610) 1,786,218 (197,927) 588,160
------------ ---------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations (176,621) 3,082,112 (56,388) 944,660
------------ ---------- ---------- ----------
Distributions to Shareholders from:
Net investment income--Class A (465,816) (987,315) (189,426) (306,767)
Net investment income--Class B (5,748) (6,065) (9,123) (5,293)
Net realized gains--Class A -- (140,604) -- --
Net realized gains--Class B -- (2,044) -- --
------------ ---------- ---------- ----------
Total distributions (471,564) (1,136,028) (198,549) (312,060)
------------ ---------- ---------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 1,813,693 1,421,785 1,737,088 2,009,314
Value of distributions reinvested 265,412 783,800 120,819 238,909
Cost of shares redeemed (1,819,912) (2,914,284) (280,296) (725,112)
------------ ------------ ---------- ----------
259,193 (708,699) 1,577,611 1,523,111
------------ ------------ ---------- ----------
Class B:
Proceeds from shares sold 28,835 311,376 143,123 325,063
Value of distributions reinvested 3,912 7,386 7,471 5,268
Cost of shares redeemed (27,301) (44,835) -- --
------------ ------------ ---------- ----------
5,446 273,927 150,594 330,331
------------ ------------ ---------- ----------
Net increase (decrease) from
trust share transactions 264,639 (434,772) 1,728,205 1,853,442
------------ ------------ ---------- ----------
Net increase (decrease) in net assets (383,546) 1,511,312 1,473,268 2,486,042
Net Assets
Beginning of period 19,680,118 18,168,806 7,182,260 4,696,218
------------ ---------- ----------
End of period+ $19,296,572 $19,680,118 $8,655,528 $7,182,260
========== ========== ========== ==========
+Includes undistributed net investment
income (deficit) of $3,889 ($293) $875 $1,480
========== ========== ========== ==========
(a) Trust Shares Issued and Redeemed
Class A:
Sold 149,630 117,955 147,156 172,409
Issued for distributions reinvested 21,702 64,351 10,182 20,390
Redeemed (148,142) (239,475) (23,837) (62,339)
------------ ---------- ---------- ----------
Net increase (decrease) in Class A trust
shares outstanding 23,190 (57,169) 133,501 130,460
------------ ---------- ---------- ----------
Class B:
Sold 2,379 25,538 11,970 27,733
Issued for distributions reinvested 320 600 630 442
Redeemed (2,228) (3,601) -- --
------------ ------------ ---------- ----------
Net increase in Class B trust shares outstanding 471 22,537 12,600 28,175
========== ========== ========== ==========
See notes to fianancial statements
</TABLE>
Notes to Financial Statements
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Funds
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
Funds of Multi-State Insured listed above. Multi-State Insured operates
as a series fund, issuing shares of beneficial interest in each Fund and
accounts separately for the assets, liabilities and operations of each
Fund.
The investment objective of each Fund of Multi-State Insured is to
achieve a high level of interest income which is exempt from federal
income tax and, to the extent indicated for a particular Fund, from
state and local income taxes for residents of that State.
A. Security Valuation -- The municipal securities in which the Funds
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Trustees. The
pricing service considers security type, rating, market condition and
yield data, as well as market quotations and prices provided by market
makers. "When Issued Securities" are reflected in the assets of the
Funds as of the date the securities are purchased.
The municipal bonds held by the Funds are insured as to payment of
principal and interest by the issuer or under insurance policies written
by independent insurance companies. It is the intention of the Funds to
retain any insured securities which are in default or in significant
risk of default and to place a value on the defaulted securities equal
to the value of similar securities which are not in default. Each Fund
may invest up to 35% of its assets in portfolio securities not covered
by the insurance feature.
B. Federal Income Taxes -- It is the policy of each Fund 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 Funds
make distributions of income and net realized capital gains sufficient
to relieve them from all, or substantially all, federal income taxes. At
June 30, 1996, the Funds had the following capital loss carryovers,
expiring in the year 2002:
MULTI-STATE INSURED Amount
- ------------------------ ----------
ARIZONA Fund $ 91,810
COLORADO Fund 55,105
MICHIGAN Fund 63,116
MINNESOTA Fund 144,565
MISSOURI Fund 74,741
OREGON Fund 168,584
C. Distributions to Shareholders -- Dividends from net investment income
are declared daily and paid monthly. Dividends from net realized capital
gain are normally declared and paid annually. Income dividends and
capital gain distributions are determined in accordance with tax
regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments
for capital loss carryforwards, deferral of wash sales and post October
losses.
D. Expense Allocation -- Direct expenses attributable to a Fund are
charged to and paid from the assets of that Fund. Indirect or general
expenses of Multi-State Insured are allocated among and charged to the
assets of each Fund on a fair and equitable basis, which may be based on
the relative assets of each Fund or the nature of the services performed
and relative applicability to each Fund.
E. Security Transactions and Investment Income -- Security transactions
are accounted for on the date the securities are purchased or sold. Cost
is determined, and gains and losses are based, on the identified cost
basis for both financial statement and federal income tax purposes.
Interest income is earned from settlement date and recorded on the
accrual basis. Estimated expenses are accrued daily. The Funds'
Custodian has provided credits in the amount of $9,044 against custodian
charges based on the uninvested cash balances of the Funds.
2. Capital -- Each Fund sells two classes of shares, Class A and Class
B, each with a public offering price that reflects different sales
charges and expense levels. Class A shares are sold with an initial
sales charge of up to 6.25% of the amount invested and together with the
Class B shares are subject to 12b-1 fees as described in Note 5. Class B
shares are sold without an initial sales charge, but are generally
subject to a contingent deferred sales charge which declines in steps
from 4% to 0% over a six-year period. Class B shares automatically
convert into Class A shares after eight years. Realized and unrealized
gains or losses, investment income and expenses (other than 12b-1 fees
and certain other class expenses) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class.
Multi-State Insured has established an unlimited number of Class A and
Class B shares of beneficial interest.
3. Concentration of Credit Risk -- The Funds invest in debt instruments
of municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions -- For the six months ended June 30, 1996,
purchases and sales of municipal securities, other than short-term
municipal notes, were as follows:
Cost Proceeds
of of
MULTI-STATE INSURED Purchases Sales
- ------------------------ ---------- ------------
ARIZONA Fund $ 1,249,905 $ 1,258,320
CALIFORNIA Fund 3,628,527 4,336,949
COLORADO Fund 526,481 695,978
MICHIGAN Fund 10,117,050 10,077,835
MINNESOTA Fund 3,043,231 2,766,948
MISSOURI Fund 177,611 141,045
OHIO Fund 5,422,050 5,068,814
OREGON Fund 2,872,591 1,331,496
At June 30, 1996, aggregate cost and net unrealized appreciation
of securities for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
MULTI-STATE INSURED Cost Appreciation Depreciation Appreciation
- ------------------- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
ARIZONA Fund $ 7,934,851 $ 566,537 $ -- $ 566,537
CALIFORNIA Fund 14,079,559 1,000,420 1,576 998,844
COLORADO Fund 3,192,711 145,019 524 144,495
MICHIGAN Fund 33,598,816 2,174,930 30,130 2,144,800
MINNESOTA Fund 7,723,527 295,877 54,079 241,798
MISSOURI Fund 1,721,049 80,111 4,247 75,864
OHIO Fund 18,647,879 954,759 2,250 952,509
OREGON Fund 8,065,608 242,336 3,831 238,505
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates -- Certain
officers and trustees of the Funds are officers and directors of the
Funds' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC") and/or
their transfer agent, Administrative Data Management Corp. ("ADM").
Officers and trustees of the Funds received no remuneration from the
Funds for serving in such capacities. Their remuneration (together with
certain other expenses of the Funds) is paid by FIMCO or FIC.
The Investment Advisory Agreement provides as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of each Fund, declining by .03%
on each $250 million thereafter, down to .66% on average daily net
assets over $750 million. For the six months ended June 30, 1996,
advisory fees amounted to $382,056, of which $174,729 was waived; other
expenses in the amount of $55,859 were assumed by FIMCO.
For the six months ended June 30, 1996, FIC, as underwriter, received
$251,293 in commissions on sales of shares after allowing $77,027 to
other dealers. Shareholder servicing costs consisted of $44,516 in
transfer agent fees and out of pocket expenses accrued to ADM.
Pursuant to a Distribution Plan adopted under Rule 12b-1 of the 1940
Act, each Fund is authorized to pay FIC a fee up to .30% of the average
net assets of the Class A shares and up to 1% of the average net assets
of the Class B shares, on an annualized basis each fiscal year, payable
monthly. The fee consists of a distribution fee and a service fee. The
service fee is paid for the ongoing servicing of clients who are
shareholders of that Fund.
This page left blank intentionally.
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
----------------------------------------- -----------
Net Asset Net
Value Realized and
-------------- Net Unrealized Total from Net
Beginning Investment Gain (Loss) on Investment Investment
of Period Income Investments Operations Income
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ARIZONA FUND
Class A
1991 $11.12 $.605 $.420 $1.025 $.605
1992 11.52 .683 .545 1.228 .668
1993 12.08 .681 1.078 1.759 .672
1994 13.12 .663 (1.397) (.734) .676
1995 11.71 .665 1.448 2.113 .673
1/1/96 to 6/30/96 13.15 .332 (.472) (.140) .330
Class B
1/12/95* to 12/31/95 11.82 .544 1.340 1.884 .554
1/1/96 to 6/30/96 13.15 .284 (.475) (.191) .279
CALIFORNIA FUND
Class A
1991 $10.62 $.706 $.452 $1.158 $.708
1992 11.07 .653 .406 1.059 .644
1993 11.44 .637 .845 1.482 .612
1994 12.12 .598 (1.328) (.730) .620
1995 10.77 .580 1.335 1.915 .589
1/1/96 to 6/30/96 11.96 .287 (.450) (.163) .287
Class B
1/12/95* to 12/31/95 10.87 .472 1.227 1.699 .483
1/1/96 to 6/30/96 11.95 .244 (.445) (.201) .239
COLORADO FUND
Class A
5/4/92* to 12/31/92 $11.17 $.308 $.442 $.750 $.290
1993 11.63 .625 .984 1.609 .633
1994 12.60 .631 (1.351) (.720) .640
1995 11.24 .668 1.340 2.008 .668
1/1/96 to 6/30/96 12.58 .327 (.360) (.033) .327
Class B
1/12/95* to 12/31/95 11.35 .564 1.239 1.803 .573
1/1/96 to 6/30/96 12.58 .278 (.369) (.091) .279
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------------------------ ---------------------------
Less Distributions
from
--------
Net Asset
Value
Net ---------- Total Net Assets
Realized Total End of Return** End of Period
Gains Distributions Period (%) (in thousands)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ARIZONA FUND
Class A
1991 $.020 $.625 $11.52 9.49 $2,380
1992 -- .668 12.08 10.98 4,818
1993 .047 .719 13.12 14.87 8,247
1994 -- .676 11.71 (5.63) 8,803
1995 -- .673 13.15 18.41 8,834
1/1/96 to 6/30/96 -- .330 12.68 (1.07) 8,375
Class B
1/12/95* to 12/31/95 -- .554 13.15 16.20 173
1/1/96 to 6/30/96 -- .279 12.68 (1.46) 275
CALIFORNIA FUND
Class A
1991 $ -- $.708 $11.07 11.26 $12,761
1992 .045 .689 11.44 9.84 15,195
1993 .190 .802 12.12 13.21 17,625
1994 -- .620 10.77 (6.10) 15,335
1995 .136 .725 11.96 18.16 16,547
1/1/96 to 6/30/96 -- .287 11.51 (1.37) 15,194
Class B
1/12/95* to 12/31/95 .136 .619 11.95 15.91 59
1/1/96 to 6/30/96 -- .239 11.51 (1.69) 88
COLORADO FUND
Class A
5/4/92* to 12/31/92 $ -- $.290 $11.63 10.10+ $1,122
1993 .006 .639 12.60 14.14 2,887
1994 -- .640 11.24 (5.77) 3,110
1995 -- .668 12.58 18.25 3,525
1/1/96 to 6/30/96 -- .327 12.22 (.26) 3,291
Class B
1/12/95* to 12/31/95 -- .573 12.58 16.18 131
1/1/96 to 6/30/96 -- .279 12.21 (.73) 130
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
---------------------------- ----------------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ARIZONA FUND
Class A
1991 .05 5.75 1.51 4.29 45
1992 .20 5.84 1.32 4.72 58
1993 .20 5.40 1.20 4.41 45
1994 .30 5.52 1.24 4.59 63
1995 .50 5.27 1.15 4.62 36
1/1/96 to 6/30/96 .52+ 5.17+ 1.23+ 4.46+ 14
Class B
1/12/95* to 12/31/95 1.30+ 4.62+ 1.95+ 3.95+ 36
1/1/96 to 6/30/96 1.36+ 4.33+ 2.48+ 3.21+ 14
CALIFORNIA FUND
Class A
1991 .30 6.49 1.02 5.77 34
1992 .72 5.83 1.25 5.30 52
1993 .89 5.33 1.14 5.08 66
1994 .97 5.27 1.22 5.02 83
1995 .90 5.02 1.15 4.77 53
1/1/96 to 6/30/96 .87+ 4.92+ 1.21+ 4.59+ 23
Class B
1/12/95* to 12/31/95 1.74+ 4.31+ 2.00+ 4.04+ 53
1/1/96 to 6/30/96 1.68+ 4.11+ 2.09+ 3.70+ 23
COLORADO FUND
Class A
5/4/92* to 12/31/92 -- 4.95+ 1.90+ 3.06+ 46
1993 .12 5.13 1.42 3.83 27
1994 .20 5.41 1.43 4.18 108
1995 .20 5.54 1.32 4.42 45
1/1/96 to 6/30/96 .32+ 5.30+ 1.36+ 4.26+ 15
Class B
1/12/95* to 12/31/95 1.00+ 4.90+ 2.12+ 3.75+ 45
1/1/96 to 6/30/96 1.19+ 4.43+ 3.29+ 2.33+ 15
* Commencement of operations of Class A shares or date Class B shares were first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
-------------------------------------------- ----------
Net Asset Net
Value Realized and
-------------- Net Unrealized Total from Net
Beginning Investment Gain (Loss) on Investment Investment
of Period Income Investments Operations Income
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MICHIGAN FUND
Class A
1991 $10.98 $.729 $.476 $1.205 $.735
1992 11.43 .681 .494 1.175 .675
1993 11.93 .641 1.053 1.694 .655
1994 12.89 .612 (1.423) (.811) .609
1995 11.47 .634 1.331 1.965 .635
1/1/96 to 6/30/96 12.80 .314 (.477) (.163) .317
Class B
1/12/95* to 12/31/95 11.57 .528 1.241 1.769 .539
1/1/96 to 6/30/96 12.80 .266 (.488) (.222) .268
MINNESOTA FUND
Class A
1991 $10.57 $.728 .399 $1.127 $.720
1992 10.97 .676 .313 .989 .659
1993 11.30 .625 .622 1.247 .640
1994 11.77 .592 (1.282) (.690) .600
1995 10.48 .589 1.022 1.611 .591
1/1/96 to 6/30/96 11.50 .293 (.381) (.088) .292
Class B
1/12/95* to 12/31/95 10.55 .515 .950 1.465 .515
1/1/96 to 6/30/96 11.50 .245 (.380) (.135) .245
MISSOURI FUND
Class A
5/4/92* to 12/31/92 $11.17 $.272 $.363 $.635 $.255
1993 11.55 .620 .988 1.608 .635
1994 12.50 .617 (1.384) (.767) .613
1995 11.12 .662 1.356 2.018 .668
1/1/96 to 6/30/96 12.47 .323 (.449) (.126) .324
Class B
1/12/95* to 12/31/95 11.22 .548 1.260 1.808 .548
1/1/96 to 6/30/96 12.48 .272 (.447) (.175) .275
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------------------------- -------------------------
Less Distributions
from
-------------
Net Asset
Value
Net ---------- Total Net Assets
Realized Total End of Return** End of Period
Gains Distributions Period (%) (in thousands)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MICHIGAN FUND
Class A
1991 $.020 $.755 $11.43 11.14 $13,630
1992 -- .675 11.93 10.59 20,971
1993 .079 .734 12.89 14.49 30,281
1994 -- .609 11.47 (6.36) 30,362
1995 -- .635 12.80 17.47 36,837
1/1/96 to 6/30/96 -- .317 12.32 (1.28) 35,433
Class B
1/12/95* to 12/31/95 -- .539 12.80 15.55 388
1/1/96 to 6/30/96 -- .268 12.31 (1.74) 478
MINNESOTA FUND
Class A
1991 $.007 $.727 $10.97 11.00 $4,430
1992 -- .659 11.30 9.29 5,983
1993 .137 .777 11.77 11.30 8,118
1994 -- .600 10.48 (5.93) 7,375
1995 -- .591 11.50 15.68 8,162
1/1/96 to 6/30/96 -- .292 11.12 (.77) 8,230
Class B
1/12/95* to 12/31/95 -- .515 11.50 14.13 .1
1/1/96 to 6/30/96 -- .245 11.12 (1.18) .1
MISSOURI FUND
Class A
5/4/92* to 12/31/92 $ -- $.255 $11.55 8.58+ $ 475
1993 .023 .658 12.50 14.21 1,540
1994 -- .613 11.12 (6.20) 1,611
1995 -- .668 12.47 18.55 1,890
1/1/96 to 6/30/96 -- .324 12.02 (1.01) 1,834
Class B
1/12/95* to 12/31/95 -- .548 12.48 16.41 .1
1/1/96 to 6/30/96 -- .275 12.03 (1.40) 11
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
---------------------------- --------------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MICHIGAN FUND
Class A
1991 .31 6.56 1.05 5.82 22
1992 .73 5.86 1.22 5.37 26
1993 .89 5.11 1.14 4.86 25
1994 .93 5.11 1.18 4.86 60
1995 .89 5.14 1.14 4.89 45
1/1/96 to 6/30/96 .88+ 5.04+ 1.13+ 4.79+ 28
Class B
1/12/95* to 12/31/95 1.76+ 4.41+ 2.02+ 4.15+ 45
1/1/96 to 6/30/96 1.69+ 4.22+ 1.94+ 3.97+ 28
MINNESOTA FUND
Class A
1991 .17 6.83 1.21 5.80 17
1992 .51 6.10 1.38 5.23 33
1993 .65 5.40 1.24 4.80 41
1994 .65 5.40 1.29 4.76 34
1995 .65 5.29 1.31 4.63 53
1/1/96 to 6/30/96 .60+ 5.22+ 1.27+ 4.54+ 34
Class B
1/12/95* to 12/31/95 1.45+ 4.64+ 2.11+ 3.96+ 53
1/1/96 to 6/30/96 1.35+ 4.46+ 2.01+ 3.80+ 34
MISSOURI FUND
Class A
5/4/92* to 12/31/92 -- 4.36+ 4.60+ (.24)+ 28
1993 .13 4.44 1.76 2.81 8
1994 .20 5.45 1.57 4.07 98
1995 .20 5.58 1.42 4.36 50
1/1/96 to 6/30/96 .33+ 5.32+ 1.66+ 3.99+ 8
Class B
1/12/95* to 12/31/95 1.00+ 4.94+ 2.22+ 3.68+ 50
1/1/96 to 6/30/96 1.31+ 4.33+ 2.53+ 3.11+ 8
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
----------------------------------------- -----------
Net Asset Net
Value Realized and
-------------- Net Unrealized Total from Net
Beginning Investment Gain (Loss) on Investment Investment
of Period Income Investments Operations Income
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OHIO FUND
Class A
1991 $10.93 $.725 $.493 $1.218 $.718
1992 11.43 .676 .432 1.108 .668
1993 11.87 .632 .894 1.526 .632
1994 12.66 .613 (1.353) (.740) .620
1995 11.30 .615 1.306 1.921 .619
1/1/96 to 6/30/96 12.51 .305 (.423) (.118) .302
Class B
1/12/95* to 12/31/95 11.40 .503 1.212 1.715 .513
1/1/96 to 6/30/96 12.51 .256 (.422) (.166) .254
OREGON FUND
Class A
5/4/92* to 12/31/92 $11.17 $.260 $.230 $.490 $.240
1993 11.42 .661 .807 1.468 .598
1994 12.29 .529 (1.339) (.810) .610
1995 10.87 .626 1.289 1.915 .625
1/1/96 to 6/30/96 12.16 .299 (.409) (.110) .300
Class B
1/12/95* to 12/31/95 10.97 .541 1.182 1.723 .543
1/1/96 to 6/30/96 12.15 .252 (.410) (.158) .252
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
-------------------------------------------- -------------------------
Less Distributions
from
----------------------
Net Asset
Value
Net ---------- Total Net Assets
Realized Total End of Return** End of Period
Gains Distributions Period (%) (in thousands)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OHIO FUND
Class A
1991 $ -- $.718 $11.43 11.51 $ 9,324
1992 -- .668 11.87 9.99 13,869
1993 .104 .736 12.66 13.12 20,366
1994 -- .620 11.30 (5.91) 18,169
1995 .092 .711 12.51 17.34 19,398
1/1/96 to 6/30/96 -- .302 12.09 (.94) 19,019
Class B
1/12/95* to 12/31/95 .092 .605 12.51 15.30 282
1/1/96 to 6/30/96 -- .254 12.09 (1.33) 278
OREGON FUND
Class A
5/4/92* to 12/31/92 $ -- $.240 $11.42 6.62+ $ 931
1993 -- .598 12.29 13.13 3,747
1994 -- .610 10.87 (6.65) 4,696
1995 -- .625 12.16 17.99 6,840
1/1/96 to 6/30/96 -- .300 11.75 (.90) 8,177
Class B
1/12/95* to 12/31/95 -- .543 12.15 16.00 342
1/1/96 to 6/30/96 -- .252 11.74 (1.30) 479
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------
Ratio to Average Net Assets
Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
------------------------------ ----------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OHIO FUND
Class A
1991 .29 6.50 1.05 5.73 34
1992 .62 5.83 1.21 5.23 29
1993 .80 5.09 1.15 4.74 30
1994 .85 5.18 1.20 4.83 57
1995 .87 5.07 1.22 4.72 70
1/1/96 to 6/30/96 .83+ 4.99+ 1.17+ 4.66+ 27
Class B
1/12/95* to 12/31/95 1.76+ 4.33+ 2.13+ 3.95+ 70
1/1/96 to 6/30/96 1.65+ 4.18+ 2.02+ 3.81+ 27
OREGON FUND
Class A
5/4/92* to 12/31/92 -- 4.30+ 2.48+ 1.82+ 12
1993 -- 4.94 1.28 3.66 77
1994 .20 5.36 1.39 4.17 135
1995 .20 5.36 1.23 4.33 36
1/1/96 to 6/30/96 .38+ 5.06+ 1.23+ 4.21+ 17
Class B
1/12/95* to 12/31/95 1.00+ 4.72+ 2.03+ 3.65+ 36
1/1/96 to 6/30/96 1.23+ 4.21+ 2.67+ 2.77+ 17
* Commencement of operations of Class A shares or date Class B shares were first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
See notes to financial statements
</TABLE>
Independent Auditor's Report
To the Shareholders and Trustees of
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Funds
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of the eight Funds of First
Investors Multi-State Insured Tax Free Fund listed above as of June 30,
1996, the related statement of operations for the six months then ended,
the statement of changes in net assets for the six months ended June 30,
1996 and the year ended December 31, 1995 and the financial highlights
for the periods indicated thereon. These financial statements and
financial highlights are the responsibility of the Funds' management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June 30,
1996, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the eight Funds of First Investors Multi-
State Insured Tax Free Fund listed above as of June 30, 1996, and the
results of their operations, changes in their net assets and the
financial highlights for the periods indicated thereon, in conformity
with generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1996
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Trustees
- -------------------------------------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- -------------------------------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
Shareholder Information
- -------------------------------------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Ave., N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Fund's practice to mail only one copy of its annual and semi-
annual reports to any address at which more than one shareholder with
the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Fund will ensure
that separate reports are sent to any shareholder who subsequently
changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Fund's prospectus.
First Investors
New York Insured
Tax Free Fund, Inc.
First Investors
Multi-State Insured
Tax Free Fund
Connecticut Fund
Florida Fund
Georgia Fund
Maryland Fund
Massachusetts Fund
New Jersey Fund
North Carolina Fund
Pennsylvania Fund
Virginia Fund
SEMI-
ANNUAL
REPORT
June 30, 1996
Vertically reading from bottom to top in the center of the page the words
"FIRST INVESTORS" appear.
The following language appears to the left of the above language:
The words "BULK RATE U.S. POSTAGE PAID PERMIT NO. 7379" in a box to
the right of a circle containing the words "MAILED FROM ZIP CODE
11201" appears on the righthand side.
The following language appears on the lefthand side:
FIRST INVESTORS NEW YORK INSURED TAX EXEMPT FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
The following appears on the bottom lefthand side:
First Investors logo
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIMS148
Portfolio Manager's Letter
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
Dear Investor:
As 1996 began, most investors expected the U.S. economy to continue
to slow or even enter a recession. Instead the economy accelerated
throughout the first half of the year. After growing at an
annualized rate of only .5% in the fourth quarter of 1995, the
economy expanded at a 2.2% pace during the first quarter of this
year and at an estimated 3.5%-4% during the second quarter. Concern
that faster growth would lead to higher inflation contributed to a
sharp rise in interest rates with the yield on long-term U.S.
Treasury bonds increasing from 5.95% to 6.87%. Despite higher
interest rates the stock market continued to rally with the broad
stock market averages hitting record highs during the second
quarter.
Faster economic growth, expectations of inflation, and the failure
of Congress and the President to agree on a balanced budget plan
contributed to a 50 basis point (.5%) increase in long-term
municipal bond yields during the first half of 1996. In comparison,
long-term Treasury bond yields rose almost 1% over the same time
period. The relatively strong performance of the municipal bond
market was attributable to two factors. First, municipal bonds began
the year at attractive levels relative to taxable bonds because of
concern over tax reform. As those concerns diminished, demand for
tax-exempt bonds increased. Second, rising yields increased demand
for municipal bonds as investors took advantage of the highest tax-
exempt interest rates available since August 1995.
During the first half of 1996, according to Lipper Analytical
Services, Inc., the Class A shares of the New York Insured Tax Free
Fund outperformed the average return on comparable funds by 50 basis
points, on a net asset value basis. For the same period, the Class A
shares of the Multi-State Funds outperformed (+) or underperformed
(-) the average return on comparable funds by the following number
of basis points: Connecticut -9, Florida +26, Georgia +12, Maryland
- -25, Massachusetts -50, New Jersey -12, North Carolina +24,
Pennsylvania -9 and Virginia Fund -9. The Funds had the following
total returns on a net asset value basis for Class A and Class B
shares, respectively: New York -1.0% and -1.4%, Connecticut -1.0%
and -1.4%, Florida -1.4% and -1.8%, Georgia -1.3% and -1.7%,
Maryland -1.4% and -1.8%, Massachusetts -1.6% and -2.0%, New Jersey
- -1.3% and -1.7%, North Carolina -1.5% and -1.9%, Pennsylvania -1.2%
and -1.5%, and Virginia -1.2% and -1.6%.
Management of the Funds focused on reducing interest rate exposure
to protect the Funds' investments as the market declined during the
first six months of the year. Generally, the Funds accomplished this
by reducing the average maturity of their holdings and by slightly
increasing their cash positions. As in the past, the Funds improved
call protection where possible through the purchase of noncallable
bonds. Finally, taking advantage of the market's decline, the Funds
sold bonds purchased at lower yields and replaced them with higher
yielding bonds.
Investors who buy bond funds -- whether for income or total return
- -- should be aware that the value of their investment fluctuates as
interest rates change. For example, a 100 basis point (or 1%)
increase in yield on a ten year bond results in roughly a 7%
decrease in that bond's price. In each of the last four years and
the first half of 1996, ten year Treasury bond yields have moved
more than 100 basis points. In addition, while the Funds' municipal
bonds are insured as to timely payment of principal and interest,
this insurance does not protect the bonds against changes in market
value. Investors should be aware of these risks and recognize that
successful investing generally requires a long-term commitment to
the market.
Looking forward, inflation shows few signs of accelerating, despite
the market's concern. In addition, the pace of economic growth is
likely to slow during the second half of the year. A combination of
stable inflation and moderate growth should provide a comfortable
environment for investors throughout the remainder of 1996.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
July 8, 1996
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Education--14.2%
New York State Dormitory Authority Revenues:
City University:
$ 1,500M 8.2% 7/1/1998* $ 1,631,250 $ 79
11,700M 5 3/8% 7/1/2014 11,129,625 541
1,000M Iona College 7 5/8% 7/1/1998* 1,086,250 53
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,136,000 153
1,250M Skidmore College 7 3/4% 7/1/1997* 1,321,812 64
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,082,100 101
1,000M 5 7/8% 5/15/2011 1,035,000 50
2,000M 5 1/2% 5/15/2013 1,962,500 95
3,700M 7 3/8% 5/15/2014 4,065,375 198
2,000M 5 1/4% 5/15/2015 1,892,500 92
- -------------------------------------------------------------------------------------------------------------------------------
29,342,412 1,426
- -------------------------------------------------------------------------------------------------------------------------------
General Obligation--20.3%
1,000M Montgomery County, N.Y. 5 3/4% 5/1/2016 985,000 48
Nassau County, N.Y.:
4,355M 5.7% 8/1/2012 4,327,781 210
3,845M 6 1/2% 11/1/2012 4,181,438 203
New York City, N.Y.:
4,250M 8% 8/1/1997* 4,515,795 220
1,000M 8 1/8% 11/1/1997* 1,067,500 52
1,000M 8% 6/1/1998* 1,082,500 53
3,000M 6.2% 8/1/2008 3,187,500 155
3,500M 6.95% 8/15/2012 3,893,750 189
1,000M 7 1/4% 3/15/2018 1,107,500 54
Niagara Falls, N.Y. Public Improvement:
1,340M 7 1/2% 3/1/2012 1,609,675 78
1,680M 7 1/2% 3/1/2015 2,032,800 99
1,100M 7 1/2% 3/1/2018 1,326,875 64
1,750M North Hempstead, N.Y. 6.4% 4/1/2012 1,900,938 92
Puerto Rico Commonwealth:
1,250M 6 1/4% 7/1/2013 1,348,437 66
4,640M 5.65% 7/1/2015 4,669,000 227
5,000M 5% 7/1/2021 4,493,750 218
- -------------------------------------------------------------------------------------------------------------------------------
41,730,239 2,028
- -------------------------------------------------------------------------------------------------------------------------------
Hospital--13.0%
1,250M New York State Dormitory Auth. Revs. Mental Health Svcs.
Fac. 5 1/4% 8/15/2016 1,164,062 57
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2010 4,128,188 201
1,000M Good Samaritan Hospital 8% 11/1/2013 1,052,500 51
1,850M Long Term Health Care 7 3/8% 11/1/2011 2,032,687 99
Mental Health Services Facilities:
1,595M 7.7% 2/15/1998* 1,714,625 83
2,115M 7 3/4% 2/15/2000* 2,366,156 115
1,980M 7 3/8% 2/15/2014 2,148,300 104
1,405M 7.7% 2/15/2018 1,487,544 72
2,080M 7 3/4% 2/15/2020 2,280,200 111
4,915M 6 1/2% 8/15/2024 5,154,606 250
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,326,250 162
- -------------------------------------------------------------------------------------------------------------------------------
26,855,118 1,305
- -------------------------------------------------------------------------------------------------------------------------------
Housing--5.3%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor) 7.45% 10/1/2008 2,348,437 114
6,500M Insured Residential Charter 7 3/8% 4/1/2017 6,743,750 327
1,720M New York State Hsg. Fin. Agcy. Series "A" 7.45% 11/1/2028 1,803,850 88
- -------------------------------------------------------------------------------------------------------------------------------
10,896,037 529
- -------------------------------------------------------------------------------------------------------------------------------
Transportation--30.0%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8% 7/1/2014 5,112,500 248
Transit Facilities Series:
1,500M 8 1/2% 7/1/1997* 1,596,285 78
5,000M 8% 7/1/1998* 5,456,250 265
7,900M New York City Transit Auth. Hwy. & Brdg. Trust Fund
Rev. 7 1/2% 1/1/2000* 8,749,250 425
New York Thruway Authority:
1,500M 5 1/8% 4/1/2015 1,398,750 68
5,500M 5 1/2% 4/1/2015 5,362,500 261
Puerto Rico Commonwealth Highway & Transportation Authority:
3,155M 6 1/4% 7/1/2014 3,395,569 165
2,000M 5 1/2% 7/1/2015 1,970,000 96
5,000M 6% 7/1/2018 5,206,250 253
Triborough Bridge & Tunnel Authority:
1,000M Special Obligation 8% 1/1/1998* 1,070,000 52
1,500M Series "L" 8 1/8% 1/1/1998* 1,603,125 78
3,000M Series "O" 7.7% 1/1/1999* 3,273,750 159
6,900M Series "Y" 6% 1/1/2012 7,184,625 349
10,595M Series "Y" 5 1/2% 1/1/2017 10,356,613 503
- -------------------------------------------------------------------------------------------------------------------------------
61,735,467 3,000
- -------------------------------------------------------------------------------------------------------------------------------
Utilities--6.6%
New York City Municipal Water Finance Authority:
4,975M 5 7/8% 6/15/2012 5,161,563 251
2,000M 5 7/8% 6/15/2013 2,067,500 100
2,000M New York State Power Authority General Purpose Bonds 8% 1/1/1998* 2,147,500 104
4,000M Suffolk County, N. Y. Water Authority 6% 6/1/2017 4,115,000 200
- -------------------------------------------------------------------------------------------------------------------------------
13,491,563 655
- -------------------------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
$ 1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy. (Rochester Inst. Tech.)
7 3/4% 5/1/2000* 1,122,500 55
1,000M New York State Dorm. Auth. Rev. (Suffolk County Jud. Facs.)
7 3/8% 7/1/2016 1,171,250 57
New York State Urban Development Corporation Correctional Facilities:
2,000M Series "C" 7 3/4% 1/1/1998* 2,145,000 104
3,000M Series "F" 7 1/2% 1/1/1999* 3,262,500 159
Puerto Rico Public Buildings Authority:
1,465M 6 1/4% 7/1/2012 1,584,031 77
1,250M 6 1/4% 7/1/2013 1,348,437 66
2,210M 6 1/4% 7/1/2015 2,367,463 115
5,000M 5 1/2% 7/1/2021 4,881,250 237
- -------------------------------------------------------------------------------------------------------------------------------
17,882,431 870
- -------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $190,682,230) 98.1% 201,933,267 9,813
Other Assets, Less Liabilities 1.9 3,848,182 187
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $205,781,449 $10,000
===============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Certificates of Participation--2.1%
Connecticut State (Middletown Courthouse Facilities):
$ 130M 6 1/4% 12/15/2009 $ 137,312 $ 84
100M 6 1/4% 12/15/2010 105,250 65
100M 6 1/4% 12/15/2012 104,375 64
- -------------------------------------------------------------------------------------------------------------------------------
346,937 213
- -------------------------------------------------------------------------------------------------------------------------------
Education--14.2%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2015 787,531 483
500M Loomis Chafee School Project-Series "B" 6% 7/1/2015 507,500 311
1,000M Trinity College 6 1/8% 7/1/2014 1,023,750 628
- -------------------------------------------------------------------------------------------------------------------------------
2,318,781 1,422
- -------------------------------------------------------------------------------------------------------------------------------
General Obligation--33.1%
100M Bethel, Conn. 6 1/2% 2/15/2011 110,000 67
500M Bridgeport, Conn. 5 1/2% 9/1/2015 481,875 296
50M Bristol, Conn. 6 1/2% 6/15/2006 55,375 34
30M Colchester, Conn. 7.3% 1/15/2007 34,762 21
Connecticut State:
500M 6 1/2% 3/15/2002* - Series "A" 546,875 336
620M 6% 3/15/2012 - Series "E" 643,634 395
130M Coventry, Conn. 6.7% 12/15/2009 145,925 90
Griswold, Conn.:
250M 5 3/4% 4/15/2010 252,500 155
100M 6 1/4% 6/15/2010 108,875 67
100M Groton City, Conn. 6 3/4% 6/1/2007 114,250 70
800M New Britain, Conn. 6% 3/1/2012 834,000 512
130M Newton, Conn. 6.7% 8/15/2010 145,438 89
30M North Canaan, Conn. 6.9% 1/15/2006 33,675 21
40M Old Saybrook, Conn. 6 1/2% 2/15/2009 44,000 27
250M Plainfield, Conn. 6 3/8% 8/1/2011 264,687 162
450M Puerto Rico Commonwealth 6 1/4% 7/1/2013 485,438 298
290M Regional School District #5, Conn. 6.3% 3/1/2009 304,500 187
330M Southington, Conn. 6.55% 4/1/2012 352,688 216
90M Stafford, Conn. 6.55% 11/15/2008 100,013 61
50M Stratford, Conn. 6.6% 3/1/2007 56,375 35
250M Westbrook, Conn. 6.4% 3/15/2010 272,812 167
- -------------------------------------------------------------------------------------------------------------------------------
5,387,697 3,306
- -------------------------------------------------------------------------------------------------------------------------------
Hospital--18.3%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 476,438 292
60M Danbury Hospital-University of New Haven 6 7/8% 1/1/2010 64,800 40
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 546,875 335
700M New Britain General Hospital 6 1/8% 7/1/2014 716,625 440
325M Stamford Hospital 6 1/2% 7/1/2006 347,344 213
280M Yale-New Haven Hospital 7% 7/1/2010 304,150 187
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 520,625 319
- -------------------------------------------------------------------------------------------------------------------------------
2,976,857 1,826
- -------------------------------------------------------------------------------------------------------------------------------
Housing--4.0%
640M Connecticut State Housing Finance Authority 6.1% 5/15/2013 646,400 397
- -------------------------------------------------------------------------------------------------------------------------------
Transportation--9.7%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
285M 6% 10/1/2009 296,400 182
200M 6 1/4% 10/1/2009 211,250 130
500M 6 1/2% 10/1/2011 548,125 336
250M 6 1/8% 9/1/2012 263,125 161
250M 6.1% 10/1/2012 258,438 159
- -------------------------------------------------------------------------------------------------------------------------------
1,577,338 968
- -------------------------------------------------------------------------------------------------------------------------------
Utilities--6.7%
300M Connecticut State Resource Recovery Auth. Mid. Conn. Sys.
7.3% 11/15/2012 312,975 192
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 266,250 163
500M 6 1/8% 8/1/2014 516,250 317
- -------------------------------------------------------------------------------------------------------------------------------
1,095,475 672
- -------------------------------------------------------------------------------------------------------------------------------
Other Revenue--10.0%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2% 6/15/2008 589,963 362
Puerto Rico Public Buildings Authority:
250M 6 1/4% 7/1/2013 269,687 165
725M 6 1/4% 7/1/2015 776,656 477
- -------------------------------------------------------------------------------------------------------------------------------
1,636,306 1,004
- -------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $15,127,052) 98.1% 15,985,791 9,808
Other Assets, Less Liabilities 1.9 312,865 192
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,298,656 $10,000
===============================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.4%
Certificates of Participation--.8 %
$ 200M Escambia County, Fla. School Board 5 1/2% 2/1/2016 $ 193,250 $ 84
- -------------------------------------------------------------------------------------------------------------------------------
Education--1.9%
400M Volusia County, Fla. Edl. Facs. (Stetson University Project)
6 3/8% 6/1/2012 421,000 184
- -------------------------------------------------------------------------------------------------------------------------------
General Obligation--3.9%
300M Miami, Fla. 6% 12/1/2010 316,125 137
500M North Springs, Fla. Impt. Dist. 7% 10/1/2009 576,875 252
- -------------------------------------------------------------------------------------------------------------------------------
893,000 389
- -------------------------------------------------------------------------------------------------------------------------------
Hospital--5.0%
350M North Broward, Fla. Hosp. Dist. 6 1/2% 1/1/2012 374,500 163
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 780,937 341
- -------------------------------------------------------------------------------------------------------------------------------
1,155,437 504
- -------------------------------------------------------------------------------------------------------------------------------
Housing--1.9%
235M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge.
6.95% 12/15/2012 246,456 108
175M Florida Housing Finance Agency-Residential Mtge.
(Series 2) 8% 12/15/2016 181,172 79
- -------------------------------------------------------------------------------------------------------------------------------
427,628 187
- -------------------------------------------------------------------------------------------------------------------------------
Transportation--5.8%
500M Dade County, Fla. Aviation Revenue Series "A" 6% 10/1/2010 518,125 226
300M Florida State Turnpike Authority Turnpike Revenue 6.35% 7/1/2002* 326,250 142
455M Port Palm Beach District, Fla. Revenue 6 1/4% 9/1/2008 488,556 213
- -------------------------------------------------------------------------------------------------------------------------------
1,332,931 581
- -------------------------------------------------------------------------------------------------------------------------------
Utilities--50.8%
250M Broward County, Fla. Water & Sewer Utilities Rev. 6 1/2% 10/1/2001* 272,500 119
750M Charlotte County, Fla. Utilities Revenue 6 3/4% 10/1/2013 825,938 360
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 534,375 233
1,000M 6 1/4% 1/1/2015 1,067,500 465
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4% 10/1/2001* 765,900 334
300M Kissimmee, Fla. Utility Authority Electric System Revenue
6 1/2% 10/1/2001* 329,625 144
1,495M Lakeland, Fla. Electric & Water Revenue 6% 10/1/2014 1,560,406 680
445M Miramar, Fla. Util. Impt. Rev. 6.4% 10/1/2007 482,825 211
1,000M Plant City, Fla. Utility System Revenue 6% 10/1/2015 1,040,000 454
300M Reedy Creek, Fla. Impt. Dist. Utilities Revenue 6 1/2% 10/1/2001* 327,000 143
500M Sarasota County, Fla. Utility System Revenue 6 1/2% 10/1/2004* 560,625 244
Seminole County, Fla. Water & Sewer Revenue:
500M 6% 10/1/2009 530,000 231
500M 6% 10/1/2019 518,750 226
1,305M St. Johns County, Fla. Water & Sewer Revenue 5 1/2% 6/1/2011 1,290,319 563
2,000M Tampa, Fla. Utility Tax Revenue Zero Cpn. 10/1/2016 605,000 264
100M Tampa, Fla. Water & Sewer Revenue 6.3% 10/1/2006 106,250 46
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4% 10/1/2014 834,375 364
- -------------------------------------------------------------------------------------------------------------------------------
11,651,388 5,081
- -------------------------------------------------------------------------------------------------------------------------------
Other Revenue--26.3%
400M Florida State Div. Bd. Fin. Dept. General Services 6 3/4% 7/1/2013 432,000 188
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,011,250 441
1,000M Jacksonville, Fla. Cap. Improv. (Gator Bowl Project) 5 7/8% 10/1/2015 1,008,750 440
350M Jacksonville, Fla. Excise Taxes Revenue 6 1/2% 10/1/2013 376,250 164
250M Lake Wales, Fla. Capital Improvement Revenue 5 3/4% 10/1/2016 248,438 108
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9% 10/1/2010 625,500 273
$1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev. 5 3/8% 6/1/2011 983,750 429
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2% 10/1/2002* 331,500 145
1,000M Tampa, Fla. Sales Tax Revenue 5 3/4% 10/1/2020 1,005,000 438
- -------------------------------------------------------------------------------------------------------------------------------
6,022,438 2,626
- -------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,879,620) 22,097,072 9,636
- -------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--8.7
900M Hillsborough County, Fla. Indl. Dev. Auth. Variable Rate Note 3.60%** 900,000 392
1,100M Putnam County, Fla. Dev. Auth. Variable Rate Note 3.15%** 1,100,000 480
- -------------------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $2,000,000) 2,000,000 872
- -------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $22,879,620) 105.1% 24,097,072 10,508
Excess of Liabilities Over Other Assets (5.1) (1,166,276) (508)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,930,796 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Variable Rate Notes are determined and reset at least weekly by the issuer. Interest rate shown is the rate
in effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.0%
Education--4.9%
Private Colleges & Univs. Facs. Auth., Ga.:
$ 80M Mercer University Project 6.35% 11/1/2006 $ 86,900 $ 252
80M Spelman University Project 6% 6/1/2009 82,400 239
- --------------------------------------------------------------------------------------------------------------------------------
169,300 491
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--23.7%
75M Columbia County, Ga. School District 6 1/4% 4/1/2013 78,563 228
100M Hall County, Ga. School District 6.7% 12/1/2014 108,875 316
100M Mitchell County, Ga. School District 6 1/2% 3/1/2009 108,250 314
125M Paulding County, Ga. School District 6% 2/1/2013 130,000 378
100M Peach County, Ga. School District 6.4% 2/1/2019 105,875 307
150M Pike County, Ga. School District 5.7% 2/1/2016 149,063 433
125M Puerto Rico Commonwealth 6 1/4% 7/1/2012 135,625 394
- --------------------------------------------------------------------------------------------------------------------------------
816,251 2,370
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--7.9%
150M Glynn-Brunswick, Ga. Mem. Hosp. Auth. Rev. Antic. Ctfs. 5 1/4% 8/1/2013 141,188 410
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 130,156 378
- --------------------------------------------------------------------------------------------------------------------------------
271,344 788
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--14.0%
300M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 321,000 932
150M Puerto Rico Highway & Transportation Authority Revenue 6 1/4% 7/1/2014 161,437 469
- --------------------------------------------------------------------------------------------------------------------------------
482,437 1,401
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--34.3%
25M Bartow County, Ga. Water & Sewer Revenue 6.05% 9/1/2007 26,063 76
95M Brunswick, Ga. Water & Sewer Revenue 6.1% 10/1/2019 100,106 291
85M Conyers, Ga. Water & Sewer Revenue 6.45% 7/1/2010 90,525 263
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4% 11/1/2014 84,800 246
210M Douglasville-Douglas County, Ga. Water & Sewer Authority 5 5/8% 6/1/2015 208,687 606
250M Fulton County, Ga. Water & Sewer Revenue 6 3/8% 1/1/2014 271,875 789
100M Georgia Municipal Electric Authority, Special Obligation 6 1/2% 1/1/2017 108,750 316
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 87,300 253
100M 5.8% 1/1/2015 97,782 284
95M Henry County, Ga. Water & Sewer Auth. Revenue 7.1% 2/1/2000* 104,144 302
- --------------------------------------------------------------------------------------------------------------------------------
1,180,032 3,426
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--11.2%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 88,500 257
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7% 2/1/2020 86,000 249
50M East Point, Ga. Building Authority Revenue 6% 2/1/2011 51,250 149
150M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 161,812 470
- --------------------------------------------------------------------------------------------------------------------------------
387,562 1,125
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,164,459) 3,306,926 9,601
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.9%
100M Clayton County, Ga. Housing Authority Adjustable Rate Note 3.10%
(cost $100,000)** 100,000 290
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $3,264,459) 98.9% 3,406,926 9,891
Other Assets, Less Liabilities 1.1 37,596 109
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,444,522 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset at least weekly by the issuer. Interest rate shown is the
rate in effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.0%
Certificates of Participation--.3%
$ 30M Baltimore, Maryland Series "B" 7 1/4% 4/1/2016 $ 32,437 $ 33
- --------------------------------------------------------------------------------------------------------------------------------
Education--9.0%
Morgan State University Academic & Aux. Facs. Fees Revenue:
90M 7% 7/1/2000* 99,113 100
500M 6.05% 7/1/2015 523,750 528
200M 6.1% 7/1/2020 212,000 214
50M University of Maryland Sys. Aux. Fac. & Tuition Rev. 6.3% 2/1/2001* 53,937 54
- --------------------------------------------------------------------------------------------------------------------------------
888,800 896
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--32.9%
350M Anne Arundel County, Maryland Water & Sewer 6.3% 8/1/2015 369,688 373
Baltimore, Maryland:
100M 6.3% 10/15/2004 108,750 110
100M 7% 10/15/2009 114,500 115
250M 5 5/8% 10/15/2012 249,375 251
55M Carroll County, Maryland 6 1/4% 11/1/2001* 59,675 60
100M Chesapeake Beach, Maryland 6 1/2% 5/1/2012 104,875 106
Frederick, Maryland:
100M 6 1/8% 12/1/2008 106,125 107
200M 6 1/8% 10/1/2014 205,000 207
60M Frederick County, Maryland 6 5/8% 8/1/2003* 66,975 68
35M Howard County, Maryland 6 5/8% 2/15/2001* 37,975 38
35M Montgomery County, Maryland 6 3/4% 4/1/2001* 38,500 39
400M Prince Georges County, Maryland 5 1/2% 1/1/2013 395,500 399
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 116,156 117
650M 6 1/4% 7/1/2012 705,250 711
250M 5.65% 7/1/2015 251,563 254
325M Washington County, Maryland 5.8% 1/1/2013 327,438 330
- --------------------------------------------------------------------------------------------------------------------------------
3,257,345 3,285
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--20.0%
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9% 7/1/2001* 38,850 39
90M Francis Scott Key Medical Center 6 3/4% 7/1/2000* 98,325 99
500M Maryland General Hospital 6 1/8% 7/1/2014 511,250 516
20M Memorial Hospital 7% 7/1/2007 21,550 22
140M Sinai Hospital of Baltimore 7% 7/1/2000* 154,175 155
110M Suburban Hospital 6% 7/1/2002* 116,463 117
65M University of Maryland Medical System 7% 7/1/2001* 72,475 73
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross Health System)
5.7% 12/10/2010 250,313 253
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 338,406 341
350M Takoma Park, Maryland Hosp. Facs. (Adventist Hosp.) 6 1/2% 9/1/2012 380,625 384
- --------------------------------------------------------------------------------------------------------------------------------
1,982,432 1,999
- --------------------------------------------------------------------------------------------------------------------------------
Housing--8.6%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.) 7% 7/1/2016 262,187 265
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 47,081 47
345M 7% 4/1/2014 360,956 364
180M Montgomery County, Maryland Single Family Mtge. Rev. 6 1/2% 7/1/2011 186,525 188
- --------------------------------------------------------------------------------------------------------------------------------
856,749 864
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--7.0%
Maryland State Department of Transportation:
60M 6 3/8% 9/1/2006 63,375 64
500M Zero Cpn. 7/1/2012 200,000 202
400M Puerto Rico Highway & Transportation Authority 6 1/4% 7/1/2014 430,500 434
- --------------------------------------------------------------------------------------------------------------------------------
693,875 700
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--6.2%
Baltimore, Maryland Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 175,931 177
215M 6 1/4% 7/1/2002* 233,813 236
200M 6% 7/1/2015 208,000 210
- --------------------------------------------------------------------------------------------------------------------------------
617,744 623
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--12.0%
250M Baltimore, Maryland (Convention Center) 6.1% 9/1/2013 256,562 258
35M Maryland Industrial Financing Authority 7% 7/1/2010 38,281 39
400M Maryland State Stadium Authority 5.65% 3/1/2015 392,000 395
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot)
6 1/4% 6/1/2009 105,750 107
375M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 401,719 405
- --------------------------------------------------------------------------------------------------------------------------------
1,194,312 1,204
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $9,140,623) 96.0% 9,523,694 9,604
Other Assets, Less Liabilities 4.0 392,875 396
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,916,569 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.6%
Certificates of Participation--3.4%
$ 690M Massachusetts Bay Transportation Authority Series "A"
7.65% 8/1/2000* $ 778,837 $ 338
- --------------------------------------------------------------------------------------------------------------------------------
Education--3.0%
425M Massachusetts Health & Educ. Facs. Auth. (Northeastern Univ.)
7 1/8% 10/1/2000* 465,375 202
215M Massachusetts State Indl. Fin. (Babson College-Series "A")
5 3/4% 10/1/2015 213,388 92
- --------------------------------------------------------------------------------------------------------------------------------
678,763 294
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--25.4%
Boston, Massachusetts:
250M 7 3/8% 2/1/2000* 275,938 120
750M 5 7/8% 8/1/2012 760,313 330
500M Holyoke, Massachusetts 5 1/2% 6/15/2016 481,250 209
Massachusetts General Obligations:
300M 7% 7/1/2009 341,250 148
1,000M 6% 8/1/2010 1,052,500 457
500M 5 1/8% 11/1/2014 461,875 201
150M North Borough, Massachusetts 7.2% 11/1/2003 159,188 69
1,000M Northampton, Massachusetts 5 1/4% 12/1/2015 926,250 402
150M Rochester, Massachusetts 7 1/4% 3/1/2007 161,625 70
400M Rockport, Massachusetts Unlimited Tax Sch. Proj. Loan
6.9% 12/15/2007 436,000 189
Wareham, Massachusetts:
225M 7.05% 1/15/2007 247,500 107
500M 7.1% 1/15/2008 550,625 239
- --------------------------------------------------------------------------------------------------------------------------------
5,854,314 2,541
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--25.8%
Massachusetts Health & Educational Facilities Authority:
295M Berkshire Hospital 7.6% 10/1/1998* 321,919 140
Capital Asset Program:
225M 7.35% 8/1/2008 245,812 107
400M 7.2% 7/1/2009 434,000 189
500M Carney Hospital 7 3/4% 7/1/2000* 564,375 245
750M Massachusetts General Hospital 6 1/4% 7/1/2012 797,812 346
570M Milton Hospital 7% 7/1/2016 609,188 264
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,543,125 670
410M Newton-Wellesley Hospital 8% 7/1/1998* 447,925 194
400M South Shore Hospital 7 1/2% 7/1/2000* 448,000 194
490M University Hospital 7 1/4% 7/1/2019 530,425 230
- --------------------------------------------------------------------------------------------------------------------------------
5,942,581 2,579
- --------------------------------------------------------------------------------------------------------------------------------
Housing--5.0%
Massachusetts Housing Finance Agency:
1,000M 6% 12/1/2012 1,001,250 435
145M 7.7% 12/1/2017 151,525 66
- --------------------------------------------------------------------------------------------------------------------------------
1,152,775 501
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--11.7%
Massachusetts Bay Transportation Authority:
1,250M Series "B" 5 1/4% 3/1/2013 1,182,812 513
1,500M Series "A" 5.8% 3/1/2013 1,518,750 659
- --------------------------------------------------------------------------------------------------------------------------------
2,701,562 1,172
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--24.3%
Boston, Massachusetts Water & Sewer Commission:
850M 7% 11/1/2001* 952,000 413
100M 7 1/4% 11/1/2006 107,250 47
1,035M 5 3/4% 11/1/2013 1,049,231 455
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4% 12/1/2000* 531,406 231
750M Massachusetts State Water Pollution Abatement Treatment 5.7% 2/1/2015 737,813 320
1,250M Massachusetts State Water Resource Authority 5% 3/1/2022 1,101,562 478
1,000M South Essex, Massachusetts Sewer District 6 3/4% 6/1/2004* 1,130,000 490
- --------------------------------------------------------------------------------------------------------------------------------
5,609,262 2,434
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,333,752 ) 22,718,094 9,859
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.6%
600M Massachusetts State Updates Series "B" Adjustable Rate Note 3.60%**
(cost $600,000) 600,000 260
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $21,933,752 ) 101.2% 23,318,094 10,119
Excess of Liabilities Over Other Assets (1.2) (274,725) (119)
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,043,369 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. Interest rate shown is the rate in
effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.9%
Certificates of Participation--4.0%
$1,000M Hudson County, N.J. Correctional Facility 7 1/4% 12/1/2000* $ 1,118,750 $ 190
500M Mantua Township, N.J. School District 7 1/4% 6/30/2000* 556,250 95
600M Piscataway Township, N.J. School District 7% 12/15/2000* 667,500 113
- --------------------------------------------------------------------------------------------------------------------------------
2,342,500 398
- --------------------------------------------------------------------------------------------------------------------------------
Education--2.3%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.) 6 1/4% 7/1/2010 1,371,500 233
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--14.5%
Essex County, N.J. Improvement Authority:
955M County College Project 6.9% 12/1/2004* 1,094,669 186
545M Jail & Youth House Project 6.9% 12/1/2004* 624,706 106
Orange School District:
1,025M Series "A" 6.95% 7/1/2014 1,139,031 194
1,220M Series "B" 6.95% 7/1/2014 1,355,725 230
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,057,950 180
1,050M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,132,687 192
Union City, N.J.:
1,000M 6.7% 9/1/2012 1,087,500 185
995M 6.4% 11/1/2013 1,077,087 183
- --------------------------------------------------------------------------------------------------------------------------------
8,569,355 1,456
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--24.3%
New Jersey Health Care Facilities Financing Authority:
1,250M Bayonne Hospital 6 1/4% 7/1/2012 1,301,563 221
400M Community Medical Center 7% 7/1/2009 429,000 73
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,766,813 300
750M Holy Name Hospital 7% 7/1/2008 812,813 138
1,100M Hunterdon Hospital 7% 7/1/2020 1,181,125 201
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,804,688 307
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,646,250 280
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,346,200 569
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 891,000 151
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,108,750 188
- --------------------------------------------------------------------------------------------------------------------------------
14,288,202 2,428
- --------------------------------------------------------------------------------------------------------------------------------
Housing--4.7%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 392,825 67
420M Series "E" 7.65% 10/1/2016 441,525 75
1,385M Series "C" 7 3/8% 10/1/2017 1,435,206 244
450M Series "B" 8.1% 10/1/2017 472,500 80
- --------------------------------------------------------------------------------------------------------------------------------
2,742,056 466
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--10.8%
900M Delaware River Port Authority 7 3/8% 1/1/2007 966,375 164
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2% 1/1/2010 1,070,000 182
4,750M New Jersey State Transportation Fund Transit System Series "A"
5% 6/15/2015 4,316,563 734
- --------------------------------------------------------------------------------------------------------------------------------
6,352,938 1,080
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--16.7%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2% 12/15/2012 1,058,750 180
Camden County, N.J. Municipal Utilities Sewer Revenue:
250M 8 1/4% 12/1/1997* 269,375 46
3,000M 5 1/8% 7/15/2017 2,718,750 462
30M 8 1/4% 12/1/2017 32,100 6
1,000M Evesham, N.J. Municipal Utilities Authority 7% 7/1/2000* 1,085,000 184
500M Long Branch, N.J. Sewer Authority 7 1/4% 6/1/2000* 554,375 94
500M Lower Township, N.J. Municipal Utilities Authority 7% 12/1/2000* 554,375 94
250M Montville Township, N.J. Municipal Utilities Authority 7% 12/1/2001* 280,937 48
500M Musconetcong, N.J. Sewer Authority 7.15% 1/1/2000* 548,125 93
1,435M New Jersey Wastewater Treatment Trust 6 1/4% 4/1/2010 1,506,750 256
1,140M Passaic Valley, N.J. Water Commn. 6.4% 12/15/2002* 1,254,000 213
- --------------------------------------------------------------------------------------------------------------------------------
9,862,537 1,676
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--20.6%
1,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Convention Center)
7.4% 7/1/2016 2,232,500 380
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth.
6.8% 3/1/2021 398,125 68
1,000M New Brunswick, N.J. Parking Authority 7.2% 9/1/1999* 1,095,000 186
New Jersey Economic Development Authority:
Educational Testing Service:
1,000M 5.9% 5/15/2015 1,002,500 170
2,000M 6 1/8% 5/15/2015 2,042,500 347
1,500M Market Transition Facility 5 7/8% 7/1/2011 1,501,875 255
Puerto Rico Public Buildings Authority:
1,350M Series "A" 6 1/4% 7/1/2013 1,456,312 247
1,195M Series "A" 6 1/4% 7/1/2014 1,284,625 218
1,000M Salem County, N.J. Impt. Auth. Rev. County Corr. Facs.
7 1/8% 5/1/1999* 1,088,750 185
- --------------------------------------------------------------------------------------------------------------------------------
12,102,187 2,056
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $54,037,419) 97.9% 57,631,275 9,793
Other Assets, Less Liabilities 2.1 1,218,181 207
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $58,849,456 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--93.4%
Certificates of Participation--4.0%
$ 100M Charlotte, N.C. Convention Facilities Project 6 3/4% 12/1/2001* $ 111,000 $ 203
100M Cumberland County, N.C. Civic Center Project 6.3% 12/1/2008 105,750 193
- --------------------------------------------------------------------------------------------------------------------------------
216,750 396
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--46.9%
250M Cleveland County, N.C. 5 1/2% 3/1/2012 246,875 451
200M Cumberland County, N.C. 5 1/2% 4/1/2012 195,750 358
200M Currituck County, N.C. 5.4% 4/1/2013 192,500 352
200M Gaston County, N.C. 5.7% 3/1/2013 201,750 368
220M Laurinburg, N.C. 5.3% 6/1/2012 212,025 387
200M Mecklenburg County, N.C. 6.2% 1/1/2002* 214,500 392
200M Morganton, N.C. 5.7% 6/1/2014 199,000 363
400M Onslow County, N.C. 5.7% 3/1/2011 409,000 747
200M Puerto Rico Commonwealth 6 1/4% 7/1/2012 217,000 396
280M Rowan County, N.C. 5.6% 4/1/2014 276,850 506
200M Watauga County, N.C. 5.9% 6/1/2014 205,000 374
- --------------------------------------------------------------------------------------------------------------------------------
2,570,250 4,694
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--10.6%
100M New Hanover County, N.C. (New Hanover Regl. Med. Ctr.)
5 3/4% 10/1/2016 98,625 180
140M North Carolina Med. Care Commn. (Presbyterian Hosp.)
7 3/8% 10/1/2000* 156,800 286
150M North Carolina Med. Care Commn. (Stanley Mem. Hosp.)
5 3/8% 10/1/2014 143,438 262
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 182,219 333
- --------------------------------------------------------------------------------------------------------------------------------
581,082 1,061
- --------------------------------------------------------------------------------------------------------------------------------
Housing--4.2%
125M North Carolina Housing Finance Agency Multi-Family 6.6% 7/1/2017 130,156 238
100M North Carolina Housing Finance Agency Single Family 5.9% 3/1/2013 98,875 181
- --------------------------------------------------------------------------------------------------------------------------------
229,031 419
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--9.7%
Puerto Rico Commonwealth Highway & Transportation Authority:
100M 5 1/2% 7/1/2013 99,625 182
400M 6 1/4% 7/1/2014 430,500 786
- --------------------------------------------------------------------------------------------------------------------------------
530,125 968
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--13.6%
250M Buncombe County, N.C. Solid Waste System 5.6% 3/1/2011 247,500 452
300M Fayetteville, N.C. Public Works Commission Revenue 5 1/4% 3/1/2013 285,750 522
200M North Carolina Municipal Power Agency 6% 1/1/2010 209,750 383
- --------------------------------------------------------------------------------------------------------------------------------
743,000 1,357
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--4.4%
225M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 243,281 444
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,030,442 ) 5,113,519 9,339
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.8%
100M University of North Carolina (Kenan Memorial Stadium) Adjustable Rate
Note 3.20%** (cost $100,000) 100,000 182
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $5,130,442) 95.2% 5,213,519 9,521
Other Assets, Less Liabilities 4.8 262,188 479
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,475,707 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer. Interest rate shown is the rate in
effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.7%
Education--12.4%
$1,000M Allegheny County, Pa. Higher Educ. Bldg. Auth. (Duquesne Univ.)
5% 3/1/2016 $ 903,750 $ 221
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 8/15/2009 710,438 173
Pennsylvania State Higher Education Facilities Authority:
455M Hahnemann University 7.2% 7/1/2019 498,225 122
1,000M La Salle University 5 5/8% 5/1/2017 976,250 238
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,025,000 250
1,000M Union County, Pa. Higher Edl. Facs. Auth. (Bucknell Univ.)
5 1/2% 4/1/2016 962,500 235
- --------------------------------------------------------------------------------------------------------------------------------
5,076,163 1,239
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--18.2%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3% 4/1/2009 162,188 39
1,250M Bensalem Township, Pa. 5 3/4% 12/1/2016 1,248,438 304
265M Falls Township, Pa. 7% 12/15/2000* 287,525 70
700M Jeannette, Pa. School District 6.65% 6/15/2001* 756,000 185
1,000M Philadelphia, Pa. 6% 11/15/2014 1,020,000 249
1,500M Pittsburgh, Pa. 5 1/2% 9/1/2014 1,473,750 360
1,000M Stroudsburg, Pa. Area School District 5.8% 10/1/2010 1,015,000 248
800M Trinity Area School District, Pa. 6 5/8% 11/1/2001* 868,000 212
565M Venango County, Pa. 7% 7/15/2000* 613,025 150
- --------------------------------------------------------------------------------------------------------------------------------
7,443,926 1,817
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--13.5%
Allegheny County, Pa. Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,026,250 251
1,250M South Hills Health System 5.8% 5/1/2016 1,229,688 300
1,500M Berks County, Pa. Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.)
5.7% 10/1/2014 1,492,500 364
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8% 7/1/2014 1,134,375 277
135M Delaware County, Pa. Auth. Hosp. Rev. (Memorial Hosp.)
7 1/8% 8/15/1999* 147,994 36
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7% 7/1/2014 525,625 128
- --------------------------------------------------------------------------------------------------------------------------------
5,556,432 1,356
- --------------------------------------------------------------------------------------------------------------------------------
Housing--3.9%
Pennsylvania Housing Finance Agency Single-Family Mtge.:
500M 7.15% 4/1/2015 523,125 128
1,000M 7.3% 10/1/2017 1,065,000 260
- --------------------------------------------------------------------------------------------------------------------------------
1,588,125 388
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--4.5%
1,600M Pennsylvania State Turnpike Commission Oil Franchise Rev.
5 1/2% 12/1/2012 1,576,000 385
260M Pennsylvania State Turnpike Commission Turnpike Revenue
7.4% 12/1/2000* 291,850 71
- --------------------------------------------------------------------------------------------------------------------------------
1,867,850 456
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--31.7%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,188,000 290
1,000M 6 1/4% 12/1/2014 1,028,750 251
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison)
7 3/4% 9/1/2024 188,781 46
230M Fairview Township, Pa. Authority Sewer Revenue 7% 11/1/2000* 250,412 61
Harrisburg, Pa. Authority Water Revenue:
250M 7% 7/15/2001* 274,375 67
350M 6 1/2% 8/15/2002* 379,312 93
1,000M North Pennsylvania, Pa. Water Authority 6 7/8% 11/1/2004* 1,132,500 277
1,000M North Wales, Pa. Water Authority 6 3/4% 11/1/2004* 1,117,500 273
Philadelphia, Pa. Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,308,412 319
2,000M 6 1/4% 8/1/2012 2,130,000 520
Pittsburgh, Pa. Water & Sewer Auth. Water & Sewer System:
275M 6 3/4% 9/1/2001* 303,531 74
2,450M 6 1/2% 9/1/2013 2,664,375 650
1,000M Washington County, Pa. Indl. Dev. Auth. (West Penn. Power)
6.05% 4/1/2014 1,013,750 247
- --------------------------------------------------------------------------------------------------------------------------------
12,979,698 3,168
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--14.5%
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev.
7% 6/15/2005* 1,135,000 277
Pennsylvania State Industrial Development Authority:
1,000M 6% 1/1/2012 1,021,250 249
2,750M 5 1/2% 1/1/2014 2,657,187 649
500M Somerset County, Pa. Gen. Auth. Commonwealth Lease Rev.
7% 10/15/2001* 550,625 134
500M Washington County, Pa. Auth. Lease Rev. 7.45% 6/15/2000* 561,250 137
- --------------------------------------------------------------------------------------------------------------------------------
5,925,312 1,446
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $38,365,219) 40,437,506 9,870
- --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.0%
400M Schuylkill County, Pa. Indl. Dev. Auth. (Northeastern Power Co.)
Adjustable Rate Note 3.60%** (cost $400,000) 400,000 97
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $38,765,219) 99.7% 40,837,506 9,967
Other Assets, Less Liabilities .3 133,588 33
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $40,971,094 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. Interest rate shown is the rate in
effect at June 30, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Education--8.4%
$ 575M George Mason University, Va. 6 3/8% 2/1/2016 $ 602,313 $ 262
1,100M Norfolk, Va. Redev. & Hsg. Auth. (Tidewater Cmnty. College)
5 7/8% 11/1/2015 1,115,125 485
200M Virginia College Bldg. Auth. (Washington & Lee Univ.) 7% 1/1/2000* 218,500 95
- --------------------------------------------------------------------------------------------------------------------------------
1,935,938 842
- --------------------------------------------------------------------------------------------------------------------------------
General Obligation--16.6%
1,250M Chesapeake, Va. Public Improvement 5% 5/1/2013 1,151,562 500
Danville, Virginia:
500M 5.8% 4/1/2014 498,125 217
500M 5.8% 4/1/2015 495,625 216
1,000M Norfolk, Va. 5 1/4% 6/1/2014 952,500 414
170M Portsmouth, Va. Utility 6.8% 8/1/2000* 185,938 81
500M Virginia State Public School Authority 6 1/2% 8/1/2013 534,375 232
- --------------------------------------------------------------------------------------------------------------------------------
3,818,125 1,660
- --------------------------------------------------------------------------------------------------------------------------------
Hospital--19.5%
125M Charlottesville, Va. Indl. Dev. Auth. (Martha Jefferson Hosp.)
7 3/8% 10/1/2000* 140,000 61
1,150M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.) 6 3/8% 10/1/2014 1,203,188 523
500M Hanover County, Va. Indl. Dev. Auth. (Bon Secours Health Sys. Projs.)
6% 8/15/2010 521,875 227
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 314,544 137
255M 7 1/4% 7/1/2000* 283,050 123
1,675M 6 1/8% 7/1/2017 1,750,375 761
250M Winchester, Va. Indl. Dev. Auth. (Winchester Med. Ctr.) 7 1/4% 1/1/2000* 275,000 120
- --------------------------------------------------------------------------------------------------------------------------------
4,488,032 1,952
- --------------------------------------------------------------------------------------------------------------------------------
Transportation--15.1%
1,000M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2014 1,076,250 468
280M Richmond, Va. Metro. Auth. Expressway Rev. 7% 10/15/2000* 299,250 130
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,052,500 458
1,000M 6% 7/1/2010 1,043,750 454
- --------------------------------------------------------------------------------------------------------------------------------
3,471,750 1,510
- --------------------------------------------------------------------------------------------------------------------------------
Utilities--21.7%
275M Henry County, Va. Public Service Auth. Water & Sewer Rev.
7.2% 11/15/2000* 304,562 133
750M Leesburg, Va. Utility System Revenue 6.3% 7/1/2012 781,875 340
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4% 1/1/2010 522,500 227
1,000M 5 7/8% 11/1/2015 1,003,750 436
1,000M Prince William County, Va. Svce. Auth. Water & Sewer Sys. Rev.
6 1/2% 7/1/2001* 1,088,750 473
560M Roanoke County, Va. Water System Revenue 6 1/2% 7/1/2001* 611,800 266
625M Upper Occoquan Sewer Authority, Va. Regional Sewer Revenue
6 1/2% 7/1/2001* 682,812 297
- --------------------------------------------------------------------------------------------------------------------------------
4,996,049 2,172
- --------------------------------------------------------------------------------------------------------------------------------
Other Revenue--17.0%
1,000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,075,000 468
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex Proj.)
6 1/2% 12/1/2014 741,125 322
1,000M Richmond, Va. Redev. & Hsg. Auth. (Old Manchester Proj.)
6.8% 3/1/2015 1,081,250 470
1,000M Riverside, Va. Regl. Jail Authority 5 7/8% 7/1/2014 1,007,500 438
- --------------------------------------------------------------------------------------------------------------------------------
3,904,875 1,698
- --------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,532,515) 98.3% 22,614,769 9,834
Other Assets, Less Liabilities 1.7 380,938 166
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,995,707 $10,000
================================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
This page intentionally left blank.
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED --------------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $190,682,230 $15,127,052 $22,879,620 $3,264,459 $9,140,623
============ ============ ============ ============ ============
At value (Note 1A) $201,933,267 $15,985,791 $24,097,072 $3,406,926 $9,523,694
Cash (overdraft) 157,409 47,833 70,997 60,558 208,362
Receivables:
Interest 4,727,029 337,354 312,134 68,208 222,937
Investment securities sold -- -- 912,985 -- --
Shares sold 176,671 7,809 38,468 22,469 15,519
Other assets 10,408 16 31 -- 7
------------ ------------ ------------ ------------ ------------
Total Assets 207,004,784 16,378,803 25,431,687 3,558,161 9,970,519
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- 2,366,465 97,927 --
Dividends payable July 20, 1996 862,215 67,463 89,610 14,515 41,075
Shares redeemed 168,897 -- 28,373 -- 5,565
Accrued advisory fees 127,821 6,814 9,472 558 2,435
Accrued expenses 64,402 5,870 6,971 639 4,875
------------ ------------ ------------ ------------ ------------
Total Liabilities 1,223,335 80,147 2,500,891 113,639 53,950
------------ ------------ ------------ ------------ ------------
Net Assets $205,781,449 $16,298,656 $22,930,796 $3,444,522 $9,916,569
============ ============ ============ ============ ============
Net Assets Consist of:
Capital paid in $194,615,909 $15,644,567 $21,792,316 $3,354,639 $9,656,269
Undistributed net investment income
(deficit) 20,585 5,130 1,528 197 (854)
Accumulated net realized gain (loss)
on investments (106,082) (209,780) (80,500) (52,781) (121,917)
Net unrealized appreciation in value
of investments 11,251,037 858,739 1,217,452 142,467 383,071
------------ ------------ ------------ ------------ ------------
Total $205,781,449 $16,298,656 $22,930,796 $3,444,522 $9,916,569
============ ============ ============ ============ ============
Shares outstanding (Note 2):
Class A 14,132,361 1,217,903 1,754,000 271,616 718,657
Class B 141,287 89,743 35,969 10,100 67,911
Net asset value and redemption price
per share--Class A $14.42 $12.46 $12.81 $12.23 $12.61
======= ======= ======= ======= =======
Maximum offering price per share--Class A* $15.38 $13.29 $13.66 $13.05 $13.45
======= ======= ======= ======= =======
Net asset value and offering price per
share--Class B $14.42 $12.46 $12.81 $12.22 $12.61
======= ======= ======= ======= =======
<CAPTION>
Statement of Assets and Liabilities (Continued)
June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $21,933,752 $54,037,419 $5,130,442 $38,765,219 $21,532,515
============ ============ ============ ============ ============
At value (Note 1A) $23,318,094 $57,631,275 $5,213,519 $40,837,506 $22,614,769
Cash (overdraft) 123,638 (24,042) 216,748 1,103,312 42,929
Receivables:
Interest 450,643 1,396,051 87,130 646,111 499,627
Investment securities sold -- 100,000 -- -- 27,890
Shares sold 14,570 70,517 79,085 160,842 --
Other assets 644 277 -- 81 47
------------ ------------ ------------ ------------ ------------
Total Assets 23,907,589 59,174,078 5,596,482 42,747,852 23,185,262
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 737,816 -- 97,499 1,221,012 --
Dividends payable July 20, 1996 98,758 244,118 21,417 165,789 101,382
Shares redeemed 11,242 22,420 -- 360,134 77,110
Accrued advisory fees 9,507 29,051 885 16,904 9,547
Accrued expenses 6,897 29,033 974 12,919 1,516
------------ ------------ ------------ ------------ ------------
Total Liabilities 864,220 324,622 120,775 1,776,758 189,555
------------ ------------ ------------ ------------ ------------
Net Assets $23,043,369 $58,849,456 $5,475,707 $40,971,094 $22,995,707
============ ============ ============ ============ ============
Net Assets Consist of:
Capital paid in $21,674,006 $55,331,235 $5,507,445 $39,014,114 $21,900,023
Undistributed net investment income
(deficit) 3,060 (115) 309 213 2,448
Accumulated net realized gain (loss)
on investments (18,039) (75,520) (115,124) (115,520) 10,982
Net unrealized appreciation in value
of investments 1,384,342 3,593,856 83,077 2,072,287 1,082,254
------------ ------------ ------------ ------------ ------------
Total $23,043,369 $58,849,456 $5,475,707 $40,971,094 $22,995,707
============ ============ ============ ============ ============
Shares outstanding (Note 2):
Class A 1,934,721 4,513,905 452,285 3,193,285 1,751,753
Class B 31,140 97,705 11,358 39,466 82,023
Net asset value and redemption price
per share--Class A $11.72 $12.76 $11.81 $12.67 $12.54
======= ======= ======= ======= =======
Maximum offering price per share--Class A* $12.50 $13.61 $12.60 $13.51 $13.38
======= ======= ======= ======= =======
Net asset value and offering price
per share--Class B $11.72 $12.75 $11.81 $12.68 $12.53
======= ======= ======= ======= =======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1996
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS
NEW YORK INSURED
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $ 6,475,670 $ 485,400 $ 625,133 $ 90,408
---------------- ---------------- ---------------- ----------------
Expenses (Notes 1D and 5):
Advisory fees 789,950 63,741 83,662 12,341
Distribution plan expenses-Class A 313,393 15,988 21,926 3,184
Distribution plan expenses-Class B 8,620 5,052 1,921 540
Shareholder servicing costs 75,223 7,887 7,800 1,790
Professional fees 16,228 8,857 6,596 2,674
Reports to shareholders 23,977 1,338 1,429 351
Bond insurance premiums 24,921 1,559 -- --
Custodian fees 10,901 1,677 2,126 569
Other expenses 26,748 3,950 3,916 1,588
---------------- ---------------- ---------------- ----------------
Total expenses 1,289,961 110,049 129,376 23,037
Less: Expenses waived or assumed -- (35,882) (38,715) (17,095)
Custodian fees paid indirectly (10,901) (1,677) (1,904) (563)
---------------- ---------------- ---------------- ----------------
Expenses-net 1,279,060 72,490 88,757 5,379
---------------- ---------------- ---------------- ----------------
Net investment income 5,196,610 412,910 536,376 85,029
---------------- ---------------- ---------------- ----------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain (loss) on investments (99,242) 30,984 (4,035) (14,952)
Net unrealized depreciation of investments (7,403,267) (633,821) (839,388) (113,473)
---------------- ---------------- ---------------- ----------------
Net loss on investments (7,502,509) (602,837) (843,423) (128,425)
---------------- ---------------- ---------------- ----------------
Net Decrease in Net Assets Resulting from Operations $(2,305,899) $(189,927) $ (307,047) $ (43,396)
================ ================ ================ ================
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------
NORTH
MARYLAND MASSACHUSETTS NEW JERSEY CAROLINA
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $ 266,475 $ 681,836 $ 1,738,976 $ 137,343
---------------- ---------------- ---------------- ----------------
Expenses (Notes 1D and 5):
Advisory fees 35,823 86,555 221,625 19,774
Distribution plan expenses-Class A 8,835 22,748 58,055 5,178
Distribution plan expenses-Class B 3,584 1,668 5,232 479
Shareholder servicing costs 4,929 9,641 17,687 2,643
Professional fees 3,474 5,177 17,919 2,619
Reports to shareholders 743 2,826 6,000 495
Bond insurance premiums 764 400 1,040 203
Custodian fees 1,040 2,378 4,275 686
Other expenses 2,503 3,589 10,167 1,840
---------------- ---------------- ---------------- ----------------
Total expenses 61,695 134,982 342,000 33,917
Less: Expenses waived or assumed (35,077) (33,264) (44,325) (24,920)
Custodian fees paid indirectly (1,040) (2,378) (3,111) (686)
---------------- ---------------- ---------------- ----------------
Expenses-net 25,578 99,340 294,564 8,311
---------------- ---------------- ---------------- ----------------
Net investment income 240,897 582,496 1,444,412 129,032
---------------- ---------------- ---------------- ----------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain (loss) on investments (12,765) (18,039) (75,520) (26,827)
Net unrealized depreciation of investments (362,543) (939,763) (2,159,733) (185,599)
---------------- ---------------- ---------------- ----------------
Net loss on investments (375,308) (957,802) (2,235,253) (212,426)
---------------- ---------------- ---------------- ----------------
Net Decrease in Net Assets Resulting from Operations $ (134,411) $ (375,306) $ (790,841) $ (83,394)
================ ================ ================ ================
<CAPTION>
- ------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------
PENNSYLVANIA VIRGINIA
---------------- ----------------
<S> <C> <C>
Investment Income
Interest income $ 1,153,570 $ 722,046
---------------- ----------------
Expenses (Notes 1D and 5):
Advisory fees 151,603 94,784
Distribution plan expenses-Class A 40,006 24,122
Distribution plan expenses-Class B 2,105 5,773
Shareholder servicing costs 12,674 11,065
Professional fees 5,464 5,086
Reports to shareholders 3,665 3,246
Bond insurance premiums 1,068 2,904
Custodian fees 3,085 2,291
Other expenses 7,357 4,121
---------------- ----------------
Total expenses 227,027 153,392
Less: Expenses waived or assumed (50,535) (47,257)
Custodian fees paid indirectly (3,085) (1,033)
---------------- ----------------
Expenses-net 173,407 105,102
---------------- ----------------
Net investment income 980,163 616,944
---------------- ----------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain (loss) on investments (115,520) 10,982
Net unrealized depreciation of investments (1,310,286) (989,349)
---------------- ----------------
Net loss on investments (1,425,806) (978,367)
---------------- ----------------
Net Decrease in Net Assets Resulting from Operations $ (445,643) $ (361,423)
================ ================
See notes to financial statements
</TABLE>
<TABLE>
<CAPITON>
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS
NEW YORK INSURED ----------------------------------
TAX FREE FUND, INC. CONNECTICUT
- --------------------------------------------------------------------------------------------------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 5,196,610 $ 10,640,790 $ 412,910 $ 817,186
Net realized gain (loss) on investments (99,242) 3,236,161 30,984 114,073
Net unrealized appreciation (depreciation)
of investments (7,403,267) 15,830,893 (633,821) 1,646,045
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations. (2,305,899) 29,707,844 (189,927) 2,577,304
------------ ------------ ------------ ------------
Distributions to Shareholders from:
Net investment income-Class A (5,160,269) (10,644,109) (388,167) (802,390)
Net investment income-Class B (36,701) (19,054) (20,516) (19,148)
Net realized gains-Class A -- (840,260) -- --
Net realized gains-Class B -- (4,480) -- --
------------ ------------ ------------ ------------
Total distributions (5,196,970) (11,507,903) (408,683) (821,538)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 8,480,675 20,127,144 953,317 2,072,940
Value of distributions reinvested 3,146,038 8,499,603 253,178 634,983
Cost of shares redeemed (15,692,643) (25,461,327) (2,184,931) (2,553,706)
------------ ------------ ------------ ------------
(4,065,930) 3,165,420 (978,436) 154,217
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 1,019,158 1,324,490 372,220 805,158
Value of distributions reinvested 11,069 16,591 16,585 19,148
Cost of shares redeemed (95,032) (207,131) (95,378) --
------------ ------------ ------------ ------------
935,195 1,133,950 293,427 824,306
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (3,130,735) 4,299,370 (685,009) 978,523
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (10,633,604) 22,499,311 (1,283,619) 2,734,289
Net Assets
Beginning of period 216,415,053 193,915,742 17,582,275 14,847,986
------------ ------------ ------------ ------------
End of period+ $205,781,449 $216,415,053 $16,298,656 $17,582,275
============ =========== ============ ============
+ Includes undistributed net investment
income (deficit) of $ 20,585 $ 20,945 $ 5,130 $ 903
============ =========== ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 581,591 1,396,279 75,825 167,960
Issued for distributions reinvested 215,466 584,026 20,070 51,005
Redeemed (1,079,792) (1,762,820) (174,168) (206,220)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding (282,735) 217,485 (78,273) 12,745
------------ ------------ ------------ ------------
Class B:
Sold 69,734 90,459 29,584 64,921
Issued for distributions reinvested 760 1,128 1,316 1,522
Redeemed (6,612) (14,182) (7,600) --
------------ ------------ ------------ ------------
Net increase in Class B shares
outstanding 63,882 77,405 23,300 66,443
============ =========== ============ ============
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------------------
FLORIDA GEORGIA
- ---------------------------------------------------------------------------------------------------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 536,376 $ 1,070,108 $ 85,029 $ 146,430
Net realized gain (loss) on investments (4,035) 188,468 (14,952) 2,973
Net unrealized appreciation (depreciation)
of investments (839,388) 2,343,973 (113,473) 290,945
------------ ---------- ---------- ----------
Net increase (decrease) in net assets resulting
from operations. (307,047) 3,602,549 (43,396) 440,348
------------ ---------- ---------- ----------
Distributions to Shareholders from:
Net investment income-Class A (531,904) (1,074,302) (84,419) (143,122)
Net investment income-Class B (7,815) (7,399) (2,427) (2,344)
Net realized gains-Class A -- -- -- --
Net realized gains-Class B -- -- -- --
------------ ---------- ---------- ----------
Total distributions (539,719) (1,081,701) (86,846) (145,466)
------------ ---------- ---------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,714,088 3,558,826 552,561 1,042,204
Value of distributions reinvested 212,876 502,849 55,047 116,431
Cost of shares redeemed (1,852,661) (4,103,965) (207,460) (466,779)
------------ ---------- ---------- ----------
1,074,303 (42,290) 400,148 691,856
------------ ---------- ---------- ----------
Class B:
Proceeds from shares sold 186,487 327,260 33,002 96,664
Value of distributions reinvested 4,360 5,044 1,985 2,348
Cost of shares redeemed (15,435) (48,025) (5,100) (6,238)
------------ ---------- ---------- ----------
175,412 284,279 29,887 92,774
------------ ---------- ---------- ----------
Net increase (decrease) from share transactions 1,249,715 241,989 430,035 784,630
------------ ---------- ---------- ----------
Net increase (decrease) in net assets 402,949 2,762,837 299,793 1,079,512
Net Assets
Beginning of period 22,527,847 19,765,010 3,144,729 2,065,217
------------ ---------- ---------- ----------
End of period+ $22,930,796 $22,527,847 $3,444,522 $3,144,729
============ ========== ========== ==========
+ Includes undistributed net investment
income (deficit) of $ 1,528 $ 4,871 $ 197 $ 2,014
============ ========== ========== ==========
(a) Shares Issued and Redeemed
Class A:
Sold 209,336 279,362 44,582 86,530
Issued for distributions reinvested 16,412 39,482 4,438 9,542
Redeemed (141,809) (324,510) (16,963) (38,851)
------------ ---------- ---------- ----------
Net increase (decrease) in Class A shares
outstanding 83,939 (5,666) 32,057 57,221
============ ========== ========== ==========
Class B:
Sold 14,399 25,731 2,685 7,980
Issued for distributions reinvested 337 392 160 190
Redeemed (1,205) (3,685) (416) (499)
------------ ---------- ---------- ----------
Net increase in Class B shares
outstanding 13,531 22,438 2,429 7,671
============ ========== ========== ==========
<CAPTION>
- --------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------
MARYLAND
- --------------------------------------------------------------------------------------------
1/1/96 to
6/30/96 1995
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 240,897 $ 437,765
Net realized gain (loss) on investments (12,765) 22,502
Net unrealized appreciation (depreciation)
of investments (362,543) 845,062
----------- ---------
Net increase (decrease) in net assets resulting
from operations. (134,411) 1,305,329
----------- ---------
Distributions to Shareholders from:
Net investment income-Class A (229,353) (426,969)
Net investment income-Class B (15,801) (9,709)
Net realized gains-Class A -- --
Net realized gains-Class B -- --
----------- ---------
Total distributions (245,154) (436,678)
----------- ---------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,262,633 1,624,609
Value of distributions reinvested 126,445 275,270
Cost of shares redeemed (640,330) (989,316)
----------- ---------
748,748 910,563
----------- ---------
Class B:
Proceeds from shares sold 449,903 524,692
Value of distributions reinvested 9,204 9,187
Cost of shares redeemed -- (128,337)
----------- ---------
459,107 405,542
----------- ---------
Net increase (decrease) from share transactions 1,207,855 1,316,105
----------- ---------
Net increase (decrease) in net assets 828,290 2,184,756
Net Assets
Beginning of period 9,088,279 6,903,523
----------- ---------
End of period+ $ 9,916,569 $9,088,279
=========== =========
+ Includes undistributed net investment
income (deficit) of $ (854) $ 3,403
========== =========
(a) Shares Issued and Redeemed
Class A:
Sold 98,674 130,068
Issued for distributions reinvested 9,901 21,809
Redeemed (50,387) (78,092)
----------- ---------
Net increase (decrease) in Class A shares
outstanding 58,188 73,785
=========== =========
Class B:
Sold 34,979 41,606
Issued for distributions reinvested 721 718
Redeemed -- (10,113)
=========== =========
Net increase in Class B shares
outstanding 35,700 32,211
=========== =========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS NEW JERSEY
- ------------------------------------------------------------------------------------------------------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 582,496 $ 1,164,983 $ 1,444,412 $ 2,914,025
Net realized gain (loss) on investments (18,039) 360,045 (75,520) 657,781
Net unrealized appreciation (depreciation)
of investments (939,763) 1,956,930 (2,159,733) 5,200,017
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations. (375,306) 3,481,958 (790,841) 8,771,823
------------ ------------ ------------ ------------
Distributions to Shareholders from:
Net investment income-Class A (574,113) (1,157,985) (1,428,444) (2,918,856)
Net investment income-Class B (7,091) (9,593) (21,642) (11,913)
Net realized gains-Class A -- (30,240) -- (425,117)
Net realized gains-Class B -- (410) -- (6,884)
------------ ------------ ------------ ------------
Total distributions (581,204) (1,198,228) (1,450,086) (3,362,770)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,613,790 2,470,541 2,996,773 5,310,392
Value of distributions reinvested 364,778 919,516 788,012 2,248,846
Cost of shares redeemed (1,536,879) (3,317,029) (3,130,023) (9,176,935)
------------ ------------ ------------ ------------
441,689 73,028 654,762 (1,617,697)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 58,998 289,235 350,501 925,149
Value of distributions reinvested 5,482 9,486 11,639 14,857
Cost of shares redeemed -- -- (36,657) (15)
------------ ------------ ------------ ------------
64,480 298,721 325,483 939,991
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 506,169 371,749 980,245 (677,706)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (450,341) 2,655,479 (1,260,682) 4,731,347
Net Assets
Beginning of period 23,493,710 20,838,231 60,110,138 55,378,791
------------ ------------ ------------ ------------
End of period+ $23,043,369 $23,493,710 $ 58,849,456 $ 60,110,138
============ ============ ============ ============
+ Includes undistributed net investment income
(deficit) of $ 3,060 $ 1,768 $ (115) $ 5,559
============ ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 135,806 210,626 231,199 415,051
Issued for distributions reinvested 30,620 78,127 60,878 174,001
Redeemed (128,657) (283,611) (242,137) (718,864)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding 37,769 5,142 49,940 (129,812)
============ ============ ============ ============
Class B:
Sold 4,991 24,887 27,389 71,143
Issued for distributions reinvested 461 801 900 1,130
Redeemed -- -- (2,856) (1)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 5,452 25,688 25,433 72,272
============ ============ ============ ============
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA PENNSYLVANIA
- ------------------------------------------------------------------------------------------------------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 129,032 $ 229,944 $ 980,163 $ 1,875,305
Net realized gain (loss) on investments (26,827) (4,494) (115,520) 179,294
Net unrealized appreciation (depreciation)
of investments (185,599) 526,683 (1,310,286) 4,079,329
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations. (83,394) 752,133 (445,643) 6,133,928
------------ ------------ ------------ ------------
Distributions to Shareholders from:
Net investment income-Class A (127,527) (227,689) (988,791) (1,862,206)
Net investment income-Class B (1,963) (2,522) (8,750) (4,635)
Net realized gains-Class A -- -- -- (106,537)
Net realized gains-Class B -- -- -- (659)
------------ ------------ ------------ ------------
Total distributions (129,490) (230,211) (997,541) (1,974,037)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 910,649 759,377 3,939,336 5,109,553
Value of distributions reinvested 65,891 143,540 492,398 1,181,930
Cost of shares redeemed (409,503) (306,492) (2,514,157) (4,005,976)
------------ ------------ ------------ ------------
567,037 596,425 1,917,577 2,285,507
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 60,881 67,909 263,537 234,237
Value of distributions reinvested 914 1,218 6,171 5,250
Cost of shares redeemed -- -- -- --
------------ ------------ ------------ ------------
61,795 69,127 269,708 239,487
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 628,832 665,552 2,187,285 2,524,994
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 415,948 1,187,474 744,101 6,684,885
Net Assets
Beginning of period 5,059,759 3,872,285 40,226,993 33,542,108
------------ ------------ ------------ ------------
End of period+ $5,475,707 $5,059,759 $40,971,094 $40,226,993
============ ============ ============ ============
+ Includes undistributed net investment income
(deficit) of $ 309 $ 767 $ 213 $ 17,591
============ ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 75,598 64,567 308,373 402,916
Issued for distributions reinvested 5,508 12,164 38,420 93,037
Redeemed (34,328) (26,571) (197,081) (316,221)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding 46,778 50,160 149,712 179,732
============ ============ ============ ============
Class B:
Sold 5,148 6,029 20,200 18,376
Issued for distributions reinvested 77 103 482 407
Redeemed -- -- -- --
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 5,225 6,132 20,682 18,783
============ ============ ============ ============
<CAPTION>
- ---------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------
VIRGINIA
- ---------------------------------------------------------------------------------------------
1/1/96 to
6/30/96 1995
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 616,944 $ 1,240,900
Net realized gain (loss) on investments 10,982 133,406
Net unrealized appreciation (depreciation)
of investments (989,349) 2,554,416
------------ -----------
Net increase (decrease) in net assets resulting
from operations. (361,423) 3,928,722
------------ -----------
Distributions to Shareholders from:
Net investment income-Class A (592,948) (1,226,418)
Net investment income-Class B (23,765) (23,560)
Net realized gains-Class A -- (68,578)
Net realized gains-Class B -- (2,616)
------------ -----------
Total distributions (616,713) (1,321,172)
------------ -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,849,845 3,246,591
Value of distributions reinvested 304,447 805,092
Cost of shares redeemed (4,448,238) (3,742,909)
------------ -----------
(2,293,946) 308,774
------------ -----------
Class B:
Proceeds from shares sold 471,141 947,469
Value of distributions reinvested 15,486 23,492
Cost of shares redeemed (402,524) (28,539)
------------ -----------
84,103 942,422
------------ -----------
Net increase (decrease) from share transactions (2,209,843) 1,251,196
------------ -----------
Net increase (decrease) in net assets (3,187,979) 3,858,746
Net Assets
Beginning of period 26,183,686 22,324,940
------------ -----------
End of period+ $22,995,707 $26,183,686
============ ===========
+ Includes undistributed net investment income
(deficit) of $ 2,448 $ 2,217
============ ===========
(a) Shares Issued and Redeemed
Class A:
Sold 145,438 259,461
Issued for distributions reinvested 23,958 64,025
Redeemed (354,498) (297,826)
------------ -----------
Net increase (decrease) in Class A shares
outstanding (185,102) 25,660
============ ===========
Class B:
Sold 36,805 76,625
Issued for distributions reinvested 1,219 1,850
Redeemed (32,243) (2,233)
------------ -----------
Net increase in Class B shares outstanding 5,781 76,242
============ ===========
See notes to financial statements
</TABLE>
Notes to Financial Statements
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
1. Significant Accounting Policies--First Investors New York Insured Tax Free
Fund, Inc. ("New York Insured") and First Investors Multi-State Insured Tax
Free Fund ("Multi-State Insured") (collectively, "Funds") are registered
under the Investment Company Act of 1940 (the "1940 Act") as diversified,
open-end management investment companies. New York Insured consists of a
single investment series and Multi-State Insured consists of seventeen separate
investment series. This report relates to New York Insured and the nine Funds
of Multi-State Insured listed above. Multi-State Insured operates as a series
fund, issuing shares of beneficial interest in each Fund and accounts
separately for the assets, liabilities and operations of each Fund.
The investment objective of New York Insured is to provide a high level of
interest income which is exempt from federal income tax, New York State and
New York City personal income taxes.
The investment objective of each Fund of Multi-State Insured is to achieve a
high level of interest income which is exempt from federal income tax and,
to the extent indicated for a particular Fund, from state and local income
taxes for residents of that state.
A. Security Valuation--The municipal securities in which the Funds invest
are traded primarily in the over-the-counter markets. Such securities
are valued daily at their fair value on the basis of valuations provided
by a pricing service approved by the Board of Directors/Trustees. The
pricing service considers security type, rating, market condition and
yield data, as well as market quotations and prices provided by market
makers in determining valuations. "When Issued Securities" are reflected
in the assets of the Funds as of the date the securities are purchased.
The municipal bonds held by the Funds are insured as to payment of principal
and interest by the issuer or under insurance policies written by
independent insurance companies. It is the intention of the Funds to
retain any insured securities which are in default or in significant
risk of default and to place a value on the defaulted securities equal
to the value of similar securities which are not in default. Each Fund
may invest up to 35% of its assets in portfolio securities not covered
by the insurance feature.
B. Federal Income Taxes--It is the policy of the Funds to continue to
qualify as regulated investment companies, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The Funds
make distributions of income and net realized capital gains (in excess of
any available capital loss carryovers) sufficient to relieve them from
all, or substantially all, federal income taxes. At June 30, 1996, the
Funds had the following capital loss carryovers, expiring in the year
2002:
MULTI-STATE INSURED Amount
- ---------------------------- ----------
CONNECTICUT Fund $240,764
FLORIDA Fund 76,464
GEORGIA Fund 37,828
MARYLAND Fund 109,152
NORTH CAROLINA Fund 88,296
C. Distributions to Shareholders--Dividends from net investment income are
declared daily and paid monthly. Distributions from net realized capital
gains are normally declared and paid annually. Income dividends and capital
gain distributions are determined in accordance with income tax regulations
which may differ from generally accepted accounting principles. These
differences are primarily due to differing treatments for capital loss
carryforwards, deferral of wash sales and post October losses.
D. Expense Allocation--Direct expenses attributable to a Fund are charged
to and paid from the assets of that Fund. Indirect or general expenses of
Multi-State Insured are allocated among and charged to the assets of each
Fund on a fair and equitable basis, which may be based on the relative
assets of each Fund or the nature of the services performed and relative
applicability to each Fund.
E. Security Transactions and Investment Income--Security transactions are
accounted for on the date the securities are purchased or sold. Cost is
determined, and gains and losses are based, on the identified cost basis
for both financial statement and federal income tax purposes. Interest
income is earned from settlement date and recorded on the accrual basis.
Estimated expenses are accrued daily. The Funds' Custodian has provided
credits for the New York Insured and the nine Funds of Multi-State Insured
included in this report of $10,901 and $15,477, respectively, against
custodian charges based on the uninvested cash balances of the Funds.
2. Capital--Each Fund sells two classes of shares, Class A and Class B,
each with a public offering price that reflects different sales charges
and expense levels. Class A shares are sold with an initial sales charge
of up to 6.25% of the amount invested and together with the Class B shares
are subject to 12b-1 fees as described in Note 5. Class B shares are sold
without an initial sales charge, but are generally subject to a contingent
deferred sales charge which declines in steps from 4% to 0% over a six-year
period. Class B shares automatically convert into Class A shares after
eight years. Realized and unrealized gains or losses, investment income
and expenses (other than 12b-1 fees and certain other class expenses) are
allocated daily to each class of shares based upon the relative proportion
of net assets of each class. Of the 1,000,000,000 shares originally authorized,
New York Insured has designated 500,000,000 shares as Class A and 500,000,000
shares as Class B. Multi-State Insured has established an unlimited number
of shares of beneficial interest for both Class A and Class B shares.
3. Concentration of Credit Risk--The Funds invest in debt instruments of
municipal issuers whose ability to meet their obligations may be affected
by economic developments in a State, industry or region.
4. Security Transactions--For the six months ended June 30, 1996, purchases
and sales of municipal securities were as follows:
<TABLE>
<CAPTION>
Cost Proceeds
of of
Purchases Sales
----------------------------
<S> <C> <C>
NEW YORK INSURED $51,410,050 $53,878,249
MULTI-STATE INSURED
- -------------------
CONNECTICUT Fund 1,153,642 1,768,355
FLORIDA Fund 7,871,014 6,940,173
GEORGIA Fund 977,177 584,432
MARYLAND Fund 2,269,951 1,252,287
MASSACHUSETTS Fund 7,166,804 6,425,041
NEW JERSEY Fund 14,648,430 13,590,883
NORTH CAROLINA Fund 1,937,549 1,494,047
PENNSYLVANIA Fund 10,507,809 8,078,559
VIRGINIA Fund 5,023,560 6,944,392
At June 30, 1996, aggregate cost and net unrealized appreciation of securities for federal
income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Apppreciation
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NEW YORK INSURED $190,689,070 $11,633,530 $389,333 $11,244,197
MULTI-STATE INSURED
- -------------------
CONNECTICUT Fund 15,127,052 858,739 -- 858,739
FLORIDA Fund 22,879,620 1,227,240 9,788 1,217,452
GEORGIA Fund 3,264,459 145,793 3,326 142,467
MARYLAND Fund 9,140,623 388,170 5,099 383,071
MASSACHUSETTS Fund 21,933,752 1,394,981 10,639 1,384,342
NEW JERSEY Fund 54,037,419 3,633,951 40,095 3,593,856
NORTH CAROLINA Fund 5,130,442 88,961 5,884 83,077
PENNSYLVANIA Fund 38,765,219 2,072,287 -- 2,072,287
VIRGINIA Fund 21,532,515 1,094,998 12,744 1,082,254
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates--Certain officers
and directors/trustees of the Funds are officers and directors of the
Funds' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC") and/or
their transfer agent, Administrative Data Management Corp. ("ADM").
Officers and directors/trustees of the Funds received no remuneration
from the Funds for serving in such capacities. Their remuneration (together
with certain other expenses of the Funds) is paid by FIMCO or FIC.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250 million
of the average daily net assets of each Fund, declining by .03% on each
$250 million thereafter, down to .66% on average daily net assets over $750
million. For the six months ended June 30, 1996, advisory fees of New York
Insured amounted to $789,950. For the same period, advisory fees for the
nine Funds of Multi-State Insured included in this report amounted to
$769,908, of which $280,138 was waived; other expenses in the amount of
$46,932 were assumed by FIMCO.
For the six months ended June 30, 1996, FIC, as underwriter, received
$216,443 in commissions on sales of shares of New York Insured, after
allowing $434,449 to other dealers, and $476,962 in commissions on
sales of shares of the nine Funds of Multi-State Insured included in
this report, after allowing $203,265 to other dealers. Shareholder
servicing costs of New York Insured and the nine Funds of Multi-State
Insured consisted of $75,223 and $76,116, respectively, in transfer
agent fees and out of pocket expenses accrued to ADM.
Pursuant to a Distribution Plan adopted by the Funds under Rule 12b-1
of the 1940 Act, each Fund is authorized to pay FIC a fee up to .30% of
the average net assets of the Class A shares and up to 1% of the average
net assets of the Class B shares on an annualized basis each fiscal year,
payable monthly. The fee consists of a distribution fee and a service fee.
The service fee is paid for the ongoing servicing of clients who are
shareholders of that Fund.
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- -------------------------
Net Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1991 $ 13.75 $ .881 $ .574 $ 1.455 $ .875 $ --
1992 14.33 .844 .386 1.230 .840 --
1993 14.72 .809 .608 1.417 .820 .137
1994 15.18 .758 (1.510) (.752) .768 --
1995 13.66 .738 1.331 2.069 .740 .059
1/1/96 to 6/30/96 14.93 .360 (.510) (.150) .360 --
Class B
1/12/95* to 12/31/95 13.76 .616 1.232 1.848 .619 .059
1/1/96 to 6/30/96 14.93 .309 (.510) (.201) .309 --
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1991 $ 11.19 $ .630 $ .449 $ 1.079 $ .625 $ .004
1992 11.64 .669 .401 1.070 .660 --
1993 12.05 .615 1.053 1.668 .625 .043
1994 13.05 .609 (1.480) (.871) .609 --
1995 11.57 .617 1.333 1.950 .620 --
1/1/96 to 6/30/96 12.90 .309 (.443) (.134) .306 --
Class B
1/12/95* to 12/31/95 11.67 .512 1.242 1.754 .524 --
1/1/96 to 6/30/96 12.90 .261 (.446) (.185) .255 --
FLORIDA FUND
Class A
1991 $ 11.13 $ .658 $ .582 $ 1.240 $ .640 $ .030
1992 11.70 .702 .508 1.210 .700 --
1993 12.21 .664 1.032 1.696 .671 .095
1994 13.14 .642 (1.346) (.704) .646 --
1995 11.79 .640 1.527 2.167 .647 --
1/1/96 to 6/30/96 13.31 .312 (.498) (.186) .314 --
Class B
1/12/95* to 12/31/95 11.87 .529 1.460 1.989 .549 --
1/1/96 to 6/30/96 13.31 .268 (.505) (.237) .263 --
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1991 $ .875 $ 14.33 10.89 $162,296
1992 .840 14.72 8.84 181,389
1993 .957 15.18 9.82 211,967
1994 .768 13.66 (5.03) 193,916
1995 .799 14.93 15.45 215,259
1/1/96 to 6/30/96 .360 14.42 (1.01) 203,745
Class B
1/12/95* to 12/31/95 .678 14.93 13.66 1,156
1/1/96 to 6/30/96 .309 14.42 (1.35) 2,037
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1991 $ .629 $ 11.64 9.92 $5,050
1992 .660 12.05 9.49 10,828
1993 .668 13.05 14.10 17,202
1994 .609 11.57 (6.75) 14,848
1995 .620 12.90 17.18 16,725
1/1/96 to 6/30/96 .306 12.46 (1.04) 15,180
Class B
1/12/95* to 12/31/95 .524 12.90 15.28 857
1/1/96 to 6/30/96 .255 12.46 (1.44) 1,118
FLORIDA FUND
Class A
1991 $ .670 $ 11.70 11.45 $6,891
1992 .700 12.21 10.67 12,678
1993 .766 13.14 14.19 21,397
1994 .646 11.79 (5.39) 19,765
1995 .647 13.31 18.77 22,229
1/1/96 to 6/30/96 .314 12.81 (1.40) 22,470
Class B
1/12/95* to 12/31/95 .549 13.31 17.06 299
1/1/96 to 6/30/96 .263 12.81 (1.78) 461
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Asset++ Waived or Assumed
---------------------- -----------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1991 1.24 6.29 N/A N/A 25
1992 1.29 5.84 N/A N/A 46
1993 1.27 5.35 N/A N/A 31
1994 1.28 5.30 N/A N/A 55
1995 1.23 5.10 N/A N/A 53
1/1/96 to 6/30/96 1.22+ 4.94+ N/A N/A 25
Class B
1/12/95* to 12/31/95 2.00+ 4.34+ N/A N/A 53
1/1/96 to 6/30/96 1.93+ 4.23+ N/A N/A 25
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1991 .06 5.83 1.60 4.28 35
1992 .33 5.73 1.20 4.86 46
1993 .80 4.83 1.15 4.48 29
1994 .87 5.01 1.22 4.66 63
1995 .85 4.98 1.20 4.63 26
1/1/96 to 6/30/96 .82+ 4.91+ 1.24+ 4.49+ 7
Class B
1/12/95* to 12/31/95 1.71+ 4.12+ 2.07+ 3.76+ 26
1/1/96 to 6/30/96 1.64+ 4.09+ 2.17+ 3.56+ 7
FLORIDA FUND
Class A
1991 .06 6.12 1.12 5.06 70
1992 .29 5.97 1.17 5.10 65
1993 .45 5.20 1.10 4.55 53
1994 .62 5.24 1.19 4.67 98
1995 .75 5.05 1.15 4.65 68
1/1/96 to 6/30/96 .80+ 4.82+ 1.14+ 4.48+ 32
Class B
1/12/95* to 12/31/95 1.68+ 4.12+ 2.09+ 3.70+ 68
1/1/96 to 6/30/96 1.70+ 3.92+ 2.07+ 3.55+ 32
* Date shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
--------------------------------------- -------------------------
Net Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $ 11.17 $ .267 $ .233 $ .500 $ .250 $ --
1993 11.42 .603 1.091 1.694 .619 .005
1994 12.49 .584 (1.165) (.581) .579 --
1995 11.33 .653 1.387 2.040 .650 --
1/1/96 to 6/30/96 12.72 .320 (.482) (.162) .328 --
Class B
1/12/95* to 12/31/95 11.42 .529 1.303 1.832 .542 --
1/1/96 to 6/30/96 12.71 .276 (.488) (.212) .278 --
MARYLAND FUND
Class A
1991 $ 11.38 $ .628 $ .287 $ .915 $ .615 $ --
1992 11.68 .669 .426 1.095 .665 --
1993 12.11 .653 1.083 1.736 .660 .036
1994 13.15 .644 (1.373) (.729) .651 --
1995 11.77 .668 1.348 2.016 .666 --
1/1/96 to 6/30/96 13.12 .325 (.504) (.179) .331 --
Class B
1/12/95* to 12/31/95 11.85 .561 1.279 1.840 .570 --
1/1/96 to 6/30/96 13.12 .279 (.509) (.230) .280 --
MASSACHUSETTS FUND
Class A
1991 $ 10.84 $ .732 $ .468 $ 1.200 $ .730 $ --
1992 11.31 .687 .399 1.086 .676 .010
1993 11.71 .653 .716 1.369 .660 .139
1994 12.28 .627 (1.267) (.640) .630 --
1995 11.01 .612 1.227 1.839 .613 .016
1/1/96 to 6/30/96 12.22 .301 (.501) (.200) .300 --
Class B
1/12/95* to 12/31/95 11.09 .508 1.155 1.663 .527 .016
1/1/96 to 6/30/96 12.21 .256 (.494) (.238) .252 --
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $ .250 $ 11.42 6.75+ $ 365
1993 .624 12.49 15.16 1,469
1994 .579 11.33 (4.69) 2,065
1995 .650 12.72 18.40 3,047
1/1/96 to 6/30/96 .328 12.23 (1.28) 3,321
Class B
1/12/95* to 12/31/95 .542 12.71 16.34 97
1/1/96 to 6/30/96 .278 12.22 (1.68) 123
MARYLAND FUND
Class A
1991 $ .615 $ 11.68 8.30 $1,543
1992 .665 12.11 9.64 3,575
1993 .696 13.15 14.62 6,643
1994 .651 11.77 (5.59) 6,904
1995 .666 13.12 17.50 8,666
1/1/96 to 6/30/96 .331 12.61 (1.36) 9,060
Class B
1/12/95* to 12/31/95 .570 13.12 15.82 423
1/1/96 to 6/30/96 .280 12.61 (1.76) 856
MASSACHUSETTS FUND
Class A
1991 $ .730 $ 11.31 11.45 $17,608
1992 .686 11.71 9.90 20,067
1993 .799 12.28 11.93 23,653
1994 .630 11.01 (5.30) 20,838
1995 .629 12.22 17.07 23,180
1/1/96 to 6/30/96 .300 11.72 (1.64) 22,679
Class B
1/12/95* to 12/31/95 .543 12.21 15.28 314
1/1/96 to 6/30/96 .252 11.72 (1.96) 365
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets++ Waived or Assumed
--------------------------- --------------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 -- 4.45+ 3.32+ 1.13+ 53
1993 .13 4.96 1.84 3.24 50
1994 .20 4.99 1.93 3.26 78
1995 .20 5.41 1.42 4.20 45
1/1/96 to 6/30/96 .33+ 5.20+ 1.34+ 4.19+ 18
Class B
1/12/95* to 12/31/95 1.00+ 4.61+ 2.22+ 3.40+ 45
1/1/96 to 6/30/96 1.22+ 4.31+ 3.19+ 2.34+ 18
MARYLAND FUND
Class A
1991 .05 5.74 1.88 3.92 26
1992 .20 5.72 1.38 4.55 38
1993 .45 5.16 1.28 4.33 50
1994 .45 5.27 1.34 4.37 44
1995 .48 5.32 1.24 4.55 49
1/1/96 to 6/30/96 .49+ 5.11+ 1.21+ 4.39+ 14
Class B
1/12/95* to 12/31/95 1.38+ 4.42+ 2.19+ 3.61+ 49
1/1/96 to 6/30/96 1.33+ 4.27+ 2.25+ 3.35+ 14
MASSACHUSETTS FUND
Class A
1991 .28 6.66 .99 5.94 4
1992 .70 5.99 1.17 5.52 28
1993 .90 5.37 1.15 5.12 32
1994 .95 5.45 1.20 5.20 64
1995 .90 5.22 1.15 4.97 40
1/1/96 to 6/30/96 .87+ 5.06+ 1.16+ 4.77+ 28
Class B
1/12/95* to 12/31/95 1.76+ 4.36+ 2.01+ 4.10+ 40
1/1/96 to 6/30/96 1.69+ 4.24+ 2.01+ 3.92+ 28
* Commencement of operations of Class A shares or date Class B shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- -------------------------
Net Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1991 $ 11.73 $ .762 $ .548 $ 1.310 $ .750 $ --
1992 12.29 .716 .439 1.155 .716 .059
1993 12.67 .680 .947 1.627 .684 .103
1994 13.51 .659 (1.448) (.789) .661 --
1995 12.06 .648 1.291 1.939 .652 .097
1/1/96 to 6/30/96 13.25 .317 (.489) (.172) .318 --
Class B
1/12/95* to 12/31/95 12.14 .526 1.199 1.725 .528 .097
1/1/96 to 6/30/96 13.24 .265 (.489) (.224) .266 --
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $ 11.17 $ .272 $ .188 $ .460 $ .260 $ --
1993 11.37 .595 .962 1.557 .604 .043
1994 12.28 .594 (1.380) (.786) .594 --
1995 10.90 .608 1.391 1.999 .609 --
1/1/96 to 6/30/96 12.29 .293 (.479) (.186) .294 --
Class B
1/12/95* to 12/31/95 10.99 .492 1.307 1.799 .499 --
1/1/96 to 6/30/96 12.29 .248 (.482) (.234) .246 --
PENNSYLVANIA FUND
Class A
1991 $ 11.41 $ .714 $ .429 $ 1.143 $ .695 $ .008
1992 11.85 .699 .427 1.126 .716 --
1993 12.26 .667 1.048 1.715 .663 .152
1994 13.16 .627 (1.447) (.820) .630 --
1995 11.71 .638 1.463 2.101 .635 .036
1/1/96 to 6/30/96 13.14 .310 (.464) (.154) .316 --
Class B
1/12/95* to 12/31/95 11.81 .539 1.376 1.915 .549 .036
1/1/96 to 6/30/96 13.14 .265 (.460) (.195) .265 --
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1991 $ .750 $ 12.29 11.52 $42,475
1992 .775 12.67 9.74 54,372
1993 .787 13.51 13.09 64,558
1994 .661 12.06 (5.91) 55,379
1995 .749 13.25 16.41 59,153
1/1/96 to 6/30/96 .318 12.76 (1.30) 57,604
Class B
1/12/95* to 12/31/95 .625 13.24 14.45 957
1/1/96 to 6/30/96 .266 12.75 (1.70) 1,246
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $ .260 $ 11.37 6.21+ $1,084
1993 .647 12.28 13.98 3,883
1994 .594 10.90 (6.45) 3,872
1995 .609 12.29 18.72 4,984
1/1/96 to 6/30/96 .294 11.81 (1.52) 5,342
Class B
1/12/95* to 12/31/95 .499 12.29 16.65 75
1/1/96 to 6/30/96 .246 11.81 (1.91) 134
PENNSYLVANIA FUND
Class A
1991 $ .703 $ 11.85 10.24 $16,118
1992 .716 12.26 9.81 26,036
1993 .815 13.16 14.28 35,514
1994 .630 11.71 (6.31) 33,542
1995 .671 13.14 18.29 39,980
1/1/96 to 6/30/96 .316 12.67 (1.17) 40,471
Class B
1/12/95* to 12/31/95 .585 13.14 16.49 247
1/1/96 to 6/30/96 .265 12.68 (1.48) 500
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets++ Waived or Assumed
--------------------------- -----------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1991 .44 6.38 .98 5.84 22
1992 .78 5.76 1.13 5.41 42
1993 .96 5.12 1.11 4.97 44
1994 .99 5.21 1.14 5.06 60
1995 .99 5.06 1.14 4.91 30
1/1/96 to 6/30/96 .99+ 4.90+ 1.14+ 4.75+ 23
Class B
1/12/95* to 12/31/95 1.81+ 4.24+ 1.97+ 4.08+ 30
1/1/96 to 6/30/96 1.80+ 4.10+ 1.95+ 3.95+ 23
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 -- 4.53+ 2.20+ 2.33+ 10
1993 .13 4.99 1.28 3.83 32
1994 .20 5.22 1.44 3.99 61
1995 .20 5.18 1.36 4.03 76
1/1/96 to 6/30/96 .33+ 4.91+ 1.26+ 3.98+ 30
Class B
1/12/95* to 12/31/95 1.00+ 4.38+ 2.16+ 3.23+ 76
1/1/96 to 6/30/96 1.21+ 4.02+ 2.91+ 2.32+ 30
PENNSYLVANIA FUND
Class A
1991 .29 6.28 1.03 5.54 26
1992 .56 5.84 1.12 5.28 18
1993 .79 5.17 1.10 4.86 37
1994 .88 5.11 1.13 4.86 81
1995 .86 5.07 1.11 4.82 48
1/1/96 to 6/30/96 .86+ 4.86+ 1.11+ 4.61+ 20
Class B
1/12/95* to 12/31/95 1.72+ 4.20+ 1.98+ 3.94+ 48
1/1/96 to 6/30/96 1.68+ 4.04+ 1.93+ 3.79+ 20
* Commencement of operations of Class A shares or date Class B shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
-------------------------------------- ---------------------------
Net Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1991 $ 11.27 $ .715 $ .523 $ 1.238 $ .690 $ .018
1992 11.80 .683 .481 1.164 .702 .032
1993 12.23 .636 .915 1.551 .639 .082
1994 13.06 .611 (1.383) (.772) .608 --
1995 11.68 .625 1.370 1.995 .629 .036
1/1/96 to 6/30/96 13.01 .312 (.470) (.158) .312 --
Class B
1/12/95* to 12/31/95 11.76 .510 1.286 1.796 .520 .036
1/1/96 to 6/30/96 13.00 .262 (.471) (.209) .261 --
<CAPTION>
- -------------------------------------------------------------------------------------
PER SHARE DATA
- -------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1991 $ .708 $ 11.80 11.31 $ $9,756
1992 .734 12.23 10.19 16,507
1993 .721 13.06 12.94 24,684
1994 .608 11.68 (5.97) 22,325
1995 .665 13.01 17.42 25,193
1/1/96 to 6/30/96 .312 12.54 (1.22) 21,968
Class B
1/12/95* to 12/31/95 .556 13.00 15.53 991
1/1/96 to 6/30/96 .261 12.53 (1.61) 1,028
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets++ Waived or Assumed
---------------------- -------------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1991 .13 6.32 1.10 5.36 15
1992 .56 6.75 1.22 5.09 41
1993 .81 4.97 1.16 4.62 39
1994 .85 5.01 1.20 4.66 55
1995 .81 5.01 1.16 4.66 34
1/1/96 to 6/30/96 .80+ 4.92+ 1.17+ 4.55+ 20
Class B
1/12/95* to 12/31/95 1.66+ 4.16+ 2.02+ 3.80+ 34
1/1/96 to 6/30/96 1.61+ 4.11+ 2.05+ 3.67+ 20
* Date shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed
See notes to financial statements
</TABLE>
This page intentionally left blank.
Independent Auditor's Report
To the Shareholders and Boards of Directors/Trustees of
First Investors New York Insured Tax Free Fund, Inc. and
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of First Investors New York
Insured Tax Free Fund, Inc. and the nine Funds of First Investors Multi-
State Insured Tax Free Fund listed above as of June 30, 1996, and the
related statement of operations for the six months ended June 30, 1996,
the statement of changes in net assets for the six months ended June 30,
1996 and the year ended December 31, 1995, and the financial highlights
for the periods indicated thereon. These financial statements and
financial highlights are the responsibility of the Funds' management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of June 30, 1996, by correspondence
with the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of First Investors New York Insured Tax Free Fund,
Inc. and each of the nine Funds of First Investors Multi-State Insured
Tax Free Fund listed above as of June 30, 1996, and the results of their
operations, changes in their net assets and financial highlights for
each of the respective periods presented, in conformity with generally
accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1996
[This page intentionally left blank]
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Directors/Trustees
- ---------------------------------------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- ---------------------------------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Shareholder Information
- ---------------------------------------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Funds' practice to mail only one copy of their annual and
semi-annual reports to any address at which more than one shareholder
with the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Funds will ensure
that an additional copy of such reports are sent to any shareholder who
subsequently changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Funds' prospectus.
