Portfolio Manager's Letter
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Series
Dear Investor:
1995 was a very good year for investors in the U.S. financial markets.
The broad stock market averages repeatedly closed at record highs, and
bond prices surged as long-term interest rates fell almost two percent.
Several general factors contributed to this strong performance. First,
the U.S. economy grew at a moderate pace throughout the year. Second,
the rate of inflation declined, reaching its lowest level since the
1960s. Third, the Federal Reserve began lowering short-term interest
rates during the second half of the year. Finally, during the fourth
quarter, Congress and the President appeared close to reaching an
agreement to eliminate the Federal budget deficit over the next seven
years.
The substantial decline in long-term interest rates during 1995 provided
municipal bond investors with historically high total returns. These
returns were achieved despite investor concern about tax reform; Orange
County, California's bankruptcy; and new issue supply which reached $156
billion due to a large number of refunding deals in the fourth quarter.
During 1995 the eight series of the First Investors Multi-State Insured
Tax Free Fund included in this report had the following returns on a net
asset value basis on Class A and Class B shares (first offered for sale
on January 12, 1995), respectively: Arizona 18.4% and 16.2%, California
18.2% and 15.9%, Colorado 18.3% and 16.2%, Michigan 17.5% and 15.6%,
Minnesota 15.7% and 14.1%, Missouri 18.6% and 16.4%, Ohio 17.3% and
15.3%, and Oregon 18.0% and 16.0%.
With the exception of the California Series, the total returns on the
Class A shares of the eight Series exceeded the average return of their
respective mutual fund peer group according to Lipper Analytical
Services, Inc. The generally good relative performance of the Series is
attributable to a continuous focus on improving call protection over the
past two years. By purchasing noncallable bonds and extending call
protection, the Series were able to maintain relatively long durations,
a measurement of sensitivity to interest rates, throughout the bond
market's rally. This increased the Series' total return and locked in
relatively high yields. The California Series' short duration resulted
in less capital appreciation. The Multi-State Series generally remained
fully invested throughout the year to maximize current income.
Looking forward, the uncertainty of potential tax reform during the next
two years remains the main hurdle facing the tax exempt bond market.
This uncertainty continues to keep municipal bonds historically cheap to
taxable bonds. As investors recognize that major tax reform is unlikely,
municipal bonds are likely to outperform taxable bonds. Thus, we
continue to believe that municipal bonds represent an attractive
opportunity for long-term investors.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1996
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - ARIZONA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Arizona Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted; the following figures were used to create this
chart]
The following table is the source data for the line chart which appears at
this point in the printed document. This table is not part of the original
printed document and is shown for reference only. The same is also true
for this descriptive paragraph.
ARIZONA LEHMAN
APR 1990 9,375 10,000
DEC 1990 9,337 10,246
DEC 1991 10,241 11,490
DEC 1992 11,345 12,503
DEC 1993 13,033 14,038
DEC 1994 12,298 13,313
DEC 1995 14,562 15,636
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.4% 11.0%
Five Years 9.3% 7.9%
Since Inception 8.9% 7.5%
S.E.C. 30-Day Yield 4.5%
Class B shares
Since Inception 16.2% 11.6%
S.E.C. 30-Day Yield 4.0%
The graph compares a $10,000 investment made in the First
Investors Multi-State Insured Tax Free Fund -- Arizona Series (Class A
shares) on 11/1/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, the Index does not take into
account fees or cost of insurance of bonds held by an insured tax-exempt
bond fund. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares S.E.C. Standardized
Average Annual Total Return for One Year, Five Years and Since Inception
would have been 10.3%, 6.8% and 6.5%, respectively and the S.E.C. 30-Day
Yield for December 1995 would have been 3.9%. The returns for Class B
shares (first offered for sale on 1/12/95) are for the period 1/12/95
through 12/31/95. The Class B "S.E.C. Standardized" return is adjusted
for the applicable deferred sales charge (maximum of 4% in the first
year). Results represent past performance and do not indicate future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more
or less than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - CALIFORNIA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- California Series (Class
A shares) and the Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted; the following figures were used to create this
chart]
CALIF. LEHMAN
FEB 1987 9,375 10,000
DEC 1987 8,758 9,805
DEC 1988 9,891 10,800
DEC 1989 10,891 11,965
DEC 1990 11,669 12,838
DEC 1991 12,982 14,397
DEC 1992 14,236 15,666
DEC 1993 16,117 17,589
DEC 1994 15,134 16,680
DEC 1995 17,883 19,591
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.2% 10.8%
Five Years 9.0% 7.6%
Since Inception 7.6% 6.8%
S.E.C. 30-Day Yield 4.4%
Class B shares
Since Inception 15.9% 11.3%
S.E.C. 30-Day Yield 3.9%
The graph compares a $10,000 investment made in the First
Investors Multi-State Insured Tax Free Fund -- California Series (Class
A shares) on 2/23/87 (inception date) with a theoretical investment in
the Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, the Index does not take into
account fees or cost of insurance of bonds held by an insured tax-exempt
bond fund. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the intial $10,000 investment in the Series and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were 6.9%
and 7.25%, respectively). Some or all of the expenses of the Series were
waived or assumed. If such expenses had been paid by the Series, the
Class A shares S.E.C. Standardized Average Annual Total Return for One
Year, Five Years and Since Inception would have been 10.4%, 7.1% and
6.1%, respectively and the S.E.C. 30-Day Yield for December 1995 would
have been 4.1%. The returns for Class B shares (first offered for sale
on 1/12/95) are for the period 1/12/95 through 12/31/95. The Class B
"S.E.C. Standardized" return is adjusted for the applicable deferred
sales charge (maximum of 4% in the first year). Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc.
and all other figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - COLORADO SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Colorado Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted; the following figures were used to create this
chart]
COLO. LEHMAN
MAY 1992 9,375 10,000
DEC 1992 10,015 10,753
DEC 1993 11,432 12,073
DEC 1994 10,773 11,449
DEC 1995 12,739 13,447
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.3% 10.9%
Since Inception 8.7% 6.8%
S.E.C. 30-Day Yield 4.8%
Class B shares
Since Inception 16.2% 11.6%
S.E.C. 30-Day Yield 4.3%
The graph compares a $10,000 investment made in the First
Investors Multi-State Insured Tax Free Fund -- Colorado Series (Class A
shares) on 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, the Index does not take into
account fees or cost of insurance of bonds held by an insured tax-exempt
bond fund. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been 9.7% and 5.6%, respectively and the S.E.C. 30-Day Yield for
December 1995 would have been 4.0%. The returns for Class B shares
(first offered for sale on 1/12/95) are for the period 1/12/95 through
12/31/95. The Class B "S.E.C. Standardized" return is adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Results represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - MICHIGAN SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Michigan Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted; the following figures were used to create this
chart]
MICHIGAN LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,933 10,150
DEC 1988 10,153 11,180
DEC 1989 11,268 12,386
DEC 1990 12,049 13,289
DEC 1991 13,402 14,903
DEC 1992 14,821 16,217
DEC 1993 16,969 18,207
DEC 1994 15,890 17,266
DEC 1995 18,666 20,279
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 17.5% 10.2%
Five Years 9.2% 7.8%
Since Inception 8.0% 7.2%
S.E.C. 30-Day Yield 4.6%
Class B shares
Since Inception 15.6% 10.9%
S.E.C. 30-Day Yield 4.2%
The graph compares a $10,000 investment made in the First
Investors Multi-State Insured Tax Free Fund -- Michigan Series (Class A
shares) on 1/1/87 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, the Index does not take into
account fees or cost of insurance of bonds held by an insured tax-exempt
bond fund. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the intial $10,000 investment in the Series and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were 6.9%
and 7.25%, respectively). Some or all of the expenses of the Series were
waived or assumed. If such expenses had been paid by the Series, the
Class A shares S.E.C. Standardized Average Annual Total Return for One
Year, Five Years and Since Inception would have been 9.8%, 7.2% and
6.5%, respectively and the S.E.C. 30-Day Yield for December 1995 would
have been 4.3%. The returns for Class B shares (first offered for sale
on 1/12/95) are for the period 1/12/95 through 12/31/95. The Class B
"S.E.C. Standardized" return is adjusted for the applicable deferred
sales charge (maximum of 4% in the first year). Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc.
and all other figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - MINNESOTA SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Minnesota Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted; the following figures were used to create this
chart]
MINNESOTA LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,887 10,150
DEC 1988 9,897 11,180
DEC 1989 10,861 12,836
DEC 1990 11,623 13,289
DEC 1991 12,876 14,903
DEC 1992 14,072 16,217
DEC 1993 15,662 18,207
DEC 1994 14,733 17,266
DEC 1995 17,043 20,279
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 15.7% 8.4%
Five Years 8.0% 6.6%
Since Inception 6.9% 6.1%
S.E.C. 30-Day Yield 4.8%
Class B shares
Since Inception 14.1% 9.6%
S.E.C. 30-Day Yield 4.3%
The graph compares a $10,000 investment made in the First
Investors Multi-State Insured Tax Free Fund -- Minnesota Series (Class A
shares) on 1/1/87 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, the Index does not take into
account fees or cost of insurance of bonds held by an insured tax-exempt
bond fund. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were 6.9%
and 7.25%, respectively). Some or all of the expenses of the Series were
waived or assumed. If such expenses had been paid by the Series, the
Class A shares S.E.C. Standardized Average Annual Total Return for One
Year, Five Years and Since Inception would have been 7.8%, 5.8% and
5.2%, respectively and the S.E.C. 30-Day Yield for December 1995 would
have been 4.2%. The returns for Class B shares (first offered for sale
on 1/12/95) are for the period 1/12/95 through 12/31/95. The Class B
"S.E.C. Standardized" return is adjusted for the applicable deferred
sales charge (maximum of 4% in the first year). Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc.
and all other figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - MISSOURI SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Missouri Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted; the following figures were used to create this
chart]
MISSOURI LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,917 10,753
DEC 1993 11,326 12,073
DEC 1994 10,624 11,449
DEC 1995 12,594 13,447
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.6% 11.2%
Since Inception 8.4% 6.5%
S.E.C. 30-Day Yield 4.9%
Class B shares
Since Inception 16.4% 11.7%
S.E.C. 30-Day Yield 4.7%
The graph compares a $10,000 investment made in the First
Investors Multi-State Insured Tax Free Fund -- Missouri Series (Class A
shares) on 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, the Index does not take into
account fees or cost of insurance of bonds held by an insured tax-exempt
bond fund. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been 9.8% and 4.6%, respectively and the S.E.C. 30-Day Yield for
December 1995 would have been 4.1%. The returns for Class B shares
(first offered for sale on 1/12/95) are for the period 1/12/95 through
12/31/95. The Class B "S.E.C. Standardized" return is adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Results represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - OHIO SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Ohio Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted; the following figures were used to create this
chart]
OHIO LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,893 10,150
DEC 1988 10,152 11,180
DEC 1989 11,269 12,386
DEC 1990 12,097 13,289
DEC 1991 13,464 14,903
DEC 1992 14,808 16,217
DEC 1993 16,751 18,207
DEC 1994 15,761 17,266
DEC 1995 18,495 20,279
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 17.3% 10.0%
Five Years 8.9% 7.5%
Since Inception 7.9% 7.1%
S.E.C. 30-Day Yield 4.7%
Class B shares
Since Inception 15.3% 10.6%
S.E.C. 30-Day Yield 4.2%
The graph compares a $10,000 investment made in the First
Investors Multi-State Insured Tax Free Fund -- Ohio Series (Class A
shares) on 1/1/87 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, the Index does not take into
account fees or cost of insurance of bonds held by an insured tax-exempt
bond fund. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93 and 12/29/89, the maximum sales charges were 6.9%
and 7.25%, respectively). Some or all of the expenses of the Series were
waived or assumed. If such expenses had been paid by the Series, the
Class A shares S.E.C. Standardized Average Annual Total Return for One
Year, Five Years and Since Inception would have been 9.5%, 7.0% and
6.4%, respectively and the S.E.C. 30-Day Yield for December 1995 would
have been 4.3%. The returns for Class B shares (first offered for sale
on 1/12/95) are for the period 1/12/95 through 12/31/95. The Class B
"S.E.C. Standardized" return is adjusted for the applicable deferred
sales charge (maximum of 4% in the first year). Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
Lehman Brothers Municipal Bond Index figures from Lehman Brothers Inc.
and all other figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund - OREGON SERIES
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Oregon Series (Class A
shares) and the Lehman Brothers Municipal Bond Index.
As of December 31, 1995
[worm chart omitted; the following figures were used to create this
chart]
OREGON LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,794 10,753
DEC 1993 11,079 12,073
DEC 1994 10,343 11,449
DEC 1995 12,204 13,447
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.0% 10.7%
Since Inception 7.4% 5.6%
S.E.C. 30-Day Yield 4.8%
Class B shares
Since Inception 16.0% 11.3%
S.E.C. 30-Day Yield 4.4%
The graph compares a $10,000 investment made in the First
Investors Multi-State Insured Tax Free Fund -- Oregon Series (Class A
shares) on 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in this Index. In addition, the Index does not take into
account fees or cost of insurance of bonds held by an insured tax-exempt
bond fund. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown above based on differences
in sales loads and fees paid by shareholders investing in the different
classes.
The Lehman Brothers Municipal Bond Index is a total return
performance benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-monthly
using approximately 21,000 municipal bonds which are priced by Muller
Data Corp.
*Average Annual Total Return figures (for the period ended 12/31/95)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the Class A shares S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been 9.5% and 4.2%, respectively and the S.E.C. 30-Day Yield for
December 1995 would have been 3.98%. The returns for Class B shares
(first offered for sale on 1/12/95) are for the period 1/12/95 through
12/31/95. The Class B "S.E.C. Standardized" return is adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Results represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures from
Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
<TABLE>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA SERIES
December 31, 1995
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.1%
Certificates of Participation--7.1%
Arizona State:
<S> <C> <C> <C>
$ 100 M 6.1% 5/1/2007 $ 107,375 $ 119
375 M 6 1/4% 9/1/2010 405,000 450
100 M Arizona State Municipal Financing Program 7.7% 8/1/2010 122,500 136
- --------------------------------------------------------------------------------------------------------------
634,875 705
- --------------------------------------------------------------------------------------------------------------
Education--1.8%
140 M Arizona State University Revenue 7% 7/1/2001* 160,475 178
- --------------------------------------------------------------------------------------------------------------
General Obligation--47.8%
600 M Chandler, Arizona 6 1/4% 7/1/2011 667,500 741
Maricopa County, Arizona:
235 M School District 3 (Tempe) 7.3% 7/1/2009 287,875 320
400 M School District 11 (Peoria) 6.1% 7/1/2010 429,000 476
100 M School District 14 (Creighton) 7 7/8% 7/1/2006 124,875 139
1,000 M School District 41 (Gilbert) Zero Coupon 1/1/2008 542,500 602
300 M School District 68 (Alhambra) 6 3/4% 7/1/2014 339,375 377
100 M School District 92 (Pendergast Elementary) 6 5/8% 7/1/2000* 110,625 123
200 M School District 231 (Tempe) 7% 7/1/2008 238,500 265
225 M Mohave County, Arizona High School District 30, 6.7% 7/1/2001* 252,844 281
250 M Phoenix, Arizona 6 1/4% 7/1/2016 283,437 314
145 M Pima County, Arizona Unified School District 13 (Tanque Verde)
6.7% 7/1/2010 161,494 179
140 M Puerto Rico Commonwealth 6.6% 7/1/2002* 159,600 177
200 M Santa Cruz County, Arizona School District 35, 6% 7/1/2008 214,000 238
Yavapai County, Arizona:
230 M Elementary School District 6 (Cottonwood-Oak Creek) 6.7% 7/1/2009 256,737 284
215 M Elementary School District 28 (Camp Verde) 6% 7/1/2008 233,006 259
- --------------------------------------------------------------------------------------------------------------
4,301,368 4,775
- --------------------------------------------------------------------------------------------------------------
Hospital--13.6%
650 M Maricopa County, Arizona Ind. Dev. Auth. (Samaritan Health Svcs.)
7% 12/1/2016 798,688 886
100 M Mohave County, Arizona Hosp. Dist. 1 (Kingman Reg. Med. Ctr.)
6.45% 6/1/2008 107,750 120
300 M Pima County, Arizona Ind. Dev. Auth. (Tucson Med. Ctr.) 6 3/8% 4/1/2012 322,500 358
- --------------------------------------------------------------------------------------------------------------
1,228,938 1,364
- --------------------------------------------------------------------------------------------------------------
Housing--1.4%
125 M Phoenix, Arizona Hsg. Fin. Corp. Mtg. Rev. 6.65% 7/1/2006 127,344 142
- --------------------------------------------------------------------------------------------------------------
Transportation--5.9%
385 M Phoenix, Arizona Airport Revenue 6 1/4% 7/1/2012 417,244 463
100 M Phoenix, Arizona Street & Highway User Revenue 6 1/4% 7/1/2002* 112,250 125
- --------------------------------------------------------------------------------------------------------------
529,494 588
- --------------------------------------------------------------------------------------------------------------
Utilities--5.3%
200 M Central Arizona Water Conservation District Zero Cpn. 5/1/2005 125,250 138
225 M Gilbert, Arizona Water & Sewer Revenue 6 1/2% 7/1/2012 247,500 275
100 M Peoria, Arizona Water & Sewer Revenue 6.6% 7/1/2004 108,625 121
- --------------------------------------------------------------------------------------------------------------
481,375 534
- --------------------------------------------------------------------------------------------------------------
Other Revenue--15.2%
305 M Casa Grande, Arizona Excise Tax Rev. 6.1% 4/1/2009 325,588 362
250 M Phoenix, Arizona Civic Impt. Mun. Facs. Excise Tax Rev. 6.6% 7/1/2008 279,375 310
300 M Puerto Rico Public Buildings Authority Revenue 6 1/4% 7/1/2012 340,875 378
400 M Sierra Vista, Arizona Mun. Ppty. Corp. Mun. Facs. Rev. 6% 1/1/2011 426,000 473
- --------------------------------------------------------------------------------------------------------------
1,371,838 1,523
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,973,261) 98.1% 8,835,707 9,809
Other Assets, Less Liabilities 1.9 171,826 191
- --------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 9,007,533 $10,000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA SERIES
December 31, 1995
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.2%
Certificates of Participation--9.3%
<S> <C> <C> <C>
$ 100 M Alameda, Calif. Sewer Impr. Fin. Corp. 7.4% 3/1/2018 $ 108,875 $ 65
500 M Castaic Lake Water Agency Water System Impt. Proj. 7% 8/1/2012 601,250 362
500 M San Diego County, Calif. Inmate Reception Center 6 3/4% 8/1/2014 560,625 338
240 M Yolo County, Calif. Flood Control & Water Consv. 7 1/8% 7/15/2003* 279,900 169
- --------------------------------------------------------------------------------------------------------------
1,550,650 934
- --------------------------------------------------------------------------------------------------------------
General Obligation--16.5%
715 M Berkeley, Calif. Unified School District 5 1/4% 8/1/2018 708,744 426
370 M Greenfield, Calif. School District 7.1% 8/1/2012 396,362 239
660 M Orchard, Calif. School District Zero Coupon 2/1/2015 231,825 140
550 M Puerto Rico Commonwealth 5.65% 7/1/2015 577,500 348
750 M Walnut Valley, Calif. School District 6% 8/1/2012 823,125 496
- --------------------------------------------------------------------------------------------------------------
2,737,556 1,649
- --------------------------------------------------------------------------------------------------------------
Hospital--1.6%
California Health Facilities Financing Authority Revenue:
155 M Episcopal Homes 7.85% 7/1/2015 159,715 96
100 M R.F. Kennedy Hospital 7 3/4% 3/1/2014 107,375 65
- --------------------------------------------------------------------------------------------------------------
267,090 161
- --------------------------------------------------------------------------------------------------------------
Transportation--3.4%
500 M Los Angeles County, Calif. Trans. Comm. Sales Tax Rev. 6 3/4% 7/1/2001* 567,500 342
- --------------------------------------------------------------------------------------------------------------
Utilities--15.1%
200 M California State Dept. Water Resources (Central Valley Proj.)
6.9% 6/1/2000* 224,000 135
East Bay Municipal Utility District:
300 M 7.2% 6/1/2000* 340,875 205
750 M 6.4% 6/1/2013 827,813 498
750 M Fresno, Calif. Sewer Revenue 6 1/4% 9/1/2014 840,937 506
250 M Los Angeles, Calif. Wastewater System 7% 6/1/2011 274,063 165
- --------------------------------------------------------------------------------------------------------------
2,507,688 1,509
- --------------------------------------------------------------------------------------------------------------
Other Revenue--52.3%
500 M Barstow, Calif. Redevelopment Agency 7% 9/1/2014 605,000 364
110 M California Public Capital Impt. Fin. Auth. Rev. 8.1% 3/1/2018 119,350 72
1,315 M California State Public Works Board 6 1/2% 12/1/2008 1,497,456 902
1,000 M Long Beach, Calif. Fing. Auth. Rev. 6% 11/1/2017 1,093,750 659
300 M Sacramento, Calif. Redev. Agency Merged Downtown Redev. Proj.
6 3/4% 11/1/2005 333,000 200
640 M San Francisco, Calif. City & Cnty. Pkg. Auth. Rev. 7% 6/1/2011 750,400 452
500 M San Francisco, Calif. City & Cnty. Redev. Agy. (Moscone Ctr.)
6 3/4% 7/1/2015 558,125 336
500 M San Jose, Calif. Redevelopment Agency 6% 8/1/2015 547,500 330
500 M San Rafael, Calif. Redev. Agency 6.45% 12/1/2017 542,500 327
500 M Santa Ana, Calif. Fin. Auth. Lease Rev. 6 1/4% 7/1/2015 562,500 339
750 M Santa Margarita/Dana Point, Calif. Impt. Dist. 7 1/4% 8/1/2010 912,188 549
South Orange County, Calif. Public Finance Authority:
500 M 6 1/2% 8/15/2010 565,000 340
500 M 7% 9/1/2011 591,250 356
- --------------------------------------------------------------------------------------------------------------
8,678,019 5,226
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,641,260) 98.2% 16,308,503 9,821
Other Assets, Less Liabilities 1.8 297,196 179
- --------------------------------------------------------------------------------------------------------------
Net Asset 100.0% $16,605,699 $10,000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO SERIES
December 31, 1995
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.9%
Education--13.6%
<S> <C> <C> <C>
$ 225 M Colorado Postsecondary Educ. Facs. Auth. Rev. (Auroria Fndtn. Proj.)
6% 9/1/2015 $ 235,406 $ 644
150 M Colorado State Board Cmnty. Colleges & Occupational Ed. Rev.
5.7% 11/1/2015 153,938 421
100 M University of Northern Colorado Revenue 6% 6/1/2014 106,500 292
- --------------------------------------------------------------------------------------------------------------
495,844 1,357
- --------------------------------------------------------------------------------------------------------------
General Obligation--46.0%
150 M Bayfield, Colo. School District 10, 6 1/2% 6/1/2009 165,375 453
250 M Douglas County., Colo. School District RE 1, 8% 12/15/2009 323,125 884
150 M Eagle Garfield & Routt Cntys., Colo. School District RE 50J,
6.3% 12/1/2012 164,250 449
El Paso County, Colo. School District:
150 M 020, 6.2% 6/15/2007 168,375 461
250 M Zero Coupon 12/15/2012 94,687 259
150 M Garfield County, Colo. School District RE-2, 6.15% 12/1/2009 161,625 442
150 M Garfield Pitkin & Eagle Cntys., Colo. School District RE 1,
6.6% 12/15/2014 163,125 446
150 M Puerto Rico Commonwealth 6 1/4% 7/1/2012 169,313 463
100 M Summit County, Colo. School District RE 1, 6.55% 12/1/2009 111,000 304
150 M Yuma Hospital District, Colo. 6.4% 11/1/2014 162,750 445
- --------------------------------------------------------------------------------------------------------------
1,683,625 4,606
- --------------------------------------------------------------------------------------------------------------
Hospital--10.5%
100 M Colorado Health Facilities Authority (Sisters of Charity) 6 1/4% 5/15/2012 112,125 306
260 M Colorado Springs, Colo. Hospital Revenue 5 3/4% 12/15/2010 273,650 749
- --------------------------------------------------------------------------------------------------------------
385,775 1,055
- --------------------------------------------------------------------------------------------------------------
Utilities--10.9%
125 M Thornton County, Colo. Sewer Revenue 5.7% 5/15/2010 130,469 357
150 M Westminster, Colo. Water & Wastewater Util. Enterprise Rev.
6% 12/1/2009 160,125 438
100 M Woodland Park, Colo. Wastewater Util. Rev. 6.05% 12/1/2013 106,875 292
- --------------------------------------------------------------------------------------------------------------
397,469 1,087
- --------------------------------------------------------------------------------------------------------------
Transportation--2.9%
100 M Arapahoe Cnty, Colo. Capital Improv. Highway Rev. 6.05% 8/31/2015 106,875 292
- --------------------------------------------------------------------------------------------------------------
Other Revenue--15.0%
150 M Aurora, Colo. Municipal Building Corp. 1st Mtge. 9.2% 12/1/1997* 165,563 453
100 M Pueblo, Colo. Urban Renewal Authority Tax Increment Rev.
6.05% 12/1/2012 106,250 291
100 M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2014 105,250 288
150 M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 170,437 466
- --------------------------------------------------------------------------------------------------------------
547,500 1,498
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,359,121) 98.9% 3,617,088 9,895
Other Assets, Less Liabilitie 1.1 38,533 105
- --------------------------------------------------------------------------------------------------------------
Net Asset 100.0% $ 3,655,621 $10,000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN SERIES
December 31, 1995
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.2%
Education--6.1%
<S> <C> <C> <C>
$ 400 M Central Michigan University Revenue 7% 10/1/2000* $ 453,500 $ 122
1,750 M Oakland, Michigan University Revenue 5 3/4% 5/15/2015 1,802,500 484
- --------------------------------------------------------------------------------------------------------------
2,256,000 606
- --------------------------------------------------------------------------------------------------------------
General Obligation--54.8%
1,000 M Berkley, Michigan City School District 5 5/8% 1/1/2015 1,018,750 274
325 M Chippewa Valley, Michigan Schools 7.1% 5/1/2001* 372,937 100
230 M Comstock, Michigan School District 6 7/8% 5/1/1999* 253,000 68
325 M Detroit, Michigan 7.2% 5/1/1999* 361,156 97
350 M East Detroit, Michigan School District 7% 5/1/2008 384,125 103
380 M Forest Hills, Michigan Public Schools 7 3/8% 5/1/2000* 429,400 115
1,000 M Goodrich, Michigan Area School District 5.7% 5/1/2015 1,026,250 276
1,000 M Grand Ledge, Michigan Public School District 7 7/8% 5/1/2011 1,242,500 334
1,000 M Gull Lake, Michigan Community School District Zero Coupon 5/1/2013 395,000 106
450 M Haslett, Michigan Public School District 7 1/2% 5/1/2000* 510,750 137
1,000 M Holly, Michigan Area School District 5 5/8% 5/1/2015 1,012,500 272
2,000 M Howell, Michigan Public Schools Zero Coupon 5/1/2000* 550,000 148
1,000 M Huron, Michigan School District Zero Coupon 5/1/2015 345,000 93
450 M Inkster, Michigan School District 7% 5/1/2000* 505,125 136
1,000 M Lake Orion, Michigan Community School District 7% 5/1/2020 1,178,750 316
1,000 M Michigan State Environmental Protection Program 6 1/4% 11/1/2012 1,127,500 303
450 M Oak Park, Michigan 7.2% 5/1/2002* 525,375 141
270 M Oakland County, Michigan 7.1% 5/1/2007 283,838 76
1,000 M Portage Lake, Michigan Water & Sewer Authority 6.1% 10/1/2014 1,061,250 285
1,500 M Reeths Puffer Schools 5 3/4% 5/1/2015 1,533,750 412
800 M Rochester, Michigan School District 5 5/8% 5/1/2011 838,000 225
300 M Rockford, Michigan Public Schools 7 3/8% 5/1/2000* 339,000 91
250 M Romulus, Michigan Community Schools 6 3/4% 5/1/2001* 282,813 76
380 M Saline, Michigan Building Authority 7.1% 7/1/2009 428,925 115
1,000 M Waterford Township, Michigan School District 6 1/4% 6/1/2012 1,075,000 289
450 M White Cloud, Michigan Public Schools 7.1% 5/1/2000* 505,688 136
1,725 M Williamston, Michigan Community School District 5 1/2% 5/1/2025 1,755,187 472
1,000 M Zeeland, Michigan Public Schools 6% 5/1/2014 1,050,000 282
- --------------------------------------------------------------------------------------------------------------
20,391,569 5,478
- --------------------------------------------------------------------------------------------------------------
Hospital--2.9%
1,000 M Michigan State Hospital Finance Authority (St. John's Hospital)
6% 5/15/2008 1,063,750 286
- --------------------------------------------------------------------------------------------------------------
Housing--1.4%
500 M Michigan State Housing Dev. Auth. Single-Family Mtge. Rev.
7.3% 12/1/2016 525,625 141
- --------------------------------------------------------------------------------------------------------------
Transportation--3.6%
1,190 M Wayne Charter County, Michigan (Detroit Metro. Airport)
6 3/4% 12/1/2001* 1,359,575 365
- --------------------------------------------------------------------------------------------------------------
Utilities--21.7%
Detroit, Michigan Water Supply System:
400 M 6 3/8% 7/1/2002* 450,000 121
970 M 5.55% 7/1/2012 1,001,525 269
1,275 M 6 1/2% 7/1/2015 1,471,031 395
1,240 M Kalamazoo, Michigan Water Revenue 6% 9/1/2015 1,306,650 351
500 M Kent County, Michigan Refuse Disposal System 8.4% 11/1/2010 540,000 145
Michigan State Strategic Fund (Detroit Edison Co.):
1,750 M 6.95% 5/1/2011 2,080,312 559
500 M 7% 5/1/2021 622,500 167
500 M Monroe County, Michigan Econ. Dev. Corp. (Detroit Edison)
6.95% 9/1/2022 618,125 166
- --------------------------------------------------------------------------------------------------------------
8,090,143 2,173
- --------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
1,000 M Grand Rapids, Michigan Downtown Dev. Auth. Zero Cpn. 6/1/2009 485,000 131
Michigan Municipal Bond Authority Revenue:
1,500 M 6.55% 11/1/2008 1,672,500 449
1,000 M 6 1/8% 5/1/2014 1,066,200 287
- --------------------------------------------------------------------------------------------------------------
3,223,700 867
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $33,396,015) 36,910,362 9,916
- --------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.6%
University of Michigan Revenue Floating Rate Notes:**
400 M 5.9% 12/1/2019 400,000 107
200 M 5.9% 12/1/2027 200,000 54
- --------------------------------------------------------------------------------------------------------------
Total of Value of Short-Term Tax Exempt Investments (cost $600,000) 600,000 161
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $33,996,015) 100.8% 37,510,362 10,077
Excess of Liabilities Over Other Assets (.8) (285,480) (77)
- --------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $37,224,882 $10,000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates are determined and reset daily by the issuer. Interest rate shown is the rate in effect at
December 31, 1995.
See notes to financial statements
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA SERIES
December 31, 1995
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.7%
General Obligation--48.5%
<S> <C> <C> <C>
$ 75 M Annandale, Minn. Independent School District 876, 6.9% 2/1/1999* $ 81,000 $ 99
75 M Baxter, Minn. 6.9% 2/1/1999* 81,094 99
325 M Becker, Minn. Wastewater Treatment 5.8% 2/1/2010 338,406 415
180 M Blaine, Minn. Series "A" Fire Impt. 6.8% 2/1/2007 195,525 240
150 M Cass Lake, Minn. Independent School District 115, 6 5/8% 2/1/2007* 165,375 203
250 M Faribault, Minn. Independent School District 656, 5 3/4% 6/1/2015 258,437 317
280 M Lakeville, Minn. 5 1/2% 2/1/2011 285,250 349
250 M Maccray, Minn. Independent School District 2180, 5 3/4% 2/1/2015 256,563 314
125 M Mahnomen, Minn. Independent School District 432, 6 1/2% 2/1/2011 131,094 161
80 M Mahtomedi, Minn. 7.1% 2/1/1998* 85,100 104
70 M Metropolitan Council, Minn. Minneapolis-St. Paul Met. Area
7.3% 12/1/1999* 77,875 95
275 M Minnesota State 6 1/4% 8/1/2002* 303,875 372
500 M North Branch, Minn. Independent School District 5 1/2% 2/1/2012 509,375 624
350 M North St. Paul Maplewood, Minn. Independent School District 622,
7.1% 2/1/2019 399,875 491
75 M Ramsey County, Minn. 7% 2/1/2008 81,187 99
100 M Rockford, Minn. Independent School District No. 883, 7.2% 12/15/1998* 108,750 133
70 M South Washington County, Minn. Independent School District 833,
6 7/8% 6/1/2000* 77,437 95
300 M Spring Lake Park, Minn. Independent School District 016, 5 1/4% 2/1/2010 299,625 367
350 M West St. Paul, Minn. Independent School District 197,
Zero Coupon 2/1/2005 223,125 273
- --------------------------------------------------------------------------------------------------------------
3,958,968 4,850
- --------------------------------------------------------------------------------------------------------------
Hospital--26.4%
300 M Brainerd, Minn. Health Care Facilities (St. Joseph's) 5 7/8% 2/15/2013 314,625 385
240 M Duluth, Minn. Economic Dev. Auth. (Duluth Clinic) 6.2% 11/1/2012 258,300 316
Minneapolis & St. Paul, Minn. Hsg. & Redev. Auth. Health Care System:
Childrens Health Care:
300 M 5.7% 8/15/2016 309,750 379
250 M 5 1/2% 8/15/2025 252,188 309
180 M Health One 7.4% 8/15/2011 203,175 249
250 M Minneapolis, Minn. Hospital Revenue (Fairview Hospital) 6 1/2% 1/1/2011 275,938 339
170 M St. Cloud, Minn. Facs. Rev. (St. Cloud Hospital) 7% 7/1/2020 194,862 239
St. Louis Park, Minn. Hosp. Rev. Facs. (Methodist Hospital):
200 M 7 1/4% 7/1/2000* 228,000 279
100 M 7 1/4% 7/1/2000* 112,875 139
- --------------------------------------------------------------------------------------------------------------
2,149,713 2,634
- --------------------------------------------------------------------------------------------------------------
Housing--11.4%
20 M Dakota County, Minn. Housing & Redev. 8.1% 9/1/2012 21,225 26
120 M Eagen, Minn. Multi-Family Housing (Forest Ridge Apts.) 7 1/2% 3/1/2027 125,100 153
Minnesota State Housing Finance Authority:
95 M 6.9% 7/1/2009 103,669 127
80 M 7.7% 7/1/2014 86,200 106
250 M 6.4% 1/1/2015 264,687 324
St. Paul, Minn. Housing & Redevelopment Authority:
65 M Multi-Family Housing Revenue 7 1/2% 3/1/2026 (Defaulted)(Note 1A) 65,000 80
250 M Single Family Mortgage Revenue 6 1/4% 9/1/2014 262,500 321
- --------------------------------------------------------------------------------------------------------------
928,381 1,137
- --------------------------------------------------------------------------------------------------------------
Utilities--7.0%
Northern Municipal Power Agency, Minn. Electric System Revenue:
120 M 7.4% 1/1/1999* 133,200 163
200 M 7 1/4% 1/1/2016 215,500 264
210 M Southern Minn. Municipal Power Agency, Power Supply System
5 3/4% 7/1/2016* 226,013 277
- --------------------------------------------------------------------------------------------------------------
574,713 704
- --------------------------------------------------------------------------------------------------------------
Other Revenue--4.4%
350 M St. Paul, Minn. Hsg. & Redev. Auth. Pkg. Rev. 5 3/4% 8/1/2013 360,500 442
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,425,492) 97.7% 7,972,275 9,767
Other Assets, Less Liabilities 2.3 189,871 233
- --------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 8,162,146 $10,000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI SERIES
December 31, 1995
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--96.7%
General Obligation--10.6%
<S> <C> <C> <C>
$ 50 M Lincoln County, Mo. Reorg. School District 3, 6.1% 3/1/201 $ 52,563 $ 278
50 M Springfield, Mo. School District 7% 3/1/2008 59,687 316
80 M St. Charles, Mo. School District 6 1/2% 2/1/2011 88,300 467
- --------------------------------------------------------------------------------------------------------------
200,550 1,061
- --------------------------------------------------------------------------------------------------------------
Hospital--27.7%
Missouri State Health & Educational Facilities Authority:
140 M BJC Health System 6 3/4% 5/15/2011 165,025 873
35 M Christian Health 6 7/8% 2/15/2001* 39,725 210
90 M Health Midwest 6.1% 6/1/2011 97,088 514
125 M Sisters of Sorrowful Mother Healthcare 6 1/4% 6/1/2007 135,625 718
80 M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 86,300 457
- --------------------------------------------------------------------------------------------------------------
523,763 2,772
- --------------------------------------------------------------------------------------------------------------
Transportation--4.5%
75 M Kansas City, Mo. Airport Revenue 6 7/8% 9/1/2014 84,656 448
- --------------------------------------------------------------------------------------------------------------
Utilities--22.3%
80 M Liberty, Mo. Sewer System Revenue 6.15% 2/1/2015 86,600 458
Missouri State Env. Impt. & Energy Res. Auth. Water Poll. Control:
80 M 6% 1/1/2016 84,900 449
85 M 6.05% 7/1/2016 90,100 477
150 M St. Louis, Mo. Water and Sewer Revenue 6% 7/1/2014 160,125 847
- --------------------------------------------------------------------------------------------------------------
421,725 2,231
- --------------------------------------------------------------------------------------------------------------
Other Revenue--31.6%
50 M Clay County, Mo. Public Bldg. Auth. Leasehold Rev. 7% 5/15/2014 57,063 302
80 M Excelsior Springs, Mo. School Dist. Bldg. Corp. Leasehold Rev.
6 1/2% 3/1/2009 86,000 455
50 M Kansas City, Mo. Redevelopment Authority Lease Revenue 5.6% 12/1/2010 51,875 275
75 M Northwest R-I, Mo. Edl. Facs. Auth. Leasehold Rev. Jefferson Cnty.
5.65% 3/1/2010 77,531 410
75 M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 85,219 451
St. Louis, Mo. Municipal Financing Corp. Leasehold Revenue:
65 M 6 1/4% 2/15/2012 69,956 370
80 M 5 3/4% 8/1/2013 83,500 442
80 M Warren County, Mo. Pub. Facs. Auth. Leasehold Rev. 6.3% 6/1/2010 86,300 457
- --------------------------------------------------------------------------------------------------------------
597,444 3,162
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $1,680,783) 96.7% 1,828,138 9,674
Other Assets, Less Liabilities 3.3 61,607 326
- --------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 1,889,745 $10,000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO SERIES
December 31, 1995
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.1%
Education--2.6%
<S> <C> <C> <C>
$ 500 M Ohio State Higher Educ. Fac. Rev. (University of Dayton)
5.8% 12/1/2014 $ 521,250 $ 265
- --------------------------------------------------------------------------------------------------------------
General Obligation--75.3%
1,000 M Adams County Ohio Valley Local School District 7% 12/1/2015 1,222,500 621
500 M Batavia, Ohio Local School District 7% 12/1/2014 574,375 292
425 M Bedford Heights, Ohio 6 1/2% 12/1/2014 465,906 237
215 M Bellefontaine, Ohio City School District 7 1/8% 12/1/2001* 248,594 126
500 M Buckeye Valley, Ohio Local School District 6.85% 12/1/2012 605,625 308
250 M Cardington & Lincoln, Ohio Local School District 6.6% 12/1/2014 269,687 137
500 M Chardon, Ohio 5.8% 12/15/2015 518,750 264
Cleveland, Ohio:
500 M 6 3/8% 7/1/2012 537,500 273
250 M 6 5/8% 11/15/2014 277,187 141
500 M Clyde-Green Springs, Ohio Exempted Village School District
7% 12/1/2013 573,750 291
500 M Delaware, Ohio City School District 5 3/4% 12/1/2015 514,375 261
450 M Dublin, Ohio 6.4% 12/1/2014 510,750 259
525 M East Clinton, Ohio Local School District 6 7/8% 12/1/2009 599,813 305
700 M Garfield Heights, Ohio 6.3% 12/1/2014 761,250 387
500 M Lakeview, Ohio Local School District 6.9% 12/1/2014 563,750 286
500 M Lakewood, Ohio City School District 6.95% 12/1/2015 565,625 287
215 M Logan Hocking, Ohio Local School District Series "A" 7.1% 12/1/2012 247,787 126
270 M Muskingum County, Ohio 7.2% 12/1/2010 303,413 154
250 M North Canton, Ohio City School District 5.9% 12/1/2014 261,563 133
500 M North Royalton, Ohio City School District 6% 12/1/2014 536,875 273
250 M Olmsted Falls, Ohio Local School District 6.85% 12/15/2011 283,437 144
700 M Parma, Ohio 5 3/4% 12/1/2015 721,000 366
350 M Portage County, Ohio 6.2% 12/1/2014 377,563 192
600 M Puerto Rico Commonwealth 6 1/4% 7/1/2012 677,250 344
285 M Shaker Heights, Ohio City School District 7.1% 12/15/2010 346,631 176
250 M Springfield, Ohio Local School District 7 1/8% 12/1/2012 280,938 143
Summit County, Ohio:
250 M 6.9% 8/1/2012 276,875 141
550 M 6.4% 12/1/2014 603,625 307
250 M Toledo, Ohio 6 1/2% 12/1/2011 272,500 138
500 M Tuscarawas Valley, Ohio Local School District 6.6% 12/1/2015 555,000 282
250 M Valley View, Ohio 7% 12/1/2011 273,750 139
- --------------------------------------------------------------------------------------------------------------
14,827,644 7,533
- --------------------------------------------------------------------------------------------------------------
Hospital--9.8%
Franklin County, Ohio Hospital Revenue:
255 M Holy Cross Health System 7 5/8% 6/1/2009 280,500 143
250 M Riverside United Hospital 7 1/4% 5/15/2020 273,125 139
325 M Lucas County, Ohio Hosp. Imp. Rev. (St. Vincent Med. Ctr.)
6 3/4% 8/15/2000* 361,156 182
Montgomery County, Ohio:
100 M Dayton Osteopathic Hospital 7.4% 12/1/2008 104,125 53
300 M Sisters of Charity Health Care 6 1/4% 5/15/2008 324,375 165
125 M Parma, Ohio Hosp. Impt. (Parma Cmnty. General Hosp. Assoc.)
7.2% 11/15/2008 136,250 69
400 M Trumbull County, Ohio Hospital Revenue 6.9% 11/15/2012 442,000 225
- --------------------------------------------------------------------------------------------------------------
1,921,531 976
- --------------------------------------------------------------------------------------------------------------
Utilities--8.8%
600 M Alliance, Ohio Sewer System Revenue 6% 10/15/2010 644,250 327
340 M Cleveland, Ohio Waterworks Revenue 6 1/2% 1/1/2021 382,500 194
165 M Ohio State Air Quality Dev. Auth. Rev. (Ohio Power Co.) 7.4% 8/1/2009 178,406 91
250 M Ohio State Water Dev. Auth. Rev. Pure Water Series 7% 12/1/2009 302,500 154
200 M Toledo, Ohio Water Revenue 6% 11/15/2007 216,500 110
- --------------------------------------------------------------------------------------------------------------
1,724,156 876
- --------------------------------------------------------------------------------------------------------------
Other Revenue--2.6%
200 M Franklin County, Ohio Conv. Facs. Auth. Tax & Lease Rev. Ant.
7% 12/1/2000* 227,750 116
250 M Ohio State Building Auth. (Juvenile Correction Projects) 6.6% 10/1/2014 277,188 141
- --------------------------------------------------------------------------------------------------------------
504,938 257
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $17,810,400) 99.1% 19,499,519 9,907
Other Assets, Less Liabilities .9 180,599 93
- --------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $19,680,118 $10,000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON SERIES
December 31, 1995
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.7%
Certificates of Participation--3.1%
<S> <C> <C> <C>
100 M Oregon State Dept. of General Services 6% 9/1/2010 105,500 147
100 M Washington County, Oregon Educational Service District
7% 6/1/2016 118,125 164
- --------------------------------------------------------------------------------------------------------------
223,625 311
- --------------------------------------------------------------------------------------------------------------
Education--13.0%
200 M Chemeketa, Oregon Commmunity College District 6.4% 7/1/2009 219,250 305
250 M Oregon Health Sciences Univ. Rev. 5 1/4% 7/1/2015 247,500 345
200 M Oregon State Hlth. & Hsg. Educl. & Cult. Facs. (Lewis & Clark College)
6% 10/1/2013 212,500 296
250 M Southwestern Oregon Community College District 5.6% 6/1/2016 255,000 355
- --------------------------------------------------------------------------------------------------------------
934,250 1,301
- --------------------------------------------------------------------------------------------------------------
General Obligation--37.5%
200 M Clackamas County, Oregon School District 115, 5.8% 6/1/2008 213,250 297
200 M Josephine County, Oregon School District (Three Rivers)
5.65% 12/1/2008 209,750 292
200 M Lane County, Oregon School District 019 (Springfield)
6 1/4% 10/15/2011 217,250 302
115 M Lane County, Oregon School District 052 (Bethel) 7% 12/1/2006 136,131 190
200 M Lincoln County, Oregon School District 51/4% 6/15/2012 201,250 280
100 M Marion & Linn Counties, Oregon Elem. School Dist. 077J (Stayton)
6.1% 7/1/2009 108,250 151
200 M Polk Marion & Benton Counties, Oregon School District 13,
5 1/2% 12/1/2008 209,500 292
Puerto Rico Commonwealth:
255 M 6 1/4% 7/1/2012 287,831 401
250 M 6 1/4% 7/1/2013 281,875 392
200 M Umatilla County, Oregon School District 16 (Pendleton) 6% 7/1/2014 212,500 296
170 M Washington County, Oregon School District 003 (Hillsboro) 6% 11/1/2008 183,388 255
200 M Washington County, Oregon School District 88 (Sherwood)
6.1% 6/1/2012 215,750 300
200 M Yamhill County, Oregon School District 029, 6.1% 6/1/2011 214,500 299
- --------------------------------------------------------------------------------------------------------------
2,691,225 3,747
- --------------------------------------------------------------------------------------------------------------
Hospital--6.9%
25 M Clackamas County, Oregon Health Facs. Auth. (Adventist Health)
6.35% 3/1/2009 27,094 38
200 M Ontario, Oregon Catholic Health (Holy Rosary Med. Ctr.)
5 1/2% 11/15/2012 203,750 284
250 M Western Lane Hosp. Dist. Oregon (Sisters of St. Joseph)
5 7/8% 8/1/2012 262,812 365
- --------------------------------------------------------------------------------------------------------------
493,656 687
- --------------------------------------------------------------------------------------------------------------
Housing--3.7%
250 M Oregon State Housing & Community Svcs. Dept. Mtge. Rev.
6% 7/1/2012 264,375 368
- --------------------------------------------------------------------------------------------------------------
Transportation--7.6%
Oregon State Department of Transportation Revenue:
100 M 7% 6/1/2004 115,875 161
100 M 6.2% 6/1/2008 109,625 153
200 M 6 1/4% 6/1/2009 219,250 305
100 M Puerto Rico Highway & Transportation Auth. Hwy. Rev.
5 1/2% 7/1/2013 104,000 145
- --------------------------------------------------------------------------------------------------------------
548,750 764
- --------------------------------------------------------------------------------------------------------------
Utilities--20.1%
100 M Emerald, Oregon Peoples Utility District 6.4% 11/1/2002 111,000 154
200 M Klamath Falls, Oregon Water Revenue 6.1% 6/1/2014 213,750 298
250 M Northern Wasco County, Oregon Peoples Utility District
5 1/2% 12/1/2012 256,250 357
Portland, Oregon Sewer System Revenue:
400 M 6.2% 6/1/2012 434,250 605
200 M 6 1/4% 6/1/2015 216,500 301
200 M South Fork Water Board, Oregon Water Revenue 6% 2/1/2014 212,000 295
- --------------------------------------------------------------------------------------------------------------
1,443,750 2,010
- --------------------------------------------------------------------------------------------------------------
Other Revenue--5.8%
100 M Puerto Rico Municipal Finance Agency 6% 7/1/2014 105,250 147
275 M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 312,469 435
- --------------------------------------------------------------------------------------------------------------
417,719 582
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $6,578,711) 97.7% 7,017,350 9,770
Other Assets, Less Liabilities 2.3 164,910 230
- --------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 7,182,260 $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>
Statements of Assets and Liabilities
December 31, 1995
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
- ----------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
<S> <C> <C> <C> <C>
At identified cost $7,973,261 $14,641,260 $3,359,121 $33,996,015
========== =========== =========== ===========
At value (Note 1A) $8,835,707 $16,308,503 $3,617,088 $37,510,362
Cash 13,520 51,530 10,125 102,274
Receivables:
Interest 218,943 295,438 34,728 431,910
Investment securities sold 5,000 -- -- 965,912
Trust shares sold 28,819 38,040 763 55,582
Other assets 10 628 -- 608
---------- ---------- --------- ----------
Total Assets 9,101,999 16,694,139 3,662,704 39,066,648
---------- ---------- --------- ----------
Liabilities
Payables:
Investment securities purchased -- -- -- 1,727,108
Trust shares redeemed 72,824 -- 2,000 23,960
Dividends payable January 20, 1996 17,772 73,115 4,394 61,015
Accrued advisory fees 2,253 6,861 -- 9,684
Accrued expenses 1,617 8,464 689 19,999
---------- ---------- --------- ----------
Total Liabilities 94,466 88,440 7,083 1,841,766
---------- ---------- --------- ----------
Net Assets $9,007,533 $16,605,699 $3,655,621 $37,224,882
========== ========== ========== ==========
Net Assets Consist of:
Capital paid in $8,235,353 $14,935,767 $3,452,306 $33,763,342
Undistributed net investment income (deficit) 1,544 2,689 453 10,309
Accumulated net realized loss on investments (91,810) -- (55,105) (63,116)
Net unrealized appreciation in value
of investments 862,446 1,667,243 257,967 3,514,347
---------- ---------- --------- ----------
Total $9,007,533 $16,605,699 $3,655,621 $37,224,882
========== ========== ========== ==========
Trust shares outstanding (Note 2):
Class A 671,841 1,383,665 280,252 2,876,937
Class B 13,176 4,912 10,392 30,320
Net asset value and redemption price
per share--Class A $13.15 $11.96 $12.58 $12.80
========== ========== ========== ==========
Maximum offering price per share--Class A* $14.03 $12.76 $13.42 $13.65
========== ========== ========== ==========
Net asset value and offering price
per share--Class B $13.15 $11.95 $12.58 $12.80
========== ========== ========== ==========
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------------
MINNESOTA MISSOURI OHIO OREGON
- ----------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
<S> <C> <C> <C> <C>
At identified cost $7,425,492 $1,680,783 $17,810,400 $6,578,711
========== ========== ========== ==========
At value (Note 1A) $7,972,275 $1,828,138 $19,499,519 $7,017,350
Cash 11,306 28,994 42,512 241,978
Receivables:
Interest 183,041 35,830 182,122 106,354
Investment securities sold -- -- -- --
Trust shares sold 14,096 47 33,418 88,760
Other assets 528 -- 572 --
Total Assets 8,181,246 1,893,009 19,758,143 7,454,442
--------- --------- ---------- ---------
Liabilities
Payables:
Investment securities purchased -- -- -- 245,243
Trust shares redeemed 3,751 -- 1,294 19,000
Dividends payable January 20, 1996 9,684 2,952 59,786 6,549
Accrued advisory fees 1,688 -- 6,534 --
Accrued expenses 3,977 312 10,411 1,390
--------- --------- ---------- ---------
Total Liabilities 19,100 3,264 78,025 272,182
---------- ---------- --------- ----------
Net Assets $8,162,146 $1,889,745 $19,680,118 $7,182,260
========== ========== ========== ==========
Net Assets Consist of:
Capital paid in $7,759,561 $1,816,939 $17,991,292 $6,912,932
Undistributed net investment income (deficit) 367 192 (293) 1,480
Accumulated net realized loss on investments (144,565) (74,741) -- (170,791)
Net unrealized appreciation in value
of investments 546,783 147,355 1,689,119 438,639
--------- --------- ---------- ---------
Total $8,162,146 $1,889,745 $19,680,118 $7,182,260
========== ========== ========== ==========
Trust shares outstanding (Note 2):
Class A 709,520 151,518 1,550,004 562,533
Class B 10 10 22,537 28,175
Net asset value and redemption price
per share--Class A $11.50 $12.47 $12.51 $12.16
========== ========== ========== ==========
Maximum offering price per share--Class A* $12.27 $13.30 $13.34 $12.97
========== ========== ========== ==========
Net asset value and offering price
per share--Class B $11.50 $12.48 $12.51 $12.15
========== ========== ========== ==========
*On puchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
Statement of Operations
Year Ended December 31, 1995
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
- ----------------------------------------------------------------------------------------------------------
Investment Income
<S> <C> <C> <C> <C>
Interest income $530,519 $995,987 $194,496 $2,047,123
--------- --------- ---------- ---------
Expenses (Notes 1 and 5):
Advisory fees 68,966 126,348 25,413 254,612
Distribution plan expenses-Class A 18,180 33,604 6,657 67,474
Distribution plan expenses-Class B 1,052 452 597 2,111
Shareholder servicing costs 9,281 10,339 6,030 24,807
Custodian fees 2,412 3,201 1,292 5,429
Professional fees 2,991 8,001 4,175 9,125
Reports to shareholders 2,665 3,736 1,781 8,937
Bond insurance premiums 314 2,187 -- 5,034
Other expenses 3,449 5,405 899 10,269
--------- --------- ---------- ---------
Total expenses 109,310 193,273 46,844 387,798
Less: Expenses waived or assumed (62,500) (42,116) (39,621) (84,871)
Custodian fees paid indirectly -- (2,590) -- (5,429)
--------- --------- ---------- ---------
Net expenses 46,810 148,567 7,223 297,498
--------- --------- ---------- ---------
Net investment income 483,709 847,420 187,273 1,749,625
--------- --------- ---------- ---------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments 136,808 194,904 21,845 154,848
Net unrealized appreciation of investments 932,271 1,706,296 355,512 3,505,678
--------- --------- ---------- ---------
Net gain on investments 1,069,079 1,901,200 377,357 3,660,526
--------- --------- ---------- ---------
Net Increase in Net Assets Resulting
from Operations $1,552,788 $2,748,620 $564,630 $5,410,151
========== ========== ========== ==========
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------------------------
MINNESOTA MISSOURI OHIO OREGON
- ---------------------------------------------------------------------------------------------------------
Investment Income
<S> <C> <C> <C> <C>
Interest income $464,008 $100,111 $1,153,726 $325,157
--------- --------- ---------- ---------
Expenses (Notes 1 and 5):
Advisory fees 58,609 12,994 145,522 43,844
Distribution plan expenses-Class A 15,628 3,465 38,531 11,455
Distribution plan expenses-Class B -- -- 1,387 1,174
Shareholder servicing costs 7,397 2,482 18,215 9,380
Custodian fees 2,221 668 4,137 1,800
Professional fees 10,759 3,443 13,430 2,423
Reports to shareholders 2,696 830 6,449 2,547
Bond insurance premiums 2,159 59 1,725 549
Other expenses 2,731 1,365 9,430 2,140
--------- --------- ---------- ---------
Total expenses 102,200 25,306 238,826 75,312
Less: Expenses waived or assumed (49,186) (21,847) (67,910) (62,744)
Custodian fees paid indirectly (2,221) -- (3,636) --
--------- --------- ---------- ---------
Net expenses 50,793 3,459 167,280 12,568
--------- --------- ---------- ---------
Net investment income 413,215 96,652 986,446 312,589
--------- --------- ---------- ---------
Realized and Unrealized Gain
on Investments (Note 4):
Net realized gain (loss) on investments (59,330) 2,044 309,448 43,911
Net unrealized appreciation of investments 782,041 196,908 1,786,218 588,160
--------- --------- ---------- ---------
Net gain on investments 722,711 198,952 2,095,666 632,071
--------- --------- ---------- ---------
Net Increase in Net Assets Resulting
from Operations $1,135,926 $295,604 $3,082,112 $944,660
========== ========== ========== ==========
See Notes to Financial Statements
</TABLE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------------
Arizona California
--------------------------- ------------------------------
Year Ended December 31 1995 1994 1995 1994
- --------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
<S> <C> <C> <C> <C>
Net investment income $ 483,709 $ 480,698 $ 847,420 $ 859,525
Net realized gain (loss) on investments 136,808 (227,728) 194,904 (8,549)
Net unrealized appreciation (depreciation)
of investments 932,271 (792,840) 1,706,296 (1,904,770)
---------- ---------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations 1,552,788 (539,870) 2,748,620 (1,053,794)
---------- ---------- ---------- ----------
Distributions to Shareholders from:
Net investment income--Class A (485,518) (487,439) (858,894) (891,640)
Net investment income--Class B (4,775) -- (1,957) --
Net realized gains--Class A -- -- (185,698) --
Net realized gains--Class B -- -- (657) --
---------- ---------- ---------- ----------
Total distributions (490,293) (487,439) (1,047,206) (891,640)
---------- ---------- ---------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 1,445,438 3,427,567 2,525,229 2,286,986
Value of distributions reinvested 250,290 268,008 622,341 503,739
Cost of shares redeemed (2,719,374) (2,112,368) (3,633,802) (3,134,493)
---------- ---------- ---------- ----------
(1,023,646) 1,583,207 (486,232) (343,768)
---------- ---------- ---------- ----------
Class B:
Proceeds from shares sold 161,953 -- 52,477 --
Value of distributions reinvested 3,412 -- 2,614 --
Cost of shares redeemed -- -- -- --
---------- ---------- ---------- ----------
165,365 -- 55,091 --
Net increase (decrease) from ---------- ---------- ---------- ----------
trust share transactions (858,281) 1,583,207 (431,141) (343,768)
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 204,214 555,898 1,270,273 (2,289,202)
Net Assets
Beginning of year 8,803,319 8,247,421 15,335,426 17,624,628
---------- ---------- ---------- ----------
End of year+ $9,007,533 $8,803,319 $16,605,699 $15,335,426
============== ============== ============== ==============
+ Includes undistributed net investment
income (deficit) of $ 1,544 $ 8,128 $ 2,689 $ 16,120
============== ============== ============== ==============
(a) Trust Shares Issued and Redeemed
Class A:
Sold 114,860 276,121 220,361 199,720
Issued for distributions reinvested 19,770 22,128 53,402 44,854
Redeemed (214,683) (175,117) (314,099) (274,794)
---------- ---------- ---------- ----------
Net increase (decrease) in Class A trust
shares outstanding (80,053) 123,132 (40,336) (30,220)
============== ============== ============== ==============
Class B:
Sold 12,909 -- 4,689 --
Issued for distributions reinvested 267 -- 223 --
Redeemed -- -- -- --
---------- ---------- ---------- ----------
Net increase in Class B trust shares outstanding 13,176 -- 4,912 --
============== ============== ============== ==============
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------------
Colorado Michigan
------------------------------- -----------------------------
Year Ended December 31 1995 1994 1995 1994
- --------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
<S> <C> <C> <C> <C>
Net investment income $ 187,273 $ 160,429 $ 1,749,625 $ 1,546,711
Net realized gain (loss) on investments 21,845 (76,950) 154,848 (217,964)
Net unrealized appreciation (depreciation)
of investments 355,512 (260,352) 3,505,678 (3,292,803)
---------- ---------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations 564,630 (176,873) 5,410,151 (1,964,056)
---------- ---------- ---------- ----------
Distributions to Shareholders from:
Net investment income--Class A (184,373) (162,310) (1,741,474) (1,539,297)
Net investment income--Class B (2,882) -- (9,443) --
Net realized gains--Class A -- -- -- --
Net realized gains--Class B -- -- -- --
---------- ---------- ---------- ----------
Total distributions (187,255) (162,310) (1,750,917) (1,539,297)
---------- ---------- ---------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 568,153 1,041,474 4,302,109 6,577,080
Value of distributions reinvested 132,179 120,485 1,056,208 966,749
Cost of shares redeemed (656,430) (600,150) (2,525,215) (3,959,063)
---------- ---------- ---------- ----------
43,902 561,809 2,833,102 3,584,766
---------- ---------- ---------- ----------
Class B:
Proceeds from shares sold 121,871 -- 363,013 --
Value of distributions reinvested 2,882 -- 7,158 --
Cost of shares redeemed -- -- -- --
---------- ---------- ---------- ----------
124,753 -- 370,171 --
---------- ---------- ---------- ----------
Net increase (decrease) from
trust share transactions 168,655 561,809 3,203,273 3,584,766
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 546,030 222,626 6,862,507 81,413
Net Assets
Beginning of year 3,109,591 2,886,965 30,362,375 30,280,962
---------- ---------- ---------- ----------
End of year+ $3,655,621 $3,109,591 $37,224,882 $30,362,375
============== ============== ============== ==============
(a)Trust Shares Issued and Redeemed
+ Includes undistributed net investment
income (deficit) of $ 453 $ 435 $ 10,309 $ 11,601
============== ============== ============== ==============
Class A:
Sold 47,198 88,330 348,278 542,805
Issued for distributions reinvested 10,906 10,357 85,474 81,294
Redeemed (54,519) (51,065) (204,470) (326,423)
---------- ---------- ---------- ----------
Net increase (decrease) in Class A trust 3,585 47,622 229,282 297,676
shares outstanding ============== ============== ============== ==============
Class B:
Sold 10,158 -- 29,747 --
Issued for distributions reinvested 234 -- 573 --
Redeemed -- -- -- --
---------- ---------- ---------- ----------
Net increase in Class B trust shares outstanding 10,392 -- 30,320 --
============== ============== ============== ==============
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------
Minnesota Missouri
--------------------------------- ---------------------------
Year Ended December 31 1995 1994 1995 1994
- --------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
<S> <C> <C> <C> <C>
Net investment income $ 413,215 $ 420,623 $ 96,652 $ 86,522
Net realized gain (loss) on investments (59,330) (85,235) 2,044 (76,785)
Net unrealized appreciation (depreciation)
of investments 782,041 (827,572) 196,908 (115,009)
---------- ---------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations 1,135,926 (492,184) 295,604 (105,272)
---------- ---------- ---------- ----------
Distributions to Shareholders from:
Net investment income--Class A (414,790) (426,080) (97,491) (85,819)
Net investment income--Class B (5) -- (6) --
Net realized gains--Class A -- -- -- --
Net realized gains--Class B -- -- -- --
---------- ---------- ---------- ----------
Total distributions (414,795) (426,080) (97,497) (85,819)
---------- ---------- ---------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 449,758 782,210 187,513 452,897
Value of distributions reinvested 296,914 312,864 64,248 61,785
Cost of shares redeemed (680,483) (920,314) (171,398) (252,327)
---------- ---------- ---------- ----------
66,189 174,760 80,363 262,355
---------- ---------- ---------- ----------
Class B:
Proceeds from shares sold 105 -- 112 --
Value of distributions reinvested 5 -- 5 --
Cost of shares redeemed -- -- -- --
---------- ---------- ---------- ----------
110 -- 117 --
---------- ---------- ---------- ----------
Net increase (decrease) from
trust share transactions 66,299 174,760 80,480 262,355
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 787,430 (743,504) 278,587 71,264
Net Assets
Beginning of year+ 7,374,716 8,118,220 1,611,158 1,539,894
---------- ---------- ---------- ----------
End of year $8,162,146 $7,374,716 $1,889,745 $1,611,158
============== ============== ============== ==============
income (deficit) of $ 367 $ 1,947 $ 192 $ 1,037
============== ============== ============== ==============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 40,306 70,506 15,600 38,682
Issued for distributions reinvested 26,574 28,719 5,350 5,356
Redeemed (61,161) (85,260) (14,294) (22,393)
---------- ---------- ---------- ----------
Net increase (decrease) in Class A trust
shares outstanding 5,719 13,965 6,656 21,645
============== ============== ============== ==============
Class B:
Sold 10 -- 10 --
Issued for distributions reinvested -- -- -- --
Redeemed -- -- -- --
---------- ---------- ---------- ----------
Net increase in Class B trust shares outstanding 10 -- 10 --
============== ============== ============== ==============
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------
Ohio Oregon
--------------------------------- ----------------------------
Year Ended December 31 1995 1994 1995 1994
- --------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
<S> <C> <C> <C> <C>
Net investment income $ 986,446 $ 1,000,909 $ 312,589 $ 226,913
Net realized gain (loss) on investments 309,448 (147,400) 43,911 (212,062)
Net unrealized appreciation (depreciation)
of investments 1,786,218 (2,064,948) 588,160 (289,223)
---------- ---------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations 3,082,112 (1,211,439) 944,660 (274,372)
---------- ---------- ---------- ----------
Distributions to Shareholders from:
Net investment income--Class A (987,315) (1,012,934) (306,767) (228,557)
Net investment income--Class B (6,065) -- (5,293) --
Net realized gains--Class A (140,604) -- -- --
Net realized gains--Class B (2,044) -- -- --
---------- ---------- ---------- ----------
Total distributions (1,136,028) (1,012,934) (312,060) (228,557)
---------- ---------- ---------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 1,421,785 2,394,093 2,009,314 1,814,006
Value of distributions reinvested 783,800 701,544 238,909 180,991
Cost of shares redeemed (2,914,284) (3,068,271) (725,112) (542,460)
---------- ---------- ---------- ----------
(708,699) 27,366 1,523,111 1,452,537
---------- ---------- ---------- ----------
Class B:
Proceeds from shares sold 311,376 -- 325,063 --
Value of distributions reinvested 7,386 -- 5,268 --
Cost of shares redeemed (44,835) -- -- --
---------- ---------- ---------- ----------
273,927 -- 330,331 --
---------- ---------- ---------- ----------
Net increase (decrease) from
trust share transactions (434,772) 27,366 1,853,442 1,452,537
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 1,511,312 (2,197,007) 2,486,042 949,608
Net Assets
Beginning of year 18,168,806 20,365,813 4,696,218 3,746,610
---------- ---------- ---------- ----------
End of year+ $19,680,118 $18,168,806 $7,182,260 $4,696,218
============== ============== ============== ==============
(a)Trust Shares Issued and Redeemed
+ Includes undistributed net investment
income (deficit) of $ (293) $ 6,641 $ 1,480 $ 951
============== ============== ============== ==============
Class A:
Sold 117,955 200,153 172,409 159,521
Issued for distributions reinvested 64,351 59,779 20,390 16,104
Redeemed (239,475) (261,699) (62,339) (48,313)
---------- ---------- ---------- ----------
Net increase (decrease) in Class A trust
shares outstanding (57,169) (1,767) 130,460 127,312
============== ============== ============== ==============
Class B:
Sold 25,538 -- 27,733 --
Issued for distributions reinvested 600 -- 442 --
Redeemed (3,601) -- -- --
---------- ---------- ---------- ----------
Net increase in Class B trust shares outstanding 22,537 -- 28,175 --
============== ============== ============== ==============
See notes to financial statements
</TABLE>
Notes to Financial Statements
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Series
1. Significant Accounting Policies -- First Investors Multi-State
Insured Tax Free Fund ("Multi-State Insured") is registered under the
Investment Company Act of 1940 (the "1940 Act") as a diversified, open-
end management investment company. Multi-State Insured consists of
seventeen separate investment series. This report relates to the eight
series of Multi-State Insured listed above (collectively, "Series").
Multi-State Insured operates as a series fund, issuing shares of
beneficial interest in each Series and accounts separately for the
assets, liabilities and operations of each Series.
The investment objective of each Series is to achieve a high level of
interest income which is exempt from Federal income tax and, for a
particular Series, from state income taxes for residents of that state.
A. Security Valuation -- The municipal securities in which the Series
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Trustees. The
pricing service considers security type, rating, market condition and
yield data, as well as market quotations and prices provided by market
makers. "When Issued Securities" are reflected in the assets of the
Series as of the date the securities are purchased.
The municipal bonds held by the Series are insured as to payment of
principal and interest by the issuer or under insurance policies written
by independent insurance companies. It is the intention of the Series to
retain any insured securities which are in default or in significant
risk of default and to place a value on the defaulted securities equal
to the value of similar securities which are not in default. Each Series
may invest up to 20% of its assets in portfolio securities not covered
by the insurance feature.
B. Federal Income Taxes -- It is the policy of each Series to continue
to qualify as a regulated investment company, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The
Series make distributions of income and net realized capital gains (in
excess of any available capital loss carryovers) sufficient to relieve
them from all, or substantially all, federal income taxes. At December
31, 1995, the Series had the following capital loss carryovers, all
expiring in the year 2002:
Amount
----------
MULTI-STATE INSURED
-------------------
ARIZONA Series $ 91,810
COLORADO Series 55,105
MICHIGAN Series 63,116
MINNESOTA Series 144,565
MISSOURI Series 74,741
OREGON Series 168,584
C. Distributions to Shareholders -- Dividends from net investment income
are declared daily and are paid monthly. Dividends from net realized
capital gain are normally declared and paid annually. Income dividends
and capital gain distributions are determined in accordance with tax
regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments
for capital loss carryforwards, deferral of wash sales and post October
losses.
D. Expense Allocation -- Direct expenses attributable to a Series are
charged to and paid from the assets of that Series. Indirect or general
expenses are allocated among and charged to the assets of each Series on
a fair and equitable basis, which may be based on the relative assets of
each Series or the nature of the services performed and relative
applicability to each Series.
E. Security Transactions and Investment Income -- Security transactions
are accounted for on the date the securities are purchased or sold. Cost
is determined, and gains and losses are based, on the identified cost
basis for both financial statement and federal income tax purposes.
Interest income is earned from settlement date and recorded on the
accrual basis. Estimated expenses are accrued daily. The Series'
Custodian has provided credits in the amount of $20,048 against
custodian charges based on the uninvested cash balances of each Series.
2. Capital -- Each Series sells two classes of shares, Class A and Class
B, each with a public offering price that reflects different sales
charges and expense levels. Class A shares are sold with an initial
sales charge of up to 6.25% of the amount invested and together with the
Class B shares are subject to 12b-1 fees as described in Note 5. Class
B shares are sold without an initial sales charge, but are generally
subject to a contingent deferred sales charge which declines in steps
from 4% to 0% 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 Series invest in debt instruments
of municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions -- For the year ended December 31, 1995,
purchases and sales of municipal securities were as follows:
Cost Proceeds
of of
Purchases Sales
---------- ------------
MULTI-STATE INSURED
- -------------------
ARIZONA Series $ 3,262,386 $ 4,088,321
CALIFORNIA Series 8,683,412 9,385,478
COLORADO Series 1,686,558 1,468,390
MICHIGAN Series 18,319,777 15,142,491
MINNESOTA Series 4,142,272 4,046,733
MISSOURI Series 920,560 858,512
OHIO Series 13,385,920 13,971,048
OREGON Series 4,031,851 2,081,518
At December 31, 1995, aggregate cost and net unrealized appreciation
(depreciation) of securities for federal income tax purposes were as follows:
<TABLE>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Appreciation
<CAPTION>
MULTI-STATE INSURED
- ------------------------
<S> <C> <C> <C> <C>
ARIZONA Series $ 7,973,261 $ 862,446 $ -- $ 862,446
CALIFORNIA Series 14,641,260 1,667,243 -- 1,667,243
COLORADO Series 3,359,121 257,967 -- 257,967
MICHIGAN Series 33,996,015 3,514,347 -- 3,514,347
MINNESOTA Series 7,425,492 548,210 1,427 546,783
MISSOURI Series 1,680,783 147,355 -- 147,355
OHIO Series 17,810,400 1,689,119 -- 1,689,119
OREGON Series 6,580,918 436,432 -- 436,432
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates -- Certain
officers and trustees of the Series are officers and directors of the
Series' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC") and/or
their transfer agent, Administrative Data Management Corp. ("ADM").
Officers and trustees of the Series received no remuneration from the
Series for serving in such capacities. Their remuneration (together
with certain other expenses of the Series) is paid by FIMCO or FIC.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of each Series, declining by
.03% on each $250 million thereafter, down to .66% on average daily net
assets over $750 million. For the year ended December 31, 1995,
advisory fees amounted to $736,308, of which $357,600 was waived; other
expenses in the amount of $49,131 were assumed by FIMCO.
For the year ended December 31, 1995, FIC, as underwriter, received
$377,241 in commissions on sales of shares after allowing $181,757 to
other dealers. Shareholder servicing costs consisted of $87,931, in
transfer agent fees and out of pocket expenses accrued to ADM. Transfer
agent fees and out of pocket expenses attributable to the Colorado,
Missouri and Oregon Series, in the amount of $17,892, were waived by the
transfer agent for the year ended December 31, 1995.
Pursuant to a Distribution Plan adopted under Rule 12b-1 of the 1940
Act, each Series is authorized to pay FIC a fee up to .30% of the
average net assets of the Class A shares and up to 1% of the average net
assets of the Class B shares, on an annualized basis each fiscal year,
payable monthly. The fee consists of a distribution fee and a service
fee. The service fee is paid for the ongoing servicing of clients who
are shareholders of that series.
This page 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
---------------------------------------------
Income From Investment Operations
---------------------------------------------
Net Asset Net
Value Realized and
---------- Net Unrealized Total from
Beginning Investment Gain (Loss) on Investment
of Period Income Investments Operations
- -------------------------------------------------------------------------------------------------------------------
ARIZONA SERIES
- --------------
Class A
- -------
<S> <C> <C> <C> <C>
11/1/90* to 12/31/90 $11.17 $ .009 $ (.059) $ (.050)
1991 11.12 .605 .420 1.025
1992 11.52 .683 .545 1.228
1993 12.08 .681 1.078 1.759
1994 13.12 .663 (1.397) (.734)
1995 11.71 .665 1.448 2.113
Class B
- -------
1/12/95* to 12/31/95 11.82 .544 1.340 1.884
CALIFORNIA SERIES
- -----------------
Class A
- -------
2/23/87* to 12/31/87 $11.13 $ .497 $(1.247) $ (.750)
1988 9.92 .747 .493 1.240
1989 10.38 .736 .294 1.030
1990 10.67 .747 (.047) .700
1991 10.62 .706 .452 1.158
1992 11.07 .653 .406 1.059
1993 11.44 .637 .845 1.482
1994 12.12 .598 (1.328) (.730)
1995 10.77 .580 1.335 1.915
Class B
- -------
1/12/95* to 12/31/95 10.87 .472 1.227 1.699
COLORADO SERIES
- ---------------
Class A
- -------
5/4/92* to 12/31/92 $11.17 $ .308 $.442 $.750
1993 11.63 .625 .984 1.609
1994 12.60 .631 (1.351) (.720)
1995 11.24 .668 1.340 2.008
Class B
- -------
1/12/95* to 12/31/95 11.35 .564 1.239 1.803
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------
Less Distributions From
---------------------------------------------
Net Asset
Value
Net Net ---------
Investment Realized Total End of
Income Gains Distributions Period
- -------------------------------------------------------------------------------------------------------------------
ARIZONA SERIES
- -------------
Class A
- -------
<S> <C> <C> <C> <C>
11/1/90* to 12/31/90 $ -- $ -- $ -- $11.12
1991 .605 .020 .625 11.52
1992 .668 -- .668 12.08
1993 .672 .047 .719 13.12
1994 .676 -- .676 11.71
1995 .673 -- .673 13.15
Class B
- -------
1/12/95* to 12/31/95 .554 -- .554 13.15
CALIFORNIA SERIES
- ----------------
Class A
- -------
2/23/87* to 12/31/87 $.460 $ -- $.460 $9.92
1988 .780 -- .780 10.38
1989 .740 -- .740 10.67
1990 .750 -- .750 10.62
1991 .708 -- .708 11.07
1992 .644 .045 .689 11.44
1993 .612 .190 .802 12.12
1994 .620 -- .620 10.77
1995 .589 .136 .725 11.96
Class B
- -------
1/12/95* to 12/31/95 .483 .136 .619 11.95
COLORADO SERIES
- --------------
Class A
- -------
5/4/92* to 12/31/92 $.290 $ -- $.290 $11.63
1993 .633 .006 .639 12.60
1994 .640 -- .640 11.24
1995 .668 -- .668 12.58
Class B
- -------
1/12/95* to 12/31/95 .573 -- .573 12.58
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------
Ratio to Average Net Assets++
-------------------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
- -------------------------------------------------------------------------------------------------------------------
ARIZONA SERIES
- -------------
Class A
- -------
<S> <C> <C> <C> <C>
11/1/90* to 12/31/90 (2.68)+ $ 602 -- .59+
1991 9.49 2,380 .05 5.75
1992 10.98 4,818 .20 5.84
1993 14.87 8,247 .20 5.40
1994 (5.63) 8,803 .30 5.52
1995 18.41 8,834 .50 5.27
Class B
- -------
1/12/95* to 12/31/95 16.20 173 1.30+ 4.62+
CALIFORNIA SERIES
- ----------------
Class A
- -------
2/23/87* to 12/31/87 7.64+ $2,033 .03+ 5.02+
1988 12.94 2,707 .05 7.42
1989 10.21 6,311 .09 7.02
1990 6.81 7,873 .08 7.11
1991 11.26 12,761 .30 6.49
1992 9.84 15,195 .72 5.83
1993 13.21 17,625 .89 5.33
1994 (6.10) 15,335 .97 5.27
1995 18.16 16,547 .90 5.02
Class B
- -------
1/12/95* to 12/31/95 15.91 59 1.74+ 4.31+
COLORADO SERIES
- --------------
Class A
- -------
5/4/92* to 12/31/92 10.10+ $1,122 -- 4.95+
1993 14.14 2,887 .12 5.13
1994 (5.77) 3,110 .20 5.41
1995 18.25 3,525 .20 5.54
Class B
- -------
1/12/95* to 12/31/95 16.18 131 1.00+ 4.90+
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
-------------------------------------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- -------------------------------------------------------------------------------------------------------------------
ARIZONA SERIES
- -------------
Class A
- -------
<S> <C> <C> <C>
11/1/90* to 12/31/90 1.47+ (.88)+ 0
1991 1.51 4.29 45
1992 1.32 4.72 58
1993 1.20 4.41 45
1994 1.24 4.59 63
1995 1.15 4.62 36
Class B
- -------
1/12/95* to 12/31/95 1.95+ 3.95+ 36
CALIFORNIA SERIES
- ----------------
Class A
- -------
2/23/87* to 12/31/87 .76+ 4.30+ 32
1988 1.19 6.29 9
1989 1.19 5.91 16
1990 1.05 6.14 27
1991 1.02 5.77 34
1992 1.25 5.30 52
1993 1.14 5.08 66
1994 1.22 5.02 83
1995 1.15 4.77 53
Class B
- -------
1/12/95* to 12/31/95 2.00+ 4.04+ 53
COLORADO SERIES
- --------------
Class A
- -------
5/4/92* to 12/31/92 1.90+ 3.06+ 46
1993 1.42 3.83 27
1994 1.43 4.18 108
1995 1.32 4.42 45
Class B
- -------
1/12/95* to 12/31/95 2.12+ 3.75+ 45
*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 by the investment
adviser and the transfer agent from the commencement of
operations through December 31, 1995 (Note 5).
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net asset and
other supplemental data for each period indicated.
- -------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------
Income From Investment Operations
---------------------------------------------
Net Asset Net
Value Realized and
---------- Net Unrealized Total from
Beginning Investment Gain (Loss) on Investment
of Period Income Investments Operations
- -------------------------------------------------------------------------------------------------------------------
MICHIGAN SERIES
- --------------
Class A
- ------
<S> <C> <C> <C> <C>
1987 $11.13 $ .566 $(1.106) $ (.540)
1988 10.05 .773 .557 1.330
1989 10.59 .724 .406 1.130
1990 10.99 .743 (.023) .720
1991 10.98 .729 .476 1.205
1992 11.43 .681 .494 1.175
1993 11.93 .641 1.053 1.694
1994 12.89 .612 (1.423) (.811)
1995 11.47 .634 1.331 1.965
Class B
- ------
1/12/95* to 12/31/95 11.57 .528 1.241 1.769
MINNESOTA SERIES
- ---------------
Class A
- ------
1987 $11.13 $ .557 $(1.127) $ (.570)
1988 10.01 .748 .332 1.080
1989 10.35 .719 .271 .990
1990 10.61 .722 (.037) .685
1991 10.57 .728 .399 1.127
1992 10.97 .676 .313 .989
1993 11.30 .625 .622 1.247
1994 11.77 .592 (1.282) (.690)
1995 10.48 .589 1.022 1.611
Class B
- ------
1/12/95* to 12/31/95 10.55 .515 .950 1.465
MISSOURI SERIES
- --------------
Class A
- ------
5/4/92* to 12/31/92 $11.17 $ .272 $.363 $.635
1993 11.55 .620 .988 1.608
1994 12.50 .617 (1.384) (.767)
1995 11.12 .662 1.356 2.018
Class B
- ------
1/12/95* to 12/31/95 11.22 .548 1.260 1.808
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-------------------------------------------------
Less Distributions From
-------------------------------------------------
Net Asset
Value
Net Net ---------
Investment Realized Total End of
Income Gains Distributions Period
- -------------------------------------------------------------------------------------------------------------------
MICHIGAN SERIES
- --------------
Class A
- -------
<S> <C> <C> <C> <C>
1987 $ .540 $ -- $.540 $10.05
1988 .790 -- .790 10.59
1989 .730 -- .730 10.99
1990 .730 -- .730 10.98
1991 .735 .020 .755 11.43
1992 .675 -- .675 11.93
1993 .655 .079 .734 12.89
1994 .609 -- .609 11.47
1995 .635 -- .635 12.80
Class B
- -------
1/12/95* to 12/31/95 .539 -- 0.539 12.80
MINNESOTA SERIES
- ----------------
Class A
- -------
1987 $ .550 -- $ .550 $10.01
1988 .740 -- .740 10.35
1989 .730 -- .730 10.61
1990 .725 -- .725 10.57
1991 .720 .007 .727 10.97
1992 .659 -- .659 11.30
1993 .640 .137 .777 11.77
1994 .600 -- .600 10.48
1995 .591 -- .591 11.50
Class B
- -------
1/12/95* to 12/31/95 .515 -- .515 11.50
MISSOURI SERIES
- ---------------
Class A
- -------
5/4/92* to 12/31/92 $ .255 -- $ .255 $11.55
1993 .635 .023 .658 12.50
1994 .613 -- .613 11.12
1995 .668 -- .668 12.47
Class B
- -------
1/12/95* to 12/31/95 .548 -- .548 12.48
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------
Ratio to Average Net Assets++
-------------------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
- -------------------------------------------------------------------------------------------------------------------
MICHIGAN SERIES
- --------------
Class A
- ------
<S> <C> <C> <C> <C>
1987 6.03 $1,077 .07 6.52
1988 13.65 1,845 .12 7.52
1989 10.98 6,225 .13 6.76
1990 6.83 10,542 .10 6.90
1991 11.14 13,630 .31 6.56
1992 10.59 20,971 .73 5.86
1993 14.49 30,281 .89 5.11
1994 (6.36) 30,362 .93 5.11
1995 17.47 36,837 .89 5.14
Class B
- ------
1/12/95* to 12/31/95 15.55 388 1.76+ 4.41+
MINNESOTA SERIES
- ---------------
Class A
- ------
1987 5.04 $ 585 .15 6.06
1988 11.14 789 .15 7.38
1989 9.85 1,992 .16 6.94
1990 6.71 3,365 .15 6.92
1991 11.00 4,430 .17 6.83
1992 9.29 5,983 .51 6.10
1993 11.30 8,118 .65 5.40
1994 (5.93) 7,375 .65 5.40
1995 15.68 8,162 .65 5.29
Class B
- ------
1/12/95* to 12/31/95 14.13 .1 1.45+ 4.64+
MISSOURI SERIES
- --------------
Class A
- ------
5/4/92* to 12/31/92 8.58+ $ 475 -- 4.36+
1993 14.21 1,540 .13 4.44
1994 (6.20) 1,611 .20 5.45
1995 18.55 1,890 .20 5.58
Class B
- ------
1/12/95* to 12/31/95 16.41 .1 1.00+ 4.94+
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
------------------------------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ------------------------------------------------------------------------------------------------------------
MICHIGAN SERIES
- --------------
Class A
- ------
<S> <C> <C> <C>
1987 1.18 5.41 7
1988 1.41 6.23 31
1989 1.14 5.75 1
1990 1.06 5.94 11
1991 1.05 5.82 22
1992 1.22 5.37 26
1993 1.14 4.86 25
1994 1.18 4.86 60
1995 1.14 4.89 45
Class B
- ------
1/12/95* to 12/31/95 2.02+ 4.15+ 45
MINNESOTA SERIES
- ---------------
Class A
- ------
1987 1.49 4.72 15
1988 1.86 5.67 10
1989 1.42 5.68 16
1990 1.54 5.53 22
1991 1.21 5.80 17
1992 1.38 5.23 33
1993 1.24 4.80 41
1994 1.29 4.76 34
1995 1.31 4.63 53
Class B
- ------
1/12/95* to 12/31/95 2.11+ 3.96+ 53
MISSOURI SERIES
- --------------
Class A
- ------
5/4/92* to 12/31/92 4.60+ (.24)+ 28
1993 1.76 2.81 8
1994 1.57 4.07 98
1995 1.42 4.36 50
Class B
- ------
1/12/95* to 12/31/95 2.22+ 3.68+ 50
*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 by the investment
adviser and the transfer agent from the commencement of
operations through December 31, 1995 (Note 5).
<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
---------------------------------------------
Net Asset Net
Value Realized and
---------- Net Unrealized Total from
Beginning Investment Gain (Loss) on Investment
of Period Income Investments Operations
- -------------------------------------------------------------------------------------------------------------------
OHIO SERIES
- ----------
Class A
- -------
<S> <C> <C> <C> <C>
1987 $11.13 $.576 $(1.166) $(.590)
1988 9.99 .792 .578 1.370
1989 10.56 .732 .408 1.140
1990 10.95 .752 (.012) .740
1991 10.93 .725 .493 1.218
1992 11.43 .676 .432 1.108
1993 11.87 .632 .894 1.526
1994 12.66 .613 (1.353) (.740)
1995 11.30 .615 1.306 1.921
Class B
- -------
1/12/95* to 12/31/95 11.40 .503 1.212 1.715
OREGON SERIES
- ------------
Class A
- -------
5/4/92* to 12/31/92 $11.17 $.260 $.230 $.490
1993 11.42 .661 .807 1.468
1994 12.29 .529 (1.339) (.810)
1995 10.87 .626 1.289 1.915
Class B
- -------
1/12/95* to 12/31/95 10.97 .541 1.182 1.723
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-------------------------------------------------
Less Distributions From
-------------------------------------------------
Net Asset
Value
Net Net ---------
Investment Realized Total End of
Income Gains Distributions Period
- -------------------------------------------------------------------------------------------------------------------
OHIO SERIES
- ----------
Class A
- -------
<S> <C> <C> <C> <C>
1987 $ .550 $-- $ .550 $9.99
1988 .800 -- .800 10.56
1989 .750 -- .750 10.95
1990 .760 -- .760 10.93
1991 .718 -- .718 11.43
1992 .668 -- .668 11.87
1993 .632 .104 .736 12.66
1994 .620 -- .620 11.30
1995 .619 .092 .711 12.51
Class B
- -------
1/12/95* to 12/31/95 .513 .092 .605 12.51
OREGON SERIES
- ------------
Class A
- -------
5/4/92* to 12/31/92 $ .240 $ -- $ .240 $11.42
1993 .598 -- .598 12.29
1994 .610 -- .610 10.87
1995 .625 -- .625 12.16
Class B
- -------
1/12/95* to 12/31/95 .543 -- .543 12.15
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------
Ratio to Average Net Assets++
-------------------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
- -------------------------------------------------------------------------------------------------------------------
OHIO SERIES
- ----------
Class A
- -------
<S> <C> <C> <C> <C>
1987 5.15 $ 965 .07 6.71
1988 14.15 1,485 .06 7.76
1989 11.09 4,058 .07 6.94
1990 7.05 6,627 .07 6.99
1991 11.51 9,324 .29 6.50
1992 9.99 13,869 .62 5.83
1993 13.12 20,366 .80 5.09
1994 (5.91) 18,169 .85 5.18
1995 17.34 19,398 .87 5.07
Class B
- -------
1/12/95* to 12/31/95 15.30 282 1.76+ 4.33+
OREGON SERIES
- ------------
Class A
- -------
5/4/92* to 12/31/92 6.62+ $ 931 -- 4.30+
1993 13.13 3,747 -- 4.94
1994 (6.65) 4,696 .20 5.36
1995 17.99 6,840 .20 5.36
Class B
- -------
1/12/95* to 12/31/95 16.00 342 1.00+ 4.72+
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
-------------------------------------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- -------------------------------------------------------------------------------------------------------------------
OHIO SERIES
- ----------
Class A
- -------
<S> <C> <C> <C>
1987 1.20 5.59 23
1988 1.50 6.33 23
1989 1.17 5.84 5
1990 1.11 5.95 31
1991 1.05 5.73 34
1992 1.21 5.23 29
1993 1.15 4.74 30
1994 1.20 4.83 57
1995 1.22 4.72 70
Class B
- -------
1/12/95* to 12/31/95 2.13+ 3.95+ 70
OREGON SERIES
- ------------
Class A
- -------
5/4/92* to 12/31/92 2.48+ 1.82+ 12
1993 1.28 3.66 77
1994 1.39 4.17 135
1995 1.23 4.33 36
Class B
- -------
1/12/95* to 12/31/95 2.03+ 3.65+ 36
*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 by the investment
adviser and the transfer agent from the commencement of
operations through December 31, 1995 (Note 5).
</TABLE>
Independent Auditor's Report
To the Shareholders and Trustees of
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Series
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of the eight series of First
Investors Multi-State Insured Tax Free Fund listed above as of December
31, 1995, the related statement of operations for the year then ended,
the statement of changes in net assets for each of the two years in the
period then ended and financial highlights for the periods indicated
thereon. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1995, by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the eight series of First Investors Multi-
State Insured Tax Free Fund listed above as of December 31, 1995, and
the results of their operations, changes in their net assets and the
financial highlights for the periods indicated thereon, in conformity
with generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
January 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
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 Fund's practice to mail only one copy of its annual and semi-
annual reports to any address at which more than one shareholder with
the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Fund will ensure
that separate reports are sent to any shareholder who subsequently
changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Fund's prospectus.
First Investors
Multi-State Insured
Tax Free Fund
Arizona Series
California Series
Colorado Series
Michigan Series
Minnesota Series
Missouri Series
Ohio Series
Oregon Series
ANNUAL
REPORT
DECEMBER 31, 1995
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.1796" in
a box to the right of a circle containing the words "MAILED FROM
ZIP CODE 17604" appears on the righthand side.
The following language appears to the lefthand side:
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
First Investors logo
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIMS-149
