First Investors
New York Insured
Tax Free Fund, Inc.
First Investors
Multi-State Insured
Tax Free Fund
Connecticut Fund
Florida Fund
Georgia Fund
Maryland Fund
Massachusetts Fund
New Jersey Fund
North Carolina Fund
Pennsylvania Fund
Virginia Fund
SEMI-
ANNUAL
REPORT
JUNE 30, 1997
Vertically reading from bottom to top in the center of the page the words
"FIRST INVESTORS" appear.
The following appears in a box to the left of the above language:
First Investors Logo (as described above)
NEED SERVICE?
If you have questions about your account...or would like information
regarding other products or services...please contact your representative
or call our Shareholder Services Department at...
(800) 423-4026
The following appears in a box within the above box:
Our business is...putting investors first
The following appears on the bottom lefthand side:
FIMS-148
Portfolio Manager's Letter
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
Dear Investor:
We are pleased to present the semi-annual report for First Investors New York
Insured Tax Free Fund, Inc. and for the Connecticut, Florida, Georgia,
Maryland, Massachusetts, New Jersey, North Carolina, Pennsylvania and
Virginia Funds of First Investors Multi-State Insured Tax Free Fund for the
six months ended June 30, 1997. During the period, the First Investors New
York Insured Tax Free Fund and the nine Multi-State Funds included in this
report had the following returns on a net asset value basis on Class A and
Class B shares, respectively: New York 2.3% and 2.0%, Connecticut 3.1% and
2.6%, Florida 2.9% and 2.5%, Georgia 3.0% and 2.5%, Maryland 3.1% and 2.7%,
Massachusetts 2.7% and 2.3%, New Jersey 2.8% and 2.4%, North Carolina 3.1%
and 2.7%, Pennsylvania 2.8% and 2.3%, and Virginia 2.7% and 2.3%. According
to Lipper Analytical Services, Inc., the total returns on the Class A shares
of five of the Funds exceeded the average return of their respective mutual
fund peer group as follows: Connecticut .18%, Florida .25%, Maryland .40%,
New Jersey .07% and North Carolina .21%. The total returns on the Class A
shares of four of the Funds were below the average return of their respective
mutual fund peer group as follows: New York .16%, Massachusetts .18%,
Pennsylvania .11% and Virginia .17%. The total return on the Class A shares
of the Georgia Fund matched the average return of its mutual fund peer group.
The first half of 1997 ended with an ideal economy: sustained, moderate
growth with little inflation. Early in the year it appeared that the economy
might be growing too fast as gross domestic product expanded at a 4.9% annual
rate during the first quarter. Concerned by the economy's strength, the
Federal Reserve raised short-term interest rates in March for the first time
in over two years as an "insurance policy" in case faster growth led to
higher inflation. The Federal Reserve's action subsequently appeared to be
unnecessary as the economy slowed down significantly in the second quarter
and consumer price inflation in fact decelerated to an annual rate of less
than 2.5%.
Although both the bond and stock markets suffered setbacks at times during
the first six months of the year, the combination of moderate growth and low
inflation ultimately provided a positive environment for investors. The
markets were also buoyed by an agreement between the President and Congress
to eliminate the Federal budget deficit over the next five years. Lastly, the
markets benefited from substantial demand for both stocks and bonds
throughout the first half of 1997.
Like most of the financial markets, the municipal bond market was
characterized by strong demand from investors throughout the first half of
the year. Despite issuance of close to $94 billion, the market rarely had
trouble distributing supply due to demand from individuals, insurance
companies and non-traditional buyers of municipal bonds. The strength of this
demand is best indicated by the fact that, during the first six months of
1997, long-term municipal bond prices rose while long-term Treasury bond
prices fell. As a result, tax exempt bonds provided after-tax returns that
significantly surpassed those on taxable bonds for most investors.
Management of the Funds focused on responding to two shifts in the market's
trend during the first half of the year. As the market fell sharply during
March, the Funds reduced their interest rate exposure by slightly increasing
their cash positions. At this time, the Funds also took advantage of the
market's decline by selling bonds purchased at lower yields and replacing
them with higher yielding bonds often with better call protection. When it
became apparent in May that interest rates had bottomed, the Funds moved back
to being fully invested. During May and June, the Funds had substantial
positive returns in large part because of their holdings of non-callable
bonds which have been accumulated over the past several years. The market
closed the second quarter on a strong note as reinvestment demand from the
relatively large June and July coupon payments propelled prices to their
highest level of the year before pulling back slightly.
Investors who buy bond funds--whether for income or total return--should be
aware that the value of their investment fluctuates as interest rates change.
For example, a 100 basis point (or 1%) increase in yield on a ten-year
Treasury bond results in roughly a 7% decrease in that bond's price. In each
of the last five years, ten-year Treasury bond yields have moved more than
100 basis points. In addition, while the Funds' municipal bonds are insured
as to timely payment of principal and interest, the insurance does not
protect the bonds against changes in market value. Investors should be aware
of these risks and recognize that successful investing generally requires a
long-term commitment to the market.
The outlook for the financial markets continues to be positive. The economy
is growing moderately, inflation is subdued and the Federal Reserve is
unlikely to tolerate unsustainably fast economic growth. Demand for financial
assets is likely to remain strong both here and overseas. While the sizable
recent returns in some markets are not likely to continue, the factors which
might cause a sustained downturn are not readily apparent. Despite this
optimistic outlook, investors should keep in mind that a diversified
portfolio provides the best insurance against unexpected changes in the
financial markets.
As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
/S/Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
July 28, 1997
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.6%
Education--15.4%
$1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy. (Rochester Inst. Tech.)
7 3/4% 5/1/2000* $ 1,107,500 $ 56
New York State Dormitory Authority Revenues:
City University:
1,500M 8.2% 7/1/1998* 1,588,290 80
1,955M 5 3/4% 7/1/2013 - 2nd Gen. - A 2,050,306 103
2,000M 5 3/4% 7/1/2013 - 2nd - A 2,097,500 105
2,000M 5 3/4% 7/1/2013 - A 2,097,500 105
3,000M 6% 7/1/2020 - 2nd Gen. - A 3,210,000 162
1,000M Iona College 7 5/8% 7/1/1998* 1,056,140 53
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,094,000 156
1,000M Pace University 6 1/2% 7/1/2012 1,130,000 57
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,060,950 104
1,000M 5 7/8% 5/15/2011 1,073,750 54
2,000M 5 1/2% 5/15/2013 2,045,000 103
3,700M 7 3/8% 5/15/2014 4,042,250 203
2,000M 5 1/4% 5/15/2015 1,962,500 99
2,025M 5 1/4% 7/1/2022 1,918,687 97
- ------------------------------------------------------------------------------------------------------------------
30,534,373 1,537
- ------------------------------------------------------------------------------------------------------------------
General Obligation--16.6%
1,250M Monroe County, N.Y., 6% 3/1/2015 1,340,625 67
Nassau County, N.Y.:
4,355M 5.7% 8/1/2012 4,545,531 229
3,845M 6 1/2% 11/1/2012 4,291,981 216
New York City, N.Y.
1,000M 8 1/8% 11/1/1997* 1,028,940 52
1,000M 8% 6/1/1998* 1,051,610 53
3,000M 6.2% 8/1/2008 3,285,000 165
3,500M 6.95% 8/15/2012 3,937,500 198
1,000M 7 1/4% 3/15/2018 1,092,500 55
Niagara Falls, N. Y. Public Improvement:
1,340M 7 1/2% 3/1/2012 1,643,175 83
1,680M 7 1/2% 3/1/2015 2,085,300 105
1,600M 7 1/2% 3/1/2018 2,010,000 101
1,750M North Hempstead, N.Y. 6.4% 4/1/2012 1,940,313 98
Puerto Rico Commonwealth:
1,100M 6 1/4% 7/1/2013 1,227,875 62
3,390M 5.65% 7/1/2015 3,538,313 178
- ------------------------------------------------------------------------------------------------------------------
33,018,663 1,662
- ------------------------------------------------------------------------------------------------------------------
Hospital--12.9%
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2010 4,082,063 206
1,000M Good Samaritan Hospital 8% 11/1/2013 1,033,310 52
1,850M Long Term Health Care 7 3/8% 11/1/2011 2,009,562 101
Mental Health Services Facilities:
2,155M 7.7% 2/15/1998* 2,247,579 113
855M 7 3/8% 8/15/1999* 925,537 47
4,190M 7 3/4% 2/15/2000* 4,619,475 233
1,065M 7 3/8% 2/15/2014 1,139,550 57
845M 7.7% 2/15/2018 878,538 44
4,915M 6 1/2% 8/15/2024 5,326,631 268
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,285,000 165
- ------------------------------------------------------------------------------------------------------------------
25,547,245 1,286
- ------------------------------------------------------------------------------------------------------------------
Housing--6.7%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor) 7.45%
10/1/2008 2,351,250 118
6,500M Insured Residential Charter 7 3/8% 4/1/2017 6,677,125 336
New York State Housing Finance Agency:
3,680M 6.05% 5/1/2011 3,841,000 194
510M 7.45% 11/1/2028 534,225 27
- ------------------------------------------------------------------------------------------------------------------
13,403,600 675
- ------------------------------------------------------------------------------------------------------------------
Transportation--27.8%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8% 7/1/2014 5,262,500 265
5,000M Dedicated Tax Fund, 5 1/4% 4/1/2021 4,800,000 242
Transit Facilities Series:
3,200M 5 1/2% 7/1/2017 3,220,000 162
5,000M 8% 7/1/1998* 5,298,800 267
7,900M New York City Transit Auth. Hwy. & Brdg. Trust Fund
Rev. 7 1/2% 1/1/2000* 8,630,750 435
6,000M New York Thruway Authority 5 1/8% 4/1/2015 5,767,500 290
Puerto Rico Commonwealth Highway & Transportation Authority:
3,180M 6 1/4% 7/1/2014 3,537,750 178
5,000M 6% 7/1/2018 5,443,750 274
Triborough Bridge & Tunnel Authority:
1,000M Special Obligation 8% 1/1/1998* 1,035,040 52
1,500M Series "L" 8 1/8% 1/1/1998* 1,557,885 78
3,000M Series "O" 7.7% 1/1/1999* 3,198,750 161
6,900M Series "Y" 6% 1/1/2012 7,417,500 374
- ------------------------------------------------------------------------------------------------------------------
55,170,225 2,778
- ------------------------------------------------------------------------------------------------------------------
Utilities--9.6%
New York City Municipal Water Finance Authority:
4,975M 5 7/8% 6/15/2012 5,254,844 264
2,000M 5 7/8% 6/15/2013 2,105,000 106
2,750M 6% 6/15/2021 2,921,875 147
2,000M New York State Power Authority General Purpose
Bonds 8% 1/1/1998* 2,079,400 105
Suffolk County, N. Y. Water Authority:
2,165M 6% 6/1/2014 2,343,613 118
4,000M 6% 6/1/2017 4,310,000 217
- ------------------------------------------------------------------------------------------------------------------
19,014,732 957
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--8.6%
1,000M New York State Dorm. Auth. Rev.
(Suffolk County Jud. Facs.)
7 3/8% 7/1/2016 1,171,250 59
New York State Urban Development Corporation
Correctional Facilities:
2,000M Series "C" 7 3/4% 1/1/1998* 2,077,480 105
3,000M Series "F" 7 1/2% 1/1/1999* 3,187,500 160
Puerto Rico Public Buildings Authority:
1,250M 6 1/4% 7/1/2013 1,389,063 70
1,910M 6 1/4% 7/1/2015 2,124,875 107
7,000M 5 1/2% 7/1/2021 7,122,500 359
- ------------------------------------------------------------------------------------------------------------------
17,072,668 860
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $181,215,305) 97.6% 193,761,506 9,755
Other Assets, Less Liabilities 2.4 4,867,947 245
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $198,629,453 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.9%
Certificates of Participation--2.2%
Connecticut State (Middletown Courthouse Facilities):
$ 130M 6 1/4% 12/15/2009 $ 139,262 $ 86
100M 6 1/4% 12/15/2010 107,125 67
100M 6 1/4% 12/15/2012 105,875 66
- ------------------------------------------------------------------------------------------------------------------
352,262 219
- ------------------------------------------------------------------------------------------------------------------
Education--14.9%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2015 819,250 509
500M Loomis Chafee School Project-Series "B" 6%
7/1/2015 521,250 324
1,000M Trinity College 6 1/8% 7/1/2014 1,050,000 652
- ------------------------------------------------------------------------------------------------------------------
2,390,500 1,485
- ------------------------------------------------------------------------------------------------------------------
General Obligation--33.5%
100M Bethel, Conn. 6 1/2% 2/15/2011 113,125 70
775M Bridgeport, Conn. 5 1/2% 9/1/2015 779,844 485
50M Bristol, Conn. 6 1/2% 6/15/2006 56,250 35
30M Colchester, Conn. 7.3% 1/15/2007 35,550 22
Connecticut State:
500M 6 1/2% 3/15/2002* - Series "A" 548,750 341
700M 6% 3/15/2012 - Series "E" 755,482 470
130M Coventry, Conn. 6.7% 12/15/2009 150,312 93
Griswold, Conn.:
250M 5 3/4% 4/15/2010 258,437 161
100M 6 1/4% 6/15/2010 111,875 70
100M Groton City, Conn. 6 3/4% 6/1/2007 116,625 72
800M New Britain, Conn. 6% 3/1/2012 865,000 537
130M Newton, Conn. 6.7% 8/15/2010 149,500 93
30M North Canaan, Conn. 6.9% 1/15/2006 34,088 21
40M Old Saybrook, Conn. 6 1/2% 2/15/2009 45,250 28
250M Plainfield, Conn. 6 3/8% 8/1/2011 267,812 166
290M Regional School District #5, Conn.
6.3% 3/1/2009 309,213 192
330M Southington, Conn. 6.55% 4/1/2012 356,400 221
90M Stafford, Conn. 6.55% 11/15/2008 102,713 64
50M Stratford, Conn. 6.6% 3/1/2007 57,563 36
250M Westbrook, Conn. 6.4% 3/15/2010 280,312 174
- ------------------------------------------------------------------------------------------------------------------
5,394,101 3,351
- ------------------------------------------------------------------------------------------------------------------
Hospital--17.9%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 483,187 300
35M Capital Asset - Series "C" 6 7/8% 1/1/2001 37,888 24
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 549,375 341
700M New Britain General Hospital 6 1/8% 7/1/2014 735,000 457
325M Stamford Hospital 6 1/2% 7/1/2006 348,968 217
180M Yale-New Haven Hospital 7% 7/1/2000* 196,425 122
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl.
Facs. 6 1/4% 7/1/2016 534,375 332
- ------------------------------------------------------------------------------------------------------------------
2,885,218 1,793
- ------------------------------------------------------------------------------------------------------------------
Housing--4.8%
750M Connecticut State Housing Finance
Authority 6% 11/15/2010 769,688 478
- ------------------------------------------------------------------------------------------------------------------
Transportation--10.1%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
200M 6 1/4% 10/1/2001* 217,500 135
285M 6% 10/1/2009 302,456 188
500M 6 1/2% 10/1/2011 569,375 354
250M 6 1/8% 9/1/2012 271,875 169
250M 6.1% 10/1/2012 263,750 164
- ------------------------------------------------------------------------------------------------------------------
1,624,956 1,010
- ------------------------------------------------------------------------------------------------------------------
Utilities--4.9%
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 268,750 167
500M 6 1/8% 8/1/2014 526,250 327
- ------------------------------------------------------------------------------------------------------------------
795,000 494
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--9.6%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2% 6/15/2008 600,863 373
Puerto Rico Public Buildings Authority:
250M 6 1/4% 7/1/2013 277,813 173
600M 6 1/4% 7/1/2015 667,500 415
- ------------------------------------------------------------------------------------------------------------------
1,546,176 961
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,553,790) 97.9% 15,757,901 9,791
Other Assets, Less Liabilities 2.1 336,830 209
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,094,731 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.4%
Education--1.1%
$ 250M Volusia County, Fla. Edl. Facs. (Stetson University Project)
6 3/8% 6/1/2001* $ 271,563 $ 115
- ------------------------------------------------------------------------------------------------------------------
General Obligation--3.9%
300M Miami, Fla. 6% 12/1/2010 323,250 137
500M North Springs, Fla. Impt. Dist. 7% 10/1/2009 591,875 250
- ------------------------------------------------------------------------------------------------------------------
915,125 387
- ------------------------------------------------------------------------------------------------------------------
Hospital--9.7%
350M North Broward, Fla. Hosp. Dist. 6 1/2% 1/1/2012 383,688 162
1,000M Orange County, Fla. Health Facs. Auth. (Orlando Regl. Healthcare)
6 1/4% 10/1/2018 1,105,000 467
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 801,562 339
- ------------------------------------------------------------------------------------------------------------------
2,290,250 968
- ------------------------------------------------------------------------------------------------------------------
Housing--1.5%
170M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge.
6.95% 12/15/2012 180,837 76
175M Florida Housing Finance Agency-Residential Mtge. (Series 2)
8% 12/15/2016 179,709 76
- ------------------------------------------------------------------------------------------------------------------
360,546 152
- ------------------------------------------------------------------------------------------------------------------
Transportation--6.8%
500M Dade County, Fla. Aviation Revenue Series "A" 6% 10/1/2010 533,750 226
300M Florida State Turnpike Authority Turnpike Revenue 6.35% 7/1/2002* 327,000 138
250M Pensacola, Fla. Airport Revenue 5.6% 10/1/2017 251,563 106
455M Port Palm Beach District, Fla. Revenue 6 1/4% 9/1/2008 494,812 209
- ------------------------------------------------------------------------------------------------------------------
1,607,125 679
- ------------------------------------------------------------------------------------------------------------------
Utilities--50.3%
250M Broward County, Fla. Water & Sewer Utilities Rev. 6 1/2% 10/1/2001* 272,188 115
750M Charlotte County, Fla. Utilities Revenue 6 3/4% 10/1/2003* 849,375 359
1,000M Cocoa, Fla. Water & Sewer Revenue 5 3/4% 10/1/2017 1,016,250 429
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 553,750 234
1,000M 6 1/4% 1/1/2015 1,105,000 467
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4% 10/1/2001* 763,312 323
300M Kissimmee, Fla. Utility Authority Electric System Revenue
6 1/2% 10/1/2001* 328,875 139
1,495M Lakeland, Fla. Electric & Water Revenue 6% 10/1/2014 1,614,600 682
410M Miramar, Fla. Util. Impt. Rev. 6.4% 10/1/2007 453,050 192
1,000M Plant City, Fla. Utility System Revenue 6% 10/1/2015 1,080,000 457
300M Reedy Creek, Fla. Impt. Dist. Utilities Revenue 6 1/2% 10/1/2001* 326,625 138
500M Sarasota County, Fla. Utility System Revenue 6 1/2% 10/1/2004* 563,125 238
Seminole County, Fla. Water & Sewer Revenue:
500M 6% 10/1/2009 547,500 231
500M 6% 10/1/2019 541,875 229
1,000M St. John's County, Fla. Water & Sewer Revenue 5 1/2% 6/1/2011 1,035,000 438
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4% 10/1/2014 836,250 354
- ------------------------------------------------------------------------------------------------------------------
11,886,775 5,025
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--25.1%
400M Florida State Div. Bd. Fin. Dept. General Services
6 3/4% 7/1/2013 435,000 184
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,038,750 439
1,000M Jacksonville, Fla. Cap. Improv. (Gator Bowl Project)
5 7/8% 10/1/2015 1,030,000 436
350M Jacksonville, Fla. Excise Taxes Revenue 6 1/2% 10/1/2013 380,625 161
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9% 10/1/2010 647,250 274
1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev.
5 3/8% 6/1/2011 1,022,500 432
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2% 10/1/2002* 332,250 141
1,000M Tampa, Fla. Sales Tax Revenue 5 3/4% 10/1/2020 1,046,250 442
- ------------------------------------------------------------------------------------------------------------------
5,932,625 2,509
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,504,848) 23,264,009 9,835
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.8%
200M Indian River County, Fla. Hospital District
Variable Rate Note 4.20% (cost $200,000)** 200,000 85
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $21,704,848) 99.2% 23,464,009 9,920
Other Assets, Less Liabilities .8 189,411 80
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,653,420 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Variable Rate Notes are determined and reset at least weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1997.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Education--5.1%
Private Colleges & Univs. Facs. Auth., Ga.:
$ 80M Mercer University Project 6.35% 11/1/2006 $ 88,700 $ 261
80M Spelman University Project 6% 6/1/2009 85,800 252
- ------------------------------------------------------------------------------------------------------------------
174,500 513
- ------------------------------------------------------------------------------------------------------------------
General Obligation--24.7%
75M Columbia County, Ga. School District 6 1/4% 4/1/2013 80,812 237
100M Hall County, Ga. School District 6.7% 12/1/2014 111,625 328
100M Mitchell County, Ga. School District 6 1/2% 3/1/2009 111,000 326
125M Paulding County, Ga. School District 6% 2/1/2013 135,312 398
100M Peach County, Ga. School District 6.4% 2/1/2019 108,000 317
150M Pike County, Ga. School District 5.7% 2/1/2016 156,375 459
125M Puerto Rico Commonwealth 6 1/4% 7/1/2012 138,906 408
- ------------------------------------------------------------------------------------------------------------------
842,030 2,473
- ------------------------------------------------------------------------------------------------------------------
Hospital--3.9%
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 133,594 392
- ------------------------------------------------------------------------------------------------------------------
Housing--4.5%
150M Georgia State Housing & Finance Authority Revenue
5.7% 12/1/2011 154,687 454
- ------------------------------------------------------------------------------------------------------------------
Transportation--9.7%
300M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 329,625 968
- ------------------------------------------------------------------------------------------------------------------
Utilities--38.5%
25M Bartow County, Ga. Water & Sewer Revenue 6.05% 9/1/2007 26,625 78
95M Brunswick, Ga. Water & Sewer Revenue 6.1% 10/1/2019 102,362 301
85M Conyers, Ga. Water & Sewer Revenue 6.45% 7/1/2010 93,288 274
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4% 11/1/2014 87,100 256
250M Fulton County, Ga. Water & Sewer Revenue 6 3/8% 1/1/2014 279,688 822
100M Georgia Municipal Electric Authority, Special Obligation
6 1/2% 1/1/2017 112,625 331
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 89,600 263
100M 5.8% 1/1/2015 103,000 302
150M Milledgeville, Ga. Water & Sewer Revenue 6% 12/1/2021 159,938 470
150M Puerto Rico Electric Power Authority 5 1/4% 7/1/2015 147,938 434
100M St. Mary's, Ga. Water & Sewer Revenue 6 1/8% 7/1/2018 107,750 316
- ------------------------------------------------------------------------------------------------------------------
1,309,914 3,847
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--11.7%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 89,400 262
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7% 2/1/2020 88,400 260
50M East Point, Ga. Building Authority Revenue 6% 2/1/2011 52,563 154
150M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 166,687 490
- ------------------------------------------------------------------------------------------------------------------
397,050 1,166
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,113,749) 98.1% 3,341,400 9,813
Other Assets, Less Liabilities 1.9 63,823 187
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,405,223 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.3%
Certificates of Participation--.3%
$ 30M Baltimore, Maryland Series "B" 7 1/4% 4/1/2016 $ 32,250 $ 28
- ------------------------------------------------------------------------------------------------------------------
Education--8.0%
Morgan State University Academic & Aux. Facs. Fees Revenue:
90M 7% 7/1/2000* 98,212 86
500M 6.05% 7/1/2015 541,250 478
200M 6.1% 7/1/2020 217,750 192
50M University of Maryland Sys. Aux. Fac. & Tuition Rev. 6.3% 2/1/2001* 53,937 48
- ------------------------------------------------------------------------------------------------------------------
911,149 804
- ------------------------------------------------------------------------------------------------------------------
General Obligation--30.0%
350M Anne Arundel County, Maryland Water & Sewer 6.3% 8/1/2015 380,625 336
Baltimore, Maryland:
100M 6.3% 10/15/2004 110,125 97
100M 7% 10/15/2009 118,125 104
250M 5 5/8% 10/15/2012 257,813 228
55M Carroll County, Maryland 6 1/4% 11/1/2001* 59,881 53
100M Chesapeake Beach, Maryland 6 1/2% 5/1/2012 105,750 93
Frederick, Maryland:
100M 6 1/8% 12/1/2008 108,250 96
200M 6 1/8% 10/1/2014 212,250 187
60M Frederick County, Maryland 6 5/8% 8/1/2003* 67,275 59
35M Montgomery County, Maryland 6 3/4% 4/1/2001* 38,369 34
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 116,419 103
650M 6 1/4% 7/1/2012 722,313 638
250M 5.65% 7/1/2015 260,937 230
500M Queen Annes County, Maryland 5.6% 11/15/2015 508,750 449
325M Washington County, Maryland 5.8% 1/1/2013 336,781 297
- ------------------------------------------------------------------------------------------------------------------
3,403,663 3,004
- ------------------------------------------------------------------------------------------------------------------
Hospital--18.0%
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross Health System)
5.7% 12/10/2010 261,563 231
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9% 7/1/2001* 38,763 34
90M Francis Scott Key Medical Center 6 3/4% 7/1/2000* 97,537 85
500M Maryland General Hospital 6 1/8% 7/1/2014 529,375 467
20M Memorial Hospital 7% 7/1/2007 21,350 19
140M Sinai Hospital of Baltimore 7% 7/1/2000* 152,775 135
110M Suburban Hospital 6% 7/1/2002* 117,288 104
65M University of Maryland Medical System 7% 7/1/2001* 72,231 64
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 347,344 307
350M Takoma Park, Maryland Hosp. Facs. (Adventist Hosp.)
6 1/2% 9/1/2012 395,938 349
- ------------------------------------------------------------------------------------------------------------------
2,034,164 1,795
- ------------------------------------------------------------------------------------------------------------------
Housing--13.1%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.)
7% 7/1/2016 266,875 235
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 48,656 43
345M 7% 4/1/2014 366,994 324
600M 5 7/8% 7/1/2016 610,500 539
180M Montgomery County, Maryland Single Family Mtge. Rev.
6 1/2% 7/1/2011 190,125 168
- ------------------------------------------------------------------------------------------------------------------
1,483,150 1,309
- ------------------------------------------------------------------------------------------------------------------
Transportation--7.4%
Maryland State Department of Transportation:
60M 6 3/8% 9/1/2006 63,825 56
500M Zero Coupon 7/1/2012 224,375 198
500M Puerto Rico Highway & Transportation Authority 6 1/4% 7/1/2014 556,250 491
- ------------------------------------------------------------------------------------------------------------------
844,450 745
- ------------------------------------------------------------------------------------------------------------------
Utilities--10.0%
250M Baltimore, Maryland Rev. Water Project 5.8% 7/1/2015 257,188 227
Baltimore, Maryland Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 174,900 154
215M 6 1/4% 7/1/2002* 234,887 207
200M 6% 7/1/2015 215,000 191
250M Puerto Rico Electric Power Authority 5 1/4% 7/1/2015 246,562 217
- ------------------------------------------------------------------------------------------------------------------
1,128,537 996
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--10.5%
250M Baltimore, Maryland (Convention Center) 6.1% 9/1/2013 260,625 230
35M Maryland Industrial Financing Authority 7% 7/1/2010 38,369 34
250M Maryland State Stadium Authority 5 7/8% 12/15/2013 258,437 228
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot)
6 1/4% 6/1/2009 107,250 95
475M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 528,437 466
- ------------------------------------------------------------------------------------------------------------------
1,193,118 1,053
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,383,012) 97.3% 11,030,481 9,734
Other Assets, Less Liabilities 2.7 301,272 266
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $11,331,753 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Education--7.1%
$ 425M Massachusetts Health & Educ. Facs. Auth. (Northeastern Univ.)
7 1/8% 10/1/2000* $ 464,312 $ 201
1,000M University of Massachusetts Building Authority Revenue
6 7/8% 5/1/2014 1,187,500 514
- ------------------------------------------------------------------------------------------------------------------
1,651,812 715
- ------------------------------------------------------------------------------------------------------------------
General Obligation--29.7%
Boston, Massachusetts:
250M 7 3/8% 2/1/2000* 272,500 118
750M 5 7/8% 8/1/2012 779,062 337
Massachusetts General Obligations:
300M 7% 7/1/2009 353,037 153
1,000M 6% 8/1/2010 1,083,080 468
1,100M New Bedford, Massachusetts 5 5/8% 10/1/2016 1,105,500 478
150M North Borough, Massachusetts 7.2% 11/1/2003 157,313 68
150M Rochester, Massachusetts 7 1/4% 3/1/2007 160,313 69
250M Rockport, Massachusetts Unlimited Tax Sch. Proj. Loan
6.9% 12/15/1999* 272,188 118
1,000M Springfield, Massachusetts 5.3% 8/1/2013 986,250 427
Wareham, Massachusetts:
225M 7.05% 1/15/2007 248,344 107
500M 7.1% 1/15/2008 552,500 239
910M Worcester, Massachusetts 5.3% 7/1/2015 890,662 385
- ------------------------------------------------------------------------------------------------------------------
6,860,749 2,967
- ------------------------------------------------------------------------------------------------------------------
Hospital--22.7%
Massachusetts Health & Educational Facilities Authority:
Capital Asset Program:
225M 7.35% 8/1/2008 243,000 105
400M 7.2% 7/1/2009 430,000 186
500M Carney Hospital 7 3/4% 7/1/2000* 555,625 240
750M Massachusetts General Hospital 6 1/4% 7/1/2012 832,500 360
570M Milton Hospital 7% 7/1/2016 614,888 266
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,601,250 693
400M South Shore Hospital 7 1/2% 7/1/2000* 442,000 191
490M University Hospital 7 1/4% 7/1/2019 534,100 231
- ------------------------------------------------------------------------------------------------------------------
5,253,363 2,272
- ------------------------------------------------------------------------------------------------------------------
Housing--5.1%
Massachusetts Housing Finance Agency:
1,000M 6% 12/1/2012 1,030,000 446
140M 7.7% 12/1/2017 146,475 63
- ------------------------------------------------------------------------------------------------------------------
1,176,475 509
- ------------------------------------------------------------------------------------------------------------------
Transportation--10.2%
Massachusetts Bay Transportation Authority:
690M Series "A" 7.65% 8/1/2000* 766,762 332
1,500M Series "A" 5.8% 3/1/2013 1,582,275 684
- ------------------------------------------------------------------------------------------------------------------
2,349,037 1,016
- ------------------------------------------------------------------------------------------------------------------
Utilities--23.5%
Boston, Massachusetts Water & Sewer Commission:
850M 7% 11/1/2001* 949,875 411
100M 7 1/4% 11/1/2006 105,750 46
1,035M 5 3/4% 11/1/2013 1,093,219 473
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4% 12/1/2000* 526,063 227
1,250M Massachusetts State Water Resource Authority 5% 3/1/2022 1,145,312 495
500M Puerto Rico Electric Power Authority, 5 1/4% 7/1/2016 490,000 212
1,000M South Essex, Massachusetts Sewer District 6 3/4% 6/1/2004* 1,133,750 490
- ------------------------------------------------------------------------------------------------------------------
5,443,969 2,354
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,982,599) 98.3% 22,735,405 9,833
Other Assets, Less Liabilities 1.7 386,282 167
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,121,687 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Certificates of Participation--3.8%
$1,000M Hudson County, N.J. Correctional Facility 7 1/4% 12/1/2000* $ 1,107,500 $ 184
500M Mantua Township, N.J. School District 7 1/4% 6/30/2000* 550,625 91
600M Piscataway Township, N.J. School District 7% 12/15/2000* 661,500 110
- ------------------------------------------------------------------------------------------------------------------
2,319,625 385
- ------------------------------------------------------------------------------------------------------------------
Education--2.3%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.)
6 1/4% 7/1/2010 1,386,125 230
- ------------------------------------------------------------------------------------------------------------------
General Obligation--15.4%
Essex County, N.J. Improvement Authority:
1,500M County College Project 6.9% 12/1/2004* 1,730,625 287
Orange School District:
1,025M Series "A" 6.95% 7/1/2014 1,159,531 192
1,220M Series "B" 6.95% 7/1/2014 1,380,125 229
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,087,500 181
1,550M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,730,188 287
Union City, N.J.:
1,000M 6.7% 9/1/2012 1,093,750 181
995M 6.4% 11/1/2013 1,111,912 184
- ------------------------------------------------------------------------------------------------------------------
9,293,631 1,541
- ------------------------------------------------------------------------------------------------------------------
Hospital--24.1%
New Jersey Health Care Facilities Financing Authority:
1,250M Bayonne Hospital 6 1/4% 7/1/2012 1,337,500 222
400M Community Medical Center 7% 7/1/2009 425,500 70
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,816,981 301
750M Holy Name Hospital 7% 7/1/2000* 818,437 136
1,100M Hunterdon Hospital 7% 7/1/2020 1,178,375 195
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,846,250 306
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,650,000 274
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,471,000 576
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 879,656 146
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,106,250 183
- ------------------------------------------------------------------------------------------------------------------
14,529,949 2,409
- ------------------------------------------------------------------------------------------------------------------
Housing--4.6%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 401,375 66
420M Series "E" 7.65% 10/1/2016 442,575 73
1,385M Series "C" 7 3/8% 10/1/2017 1,440,400 239
450M Series "B" 8.1% 10/1/2017 468,383 78
- ------------------------------------------------------------------------------------------------------------------
2,752,733 456
- ------------------------------------------------------------------------------------------------------------------
Transportation--8.4%
900M Delaware River Port Authority 7 3/8% 1/1/2007 956,250 158
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2% 1/1/2010 1,096,250 182
3,200M New Jersey State Transportation Fund Transit System Series "A"
5% 6/15/2015 3,032,000 503
- ------------------------------------------------------------------------------------------------------------------
5,084,500 843
- ------------------------------------------------------------------------------------------------------------------
Utilities--16.0%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2% 12/15/2002* 1,103,750 183
300M Brick Township, N.J. Municipal Utilities Authority 5% 12/1/2016 281,625 47
1,000M Evesham, N.J. Municipal Utilities Authority 7% 7/1/2000* 1,073,750 178
500M Long Branch, N.J. Sewer Authority 7 1/4% 6/1/2000* 548,750 91
500M Lower Township, N.J. Municipal Utilities Authority 7% 12/1/2000* 550,000 91
250M Montville Township, N.J. Municipal Utilities Authority 7% 12/1/2001* 280,313 47
300M Musconetcong, N.J. Sewer Authority 7.15% 1/1/2000* 325,500 54
New Jersey Wastewater Treatment Trust:
1,435M 6 1/4% 4/1/2010 1,544,419 256
1,310M 7% 7/1/2011 1,550,713 257
1,140M Passaic Valley, N.J. Water Commn. 6.4% 12/15/2002* 1,261,125 209
1,000M Puerto Rico Commonwealth Aqueduct & Sewer Authority
6 1/4% 7/1/2013 1,111,250 184
- ------------------------------------------------------------------------------------------------------------------
9,631,195 1,597
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--23.5%
2,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Convention Center)
7.4% 7/1/2016 3,581,500 594
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth.
6.8% 3/1/2021 412,563 68
New Jersey Economic Development Authority:
Educational Testing Service:
1,000M 5.9% 5/15/2015 1,036,250 172
2,000M 6 1/8% 5/15/2015 2,122,500 352
2,185M Market Transition Facility 5 7/8% 7/1/2011 2,283,325 379
1,775M N.J. Performing Arts Center 6% 6/15/2012 1,917,000 318
Puerto Rico Public Buildings Authority:
1,350M Series "A" 6 1/4% 7/1/2013 1,500,187 249
1,195M Series "A" 6 1/4% 7/1/2014 1,324,956 220
- ------------------------------------------------------------------------------------------------------------------
14,178,281 2,352
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $54,536,467) 98.1% 59,176,039 9,813
Other Assets, Less Liabilities 1.9 1,128,732 187
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $60,304,771 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.9%
Certificates of Participation--3.6%
$100M Charlotte, N.C. Convention Facilities Project 6 3/4% 12/1/2001* $ 110,875 $ 180
100M Cumberland County, N.C. Civic Center Project 6.3% 12/1/2008 109,500 178
- ------------------------------------------------------------------------------------------------------------------
220,375 358
- ------------------------------------------------------------------------------------------------------------------
General Obligation--43.0%
250M Cleveland County, N.C. 5 1/2% 3/1/2012 254,375 413
200M Cumberland County, N.C. 5 1/2% 4/1/2012 203,000 330
200M Currituck County, N.C. 5.4% 4/1/2013 200,500 326
200M Gaston County, N.C. 5.7% 3/1/2013 207,500 337
220M Laurinburg, N.C. 5.3% 6/1/2012 219,450 356
200M Mecklenburg County, N.C. 6.2% 1/1/2002* 215,250 349
200M Morganton, N.C. 5.7% 6/1/2014 206,750 336
400M Onslow County, N.C. 5.7% 3/1/2011 419,500 681
200M Puerto Rico Commonwealth 6 1/4% 7/1/2012 222,250 361
280M Rowan County, N.C. 5.6% 4/1/2014 288,750 469
200M Watauga County, N.C. 5.9% 6/1/2014 209,750 341
- ------------------------------------------------------------------------------------------------------------------
2,647,075 4,299
- ------------------------------------------------------------------------------------------------------------------
Hospital--4.8%
100M North Carolina Med. Care Commn. (Presbyterian Hosp.)
7 3/8% 10/1/2000* 110,750 180
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 187,031 304
- ------------------------------------------------------------------------------------------------------------------
297,781 484
- ------------------------------------------------------------------------------------------------------------------
Housing--2.2%
125M North Carolina Housing Finance Agency Multi-Family 6.6% 7/1/2017 133,906 217
- ------------------------------------------------------------------------------------------------------------------
Transportation--6.8%
375M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2014 417,187 678
- ------------------------------------------------------------------------------------------------------------------
Utilities--24.1%
250M Asheville, N.C. Water System Revenue 5 5/8% 8/1/2013 255,313 415
250M Buncombe County, N.C. Solid Waste System 5.6% 3/1/2011 257,187 417
390M Fayetteville, N.C. Public Works Commission Revenue 5.7% 2/1/2010 406,088 660
200M North Carolina Eastern Municipal Power Agency 5.6% 1/1/2010 204,250 332
200M North Carolina Municipal Power Agency (Catawba Electric) 6% 1/1/2010 214,500 348
150M Puerto Rico Electric Power Authority 5 1/4% 7/1/2015 147,938 240
- ------------------------------------------------------------------------------------------------------------------
1,485,276 2,412
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--12.4%
250M Kinston, N.C. Enterprise System Revenue 5.7% 4/1/2012 257,500 418
250M North Carolina Cent. Univ. Hsg. Rev. 5.6% 11/1/2012 255,000 414
225M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 250,031 406
- ------------------------------------------------------------------------------------------------------------------
762,531 1,238
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,695,384) 96.9% 5,964,131 9,686
Other Assets, Less Liabilities 3.1 193,227 314
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $6,157,358 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.9%
Education--7.0%
$1,000M Allegheny County, Pa. Higher Educ. Bldg. Auth. (Duquesne Univ.)
5% 3/1/2016 $ 940,000 $ 211
675M Northeastern Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 8/15/2009 733,219 165
355M Pennsylvania State Higher Educ. Facs. Auth. (Hahnemann Univ.)
7.2% 7/1/1999* 382,069 86
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,055,000 237
- ------------------------------------------------------------------------------------------------------------------
3,110,288 699
- ------------------------------------------------------------------------------------------------------------------
General Obligation--22.7%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3% 4/1/2009 161,063 36
1,470M Erie, Pa. 5.7% 5/15/2012 1,495,725 336
265M Falls Township, Pa. 7% 12/15/2000* 287,194 65
1,310M General McLane, Pa. School District 5 3/4% 5/15/2013 1,339,475 301
700M Jeannette, Pa. School District 6.65% 6/15/2001* 755,125 170
1,000M Kiski, Pa. Area School District 5.3% 3/01/2017 970,000 218
1,000M Philadelphia, Pa. 6% 11/15/2014 1,047,500 236
1,500M Pittsburgh, Pa. 5 1/2% 9/1/2014 1,533,750 345
1,000M Stroudsburg, Pa. Area School District 5.8% 10/1/2010 1,037,500 233
800M Trinity Area School District, Pa. 6 5/8% 11/1/2001* 867,000 195
565M Venango County, Pa. 7% 7/15/2000* 606,669 136
- ------------------------------------------------------------------------------------------------------------------
10,101,001 2,271
- ------------------------------------------------------------------------------------------------------------------
Hospital--21.7%
Allegheny County, Pa. Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,057,500 238
Health Center - University of Pittsburgh:
1,000M 5.6% 4/1/2013 1,012,500 227
1,000M 5.6% 4/1/2014 1,012,500 227
1,250M South Hills Health System 5.8% 5/1/2016 1,270,312 286
1,500M Berks County, Pa. Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.)
5.7% 10/1/2014 1,552,500 349
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8% 7/1/2014 1,160,500 261
1,000M Dauphin County, Pa. Gen. Health System (Pinnacle Health System)
5 1/2% 5/15/2013 1,006,250 226
1,000M Pennsylvania State Higher Edl. Facs. Auth. Health Svcs. 5.7% 11/15/2011 1,035,000 233
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7% 7/1/2014 527,500 119
- ------------------------------------------------------------------------------------------------------------------
9,634,562 2,166
- ------------------------------------------------------------------------------------------------------------------
Housing--2.4%
Pennsylvania Housing Finance Agency Single-Family Mtge.:
460M 7.15% 4/1/2015 485,300 109
570M 7.3% 10/1/2017 605,625 136
- ------------------------------------------------------------------------------------------------------------------
1,090,925 245
- ------------------------------------------------------------------------------------------------------------------
Transportation--2.9%
260M Pennsylvania State Turnpike Commission Turnpike Revenue
7.4% 12/1/2000* 288,925 65
1,000M Southeastern Pennsylvania Transportation Authority Revenue
5 3/8% 3/1/2017 981,250 221
- ------------------------------------------------------------------------------------------------------------------
1,270,175 286
- ------------------------------------------------------------------------------------------------------------------
Utilities--29.2%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,189,375 267
1,000M 6 1/4% 12/1/2014 1,063,750 239
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison)
7 3/4% 9/1/2024 188,781 42
350M Harrisburg, Pa. Authority Water Revenue 6 1/2% 8/15/2002* 380,625 86
1,000M North Pennsylvania, Pa. Water Authority 6 7/8% 11/1/2004* 1,140,000 256
1,000M North Wales, Pa. Water Authority 6 3/4% 11/1/2004* 1,125,000 253
Philadelphia, Pa. Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,354,537 305
2,000M 6 1/4% 8/1/2012 2,185,000 491
2,950M Pittsburgh, Pa. Water & Sewer Authority 6 1/2% 9/1/2013 3,326,125 748
1,000M Washington County, Pa. Indl. Dev. Auth. (West Penn. Power)
6.05% 4/1/2014 1,043,750 235
- ------------------------------------------------------------------------------------------------------------------
12,996,943 2,922
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--13.0%
1,500M Harrisburg, Pa. Authority Pooled Bond Program 5 5/8% 4/01/2015 1,515,000 341
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev.
7% 6/15/2005* 1,146,250 258
1,000M Pennsylvania State Industrial Development Authority 6% 1/1/2012 1,047,500 236
1,000M Philadelphia, Pa. Authority for Ind. Dev. Lease Rev. 5.4% 2/15/2017 985,000 221
500M Somerset County, Pa. Gen. Auth. Commonwealth Lease Rev.
7% 10/15/2001* 548,750 123
500M Washington County, Pa. Auth. Lease Rev. 7.45% 6/15/2000* 555,625 125
- ------------------------------------------------------------------------------------------------------------------
5,798,125 1,304
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $41,391,165) 98.9% 44,002,019 9,893
Other Assets, Less Liabilities 1.1 474,098 107
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $44,476,117 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Education--7.9%
$ 575M George Mason University, Va. 6 3/8% 8/1/2016 $ 618,844 $ 279
1,100M Norfolk, Va. Redev. & Hsg. Auth. (Tidewater Cmnty. College)
5 7/8% 11/1/2015 1,138,500 513
- ------------------------------------------------------------------------------------------------------------------
1,757,344 792
- ------------------------------------------------------------------------------------------------------------------
General Obligation--6.8%
1,000M Chesapeake, Va. Public Improvement 5% 5/1/2013 967,500 436
500M Virginia State Public School Authority 6 1/2% 8/1/2013 543,125 244
- ------------------------------------------------------------------------------------------------------------------
1,510,625 680
- ------------------------------------------------------------------------------------------------------------------
Hospital--19.6%
1,150M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2014 1,237,687 557
500M Hanover County, Va. Indl. Dev. Auth. (Bon Secours Health Sys. Projs.)
6% 8/15/2010 541,250 244
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 312,700 141
255M 7 1/4% 7/1/2000* 279,863 126
1,675M 6 1/8% 7/1/2017 1,813,188 816
150M Winchester, Va. Indl. Dev. Auth. (Winchester Med. Ctr.)
7 1/4% 1/1/2000* 162,937 73
- ------------------------------------------------------------------------------------------------------------------
4,347,625 1,957
- ------------------------------------------------------------------------------------------------------------------
Transportation--16.1%
1,000M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2014 1,112,500 501
280M Richmond, Va. Metro. Auth. Expressway Rev. 7% 10/15/2000* 296,800 134
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,085,000 488
1,000M 6% 7/1/2010 1,076,250 484
- ------------------------------------------------------------------------------------------------------------------
3,570,550 1,607
- ------------------------------------------------------------------------------------------------------------------
Utilities--24.9%
275M Henry County, Va. Public Service Auth. Water & Sewer Rev.
7.2% 11/15/2000* 301,469 136
750M Leesburg, Va. Utility System Revenue 6.3% 7/1/2012 797,813 359
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4% 1/1/2010 535,000 241
1,000M 5 7/8% 11/1/2015 1,028,750 463
1,000M Prince William County, Va. Svce. Auth. Water & Sewer Sys. Rev.
6 1/2% 7/1/2001* 1,088,750 490
500M Puerto Rico Electric Power Authority 5 1/4% 7/1/2015 493,125 222
560M Roanoke County, Va. Water System Revenue 6 1/2% 7/1/2001* 611,800 276
625M Upper Occoquan Sewer Authority, Va. Regional Sewer Revenue
6 1/2% 7/1/2001* 682,812 307
- ------------------------------------------------------------------------------------------------------------------
5,539,519 2,494
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--22.4%
1,000M Chesapeake, Va. Indl. Dev. Auth. (Chesapeake Court House Proj.)
5 1/4% 6/1/2017 963,750 434
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex Proj.)
6 1/2% 12/1/2014 768,250 346
1,000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,108,750 499
1,000M Richmond, Va. Redev. & Hsg. Auth. (Old Manchester Proj.)
6.8% 3/1/2015 1,100,000 495
1,000M Riverside, Va. Regl. Jail Authority 5 7/8% 7/1/2014 1,031,250 464
- ------------------------------------------------------------------------------------------------------------------
4,972,000 2,238
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,201,909) 97.7% 21,697,663 9,768
Other Assets, Less Liabilities 2.3 516,102 232
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,213,765 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1997
- ------------------------- -----------------------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED -----------------------------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- ------------------------- ------------------ -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $181,215,305 $14,553,790 $21,704,848 $3,113,749 $10,383,012
============ ============ ============ ============ ============
At value (Note 1A) $193,761,506 $15,757,901 $23,464,009 $3,341,400 $11,030,481
Cash (overdraft) 1,718,840 52,826 160,687 56,489 139,724
Receivables:
Interest 4,252,999 324,028 351,979 70,530 253,273
Investment securities sold -- -- -- --
Shares sold 46,244 34,486 577 818 1,099
Other assets 10,408 331 31 -- 7
------------ ------------ ------------ ------------ ------------
Total Assets 199,789,997 16,169,572 23,977,283 3,469,237 11,424,584
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Dividend payable 784,820 62,875 91,400 13,426 46,616
Shares redeemed 250,013 5,200 218,382 50,012 40,674
Accrued advisory fees 116,606 6,766 9,993 576 2,848
Accrued expenses 9,105 -- 4,088 -- 2,693
------------ ------------ ------------ ------------ ------------
Total Liabilities 1,160,544 74,841 323,863 64,014 92,831
------------ ------------ ------------ ------------ ------------
Net Assets $198,629,453 $16,094,731 $23,653,420 $3,405,223 $11,331,753
============ ============ ============ ============ ============
Net Assets Consist of:
Capital paid in $186,129,084 $15,051,299 $21,860,622 $3,214,569 $10,789,318
Undistributed net investment
income 28,142 2,695 9,661 955 1,478
Accumulated net realized gain
(loss) on investments (73,974) (163,374) 23,976 (37,952) (106,512)
Net unrealized appreciation
in value of investments 12,546,201 1,204,111 1,759,161 227,651 647,469
------------ ------------ ------------ ------------ ------------
Total $198,629,453 $16,094,731 $23,653,420 $3,405,223 $11,331,753
============ ============ ============ ============ ============
Net Assets:
Class A $195,582,677 $14,638,048 $23,041,288 $3,205,405 $10,077,486
Class B $ 3,046,776 $ 1,456,683 $ 612,132 $ 199,818 $ 1,254,267
Shares outstanding (Note 2):
Class A 13,474,998 1,146,615 1,747,790 254,472 778,388
Class B 209,994 114,163 46,432 15,881 96,914
Net asset value and redemption
price per share--Class A $14.51 $12.77 $13.18 $12.60 $12.95
====== ====== ====== ====== ======
Maximum offering price per
share--Class A* $15.48 $13.62 $14.06 $13.44 $13.81
====== ====== ====== ====== ======
Net asset value and offering
price per share--Class B (Note 2) $14.51 $12.76 $13.18 $12.58 $12.94
====== ====== ====== ====== ======
* On purchases of $25,000 or more,
the sales charge is reduced.
<CAPTION>
Statement of Assets and Liabilities (Continued)
- --------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $20,982,599 $54,536,467 $5,695,384 $41,391,165 $20,201,909
============ ============ ============ ============ ============
At value (Note 1A) $22,735,405 $59,176,039 $5,964,131 $44,002,019 $21,697,663
Cash (overdraft) 24,330 166,828 166,448 20,006 (48,146)
Receivables:
Interest 435,992 1,242,134 112,446 662,222 466,821
Investment securities sold -- -- -- -- 100,300
Shares sold 58,934 21,176 47 11,809 96,021
Other assets 644 277 -- 81 47
------------ ------------ ------------ ------------ ------------
Total Assets 23,255,305 60,606,454 6,243,072 44,696,137 22,312,706
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Dividend payable 93,940 233,116 23,984 173,237 85,552
Shares redeemed 25,012 25,550 60,698 23,812 --
Accrued advisory fees 9,713 30,323 1,032 18,600 9,282
Accrued expenses 4,953 12,694 -- 4,371 4,107
------------ ------------ ------------ ------------ ------------
Total Liabilities 133,618 301,683 85,714 220,020 98,941
------------ ------------ ------------ ------------ ------------
Net Assets $23,121,687 $60,304,771 $6,157,358 $44,476,117 $22,213,765
============ ============ ============ ============ ============
Net Assets Consist of:
Capital paid in $21,329,686 $55,547,175 $6,000,675 $41,604,986 $20,700,744
Undistributed net investment
income 5,103 4,424 1,694 10,976 4,577
Accumulated net realized gain
(loss) on investments 34,092 113,600 (113,758) 249,301 12,690
Net unrealized appreciation
in value of investments 1,752,806 4,639,572 268,747 2,610,854 1,495,754
------------ ------------ ------------ ------------ ------------
Total $23,121,687 $60,304,771 $6,157,358 $44,476,117 $22,213,765
============ ============ ============ ============ ============
Net Assets:
Class A $22,530,916 $58,633,390 $6,052,267 $43,468,003 $21,108,475
Class B $ 590,771 $ 1,671,381 $ 105,091 $ 1,008,114 $ 1,105,290
Shares outstanding (Note 2):
Class A 1,887,960 4,499,571 496,105 3,357,240 1,651,771
Class B 49,523 128,453 8,616 77,914 86,576
Net asset value and redemption
price per share--Class A $11.93 $13.03 $12.20 $12.95 $12.78
====== ====== ====== ====== ======
Maximum offering price per
share--Class A* $12.73 $13.90 $13.01 $13.81 $13.63
====== ====== ====== ====== ======
Net asset value and offering
price per share--Class B (Note 2): $11.93 $13.01 $12.20 $12.94 $12.77
====== ====== ====== ====== ======
* On purchases of $25,000 or more,
the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1997
- ------------------------- -----------------------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED -----------------------------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- ------------------------- ------------------ -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $6,149,152 $463,082 $669,349 $93,439 $312,631
---------- ---------- ---------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 751,514 61,114 89,962 12,834 41,891
Distribution plan
expenses-Class A 296,562 14,760 23,390 3,240 10,066
Distribution plan
expenses-Class B 13,479 7,682 2,998 913 5,522
Shareholder servicing costs 88,616 9,379 9,272 2,367 6,088
Professional fees 35,893 5,000 5,877 4,224 7,111
Reports to shareholders 26,308 1,227 1,322 233 659
Bond insurance premiums 14,968 1,496 -- 33 1,105
Custodian fees 9,655 1,561 1,967 417 1,394
Other expenses 20,082 909 3,934 1,684 1,839
---------- ---------- ---------- ---------- ----------
Total expenses 1,257,077 103,128 138,722 25,945 75,675
Less: Expenses waived or assumed (50,101) (30,246) (38,437) (17,963) (42,358)
Custodian fees paid indirectly (5,188) (1,561) (1,967) (409) (978)
---------- ---------- ---------- ---------- ----------
Expenses-net 1,201,788 71,321 98,318 7,573 32,339
---------- ---------- ---------- ---------- ----------
Net investment income 4,947,364 391,761 571,031 85,866 280,292
---------- ---------- ---------- ---------- ----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized gain (loss) on
investments (72,591) 27,496 25,617 3,443 15,405
Net unrealized appreciation
(depreciation) of investments (310,688) 53,418 91,405 7,244 44,429
---------- ---------- ---------- ---------- ----------
Net gain (loss) on investments (383,279) 80,914 117,022 10,687 59,834
---------- ---------- ---------- ---------- ----------
Net Increase in Net Assets
Resulting from Operations $4,564,085 $472,675 $688,053 $96,553 $340,126
========== ========== ========== ========== ==========
<CAPTION>
Statement of Operations (Continued)
- -----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- -----------------------------------------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $677,492 $1,754,530 $160,450 $1,249,276 $621,941
---------- ---------- ---------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 86,241 225,019 22,575 163,667 82,304
Distribution plan
expenses-Class A 22,433 58,347 5,885 42,808 20,723
Distribution plan
expenses-Class B 2,821 8,295 673 4,181 6,119
Shareholder servicing costs 12,356 23,590 3,311 16,956 12,346
Professional fees 5,835 16,059 5,297 5,693 6,223
Reports to shareholders 1,734 2,960 365 2,176 1,673
Bond insurance premiums 323 1,000 254 740 1,261
Custodian fees 1,774 4,441 676 3,754 2,001
Other expenses 3,683 6,004 1,545 5,609 2,842
---------- ---------- ---------- ---------- ----------
Total expenses 137,200 345,715 40,581 245,584 135,492
Less: Expenses waived or assumed (41,847) (45,004) (27,420) (54,556) (41,238)
Custodian fees paid indirectly (1,102) (2,279) (585) (1,822) (1,560)
---------- ---------- ---------- ---------- ----------
Expenses-net 94,251 298,432 12,576 189,206 92,694
---------- ---------- ---------- ---------- ----------
Net investment income 583,241 1,456,098 147,874 1,060,070 529,247
---------- ---------- ---------- ---------- ----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4)
Net realized gain (loss)
on investments 34,092 113,600 (2,347) 249,301 12,690
Net unrealized appreciation
(depreciation) of investments 2,506 82,726 34,472 (130,563) 43,758
---------- ---------- ---------- ---------- ----------
Net gain (loss) on investments 36,598 196,326 32,125 118,738 56,448
---------- ---------- ---------- ---------- ----------
Net Increase in Net Assets
Resulting from Operations $619,839 $1,652,424 $179,999 $1,178,808 $585,695
========== ========== ========== ========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- ---------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
FIRST INVESTORS INSURED TAX FREE FUND
NEW YORK INSURED --------------------------
TAX FREE FUND, INC. CONNECTICUT
--------------------------- --------------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $4,947,364 $10,253,917 $391,761 $813,628
Net realized gain (loss) on investments (72,591) 1,289,959 27,496 49,894
Net unrealized appreciation (depreciation)
of investments (310,688) (5,797,415) 53,418 (341,867)
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 4,564,085 5,746,461 472,675 521,655
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income-Class A (4,866,499) (10,188,583) (360,611) (763,323)
Net investment income-Class B (57,483) (81,519) (31,767) (47,896)
Net realized gains-Class A -- (1,270,477) -- --
Net realized gains-Class B -- (14,025) -- --
------------ ------------ ------------ ------------
Total distributions (4,923,982) (11,554,604) (392,378) (811,219)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 4,844,277 14,929,752 1,453,068 1,791,879
Value of distributions reinvested 2,975,533 8,479,739 236,272 591,466
Cost of shares redeemed (15,375,197) (29,403,688) (2,327,545) (3,622,967)
------------ ------------ ------------ ------------
(7,555,387) (5,994,197) (638,205) (1,239,622)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 837,736 1,324,681 153,729 870,165
Value of distributions reinvested 26,001 43,157 22,792 44,644
Cost of shares redeemed (56,715) (242,836) (231,948) (259,832)
------------ ------------ ------------ ------------
807,022 1,125,002 (55,427) 654,977
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (6,748,365) (4,869,195) (693,632) (584,645)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (7,108,262) (10,677,338) (613,335) (874,209)
Net Assets
Beginning of period 205,737,715 216,415,053 16,708,066 17,582,275
------------ ------------ ------------ ------------
End of period+ $198,629,453 $205,737,715 $16,094,731 $16,708,066
============ ============ ============ ============
+ Includes undistributed net investment income of $28,142 $4,760 $2,695 $3,312
============ ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 336,252 1,025,758 115,108 142,380
Issued for distributions reinvested 206,666 582,469 18,694 46,920
Redeemed (1,066,513) (2,024,730) (183,903) (288,759)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding (523,595) (416,503) (50,101) (99,459)
============ ============ ============ ============
Class B:
Sold 57,878 90,689 12,200 69,093
Issued for distributions reinvested 1,807 2,968 1,804 3,543
Redeemed (3,943) (16,810) (18,348) (20,572)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares
outstanding 55,742 76,847 (4,344) 52,064
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets (Continued)
- ------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------------------------------
FLORIDA GEORGIA MARYLAND
------------------------------------------------------------------------------------
1/1/97 to 1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996 6/30/97 1996
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From
Operations Net investment income $571,031 $1,094,996 $85,866 $172,346 $280,292 $505,439
Net realized gain (loss) on investments 25,617 74,824 3,443 (3,567) 15,405 (12,765)
Net unrealized appreciation (depreciation)
of investments 91,405 (389,084) 7,244 (35,533) 44,429 (142,574)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 688,053 780,736 96,553 133,246 340,126 350,100
------------ ------------ ------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income-Class A (551,735) (1,080,032) (81,043) (168,808) (255,067) (471,931)
Net investment income-Class B (11,682) (17,788) (3,868) (5,554) (23,747) (37,153)
Net realized gains-Class A -- -- -- -- -- --
Net realized gains-Class B -- -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total distributions (563,417) (1,097,820) (84,911) (174,362) (278,814) (509,084)
------------ ------------ ------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,748,357 4,886,609 247,658 708,947 761,162 2,371,706
Value of distributions reinvested 247,697 527,296 52,359 130,926 142,116 318,426
Cost of shares redeemed (2,374,117) (4,030,124) (374,184) (577,642) (994,667) (1,084,280)
------------ ------------ ------------ ------------ ------------ ------------
(378,063) 1,383,781 (74,167) 262,231 (91,389) 1,605,852
------------ ------------ ------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 168,756 270,535 44,995 53,815 246,015 605,384
Value of distributions reinvested 6,691 11,860 3,199 5,551 13,731 27,636
Cost of shares redeemed (116,015) (29,524) (140) (5,516) (36,559) (29,524)
------------ ------------ ------------ ------------ ------------ ------------
59,432 252,871 48,054 53,850 223,187 603,496
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) from share
transactions (318,631) 1,636,652 (26,113) 316,081 131,798 2,209,348
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets (193,995) 1,319,568 (14,471) 274,965 193,110 2,050,364
Net Assets
Beginning of period 23,847,415 22,527,847 3,419,694 3,144,729 11,138,643 9,088,279
------------ ------------ ------------ ------------ ------------ ------------
End of period+ $23,653,420 $23,847,415 $3,405,223 $3,419,694 $11,331,753 $11,138,643
============ ============ ============ ============ ============ ============
+ Includes undistributed net investment
income of $9,661 $2,047 $955 $-- $1,478 $--
============ ============ ============ ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 133,686 376,905 19,863 57,305 59,233 185,393
Issued for distributions reinvested 19,004 40,598 4,202 10,551 11,091 24,934
Redeemed (182,561) (309,903) (30,022) (46,987) (77,608) (85,125)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding (29,871) 107,600 (5,957) 20,869 (7,284) 125,202
============ ============ ============ ============ ============ ============
Class B:
Sold 12,958 20,824 3,582 4,383 19,385 47,217
Issued for distributions reinvested 513 913 257 447 1,072 2,165
Redeemed (8,915) (2,299) (11) (449) (2,843) (2,293)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares
outstanding 4,556 19,438 3,828 4,381 17,614 47,089
============ ============ ============ ============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
- ---------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------
MASSACHUSETTS NEW JERSEY
- ---------------------------------------------------------------------------------------------------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $583,241 $1,172,357 $1,456,098 $2,916,680
Net realized gain (loss) on investments 34,092 85,294 113,600 70,669
Net unrealized appreciation (depreciation)
of investments 2,506 (573,806) 82,726 (1,196,743)
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 619,839 683,845 1,652,424 1,790,606
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income-Class A (570,486) (1,153,025) (1,420,816) (2,869,228)
Net investment income-Class B (12,080) (16,672) (34,225) (49,644)
Net realized gains-Class A -- (83,372) -- (68,924)
Net realized gains-Class B -- (1,922) -- (1,745)
------------ ------------ ------------ ------------
Total distributions (582,566) (1,254,991) (1,455,041) (2,989,541)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,491,710 2,511,826 3,263,977 5,754,747
Value of distributions reinvested 363,712 944,356 805,827 1,964,745
Cost of shares redeemed (1,903,815) (3,529,036) (4,450,534) (6,865,273)
------------ ------------ ------------ ------------
(48,393) (72,854) (380,730) 854,219
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 74,124 202,279 131,469 662,997
Value of distributions reinvested 8,233 16,060 21,966 34,559
Cost of shares redeemed (11,599) (6,000) (90,602) (37,693)
------------ ------------ ------------ ------------
70,758 212,339 62,833 659,863
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 22,365 139,485 (317,897) 1,514,082
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 59,638 (431,661) (120,514) 315,147
Net Assets
Beginning of period 23,062,049 23,493,710 60,425,285 60,110,138
------------ ------------ ------------ ------------
End of period+ $23,121,687 $23,062,049 $60,304,771 $60,425,285
============ ============ ============ ============
+Includes undistributed net investment income of $5,103 $4,428 $4,424 $3,367
============ ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 125,996 211,581 252,551 444,851
Issued for distributions reinvested 30,747 79,444 62,325 152,014
Redeemed (160,214) (296,546) (343,950) (532,184)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding (3,471) (5,521) (29,074) 64,681
============ ============ ============ ============
Class B:
Sold 6,238 17,031 10,262 51,533
Issued for distributions reinvested 696 1,352 1,655 2,676
Redeemed (972) (510) (7,008) (2,937)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares
outstanding 5,962 17,873 4,909 51,272
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets (continued)
- --------------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------------------------------
NORTH CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------------------------------------------------------------------------------------------------------------
1/1/97 to 1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996 6/30/97 1996
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From
Operations Net investment income $147,874 $271,024 $1,060,070 $1,999,437 $529,247 $1,163,876
Net realized gain (loss) on investments (2,347) (23,116) 249,301 92,636 12,690 116,236
Net unrealized appreciation (depreciation)
of investments 34,472 (34,400) (130,563) (641,156) 43,758 (619,607)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 179,999 213,508 1,178,808 1,450,917 585,695 660,505
------------ ------------ ------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income-Class A (143,861) (266,604) (1,034,712) (1,992,199) (505,270) (1,113,699)
Net investment income-Class B (2,761) (4,745) (17,121) (22,090) (25,249) (46,545)
Net realized gains-Class A -- -- -- (90,955) -- (110,130)
Net realized gains-Class B -- -- -- (1,681) -- (6,106)
------------ ------------ ------------ ------------ ------------ ------------
Total distributions (146,622) (271,349) (1,051,833) (2,106,925) (530,519) (1,276,480)
------------ ------------ ------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 348,745 1,421,600 3,215,714 6,171,576 1,222,265 2,536,360
Value of distributions reinvested 80,746 171,717 509,388 1,238,624 280,109 803,597
Cost of shares redeemed (232,226) (697,053) (2,610,714) (4,511,225) (1,491,136) (6,898,896)
------------ ------------ ------------ ------------ ------------ ------------
197,265 896,264 1,114,388 2,898,975 11,238 (3,558,939)
------------ ------------ ------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 50,000 61,061 274,482 553,480 148,680 596,169
Value of distributions reinvested 1,619 2,715 10,913 18,267 13,496 39,343
Cost of shares redeemed (80,990) (5,871) (59,747) (32,601) (227,855) (431,254)
------------ ------------ ------------ ------------ ------------ ------------
(29,371) 57,905 225,648 539,146 (65,679) 204,258
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) from share
transactions 167,894 954,169 1,340,036 3,438,121 (54,441) (3,354,681)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets 201,271 896,328 1,467,011 2,782,113 735 (3,970,656)
Net Assets
Beginning of period 5,956,087 5,059,759 43,009,106 40,226,993 22,213,030 26,183,686
------------ ------------ ------------ ------------ ------------ ------------
End of period+ $6,157,358 $5,956,087 $44,476,117 $43,009,106 $22,213,765 $22,213,030
============ ============ ============ ============ ============ ============
+Includes undistributed net investment
income of $1,694 $442 $10,976 $2,739 $4,577 $5,849
============ ============ ============ ============ ============ ============
(a) Shares Issued and Redeemed
Class A:
Sold 28,821 118,028 250,722 482,260 96,345 199,610
Issued for distributions reinvested 6,692 14,318 39,749 96,567 22,111 63,260
Redeemed (19,216) (58,047) (203,152) (352,480) (117,675) (548,735)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares
outstanding 16,297 74,299 87,319 226,347 781 (285,865)
============ ============ ============ ============ ============ ============
Class B:
Sold 4,107 5,163 21,235 42,789 11,744 46,713
Issued for distributions reinvested 134 227 852 1,424 1,066 3,098
Redeemed (6,652) (495) (4,655) (2,514) (17,762) (34,525)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares
outstanding (2,411) 4,895 17,432 41,699 (4,952) 15,286
============ ============ ============ ============ ============ ============
See notes to financial statements
</TABLE>
Notes to Financial Statements
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
1. Significant Accounting Policies--First Investors New York Insured Tax
Free Fund, Inc. ("New York Insured") and First Investors Multi-State
Insured Tax Free Fund ("Multi-State Insured")(collectively, "Funds") are
registered under the Investment Company Act of 1940 (the "1940 Act") as
diversified, open-end management investment companies. New York Insured
consists of a single investment series and Multi-State Insured consists
of seventeen separate investment series. This report relates to New York
Insured and the nine Funds of Multi-State Insured listed above. Multi-
State Insured operates as a series fund, issuing shares of beneficial
interest in each Fund and accounts separately for the assets,
liabilities and operations of each Fund.
The investment objective of New York Insured is to provide a high level
of interest income which is exempt from federal income tax, New York
State and New York City personal income taxes.
The investment objective of each Fund of Multi-State Insured is to
achieve a high level of interest income which is exempt from federal
income tax and, to the extent indicated for a particular Fund, from
state and local income taxes for residents of that state.
A. Security Valuation--The municipal securities in which the Funds
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Board of
Directors/Trustees. The pricing service considers security type, rating,
market condition and yield data, as well as market quotations and prices
provided by market makers in determining valuations. "When Issued
Securities" are reflected in the assets of the Funds as of the date the
securities are purchased.
The municipal bonds held by the Funds are insured as to payment of
principal and interest by the issuer or under insurance policies written
by independent insurance companies. It is the intention of the Funds to
retain any insured securities which are in default or in significant
risk of default and to place a value on the defaulted securities based
on the value of similar securities which are not in default. Each Fund
may invest up to 35% of its assets in portfolio securities not covered
by the insurance feature.
B. Federal Income Taxes--It is the policy of the Funds to continue to
qualify as regulated investment companies, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The Funds
make distributions of income and net realized capital gains (in excess
of any available capital loss carryovers) sufficient to relieve them
from all, or substantially all, federal income taxes.
At June 30, 1997, Funds having capital loss carryovers were as follows:
Year Capital Loss
Carryovers Expire
--------------------------------------------
MULTI-STATE INSURED Total 2002 2003 2004
- ---------------------- -------- -------- -------- --------
CONNECTICUT Fund. $ 190,870 $190,870 $-- $--
FLORIDA Fund. 1,641 1,641 -- --
GEORGIA Fund. 41,395 18,533 19,295 3,567
MARYLAND Fund 121,917 109,152 -- 12,765
NORTH CAROLINA Fund 110,411 68,000 20,296 22,115
C. Distributions to Shareholders--Dividends from net investment income
are declared daily and paid monthly. Distributions from net realized
capital gains are normally declared and paid annually. Income dividends
and capital gain distributions are determined in accordance with income
tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments
for capital loss carryforwards, deferral of wash sales and post October
losses.
D. Expense Allocation--Direct expenses attributable to a Fund are
charged to and paid from the assets of that Fund. Indirect or general
expenses of Multi-State Insured are allocated among and charged to the
assets of each Fund on a fair and equitable basis, which may be based on
the relative assets of each Fund or the nature of the services performed
and relative applicability to each Fund.
E. Security Transactions and Investment Income--Security transactions
are accounted for on the date the securities are purchased or sold. Cost
is determined, and gains and losses are based, on the identified cost
basis for both financial statement and federal income tax purposes.
Interest income is earned from settlement date and recorded on the
accrual basis. Estimated expenses are accrued daily. The Funds'
Custodian has provided credits for the New York Insured and the nine
Funds of Multi-State Insured included in this report of $5,188 and
$12,263, respectively, against custodian charges based on the uninvested
cash balances of the Funds.
F. Use of Estimates--The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
2. Capital--Each Fund sells two classes of shares, Class A and Class B,
each with a public offering price that reflects different sales charges
and expense levels. Class A shares are sold with an initial sales charge
of up to 6.25% of the amount invested and together with the Class B
shares are subject to distribution plan fees as described in Note 5.
Class B shares are sold without an initial sales charge, but are
generally subject to a contingent deferred sales charge which declines
in steps from 4% to 0% over a six-year period. Class B shares
automatically convert into Class A shares after eight years. Realized
and unrealized gains or losses, investment income and expenses (other
than distribution plan fees) are allocated daily to each class of shares
based upon the relative proportion of net assets of each class. Of the
1,000,000,000 shares originally authorized, New York Insured has
designated 500,000,000 shares as Class A and 500,000,000 shares as Class
B. Multi-State Insured has established an unlimited number of shares of
beneficial interest for both Class A and Class B shares.
3. Concentration of Credit Risk--The Funds invest in debt instruments of
municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions--For the six months ended June 30, 1997,
purchases and sales of municipal securities, other than short-term
municipal notes, were as follows:
Cost Proceeds
of of
Purchases Sales
-------------- ------------
NEW YORK INSURED $19,468,828 $31,243,238
MULTI-STATE INSURED
- -------------------
CONNECTICUT Fund 818,986 1,630,845
FLORIDA Fund 2,946,129 3,509,736
GEORGIA Fund 292,321 310,283
MARYLAND Fund. 2,232,271 2,045,299
MASSACHUSETTS Fund 2,447,627 2,419,827
NEW JERSEY Fund 4,850,105 6,074,895
NORTH CAROLINA Fund 379,932 237,013
PENNSYLVANIA Fund 11,906,844 10,402,107
VIRGINIA Fund 476,207 505,130
At June 30, 1997, aggregate cost and net unrealized appreciation of
securities for federal income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Appreciation
------------ ------------ ------------ ------------
NEW YORK
INSURED $181,215,964 $12,545,542 $-- $12,545,542
MULTI-STATE
INSURED
- -----------
CONNECTICUT
Fund 14,553,790 1,204,111 -- 1,204,111
FLORIDA
Fund 21,704,848 1,759,161 -- 1,759,161
GEORGIA
Fund 3,113,749 227,651 -- 227,651
MARYLAND
Fund 10,383,012 647,469 -- 647,469
MASSACHUSETTS
Fund 20,982,599 1,752,806 -- 1,752,806
NEW JERSEY
Fund 54,536,467 4,639,572 -- 4,639,572
NORTH CAROLINA
Fund 5,695,384 268,747 -- 268,747
PENNSYLVANIA
Fund 41,391,165 2,610,854 -- 2,610,854
VIRGINIA
Fund 20,201,909 1,495,754 -- 1,495,754
5. Advisory Fee and Other Transactions With Affiliates--Certain officers
and directors/trustees of the Funds are officers and directors of the
Funds' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC") and/or
their transfer agent, Administrative Data Management Corp. ("ADM").
Officers and directors/trustees of the Funds received no remuneration
from the Funds for serving in such capacities. Their remuneration
(together with certain other expenses of the Funds) is paid by FIMCO or
FIC.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of each Fund, declining by .03%
on each $250 million thereafter, down to .66% on average daily net
assets over $750 million. For the six months ended June 30, 1997,
advisory fees of New York Insured amounted to $751,514, of which $50,101
was waived. For the same period, advisory fees for the nine Funds of
Multi-State Insured included in this report amounted to $785,607, of
which $257,201 was waived; other expenses in the amount of $81,868 were
assumed by FIMCO.
For the six months ended June 30, 1997, FIC, as underwriter, received
$108,641 in commissions on sales of shares of New York Insured, after
allowing $14,557 to other dealers, and $353,102 in commissions on sales
of shares of the nine Funds of Multi-State Insured included in this
report, after allowing $116,502 to other dealers. Shareholder servicing
costs of New York Insured and the nine Funds of Multi-State Insured
consisted of $78,813 and $77,986, respectively, in transfer agent fees
accrued to ADM.
Pursuant to Distribution Plans adopted by the Funds under Rule 12b-1 of
the 1940 Act, each Fund is authorized to pay FIC a fee up to .30% of the
average net assets of the Class A shares and up to 1% of the average net
assets of the Class B shares on an annualized basis each fiscal year,
payable monthly. The fee consists of a distribution fee and a service
fee. The service fee is paid for the ongoing servicing of clients who
are shareholders of that Fund.
This page left blank intentionally.
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1992 $14.33 $.844 $.386 $1.230 $.840 $--
1993 14.72 .809 .608 1.417 .820 .137
1994 15.18 .758 (1.510) (.752) .768 --
1995 13.66 .738 1.331 2.069 .740 .059
1996 14.93 .719 (.298) .421 .720 .091
1/1/97 to 6/30/97 14.54 .359 (.032) .327 .357 --
Class B
1/12/95* to 12/31/95 13.76 .616 1.232 1.848 .619 .059
1996 14.93 .617 (.306) .311 .620 .091
1/1/97 to 6/30/97 14.53 .309 (.020) .289 .309 --
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1992 $11.64 $.669 $.401 $1.070 $.660 $--
1993 12.05 .615 1.053 1.668 .625 .043
1994 13.05 .609 (1.480) (.871) .609 --
1995 11.57 .617 1.333 1.950 .620 --
1996 12.90 .619 (.202) .417 .617 --
1/1/97 to 6/30/97 12.70 .311 .070 .381 .311 --
Class B
1/12/95* to 12/31/95 11.67 .512 1.242 1.754 .524 --
1996 12.90 .522 (.204) .318 .518 --
1/1/97 to 6/30/97 12.70 .259 .064 .323 .263 --
FLORIDA FUND
Class A
1992 $11.70 $.702 $.508 $1.210 $.700 $--
1993 12.21 .664 1.032 1.696 .671 .095
1994 13.14 .642 (1.346) (.704) .646 --
1995 11.79 .640 1.527 2.167 .647 --
1996 13.31 .623 (.198) .425 .625 --
1/1/97 to 6/30/97 13.11 .314 .066 .380 .310 --
Class B
1/12/95* to 12/31/95 11.87 .529 1.460 1.989 .549 --
1996 13.31 .530 (.204) .326 .526 --
1/1/97 to 6/30/97 13.11 .263 .063 .326 .256 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
----------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1992 $.840 $14.72 8.84 $181,389 1.29 5.84
1993 .957 15.18 9.82 211,967 1.27 5.35
1994 .768 13.66 (5.03) 193,916 1.28 5.30
1995 .799 14.93 15.45 215,259 1.23 5.10
1996 .811 14.54 2.95 203,496 1.23 4.93
1/1/97 to 6/30/97 .357 14.51 2.29 195,583 1.20+ 4.94+
Class B
1/12/95* to 12/31/95 .678 14.93 13.66 1,156 2.00+ 4.34+
1996 .711 14.53 2.18 2,242 1.93 4.23
1/1/97 to 6/30/97 .309 14.51 2.02 3,047 1.90+ 4.24+
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1992 $.660 $12.05 9.49 $10,828 .33 5.73
1993 .668 13.05 14.10 17,202 .80 4.83
1994 .609 11.57 (6.75) 14,848 .87 5.01
1995 .620 12.90 17.18 16,725 .85 4.98
1996 .617 12.70 3.37 15,203 .81 4.92
1/1/97 to 6/30/97 .311 12.77 3.05 14,638 .80+ 4.88+
Class B
1/12/95* to 12/31/95 .524 12.90 15.28 857 1.71+ 4.12+
1996 .518 12.70 2.57 1,505 1.61 4.12
1/1/97 to 6/30/97 .263 12.76 2.58 1,457 1.60+ 4.08+
FLORIDA FUND
Class A
1992 $.700 $12.21 10.67 $12,678 .29 5.97
1993 .766 13.14 14.19 21,397 .45 5.20
1994 .646 11.79 (5.39) 19,765 .62 5.24
1995 .647 13.31 18.77 22,229 .75 5.05
1996 .625 13.11 3.34 23,299 .83 4.80
1/1/97 to 6/30/97 .310 13.18 2.94 23,041 .80+ 4.78+
Class B
1/12/95* to 12/31/95 .549 13.31 17.06 299 1.68+ 4.12+
1996 .526 13.11 2.56 549 1.62 4.01
1/1/97 to 6/30/97 .256 13.18 2.52 612 1.60+ 3.98+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for
a share outstanding, total return, ratios to average net assets and other
supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1992 N/A N/A 46
1993 N/A N/A 31
1994 N/A N/A 55
1995 N/A N/A 53
1996 N/A N/A 53
1/1/97 to 6/30/97 1.24+ 4.90+ 10
Class B
1/12/95* to 12/31/95 N/A N/A 53
1996 N/A N/A 53
1/1/97 to 6/30/97 1.94+ 4.20+ 10
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1992 1.20 4.86 46
1993 1.15 4.48 29
1994 1.22 4.66 63
1995 1.20 4.63 26
1996 1.23 4.50 15
1/1/97 to 6/30/97 1.17+ 4.51+ 5
Class B
1/12/95* to 12/31/95 2.07+ 3.76+ 26
1996 2.02 3.71 15
1/1/97 to 6/30/97 1.97+ 3.71+ 5
FLORIDA FUND
Class A
1992 1.17 5.10 65
1993 1.10 4.55 53
1994 1.19 4.67 98
1995 1.15 4.65 68
1996 1.16 4.47 55
1/1/97 to 6/30/97 1.12+ 4.46+ 13
Class B
1/12/95* to 12/31/95 2.09+ 3.70+ 68
1996 1.95 3.68 55
1/1/97 to 6/30/97 1.92+ 3.66+ 13
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $11.17 $.267 $.233 $.500 $.250 $--
1993 11.42 .603 1.091 1.694 .619 .005
1994 12.49 .584 (1.165) (.581) .579 --
1995 11.33 .653 1.387 2.040 .650 --
1996 12.72 .639 (.161) .478 .648 --
1/1/97 to 6/30/97 12.55 .318 .046 .364 .314 --
Class B
1/12/95* to 12/31/95 11.42 .529 1.303 1.832 .542 --
1996 12.71 .563 (.183) .380 .550 --
1/1/97 to 6/30/97 12.54 .267 .039 .306 .266 --
MARYLAND FUND
Class A
1992 $11.68 $.669 $.426 $1.095 $.665 $--
1993 12.11 .653 1.083 1.736 .660 .036
1994 13.15 .644 (1.373) (.729) .651 --
1995 11.77 .668 1.348 2.016 .666 --
1996 13.12 .650 (.235) .415 .655 --
1/1/97 to 6/30/97 12.88 .329 .068 .397 .327 --
Class B
1/12/95* to 12/31/95 11.85 .561 1.279 1.840 .570 --
1996 13.12 .555 (.249) .306 .556 --
1/1/97 to 6/30/97 12.87 .278 .069 .347 .277 --
MASSACHUSETTS FUND
Class A
1992 $11.31 $.687 $.399 $1.086 $.676 $.010
1993 11.71 .653 .716 1.369 .660 .139
1994 12.28 .627 (1.267) (.640) .630 --
1995 11.01 .612 1.227 1.839 .613 .016
1996 12.22 .603 (.256) .347 .602 .045
1/1/97 to 6/30/97 11.92 .303 .010 .313 .303 --
Class B
1/12/95* to 12/31/95 11.09 .508 1.155 1.663 .527 .016
1996 12.21 .514 (.263) .251 .506 .045
1/1/97 to 6/30/97 11.91 .257 .018 .275 .255 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
----------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $.250 $11.42 6.75+ $365 -- 4.45+
1993 .624 12.49 15.16 1,469 .13 4.96
1994 .579 11.33 (4.69) 2,065 .20 4.99
1995 .650 12.72 18.40 3,047 .20 5.41
1996 .648 12.55 3.94 3,269 .38 5.17
1/1/97 to 6/30/97 .314 12.60 2.95 3,205 .40+ 5.06+
Class B
1/12/95* to 12/31/95 .542 12.71 16.34 97 1.00+ 4.61+
1996 .550 12.54 3.13 151 1.19 4.36
1/1/97 to 6/30/97 .266 12.58 2.48 200 1.20+ 4.26+
MARYLAND FUND
Class A
1992 $.665 $12.11 9.64 $3,575 .20 5.72
1993 .696 13.15 14.62 6,643 .45 5.16
1994 .651 11.77 (5.59) 6,904 .45 5.27
1995 .666 13.12 17.50 8,666 .48 5.32
1996 .655 12.88 3.33 10,118 .51 5.10
1/1/97 to 6/30/97 .327 12.95 3.13 10,077 .50+ 5.10+
Class B
1/12/95* to 12/31/95 .570 13.12 15.82 423 1.38+ 4.42+
1996 .556 12.87 2.45 1,021 1.31 4.30
1/1/97 to 6/30/97 .277 12.94 2.73 1,254 1.30+ 4.30+
MASSACHUSETTS FUND
Class A
1992 $.686 $11.71 9.90 $20,067 .70 5.99
1993 .799 12.28 11.93 23,653 .90 5.37
1994 .630 11.01 (5.30) 20,838 .95 5.45
1995 .629 12.22 17.07 23,180 .90 5.22
1996 .647 11.92 2.99 22,543 .86 5.08
1/1/97 to 6/30/97 .303 11.93 2.67 22,531 .80+ 5.09+
Class B
1/12/95* to 12/31/95 .543 12.21 15.28 314 1.76+ 4.36+
1996 .551 11.91 2.16 519 1.66 4.28
1/1/97 to 6/30/97 .255 11.93 2.34 591 1.60+ 4.29+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for
a share outstanding, total return, ratios to average net assets and other
supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
GEORGIA FUND
Class A
5/1/92* to 12/31/92 3.32+ 1.13+ 53
1993 1.84 3.24 50
1994 1.93 3.26 78
1995 1.42 4.20 45
1996 1.44 4.11 37
1/1/97 to 6/30/97 1.45+ 4.01+ 9
Class B
1/12/95* to 12/31/95 2.22+ 3.40+ 45
1996 2.25 3.30 37
1/1/97 to 6/30/97 2.25+ 3.21+ 9
MARYLAND FUND
Class A
1992 1.38 4.55 38
1993 1.28 4.33 50
1994 1.34 4.37 44
1995 1.24 4.55 49
1996 1.24 4.37 13
1/1/97 to 6/30/97 1.26+ 4.34+ 19
Class B
1/12/95* to 12/31/95 2.19+ 3.61+ 49
1996 2.05 3.57 13
1/1/97 to 6/30/97 2.06+ 3.54+ 19
MASSACHUSETTS FUND
Class A
1992 1.17 5.52 28
1993 1.15 5.12 32
1994 1.20 5.20 64
1995 1.15 4.97 40
1996 1.18 4.76 45
1/1/97 to 6/30/97 1.16+ 4.73+ 11
Class B
1/12/95* to 12/31/95 2.01+ 4.10+ 40
1996 1.98 3.96 45
1/1/97 to 6/30/97 1.96+ 3.93+ 11
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1992 $12.29 $.716 $.439 $1.155 $.716 $.059
1993 12.67 .680 .947 1.627 .684 .103
1994 13.51 .659 (1.448) (.789) .661 --
1995 12.06 .648 1.291 1.939 .652 .097
1996 13.25 .636 (.245) .391 .636 .015
1/1/97 to 6/30/97 12.99 .317 .040 .357 .317 --
Class B
1/12/95* to 12/31/95 12.14 .526 1.199 1.725 .528 .097
1996 13.24 .533 (.253) .280 .535 .015
1/1/97 to 6/30/97 12.97 .265 .043 .308 .268 --
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $11.17 $.272 $.188 $.460 $.260 $--
1993 11.37 .595 .962 1.557 .604 .043
1994 12.28 .594 (1.380) (.786) .594 --
1995 10.90 .608 1.391 1.999 .609 --
1996 12.29 .590 (.159) .431 .591 --
1/1/97 to 6/30/97 12.13 .299 .068 .367 .297 --
Class B
1/12/95* to 12/31/95 10.99 .492 1.307 1.799 .499 --
1996 12.29 .496 (.161) .335 .495 --
1/1/97 to 6/30/97 12.13 .248 .071 .319 .249 --
PENNSYLVANIA FUND
Class A
1992 $11.85 $.699 $.427 $1.126 $.716 $--
1993 12.26 .667 1.048 1.715 .663 .152
1994 13.16 .627 (1.447) (.820) .630 --
1995 11.71 .638 1.463 2.101 .635 .036
1996 13.14 .622 (.197) .425 .627 .028
1/1/97 to 6/30/97 12.91 .314 .038 .352 .312 --
Class B
1/12/95* to 12/31/95 11.81 .539 1.376 1.915 .549 .036
1996 13.14 .529 (.201) .328 .530 .028
1/1/97 to 6/30/97 12.91 .265 .029 .294 .264 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
----------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1992 $.775 $12.67 9.74 $54,372 .78 5.76
1993 .787 13.51 13.09 64,558 .96 5.12
1994 .661 12.06 (5.91) 55,379 .99 5.21
1995 .749 13.25 16.41 59,153 .99 5.06
1996 .651 12.99 3.09 58,823 .98 4.92
1/1/97 to 6/30/97 .317 13.03 2.79 58,633 .98+ 4.87+
Class B
1/12/95* to 12/31/95 .625 13.24 14.45 957 1.81+ 4.24+
1996 .550 12.97 2.22 1,603 1.78 4.12
1/1/97 to 6/30/97 .268 13.01 2.41 1,671 1.78+ 4.07+
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $.260 $11.37 6.21+ $1,084 -- 4.53+
1993 .647 12.28 13.98 3,883 .13 4.99
1994 .594 10.90 (6.45) 3,872 .20 5.22
1995 .609 12.29 18.72 4,984 .20 5.18
1996 .591 12.13 3.68 5,822 .38 4.94
1/1/97 to 6/30/97 .297 12.20 3.07 6,052 .40+ 4.93+
Class B
1/12/95* to 12/31/95 .499 12.29 16.65 75 1.00+ 4.38+
1996 .495 12.13 2.85 134 1.20 4.12
1/1/97 to 6/30/97 .249 12.20 2.67 105 1.20+ 4.13+
PENNSYLVANIA FUND
Class A
1992 $.716 $12.26 9.81 $26,036 .56 5.84
1993 .815 13.16 14.28 35,514 .79 5.17
1994 .630 11.71 (6.31) 33,542 .88 5.11
1995 .671 13.14 18.29 39,980 .86 5.07
1996 .655 12.91 3.39 42,228 .86 4.86
1/1/97 to 6/30/97 .312 12.95 2.77 43,468 .86+ 4.87+
Class B
1/12/95* to 12/31/95 .585 13.14 16.49 247 1.72+ 4.20+
1996 .558 12.91 2.61 781 1.66 4.06
1/1/97 to 6/30/97 .264 12.94 2.31 1,008 1.66+ 4.07+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for
a share outstanding, total return, ratios to average net assets and other
supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1992 1.13 5.41 42
1993 1.11 4.97 44
1994 1.14 5.06 60
1995 1.14 4.91 30
1996 1.13 4.77 35
1/1/97 to 6/30/97 1.12+ 4.73+ 8
Class B
1/12/95* to 12/31/95 1.97+ 4.08+ 30
1996 1.93 3.97 35
1/1/97 to 6/30/97 1.92+ 3.93+ 8
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 2.20+ 2.33+ 10
1993 1.28 3.83 32
1994 1.44 3.99 61
1995 1.36 4.03 76
1996 1.31 4.02 43
1/1/97 to 6/30/97 1.31+ 4.02+ 4
Class B
1/12/95* to 12/31/95 2.16+ 3.23+ 76
1996 2.12 3.20 43
1/1/97 to 6/30/97 2.11+ 3.22+ 4
PENNSYLVANIA FUND
Class A
1992 1.12 5.28 18
1993 1.10 4.86 37
1994 1.13 4.86 81
1995 1.11 4.82 48
1996 1.11 4.61 42
1/1/97 to 6/30/97 1.11+ 4.62+ 24
Class B
1/12/95* to 12/31/95 1.98+ 3.94+ 48
1996 1.91 3.81 42
1/1/97 to 6/30/97 1.91+ 3.82+ 24
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1992 $11.80 $.683 $.481 $1.164 $.702 $.032
1993 12.23 .636 .915 1.551 .639 .082
1994 13.06 .611 (1.383) (.772) .608 --
1995 11.68 .625 1.370 1.995 .629 .036
1996 13.01 .626 (.195) .431 .624 .067
1/1/97 to 6/30/97 12.75 .310 .031 .341 .311 --
Class B
1/12/95* to 12/31/95 11.76 .510 1.286 1.796 .520 .036
1996 13.00 .525 (.194) .331 .524 .067
1/1/97 to 6/30/97 12.74 .258 .035 .293 .263 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
----------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1992 $.734 $12.23 10.19 $16,507 .56 6.75
1993 .721 13.06 12.94 24,684 .81 4.97
1994 .608 11.68 (5.97) 22,325 .85 5.01
1995 .665 13.01 17.42 25,193 .81 5.01
1996 .691 12.75 3.47 21,047 .79 4.93
1/1/97 to 6/30/97 .311 12.78 2.72 21,108 .80+ 4.88+
Class B
1/12/95* to 12/31/95 .556 13.00 15.53 991 1.66+ 4.16+
1996 .591 12.74 2.66 1,166 1.59 4.13
1/1/97 to 6/30/97 .263 12.77 2.33 1,105 1.60+ 4.08+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for
a share outstanding, total return, ratios to average net assets and other
supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
VIRGINIA FUND
Class A
1992 1.22 5.09 41
1993 1.16 4.62 39
1994 1.20 4.66 55
1995 1.16 4.66 34
1996 1.20 4.52 30
1/1/97 to 6/30/97 1.19+ 4.49+ 2
Class B
1/12/95* to 12/31/95 2.02+ 3.80+ 34
1996 2.00 3.72 30
1/1/97 to 6/30/97 1.99+ 3.69+ 2
* Commencement of operations of Class A shares or date Class B shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (Note 5).
</TABLE>
Independent Auditor's Report
To the Shareholders and Boards of Directors/Trustees of
First Investors New York Insured Tax Free Fund, Inc. and
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of First Investors New York
Insured Tax Free Fund, Inc. and the nine Funds of First Investors Multi-
State Insured Tax Free Fund listed above as of June 30, 1997, and the
related statement of operations for the six months ended June 30, 1997,
the statement of changes in net assets for the six months ended June 30,
1997 and the year ended December 31, 1996, and the financial highlights
for the periods indicated thereon. These financial statements and
financial highlights are the responsibility of the Funds' management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of June 30, 1997, by correspondence
with the custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of First Investors New York Insured Tax Free Fund,
Inc. and each of the nine Funds of First Investors Multi-State Insured
Tax Free Fund listed above as of June 30, 1997, and the results of their
operations, changes in their net assets and financial highlights for the
periods indicated thereon, in conformity with generally accepted
accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1997
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Directors/Trustees
James J. Coy (Emeritus)
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
Shareholder Information
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Funds' practice to mail only one copy of their annual and
semi-annual reports to any address at which more than one shareholder
with the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by
any shareholder in writing or by calling 800-423-4026. The Funds will
ensure that separate reports are sent to any shareholder who
subsequently changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Funds' prospectus.
<PAGE>
First Investors
Multi-State Insured
Tax Free Fund
Arizona Fund
California Fund
Colorado Fund
Michigan Fund
Minnesota Fund
Missouri Fund
Ohio Fund
Oregon Fund
SEMI-
ANNUAL
REPORT
JUNE 30, 1997
Vertically reading from bottom to top in the center of the page the words
"FIRST INVESTORS" appear.
The following appears in a box to the left of the above language:
First Investors Logo (as described above)
NEED SERVICE?
If you have questions about your account...or would like information
regarding other products or services...please contact your representative
or call our Shareholder Services Department at...
(800) 423-4026
The following appears in a box within the above box:
Our business is...putting investors first
The following appears on the bottom lefthand side:
FIMS-149
Portfolio Manager's Letter
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Funds
Dear Investor:
We are pleased to present the semi-annual report for the Arizona,
California, Colorado, Michigan, Minnesota, Missouri, Ohio and Oregon
Funds of First Investors Multi-State Insured Tax Free Fund for the six
months ended June 30, 1997. During the period, the eight Multi-State
Funds included in this report had the following returns on a net asset
value basis on Class A and B shares, respectively: Arizona 3.1% and
2.7%, California 2.4% and 1.9%, Colorado 2.9% and 2.6%, Michigan 2.8%
and 2.4%, Minnesota 3.1% and 2.7%, Missouri 3.3% and 2.9%, Ohio 2.7% and
2.3%, and Oregon 3.2% and 2.8%. According to Lipper Analytical Services,
Inc., the total returns on the Class A shares of six of the Funds
exceeded the average return of their respective mutual fund peer group
as follows: Arizona .18%, Michigan .05%, Minnesota .32%, Missouri .39%,
Ohio .07% and Oregon .56%. The total returns on the Class A shares of
California and Colorado were below the average return of their
respective mutual fund peer group by .35% and .23%, respectively.
The first half of 1997 ended with an ideal economy: sustained, moderate
growth with little inflation. Early in the year it appeared that the
economy might be growing too fast as gross domestic product expanded at
a 4.9% annual rate during the first quarter. Concerned by the economy's
strength, the Federal Reserve raised short-term interest rates in March
for the first time in over two years as an "insurance policy" in case
faster growth led to higher inflation. The Federal Reserve's action
subsequently appeared to be unnecessary as the economy slowed down
significantly in the second quarter and consumer price inflation in fact
decelerated to an annual rate of less than 2.5%.
Although both the bond and stock markets suffered setbacks at times
during the first six months of the year, the combination of moderate
growth and low inflation ultimately provided a positive environment for
investors. The markets were also buoyed by an agreement between the
President and Congress to eliminate the Federal budget deficit over the
next five years. Lastly, the markets benefited from substantial demand
for both stocks and bonds throughout the first half of 1997.
Like most of the financial markets, the municipal bond market was
characterized by strong demand from investors throughout the first half
of the year. Despite issuance of close to $94 billion, the market rarely
had trouble distributing supply due to demand from individuals,
insurance companies and non-traditional buyers of municipal bonds. The
strength of this demand is best indicated by the fact that, during the
first six months of 1997, long-term municipal bond prices rose while
long-term Treasury bond prices fell. As a result, tax exempt bonds
provided after-tax returns that significantly surpassed those on taxable
bonds for most investors.
Management of the Funds focused on responding to two shifts in the
market's trend during the first half of the year. As the market fell
sharply during March, the Funds reduced their interest rate exposure by
slightly increasing their cash positions. At this time, the Funds also
took advantage of the market's decline by selling bonds purchased at
lower yields and replacing them with higher yielding bonds often with
better call protection. When it became apparent in May that interest
rates had bottomed, the Funds moved back to being fully invested. During
May and June, the Funds had substantial positive returns in large part
because of their holdings of non-callable bonds which have been
accumulated over the past several years. The market closed the second
quarter on a strong note as reinvestment demand from the relatively
large June and July coupon payments propelled prices to their highest
level of the year before pulling back slightly.
Investors who buy bond funds -- whether for income or total return --
should be aware that the value of their investment fluctuates as
interest rates change. For example, a 100 basis point (or 1%) increase
in yield on a ten-year Treasury bond results in roughly a 7% decrease in
that bond's price. In each of the last five years, ten-year Treasury
bond yields have moved more than 100 basis points. In addition, while
the Funds' municipal bonds are insured as to timely payment of principal
and interest, the insurance does not protect the bonds against changes
in market value. Investors should be aware of these risks and recognize
that successful investing generally requires a long-term commitment to
the market.
The outlook for the financial markets continues to be positive. The
economy is growing moderately, inflation is subdued and the Federal
Reserve is unlikely to tolerate unsustainably fast economic growth.
Demand for financial assets is likely to remain strong both here and
overseas. While the sizable recent returns in some markets are not
likely to continue, the factors which might cause a sustained downturn
are not readily apparent. Despite this optimistic outlook, investors
should keep in mind that a diversified portfolio provides the best
insurance against unexpected changes in the financial markets.
As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
/S/Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
July 28, 1997
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.9%
Certificates of Participation--6.8%
Arizona State:
$100M 6.1% 5/1/2007 $107,000 $115
375M 61/4% 9/1/2010 402,656 431
100M Arizona State Municipal Financing Program 7.7% 8/1/2010 121,125 130
- ------------------------------------------------------------------------------------------------------------------
630,781 676
- ------------------------------------------------------------------------------------------------------------------
Education--1.7%
140M Arizona State University Revenue 7% 7/1/2001* 155,750 167
- ------------------------------------------------------------------------------------------------------------------
General Obligation--40.5%
600M Chandler, Arizona 61/4% 7/1/2011 664,500 712
Maricopa County, Arizona:
235M School District #3 (Tempe) 7.3% 7/1/2009 284,350 305
400M School District #11 (Peoria) 6.1% 7/1/2010 430,500 461
100M School District #14 (Creighton) 7 7/8% 7/1/2006 122,625 131
1,000M School District #41 (Gilbert) Zero Coupon 1/1/2008 586,250 628
300M School District #68 (Alhambra) 6 3/4% 7/1/2014 334,500 358
100M School District #92 (Pendergast Elementary) 6 5/8% 7/1/2000* 107,375 115
200M School District #231 (Tempe) 7% 7/1/2008 234,250 251
145M Pima County, Arizona Unified School District #13 (Tanque Verde)
6.7% 7/1/2010 162,038 174
140M Puerto Rico Commonwealth 6.6% 7/1/2002* 155,225 166
200M Santa Cruz County, Arizona School District #35, 6% 7/1/2008 215,000 230
Yavapai County, Arizona:
230M Elementary School District #6 (Cottonwood-Oak Creek) 6.7% 7/1/2009 255,875 274
215M Elementary School District #28 (Camp Verde) 6% 7/1/2008 233,006 250
- ------------------------------------------------------------------------------------------------------------------
3,785,494 4,055
- ------------------------------------------------------------------------------------------------------------------
Hospital--15.4%
650M Maricopa County, Arizona Ind. Dev. Auth. (Samaritan Health Svcs.)
7% 12/1/2016 767,000 822
100M Mohave County, Arizona Hosp. Dist. #1 (Kingman Reg. Med. Ctr.)
6.45% 6/1/2008 106,875 114
300M Pima County, Arizona Ind. Dev. Auth. (Tucson Med. Ctr.) 6 3/8% 4/1/2012 321,000 344
250M Yavapai County, Arizona Ind. Dev. Auth. (Regl. Med. Ctr.)
51/8% 12/1/2013 241,562 259
- ------------------------------------------------------------------------------------------------------------------
1,436,437 1,539
- ------------------------------------------------------------------------------------------------------------------
Housing--1.2%
110M Phoenix, Arizona Hsg. Fin. Corp. Mtg. Rev. 6.65% 7/1/2006 112,338 120
- ------------------------------------------------------------------------------------------------------------------
Transportation--5.6%
385M Phoenix, Arizona Airport Revenue 61/4% 7/1/2012 414,838 445
100M Phoenix, Arizona Street & Highway User Revenue 61/4% 7/1/2002* 106,750 114
- ------------------------------------------------------------------------------------------------------------------
521,588 559
- ------------------------------------------------------------------------------------------------------------------
Utilities--17.7%
200M Central Arizona Water Conservation District Zero Coupon 5/1/2005 137,500 147
Chandler, Arizona Water & Sewer Revenue:
200M 71/4% 7/1/2013 242,000 259
225M 5 1/2% 7/1/2015 225,844 242
225M Gilbert, Arizona Water & Sewer Revenue 6 1/2% 7/1/2012 245,250 263
350M Mesa, Arizona Utility Systems Revenue 61/8% 7/1/2013 374,062 401
100M Peoria, Arizona Water & Sewer Revenue 6.6% 7/1/2004 106,375 114
250M Tucson, Arizona Water Revenue 8% 7/1/2013 320,312 343
- ------------------------------------------------------------------------------------------------------------------
1,651,343 1,769
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--11.0%
305M Casa Grande, Arizona Excise Tax Rev. 6.1% 4/1/2009 324,825 348
250M Phoenix, Arizona Civic Impt. Mun. Facs. Excise Tax Rev. 6.6% 7/1/2008 282,188 302
400M Sierra Vista, Arizona Mun. Ppty. Corp. Mun. Facs. Rev. 6% 1/1/2011 424,000 454
- ------------------------------------------------------------------------------------------------------------------
1,031,013 1,104
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,537,682) 99.9% 9,324,744 9,989
Other Assets, Less Liabilities .1 10,365 11
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,335,109 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to finanicial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.0%
Certificates of Participation--9.2%
$500M Castaic Lake Water Agency Water System Impt. Proj. 7% 8/1/2012 $587,500 $382
500M San Diego County, Calif. Inmate Reception Center 6 3/4% 8/1/2014 553,750 361
240M Yolo County, Calif. Flood Control & Water Conservation
7 1/8% 7/15/2003* 272,700 178
- ------------------------------------------------------------------------------------------------------------------
1,413,950 921
- ------------------------------------------------------------------------------------------------------------------
General Obligation--7.8%
370M Greenfield, Calif. School District 7.1% 8/1/2012 392,663 256
750M Walnut Valley, Calif. School District 6% 8/1/2012 810,000 527
- ------------------------------------------------------------------------------------------------------------------
1,202,663 783
- ------------------------------------------------------------------------------------------------------------------
Hospital--1.1%
155M California Health Facilities Fin. Auth. Rev. Episcopal Homes
7.85% 7/1/2015 158,994 104
- ------------------------------------------------------------------------------------------------------------------
Transportation--2.5%
100M Los Angeles County, Calif. Trans. Comm. Sales Tax Rev.
6 3/4% 7/1/2001* 110,500 72
250M Puerto Rico Commonwealth Hwy. & Transp. Auth. Rev.
6 1/4% 7/1/2014 278,125 181
- ------------------------------------------------------------------------------------------------------------------
388,625 253
- ------------------------------------------------------------------------------------------------------------------
Utilities--9.0%
750M East Bay Municipal Utility District 6.4% 6/1/2004* 841,875 548
250M Fresno, California Water Revenue 6 1/4% 9/1/2014 275,000 179
250M Los Angeles, Calif. Wastewater System 7% 6/1/2011 265,938 173
- ------------------------------------------------------------------------------------------------------------------
1,382,813 900
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--68.4%
500M Barstow, Calif. Redevelopment Agency 7% 9/1/2014 591,875 385
100M California Public Capital Impt. Fin. Auth. Rev. 8.1% 3/1/2018 103,918 67
1,315M California State Public Works Board 6 1/2% 12/1/2008 1,499,100 976
1,000M Long Beach, Calif. Fing. Auth. Rev. 6% 11/1/2017 1,067,500 695
125M Puerto Rico Public Bldg. Auth. Rev. Series "A" 6 1/4% 7/1/2015 139,062 91
300M Sacramento, Calif. Redev. Agency Merged Downtown Redev. Proj.
6 3/4% 11/1/2005 325,125 212
640M San Francisco, Calif. City & Cnty. Pkg. Auth. Rev. 7% 6/1/2011 732,000 477
500M San Francisco, Calif. City & Cnty. Redev. Agy. (Moscone Ctr.)
6 3/4% 7/1/2015 551,875 359
500M San Jose, Calif. Redevelopment Agency 6% 8/1/2015 537,500 350
700M San Mateo County, Calif. Jt. Powers Auth. Lease Revenue
6 1/2% 7/1/2015 787,500 513
500M San Rafael, Calif. Redev. Agency 6.45% 12/1/2017 535,625 349
500M Santa Ana, Calif. Fin. Auth. Lease Rev. 6 1/4% 7/1/2015 548,750 357
750M Santa Margarita/Dana Point, Calif. Impt. Dist. 7 1/4% 8/1/2010 900,000 586
750M South Gate, Calif. Public Financing Authority 6% 10/1/2012 808,125 526
South Orange County, Calif. Public Finance Authority:
700M 6 1/2% 8/15/2010 794,500 517
500M 7% 9/1/2011 587,500 383
- ------------------------------------------------------------------------------------------------------------------
10,509,955 6,843
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $13,734,257) 15,057,000 9,804
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.3%
200M California Health Facs. Fin. Auth. Rev. (Sutter/CHS) Series "B"
Adjustable Rate Note 3 3/4% (cost $200,000)** 200,000 130
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $13,934,257) 99.3% 15,257,000 9,934
Other Assets, Less Liabilities .7 100,862 66
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $15,357,862 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. Interest
rate shown is the rate in effect at June 30, 1997.
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.2%
Education--9.1%
$225M Colorado Postsecondary Educ. Facs. Auth. Rev. (Aurora Fndtn. Proj.)
6% 9/1/2015 $233,156 $627
100M University of Northern Colorado Revenue 6% 6/1/2014 105,125 283
- ------------------------------------------------------------------------------------------------------------------
338,281 910
- ------------------------------------------------------------------------------------------------------------------
General Obligation--42.6%
150M Bayfield, Colo. School District #10, 6 1/2% 6/1/2009 165,563 445
250M Douglas County., Colo. School District #RE 1, 8% 12/15/2009 318,750 857
150M Eagle Garfield & Routt Cntys., Colo. School District #RE 50J,
6.3% 12/1/2012 163,500 440
150M El Paso County, Colo. School District #020, 6.2% 6/15/2007 166,687 448
150M Garfield County, Colo. School District #RE 2, 6.15% 12/1/2009 162,188 436
150M Garfield Pitkin & Eagle Cntys., Colo. School District #RE 1,
6.6% 6/15/2004* 167,625 451
150M Puerto Rico Commonwealth 6 1/4% 7/1/2012 166,687 448
100M Summit County, Colo. School District #RE 1, 6.55% 12/1/2004* 111,375 300
150M Yuma Hospital District, Colo. 6.4% 11/1/2014 162,375 437
- ------------------------------------------------------------------------------------------------------------------
1,584,750 4,262
- ------------------------------------------------------------------------------------------------------------------
Hospital--10.0%
100M Colorado Health Facilities Authority (Sisters of Charity)
6 1/4% 5/15/2012 109,875 296
250M Colorado Springs, Colo. Hospital Revenue 6% 12/15/2015 260,937 702
- ------------------------------------------------------------------------------------------------------------------
370,812 998
- ------------------------------------------------------------------------------------------------------------------
Transportation--14.0%
100M Arapahoe Cnty, Colo. Capital Improv. Highway Rev. (E-470)
6.05% 8/31/2015 105,500 284
100M Colorado Springs, Colo. Airport Revenue 5 1/4% 1/1/2017 96,500 260
150M Denver, Colo. City & County Airport Revenue 5 3/4% 11/15/2016 152,063 408
150M Puerto Rico Commonwealth Hwy. & Transn. Auth. Rev. 6 1/4% 7/1/2014 166,875 449
- ------------------------------------------------------------------------------------------------------------------
520,938 1,401
- ------------------------------------------------------------------------------------------------------------------
Utilities--11.1%
150M Puerto Rico Electric Power Auth. Rev. 5 1/4% 7/1/2015 147,938 398
150M Westminster, Colo. Water & Wastewater Util. Enterprise Rev.
6% 12/1/2009 158,812 427
100M Woodland Park, Colo. Wastewater Util. Rev. 6.05% 12/1/2013 105,625 284
- ------------------------------------------------------------------------------------------------------------------
412,375 1,109
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--11.4%
100M Aurora, Colo. Municipal Building Corp. 1st Mtge. Rev.
9.2% 12/1/1997* 103,174 278
100M Pueblo, Colo. Urban Renewal Authority Tax Increment Rev.
6.05% 12/1/2012 105,500 283
100M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2014 104,750 282
100M Puerto Rico Public Buildings Authority 6 1/4 7/1/2012 111,125 299
- ------------------------------------------------------------------------------------------------------------------
424,549 1,142
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,427,679) 98.2% 3,651,705 9,822
Other Assets, Less Liabilities 1.8 66,123 178
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,717,828 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.5%
Education--1.2%
$400M Central Michigan University Revenue 7% 10/1/2000* $438,000 $115
- ------------------------------------------------------------------------------------------------------------------
General Obligation--52.1%
325M Chippewa Valley, Michigan Schools 7.1% 5/1/2001* 361,156 95
1,000M Detroit, Michigan City School District 5.85% 5/1/2016 1,021,250 269
1,000M Detriot, Michigan Downtown Development Series "A" 5 3/4% 7/15/2015 1,013,750 267
1,000M East Detroit, Michigan School District 6.1% 5/1/2016 1,052,500 277
1,000M Genesee County, Michigan Sewer Disposal System 5.4% 4/1/2013 992,500 261
1,000M Grand Ledge, Michigan Public School District 7 7/8% 5/1/2004* 1,197,500 315
1,000M Gull Lake, Michigan Community School District Zero Coupon 5/1/2013 420,000 111
450M Haslett, Michigan Public School District 7 1/2% 5/1/2000* 491,062 129
1,000M Huron, Michigan School District Zero Coupon 5/1/2015 372,500 98
350M Inkster, Michigan School District 7% 5/1/2000* 379,312 100
1,000M Lake Orion, Michigan Community School District 7% 5/1/2005* 1,155,000 304
1,000M Lincoln Park, Michigan School District 7% 5/1/2020 1,123,750 296
1,000M Michigan State Environmental Protection Program 6 1/4% 11/1/2012 1,111,010 293
1,000M Montrose Township, Michigan School District 6.2% 5/1/2017 1,087,500 286
450M Oak Park, Michigan 7.2% 5/1/2002* 508,500 134
1,000M Portage Lake, Michigan Water & Sewer Authority 6.1% 10/1/2014 1,068,750 282
1,195M Redford, Michigan Unified School District 6 3/8% 5/1/2010 1,329,438 350
800M Rochester, Michigan School District 5 5/8% 5/1/2011 832,000 219
250M Romulus, Michigan Community Schools 6 3/4% 5/1/2001* 274,688 72
380M Saline, Michigan Building Authority 7.1% 7/1/2009 420,375 111
1,000M Waterford Township, Michigan School District 6 1/4% 6/1/2012 1,070,000 282
1,000M Wayne County, Michigan Building Authority Capital Improvement
5 1/4% 6/1/2016 970,000 256
450M White Cloud, Michigan Public Schools 7.1% 5/1/2000* 487,687 129
1,000M Zeeland, Michigan Public Schools 6% 5/1/2014 1,060,000 279
- ------------------------------------------------------------------------------------------------------------------
19,800,228 5,215
- ------------------------------------------------------------------------------------------------------------------
Hospital--6.1%
Michigan State Hospital Finance Authority Revenue:
1,250M Port Huron Hospital 5 3/8% 7/1/2012 1,240,625 327
1,000M St. John's Hospital 6% 5/15/2008 1,061,250 279
- ------------------------------------------------------------------------------------------------------------------
2,301,875 606
- ------------------------------------------------------------------------------------------------------------------
Housing--1.4%
500M Michigan State Housing Dev. Auth. Single-Family Mtge. Rev.
7.3% 12/1/2016 520,000 137
- ------------------------------------------------------------------------------------------------------------------
Transportation--7.9%
1,500M Puerto Rico Commonwealth Hwy. & Transn. Hwy. Rev.
6 1/4% 7/1/2015 1,674,375 441
1,190M Wayne Charter County, Michigan (Detroit Metro. Airport)
6 3/4% 12/1/2001* 1,319,413 348
- ------------------------------------------------------------------------------------------------------------------
2,993,788 789
- ------------------------------------------------------------------------------------------------------------------
Utilities--22.3%
Detroit, Michigan Water Supply System:
400M 6 3/8% 7/1/2002* 439,500 116
1,750M 5.55% 7/1/2012 1,798,125 474
1,275M 6 1/2% 7/1/2015 1,428,000 376
1,000M Kalamazoo, Michigan Water Revenue 6% 9/1/2015 1,041,250 274
500M Kent County, Michigan Refuse Disposal System 8.4% 11/1/2010 517,105 136
Michigan State Strategic Fund (Detroit Edison):
1,750M 6.95% 5/1/2011 2,051,875 540
500M 7% 5/1/2021 600,625 158
500M Monroe County, Michigan Econ. Dev. Corp. (Detroit Edison)
6.95% 9/1/2022 599,375 158
- ------------------------------------------------------------------------------------------------------------------
8,475,855 2,232
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--8.5%
1,000M Grand Rapids, Michigan Downtown Dev. Auth. Zero Coupon 6/1/2009 533,750 141
Michigan Municipal Bond Authority Revenue:
1,500M 6.55% 11/1/2008 1,655,625 436
1,000M 6 1/8% 5/1/2014 1,055,000 278
- ------------------------------------------------------------------------------------------------------------------
3,244,375 855
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $34,866,713) 99.5% 37,774,121 9,949
Other Assets, Less Liabilities .5 192,491 51
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $37,966,612 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.7%
Certificates of Participation--5.0%
$400M Minneapolis, Minn. Special School District #001, 5.9% 2/1/2012 $415,000 $496
- ------------------------------------------------------------------------------------------------------------------
Education--5.0%
400M University of Minnesota 5 3/4% 7/1/2017 415,500 497
- ------------------------------------------------------------------------------------------------------------------
General Obligation--33.1%
325M Becker, Minn. Wastewater Treatment 5.8% 2/1/2010 335,562 401
180M Blaine, Minn. Series "A" Fire Impt. 6.8% 2/1/2007 191,925 229
150M Cass Lake, Minn. Independent School District #115, 6 5/8% 2/1/2000* 159,563 191
285M Inner Grove Heights, Minn. Independent School District #199,
5 3/4% 2/1/2012 292,125 349
280M Lakeville, Minn. 5 1/2% 2/1/2011 283,850 339
405M Lino Lakes, Minn. 5.7% 2/1/2012 414,619 496
125M Mahnomen, Minn. Independent School District #432, 6 1/2% 2/1/2001* 130,937 157
275M Minnesota State 6 1/4% 8/1/2002* 296,656 355
350M North St. Paul Maplewood, Minn. Independent School District #622,
7.1% 2/1/2005* 401,625 480
650M Rosemount, Minn. Independent School District No. #196,
Zero Coupon 4/1/2014 263,250 315
- ------------------------------------------------------------------------------------------------------------------
2,770,112 3,312
- ------------------------------------------------------------------------------------------------------------------
Hospital--22.0%
195M Duluth, Minn. Economic Development Authority (Duluth Clinic)
6.2% 1/1/2012 206,212 247
200M Hibbing, Minn. Health Care Facs. Rev. (Duluth Clinic) 5 1/2% 11/1/2016 201,000 240
Minneapolis & St. Paul, Minn. Hsg. & Redev. Auth. Health Care System:
Childrens Health Care:
150M 5.7% 8/15/2016 153,000 183
305M 5 1/2% 8/15/2025 301,188 360
180M Health One 7.4% 8/15/2011 196,200 235
250M Minneapolis, Minn. Hospital Revenue (Fairview Hospital) 6 1/2% 1/1/2011 269,062 322
170M St. Cloud, Minn. Hosp. Facs. Rev. (St. Cloud Hosp.) Series "B"
7% 7/1/2001* 188,913 226
St. Louis Park, Minn. Hosp. Rev. Facs. (Methodist Hospital):
100M Series "A" 7 1/4% 7/1/2000* 108,750 130
200M Series "C" 7 1/4% 7/1/2000* 219,500 262
- ------------------------------------------------------------------------------------------------------------------
1,843,825 2,205
- ------------------------------------------------------------------------------------------------------------------
Housing--18.4%
120M Eagen, Minn. Multi-Family Housing (Forest Ridge Apts.) 7 1/2% 3/1/2027 123,750 148
Minnesota State Housing Finance Authority:
660M Rental Housing Revenue 5.9% 8/1/2015 670,725 802
Single Family Mortgage Revenue:
85M 6.9% 7/1/2009 90,525 108
80M 7.7% 7/1/2014 84,700 101
235M 6.4% 1/1/2015 244,988 293
St. Paul, Minn. Housing & Redevelopment Authority:
65M Multi-Family Housing Revenue 7 1/2% 3/1/2026 (Defaulted) (Note 1A) 65,000 78
250M Single Family Mortgage Revenue 6 1/4% 9/1/2014 259,375 310
- ------------------------------------------------------------------------------------------------------------------
1,539,063 1,840
- ------------------------------------------------------------------------------------------------------------------
Utilities--10.6%
Northern Municipal Power Agency, Minn. Electric System Revenue:
120M 7.4% 1/1/1999* 127,950 153
200M 7 1/4% 1/1/2016 211,250 253
210M Southern Minn. Municipal Power Agency, Power Supply System
5 3/4% 7/1/2016 214,988 257
325M Western Minn. Municipal Power Agency 5 1/2% 1/1/2011 330,281 395
- ------------------------------------------------------------------------------------------------------------------
884,469 1,058
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--3.6%
300M Scott County, Minn. Hsg. & Redev. Auth. Fac. Lease Rev.
5 1/2% 12/1/2015 301,500 361
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $7,773,333) 97.7% 8,169,469 9,769
Other Assets, Less Liabilities 2.3 193,328 231
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,362,797 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.6%
General Obligation--15.1%
$50M Lincoln County, Mo. Reorg. School District #3, 6.1% 3/1/2014 $52,750 $275
80M Puerto Rico Commonwealth 6 1/4% 7/1/2012 88,900 463
50M Springfield, Mo. School District 7% 3/1/2008 58,250 303
80M St. Charles, Mo. School District 6 1/2% 2/1/2006* 90,000 468
- ------------------------------------------------------------------------------------------------------------------
289,900 1,509
- ------------------------------------------------------------------------------------------------------------------
Hospital--24.7%
Missouri State Health & Educational Facilities Authority:
140M BJC Health System 6 3/4% 5/15/2011 160,650 836
90M Health Midwest 6.1% 6/1/2011 95,288 496
125M Sisters of Sorrowful Mother Healthcare 6 1/4% 6/1/2007 134,375 699
80M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 85,500 445
- ------------------------------------------------------------------------------------------------------------------
475,813 2,476
- ------------------------------------------------------------------------------------------------------------------
Housing--4.8%
90M Missouri State Hsg. Devel. Comm. (Ecumenical Housing) 5.8% 3/1/2010 92,025 479
- ------------------------------------------------------------------------------------------------------------------
Transportation--8.8%
75M Kansas City, Mo. Airport Revenue 6 7/8% 9/1/2004* 85,593 445
75M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2013 83,531 435
- ------------------------------------------------------------------------------------------------------------------
169,124 880
- ------------------------------------------------------------------------------------------------------------------
Utilities--21.5%
80M Liberty, Mo. Sewer System Revenue 6.15% 2/1/2015 85,100 443
Missouri State Env. Impt. & Energy Res. Auth. Water Poll. Control:
80M 6% 1/1/2016 82,000 427
85M 6.05% 7/1/2016 88,931 463
150M St. Louis, Mo. Water and Sewer Revenue 6% 7/1/2014 156,938 817
- ------------------------------------------------------------------------------------------------------------------
412,969 2,150
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--22.7%
50M Clay County, Mo. Public Bldg. Auth. Leasehold Rev. 7% 5/15/2014 55,938 291
80M Excelsior Springs, Mo. School Dist. Bldg. Corp. Leasehold Rev.
6 1/2% 3/1/2009 85,600 446
50M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 55,562 289
St. Louis, Mo. Municipal Financing Corp. Leasehold Revenue:
65M 6 1/4% 2/15/2005* 71,338 371
80M 5 3/4% 8/1/2013 82,000 427
80M Warren County, Mo. Pub. Facs. Auth. Leasehold Rev. 6.3% 6/1/2010 85,600 446
- ------------------------------------------------------------------------------------------------------------------
436,038 2,270
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $1,747,587) 97.6% 1,875,869 9,764
Other Assets, Less Liabilities 2.4 45,422 236
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $1,921,291 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.3%
General Obligation--74.8%
$1,000M Adams County, Ohio Valley Local School District 7% 12/1/2015 $1,195,000 $629
800M Avon, Ohio Local School District 6 1/2% 12/1/2015 910,000 479
500M Batavia, Ohio Local School District 7% 12/1/2014 573,125 301
1,000M Beaver Creek, Ohio Local School District 6.6% 12/1/2015 1,142,500 601
425M Bedford Heights, Ohio 6 1/2% 12/1/2014 466,438 245
500M Brecksville-Broadview Heights, Ohio City School District
6 1/2% 12/1/2016 555,000 292
250M Cardington & Lincoln, Ohio Local School District 6.6% 12/1/2014 269,687 142
Cleveland, Ohio:
500M 6 3/8% 7/1/2012 535,000 281
250M 6 5/8% 11/15/2014 275,313 145
500M Clyde-Green Springs, Ohio Exempted Village School District
7% 12/1/2013 566,250 298
450M Dublin, Ohio 6.4% 12/1/2014 503,438 265
525M East Clinton, Ohio Local School District 6 7/8% 12/1/2009 595,219 313
265M Finneytown, Ohio Local School District 6 1/4% 12/1/2012 292,162 154
700M Garfield Heights, Ohio 6.3% 12/1/2014 757,750 399
500M Lakeview, Ohio Local School District 6.9% 12/1/2014 566,875 298
500M Lakewood, Ohio City School District 6.95% 12/1/2015 565,625 297
215M Logan Hocking, Ohio Local School District Series "A" 7.1% 12/1/2001* 240,263 126
270M Muskingum County, Ohio 7.2% 12/1/2010 296,662 156
500M North Royalton, Ohio City School District 6% 12/1/2014 533,125 280
250M Olmsted Falls, Ohio Local School District 6.85% 12/15/2011 282,813 149
350M Portage County, Ohio 6.2% 12/1/2014 378,000 199
285M Shaker Heights, Ohio City School District 7.1% 12/15/2010 338,437 178
250M Springfield, Ohio Local School District 7 1/8% 12/1/2012 273,437 144
Summit County, Ohio:
115M 6.9% 8/1/2012 124,775 66
550M 6.4% 12/1/2014 598,125 315
250M Toledo, Ohio 6 1/2% 12/1/2011 270,937 143
500M Tuscarawas Valley, Ohio Local School District 6.6% 12/1/2015 555,625 292
250M Valley View, Ohio 7% 12/1/2011 271,250 143
250M Wayne, Ohio Local School District 6.45% 12/1/2011 291,250 153
- ------------------------------------------------------------------------------------------------------------------
14,224,081 7,483
- ------------------------------------------------------------------------------------------------------------------
Hospital--12.6%
Franklin County, Ohio Hospital Revenue:
255M Holy Cross Health System 7 5/8% 6/1/2009 275,400 145
250M Riverside United Hospital 7 1/4% 5/15/2020 274,375 144
500M Lorain County, Ohio Hosp. Rev. (Catholic Healthcare Partners)
5 1/2% 9/1/2011 506,875 267
325M Lucas County, Ohio Hosp. Impt. Rev. (St. Vincent Med. Ctr.)
6 3/4% 8/15/2000* 349,375 184
Montgomery County, Ohio:
100M Dayton Osteopathic Hospital 7.4% 12/1/2008 102,000 54
300M Sisters of Charity Health Care 6 1/4% 5/15/2008 321,375 169
125M Parma, Ohio Hosp. Impt. (Parma Cmnty. General Hosp. Assoc.)
7.2% 11/15/2008 132,188 69
400M Trumbull County, Ohio Hospital Revenue 6.9% 11/15/2012 435,500 229
- ------------------------------------------------------------------------------------------------------------------
2,397,088 1,261
- ------------------------------------------------------------------------------------------------------------------
Utilities--10.5%
600M Alliance, Ohio Sewer System Revenue 6% 10/15/2010 638,250 336
340M Cleveland, Ohio Waterworks Revenue 6 1/2% 1/1/2002* 373,575 196
280M Hamilton, Ohio Wastewater Revenue 5.9% 10/15/2011 295,050 155
165M Ohio State Air Quality Dev. Auth. Rev. (Ohio Power Co.) 7.4% 8/1/2009 174,281 92
250M Ohio State Water Dev. Auth. Rev. Pure Water Series 7% 12/1/2009 290,313 153
200M Toledo, Ohio Water Revenue 6% 11/15/2007 217,000 114
- ------------------------------------------------------------------------------------------------------------------
1,988,469 1,046
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--1.4%
250M Ohio State Building Auth. (Juvenile Correction Projects) 6.6% 10/1/2014 274,687 144
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $17,445,066) 99.3% 18,884,325 9,934
Other Assets, Less Liabilities .7 125,468 66
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $19,009,793 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 1997
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--95.4%
Certificates of Participation--6.3%
$500M Oregon State Dept. of Administrative Services 5.65% 5/1/2012 $508,125 $443
100M Oregon State Dept. of General Services 6% 9/1/2010 105,125 92
100M Washington County, Oregon Educational Service District 7% 6/1/2005* 115,375 100
- ------------------------------------------------------------------------------------------------------------------
728,625 635
- ------------------------------------------------------------------------------------------------------------------
Education--3.8%
200M Chemeketa, Oregon Commmunity College District 6.4% 7/1/2009 222,500 194
200M Oregon State Hlth. & Hsg. Educl. & Cult. Facs. (Lewis & Clark College)
6% 10/1/2013 211,000 184
- ------------------------------------------------------------------------------------------------------------------
433,500 378
- ------------------------------------------------------------------------------------------------------------------
General Obligation--42.8%
300M Chemeketa, Oregon Commmunity College District 5.8% 6/1/2012 310,125 270
200M Clackamas County, Oregon School District #115, 5.8% 6/1/2008 212,000 185
250M Jackson County, Oregon School District #005 (Ashland) 5.7% 6/1/2007 265,625 232
200M Josephine County, Oregon School District (Three Rivers) 5.65% 12/1/2008 208,500 182
200M Klamath County, Oregon Series "A" 5.3% 6/1/2011 202,250 176
245M La Grande, Oregon 5 5/8% 6/1/2011 252,350 220
200M Lane County, Oregon School District #019 (Springfield) 6 1/4% 10/15/2011 216,500 189
115M Lane County, Oregon School District #052 (Bethel) 7% 12/1/2006 133,544 116
200M Lincoln County, Oregon School District 5 1/4% 6/15/2012 200,750 175
180M Linn County, Oregon School District #095 (Scio) 5 3/4% 7/15/2011 187,875 164
100M Marion & Linn Counties, Oregon Elem. School Dist. #077J (Stayton)
6.1% 7/1/2009 107,875 94
200M Polk Marion & Benton Counties, Oregon School District #13,
5 1/2% 12/1/2008 208,500 182
Puerto Rico Commonwealth:
540M 6 1/4% 7/1/2012 600,075 523
650M 6 1/4% 7/1/2013 725,562 632
250M Tillamook County, Oregon 5.6% 1/15/2012 255,000 222
200M Umatilla County, Oregon School District #16 (Pendleton) 6% 7/1/2014 210,500 183
170M Washington County, Oregon School District #003 (Hillsboro)
6% 11/1/2008 183,175 160
200M Washington County, Oregon School District #88 (Sherwood)
6.1% 6/1/2012 213,500 186
200M Yamhill County, Oregon School District #029, 6.1% 6/1/2011 214,000 187
- ------------------------------------------------------------------------------------------------------------------
4,907,706 4,278
- ------------------------------------------------------------------------------------------------------------------
Hospital--.2%
25M Clackamas County, Oregon Health Facs. Auth. (Adventist Health)
6.35% 3/1/2009 26,781 23
- ------------------------------------------------------------------------------------------------------------------
Housing--5.9%
Oregon State Housing & Community Svcs. Dept. Mtge Rev. Single
Family Mortgage Program:
250M 6% 7/1/2012 262,188 229
400M 5.95% 7/1/2013 409,000 357
- ------------------------------------------------------------------------------------------------------------------
671,188 586
- ------------------------------------------------------------------------------------------------------------------
Transportation--6.2%
Oregon State Department of Transportation Revenue:
100M 7% 6/1/2004 113,750 99
100M 6.2% 6/1/2008 109,000 95
200M 6 1/4% 6/1/2009 217,500 190
250M Puerto Rico Highway & Transportation Authority Highway Revenue
6 1/4% 7/1/2014 278,125 242
- ------------------------------------------------------------------------------------------------------------------
718,375 626
- ------------------------------------------------------------------------------------------------------------------
Utilities--25.9%
250M Beaverton, Oregon Water Revenue 5 1/4% 6/1/2017 245,000 214
Emerald, Oregon Peoples Utility District:
100M 6.4% 11/1/2001* 108,000 94
325M 7.35% 11/1/2011 394,469 344
200M Klamath Falls, Oregon Water Revenue 6.1% 6/1/2014 212,000 185
250M Marion County, Oregon Solid Waste & Elec. Revenue 5 3/8% 10/1/2008 257,187 224
250M Salem, Oregon Water & Sewer Revenue 5 1/2% 6/1/2012 254,375 222
250M Portland, Oregon Gas Tax Revenue 5 3/4% 6/1/2012 257,500 224
Portland, Oregon Sewer System Revenue:
400M 6.2% 6/1/2012 428,000 373
200M 6 1/4% 6/1/2015 211,000 184
150M Puerto Rico Electric Power Auth. Rev. Series "AA" 5 1/4% 7/1/2015 147,938 129
200M South Fork Water Board, Oregon Water Revenue 6% 2/1/2014 210,250 183
240M Washington County, Oregon Unified Sewer Agency 5 1/2% 10/1/2014 243,600 212
- ------------------------------------------------------------------------------------------------------------------
2,969,319 2,588
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--4.3%
100M Puerto Rico Municipal Finance Agency 6% 7/1/2014 104,750 91
350M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 388,937 339
- ------------------------------------------------------------------------------------------------------------------
493,687 430
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,435,343) 95.4% 10,949,181 9,544
Other Assets, Less Liabilities 4.6 522,818 456
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $11,471,999 $10,000
- ------------------------------------------------------------------------------------------------------------------
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1997
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $8,537,682 $13,934,257 $3,427,679 $34,866,713
============= ============= ============= =============
At value (Note 1A) $9,324,744 $15,257,000 $3,651,705 $37,774,121
Cash (overdraft) 95,757 (101,349) 17,214 (38,081)
Receivables:
Interest 208,936 270,498 38,239 487,459
Investment securities sold 5,000 -- -- 209,433
Trust shares sold 760 329 26,622 26,198
Other assets 10 628 -- 607
------------- ------------- ------------- -------------
Total Assets 9,635,207 15,427,106 3,733,780 38,459,737
------------- ------------- ------------- -------------
Liabilities
Payables:
Dividend payable 37,588 60,945 15,323 146,710
Investment securities purchased 244,136 -- -- --
Trust shares redeemed 16,012 -- -- 328,734
Accrued advisory fees 2,362 6,374 629 16,049
Accrued expenses -- 1,925 -- 1,632
------------- ------------- ------------- -------------
Total Liabilities 300,098 69,244 15,952 493,125
------------- ------------- ------------- -------------
Net Assets $9,335,109 $15,357,862 $3,717,828 $37,966,612
============= ============= ============= =============
Net Assets Consist of:
Capital paid in $8,653,690 $13,987,201 $3,532,906 $35,019,820
Undistributed net investment income 1,296 4,216 1,127 15,136
Accumulated net realized gain (loss)
on investments (106,939) 43,702 (40,231) 24,248
Net unrealized appreciation in value
of investments 787,062 1,322,743 224,026 2,907,408
------------- ------------- ------------- -------------
Total $9,335,109 $15,357,862 $3,717,828 $37,966,612
============= ============= ============= =============
Net Assets:
Class A $9,011,316 $15,243,271 $3,491,061 $37,144,133
Class B $323,793 $114,591 $226,767 $822,479
Trust shares outstanding (Note 2):
Class A 692,054 1,297,301 278,630 2,944,647
Class B 24,874 9,757 18,110 65,253
Net asset value and redemption price
per share--Class A $13.02 $11.75 $12.53 $12.61
======== ======== ======== ========
Maximum offering price per share--Class A $13.89 $12.53 $13.37 $13.45
======== ======== ======== ========
Net asset value and offering price
per share--Class B (Note 2) $13.02 $11.74 $12.52 $12.60
======== ======== ======== ========
<CAPTION>
Statement of Assets and Liabilities (Continued)
June 30, 1997
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------
MINNESOTA MISSOURI OHIO OREGON
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $7,773,333 $1,747,587 $17,445,066 $10,435,343
============= ============= ============= =============
At value (Note 1A) $8,169,469 $1,875,869 $18,884,325 $10,949,181
Cash (overdraft) 31,420 17,204 58,917 374,299
Receivables:
Interest 202,710 36,602 144,406 166,005
Investment securities sold -- -- 742,341 --
Trust shares sold -- -- 7,520 29,775
Other assets 528 -- 572 --
------------- ------------- ------------- -------------
Total Assets 8,404,127 1,929,675 19,838,081 11,519,260
------------- ------------- ------------- -------------
Liabilities
Payables:
Dividend payable 35,773 8,056 74,870 44,419
Investment securities purchased -- -- 735,336 --
Trust shares redeemed 1,189 -- 2,523 --
Accrued advisory fees 2,097 328 7,972 2,842
Accrued expenses 2,271 -- 7,587 --
------------- ------------- ------------- -------------
Total Liabilities 41,330 8,384 828,288 47,261
------------- ------------- ------------- -------------
Net Assets $8,362,797 $1,921,291 $19,009,793 $11,471,999
============= ============= ============= =============
Net Assets Consist of:
Capital paid in $8,086,542 $1,862,122 $17,502,071 $11,172,560
Undistributed net investment income 2,117 429 4,536 1,937
Accumulated net realized gain (loss)
on investments (121,998) (69,542) 63,927 (216,336)
Net unrealized appreciation in value
of investments 396,136 128,282 1,439,259 513,838
------------- ------------- ------------- -------------
Total $8,362,797 $1,921,291 $19,009,793 $11,471,999
============= ============= ============= =============
Net Assets:
Class A $8,321,370 $1,844,686 $18,730,888 $10,818,065
Class B $41,427 $76,605 $278,905 $653,934
Trust shares outstanding (Note 2):
Class A 734,400 149,184 1,512,802 894,836
Class B 3,658 6,194 22,537 54,143
Net asset value and redemption price
per share--Class A $11.33 $12.37 $12.38 $12.09
======== ======== ======== ========
Maximum offering price per share--Class A $12.09 $13.19 $13.21 $12.90
======== ======== ======== ========
Net asset value and offering price
per share--Class B (Note 2) $11.33 $12.37 $12.38 $12.08
======== ======== ======== ========
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1997
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $251,317 $433,168 $101,577 $1,085,727
----------- ----------- ----------- -----------
Expenses (Notes 1 and 5):
Advisory fees 33,785 56,957 13,753 141,134
Distribution plan expenses--Class A 8,708 15,074 3,441 36,883
Distribution plan expenses--Class B 1,505 566 1,132 3,767
Shareholder servicing costs 5,096 6,274 3,552 16,278
Professional fees 2,397 6,447 1,550 6,399
Custodian fees 883 1,673 749 3,835
Reports to shareholders 431 1,179 276 2,608
Bond insurance premiums 116 557 28 1,837
Other expenses 3,382 944 1,261 3,524
----------- ----------- ----------- -----------
Total expenses 56,303 89,671 25,742 216,265
Less: Expenses waived or assumed (31,688) (27,835) (17,097) (47,046)
Custodian fees paid indirectly (883) (633) (403) (2,138)
----------- ----------- ----------- -----------
Expenses--net 23,732 61,203 8,242 167,081
----------- ----------- ----------- -----------
Net investment income 227,585 371,965 93,335 918,646
----------- ----------- ----------- -----------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments (2,994) 43,702 11,787 24,248
Net unrealized appreciation (depreciation)
of investments 56,054 (67,509) 1,747 106,034
----------- ----------- ----------- -----------
Net gain (loss) on investments 53,060 (23,807) 13,534 130,282
----------- ----------- ----------- -----------
Net Increase in Net Assets Resulting
from Operations $280,645 $348,158 $106,869 $1,048,928
=========== =========== =========== ===========
<CAPTION>
Statement of Operations (Continued)
Six Months Ended June 30, 1997
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------
MINNESOTA MISSOURI OHIO OREGON
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $241,134 $54,324 $548,978 $292,973
----------- ----------- ----------- -----------
Expenses (Notes 1 and 5):
Advisory fees 30,932 7,264 71,518 41,059
Distribution plan expenses--Class A 8,206 1,885 18,794 10,337
Distribution plan expenses--Class B 210 264 1,376 3,059
Shareholder servicing costs 4,411 1,460 11,386 7,724
Professional fees 1,613 3,091 4,928 1,648
Custodian fees 781 330 2,071 1,223
Reports to shareholders 398 136 2,116 685
Bond insurance premiums 1,244 44 838 522
Other expenses 1,419 1,498 5,364 3,017
----------- ----------- ----------- -----------
Total expenses 49,214 15,972 118,391 69,274
Less: Expenses waived or assumed (27,951) (11,690) (39,814) (38,259)
Custodian fees paid indirectly (477) (197) (1,143) (1,199)
----------- ----------- ----------- -----------
Expenses--net 20,786 4,085 77,434 29,816
----------- ----------- ----------- -----------
Net investment income 220,348 50,239 471,544 263,157
----------- ----------- ----------- -----------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments 19,823 3,196 63,927 9,502
Net unrealized appreciation (depreciation)
of investments 8,556 10,276 (27,336) 73,582
----------- ----------- ----------- -----------
Net gain (loss) on investments 28,379 13,472 36,591 83,084
----------- ----------- ----------- -----------
Net Increase in Net Assets Resulting
from Operations $248,727 $63,711 $508,135 $346,241
=========== =========== =========== ===========
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- ------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------
ARIZONA CALIFORNIA
--------------------------- ---------------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $227,585 $450,372 $371,965 $783,848
Net realized gain (loss) on investments (2,994) (12,135) 43,702 96,717
Net unrealized appreciation (depreciation)
of investments 56,054 (131,438) (67,509) (276,991)
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 280,645 306,799 348,158 603,574
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income--Class A (220,702) (439,590) (369,534) (779,034)
Net investment income--Class B (6,456) (11,457) (2,329) (3,389)
Net realized gains--Class A -- -- -- (96,015)
Net realized gains--Class B -- -- -- (702)
------------- ------------- ------------- -------------
Total distributions (227,158) (451,047) (371,863) (879,140)
------------- ------------- ------------- -------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 1,123,416 1,158,985 1,004,118 2,439,707
Value of distributions reinvested 103,889 246,952 164,941 503,349
Cost of shares redeemed (648,928) (1,714,270) (1,460,120) (3,656,550)
------------- ------------- ------------- -------------
578,377 (308,333) (291,061) (713,494)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 76,534 135,134 -- 57,928
Value of distributions reinvested 3,541 8,278 1,101 2,585
Cost of shares redeemed (48,315) (26,879) (133) (5,492)
------------- ------------- ------------- -------------
31,760 116,533 968 55,021
------------- ------------- ------------- -------------
Net increase (decrease) from trust
share transactions 610,137 (191,800) (290,093) (658,473)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 663,624 (336,048) (313,798) (934,039)
Net Assets
Beginning of period 8,671,485 9,007,533 15,671,660 16,605,699
------------- ------------- ------------- -------------
End of period+ $9,335,109 $8,671,485 $15,357,862 $15,671,660
============= ============= ============= =============
+Includes undistributed net investment income of $1,296 $869 $4,216 $4,114
============= ============= ============= =============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 86,899 90,049 85,842 209,902
Issued for distributions reinvested 8,060 19,213 14,147 43,030
Redeemed (50,160) (133,848) (125,343) (313,942)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A trust
shares outstanding 44,799 (24,586) (25,354) (61,010)
============= ============= ============= =============
Class B:
Sold 5,998 10,606 -- 5,013
Issued for distributions reinvested 275 645 95 221
Redeemed (3,708) (2,118) (11) (473)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B trust
shares outstanding 2,565 9,133 84 4,761
============= ============= ============= =============
<CAPTION>
Statement of Changes in Net Assets (Continued)
- ------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------
COLORADO MICHIGAN
--------------------------- ---------------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $93,335 $183,078 $918,646 $1,842,579
Net realized gain (loss) on investments 11,787 3,087 24,248 95,489
Net unrealized appreciation (depreciation)
of investments 1,747 (35,688) 106,034 (712,973)
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 106,869 150,477 1,048,928 1,225,095
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income--Class A (87,326) (176,901) (888,231) (1,831,482)
Net investment income--Class B (4,882) (6,658) (15,279) (22,904)
Net realized gains--Class A -- -- -- (31,749)
Net realized gains--Class B -- -- -- (624)
------------- ------------- ------------- -------------
Total distributions (92,208) (183,559) (903,510) (1,886,759)
------------- ------------- ------------- -------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 314,765 619,469 1,864,160 3,302,722
Value of distributions reinvested 43,947 110,182 415,010 1,088,931
Cost of shares redeemed (347,572) (756,002) (2,205,257) (3,644,128)
------------- ------------- ------------- -------------
11,140 (26,351) 73,913 747,525
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 400 105,991 96,298 393,847
Value of distributions reinvested 4,051 6,657 6,731 15,215
Cost of shares redeemed (18,994) (2,266) (8,442) (67,111)
------------- ------------- ------------- -------------
(14,543) 110,382 94,587 341,951
------------- ------------- ------------- -------------
Net increase (decrease) from trust
share transactions (3,403) 84,031 168,500 1,089,476
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 11,258 50,949 313,918 427,812
Net Assets
Beginning of period 3,706,570 3,655,621 37,652,694 37,224,882
------------- ------------- ------------- -------------
End of period+ $3,717,828 $3,706,570 $37,966,612 $37,652,694
============= ============= ============= =============
+Includes undistributed net investment income of $1,127 $ -- $15,136 $ --
============= ============= ============= =============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 25,355 49,858 149,790 265,393
Issued for distributions reinvested 3,544 8,905 33,235 87,215
Redeemed (27,848) (61,436) (175,889) (292,034)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A trust
shares outstanding 1,051 (2,673) 7,136 60,574
============= ============= ============= =============
Class B:
Sold 32 8,538 7,735 31,544
Issued for distributions reinvested 327 538 540 1,219
Redeemed (1,535) (182) (669) (5,436)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B trust
shares outstanding (1,176) 8,894 7,606 27,327
============= ============= ============= =============
<CAPTION>
Statement of Changes in Net Assets (Continued)
- ------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------
MINNESOTA MISSOURI
--------------------------- ---------------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $220,348 $436,042 $50,239 $97,927
Net realized gain (loss) on investments 19,823 2,744 3,196 2,003
Net unrealized appreciation (depreciation)
of investments 8,556 (159,203) 10,276 (29,349)
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 248,727 279,583 63,711 70,581
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income--Class A (217,691) (435,743) (48,890) (97,402)
Net investment income--Class B (955) (251) (1,165) (472)
Net realized gains--Class A -- -- -- --
Net realized gains--Class B -- -- -- --
------------- ------------- ------------- -------------
Total distributions (218,646) (435,994) (50,055) (97,874)
------------- ------------- ------------- -------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 293,376 869,472 37,344 273,844
Value of distributions reinvested 135,973 324,037 27,030 65,392
Cost of shares redeemed (442,152) (894,843) (157,645) (275,989)
------------- ------------- ------------- -------------
(12,803) 298,666 (93,271) 63,247
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 6,000 40,309 39,000 35,600
Value of distributions reinvested 776 251 895 471
Cost of shares redeemed (6,218) -- (139) (620)
------------- ------------- ------------- -------------
558 40,560 39,756 35,451
------------- ------------- ------------- -------------
Net increase (decrease) from trust
share transactions (12,245) 339,226 (53,515) 98,698
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 17,836 182,815 (39,859) 71,405
Net Assets
Beginning of period 8,344,961 8,162,146 1,961,150 1,889,745
------------- ------------- ------------- -------------
End of period+ $8,362,797 $8,344,961 $1,921,291 $1,961,150
============= ============= ============= =============
+Includes undistributed net investment income of $2,117 $415 $429 $245
============= ============= ============= =============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 26,166 76,769 3,050 22,505
Issued for distributions reinvested 12,112 28,815 2,207 5,366
Redeemed (39,425) (79,558) (12,788) (22,674)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A trust
shares outstanding (1,147) 26,026 (7,531) 5,197
============= ============= ============= =============
Class B:
Sold 536 3,567 3,218 2,916
Issued for distributions reinvested 69 23 73 39
Redeemed (547) -- (11) (51)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B trust
shares outstanding 58 3,590 3,280 2,904
============= ============= ============= =============
<CAPTION>
Statement of Changes in Net Assets (Continued)
- ------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------
OHIO OREGON
--------------------------- ---------------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $471,544 $960,046 $263,157 $430,755
Net realized gain (loss) on investments 63,927 96,918 9,502 (55,047)
Net unrealized appreciation (depreciation)
of investments (27,336) (222,524) 73,582 1,617
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 508,135 834,440 346,241 377,325
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income--Class A (461,312) (954,547) (251,571) (409,680)
Net investment income--Class B (5,696) (11,625) (12,452) (19,752)
Net realized gains--Class A -- (95,594) -- --
Net realized gains--Class B -- (1,324) -- --
------------- ------------- ------------- -------------
Total distributions (467,008) (1,063,090) (264,023) (429,432)
------------- ------------- ------------- -------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 948,177 2,972,212 1,364,895 3,429,377
Value of distributions reinvested 264,741 719,301 169,496 324,683
Cost of shares redeemed (2,645,584) (2,741,079) (710,449) (628,634)
------------- ------------- ------------- -------------
(1,432,666) 950,434 823,942 3,125,426
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 49,500 38,639 73,857 214,120
Value of distributions reinvested 4,094 10,473 9,940 19,563
Cost of shares redeemed (54,238) (49,038) (2,135) (5,085)
------------- ------------- ------------- -------------
(644) 74 81,662 228,598
------------- ------------- ------------- -------------
Net increase (decrease) from trust
share transactions (1,433,310) 950,508 905,604 3,354,024
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (1,392,183) 721,858 987,822 3,301,917
Net Assets
Beginning of period 20,401,976 19,680,118 10,484,177 7,182,260
------------- ------------- ------------- -------------
End of period+ $19,009,793 $20,401,976 $11,471,999 $10,484,177
============= ============= ============= =============
+Includes undistributed net investment income of $4,536 $ -- $1,937 $2,803
============= ============= ============= =============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 77,188 243,984 113,901 289,775
Issued for distributions reinvested 21,587 58,632 14,173 27,320
Redeemed (215,320) (223,273) (59,560) (53,306)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A trust
shares outstanding (116,545) 79,343 68,514 263,789
============= ============= ============= =============
Class B:
Sold 4,039 3,178 6,147 17,950
Issued for distributions reinvested 334 854 832 1,648
Redeemed (4,404) (4,001) (180) (429)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B trust
shares outstanding (31) 31 6,799 19,169
============= ============= ============= =============
See notes to financial statments
</TABLE>
Notes to Financial Statements
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Funds
1. Significant Accounting Policies -- First Investors Multi-State
Insured Tax Free Fund ("Multi-State Insured") is registered under the
Investment Company Act of 1940 (the "1940 Act") as a diversified, open-
end management investment company. Multi-State Insured consists of
seventeen separate investment series. This report relates to the eight
Funds of Multi-State Insured listed above. Multi-State Insured operates
as a series fund, issuing shares of beneficial interest in each Fund and
accounts separately for the assets, liabilities and operations of each
Fund.
The investment objective of each Fund of Multi-State Insured is to
achieve a high level of interest income which is exempt from federal
income tax and, to the extent indicated for a particular Fund, from
state and local income taxes for residents of that State.
A. Security Valuation -- The municipal securities in which the Funds
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Trustees. The
pricing service considers security type, rating, market condition and
yield data, as well as market quotations and prices provided by market
makers. "When Issued Securities" are reflected in the assets of the
Funds as of the date the securities are purchased.
The municipal bonds held by the Funds are insured as to payment of
principal and interest by the issuer or under insurance policies written
by independent insurance companies. It is the intention of the Funds to
retain any insured securities which are in default or in significant
risk of default and to place a value on the defaulted securities based
on the value of similar securities which are not in default. Each Fund
may invest up to 35% of its assets in portfolio securities not covered
by the insurance feature.
B. Federal Income Taxes -- It is the policy of each Fund to continue to
qualify as a regulated investment company, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The Funds
make distributions of income and net realized capital gains sufficient
to relieve them from all, or substantially all, federal income taxes. At
June 30, 1997, Funds having capital loss carryovers were as follows:
Year Capital Loss
Carryovers Expire
-------------------------------------
MULTI-STATE INSURED Total 2002 2003 2004
- ------------------- -------- ------- ------- -------
ARIZONA Fund $103,945 $ 91,810 $ -- $12,135
COLORADO Fund 52,018 52,018 -- --
MINNESOTA Fund 121,186 56,552 64,634 --
MISSOURI Fund 72,738 63,033 9,705 --
OREGON Fund 223,631 168,584 -- 55,047
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 Fund are
charged to and paid from the assets of that Fund. Indirect or general
expenses of Multi-State Insured are allocated among and charged to the
assets of each Fund on a fair and equitable basis, which may be based on
the relative assets of each Fund or the nature of the services performed
and relative applicability to each Fund.
E. Security Transactions and Investment Income -- Security transactions
are accounted for on the date the securities are purchased or sold. Cost
is determined, and gains and losses are based, on the identified cost
basis for both financial statement and federal income tax purposes.
Interest income is earned from settlement date and recorded on the
accrual basis. Estimated expenses are accrued daily. The Funds'
Custodian has provided credits in the amount of $7,073 against custodian
charges based on the uninvested cash balances of the Funds.
F. Use of Estimates -- The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
2. Capital -- Each Fund sells two classes of shares, Class A and Class
B, each with a public offering price that reflects different sales
charges and expense levels. Class A shares are sold with an initial
sales charge of up to 6.25% of the amount invested and together with the
Class B shares are subject to distribution plan fees as described in
Note 5. Class B shares are sold without an initial sales charge, but are
generally subject to a contingent deferred sales charge which declines
in steps from 4% to 0% over a six-year period. Class B shares
automatically convert into Class A shares after eight years. Realized
and unrealized gains or losses, investment income and expenses (other
than distribution plan fees) are allocated daily to each class of shares
based upon the relative proportion of net assets of each class. Multi-
State Insured has established an unlimited number of Class A and Class B
shares of beneficial interest.
3. Concentration of Credit Risk -- The Funds invest in debt instruments
of municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions -- For the six months ended June 30, 1997,
purchases and sales of municipal securities were as follows:
Cost Proceeds
of of
MULTI-STATE INSURED Purchases Sales
- ------------------- ------------ ------------
ARIZONA Fund $1,499,386 $ 658,152
CALIFORNIA Fund 407,202 759,773
COLORADO Fund 496,643 542,698
MICHIGAN Fund 7,126,640 6,413,051
MINNESOTA Fund 527,594 466,730
MISSOURI Fund 97,406 178,760
OHIO Fund 1,987,931 3,217,234
OREGON Fund 1,908,462 1,321,702
At June 30, 1997, aggregate cost and net unrealized appreciation of
securities for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
MULTI-STATE INSURED Cost Appreciation Depreciation Appreciation
- ------------------- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
ARIZONA Fund $8,537,682 $788,069 $1,007 $787,062
CALIFORNIA Fund 13,934,257 1,324,111 1,368 1,322,743
COLORADO Fund 3,427,679 224,512 486 224,026
MICHIGAN Fund 34,866,713 2,907,408 -- 2,907,408
MINNESOTA Fund 7,773,333 396,136 -- 396,136
MISSOURI Fund 1,747,587 128,282 -- 128,282
OHIO Fund 17,445,066 1,439,259 -- 1,439,259
OREGON Fund 10,437,551 511,630 -- 511,630
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates -- Certain
officers and trustees of the Funds are officers and directors of the
Funds' investment adviser, First Investors Management Company, Inc.
("FIMCO"), their underwriter, First Investors Corporation ("FIC") and/or
their transfer agent, Administrative Data Management Corp. ("ADM").
Officers and trustees of the Funds received no remuneration from the
Funds for serving in such capacities. Their remuneration (together with
certain other expenses of the Funds) is paid by FIMCO or FIC.
The Investment Advisory Agreement provides as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of each Fund, declining by .03%
on each $250 million thereafter, down to .66% on average daily net
assets over $750 million. For the six months ended June 30, 1997,
advisory fees amounted to $396,402, of which $168,749 was waived; other
expenses in the amount of $72,631 were assumed by FIMCO.
For the six months ended June 30, 1997, FIC, as underwriter, received
$195,887 in commissions on sales of shares after allowing $90,214 to
other dealers. Shareholder servicing costs consisted of $56,181 in
transfer agent fees and out of pocket expenses accrued to ADM.
Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act,
each Fund is authorized to pay FIC a fee up to .30% of the average net
assets of the Class A shares and up to 1% of the average net assets of
the Class B shares, on an annualized basis each fiscal year, payable
monthly. The fee consists of a distribution fee and a service fee. The
service fee is paid for the ongoing servicing of clients who are
shareholders of that Fund.
This page left blank intentionally.
<TABLE>
<CAPTION>
Financial Highlights
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- --------------------------
Net Asset Net
Value Realized and
-------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ARIZONA FUND
Class A
1992 $11.52 $.683 $.545 $1.228 $.668 $ --
1993 12.08 .681 1.078 1.759 .672 .047
1994 13.12 .663 (1.397) (.734) .676 --
1995 11.71 .665 1.448 2.113 .673 --
1996 13.15 .664 (.199) .465 .665 --
1/1/97 to 6/30/97 12.95 .330 .069 .399 .329 --
Class B
1/12/95* to 12/31/95 11.82 .544 1.340 1.884 .554 --
1996 13.15 .565 (.201) .364 .564 --
1/1/97 to 6/30/97 12.95 .279 .069 .348 .278 --
CALIFORNIA FUND
Class A
1992 $11.07 $.653 $.406 $1.059 $.644 $.045
1993 11.44 .637 .845 1.482 .612 .190
1994 12.12 .598 (1.328) (.730) .620 --
1995 10.77 .580 1.335 1.915 .589 .136
1996 11.96 .576 (.128) .448 .575 .073
1/1/97 to 6/30/97 11.76 .288 (.010) .278 .288 --
Class B
1/12/95* to 12/31/95 10.87 .472 1.227 1.699 .483 .136
1996 11.95 .486 (.123) .363 .480 .073
1/1/97 to 6/30/97 11.76 .241 (.020) .221 .241 --
COLORADO FUND
Class A
5/4/92* to 12/31/92 $11.17 $.308 $.442 $.750 $.290 $ --
1993 11.63 $.625 .984 1.609 .633 .006
1994 12.60 $.631 (1.351) (.720) .640 --
1995 11.24 $.668 1.340 2.008 .668 --
1996 12.58 $.642 (.089) .553 .643 --
1/1/97 to 6/30/97 12.49 $.321 .036 .357 .317 --
Class B
1/12/95* to 12/31/95 11.35 $.564 1.239 1.803 .573 --
1996 12.58 $.547 (.100) .447 .547 --
1/1/97 to 6/30/97 12.48 $.271 .038 .309 .269 --
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
---------------------------- -----------------------------------------------------
Ratio to Average Net Assets++
Net Asset ----------------------------
Value Net Assets Net
-------- Total End of Investment
Total End of Return** Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ARIZONA FUND
Class A
1992 $.668 $12.08 10.98 $4,818 .20 5.84
1993 .719 13.12 14.87 8,247 .20 5.40
1994 .676 11.71 (5.63) 8,803 .30 5.52
1995 .673 13.15 18.41 8,834 .50 5.27
1996 .665 12.95 3.69 8,383 .53 5.17
1/1/97 to 6/30/97 .329 13.02 3.13 9,011 .50+ 5.08+
Class B
1/12/95* to 12/31/95 .554 13.15 16.20 173 1.30+ 4.62+
1996 .564 12.95 2.89 289 1.33 4.37
1/1/97 to 6/30/97 .278 13.02 2.72 324 1.30+ 4.28+
CALIFORNIA FUND
Class A
1992 $.689 $11.44 9.84 $15,195 .72 5.83
1993 .802 12.12 13.21 17,625 .89 5.33
1994 .620 10.77 (6.10) 15,335 .97 5.27
1995 .725 11.96 18.16 16,547 .90 5.02
1996 .648 11.76 3.91 15,558 .84 4.93
1/1/97 to 6/30/97 .288 11.75 2.41 15,243 .80+ 4.90+
Class B
1/12/95* to 12/31/95 .619 11.95 15.91 59 1.74+ 4.31+
1996 .553 11.76 3.16 114 1.63 4.14
1/1/97 to 6/30/97 .241 11.74 1.91 115 1.60+ 4.10+
COLORADO FUND
Class A
5/4/92* to 12/31/92 $.290 $11.63 10.10+ $1,122 -- 4.95+
1993 .639 12.60 14.14 2,887 .12 5.13
1994 .640 11.24 (5.77) 3,110 .20 5.41
1995 .668 12.58 18.25 3,525 .20 5.54
1996 .643 12.49 4.57 3,466 .38 5.20
1/1/97 to 6/30/97 .317 12.53 2.91 3,491 .40+ 5.14+
Class B
1/12/95* to 12/31/95 .573 12.58 16.18 131 1.00+ 4.90+
1996 .547 12.48 3.68 241 1.19 4.39
1/1/97 to 6/30/97 .269 12.52 2.59 227 1.20+ 4.34+
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
RATIOS/SUPPLEMENTAL DATA
------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
----------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- -----------------------------------------------------------------
<S> <C> <C> <C>
ARIZONA FUND
Class A
1992 1.32 4.72 58
1993 1.20 4.41 45
1994 1.24 4.59 63
1995 1.15 4.62 36
1996 1.23 4.47 27
1/1/97 to 6/30/97 1.22+ 4.38+ 7
Class B
1/12/95* to 12/31/95 1.95+ 3.95+ 36
1996 2.03 3.67 27
1/1/97 to 6/30/97 2.02+ 3.57+ 7
CALIFORNIA FUND
Class A
1992 1.25 5.30 52
1993 1.14 5.08 66
1994 1.22 5.02 83
1995 1.15 4.77 53
1996 1.19 4.58 30
1/1/97 to 6/30/97 1.17+ 4.54+ 3
Class B
1/12/95* to 12/31/95 2.00+ 4.04+ 53
1996 1.98 3.79 30
1/1/97 to 6/30/97 1.97+ 3.74+ 3
COLORADO FUND
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
1996 1.40 4.17 20
1/1/97 to 6/30/97 1.35+ 4.21+ 14
Class B
1/12/95* to 12/31/95 2.12+ 3.75+ 45
1996 2.21 3.36 20
1/1/97 to 6/30/97 2.15+ 3.41+ 14
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- --------------------------
Net Asset Net
Value Realized and
-------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MICHIGAN FUND
Class A
1992 $11.43 $.681 $.494 $1.175 $.675 $ --
1993 11.93 .641 1.053 1.694 .655 .079
1994 12.89 .612 (1.423) (.811) .609 --
1995 11.47 .634 1.331 1.965 .635 --
1996 12.80 .627 (.215) .412 .631 .011
1/1/97 to 6/30/97 12.57 .308 .035 .343 .303 --
Class B
1/12/95* to 12/31/95 11.57 .528 1.241 1.769 .539 --
1996 12.80 .534 (.229) .305 .534 .011
1/1/97 to 6/30/97 12.56 .259 .036 .295 .255 --
MINNESOTA FUND
Class A
1992 $10.97 $.676 $.313 $.989 $.659 $ --
1993 11.30 .625 .622 1.247 .640 .137
1994 11.77 .592 (1.282) (.690) .600 --
1995 10.48 .589 1.022 1.611 .591 --
1996 11.50 .592 (.210) .382 .592 --
1/1/97 to 6/30/97 11.29 .302 .038 .340 .300 --
Class B
1/12/95* to 12/31/95 10.55 .515 .950 1.465 .515 --
1996 11.50 .493 (.205) .288 .498 --
1/1/97 to 6/30/97 11.29 .257 .040 .297 .257 --
MISSOURI FUND
Class A
5/4/92* to 12/31/92 $11.17 $.272 $.363 $.635 $.255 $ --
1993 11.55 .620 .988 1.608 .635 .023
1994 12.50 .617 (1.384) (.767) .613 --
1995 11.12 .662 1.356 2.018 .668 --
1996 12.47 .637 (.180) .457 .637 --
1/1/97 to 6/30/97 12.29 .321 .079 .400 .320 --
Class B
1/12/95* to 12/31/95 11.22 .548 1.260 1.808 .548 --
1996 12.48 .538 (.189) .349 .539 --
1/1/97 to 6/30/97 12.29 .270 .081 .351 .271 --
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
---------------------------- -----------------------------------------------------
Ratio to Average Net Assets++
Net Asset ----------------------------
Value Net Assets Net
-------- Total End of Investment
Total End of Return** Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MICHIGAN FUND
Class A
1992 $.675 $11.93 10.59 $20,971 .73 5.86
1993 .734 12.89 14.49 30,281 .89 5.11
1994 .609 11.47 (6.36) 30,362 .93 5.11
1995 .635 12.80 17.47 36,837 .89 5.14
1996 .642 12.57 3.37 36,928 .88 5.03
1/1/97 to 6/30/97 .303 12.61 2.77 37,144 .88+ 7.77+
Class B
1/12/95* to 12/31/95 .539 12.80 15.55 388 1.76+ 4.41+
1996 .545 12.56 2.49 724 1.69 4.22
1/1/97 to 6/30/97 .255 12.60 2.39 822 1.68+ 6.97+
MINNESOTA FUND
Class A
1992 $.659 $11.30 9.29 $5,983 .51 6.10
1993 .777 11.77 11.30 8,118 .65 5.40
1994 .600 10.48 (5.93) 7,375 .65 5.40
1995 .591 11.50 15.68 8,162 .65 5.29
1996 .592 11.29 3.47 8,304 .56 5.27
1/1/97 to 6/30/97 .300 11.33 3.06 8,321 .50+ 5.35+
Class B
1/12/95* to 12/31/95 .515 11.50 14.13 .1 1.45+ 4.64+
1996 .498 11.29 2.61 41 1.40 4.44
1/1/97 to 6/30/97 .257 11.33 2.67 41 1.30+ 4.55+
MISSOURI FUND
Class A
5/4/92* to 12/31/92 $.255 $11.55 8.58+ $475 -- 4.36+
1993 .658 12.50 14.21 1,540 .13 4.44
1994 .613 11.12 (6.20) 1,611 .20 5.45
1995 .668 12.47 18.55 1,890 .20 5.58
1996 .637 12.29 3.84 1,925 .38 5.24
1/1/97 to 6/30/97 .320 12.37 3.31 1,845 .40+ 5.21+
Class B
1/12/95* to 12/31/95 .548 12.48 16.41 .1 1.00+ 4.94+
1996 .539 12.29 2.57 36 1.24 4.38
1/1/97 to 6/30/97 .271 12.37 2.89 77 1.20+ 4.41+
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
RATIOS/SUPPLEMENTAL DATA
------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
----------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- -----------------------------------------------------------------
<S> <C> <C> <C>
MICHIGAN FUND
Class A
1992 1.22 5.37 26
1993 1.14 4.86 25
1994 1.18 4.86 60
1995 1.14 4.89 45
1996 1.13 4.78 43
1/1/97 to 6/30/97 1.13+ 7.52+ 17
Class B
1/12/95* to 12/31/95 2.02+ 4.15+ 45
1996 1.94 3.97 43
1/1/97 to 6/30/97 1.93+ 6.72+ 17
MINNESOTA FUND
Class A
1992 1.38 5.23 33
1993 1.24 4.80 41
1994 1.29 4.76 34
1995 1.31 4.63 53
1996 1.31 4.52 49
1/1/97 to 6/30/97 1.19+ 4.67+ 6
Class B
1/12/95* to 12/31/95 2.11+ 3.96+ 53
1996 2.14 3.69 49
1/1/97 to 6/30/97 1.99+ 3.87+ 6
MISSOURI FUND
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
1996 1.69 3.93 15
1/1/97 to 6/30/97 1.63+ 4.00+ 5
Class B
1/12/95* to 12/31/95 2.22+ 3.68+ 50
1996 2.55 3.07 15
1/1/97 to 6/30/97 2.43+ 3.20+ 5
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- --------------------------
Net Asset Net
Value Realized and
-------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OHIO FUND
Class A
1992 $11.43 $.676 $.432 $1.108 $.668 $ --
1993 11.87 .632 .894 1.526 .632 .104
1994 12.66 .613 (1.353) (.740) .620 --
1995 11.30 .615 1.306 1.921 .619 .092
1996 12.51 .605 (.097) .508 .609 .059
1/1/97 to 6/30/97 12.35 .306 .027 .333 .303 --
Class B
1/12/95* to 12/31/95 11.40 .503 1.212 1.715 .513 .092
1996 12.51 .507 (.095) .412 .513 .059
1/1/97 to 6/30/97 12.35 .256 .029 .285 .255 --
OREGON FUND
Class A
5/4/92* to 12/31/92 $11.17 $.260 $.230 $.490 $.240 $ --
1993 11.42 .661 .807 1.468 .598 --
1994 12.29 .529 (1.339) (.810) .610 --
1995 10.87 .626 1.289 1.915 .625 --
1996 12.16 .589 (.161) .428 .588 --
1/1/97 to 6/30/97 12.00 .292 .091 .383 .293 --
Class B
1/12/95* to 12/31/95 10.97 .541 1.182 1.723 .543 --
1996 12.15 .495 (.161) .334 .494 --
1/1/97 to 6/30/97 11.99 .244 .091 .335 .245 --
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
---------------------------- -----------------------------------------------------
Ratio to Average Net Assets++
Net Asset ----------------------------
Value Net Assets Net
-------- Total End of Investment
Total End of Return** Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OHIO FUND
Class A
1992 $.668 $11.87 9.99 $13,869 .62 5.83
1993 .736 12.66 13.12 20,366 .80 5.09
1994 .620 11.30 (5.91) 18,169 .85 5.18
1995 .711 12.51 17.34 19,398 .87 5.07
1996 .668 12.35 4.23 20,123 .86 4.95
1/1/97 to 6/30/97 .303 12.38 2.74 18,731 .80+ 4.96+
Class B
1/12/95* to 12/31/95 .605 12.51 15.30 282 1.76+ 4.33+
1996 .572 12.35 3.43 279 1.66 4.15
1/1/97 to 6/30/97 .255 12.38 2.34 279 1.60+ 4.15+
OREGON FUND
Class A
5/4/92* to 12/31/92 $.240 $11.42 6.62+ $931 -- 4.30+
1993 .598 12.29 13.13 3,747 -- 4.94
1994 .610 10.87 (6.65) 4,696 .20 5.36
1995 .625 12.16 17.99 6,840 .20 5.36
1996 .588 12.00 3.68 9,917 .46 4.97
1/1/97 to 6/30/97 .293 12.09 3.24 10,818 .50+ 4.85+
Class B
1/12/95* to 12/31/95 .543 12.15 16.00 342 1.00+ 4.72+
1996 .494 11.99 2.87 568 1.26 4.17
1/1/97 to 6/30/97 .245 12.08 2.83 654 1.30+ 4.05+
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
RATIOS/SUPPLEMENTAL DATA
------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
----------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- -----------------------------------------------------------------
<S> <C> <C> <C>
OHIO FUND
Class A
1992 1.21 5.23 29
1993 1.15 4.74 30
1994 1.20 4.83 57
1995 1.22 4.72 70
1996 1.19 4.62 33
1/1/97 to 6/30/97 1.23+ 4.54+ 11
Class B
1/12/95* to 12/31/95 2.13+ 3.95+ 70
1996 1.99 3.82 33
1/1/97 to 6/30/97 2.03+ 3.74+ 11
OREGON FUND
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
1996 1.26 4.16 21
1/1/97 to 6/30/97 1.22+ 4.15+ 13
Class B
1/12/95* to 12/31/95 2.03+ 3.65+ 36
1996 2.07 3.36 21
1/1/97 to 6/30/97 2.02+ 3.35+ 13
* 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 (Note 5).
See notes to financial statements
</TABLE>
Independent Auditor's Report
To the Shareholders and Trustees of
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Funds
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of the eight Funds of First
Investors Multi-State Insured Tax Free Fund listed above as of June 30,
1997, and the related statement of operations for the six months ended
June 30, 1997, the statement of changes in net assets for the six months
ended June 30, 1997 and the year ended December 31, 1996, and the
financial highlights for the periods indicated thereon. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of June 30, 1997, by correspondence
with the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the eight Funds of First Investors Multi-
State Insured Tax Free Fund listed above as of June 30, 1997, and the
results of their operations, changes in their net assets and financial
highlights for the periods indicated thereon, in conformity with
generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1997
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FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Trustees
James J. Coy (Emeritus)
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
Shareholder Information
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Ave., N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Fund's practice to mail only one copy of its
annual and semi-annual reports to any address at which more than one
shareholder with the same last name has indicated that mail is to be
delivered. Additional copies of the reports will be mailed if requested
by any shareholder in writing or by calling 800-423-4026. The Fund will
ensure that separate reports are sent to any shareholder who
subsequently changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Fund's prospectus.
