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
ANNUAL
REPORT
DECEMBER 31, 1996
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:
The current economic expansion extended to its fifth year in 1996. The
economy grew by 3.4% during the year with the core rate of consumer
price inflation increasing 2.6%, its slowest pace since the mid-1960's.
The combination of moderate growth and low inflation provided a positive
background for the financial markets. The broad stock market averages
made new highs in 1996 while long-term interest rates moved somewhat
higher during the year. Besides the economy, the markets benefited from
strong demand for U.S. securities. Individual investors bought a record
amount of stock mutual funds, while foreign investors bought a record
amount of U.S. Treasury bonds.
Long-term municipal bond prices fell slightly during 1996. The municipal
bond market's performance compares very favorably to the Treasury bond
market where long-term bond prices fell substantially. The municipal
bond market's relatively strong performance during 1996 was attributable
to the comparatively cheap levels at which the market began the year,
due to concerns over potential tax reform. As those concerns
disappeared, demand for tax-exempt bonds increased and municipal bonds
appreciated versus Treasury bonds. In fact, broad based demand
throughout the year from individuals and insurance companies was
sufficient to absorb $183 billion of the new issue supply.
During 1996, 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 3.0% and 2.2%, Connecticut 3.4% and 2.6%, Florida 3.3% and
2.6%, Georgia 3.9% and 3.1%, Maryland 3.3% and 2.5%, Massachusetts 3.0%
and 2.2%, New Jersey 3.1% and 2.2%, North Carolina 3.7% and 2.9%,
Pennsylvania 3.4% and 2.6%, and Virginia 3.5% and 2.7%.
The total returns on the Class A shares of the New York, Florida,
Georgia, Maryland, North Carolina, and Virginia Funds exceeded the
average return of their respective mutual fund peer group according to
Lipper Analytical Services, Inc. The returns of the Connecticut, New
Jersey, and Pennsylvania Funds were within 10 to 16 basis points (.10%
to .16%) of their Lipper peer group average, while the Massachusetts
Fund's return was 40 basis points (.40%) below the average Lipper return
for Massachusetts municipal bond funds. The generally good relative
performance of the Funds was the result of two factors. First, the Funds
have accumulated substantial positions in relatively high yielding bonds
during periods of market weakness. These bonds provide a high level of
current income and help enhance total return. Second, the Funds have
focused during the past several years on improving call protection, in
particular buying high coupon noncallable bonds when available. In the
New York Fund, for example, approximately two-thirds of the Fund's
assets are noncallable.
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 1% increase in yield on a ten year
bond results in roughly a 7% decrease in that bond's price. In each of
the last five years, ten year Treasury bond yields have moved more than
1%. In addition, while the Funds' municipal bonds are insured as to
timely payment of principal and interest, this insurance does not
protect the bonds against changes in market value. Investors should be
aware of these risks and recognize that successful investing generally
requires a long-term commitment to the market.
Looking forward, the factors that benefited the markets in 1996 appear
likely to continue in 1997: moderate growth, low inflation, and strong
demand for financial assets. A significant risk to the market is that
inflation may increase due to the length of the economic expansion. This
could lead the Federal Reserve to raise interest rates, hurting both the
bond and stock markets. On the other hand, the markets may be positively
surprised by legislation from the President and Congress to eliminate
the federal budget deficit. We will continue to be alert to events that
may affect the value of your investments.
As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
/S/Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1997
Cumulative Performance Information
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
Comparison of change in value of $10,000 investment in the First
Investors New York Insured Tax Free Fund, Inc. (Class A shares) and the
Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
NEW YORK LEHMAN
JAN 1987 9,375 10,000
DEC 1987 9,258 10,150
DEC 1988 10,201 11,180
DEC 1989 11,155 12,386
DEC 1990 11,820 13,289
DEC 1991 13,108 14,903
DEC 1992 14,247 16,217
DEC 1993 15,647 18,207
DEC 1994 14,860 17,266
DEC 1995 17,156 20,303
DEC 1996 17,662 21,166
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 2.95% (3.51)%
Five Years 6.16% 4.79%
Ten Years 6.54% 5.85%
S.E.C. 30-Day Yield 3.65%
Class B Shares
One Year 2.18% (1.89)%
Since Inception
(1/12/95) 7.89% 5.69%
S.E.C. 30-Day Yield 3.21%
Footnote reads:
The graph compares a $10,000 investment in the First Investors New York
Insured Tax Free Fund, Inc. (Class A shares) beginning 1/1/87 with a
theoretical investment in the Lehman Brothers Municipal Bond Index. The
Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest directly in the Lehman Brothers Municipal Bond
Index. For purposes of the graph and the accompanying table, unless
otherwise indicated, it has been assumed that the maximum sales charge
was deducted from the initial $10,000 investment in the Fund and all
dividends and distributions were reinvested. Class B shares performance
may be greater than or less than that shown in the line graph above
based on differences in sales loads and fees paid by shareholders
investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 and 12/29/89, the maximum sales
charges were 6.9% and 7.25%, respectively). The Class B "S.E.C.
Standardized" return is adjusted for the applicable deferred sales
charge (maximum of 4% in the first year). Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. Lehman Brothers Municipal Bond Index figures from Lehman
Brothers Inc. and all other figures from First Investors Management
Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Connecticut Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
CONNECTICUT LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,395 10,431
DEC 1991 10,345 11,698
DEC 1992 11,306 12,730
DEC 1993 12,900 14,292
DEC 1994 12,030 13,553
DEC 1995 14,097 15,918
DEC 1996 14,573 16,595
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.37% (3.08)%
Five Years 7.13% 5.75%
Since Inception
(10/8/90) 7.32% 6.23%
S.E.C. 30-Day Yield 4.35%
Class B Shares
One Year 2.57% (1.55)%
Since Inception
(1/12/95) 8.88% 6.63%
S.E.C. 30-Day Yield 3.85%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Connecticut Fund (Class A shares)
beginning 10/8/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years
and Since Inception would have been (3.52)%, 5.24% and 5.55%,
respectively, and the S.E.C. 30-Day Yield for
December 1996 would have been 3.95%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (1.96)% and 6.10%, respectively, and the
S.E.C. 30-Day Yield for and do not indicate future results.
Investment return and principal value of an investment will fluctuate
so that an investor's shares, when redeemed, may be worth more or
less than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Florida Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
FLORIDA LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,345 10,431
DEC 1991 10,442 11,698
DEC 1992 11,526 12,730
DEC 1993 13,161 14,292
DEC 1994 12,451 13,553
DEC 1995 14,788 15,918
DEC 1996 15,282 16,595
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.34% (3.14)%
Five Years 7.92% 6.53%
Since Inception
(10/5/90) 8.13% 7.03%
S.E.C. 30-Day Yield 4.32%
Class B Shares
One Year 2.56% (1.51)%
Since Inception
(1/12/95) 9.72% 7.49%
S.E.C. 30-Day Yield 3.82%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Florida Fund (Class A shares) beginning
10/5/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond Index
is a total return performance benchmark for the long-term investment
grade tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years and
Since Inception would have been (3.57)%, 5.88% and 6.31%,
respectively, and the S.E.C. 30-Day Yield for December 1996 would have
been 3.99%. The Class B "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (1.88)% and
6.95%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 3.48%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Georgia Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
GEORGIA LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,803 10,753
DEC 1993 11,289 12,073
DEC 1994 10,760 11,449
DEC 1995 12,740 13,447
DEC 1996 13,242 14,018
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.94% (2.57)%
Since Inception
(5/1/92) 7.66% 6.20%
S.E.C. 30-Day Yield 4.72%
Class B Shares
One Year 3.13% (1.00)%
Since Inception
(1/12/95) 9.69% 7.42%
S.E.C. 30-Day Yield 4.25%
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Georgia Fund (Class A shares) beginning
5/1/92 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond Index
is a total return performance benchmark for the long-term investment
grade tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (3.69)% and 4.64%, respectively, and the
S.E.C. 30-Day Yield for December 1996 would have been 3.73%. The Class
B "S.E.C. Standardized" Average Annual Total Return for One Year and
Since Inception would have been (2.15)% and 5.97%, respectively, and
the S.E.C. 30-Day Yield for December 1996 would have been 3.19%.
Results represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate
so that an investor's shares, when redeemed, may be worth more or less
than the original cost. Lehman Brothers Municipal Bond Index figures
from Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Maryland Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
MARYLAND LEHMAN
OCT 1990 9,375 10,000
DEC 1990 9,555 10,431
DEC 1991 10,374 11,698
DEC 1992 11,346 12,730
DEC 1993 13,005 14,292
DEC 1994 12,277 13,553
DEC 1995 14,426 15,918
DEC 1996 14,905 16,595
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.33% (3.10)%
Five Years 7.57% 6.19%
Since Inception
(10/8/90) 7.71% 6.61%
S.E.C. 30-Day Yield 4.63%
Class B Shares
One Year 2.45% (1.67)%
Since Inception
(1/12/95) 9.07% 6.85%
S.E.C. 30-Day Yield 4.16%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Maryland Fund (Class A shares) beginning
10/8/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond Index
is a total return performance benchmark for the long-term investment
grade tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years and
Since Inception would have been (3.87)%, 5.25% and 5.52%,
respectively, and the S.E.C. 30-Day Yield for December 1996 would have
been 3.94%. The Class B "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (2.43)% and
5.35%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 3.41%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Massachusetts Fund (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
MASSACHUSETTS LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,868 10,150
DEC 1988 10,057 11,180
DEC 1989 11,096 12,386
DEC 1990 11,885 13,289
DEC 1991 13,232 14,903
DEC 1992 14,529 16,217
DEC 1993 16,262 18,207
DEC 1994 15,404 17,266
DEC 1995 18,033 20,279
DEC 1996 18,572 21,141
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 2.99% (3.41)%
Five Years 7.03% 5.67%
Ten Years 7.07% 6.39%
S.E.C. 30-Day Yield 4.27%
Class B Shares
One Year 2.16% (1.96)%
Since Inception
(1/12/95) 8.65% 6.43%
S.E.C. 30-Day Yield 3.76%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Massachusetts Fund (Class A shares)
beginning 1/1/87 with a theoretical investment in the Lehman Brothers
Municipal Bond Index. The Lehman Brothers Municipal Bond Index is a
total return performance benchmark for the long-term investment grade
tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 and 12/29/89, the maximum sales
charges were 6.9% and 7.25%, respectively). The Class B "S.E.C.
Standardized" returns are adjusted for the applicable deferred sales
charge (maximum of 4% in the first year). Some or all of the expenses
of the Fund were waived or assumed. If such expenses had been paid by
the Fund, the Class A "S.E.C. Standardized" Average Annual Total
Return for One Year, Five Years and Ten Years would have been (3.77)%,
5.30% and 5.79%, respectively, and the S.E.C. 30-Day Yield for
December 1996 would have been 3.99%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would
have been (2.27)% and 6.10%, respectively, and the S.E.C. 30-Day Yield
for December 1996 would have been 3.46%. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. Lehman Brothers Municipal Bond Index figures from Lehman
Brothers Inc. and all other figures from First Investors Management
Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- New Jersey Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
NEW JERSEY LEHMAN
SEP 1988 9,375 10,000
DEC 1988 9,545 10,370
DEC 1989 10,540 11,488
DEC 1990 11,327 12,326
DEC 1991 12,608 13,823
DEC 1992 13,831 15,041
DEC 1993 15,641 16,888
DEC 1994 14,704 16,015
DEC 1995 17,131 18,810
DEC 1996 17,660 19,609
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.09% (3.33)%
Five Years 6.97% 5.60%
Since Inception
(9/13/88) 7.93% 7.09%
S.E.C. 30-Day Yield 4.24%
Class B Shares
One Year 2.22% (1.86)%
Since Inception
(1/12/95) 8.29% 6.05%
S.E.C. 30-Day Yield 3.74%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- New Jersey Fund (Class A shares)
beginning 9/13/88 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 and 12/29/89, the maximum sales
charges were 6.9% and 7.25%, respectively). The Class B "S.E.C.
Standardized" returns are adjusted for the applicable deferred sales
charge (maximum of 4% in the first year). Some or all of the expenses
of the Fund were waived or assumed. If such expenses had been paid by
the Fund, the Class A "S.E.C. Standardized" Average Annual Total
Return for One Year, Five Years and Since Inception would have been
(3.58)%, 5.33% and 6.63%, respectively, and the S.E.C. 30-Day Yield
for December 1996 would have been 4.09%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (2.04)% and 5.83%, respectively, and the
S.E.C. 30-Day Yield for December 1996 would have been 3.59%. Results
represent past performance and do not indicate future results.
Investment return and principal value of an investment will fluctuate
so that an investor's shares, when redeemed, may be worth more or less
than the original cost. Lehman Brothers Municipal Bond Index figures
from Lehman Brothers Inc. and all other figures from First Investors
Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- North Carolina Fund
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
NORTH CAROLINA LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,769 10,753
DEC 1993 11,135 12,073
DEC 1994 10,417 11,449
DEC 1995 12,367 13,447
DEC 1996 12,821 14,018
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.68% (2.81)%
Since Inception
(5/4/92) 6.92% 5.46%
S.E.C. 30-Day Yield 4.69%
Class B Shares
One Year 2.85% (1.25)%
Since Inception
(1/12/95) 9.69% 7.43%
S.E.C. 30-Day Yield 4.21%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- North Carolina Fund (Class A shares)
beginning 5/4/92 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (3.84)% and 4.22%, respectively, and the
S.E.C. 30-Day Yield for December 1996 would have been 3.77%. The Class
B "S.E.C. Standardized" Average Annual Total Return for One Year and
Since Inception would have been (2.32)% and 6.27%, respectively, and
the S.E.C. 30-Day Yield for December 1996 would have been 3.24%.
Results represent past performance and do not indicate future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth
more or less than the original cost. Lehman Brothers Municipal Bond
Index figures from Lehman Brothers Inc. and all other figures from
First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Pennsylvania Fund (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
PENNSYLVANIA LEHMAN
APR 1990 9,375 10,000
DEC 1990 9,830 10,759
DEC 1991 10,861 12,066
DEC 1992 11,885 13,129
DEC 1993 13,583 14,741
DEC 1994 12,726 13,979
DEC 1995 15,054 16,418
DEC 1996 15,564 17,116
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.39% (3.10)%
Five Years 7.51% 6.14%
Since Inception
(4/30/90) 7.88% 6.85%
S.E.C. 30-Day Yield 4.30%
Class B Shares
One Year 2.61% (1.51)%
Since Inception
(1/12/95) 9.48% 7.24%
S.E.C. 30-Day Yield 3.80%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Pennsylvania Fund (Class A shares)
beginning 4/30/90 (inception date) with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes for the
Index are calculated semi-monthly using approximately 21,000 municipal
bonds which are priced by Muller Data Corp. The Index does not take into
account fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest directly in
the Lehman Brothers Municipal Bond Index. For purposes of the graph and
the accompanying table, unless otherwise indicated, it has been assumed
that the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years and
Since Inception would have been (3.44)%, 5.71% and 6.32%,
respectively, and the S.E.C. 30-Day Yield for December 1996 would have
been 4.06%. The Class B "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (1.79)% and
6.87%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 3.55%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Virginia Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
VIRGINIA LEHMAN
APR 1990 9,375 10,000
DEC 1990 9,729 10,759
DEC 1991 10,830 12,066
DEC 1992 11,923 13,129
DEC 1993 13,466 14,741
DEC 1994 12,663 13,979
DEC 1995 14,870 16,418
DEC 1996 15,385 17,116
(INSET BOX READS:)
As of December 31, 1996
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.47% (3.02)%
Five Years 7.26% 5.88%
Since Inception
(4/30/90) 7.70% 6.66%
S.E.C. 30-Day Yield 4.29%
Class B Shares
One Year 2.66% (1.43)%
Since Inception
(1/12/95) 9.05% 6.81%
S.E.C. 30-Day Yield 3.79%
Footnote reads:
The graph compares a $10,000 investment in the First Investors Multi-
State Insured Tax Free Fund -- Virginia Fund (Class A shares) beginning
4/30/90 (inception date) with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond Index
is a total return performance benchmark for the long-term investment
grade tax exempt bond market. Returns and attributes for the Index are
calculated semi-monthly using approximately 21,000 municipal bonds which
are priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an insured
tax-exempt bond fund. It is not possible to invest directly in the
Lehman Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been assumed that
the maximum sales charge was deducted from the initial $10,000
investment in the Fund and all dividends and distributions were
reinvested. Class B shares performance may be greater than or less than
that shown in the line graph above based on differences in sales loads
and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the period ended 12/31/96)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The Class A
"S.E.C. Standardized" returns shown are based on the maximum sales
charge of 6.25% (prior to 7/1/93 the maximum sales charge was 6.9%).
The Class B "S.E.C. Standardized" returns are adjusted for the
applicable deferred sales charge (maximum of 4% in the first year).
Some or all of the expenses of the Fund were waived or assumed. If
such expenses had been paid by the Fund, the Class A "S.E.C.
Standardized" Average Annual Total Return for One Year, Five Years and
Since Inception would have been (3.42)%, 5.45% and 6.10%,
respectively, and the S.E.C. 30-Day Yield for December 1996 would have
been 3.93%. The Class B "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (1.76)% and
6.37%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 3.41%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc.
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
December 31, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--100.1%
Education--14.8%
New York State Dormitory Authority Revenues:
$1,140M Barnard College 5 1/4% 7/1/2016 $ 1,098,675 $ 54
City University:
1,500M 8.2% 7/1/1998* 1,608,750 78
1,955M 5 3/4% 7/1/2013 - 2nd Gen. - A 2,035,644 99
2,000M 5 3/4% 7/1/2013 - 2nd - A 2,085,000 102
2,000M 5 3/4% 7/1/2013 - A 2,082,500 101
3,000M 6% 7/1/2020 - 2nd Gen. - A 3,210,000 156
Cooper Union:
700M 5 3/8% 7/1/2016 682,500 33
860M 5 3/8% 7/1/2020 830,975 40
1,000M Iona College 7 5/8% 7/1/1998* 1,072,500 52
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,136,000 153
1,250M Skidmore College 7 3/4% 7/1/1997* 1,300,875 63
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,084,450 101
1,000M 5 7/8% 5/15/2011 1,053,750 51
2,000M 5 1/2% 5/15/2013 2,027,500 99
3,700M 7 3/8% 5/15/2014 4,074,625 198
2,000M 5 1/4% 5/15/2015 1,960,000 95
- -----------------------------------------------------------------------------------
30,343,744 1,475
- -----------------------------------------------------------------------------------
General Obligation--20.9%
Monroe County, N.Y.:
1,000M 6% 3/1/2016 1,065,000 52
1,535M 6% 3/1/2017 1,634,775 79
1,000M 6% 3/1/2018 1,066,250 52
Nassau County, N.Y.:
4,355M 5.7% 8/1/2012 4,474,763 217
3,845M 6 1/2% 11/1/2012 4,258,337 207
1,750M 5 1/8% 11/1/2014 1,680,000 82
New York City, N.Y.:
4,250M 8% 8/1/1997* 4,442,525 216
1,000M 8 1/8% 11/1/1997* 1,051,120 51
1,000M 8% 6/1/1998* 1,068,750 52
3,000M 6.2% 8/1/2008 3,232,500 157
3,500M 6.95% 8/15/2012 3,928,750 191
1,000M 7 1/4% 3/15/2018 1,103,750 54
Niagara Falls, N. Y. Public Improvement:
1,340M 7 1/2% 3/1/2012 1,639,825 80
1,680M 7 1/2% 3/1/2015 2,079,000 101
1,600M 7 1/2% 3/1/2018 2,014,000 98
1,750M North Hempstead, N.Y. 6.4% 4/1/2012 1,931,562 94
Puerto Rico Commonwealth:
1,400M 6 1/4% 7/1/2013 1,550,500 75
4,640M 5.65% 7/1/2015 4,819,800 234
- -----------------------------------------------------------------------------------
43,041,207 2,092
- -----------------------------------------------------------------------------------
Hospital--12.5%
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2010 4,132,800 201
1,000M Good Samaritan Hospital 8% 11/1/2013 1,043,130 51
1,850M Long Term Health Care 7 3/8% 11/1/2011 2,028,063 98
Mental Health Services Facilities:
1,595M 7.7% 2/15/1998* 1,694,687 82
2,120M 7 3/4% 2/15/2000* 2,366,450 115
1,955M 7 3/8% 2/15/2014 2,121,175 103
1,405M 7.7% 2/15/2018 1,475,250 71
2,075M 7 3/4% 2/15/2020 2,277,313 111
4,915M 6 1/2% 8/15/2024 5,320,488 259
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,326,250 162
- -----------------------------------------------------------------------------------
25,785,606 1,253
- -----------------------------------------------------------------------------------
Housing--7.1%
New York City Housing Development Corp.:
2,250M Insured Multi-Family (Sheridan Manor)
7.45% 10/1/2008 2,354,062 114
6,500M Insured Residential Charter 7 3/8% 4/1/2017 6,719,375 327
New York State Housing Finance Agency:
3,680M 6.05% 5/1/2011 3,808,800 185
1,720M 7.45% 11/1/2028 1,803,850 88
- -----------------------------------------------------------------------------------
14,686,087 714
- -----------------------------------------------------------------------------------
Transportation--23.5%
Metropolitan Transit Authority of New York:
5,000M Commuter Facilities Series 6 1/8% 7/1/2014 5,237,500 254
Transit Facilities Series:
1,400M 8 1/2% 7/1/1997* 1,461,656 71
5,000M 8% 7/1/1998* 5,381,250 261
7,900M New York City Transit Auth. Hwy.
& Brdg. Trust Fund Rev. 7 1/2%
1/1/2000* 8,739,375 425
5,100M New York Thruway Authority 5 1/8% 4/1/2015 4,870,500 237
Puerto Rico Commonwealth Highway
& Transportation Authority:
3,430M 6 1/4% 7/1/2014 3,798,725 185
5,000M 6% 7/1/2018 5,406,250 263
Triborough Bridge & Tunnel Authority:
1,000M Special Obligation 8% 1/1/1998* 1,055,720 51
1,500M Series "L" 8 1/8% 1/1/1998* 1,583,115 77
3,000M Series "O" 7.7% 1/1/1999* 3,243,750 158
6,900M Series "Y" 6% 1/1/2012 7,443,375 362
- -----------------------------------------------------------------------------------
48,221,216 2,344
- -----------------------------------------------------------------------------------
Utilities--9.0%
New York City Municipal Water
Finance Authority:
4,975M 5 7/8% 6/15/2012 5,236,188 255
2,000M 5 7/8% 6/15/2013 2,097,500 102
2,750M 6% 6/15/2021 2,932,187 143
2,000M New York State Power Authority General
Purpose Bonds 8% 1/1/1998* 2,120,080 103
4,000M Suffolk County, N. Y. Water Authority
6% 6/1/2017 4,305,000 209
2,000M Upper Mohawk Valley Regional Water Fin.
Auth. 5 1/8% 10/1/2016 1,897,500 92
- -----------------------------------------------------------------------------------
18,588,455 904
- -----------------------------------------------------------------------------------
Other Revenue--12.3%
1,000M Monroe Cnty. N.Y. Indl. Dev. Agcy.
(Rochester Inst. Tech.) 7 3/4%
5/1/2000* 1,121,250 54
1,100M Municipal Assistance Corp. for
City of Troy, N.Y. 5% 1/15/2022 1,007,875 49
1,000M New York State Dorm. Auth. Rev.
(Suffolk County Jud. Facs.) 7 3/8%
7/1/2016 1,162,500 57
5,000M New York State Environmental Facs. Corp.
(Riverbank St. Pk.) 5 1/8%
4/1/2022 4,706,250 229
New York State Urban Development
Corporation Correctional Facilities:
2,000M Series "C" 7 3/4% 1/1/1998* 2,117,280 103
3,000M Series "F" 7 1/2% 1/1/1999* 3,232,500 157
Puerto Rico Public Buildings Authority:
1,250M 6 1/4% 7/1/2013 1,378,125 67
1,910M 6 1/4% 7/1/2015 2,108,162 102
7,000M 5 1/2% 7/1/2021 7,087,500 344
1,315M St. Lawrence County, N.Y. (Ind. Dev.
Civic Fac.) 5 5/8% 7/1/2013 1,331,438 65
- -----------------------------------------------------------------------------------
25,252,880 1,227
- -----------------------------------------------------------------------------------
Total Value of Municipal Bonds
(cost $193,062,306) 100.1% 205,919,195 10,009
Excess of Liabilities Over
Other Assets (.1) (181,480) (9)
- -----------------------------------------------------------------------------------
Net Assets 100.0% $205,737,715 $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
December 31, 1996
- -----------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.7%
Certificates of Participation--2.1%
Connecticut State (Middletown
Courthouse Facilities):
$ 130M 6 1/4% 12/15/2009 $ 138,775 $ 83
100M 6 1/4% 12/15/2010 106,500 64
100M 6 1/4% 12/15/2012 105,375 63
- -----------------------------------------------------------------------------------
350,650 210
- -----------------------------------------------------------------------------------
Education--14.1%
Conn. State Health & Educational
Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2015 800,219 479
500M Loomis Chafee School Project-Series "B"
6% 7/1/2015 516,875 309
1,000M Trinity College 6 1/8% 7/1/2014 1,042,500 624
- -----------------------------------------------------------------------------------
2,359,594 1,412
- -----------------------------------------------------------------------------------
General Obligation--32.4%
100M Bethel, Conn. 6 1/2% 2/15/2011 112,375 67
500M Bridgeport, Conn. 5 1/2% 9/1/2015 500,625 300
50M Bristol, Conn. 6 1/2% 6/15/2006 56,375 34
30M Colchester, Conn. 7.3% 1/15/2007 35,475 21
Connecticut State:
500M 6 1/2% 3/15/2002* -- Series "A" 551,250 330
620M 6% 3/15/2012 -- Series "E" 665,508 398
130M Coventry, Conn. 6.7% 12/15/2009 149,500 89
Griswold, Conn.:
250M 5 3/4% 4/15/2010 256,875 154
100M 6 1/4% 6/15/2010 111,250 67
100M Groton City, Conn. 6 3/4% 6/1/2007 116,375 70
800M New Britain, Conn. 6% 3/1/2012 862,000 516
130M Newton, Conn. 6.7% 8/15/2010 148,362 89
30M North Canaan, Conn. 6.9% 1/15/2006 34,200 20
40M Old Saybrook, Conn. 6 1/2% 2/15/2009 45,000 27
250M Plainfield, Conn. 6 3/8% 8/1/2011 268,438 161
350M Puerto Rico Commonwealth 6 1/4% 7/1/2013 387,625 232
290M Regional School District #5, Conn.
6.3% 3/1/2009 308,487 185
330M Southington, Conn. 6.55% 4/1/2012 356,813 214
90M Stafford, Conn. 6.55% 11/15/2008 102,262 61
50M Stratford, Conn. 6.6% 3/1/2007 57,437 34
250M Westbrook, Conn. 6.4% 3/15/2010 278,750 167
- -----------------------------------------------------------------------------------
5,404,982 3,236
- -----------------------------------------------------------------------------------
Hospital--21.1%
Conn. State Health & Educational
Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 481,500 288
Capital Asset -- Series "C":
25M 6 7/8% 1/1/2001* 27,625 16
35M 6 7/8% 1/1/2001 37,975 23
500M Greenwich Hospital 5 3/4% 7/1/2016 506,250 303
500M Lawrence & Memorial Hospital
6 3/8% 7/1/2002* 551,875 330
700M New Britain General Hospital
6 1/8% 7/1/2014 729,750 437
325M Stamford Hospital 6 1/2%
7/1/2006 350,188 210
280M Yale-New Haven Hospital 7% 7/1/2000* 309,050 185
500M Puerto Rico Indl. Tourist Edl. Med.
& Env. Ctl. Facs. 6 1/4% 7/1/2016 532,500 319
- -----------------------------------------------------------------------------------
3,526,713 2,111
- -----------------------------------------------------------------------------------
Housing--4.6%
750M Connecticut State Housing Finance Authority
6% 11/15/2010 762,188 456
- -----------------------------------------------------------------------------------
Transportation--9.7%
Connecticut State Special Tax Oblig.
Transportation Infrastructure:
200M 6 1/4% 10/1/2001* 218,000 131
285M 6% 10/1/2009 301,744 181
500M 6 1/2% 10/1/2011 563,750 337
250M 6 1/8% 9/1/2012 269,687 161
250M 6.1% 10/1/2012 262,500 157
- -----------------------------------------------------------------------------------
1,615,681 967
- -----------------------------------------------------------------------------------
Utilities--4.7%
South Central Conn. Regl. Water
Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 269,375 161
500M 6 1/8% 8/1/2014 525,000 314
- -----------------------------------------------------------------------------------
794,375 475
- -----------------------------------------------------------------------------------
Other Revenue--10.0%
545M Connecticut State Dev. Auth. Govtl.
Lease Rev. 6 1/2% 6/15/2008 598,819 358
Puerto Rico Public Buildings Authority:
250M 6 1/4% 7/1/2013 275,625 165
725M 6 1/4% 7/1/2015 800,219 479
- -----------------------------------------------------------------------------------
1,674,663 1,002
- -----------------------------------------------------------------------------------
Total Value of Municipal Bonds
(cost $15,338,153) 98.7% 16,488,846 9,869
Other Assets, Less Liabilities 1.3 219,220 131
- -----------------------------------------------------------------------------------
Net Assets 100.0% $16,708,066 $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
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.4%
Education--1.8%
$400M Volusia County, Fla. Edl. Facs.
(Stetson University Project) 6 3/8% 6/1/2012 $437,000 $183
- ------------------------------------------------------------------------------------------------------------------
General Obligation--3.8%
300M Miami, Fla. 6% 12/1/2010 321,750 135
500M North Springs, Fla. Impt. Dist. 7% 10/1/2009 587,500 246
- ------------------------------------------------------------------------------------------------------------------
909,250 381
- ------------------------------------------------------------------------------------------------------------------
Hospital--9.5%
350M North Broward, Fla. Hosp. Dist. 6 1/2% 1/1/2012 378,000 158
1,000M Orange County, Fla. Health Facs. Auth.
(Orlando Regl. Hlthcare) 6 1/4% 10/1/2018 1,096,250 460
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 798,750 335
- ------------------------------------------------------------------------------------------------------------------
2,273,000 953
- ------------------------------------------------------------------------------------------------------------------
Housing--1.6%
185M Dade County, Fla. Hsg. Fin. Auth. Single-Family Mtge.
6.95% 12/15/2012 195,175 82
175M Florida Housing Finance Agency-Residential Mtge. (Series 2) 8%
12/15/2016 181,125 76
- ------------------------------------------------------------------------------------------------------------------
376,300 158
- ------------------------------------------------------------------------------------------------------------------
Transportation--5.7%
500M Dade County, Fla. Aviation Revenue Series "A" 6% 10/1/2010 528,125 221
300M Florida State Turnpike Authority Turnpike Revenue 6.35% 7/1/2002* 328,125 138
455M Port Palm Beach District, Fla. Revenue 6 1/4% 9/1/2008 494,244 207
- ------------------------------------------------------------------------------------------------------------------
1,350,494 566
- ------------------------------------------------------------------------------------------------------------------
Utilities--52.3%
250M Broward County, Fla. Water & Sewer Utilities Rev.
6 1/2% 10/1/2001* 273,750 115
750M Charlotte County, Fla. Utilities Revenue 6 3/4% 10/1/2003* 853,125 358
Escambia County, Fla. Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 547,500 229
1,000M 6 1/4% 1/1/2015 1,097,500 460
690M Jacksonville Beach, Fla. Utilities Rev. 6 3/4% 10/1/2001* 768,487 322
300M Kissimmee, Fla. Utility Authority Electric System Revenue 6 1/2%
10/1/2001* 330,750 139
1,495M Lakeland, Fla. Electric & Water Revenue 6% 10/1/2014 1,605,256 673
420M Miramar, Fla. Util. Impt. Rev. 6.4% 10/1/2007 462,525 194
625M Ocoee, Fla. Water & Sewer System Revenue 5 3/8% 10/1/2016 614,844 258
1,000M Plant City, Fla. Utility System Revenue 6% 10/1/2015 1,071,250 449
300M Reedy Creek, Fla. Impt. Dist. Utilities Revenue 6 1/2% 10/1/2001 328,500 138
500M Sarasota County, Fla. Utility System Revenue 6 1/2% 10/1/2004* 565,000 237
Seminole County, Fla. Water & Sewer Revenue:
500M 6% 10/1/2009 542,500 227
500M 6% 10/1/2019 535,000 224
1,000M St. John's County, Fla. Water & Sewer Revenue 5 1/2% 6/1/2011 1,022,500 429
1,000M Sunrise, Fla. Utility System Revenue 5 3/4% 10/1/2016 1,010,000 424
750M West Melbourne, Fla. Water & Sewer Revenue 6 3/4% 10/1/2014 845,625 355
- ------------------------------------------------------------------------------------------------------------------
12,474,112 5,231
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--24.7%
400M Florida State Div. Bd. Fin. Dept. General Services
6 3/4% 7/1 2013 433,500 182
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,030,000 432
1,000M Jacksonville, Fla. Cap. Improv. (Gator Bowl Project)
5 7/8% 10/1/2010 1,023,750 429
350M Jacksonville, Fla. Excise Taxes Revenue 6 1/2% 10/1/2013 380,188 159
600M Orange County, Fla. Tourist Dev. Tax Revenue 5.9% 10/1/2010 640,500 269
1,000M Palm Beach County, Fla. Criminal Justice Facs. Rev.
5 3/8% 6/1/2011 1,010,000 423
300M St. Lucie County, Fla. Sales Tax Revenue 6 1/2% 10/1/2002* 333,750 140
1,000M Tampa, Fla. Sales Tax Revenue 5 3/4% 10/1/2020 1,038,750 436
- ------------------------------------------------------------------------------------------------------------------
5,890,438 2,470
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,042,838) 23,710,594 9,942
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.8 %
$200M Indian River County, Fla. Hospital District
Variable Rate Note 4.15% (cost $200,000)** $200,000 $84
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $22,242,838) 100.2% $23,910,594 10,026
Excess of Liabilities Over Other Assets (0.2) (63,179) (26)
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,847,415 $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 December 31, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.9%
Education--5.1%
Private Colleges & Univs. Facs. Auth., Ga.:
$80M Mercer University Project 6.35% 11/1/2006 $88,400 $259
80M Spelman University Project 6% 6/1/2009 84,800 248
- -----------------------------------------------------------------------------------------------------------------------
173,200 507
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--24.5%
75M Columbia County, Ga. School District 6 1/4% 4/1/2013 80,625 236
100M Hall County, Ga. School District 6.7% 12/1/2014 111,500 326
100M Mitchell County, Ga. School District 6 1/2% 3/1/2009 110,375 323
125M Paulding County, Ga. School District 6% 2/1/2013 134,063 392
100M Peach County, Ga. School District 6.4% 2/1/2019 108,625 318
150M Pike County, Ga. School District 5.7% 2/1/2016 155,437 454
125M Puerto Rico Commonwealth 6 1/4% 7/1/2012 137,812 403
- -----------------------------------------------------------------------------------------------------------------------
838,437 2,452
- -----------------------------------------------------------------------------------------------------------------------
Hospital--3.9%
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 133,125 389
- -----------------------------------------------------------------------------------------------------------------------
Transportation--9.7%
300M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 331,875 970
- -----------------------------------------------------------------------------------------------------------------------
Utilities--43.2%
25M Bartow County, Ga. Water & Sewer Revenue 6.05% 9/1/2007 26,531 78
95M Brunswick, Ga. Water & Sewer Revenue 6.1% 10/1/2019 102,363 299
85M Conyers, Ga. Water & Sewer Revenue 6.45% 7/1/2010 92,331 270
80M Cordele, Ga. Comb. Public Utilities Revenue 6.4% 11/1/2014 86,800 254
210M Douglasville-Douglas County, Ga. Water & Sewer Authority 5 5/8% 6/1/2015 214,987 629
250M Fulton County, Ga. Water & Sewer Revenue 6 3/8% 1/1/2014 277,500 811
100M Georgia Municipal Electric Authority, Special Obligation 6 1/2% 1/1/2017 111,875 327
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 89,300 261
100M 5.8% 1/1/2015 102,750 300
95M Henry County, Ga. Water & Sewer Auth. Revenue 7.1% 2/1/2000* 104,263 305
150M Milledgeville, Ga. Water & Sewer Revenue 6% 12/1/2021 159,938 468
100M St. Marys, Ga. Water & Sewer Revenue 6 1/8% 7/1/2018 107,750 315
- -----------------------------------------------------------------------------------------------------------------------
1,476,388 4,317
- -----------------------------------------------------------------------------------------------------------------------
Other Revenue--11.5%
80M Appling County, Ga. Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 89,500 262
80M Downtown Smyrna, Ga. Dev. Auth. Rev. 6.7% 2/1/2020 88,400 258
50M East Point, Ga. Building Authority Revenue 6% 2/1/2011 52,375 153
150M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 165,375 484
- -----------------------------------------------------------------------------------------------------------------------
395,650 1,157
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,128,268) 97.9% 3,348,675 9,792
Other Assets, Less Liabilities 2.1 71,019 208
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,419,694 $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
December 31, 1996
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.8%
Certificates of Participation--.3%
$30M Baltimore, Maryland Series "B" 7 1/4% 4/1/2016 $ 32,513 $29
- ----------------------------------------------------------------------------------------------------------------------
Education--10.6%
275M Maryland State Hlth. & High. Edl. Facs. Auth. (Loyola College) 5 1/2%
10/1/16
Morgan State University Academic & Aux. Facs. Fees Revenue: 275,344 247
90M 7% 7/1/2000* 99,337 89
500M 6.05% 7/1/2015 538,125 483
200M 6.1% 7/1/2020 218,750 196
50M University of Maryland Sys. Aux. Fac. & Tuition Rev. 6.3% 2/1/2001* 54,250 49
- ----------------------------------------------------------------------------------------------------------------------
1,185,806 1,064
- ----------------------------------------------------------------------------------------------------------------------
General Obligation--31.7%
350M Anne Arundel County, Maryland Water & Sewer 6.3% 8/1/2015 379,312 340
Baltimore, Maryland:
100M 6.3% 10/15/2004 110,250 99
100M 7% 10/15/2009 117,125 105
250M 5 5/8% 10/15/2012 254,688 229
55M Carroll County, Maryland 6 1/4% 11/1/2001* 60,156 54
100M Chesapeake Beach, Maryland 6 1/2% 5/1/2012 105,875 95
Frederick, Maryland:
100M 6 1/8% 12/1/2008 107,875 97
200M 6 1/8% 10/1/2014 211,250 190
60M Frederick County, Maryland 6 5/8% 8/1/2003* 67,500 61
35M Howard County, Maryland 6 5/8% 2/15/2001* 38,106 34
35M Montgomery County, Maryland 6 3/4% 4/1/2001* 38,675 35
400M Prince Georges County, Maryland 5 1/2% 1/1/2013 406,000 364
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 117,075 105
650M 6 1/4% 7/1/2012 716,625 643
250M 5.65% 7/1/2015 259,688 233
325M Washington County, Maryland 5.8% 1/1/2013 334,750 301
200M Worcester County, Maryland 5 5/8% 8/1/2016 202,500 182
- ----------------------------------------------------------------------------------------------------------------------
3,527,450 3,167
- ----------------------------------------------------------------------------------------------------------------------
Hospital--18.2%
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross Health System) 5.7%
12/10/2010 259,688 233
Maryland State Health & Higher Education Facilities Authority:
35M Baltimore County General Hospital 6.9% 7/1/2001* 39,025 35
90M Francis Scott Key Medical Center 6 3/4% 7/1/2000* 98,662 88
500M Maryland General Hospital 6 1/8% 7/1/2014 524,375 471
20M Memorial Hospital 7% 7/1/2007 21,500 19
140M Sinai Hospital of Baltimore 7% 7/1/2000* 154,525 139
110M Suburban Hospital 6% 7/1/2002* 117,700 106
65M University of Maryland Medical System 7% 7/1/2001* 72,719 65
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 346,125 311
350M Takoma Park, Maryland Hosp. Facs. (Adventist Hosp.) 6 1/2% 9/1/2012 391,125 351
- ----------------------------------------------------------------------------------------------------------------------
2,025,444 1,818
- ----------------------------------------------------------------------------------------------------------------------
Housing--7.8%
250M Baltimore County, Maryland Mtge. Rev. (Old Orchard Apts.) 7% 7/1/2016 265,000 238
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 48,713 44
345M 7% 4/1/2014 364,837 328
180M Montgomery County, Maryland Single Family Mtge. Rev. 6 1/2% 7/1/2011 188,775 169
- ----------------------------------------------------------------------------------------------------------------------
867,325 779
- ----------------------------------------------------------------------------------------------------------------------
Transportation--7.5%
Maryland State Department of Transportation:
60M 6 3/8% 9/1/2006 64,200 58
500M Zero Coupon 7/1/2012 213,125 191
500M Puerto Rico Highway & Transportation Authority 6 1/4% 7/1/2014 553,750 497
- ----------------------------------------------------------------------------------------------------------------------
831,075 746
- ----------------------------------------------------------------------------------------------------------------------
Utilities--7.9%
200M Baltimore, Maryland Rev. Wastewater Projects 6% 7/1/2015 215,750 193
250M Baltimore, Maryland Rev. Water Project 5.8% 7/1/2015 254,688 229
Baltimore, Maryland Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 176,550 159
215M 6 1/4% 7/1/2002* 235,962 212
- ----------------------------------------------------------------------------------------------------------------------
882,950 793
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--12.8%
250M Baltimore, Maryland (Convention Center) 6.1% 9/1/2013 259,375 232
35M Maryland Industrial Financing Authority 7% 7/1/2010 38,456 35
500M Maryland State Stadium Authority 5.65% 3/1/2015 501,875 451
100M Montgomery County, Maryland Pkg. Rev. (Bethesda Pkg. Lot) 6 1/4%
6/1/09 107,125 96
475M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 524,281 471
- ----------------------------------------------------------------------------------------------------------------------
1,431,112 1,285
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,180,635) 10,783,675 9,681
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.9%
100M Maryland State Hlth. & High. Edl. Facs. Auth. (Kennedy Krieger)
Variable Rate Note 4.15% (cost $100,000)** 100,000 90
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $10,280,635) 97.7% 10,883,675 9,771
Other Assets, Less Liabilities 2.3 254,968 229
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $11,138,643 $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 December 31, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
December 31, 1996
- -----------------------------------------------------------------------------------------------------------------------
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* $468,031 $203
1,000M University of Massachusetts Building Authority Revenue
6 7/8% 5/1/2014 1,176,250 510
- -----------------------------------------------------------------------------------------------------------------------
1,644,281 713
- -----------------------------------------------------------------------------------------------------------------------
General Obligation--30.7%
Boston, Massachusetts:
250M 7 3/8% 2/1/2000* 275,938 120
750M 5 7/8% 8/1/2012 772,500 335
Massachusetts General Obligations:
300M 7% 7/1/2009 353,250 153
1,000M 6% 8/1/2010 1,075,000 466
1,100M New Bedford, Massachusetts 5 5/8% 10/1/2016 1,100,000 477
150M North Borough, Massachusetts 7.2% 11/1/2003 158,812 69
1,000M Northampton, Massachusetts 5 1/4% 12/1/2015 973,750 422
150M Rochester, Massachusetts 7 1/4% 3/1/2007 161,063 70
400M Rockport, Massachusetts Unlimited Tax Sch. Proj. Loan
6.9% 12/15/2007 437,000 189
1,000M Springfield, Massachusetts 5.3% 8/1/2013 980,000 425
Wareham, Massachusetts:
225M 7.05% 1/15/2007 249,188 108
500M 7.1% 1/15/2008 553,750 240
- -----------------------------------------------------------------------------------------------------------------------
7,090,251 3,074
- -----------------------------------------------------------------------------------------------------------------------
Hospital--23.7%
Massachusetts Health & Educational Facilities Authority:
195M Berkshire Hospital 7.6% 10/1/1998* 210,356 91
Capital Asset Program:
225M 7.35% 8/1/2008 244,969 106
400M 7.2% 7/1/2009 433,000 188
500M Carney Hospital 7 3/4% 7/1/2000* 563,750 244
750M Massachusetts General Hospital 6 1/4% 7/1/2012 820,313 356
570M Milton Hospital 7% 7/1/2016 617,737 268
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,588,125 689
400M South Shore Hospital 7 1/2% 7/1/2000* 448,000 194
490M University Hospital 7 1/4% 7/1/2019 537,162 233
- -----------------------------------------------------------------------------------------------------------------------
5,463,412 2,369
- -----------------------------------------------------------------------------------------------------------------------
Housing--5.1%
Massachusetts Housing Finance Agency:
1,000M 6% 12/1/2012 1,021,250 443
145M 7.7% 12/1/2017 151,887 66
- -----------------------------------------------------------------------------------------------------------------------
1,173,137 509
- -----------------------------------------------------------------------------------------------------------------------
Transportation--10.2%
Massachusetts Bay Transportation Authority:
1,500M Series "A" 5.8% 3/1/2013 1,569,375 681
690M Series "A" 7.65% 8/1/2000* 777,975 337
- -----------------------------------------------------------------------------------------------------------------------
2,347,350 1,018
- -----------------------------------------------------------------------------------------------------------------------
Utilities--21.5%
Boston, Massachusetts Water & Sewer Commission:
850M 7% 11/1/2001* 956,250 414
100M 7 1/4% 11/1/2006 106,750 46
1,035M 5 3/4% 11/1/2013 1,075,106 466
475M Lynn, Massachusetts Water & Sewer Commission 7 1/4% 12/1/2000* 532,594 231
1,250M Massachusetts State Water Resource Authority 5% 3/1/2022 1,140,625 495
1,000M South Essex, Massachusetts Sewer District 6 3/4% 6/1/2004* 1,141,250 495
- -----------------------------------------------------------------------------------------------------------------------
4,952,575 2,147
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,920,707) 98.3% 22,671,006 9,830
Other Assets, Less Liabilities 1.7 391,043 170
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,062,049 $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
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.6%
Certificates of Participation--3.9%
$1,000M Hudson County, N.J. Correctional Facility 7 1/4% 12/1/2000* $1,121,250 $186
500M Mantua Township, N.J. School District 7 1/4% 6/30/2000* 556,875 92
600M Piscataway Township, N.J. School District 7% 12/15/2000* 669,750 111
- ------------------------------------------------------------------------------------------------------------------------------
2,347,875 389
- ------------------------------------------------------------------------------------------------------------------------------
Education--2.3%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.)
6 1/4% 7/1/2010 1,386,125 229
- ------------------------------------------------------------------------------------------------------------------------------
General Obligation--16.4%
1,000M Essex County, N.J. 5% 11/15/2011 957,500 159
Essex County, N.J. Improvement Authority:
955M County College Project 6.9% 12/1/2004* 1,105,412 183
545M Jail & Youth House Project 6.9% 12/1/2004* 630,838 104
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 1,080,240 179
1,300M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,439,750 238
Union City, N.J.:
1,000M 6.7% 9/1/2012 1,093,750 181
995M 6.4% 11/1/2013 1,108,181 183
- ------------------------------------------------------------------------------------------------------------------------------
9,955,327 1,648
- ------------------------------------------------------------------------------------------------------------------------------
Hospital--24.0%
New Jersey Health Care Facilities Financing Authority:
1,250M Bayonne Hospital 6 1/4% 7/1/2012 1,318,750 218
400M Community Medical Center 7% 7/1/2009 428,500 71
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,810,438 300
750M Holy Name Hospital 7% 7/1/2008 815,625 135
1,100M Hunterdon Hospital 7% 7/1/2020 1,186,625 196
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,837,500 304
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,655,625 274
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,435,900 569
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 888,937 147
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,113,750 184
- ------------------------------------------------------------------------------------------------------------------------------
14,491,650 2,398
- ------------------------------------------------------------------------------------------------------------------------------
Housing--4.6%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 402,800 67
420M Series "E" 7.65% 10/1/2016 442,575 73
1,385M Series "C" 7 3/8% 10/1/2017 1,440,400 238
450M Series "B" 8.1% 10/1/2017 470,813 78
- ------------------------------------------------------------------------------------------------------------------------------
2,756,588 456
- ------------------------------------------------------------------------------------------------------------------------------
Transportation--10.8%
900M Delaware River Port Authority 7 3/8% 1/1/2007 966,375 160
1,000M New Jersey State Highway Authority (Garden State Parkway) 6.2%
1/1/2010 1,091,250 180
4,750M New Jersey State Transportation Fund Transit System Series "A" 5%
6/15/2015 4,500,625 745
- ------------------------------------------------------------------------------------------------------------------------------
6,558,250 1,085
- ------------------------------------------------------------------------------------------------------------------------------
Utilities--14.6%
1,000M Bergen County, N.J. Util. Auth. Water Pollution Ctl. 6 1/2% 12/15/2012 1,071,250 177
1,500M Brick Township, N.J. Municipal Utilities Authority 5% 12/1/2016 1,406,250 233
500M Camden County, N.J. Municipal Utilities Authority 5.3% 7/15/2013 487,500 80
1,000M Evesham, N.J. Municipal Utilities Authority 7% 7/1/2000* 1,086,250 180
500M Long Branch, N.J. Sewer Authority 7 1/4% 6/1/2000* 555,000 92
500M Lower Township, N.J. Municipal Utilities Authority 7% 12/1/2000* 556,250 92
250M Montville Township, N.J. Municipal Utilities Authority 7% 12/1/2001* 282,500 47
500M Musconetcong, N.J. Sewer Authority 7.15% 1/1/2000* 548,125 91
1,435M New Jersey Wastewater Treatment Trust 6 1/4% 4/1/2010 1,537,244 254
1,140M Passaic Valley, N.J. Water Commn. 6.4% 12/15/2002* 1,266,825 210
- ------------------------------------------------------------------------------------------------------------------------------
8,797,194 1,456
- ------------------------------------------------------------------------------------------------------------------------------
Other Revenue--23.0%
1,900M Atlantic County, N.J. Impt. Auth. Lux. Tax. (Convention Center) 7.4%
7/1/2016 2,329,875 386
350M Cape May County, N.J. Indl. Pollution Control Fin. Auth. 6.8% 3/1/2021 413,000 68
New Jersey Economic Development Authority:
1,000M Educational Testing Service: 1,023,750 169
2,000M 5.9% 5/15/2015 2,095,000 347
2,185M 6 1/8% 5/15/2015 2,258,744 374
1,775M Market Transition Facility 5 7/8% 7/1/2011 1,897,031 314
N.J. Performing Arts Center 6% 6/15/2012
Puerto Rico Public Buildings Authority:
1,350M Series "A" 6 1/4% 7/1/2013 1,488,375 246
1,195M Series "A" 6 1/4% 7/1/2014 1,321,969 219
1,000M Salem County, N.J. Impt. Auth. Rev. County Corr. Facs. 7 1/8% 5/1/1999* 1,083,750 179
- ------------------------------------------------------------------------------------------------------------------------------
13,911,494 2,302
- ------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $55,647,657) 99.6% 60,204,503 9,963
Other Assets, Less Liabilities .4 220,782 37
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $60,425,285 $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
December 31, 1996
- --------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.2%
Certificates of Participation--3.7%
$100M Charlotte, N.C. Convention Facilities Project 6 3/4% 12/1/2001* $111,625 $187
100M Cumberland County, N.C. Civic Center Project 6.3% 12/1/2008 108,750 183
- --------------------------------------------------------------------------------------------------------------
220,375 370
- --------------------------------------------------------------------------------------------------------------
General Obligation--44.3%
250M Cleveland County, N.C. 5 1/2% 3/1/2012 253,125 425
200M Cumberland County, N.C. 5 1/2% 4/1/2012 202,000 339
200M Currituck County, N.C. 5.4% 4/1/2013 199,250 335
200M Gaston County, N.C. 5.7% 3/1/2013 207,000 348
220M Laurinburg, N.C. 5.3% 6/1/2012 218,075 366
200M Mecklenburg County, N.C. 6.2% 1/1/2002* 216,250 363
200M Morganton, N.C. 5.7% 6/1/2014 206,250 346
400M Onslow County, N.C. 5.7% 3/1/2011 417,500 701
200M Puerto Rico Commonwealth 6 1/4% 7/1/2012 220,500 370
280M Rowan County, N.C. 5.6% 4/1/2014 287,000 482
200M Watauga County, N.C. 5.9% 6/1/2014 209,500 352
- --------------------------------------------------------------------------------------------------------------
2,636,450 4,427
- --------------------------------------------------------------------------------------------------------------
Hospital--5.0%
100M North Carolina Med. Care Commn. (Presbyterian Hosp.) 7 3/8% 10/1/2000* 112,250 188
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs. 6 1/4% 7/1/2016 186,375 313
- --------------------------------------------------------------------------------------------------------------
298,625 501
- --------------------------------------------------------------------------------------------------------------
Housing--2.2%
125M North Carolina Housing Finance Agency Multi-Family 6.6% 7/1/2017 131,719 221
- --------------------------------------------------------------------------------------------------------------
Transportation--7.0%
375M Puerto Rico Commonwealth Highway & Transportation Authority 6 1/4%
7/1/2014 415,312 697
- --------------------------------------------------------------------------------------------------------------
Utilities--22.3%
250M Asheville, N.C. Water System Revenue 5 5/8% 8/1/2013 254,688 428
250M Buncombe County, N.C. Solid Waste System 5.6% 3/1/2011 254,688 428
390M Fayetteville, N.C. Public Works Commission Revenue 5.7% 2/1/2010 401,700 674
200M North Carolina Eastern Municipal Power Agency 5.6% 1/1/2010 202,250 340
200M North Carolina Municipal Power Agency (Catawba Electric) 6% 1/1/2010 215,250 361
- --------------------------------------------------------------------------------------------------------------
1,328,576 2,231
- --------------------------------------------------------------------------------------------------------------
Other Revenue--12.7%
250M Kinston, N.C. Enterprise System Revenue 5.7% 4/1/2012 255,937 430
250M North Carolina Cent. Univ. Hsg. Rev. 5.6% 11/1/2012 253,750 426
225M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 248,344 417
- --------------------------------------------------------------------------------------------------------------
758,031 1,273
- --------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,554,812) 97.2% 5,789,088 9,720
Other Assets, Less Liabilities 2.8 166,999 280
- --------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,956,087 $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
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.5%
Education--11.1%
$1,000M Allegheny County, Pa. Higher Educ. Bldg. Auth. (Duquesne Univ.) 5%
3/1/2016 $932,500 $217
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 8/15/2009 729,000 169
Pennsylvania State Higher Education Facilities Authority:
455M Hahnemann University 7.2% 7/1/2019 495,950 115
1,565M La Salle University 5 5/8% 5/1/2017 1,568,913 365
1,000M Phila., Pa. Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,051,250 244
- ------------------------------------------------------------------------------------------------------------------
4,777,613 1,110
- ------------------------------------------------------------------------------------------------------------------
General Obligation--19.9%
150M Allegheny County, Pa. Inst. Dist. Series 18, 7.3% 4/1/2009 162,187 38
1,250M Beaver County, Pa. 5 3/4% 10/1/2015 1,271,875 296
1,000M Conrad Weiser Area School District, Pa. 5 1/4% 12/15/2014 975,000 226
265M Falls Township, Pa. 7% 12/15/2000* 288,519 67
700M Jeannette, Pa. School District 6.65% 6/15/2001* 760,375 177
1,000M Philadelphia, Pa. 6% 11/15/2014 1,048,750 244
1,500M Pittsburgh, Pa. 5 1/2% 9/1/2014 1,526,250 355
1,000M Stroudsburg, Pa. Area School District 5.8% 10/1/2010 1,032,500 240
800M Trinity Area School District, Pa. 6 5/8% 11/1/2001* 873,000 203
565M Venango County, Pa. 7% 7/15/2000* 614,438 143
- ------------------------------------------------------------------------------------------------------------------
8,552,894 1,989
- ------------------------------------------------------------------------------------------------------------------
Hospital--12.9%
Allegheny County, Pa. Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,048,750 244
1,250M South Hills Health System 5.8% 5/1/2016 1,268,750 295
1,500M Berks County, Pa. Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.) 5.7%
10/1/2014 1,546,875 360
1,100M Blair County, Pa. Hosp. Auth. Rev.(Altoona Hosp.) 6 3/8% 7/1/2014 1,155,000 268
500M St. Mary Hosp. Auth., Langhorne, Pa. (Franciscan Health) 7% 7/1/2014 527,500 123
- ------------------------------------------------------------------------------------------------------------------
5,546,875 1,290
- ------------------------------------------------------------------------------------------------------------------
Housing--2.7%
Pennsylvania Housing Finance Agency Single-Family Mtge.:
470M 7.15% 4/1/2015 495,262 115
625M 7.3% 10/1/2017 664,063 154
- ------------------------------------------------------------------------------------------------------------------
1,159,325 269
- ------------------------------------------------------------------------------------------------------------------
Transportation--3.0%
1,000M Pennsylvania State Turnpike Commission Oil Franchise Rev. 5 1/2%
12/1/2012 1,006,250 234
260M Pennsylvania State Turnpike Commission Turnpike Revenue 7.4%
12/1/2000* 292,500 68
- ------------------------------------------------------------------------------------------------------------------
1,298,750 302
- ------------------------------------------------------------------------------------------------------------------
Utilities--28.9%
Allegheny County, Pa. Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,196,250 278
1,000M 6 1/4% 12/1/2014 1,056,250 246
175M Beaver County, Pa. Indl. Dev. Auth. Poll. Ctl. (Ohio Edison) 7 3/4%
9/1/2024 190,750 44
350M Harrisburg, Pa. Authority Water Revenue 6 1/2% 8/15/2002* 382,375 89
1,000M North Pennsylvania, Pa. Water Authority 6 7/8% 11/1/2004* 1,143,750 266
1,000M North Wales, Pa. Water Authority 6 3/4% 11/1/2004* 1,128,750 263
Philadelphia, Pa. Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,343,775 312
2,000M 6 1/4% 8/1/2012 2,182,500 507
2,450M Pittsburgh, Pa. Water & Sewer Authority 6 1/2% 9/1/2013 2,759,312 642
1,000M Washington County, Pa. Indl. Dev. Auth. (West Penn. Power) 6.05%
4/1/2014 1,037,500 241
- ------------------------------------------------------------------------------------------------------------------
12,421,212 2,888
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--20.0%
615M Luzerne County, Pa. Flood Protection Authority 5 1/2% 7/15/2011 615,000 143
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev.
7% 6/15/2005* 1,147,500 267
Pennsylvania State Industrial Development Authority:
1,000M 6% 1/1/2012 1,042,500 242
2,750M 5 1/2% 1/1/2014 2,756,875 641
2,000M Philadelphia, Pa. Authority for Ind. Dev. Lease Rev.
5.4% 2/15/2000* 1,945,000 452
500M Somerset County, Pa. Gen. Auth. Commonwealth Lease Rev. 7%
10/15/2001* 553,125 129
500M Washington County, Pa. Auth. Lease Rev. 7.45% 6/15/2000* 561,875 131
- ------------------------------------------------------------------------------------------------------------------
8,621,875 2,005
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $39,637,127) 98.5% 42,378,544 9,853
Other Assets, Less Liabilities 1.5 630,562 147
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $43,009,106 $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
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.6%
Education--7.9%
$575M George Mason University, Va. 6 3/8% 8/1/2016 $617,406 $278
1,100M Norfolk, Va. Redev. & Hsg. Auth. (Tidewater Cmnty. College) 5 7/8%
11/1/2015 1,134,375 511
- ------------------------------------------------------------------------------------------------------------------
1,751,781 789
- ------------------------------------------------------------------------------------------------------------------
General Obligation--9.0%
1,000M Chesapeake, Va. Public Improvement 5% 5/1/2013 952,500 429
500M Danville, Virginia 5.8% 4/1/2014 511,875 230
500M Virginia State Public School Authority 6 1/2% 8/1/2013 543,750 245
- ------------------------------------------------------------------------------------------------------------------
2,008,125 904
- ------------------------------------------------------------------------------------------------------------------
Hospital--19.6%
1,150M Danville, Va. Ind. Dev. Auth. (Danville Reg. Med. Ctr.) 6 3/8% 10/2014 1,234,813 556
500M Hanover County, Va. Indl. Dev. Auth. (Bon Secours Health Sys. Projs.)
6% 8/15/2010 534,375 241
Roanoke, Va. Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 315,650 142
255M 7 1/4% 7/1/2000* 283,369 128
1,675M 6 1/8% 7/1/2017 1,811,094 815
150M Winchester, Va. Indl. Dev. Auth. (Winchester Med.Ctr.) 7 1/4% 1/1/2000* 165,000 74
- ------------------------------------------------------------------------------------------------------------------
4,344,301 1,956
- ------------------------------------------------------------------------------------------------------------------
Transportation--16.0%
1,000M Puerto Rico Commonwealth Highway & Transportation Authority 6 1/4%
7/1/2014 1,107,500 499
280M Richmond, Va. Metro. Auth. Expressway Rev. 7% 10/15/2000* 297,850 134
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,075,000 484
1,000M 6% 7/1/2010 1,063,750 479
- ------------------------------------------------------------------------------------------------------------------
3,544,100 1,596
- ------------------------------------------------------------------------------------------------------------------
Utilities--22.8%
275M Henry County, Va. Public Service Auth. Water & Sewer Rev. 7.2%
11/15/2000* 305,250 137
750M Leesburg, Va. Utility System Revenue 6.3% 7/1/2012 794,062 358
Loudoun County, Va. Sanitation Authority Water & Sewer Revenue:
500M 6 1/4% 1/1/2010 536,875 242
1,000M 5 7/8% 11/1/2015 1,028,750 463
1,000M Prince William County, Va. Svce. Auth. Water & Sewer Sys. Rev. 1,095,000 493
6 1/2% 7/1/2001*
560M Roanoke County, Va. Water System Revenue 6 1/2% 7/1/2001* 615,300 277
625M Upper Occoquan Sewer Authority, Va. Regional Sewer Revenue 6 1/2%
7/1/2001* 686,719 309
- ------------------------------------------------------------------------------------------------------------------
5,061,956 2,279
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--22.3%
1,000M Chesapeake, Va. Indl. Dev. Auth. (Chesapeake Court House Proj.) 5 1/4% 956,250 430
6/1/2017
700M Frederick County, Va. Indl. Dev. Auth. (Govt. Complex Proj.) 6 1/2% 767,375 345
12/1/2014
1,000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,106,250 498
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 1,030,000 464
- ------------------------------------------------------------------------------------------------------------------
4,959,875 2,232
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,218,142) 97.6% 21,670,138 9,756
Other Assets, Less Liabilities 2.4 542,892 244
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,213,030 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
Statement of Assets and Liabilities
December 31, 1996
<TABLE>
<CAPTION>
- --------------------------- ------------------- --------------------------------
FIRST INVESTORS FIRST
NEW YORK INSURED --------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA
- --------------------------- ------------------- --------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $193,062,306 $15,338,153 $22,242,838
============ =========== ===========
At value (Note 1A) $205,919,195 $16,488,846 $23,910,594
Cash (overdraft) (51,670) 129,986 184,470
Receivables:
Interest 4,497,537 344,002 356,346
Investment securities sold 2,064,405 -- 25,384
Shares sold 128,674 28,636 47,662
Other assets 10,408 16 31
------------ ----------- -----------
Total Assets 212,568,549 16,991,486 24,524,487
------------ ----------- -----------
Liabilities
Payables:
Investment securities purchased 5,777,080 251,755 609,022
Cash portion of dividend
payable January 20, 1997 448,749 15,560 46,863
Shares redeemed 389,430 517 64
Accrued advisory fees 128,612 6,922 9,887
Accrued expenses 86,963 8,666 11,236
------------ ----------- -----------
Total Liabilities 6,830,834 283,420 677,072
------------ ----------- -----------
Net Assets $205,737,715 $16,708,066 $23,847,415
============ =========== ===========
Net Assets Consist of:
Capital paid in $192,877,449 $15,744,931 $22,179,253
Undistributed net investment income 4,760 3,312 2,047
Accumulated net realized
loss on investments (1,383) (190,870) (1,641)
Net unrealized appreciation
in value of investments 12,856,889 1,150,693 1,667,756
------------ ----------- -----------
Total $205,737,715 $16,708,066 $23,847,415
============ =========== ===========
Shares outstanding (Note 2):
Class A 13,998,593 1,196,717 1,777,661
Class B 154,252 118,507 41,876
Net asset value and redemption
price per share--Class A $14.54 $12.70 $13.11
====== ====== ======
Maximum offering price
per share--Class A* $15.51 $13.55 $13.98
====== ====== ======
Net asset value and offering
price per share--Class B $14.53 $12.70 $13.11
====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities (continued)
December 31, 1996
- --------------------------- ---------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------
GEORGIA MARYLAND MASSACHUSETTS
- --------------------------- ---------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $3,128,268 $10,280,635 $20,920,707
========== =========== ===========
At value (Note 1A) $3,348,675 $10,883,675 $22,671,006
Cash (overdraft) 30,094 149,779 96,265
Receivables:
Interest 70,525 252,910 414,456
Investment securities sold -- -- --
Shares sold 1,038 26,879 6,334
Other assets -- 7 644
---------- ----------- -----------
Total Assets 3,450,332 11,313,250 23,188,705
---------- ----------- -----------
Liabilities
Payables:
Investment securities purchased -- 151,893 --
Cash portion of dividend
payable January 20, 1997 3,364 14,785 38,643
Shares redeemed 26,030 -- 66,407
Accrued advisory fees 572 2,735 9,606
Accrued expenses 672 5,194 12,000
---------- ----------- -----------
Total Liabilities 30,638 174,607 126,656
---------- ----------- -----------
Net Assets $3,419,694 $11,138,643 $23,062,049
========== =========== ===========
Net Assets Consist of:
Capital paid in $3,240,682 $10,657,520 $21,307,322
Undistributed net
investment income -- -- 4,428
Accumulated net realized
loss on investments (41,395) (121,917) --
Net unrealized appreciation
in value of investments 220,407 603,040 1,750,299
---------- ----------- -----------
Total $3,419,694 $11,138,643 $23,062,049
========== =========== ===========
Shares outstanding (Note 2):
Class A 260,428 785,671 1,891,431
Class B 12,052 79,300 43,561
Net asset value and redemption
price per share--Class A $12.55 $12.88 $11.92
====== ====== ======
Maximum offering price
per share--Class A* $13.39 $13.74 $12.71
====== ====== ======
Net asset value and offering
price per share--Class $12.54 $12.87 $11.91
====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities (continued)
December 31, 1996
- --------------------------- --------------------------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------
NORTH
NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------- --------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $55,647,657 $5,554,812 $39,637,127 $20,218,142
=========== ========== =========== ===========
At value (Note 1A) $60,204,503 $5,789,088 $42,378,544 $21,670,138
Cash (overdraft) 218,183 15,400 (7,914) 155,198
Receivables:
Interest 1,172,764 104,803 656,777 469,797
Investment securities sold 190 -- 100,288 --
Shares sold 142,912 57,376 268,311 6,326
Other assets 277 -- 81 47
----------- ---------- ----------- -----------
Total Assets 61,738,829 5,966,667 43,396,087 22,301,506
----------- ---------- ----------- -----------
Liabilities
Payables:
Investment securities purchased 955,116 -- 243,537 --
Cash portion of dividend payable
January 20, 1997 95,178 8,529 102,128 49,210
Shares redeemed 201,530 -- 6,749 22,612
Accrued advisory fees 30,150 981 17,759 9,229
Accrued expenses 31,570 1,070 16,808 7,425
----------- ---------- ----------- -----------
Total Liabilities 1,313,544 10,580 386,981 88,476
----------- ---------- ----------- -----------
Net Assets $60,425,285 $5,956,087 $43,009,106 $22,213,030
=========== ========== =========== ===========
Net Assets Consist of:
Capital paid in $55,865,072 $5,832,781 $40,264,950 $20,755,185
Undistributed net investment income 3,367 442 2,739 5,849
Accumulated net realized loss
on investments -- (111,412) -- --
Net unrealized appreciation
in value of investments 4,556,846 234,276 2,741,417 1,451,996
----------- ---------- ----------- -----------
Total $60,425,285 $5,956,087 $43,009,106 $22,213,030
=========== ========== =========== ===========
Shares outstanding (Note 2):
Class A 4,528,646 479,807 3,269,921 1,650,990
Class B 123,544 11,027 60,482 91,528
Net asset value and redemption
price per share--Class A $12.99 $12.13 $12.91 $12.75
====== ====== ====== ======
Maximum offering price
per share--Class A* $13.86 $12.94 $13.77 $13.60
====== ====== ====== ======
Net asset value and offering
price per share--Class B $12.97 $12.13 $12.91 $12.74
====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Year Ended December 31, 1996
- --------------------------- ------------------- --------------------------------
FIRST INVESTORS FIRST
NEW YORK INSURED --------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA
- --------------------------- ------------------- --------------------------------
<S> <C> <C> <C>
Investment Income
Interest income $12,798,732 $955,901 $1,281,754
----------- -------- ----------
Expenses (Notes 1 and 5):
Advisory fees 1,560,042 125,615 171,339
Distribution plan expenses--Class A 618,287 31,179 44,815
Distribution plan expenses--Class B 19,102 11,599 4,380
Shareholder servicing costs 161,257 16,619 16,963
Professional fees 41,975 12,795 14,111
Reports to shareholders 34,668 2,420 1,996
Bond insurance premiums 44,608 3,052 --
Custodian fees 25,075 3,188 5,436
Other expenses 59,714 7,962 9,270
----------- -------- ----------
Total expenses 2,564,728 214,429 268,310
Less: Expenses waived or assumed -- (68,968) (76,337)
Custodian fees paid indirectly (19,913) (3,188) (5,215)
----------- -------- ----------
Expenses--net 2,544,815 142,273 186,758
----------- -------- ----------
Net investment income 10,253,917 813,628 1,094,996
----------- -------- ----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized gain (loss)
on investments 1,289,959 49,894 74,824
Net unrealized depreciation
of investments (5,797,415) (341,867) (389,084)
----------- -------- ----------
Net loss on investments (4,507,456) (291,973) (314,260)
----------- -------- ----------
Net Increase in Net Assets
Resulting from Operations $ 5,746,461 $521,655 $ 780,736
=========== ======== ==========
</TABLE>
<TABLE>
<CAPTION
Statement of Operations (continued)
Year Ended December 31, 1996
- --------------------------- ---------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------
GEORGIA MARYLAND MASSACHUSETTS
- --------------------------- ---------------------------------------------------
<S> <C> <C> <C>
Investment Income
Interest income $185,121 $561,277 $1,368,717
-------- -------- ----------
Expenses (Notes 1 and 5):
Advisory fees 25,146 75,296 173,355
Distribution plan expenses--Class A 6,455 18,376 45,449
Distribution plan expenses--Class B 1,250 8,512 3,893
Shareholder servicing costs 4,039 11,045 20,889
Professional fees 8,523 7,731 13,351
Reports to shareholders 573 1,263 4,066
Bond insurance premiums -- 1,634 1,047
Custodian fees 1,101 2,335 4,876
Other expenses 2,288 5,438 8,819
-------- -------- ----------
Total expenses 49,375 131,630 275,745
Less: Expenses waived or assumed (35,499) (73,457) (74,509)
Custodian fees paid indirectly (1,101) (2,335) (4,876)
-------- -------- ----------
Expenses--net 12,775 55,838 196,360
-------- -------- ----------
Net investment income 172,346 505,439 1,172,357
-------- -------- ----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized gain (loss)
on investments (3,567) (12,765) 85,294
Net unrealized depreciation
of investments (35,533) (142,574) (573,806)
-------- -------- ----------
Net loss on investments (39,100) (155,339) (488,512)
-------- -------- ----------
Net Increase in Net Assets
Resulting from Operations $133,246 $350,100 $ 683,845
======== ======== ==========
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
Year Ended December 31, 1996
- --------------------------- --------------------------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------------
NORTH
NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------- --------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $3,501,331 $291,347 $2,351,983 $1,359,515
---------- -------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 445,969 41,297 309,157 178,355
Distribution plan expenses--Class A 116,539 10,783 81,378 45,310
Distribution plan expenses--Class B 11,940 1,146 5,319 11,264
Shareholder servicing costs 38,474 6,270 27,605 22,793
Professional fees 31,309 6,779 10,711 13,184
Reports to shareholders 8,639 834 5,510 4,598
Bond insurance premiums 2,040 543 1,947 4,728
Custodian fees 8,300 1,807 6,244 4,745
Other expenses 17,771 3,514 13,972 9,443
---------- -------- ---------- ----------
Total expenses 680,981 72,973 461,843 294,420
Less: Expenses waived or assumed (89,194) (50,843) (103,053) (97,395)
Custodian fees paid indirectly (7,136) (1,807) (6,244) (1,386)
---------- -------- ---------- ----------
Expenses--net 584,651 20,323 352,546 195,639
---------- -------- ---------- ----------
Net investment income 2,916,680 271,024 1,999,437 1,163,876
---------- -------- ---------- ----------
Realized and Unrealized Gain
(Loss) on Investments (Note 4):
Net realized gain (loss)
on investments 70,669 (23,116) 92,636 116,236
Net unrealized depreciation
of investments (1,196,743) (34,400) (641,156) (619,607)
---------- -------- ---------- ----------
Net loss on investments (1,126,074) (57,516) (548,520) (503,371)
---------- -------- ---------- ----------
Net Increase in Net Assets
Resulting from Operations $1,790,606 $213,508 $1,450,917 $ 660,505
========== ======== ========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- --------------------------------------- ---------------------------------- ----------------------------------
FIRST INVESTORS FIRST
NEW YORK INSURED ----------------------------------
TAX FREE FUND, INC. CONNECTICUT
- --------------------------------------- ---------------------------------- ----------------------------------
Year Ended December 31 1996 1995 1996 1995
- --------------------------------------- ---------------------------------- ----------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets From Operations
Net investment income $ 10,253,917 $ 10,640,790 $ 813,628 $ 817,186
Net realized gain (loss) on investments 1,289,959 3,236,161 49,894 114,073
Net unrealized appreciation (depreciation)
of investments (5,797,415) 15,830,893 (341,867) 1,646,045
------------ ------------ ----------- -----------
Net increase in net assets resulting
from operations 5,746,461 29,707,844 521,655 2,577,304
------------ ------------ ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (10,188,583) (10,644,109) (763,323) (802,390)
Net investment income--Class B (81,519) (19,054) (47,896) (19,148)
Net realized gains--Class A (1,270,477) (840,260) -- --
Net realized gains--Class B (14,025) (4,480) -- --
------------ ------------ ----------- -----------
Total distributions (11,554,604) (11,507,903) (811,219) (821,538)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 14,929,752 20,127,144 1,791,879 2,072,940
Value of distributions reinvested 8,479,739 8,499,603 591,466 634,983
Cost of shares redeemed (29,403,688) (25,461,327) (3,622,967) (2,553,706)
------------ ------------ ----------- -----------
(5,994,197) 3,165,420 (1,239,622) 154,217
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 1,324,681 1,324,490 870,165 805,158
Value of distributions reinvested 43,157 16,591 44,644 19,148
Cost of shares redeemed (242,836) (207,131) (259,832) --
------------ ------------ ----------- -----------
1,125,002 1,133,950 654,977 824,306
------------ ------------ ----------- -----------
Net increase (decrease) from
share transactions (4,869,195) 4,299,370 (584,645) 978,523
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (10,677,338) 22,499,311 (874,209) 2,734,289
Net Assets
Beginning of year 216,415,053 193,915,742 17,582,275 14,847,986
------------ ------------ ----------- -----------
End of year+ $205,737,715 $216,415,053 $16,708,066 $17,582,275
============ ============ =========== ===========
+ Includes undistributed net
investment income of $ 4,760 $ 20,945 $ 3,312 $ 903
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 1,025,758 1,396,279 142,380 167,960
Issued for distributions reinvested 582,469 584,026 46,920 51,005
Redeemed (2,024,730) (1,762,820) (288,759) (206,220)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding (416,503) 217,485 (99,459) 12,745
============ ============ =========== ===========
Class B:
Sold 90,689 90,459 69,093 64,921
Issued for distributions reinvested 2,968 1,128 3,543 1,522
Redeemed (16,810) (14,182) (20,572) --
------------ ------------ ----------- -----------
Net increase in Class B shares outstanding 76,847 77,405 52,064 66,443
============ ============ =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
- ---------------------------------- -----------------------------------------------------------------------------------
INVESTORS MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------------------------------
FLORIDA GEORGIA MARYLAND
-----------------------------------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995 1996 1995
--------------------------- ------------------------ -------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets From Operations
Net investment income $ 1,094,996 $ 1,070,108 $ 172,346 $ 146,430 $ 505,439 $ 437,765
Net realized gain (loss)
on investments 74,824 188,468 (3,567) 2,973 (12,765) 22,502
Net unrealized appreciation
(depreciation)
of investments (389,084) 2,343,973 (35,533) 290,945 (142,574) 845,062
----------- ----------- ---------- ---------- ----------- ----------
Net increase in net
assets resulting from
operations 780,736 3,602,549 133,246 440,348 350,100 1,305,329
----------- ----------- ---------- ---------- ----------- ----------
Distributions to Shareholders from:
Net investment income--Class A (1,080,032) (1,074,302) (168,808) (143,122) (471,931) (426,969)
Net investment income--Class B (17,788) (7,399) (5,554) (2,344) (37,153) (9,709)
Net realized gains--Class A -- -- -- -- -- --
Net realized gains--Class B -- -- -- -- -- --
----------- ----------- ---------- ---------- ----------- ----------
Total distributions (1,097,820) (1,081,701) (174,362) (145,466) (509,084) (436,678)
----------- ----------- ---------- ---------- ----------- ----------
Share Transactions (a)
Class A:
Proceeds from shares sold 4,886,609 3,558,826 708,947 1,042,204 2,371,706 1,624,609
Value of distributions reinvested 527,296 502,849 130,926 116,431 318,426 275,270
Cost of shares redeemed (4,030,124) (4,103,965) (577,642) (466,779) (1,084,280) (989,316)
----------- ----------- ---------- ---------- ----------- ----------
1,383,781 (42,290) 262,231 691,856 1,605,852 910,563
----------- ----------- ---------- ---------- ----------- ----------
Class B:
Proceeds from shares sold 270,535 327,260 53,815 96,664 605,384 524,692
Value of distributions reinvested 11,860 5,044 5,551 2,348 27,636 9,187
Cost of shares redeemed (29,524) (48,025) (5,516) (6,238) (29,524) (128,337)
----------- ----------- ---------- ---------- ----------- ----------
252,871 284,279 53,850 92,774 603,496 405,542
----------- ----------- ---------- ---------- ----------- ----------
Net increase (decrease)
from share transactions 1,636,652 241,989 316,081 784,630 2,209,348 1,316,105
----------- ----------- ---------- ---------- ----------- ----------
Net increase (decrease)
in net assets 1,319,568 2,762,837 274,965 1,079,512 2,050,364 2,184,756
Net Assets
Beginning of year 22,527,847 19,765,010 3,144,729 2,065,217 9,088,279 6,903,523
----------- ----------- ---------- ---------- ----------- ----------
End of year+ $23,847,415 $22,527,847 $3,419,694 $3,144,729 $11,138,643 $9,088,279
=========== =========== ========== ========== =========== ==========
+Includes undistributed
net investment income of $ 2,047 $ 4,871 $ -- $ 2,014 $ -- $ 3,403
=========== =========== ========== ========== =========== ==========
(a) Shares Issued and Redeemed
Class A:
Sold 376,905 279,362 57,305 86,530 185,393 130,068
Issued for distributions reinvested 40,598 39,482 10,551 9,542 24,934 21,809
Redeemed (309,903) (324,510) (46,987) (38,851) (85,125) (78,092)
----------- ----------- ---------- ---------- ----------- ----------
Net increase (decrease)
in Class A shares
outstanding 107,600 (5,666) 20,869 57,221 125,202 73,785
=========== =========== ========== ========== =========== ==========
Class B:
Sold 20,824 25,731 4,383 7,980 47,217 41,606
Issued for distributions reinvested 913 392 447 190 2,165 718
Redeemed (2,299) (3,685) (449) (499) (2,293) (10,113)
----------- ----------- ---------- ---------- ----------- ----------
Net increase in Class B
shares outstanding 19,438 22,438 4,381 7,671 47,089 32,211
=========== =========== ========== ========== =========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
----------------------------------------------------------
FIRST INVESTORS
----------------------------------------------------------
MASSACHUSETTS NEW JERSEY
----------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets From Operations
Net investment income $ 1,172,357 $ 1,164,983 $ 2,916,680 $ 2,914,025
Net realized gain (loss)
on investments 85,294 360,045 70,669 657,781
Net unrealized appreciation
(depreciation)
of investments (573,806) 1,956,930 (1,196,743) 5,200,017
----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations 683,845 3,481,958 1,790,606 8,771,823
----------- ----------- ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (1,153,025) (1,157,985) (2,869,228) (2,918,856)
Net investment income--Class B (16,672) (9,593) (49,644) (11,913)
Net realized gains--Class A (83,372) (30,240) (68,924) (425,117)
Net realized gains--Class B (1,922) (410) (1,745) (6,884)
----------- ----------- ----------- -----------
Total distributions (1,254,991) (1,198,228) (2,989,541) (3,362,770)
----------- ----------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,511,826 2,470,541 5,754,747 5,310,392
Value of distributions reinvested 944,356 919,516 1,964,745 2,248,846
Cost of shares redeemed (3,529,036) (3,317,029) (6,865,273) (9,176,935)
----------- ----------- ----------- -----------
(72,854) 73,028 854,219 (1,617,697)
----------- ----------- ----------- -----------
Class B:
Proceeds from shares sold 202,279 289,235 662,997 925,149
Value of distributions reinvested 16,060 9,486 34,559 14,857
Cost of shares redeemed (6,000) -- (37,693) (15)
----------- ----------- ----------- -----------
212,339 298,721 659,863 939,991
----------- ----------- ----------- -----------
Net increase (decrease)
from share transactions 139,485 371,749 1,514,082 (677,706)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets (431,661) 2,655,479 315,147 4,731,347
Net Assets
Beginning of year 23,493,710 20,838,231 60,110,138 55,378,791
----------- ----------- ----------- -----------
End of year+ $23,062,049 $23,493,710 $60,425,285 $60,110,138
=========== =========== =========== ===========
+ Includes undistributed net
investment income of $ 4,428 $ 1,768 $ 3,367 $ 5,559
=========== =========== =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 211,581 210,626 444,851 415,051
Issued for distributions reinvested 79,444 78,127 152,014 174,001
Redeemed (296,546) (283,611) (532,184) (718,864)
----------- ----------- ----------- -----------
Net increase (decrease)
in Class A shares
outstanding (5,521) 5,142 64,681 (129,812)
=========== =========== =========== ===========
Class B:
Sold 17,031 24,887 51,533 71,143
Issued for distributions reinvested 1,352 801 2,676 1,130
Redeemed (510) -- (2,937) (1)
----------- ----------- ----------- -----------
Net increase in Class B
shares outstanding 17,873 25,688 51,272 72,272
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------------------------------------
NORTH CAROLINA PENNSYLVANIA VIRGINIA
-----------------------------------------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets From Operations
Net investment income $ 271,024 $ 229,944 $ 1,999,437 $ 1,875,305 $ 1,163,876 $ 1,240,900
Net realized gain (loss)
on investments (23,116) (4,494) 92,636 179,294 116,236 133,406
Net unrealized appreciation
(depreciation) of investments (34,400) 526,683 (641,156) 4,079,329 (619,607) 2,554,416
---------- ---------- ----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations 213,508 752,133 1,450,917 6,133,928 660,505 3,928,722
---------- ---------- ----------- ----------- ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (266,604) (227,689) (1,992,199) (1,862,206) (1,113,699) (1,226,418)
Net investment income--Class B (4,745) (2,522) (22,090) (4,635) (46,545) (23,560)
Net realized gains--Class A -- -- (90,955) (106,537) (110,130) (68,578)
Net realized gains--Class B -- -- (1,681) (659) (6,106) (2,616)
---------- ---------- ----------- ----------- ----------- -----------
Total distributions (271,349) (230,211) (2,106,925) (1,974,037) (1,276,480) (1,321,172)
---------- ---------- ----------- ----------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,421,600 759,377 6,171,576 5,109,553 2,536,360 3,246,591
Value of distributions reinvested 171,717 143,540 1,238,624 1,181,930 803,597 805,092
Cost of shares redeemed (697,053) (306,492) (4,511,225) (4,005,976) (6,898,896) (3,742,909)
---------- ---------- ----------- ----------- ----------- -----------
896,264 596,425 2,898,975 2,285,507 (3,558,939) 308,774
---------- ---------- ----------- ----------- ----------- -----------
Class B:
Proceeds from shares sold 61,061 67,909 553,480 234,237 596,169 947,469
Value of distributions reinvested 2,715 1,218 18,267 5,250 39,343 23,492
Cost of shares redeemed (5,871) -- (32,601) -- (431,254) (28,539)
---------- ---------- ----------- ----------- ----------- -----------
57,905 69,127 539,146 239,487 204,258 942,422
---------- ---------- ----------- ----------- ----------- -----------
Net increase (decrease)
from share transactions 954,169 665,552 3,438,121 2,524,994 (3,354,681) 1,251,196
---------- ---------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets 896,328 1,187,474 2,782,113 6,684,885 (3,970,656) 3,858,746
Net Assets
Beginning of year 5,059,759 3,872,285 40,226,993 33,542,108 26,183,686 22,324,940
---------- ---------- ----------- ----------- ----------- -----------
End of year+ $5,956,087 $5,059,759 $43,009,106 $40,226,993 $22,213,030 $26,183,686
========== ========== =========== =========== =========== ===========
+ Includes undistributed
net investment income of $ 442 $ 767 $ 2,739 $ 17,591 $ 5,849 $ 2,217
========== ========== =========== =========== =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 118,028 64,567 482,260 402,916 199,610 259,461
Issued for distributions reinvested 14,318 12,164 96,567 93,037 63,260 64,025
Redeemed (58,047) (26,571) (352,480) (316,221) (548,735) (297,826)
---------- ---------- ----------- ----------- ----------- -----------
Net increase (decrease)
in Class A shares outstanding 74,299 50,160 226,347 179,732 (285,865) 25,660
========== ========== =========== =========== =========== ===========
Class B:
Sold 5,163 6,029 42,789 18,376 46,713 76,625
Issued for distributions reinvested 227 103 1,424 407 3,098 1,850
Redeemed (495) -- (2,514) -- (34,525) (2,233)
---------- ---------- ----------- ----------- ----------- -----------
Net increase in Class B
shares outstanding 4,895 6,132 41,699 18,783 15,286 76,242
========== ========== =========== =========== =========== ===========
See notes to financial statements
</TABLE>
Notes to Financial Statements
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
1. Significant Accounting Policies--First Investors New York Insured
Tax Free Fund, Inc. ("New York Insured") and First Investors Multi-
State Insured Tax Free Fund ("Multi-State Insured") (collectively,
"Funds") are registered under the Investment Company Act of 1940
(the "1940 Act") as diversified, open-end management investment
companies. New York Insured consists of a single investment series
and Multi-State Insured consists of seventeen separate investment
series. This report relates to New York Insured and the nine Funds
of Multi-State Insured listed above. Multi-State Insured operates as
a series fund, issuing shares of beneficial interest in each Fund
and accounts separately for the assets, liabilities and operations
of each Fund.
The investment objective of New York Insured is to provide a high
level of interest income which is exempt from federal income tax,
New York State and New York City personal income taxes and is not an
item of tax preference for purposes of the federal alternative
minimum tax.
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 and is not
an item of tax preference for purposes of the federal alternative
minimum tax.
A. Security Valuation--The municipal securities in which the Funds
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Board of
Directors/Trustees. The pricing service considers security type,
rating, market condition and yield data, as well as market
quotations and prices provided by market makers in determining
valuations. "When Issued Securities" are reflected in the assets of
the Funds as of the date the securities are purchased.
The municipal bonds held by the Funds are insured as to payment of
principal and interest by the issuer or under insurance policies
written by independent insurance companies. It is the intention of
the Funds to retain any insured securities which are in default or
in significant risk of default and to place a value on the defaulted
securities equal to the value of similar securities which are not in
default. Each Fund may invest up to 35% of its assets in portfolio
securities not covered by the insurance feature.
B. Federal Income Taxes--It is the policy of the Funds to continue
to qualify as regulated investment companies, which can distribute
tax exempt dividends, by complying with the provisions available to
certain investment companies, as defined in the Internal Revenue
Code. The Funds make distributions of income and net realized
capital gains (in excess of any available capital loss carryovers)
sufficient to relieve them from all, or substantially all, federal
income taxes.
<TABLE>
<CAPTION>
At December 31, 1996, Funds having capital loss carryovers were as
follows:
Year Capital Loss Carryovers Expire
-----------------------------------
MULTI-STATE INSURED Total 2002 2003 2004
- ------------------- -------- -------- ------- -------
<S> <C> <C> <C> <C>
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
</TABLE>
C. Distributions to Shareholders--Dividends from net investment income
are declared daily and paid monthly. Distributions from net realized
capital gains are normally declared and paid annually. 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 carry forwards, 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 $19,913 and
$33,288, 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 12b-1 fees as described in Note 5.
Class B shares are sold without an initial sales charge, but are
generally subject to a contingent deferred sales charge which declines
in steps from 4% to 0% over a six-year period. Class B shares
automatically convert into Class A shares after eight years. Realized
and unrealized gains or losses, investment income and expenses (other
than 12b-1 fees and certain other class expenses) are allocated daily
to each class of shares based upon the relative proportion of net
assets of each class. Of the 1,000,000,000 shares originally
authorized, New York Insured has designated 500,000,000 shares as
Class A and 500,000,000 shares as Class B. Multi-State Insured has
established an unlimited number of shares of beneficial interest for
both Class A and Class B shares.
3. Concentration of Credit Risk--The Funds invest in debt instruments
of municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions--For the year ended December 31, 1996,
purchases and sales of municipal securities, other than short-term
municipal notes, were as follows:
Cost Proceeds
of of
Purchases Sales
------------ ------------
NEW YORK INSURED $108,648,805 $110,126,129
MULTI-STATE INSURED
- -------------------
CONNECTICUT Fund 2,403,161 2,825,683
FLORIDA Fund 14,347,491 12,332,290
GEORGIA Fund 1,458,642 1,213,473
MARYLAND Fund 3,309,963 1,252,287
MASSACHUSETTS Fund 10,516,704 10,291,319
NEW JERSEY Fund 23,084,757 20,563,161
NORTH CAROLINA Fund 3,259,851 2,295,691
PENNSYLVANIA Fund 20,361,658 16,868,656
VIRGINIA Fund 6,921,512 10,261,971
<TABLE>
<CAPTION>
At December 31, 1996, aggregate cost and net unrealized appreciation
of securities for federal income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Appreciation
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
NEW YORK INSURED $193,063,689 $12,943,714 $88,208 $12,855,506
MULTI-STATE INSURED
- ---------------------
CONNECTICUT Fund 15,338,153 1,150,693 -- 1,150,693
FLORIDA Fund 22,242,838 1,667,756 -- 1,667,756
GEORGIA Fund 3,128,268 221,113 706 220,407
MARYLAND Fund 10,280,635 603,040 -- 603,040
MASSACHUSETTS Fund 20,920,707 1,750,299 -- 1,750,299
NEW JERSEY Fund 55,647,657 4,558,526 1,680 4,556,846
NORTH CAROLINA Fund 5,554,812 234,276 -- 234,276
PENNSYLVANIA Fund 39,637,127 2,741,417 -- 2,741,417
VIRGINIA Fund 20,218,142 1,451,966 -- 1,451,966
</TABLE>
5. Advisory Fee and Other Transactions With Affiliates--Certain
officers and directors/trustees of the Funds are officers and
directors of the Funds' investment adviser, First Investors
Management Company, Inc. ("FIMCO"), their underwriter, First
Investors Corporation ("FIC") and/or their transfer agent,
Administrative Data Management Corp. ("ADM"). Officers and
directors/trustees of the Funds received no remuneration from the
Funds for serving in such capacities. Their remuneration (together
with certain other expenses of the Funds) is paid by FIMCO or FIC.
The Investment Advisory Agreements provide as compensation to FIMCO
an annual fee, payable monthly, at the rate of .75% on the first
$250 million of the average daily net assets of each Fund, declining
by .03% on each $250 million thereafter, down to .66% on average
daily net assets over $750 million. For the year ended December 31,
1996, advisory fees of New York Insured amounted to $1,560,042. For
the same period, advisory fees for the nine Funds of Multi-State
Insured included in this report amounted to $1,545,529, of which
$533,024 was waived; other expenses in the amount of $136,231 were
assumed by FIMCO.
For the year ended December 31, 1996, FIC, as underwriter, received
$367,316 in commissions on sales of shares of New York Insured,
after allowing $7,893 to other dealers, and $783,451 in commissions
on sales of shares of the nine Funds of Multi-State Insured included
in this report, after allowing $333,646 to other dealers.
Shareholder servicing costs of New York Insured and the nine Funds
of Multi-State Insured consisted of $161,257 and $164,697
respectively, in transfer agent fees and out of pocket expenses
accrued to ADM.
Pursuant to a Distribution Plan adopted by the Funds under Rule 12b-
1 of the 1940 Act, each Fund is authorized to pay FIC a fee up to
.30% of the average net assets of the Class A shares and up to 1% of
the average net assets of the Class B shares on an annualized basis
each fiscal year, payable monthly. The fee consists of a
distribution fee and a service fee. The service fee is paid for the
ongoing servicing of clients who are shareholders of that Fund.
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- --------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------------------------- ----------------------------------------
Net Asset Net
Value Realized and
----- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
NEW YORK
INSURED TAX FREE
FUND, INC.
Class A
1987 $14.25 $.919 $(1.109) $ (.190) $.910 $ -- $.910
1988 13.15 .902 .388 1.290 .930 -- .930
1989 13.51 .901 .339 1.240 .880 -- .880
1990 13.87 .889 (.119) .770 .890 -- .890
1991 13.75 .881 .574 1.455 .875 -- .875
1992 14.33 .844 .386 1.230 .840 -- .840
1993 14.72 .809 .608 1.417 .820 .137 .957
1994 15.18 .758 (1.510) (.752) .768 -- .768
1995 13.66 .738 1.331 2.069 .740 .059 .799
1996 14.93 .719 (.298) .421 .720 .091 .811
Class B
1/12/95* to 12/31/95 13.76 .616 1.232 1.848 .619 .059 .678
1996 14.93 .617 (.306) .311 .620 .091 .711
FIRST INVESTORS
MULTI-STATE INSURED
TAX FREE FUND
CONNECTICUT FUND
Class A
10/8/90* to 12/31/90 $11.17 $.034 $ (.014) $ .020 $ -- $ -- $ --
1991 11.19 .630 449 1.079 .625 .004 .629
1992 11.64 .669 .401 1.070 .660 -- .660
1993 12.05 .615 1.053 1.668 .625 .043 .668
1994 13.05 .609 (1.480) (.871) .609 -- .609
1995 11.57 .617 1.333 1.950 .620 -- .620
1996 12.90 .619 (.202) .417 .617 -- .617
Class B
1/12/95* to 12/31/95 11.67 .512 1.242 1.754 .524 -- .524
1996 12.90 .522 (.204) .318 .518 -- .518
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Ratio to Average Net Assets++ Before Expenses Waived or Assumed
Net Asset --------------------------- ---------------------------------
Value Net Net Portfolio
--------- Total Net Assests Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
NEW YORK
INSURED TAX FREE
FUND, INC.
Class A
1987 $13.15 (1.25) $103,892 1.10 6.91 N/A N/A 2
1988 13.51 10.10 121,017 1.26 6.77 N/A . N/A 21
1989 13.87 9.43 150,154 1.14 6.57 N/A N/A 13
1990 13.75 5.81 156,022 1.23 6.53 N/A N/A 33
1991 14.33 10.89 162,296 1.24 6.29 N/A N/A 25
1992 14.72 8.84 181,389 1.29 5.84 N/A N/A 46
1993 15.18 9.82 211,967 1.27 5.35 N/A N/A 31
1994 13.66 (5.03) 193,916 1.28 5.30 N/A N/A 55
1995 14.93 15.45 215,259 1.23 5.10 N/A N/A 53
1996 14.54 2.95 203,496 1.23 4.93 N/A N/A 53
Class B
1/12/95* to 12/31/95 14.93 13.66 1,156 2.00+ 4.34+ N/A N/A 53
1996 14.53 2.18 2,242 1.93 4.23 N/A N/A 53
FIRST INVESTORS
MULTI-STATE INSURED
TAX FREE FUND
CONNECTICUT FUND
Class A
10/8/90* to 12/31/90 $11.19 7.71+ $ 625 -- 1.75+ 1.46+ .28+ 0
1991 11.64 9.92 5,050 .06 5.83 1.60 4.28 35
1992 12.05 9.49 10,828 .33 5.73 1.20 4.86 46
1993 13.05 14.10 17,202 .80 4.83 1.15 4.48 29
1994 11.57 (6.75) 14,848 .87 5.01 1.22 4.66 63
1995 12.90 17.18 16,725 .85 4.98 1.20 4.63 26
1996 12.70 3.37 15,203 .81 4.92 1.23 4.50 15
Class B
1/12/95* to 12/31/95 12.90 15.28 857 1.71+ 4.12+ 2.07+ 3.76+ 26
1996 12.70 2.57 1,505 1.61 4.12 2.02 3.71 15
* 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 from the commencement
of operations of each of the Funds of the First Investors Multi-State Tax Free Fund through December 31, 1996 (Note 5).
</TABLE>
<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.
- --------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------------------------- ----------------------------------------
Net Asset Net
Value Realized and
----- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
FLORIDA FUND
Class A
10/5/90* to 12/31/90 $11.17 $.018 $ (.058) $(.040) $ -- $ -- $ --
1991 11.13 .658 .582 1.240 .640 .030 .670
1992 11.70 .702 .508 1.210 .700 -- .700
1993 12.21 .664 1.032 1.696 .671 .095 .766
1994 13.14 .642 (1.346) (.704) .646 -- .646
1995 11.79 .640 1.527 2.167 .647 -- .647
1996 13.31 .623 (.198) .425 .625 -- .625
Class B
1/12/95* to 12/31/95 11.87 .529 1.460 1.989 .549 -- .549
1996 13.31 .530 (.204) .326 .526 -- .526
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $11.17 $.267 $ .233 $ .500 $.250 $ -- $.250
1993 11.42 .603 1.091 1.694 .619 .005 .624
1994 12.49 .584 (1.165) (.581) .579 -- .579
1995 11.33 .653 1.387 2.040 .650 -- .650
1996 12.72 .639 (.161) .478 .648 -- .648
Class B
1/12/95* to 12/31/95 11.42 .529 1.303 1.832 .542 -- .542
1996 12.71 .563 (.183) .380 .550 -- .550
MARYLAND FUND
Class A
10/8/90* to 12/31/90 $11.17 $.021 $ .189 $ .210 $ -- $ -- $ --
1991 11.38 .628 .287 .915 .615 -- .615
1992 11.68 .669 .426 1.095 .665 -- .665
1993 12.11 .653 1.083 1.736 .660 .036 .696
1994 13.15 .644 (1.373) (.729) .651 -- .651
1995 11.77 .668 1.348 2.016 .666 -- .666
1996 13.12 .650 (.235) .415 .655 -- .655
Class B
1/12/95* to 12/31/95 11.85 .561 1.279 1.840 .570 -- .570
1996 13.12 .555 (.249) .306 .556 -- .556
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
--------------------------- --------------------------
Net Asset Net Net Portfolio
Value Total Net Assests Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
FLORIDA FUND
Class A
10/5/90* to 12/31/90 $11.13 (1.48)+ $ 1,339 -- 1.20+ 1.03+ .17+ 0
1991 11.70 11.45 6,891 .06 6.12 1.12 5.06 70
1992 12.21 10.67 12,678 .29 5.97 1.17 5.10 65
1993 13.14 14.19 21,397 .45 5.20 1.10 4.55 53
1994 11.79 (5.39) 19,765 .62 5.24 1.19 4.67 98
1995 13.31 18.77 22,229 .75 5.05 1.15 4.65 68
1996 13.11 3.34 23,299 .83 4.80 1.16 4.47 55
Class B
1/12/95* to 12/31/95 13.31 17.06 299 1.68+ 4.12+ 2.09+ 3.70+ 68
1996 13.11 2.56 549 1.62 4.01 1.95 3.68 55
GEORGIA FUND
Class A
5/1/92* to 12/31/92 $11.42 6.75+ $ 365 -- 4.45+ 3.32+ 1.13+ 53
1993 12.49 15.16 1,469 .13 4.96 1.84 3.24 50
1994 11.33 (4.69) 2,065 .20 4.99 1.93 3.26 78
1995 12.72 18.40 3,047 .20 5.41 1.42 4.20 45
1996 12.55 3.94 3,269 .38 5.17 1.44 4.11 37
Class B
1/12/95* to 12/31/95 12.71 16.34 97 1.00+ 4.61+ 2.22+ 3.40+ 45
1996 12.54 3.13 151 1.19 4.36 2.25 3.30 37
MARYLAND FUND
Class A
10/8/90* to 12/31/90 $11.38 8.08+ $ 403 -- 1.69+ 2.88+ (1.19)+ 0
1991 11.68 8.30 1,543 .05 5.74 1.88 3.92 26
1992 12.11 9.64 3,575 .20 5.72 1.38 4.55 38
1993 13.15 14.62 6,643 .45 5.16 1.28 4.33 50
1994 11.77 (5.59) 6,904 .45 5.27 1.34 4.37 44
1995 13.12 17.50 8,666 .48 5.32 1.24 4.55 49
1996 12.88 3.33 10,118 .51 5.10 1.24 4.37 13
Class B
1/12/95* to 12/31/95 13.12 15.82 423 1.38+ 4.42+ 2.19+ 3.61+ 49
1996 12.87 2.45 1,021 1.31 4.30 2.05 3.57 13
* 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 from the commencement of
operations of each of the Funds of the First Investors Multi-State Tax Free Fund through December 31, 1996 (Note 5).
</TABLE>
<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.
- --------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------------------------- ----------------------------------------
Net Asset Net
Value Realized and
----- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
MASSACHUSETTS FUND
Class A
1987 $11.13 $.533 $(1.143) $(.610) $.510 $ -- $.510
1988 10.01 .753 .547 1.300 .770 -- .770
1989 10.54 .725 .345 1.070 .730 -- .730
1990 10.88 .748 (.038) .710 .750 -- .750
1991 10.84 .732 .468 1.200 .730 -- .730
1992 11.31 .687 .399 1.086 .676 .010 .686
1993 11.71 .653 .716 1.369 .660 .139 .799
1994 12.28 .627 (1.267) (.640) .630 -- .630
1995 11.01 .612 1.227 1.839 .613 .016 .629
1996 12.22 .603 (.256) .347 .602 .045 .647
Class B
1/12/95* to 12/31/95 11.09 .508 1.155 1.663 .527 .016 .543
1996 12.21 .514 (.263) .251 .506 .045 .551
NEW JERSEY FUND
Class A
9/13/88* to 12/31/88 $11.13 $.083 $ .117 $ .200 $ -- $ -- $ --
1989 11.33 .797 .373 1.170 .770 -- .770
1990 11.73 .787 .013 .800 .800 -- .800
1991 11.73 .762 .548 1.310 .750 -- .750
1992 12.29 .716 .439 1.155 .716 .059 .775
1993 12.67 .680 .947 1.627 .684 .103 .787
1994 13.51 .659 (1.448) (.789) .661 -- .661
1995 12.06 .648 1.291 1.939 .652 .097 .749
1996 13.25 .636 (.245) .391 .636 .015 .651
Class B
1/12/95* to 12/31/95 12.14 .526 1.199 1.725 .528 .097 .625
1996 13.24 .533 (.253) .280 .535 .015 .550
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
Net Asset --------------------------- --------------------------
Value Net Net Portfolio
------ Total Net Assests Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
MASSACHUSETTS FUND
Class A
1987 $10.01 5.43 $ 1,595 .05 6.32 1.13 5.24 16
1988 10.54 13.40 2,901 .10 7.33 1.29 6.14 31
1989 10.88 10.43 8,292 .10 6.78 1.03 5.85 11
1990 10.84 6.85 12,760 .06 7.01 .99 6.09 22
1991 11.31 11.45 17,608 .28 6.66 .99 5.94 4
1992 11.71 9.90 20,067 .70 5.99 1.17 5.52 28
1993 12.28 11.93 23,653 .90 5.37 1.15 5.12 32
1994 11.01 (5.30) 20,838 .95 5.45 1.20 5.20 64
1995 12.22 17.07 23,180 .90 5.22 1.15 4.97 40
1996 11.92 2.99 22,543 .86 5.08 1.18 4.76 45
Class B
1/12/95* to 12/31/95 12.21 15.28 314 1.76+ 4.36+ 2.01+ 4.10+ 40
1996 11.91 2.16 519 1.66 4.28 1.98 3.96 45
NEW JERSEY FUND
Class A
9/13/88* to 12/31/88 $11.33 5.96+ $ 2,148 -- 4.95+ .95+ 3.99+ 0
1989 11.73 10.61 17,380 .03 6.82 .92 5.93 10
1990 11.73 7.10 30,686 .10 6.93 .91 6.12 16
1991 12.29 11.52 42,475 .44 6.38 .98 5.84 22
1992 12.67 9.74 54,372 .78 5.76 1.13 5.41 42
1993 13.51 13.09 64,558 .96 5.12 1.11 4.97 44
1994 12.06 (5.91) 55,379 .99 5.21 1.14 5.06 60
1995 13.25 16.41 59,153 .99 5.06 1.14 4.91 30
1996 12.99 3.09 58,823 .98 4.92 1.13 4.77 35
Class B
1/12/95* to 12/31/95 13.24 14.45 957 1.81+ 4.24+ 1.97+ 4.08+ 30
1996 12.97 2.22 1,603 1.78 4.12 1.93 3.97 35
* 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 from the commencement of
operations of each of the Funds of the First Investors Multi-State Tax Free Fund through December 31, 1996 (Note 5).
</TABLE>
<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.
- --------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------------------------- ----------------------------------------
Net Asset Net
Value Realized and
----- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $11.17 $.272 $ .188 $ .460 $.260 $ -- $.260
1993 11.37 .595 .962 1.557 .604 .043 .647
1994 12.28 .594 (1.380) (.786) .594 -- .594
1995 10.90 .608 1.391 1.999 .609 -- .609
1996 12.29 .590 (.159) .431 .591 -- .591
Class B
1/12/95* to 12/31/95 10.99 .492 1.307 1.799 .499 -- .499
1996 12.29 .496 (.161) .335 .495 -- .495
PENNSYLVANIA FUND
Class A
4/30/90* to 12/31/90 $11.17 $.296 $ .214 $ .510 $.270 $ -- $.270
1991 11.41 .714 .429 1.143 .695 .008 .703
1992 11.85 .699 .427 1.126 .716 -- .716
1993 12.26 .667 1.048 1.715 .663 .152 .815
1994 13.16 .627 (1.447) (.820) .630 -- .630
1995 11.71 .638 1.463 2.101 .635 .036 .671
1996 13.14 .622 (.197) .425 .627 .028 .655
Class B
1/12/95* to 12/31/95 11.81 .539 1.376 1.915 .549 .036 .585
1996 13.14 .529 (.201) .328 .530 .028 .558
VIRGINIA FUND
Class A
4/30/90* to 12/31/90 $11.17 $.320 $ .080 $ .400 $.300 $ -- $.300
1991 11.27 .715 .523 1.238 .690 .018 .708
1992 11.80 .683 .481 1.164 .702 .032 .734
1993 12.23 .636 .915 1.551 .639 .082 .721
1994 13.06 .611 (1.383) (.772) .608 -- .608
1995 11.68 .625 1.370 1.995 .629 .036 .665
1996 13.01 .626 (.195) .431 .624 .067 .691
Class B
1/12/95* to 12/31/95 11.76 .510 1.286 1.796 .520 .036 .556
1996 13.00 .525 (.194) .331 .524 .067 .591
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Ratio to Average Net Assets++ Expenses Waived or Assumed
Net Asset --------------------------- ----------------------------------
Value Net Net Portfolio
------ Total Net Assests Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
MULTI-STATE
INSURED TAX
FREE FUND
NORTH CAROLINA FUND
Class A
5/4/92* to 12/31/92 $11.37 6.21+ $ 1,084 -- 4.53+ 2.20+ 2.33+ 10
1993 12.28 13.98 3,883 .13 4.99 1.28 3.83 32
1994 10.90 (6.45) 3,872 .20 5.22 1.44 3.99 61
1995 12.29 18.72 4,984 .20 5.18 1.36 4.03 76
1996 12.13 3.68 5,822 .38 4.94 1.31 4.02 43
Class B
1/12/95* to 12/31/95 12.29 16.65 75 1.00+ 4.38+ 2.16+ 3.23+ 76
1996 12.13 2.85 134 1.20 4.12 2.12 3.20 43
PENNSYLVANIA FUND
Class A
4/30/90* to 12/31/90 $11.41 6.88+ $ 6,252 .05+ 5.39+ 1.05+ 4.39+ 1
1991 11.85 10.24 16,118 .29 6.28 1.03 5.54 26
1992 12.26 9.81 26,036 .56 5.84 1.12 5.28 18
1993 13.16 14.28 35,514 .79 5.17 1.10 4.86 37
1994 11.71 (6.31) 33,542 .88 5.11 1.13 4.86 81
1995 13.14 18.29 39,980 .86 5.07 1.11 4.82 48
1996 12.91 3.39 42,228 .86 4.86 1.11 4.61 42
Class B
1/12/95* to 12/31/95 13.14 16.49 247 1.72+ 4.20+ 1.98+ 3.94+ 48
1996 12.91 2.61 781 1.66 4.06 1.91 3.81 42
VIRGINIA FUND
Class A
4/30/90* to 12/31/90 $11.27 5.40+ $ 3,327 .08+ 5.56+ 1.22+ 4.43+ 0
1991 11.80 11.31 9,756 .13 6.32 1.10 5.36 15
1992 12.23 10.19 16,507 .56 6.75 1.22 5.09 41
1993 13.06 12.94 24,684 .81 4.97 1.16 4.62 39
1994 11.68 (5.97) 22,325 .85 5.01 1.20 4.66 55
1995 13.01 17.42 25,193 .81 5.01 1.16 4.66 34
1996 12.75 3.47 21,047 .79 4.93 1.20 4.52 30
Class B
1/12/95* to 12/31/95 13.00 15.53 991 1.66+ 4.16+ 2.02+ 3.80+ 34
1996 12.74 2.66 1,166 1.59 4.13 2.00 3.72 30
* 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 from the commencement of
operations of each of the Funds of the First Investors Multi-State Tax Free Fund through December 31, 1996 (Note 5).
See notes to financial statements
</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 December 31, 1996, and
the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the
period then ended and financial highlights for the periods indicated
thereon. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1996, by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of First Investors New York Insured Tax Free Fund,
Inc. and each of the nine Funds of First Investors Multi-State Insured
Tax Free Fund listed above as of December 31, 1996, 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
January 31, 1997
This page intentionally left blank.
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Directors/Trustees
- ---------------------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- ---------------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Shareholder Information
- ---------------------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Funds' practice to mail only one copy of their annual and
semi-annual reports to any address at which more than one shareholder
with the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Funds will ensure
that an additional copy of such reports are sent to any shareholder who
subsequently changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Funds' prospectus.
First Investors
Multi-State Insured
Tax Free Fund
Arizona Fund
California Fund
Colorado Fund
Michigan Fund
Minnesota Fund
Missouri Fund
Ohio Fund
Oregon Fund
ANNUAL
REPORT
DECEMBER 31, 1996
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:
The current economic expansion extended to its fifth year in 1996.
The economy grew by 3.4% during the year with the core rate of
consumer price inflation increasing 2.6%, its slowest pace since
the mid-1960's. The combination of moderate growth and low
inflation provided a positive background for the financial
markets. The broad stock market averages made new highs in 1996
while long-term interest rates moved somewhat higher during the
year. Besides the economy, the markets benefited from strong
demand for U.S. securities. Individual investors bought a record
amount of stock mutual funds, while foreign investors bought a
record amount of U.S. Treasury bonds.
Long-term municipal bond prices fell slightly during 1996. The
municipal bond market's performance compares very favorably to the
Treasury bond market where long-term bond prices fell
substantially. The municipal bond market's relatively strong
performance during 1996 was attributable to the comparatively
cheap levels at which the market began the year, due to concerns
over potential tax reform. As those concerns disappeared, demand
for tax-exempt bonds increased and municipal bonds appreciated
versus Treasury bonds. In fact, broad based demand throughout the
year from individuals and insurance companies was sufficient to
absorb $183 billion of the new issue supply.
During 1996, 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 3.7% and 2.9%, California 3.9%
and 3.2%, Colorado 4.6% and 3.7%, Michigan 3.4% and 2.5%,
Minnesota 3.5% and 2.6%, Missouri 3.8% and 2.9%, Ohio 4.2% and
3.4%, and Oregon 3.7% and 2.9%.
The good performance of the Funds during 1996 is the result of two
factors. First, the Funds have accumulated substantial positions
in relatively high yielding bonds during periods of market
weakness. These bonds provide a high level of current income and
help enhance total return. Second, the Funds have focused during
the past several years on improving call protection, in particular
buying high coupon noncallable bonds when available. The high
coupon noncallable bonds provide good total return performance
with no sacrifice of current income.
The value of municipal bond insurance for single state funds was
once again illustrated by the passage of ballot initiatives this
November in California and Oregon. Proposition 218 in California
and Measure 47 in Oregon both limit the financial and operational
flexibility of local governments by restricting their ability to
raise revenues. The result will be a deterioration in the credit
of certain municipalities in both states. Because municipal bonds
owned by the First Investors California and Oregon Tax Free Funds
are insured, these funds will be largely insulated from any credit
problems.
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 1% increase in yield on a
ten year bond results in roughly a 7% decrease in that bond's
price. In each of the last five years, ten year Treasury bond
yields have moved more than 1%. In addition, while the Funds'
municipal bonds are insured as to timely payment of principal and
interest, this insurance does not protect the bonds against
changes in market value. Investors should be aware of these risks
and recognize that successful investing generally requires a long-
term commitment to the market.
Looking forward, the factors that benefited the markets in 1996
appear likely to continue in 1997: moderate growth, low inflation,
and strong demand for financial assets. A significant risk to the
market is that inflation may increase due to the length of the
economic expansion. This could lead the Federal Reserve to raise
interest rates, hurting both the bond and stock markets. On the
other hand, the markets may be positively surprised by legislation
from the President and Congress to eliminate the federal budget
deficit. We will continue to be alert to events that may affect
the value of your investments.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
/S/Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1997
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
As of December 31, 1996
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Arizona Fund (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
ARIZONA LEHMAN
NOV 1990 9,375 10,000
DEC 1990 9,337 10,246
DEC 1991 10,241 11,490
DEC 1992 11,345 12,503
DEC 1993 13,033 14,038
DEC 1994 12,298 13,313
DEC 1995 14,562 15,636
DEC 1996 15,100 16,301
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.69% (2.81)%
Five Years 8.08% 6.69%
Since Inception
(11/1/90) 8.03% 6.91%
S.E.C. 30-Day Yield 4.64%
Class B shares
One Year 2.89% (1.24)%
Since Inception
(1/12/95) 9.49% 7.26%
S.E.C. 30-Day Yield 4.16%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund -- Arizona Fund (Class A shares)
beginning 11/1/90 (inception date) with a theoretical investment
in the Lehman Brothers Municipal Bond Index. The Lehman Brothers
Municipal Bond Index is a total return performance benchmark for
the long-term investment grade tax exempt bond market. Returns and
attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller
Data Corp. The Index does not take into account fees and expenses
or cost of insurance of the bonds held by an insured tax-exempt
bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been
assumed that the maximum sales charge was deducted from the
initial $10,000 investment in the Fund and all dividends and
distributions were reinvested. Class B shares performance may be
greater than or less than that shown in the line graph above based
on differences in sales loads and fees paid by shareholders
investing in the different classes.
*Average Annual Total Return figures (for the period ended
12/31/96) include the reinvestment of all dividends and
distributions. "N.A.V. Only" returns are calculated without sales
charges. The Class A "S.E.C. Standardized" returns shown are based
on the maximum sales charge of 6.25% (prior to 7/1/93 the maximum
sales charge was 6.9%). The Class B "S.E.C. Standardized" returns
are adjusted for the applicable deferred sales charge (maximum of
4% in the first year). Some or all of the expenses of the Fund
were waived or assumed. If such expenses had been paid by the
Fund, the Class A "S.E.C. Standardized" Average Annual Total
Return for One Year, Five Years and Since Inception would have
been (3.54)%, 5.79% and 5.94%, respectively, and the S.E.C. 30-Day
Yield for December 1996 would have been 3.94%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (1.98)% and 6.38%, respectively, and the
S.E.C. 30-Day Yield for December 1996 would have been 3.42%.
Results represent past performance and do not indicate future
results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
As of December 31, 1996
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- California Fund
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
CALIFORNIA LEHMAN
FEB 1987 9,375 10,000
DEC 1987 8,758 9,805
DEC 1988 9,891 10,800
DEC 1989 10,891 11,965
DEC 1990 11,669 12,838
DEC 1991 12,982 14,397
DEC 1992 14,236 15,666
DEC 1993 16,117 17,589
DEC 1994 15,134 16,680
DEC 1995 17,883 19,591
DEC 1996 18,583 20,424
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.91% (2.60)%
Five Years 7.47% 6.09%
Since Inception
(2/23/87) 7.18% 6.48%
S.E.C. 30-Day Yield 4.32%
Class B shares
One Year 3.16% (.98)%
Since Inception
(1/12/95) 9.50% 7.27%
S.E.C. 30-Day Yield 3.82%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund -- California Fund (Class A
shares) beginning 2/23/87 (inception date) with a theoretical
investment in the Lehman Brothers Municipal Bond Index. The Lehman
Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-
monthly using approximately 21,000 municipal bonds which are
priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest
directly in the Lehman Brothers Municipal Bond Index. For purposes
of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was
deducted from the initial $10,000 investment in the Fund and all
dividends and distributions were reinvested. Class B shares
performance may be greater than or less than that shown in the
line graph above based on differences in sales loads and fees paid
by shareholders investing in the different classes.
*Average Annual Total Return figures (for the period ended
12/31/96) include the reinvestment of all dividends and
distributions. "N.A.V. Only" returns are calculated without sales
charges. The Class A "S.E.C. Standardized" returns shown are based
on the maximum sales charge of 6.25% (prior to 7/1/93 and
12/29/89, the maximum sales charges were 6.9% and 7.25%,
respectively). The Class B "S.E.C. Standardized" returns are
adjusted for the applicable deferred sales charge (maximum of 4%
in the first year). Some or all of the expenses of the Fund were
waived or assumed. If such expenses had been paid by the Fund, the
Class A "S.E.C. Standardized" Average Annual Total Return for One
Year, Five Years and Since Inception would have been (2.96)%,
5.72% and 5.85%, respectively, and the S.E.C. 30-Day Yield for
December 1996 would have been 3.99%. The Class B "S.E.C.
Standardized" Average Annual Total Return for One Year and Since
Inception would have been (1.33)% and 6.91%, respectively, and the
S.E.C. 30-Day Yield for December 1996 would have been 3.48%.
Results represent past performance and do not indicate future
results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
As of December 31, 1996
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund--Colorado Fund (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
COLORADO LEHMAN
MAY 1992 9,375 10,000
DEC 1992 10,015 10,753
DEC 1993 11,432 12,073
DEC 1994 10,773 11,449
DEC 1995 12,739 13,447
DEC 1996 13,321 14,018
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 4.57% (1.97)%
Since Inception
(5/4/92) 7.80% 6.33%
S.E.C. 30-Day Yield 4.49%
Class B shares
One Year 3.68% (.43)%
Since Inception
(1/12/95) 9.91% 7.67%
S.E.C. 30-Day Yield 4.02%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund -- Colorado Fund (Class A
shares) beginning 5/4/92 (inception date) with a theoretical
investment in the Lehman Brothers Municipal Bond Index. The Lehman
Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-
monthly using approximately 21,000 municipal bonds which are
priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest
directly in the Lehman Brothers Municipal Bond Index. For purposes
of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was
deducted from the initial $10,000 investment in the Fund and all
dividends and distributions were reinvested. Class B shares
performance may be greater than or less than that shown in the
line graph above based on differences in sales loads and fees paid
by shareholders investing in the different classes.
*Average Annual Total Return figures (for the period ended
12/31/96) include the reinvestment of all dividends and
distributions. "N.A.V. Only" returns are calculated without sales
charges. The Class A "S.E.C. Standardized" returns shown are based
on the maximum sales charge of 6.25% (prior to 7/1/93 the maximum
sales charge was 6.9%). The Class B "S.E.C. Standardized" returns
are adjusted for the applicable deferred sales charge (maximum of
4% in the first year). Some or all of the expenses of the Fund
were waived or assumed. If such expenses had been paid by the
Fund, the Class A "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (3.00)%
and 5.14%, respectively, and the S.E.C. 30-Day Yield for December
1996 would have been 3.48%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would
have been (1.52)% and 6.16%, respectively, and the S.E.C. 30-Day
Yield for December 1996 would have been 2.97%. Results represent
past performance and do not indicate future results. Investment
return and principal value of an investment will fluctuate so that
an investor's shares, when redeemed, may be worth more or less
than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
As of December 31, 1996
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Michigan Fund
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
MICHIGAN LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,933 10,150
DEC 1988 10,153 11,180
DEC 1989 11,268 12,386
DEC 1990 12,049 13,289
DEC 1991 13,402 14,903
DEC 1992 14,821 16,217
DEC 1993 16,969 18,207
DEC 1994 15,890 17,266
DEC 1995 18,666 20,279
DEC 1996 19,296 21,141
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.37% (3.07)%
Five Years 7.52% 6.15%
Ten Years 7.48% 6.79%
S.E.C. 30-Day Yield 4.25%
Class B shares
One Year 2.49% (1.58)%
Since Inception
(1/12/95) 8.97% 6.74%
S.E.C. 30-Day Yield 3.75%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund -- Michigan Fund (Class A
shares) beginning 1/1/87 with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers
Municipal Bond Index is a total return performance benchmark for
the long-term investment grade tax exempt bond market. Returns and
attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller
Data Corp. The Index does not take into account fees and expenses
or cost of insurance of the bonds held by an insured tax-exempt
bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been
assumed that the maximum sales charge was deducted from the
initial $10,000 investment in the Fund and all dividends and
distributions were reinvested. Class B shares performance may be
greater than or less than that shown in the line graph above based
on differences in sales loads and fees paid by shareholders
investing in the different classes.
*Average Annual Total Return figures (for the period ended
12/31/96) include the reinvestment of all dividends and
distributions. "N.A.V. Only" returns are calculated without sales
charges. The Class A "S.E.C. Standardized" returns shown are based
on the maximum sales charge of 6.25% (prior to 7/1/93 and
12/29/89, the maximum sales charges were 6.9% and 7.25%,
respectively). The Class B "S.E.C. Standardized" returns are
adjusted for the applicable deferred sales charge (maximum of 4%
in the first year). Some or all of the expenses of the Fund were
waived or assumed. If such expenses had been paid by the Fund, the
Class A "S.E.C. Standardized" Average Annual Total Return for One
Year, Five Years and Ten Years would have been (3.41)%, 5.76% and
6.14%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 4.01%. The Class B "S.E.C. Standardized" Average
Annual Total Return for One Year and Since Inception would have
been (1.87)% and 6.36%, respectively, and the S.E.C. 30-Day Yield
for December 1996 would have been 3.49%. Results represent past
performance and do not indicate future results. Investment return
and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures
from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
As of December 31, 1996
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Minnesota Fund
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
MINNESOTA LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,887 10,150
DEC 1988 9,897 11,180
DEC 1989 10,861 12,386
DEC 1990 11,623 13,289
DEC 1991 12,876 14,903
DEC 1992 14,072 16,217
DEC 1993 15,662 18,207
DEC 1994 14,733 17,266
DEC 1995 17,043 20,279
DEC 1996 17,634 21,141
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.47% (3.03)%
Five Years 6.49% 5.13%
Ten Years 6.52% 5.84%
S.E.C. 30-Day Yield 4.69%
Class B shares
One Year 2.61% (1.50)%
Since Inception
(1/12/95) 8.35% 6.12%
S.E.C. 30-Day Yield 4.22%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund -- Minnesota Fund (Class A
shares) beginning 1/1/87 with a theoretical investment in the
Lehman Brothers Municipal Bond Index. The Lehman Brothers
Municipal Bond Index is a total return performance benchmark for
the long-term investment grade tax exempt bond market. Returns and
attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller
Data Corp. The Index does not take into account fees and expenses
or cost of insurance of the bonds held by an insured tax-exempt
bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been
assumed that the maximum sales charge was deducted from the
initial $10,000 investment in the Fund and all dividends and
distributions were reinvested. Class B shares performance may be
greater than or less than that shown in the line graph above based
on differences in sales loads and fees paid by shareholders
investing in the different classes.
*Average Annual Total Return figures (for the period ended
12/31/96) include the reinvestment of all dividends and
distributions. "N.A.V. Only" returns are calculated without sales
charges. The Class A "S.E.C. Standardized" returns shown are based
on the maximum sales charge of 6.25% (prior to 7/1/93 and
12/29/89, the maximum sales charges were 6.9% and 7.25%,
respectively). The Class B "S.E.C. Standardized" returns are
adjusted for the applicable deferred sales charge (maximum of 4%
in the first year). Some or all of the expenses of the Fund were
waived or assumed. If such expenses had been paid by the Fund, the
Class A "S.E.C. Standardized" Average Annual Total Return for One
Year, Five Years and Ten Years would have been (3.72)%, 4.42% and
4.91%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 4.05%. The Class B "S.E.C. Standardized" Average
Annual Total Return for One Year and Since Inception would have
been (2.10)% and 5.40%, respectively, and the S.E.C. 30-Day Yield
for December 1996 would have been 3.56%. Results represent past
performance and do not indicate future results. Investment return
and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures
from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
As of December 31, 1996
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Missouri Fund
(Class A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
MISSOURI LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,917 10,753
DEC 1993 11,326 12,073
DEC 1994 10,624 11,449
DEC 1995 12,594 13,447
DEC 1996 13,077 14,018
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.84% (2.65)%
Since Inception
(5/4/92) 7.38% 5.91%
S.E.C. 30-Day Yield 4.78%
Class B shares
One Year 2.93% (1.19)%
Since Inception
(1/12/95) 9.61% 7.35%
S.E.C. 30-Day Yield 4.32%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund -- Missouri Fund (Class A
shares) beginning 5/4/92 (inception date) with a theoretical
investment in the Lehman Brothers Municipal Bond Index. The Lehman
Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond
market. Returns and attributes for the Index are calculated semi-
monthly using approximately 21,000 municipal bonds which are
priced by Muller Data Corp. The Index does not take into account
fees and expenses or cost of insurance of the bonds held by an
insured tax-exempt bond fund. It is not possible to invest
directly in the Lehman Brothers Municipal Bond Index. For purposes
of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was
deducted from the initial $10,000 investment in the Fund and all
dividends and distributions were reinvested. Class B shares
performance may be greater than or less than that shown in the
line graph above based on differences in sales loads and fees paid
by shareholders investing in the different classes.
*Average Annual Total Return figures (for the period ended
12/31/96) include the reinvestment of all dividends and
distributions. "N.A.V. Only" returns are calculated without sales
charges. The Class A "S.E.C. Standardized" returns shown are based
on the maximum sales charge of 6.25% (prior to 7/1/93 the maximum
sales charge was 6.9%). The Class B "S.E.C. Standardized" returns
are adjusted for the applicable deferred sales charge (maximum of
4% in the first year). Some or all of the expenses of the Fund
were waived or assumed. If such expenses had been paid by the
Fund, the Class A "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (3.83)%
and 4.19%, respectively, and the S.E.C. 30-Day Yield for December
1996 would have been 3.49%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would
have been (2.90)% and 5.79%, respectively, and the S.E.C. 30-Day
Yield for December 1996 would have been 2.94%. Results represent
past performance and do not indicate future results. Investment
return and principal value of an investment will fluctuate so that
an investor's shares, when redeemed, may be worth more or less
than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
As of December 31, 1996
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Ohio Fund (Class A
shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
OHIO LEHMAN
JAN 1987 9,375 10,000
DEC 1987 8,893 10,150
DEC 1988 10,152 11,180
DEC 1989 11,269 12,386
DEC 1990 12,097 13,289
DEC 1991 13,464 14,903
DEC 1992 14,808 16,217
DEC 1993 16,751 18,207
DEC 1994 15,761 17,266
DEC 1995 18,495 20,279
DEC 1996 19,278 21,141
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 4.23% (2.25)%
Five Years 7.44% 6.07%
Ten Years 7.47% 6.80%
S.E.C. 30-Day Yield 4.51%
Class B shares
One Year 3.43% (.70)%
Since Inception
(1/12/95) 9.35% 7.08%
S.E.C. 30-Day Yield 4.02%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund -- Ohio Fund (Class A shares)
beginning 1/1/87 with a theoretical investment in the Lehman
Brothers Municipal Bond Index. The Lehman Brothers Municipal Bond
Index is a total return performance benchmark for the long-term
investment grade tax exempt bond market. Returns and attributes
for the Index are calculated semi-monthly using approximately
21,000 municipal bonds which are priced by Muller Data Corp. The
Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It
is not possible to invest directly in the Lehman Brothers
Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been
assumed that the maximum sales charge was deducted from the
initial $10,000 investment in the Fund and all dividends and
distributions were reinvested. Class B shares performance may be
greater than or less than that shown in the line graph above based
on differences in sales loads and fees paid by shareholders
investing in the different classes.
*Average Annual Total Return figures (for the period ended
12/31/96) include the reinvestment of all dividends and
distributions. "N.A.V. Only" returns are calculated without sales
charges. The Class A "S.E.C. Standardized" returns shown are based
on the maximum sales charge of 6.25% (prior to 7/1/93 and
12/29/89, the maximum sales charges were 6.9% and 7.25%,
respectively). The Class B "S.E.C. Standardized" returns are
adjusted for the applicable deferred sales charge (maximum of 4%
in the first year). Some or all of the expenses of the Fund were
waived or assumed. If such expenses had been paid by the Fund, the
Class A "S.E.C. Standardized" Average Annual Total Return for One
Year, Five Years and Ten Years would have been (2.70)%, 5.59% and
6.07%, respectively, and the S.E.C. 30-Day Yield for December 1996
would have been 4.18%. The Class B "S.E.C. Standardized" Average
Annual Total Return for One Year and Since Inception would have
been (1.08)% and 6.57%, respectively, and the S.E.C. 30-Day yield
for December 1996 would have been 3.67%. Results represent past
performance and do not indicate future results. Investment return
and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than
the original cost. Lehman Brothers Municipal Bond Index figures
from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
Cumulative Performance Information
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
As of December 31, 1996
Comparison of change in value of $10,000 investment in the First
Investors Multi-State Insured Tax Free Fund -- Oregon Fund (Class
A shares) and the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is not part
of the original printed document and is shown for reference only.
The same is also true for this descriptive paragraph.
OREGON LEHMAN
MAY 1992 9,375 10,000
DEC 1992 9,794 10,753
DEC 1993 11,079 12,073
DEC 1994 10,343 11,449
DEC 1995 12,204 13,447
DEC 1996 12,653 14,018
**BOXED INFORMATION INSIDE GRAPH
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 3.68% (2.80)%
Since Inception
(5/4/92) 6.62% 5.17%
S.E.C. 30-Day Yield 4.57%
Class B shares
One Year 2.87% (1.28)%
Since Inception
(1/12/95) 9.38% 7.13%
S.E.C. 30-Day Yield 4.08%
The graph compares a $10,000 investment in the First Investors
Multi-State Insured Tax Free Fund -- Oregon Fund (Class A shares)
beginning 5/4/92 (inception date) with a theoretical investment in
the Lehman Brothers Municipal Bond Index. The Lehman Brothers
Municipal Bond Index is a total return performance benchmark for
the long-term investment grade tax exempt bond market. Returns and
attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller
Data Corp. The Index does not take into account fees and expenses
or cost of insurance of the bonds held by an insured tax-exempt
bond fund. It is not possible to invest directly in the Lehman
Brothers Municipal Bond Index. For purposes of the graph and the
accompanying table, unless otherwise indicated, it has been
assumed that the maximum sales charge was deducted from the
initial $10,000 investment in the Fund and all dividends and
distributions were reinvested. Class B shares performance may be
greater than or less than that shown in the line graph above based
on differences in sales loads and fees paid by shareholders
investing in the different classes.
*Average Annual Total Return figures (for the period ended
12/31/96) include the reinvestment of all dividends and
distributions. "N.A.V. Only" returns are calculated without sales
charges. The Class A "S.E.C. Standardized" returns shown are based
on the maximum sales charge of 6.25% (prior to 7/1/93 the maximum
sales charge was 6.9%). The Class B "S.E.C. Standardized" returns
are adjusted for the applicable deferred sales charge (maximum of
4% in the first year). Some or all of the expenses of the Fund
were waived or assumed. If such expenses had been paid by the
Fund, the Class A "S.E.C. Standardized" Average Annual Total
Return for One Year and Since Inception would have been (3.71)%
and 3.85%, respectively, and the S.E.C. 30-Day Yield for December
1996 would have been 3.71%. The Class B "S.E.C. Standardized"
Average Annual Total Return for One Year and Since Inception would
have been (2.13)% and 5.61%, respectively, and the S.E.C. 30-Day
Yield for December 1996 would have been 3.17%. Results represent
past performance and do not indicate future results. Investment
return and principal value of an investment will fluctuate so that
an investor's shares, when redeemed, may be worth more or less
than the original cost. Lehman Brothers Municipal Bond Index
figures from Lehman Brothers Inc. and all other figures from First
Investors Management Company, Inc.
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--97.2%
Certificates of Participation--7.2%
Arizona State:
$ 100 M 6.1% 5/1/2007 $ 106,750 $ 123
375 M 6 1/4% 9/1/2010 400,781 462
100 M Arizona State Municipal Financing Program 7.7% 8/1/2010 117,125 135
- ----------------------------------------------------------------------------------------------------------------
624,656 720
- ----------------------------------------------------------------------------------------------------------------
Education--1.8%
140 M Arizona State University Revenue 7% 7/1/2001* 156,975 181
- ----------------------------------------------------------------------------------------------------------------
General Obligation--43.2%
600 M Chandler, Arizona 6 1/4% 7/1/2011 657,750 759
Maricopa County, Arizona:
235 M School District #3 (Tempe) 7.3% 7/1/2009 282,587 326
400 M School District #11 (Peoria) 6.1% 7/1/2010 427,500 493
100 M School District #14 (Creighton) 7 7/8% 7/1/2006 122,500 141
1,000 M School District #41 (Gilbert) Zero Coupon 1/1/2008 563,750 650
300 M School District #68 (Alhambra) 6 3/4% 7/1/2014 335,250 387
100 M School District #92 (Pendergast Elementary) 6 5/8% 7/1/2000* 108,500 125
200 M School District #231 (Tempe) 7% 7/1/2008 233,500 269
145 M Pima County, Arizona Unified School District #13 (Tanque Verde)
6.7% 7/1/2010 161,131 186
140 M Puerto Rico Commonwealth 6.6% 7/1/2002* 156,100 180
200 M Santa Cruz County, Arizona School District #35, 6% 7/1/2008 213,750 246
Yavapai County, Arizona:
230 M Elementary School District #6 (Cottonwood-Oak Creek) 6.7% 7/1/2009 254,725 294
215 M Elementary School District #28 (Camp Verde) 6% 7/1/2008 231,663 267
- ----------------------------------------------------------------------------------------------------------------
3,748,706 4,323
- ----------------------------------------------------------------------------------------------------------------
Hospital--13.8%
650 M Maricopa County, Arizona Ind. Dev. Auth. (Samaritan Health Svcs.)
7% 12/1/2016 772,687 891
100 M Mohave County, Arizona Hosp. Dist. #1 (Kingman Reg. Med. Ctr.)
6.45% 6/1/2008 106,750 123
300 M Pima County, Arizona Ind. Dev. Auth. (Tucson Med. Ctr.) 6 3/8% 4/1/2012 320,250 369
- ----------------------------------------------------------------------------------------------------------------
1,199,687 1,383
- ----------------------------------------------------------------------------------------------------------------
Housing--1.4%
115 M Phoenix, Arizona Hsg. Fin. Corp. Mtg. Rev. 6.65% 7/1/2006 116,869 135
- ----------------------------------------------------------------------------------------------------------------
Transportation--6.0%
385 M Phoenix, Arizona Airport Revenue 6 1/4% 7/1/2012 411,950 475
100 M Phoenix, Arizona Street & Highway User Revenue 6 1/4% 7/1/2002* 106,000 122
- ----------------------------------------------------------------------------------------------------------------
517,950 597
- ----------------------------------------------------------------------------------------------------------------
Utilities--12.0%
200 M Central Arizona Water Conservation District Zero Coupon 5/1/2005 132,750 153
200 M Chandler, Arizona Water & Sewer Revenue 7 1/4% 7/1/2013 239,250 276
225 M Gilbert, Arizona Water & Sewer Revenue 6 1/2% 7/1/2012 244,125 282
100 M Peoria, Arizona Water & Sewer Revenue 6.6% 7/1/2004 107,500 124
250 M Tucson, Arizona Water Revenue 8% 7/1/2013 319,688 369
- ----------------------------------------------------------------------------------------------------------------
1,043,313 1,204
- ----------------------------------------------------------------------------------------------------------------
Other Revenue--11.8%
305 M Casa Grande, Arizona Excise Tax Rev. 6.1% 4/1/2009 322,919 373
250 M Phoenix, Arizona Civic Impt. Mun. Facs. Excise Tax Rev. 6.6% 7/1/2008 279,375 322
400 M Sierra Vista, Arizona Mun. Ppty. Corp. Mun. Facs. Rev. 6% 1/1/2011 420,000 484
- ----------------------------------------------------------------------------------------------------------------
1,022,294 1,179
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,699,442) 97.2% 8,430,450 9,722
Other Assets, Less Liabilities 2.8 241,035 278
- ----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,671,485 $10,000
================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.5%
Certificates of Participation--9.0%
$ 500 M Castaic Lake Water Agency Water System Impt. Proj. 7% 8/1/2012 $ 588,750 $ 376
500 M San Diego County, Calif. Inmate Reception Center 6 3/4% 8/1/2014 554,375 354
240 M Yolo County, Calif. Flood Control & Water Conservation
7 1/8% 7/15/2003* 274,500 175
- ----------------------------------------------------------------------------------------------------------------
1,417,625 905
- ----------------------------------------------------------------------------------------------------------------
General Obligation--7.7%
370 M Greenfield, Calif. School District 7.1% 8/1/2012 394,975 252
750 M Walnut Valley, Calif. School District 6% 8/1/2012 804,375 513
- ----------------------------------------------------------------------------------------------------------------
1,199,350 765
- ----------------------------------------------------------------------------------------------------------------
Hospital--1.0%
155 M California Health Facilities Financing Authority Revenue
(Episcopal Homes) 7.85% 7/1/2015 158,853 101
- ----------------------------------------------------------------------------------------------------------------
Transportation--3.6%
500 M Los Angeles County, Calif. Trans. Comm. Sales Tax Rev.
6 3/4% 7/1/2001* 556,875 355
- ----------------------------------------------------------------------------------------------------------------
Utilities--10.9%
300 M Big Bear Lake, California Water Revenue 6% 4/1/2015 322,125 206
750 M East Bay Municipal Utility District 6.4% 6/1/2004* 844,687 539
250 M Fresno, California Water Revenue 6 1/4% 9/1/2014 276,563 176
250 M Los Angeles, Calif. Wastewater System 7% 6/1/2011 268,125 171
- ----------------------------------------------------------------------------------------------------------------
1,711,500 1,092
- ----------------------------------------------------------------------------------------------------------------
Other Revenue--66.3%
500 M Barstow, Calif. Redevelopment Agency 7% 9/1/2014 596,250 380
105 M California Public Capital Impt. Fin. Auth. Rev. 8.1% 3/1/2018 110,512 71
1,315 M California State Public Works Board 6 1/2% 12/1/2008 1,489,238 950
1,000 M Long Beach, Calif. Fing. Auth. Rev. 6% 11/1/2017 1,080,000 689
300 M Sacramento, Calif. Redev. Agency Merged Downtown
Redev. Proj. 6 3/4% 11/1/2005 326,625 208
640 M San Francisco, Calif. City & Cnty. Pkg. Auth. Rev. 7% 6/1/2011 732,800 468
500 M San Francisco, Calif. City & Cnty. Redev. Agy. (Moscone Ctr.)
6 3/4% 7/1/2015 553,750 353
500 M San Jose, Calif. Redevelopment Agency 6% 8/1/2015 535,625 342
700 M San Mateo County, Calif. Jt. Powers Auth. Lease Revenue
6 1/2% 7/1/2015 792,750 506
500 M San Rafael, Calif. Redev. Agency 6.45% 12/1/2017 535,625 342
500 M Santa Ana, Calif. Fin. Auth. Lease Rev. 6 1/4% 7/1/2015 551,875 352
750 M Santa Margarita/Dana Point, Calif. Impt. Dist. 7 1/4% 8/1/2010 897,187 572
750 M South Gate, Calif. Public Financing Authority 6% 10/1/2012 805,313 514
South Orange County, Calif. Public Finance Authority:
700 M 6 1/2% 8/15/2010 791,000 506
500 M 7% 9/1/2011 590,625 377
- ----------------------------------------------------------------------------------------------------------------
10,389,175 6,630
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,043,126) 98.5% 15,433,378 9,848
Other Assets, Less Liabilities 1.5 238,282 152
- ----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $15,671,660 $10,000
================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.4%
Education--9.1%
$225 M Colorado Postsecondary Educ. Facs. Auth. Rev. (Aurora Fndtn. Proj.)
6% 9/1/2015 $ 233,156 $ 629
100 M University of Northern Colorado Revenue 6% 6/1/2014 104,750 283
- ----------------------------------------------------------------------------------------------------------------
337,906 912
- ----------------------------------------------------------------------------------------------------------------
General Obligation--42.6%
150 M Bayfield, Colo. School District #10, 6 1/2% 6/1/2009 164,813 445
250 M Douglas County., Colo. School District #RE 1, 8% 12/15/2009 317,813 857
150 M Eagle Garfield & Routt Cntys., Colo. School District #RE 50J,
6.3% 12/1/2012 162,938 440
150 M El Paso County, Colo. School District #020, 6.2% 6/15/2007 165,937 448
150 M Garfield County, Colo. School District #RE 2, 6.15% 12/1/2009 161,625 436
150 M Garfield Pitkin & Eagle Cntys., Colo. School District #RE 1,
6.6% 6/15/2004* 168,187 454
150 M Puerto Rico Commonwealth 6 1/4% 7/1/2012 165,375 446
100 M Summit County, Colo. School District #RE 1, 6.55% 12/1/2004* 111,750 301
150 M Yuma Hospital District, Colo. 6.4% 11/1/2014 162,000 437
- ----------------------------------------------------------------------------------------------------------------
1,580,438 4,264
- ----------------------------------------------------------------------------------------------------------------
Hospital--10.2%
100 M Colorado Health Facilities Authority (Sisters of Charity)
6 1/4% 5/15/2012 109,250 295
260 M Colorado Springs, Colo. Hospital Revenue 5 3/4% 12/15/2010 268,450 724
- ----------------------------------------------------------------------------------------------------------------
377,700 1,019
- ----------------------------------------------------------------------------------------------------------------
Transportation--14.1%
100 M Arapahoe Cnty, Colo. Capital Improv. Highway Rev. (E-470)
6.05% 8/31/2015 105,125 284
100 M Colorado Springs, Colo. Airport Revenue 5 1/4% 1/1/2017 97,500 263
150 M Denver, Colo. City & County Airport Revenue 5 3/4% 11/15/2016 152,250 411
150 M Puerto Rico Commonwealth Hwy. & Transn. Auth. Rev. 6 1/4% 7/1/2014 166,125 448
- ----------------------------------------------------------------------------------------------------------------
521,000 1,406
- ----------------------------------------------------------------------------------------------------------------
Utilities--7.1%
150 M Westminster, Colo. Water & Wastewater Util. Enterprise Rev.
6% 12/1/2009 158,625 428
100 M Woodland Park, Colo. Wastewater Util. Rev. 6.05% 12/1/2013 105,375 284
- ----------------------------------------------------------------------------------------------------------------
264,000 712
- ----------------------------------------------------------------------------------------------------------------
Other Revenue--16.3%
150 M Aurora, Colo. Municipal Building Corp. 1st Mtge. Rev.
9.2% 12/1/1997* 158,838 428
125 M Boulder County, Colo. Dev. Rev. 5 1/2% 9/1/2016 124,844 337
100 M Pueblo, Colo. Urban Renewal Authority Tax Increment Rev.
6.05% 12/1/2012 105,000 283
100 M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2014 104,125 281
100 M Puerto Rico Public Buildings Authority 6 1/4 7/1/2012 110,375 298
- ----------------------------------------------------------------------------------------------------------------
603,182 1,627
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,461,947) 99.4% 3,684,226 9,940
Other Assets, Less Liabilities .6 22,344 60
- ----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,706,570 $10,000
================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Education--1.2%
$ 400 M Central Michigan University Revenue 7% 10/1/2000* $ 443,000 $ 118
- ----------------------------------------------------------------------------------------------------------------
General Obligation--53.8%
325 M Chippewa Valley, Michigan Schools 7.1% 5/1/2001* 364,000 97
1,000 M Detroit, Michigan City School District 5.85% 5/1/2016 1,017,500 270
1,000 M East Detroit, Michigan School District 6.1% 5/1/2016 1,046,250 278
1,000 M Genesee County, Michigan Sewer Disposal System 5.4% 4/1/2013 987,500 262
1,000 M Grand Ledge, Michigan Public School District 7 7/8% 5/1/2004* 1,208,750 321
1,000 M Gull Lake, Michigan Community School District Zero Coupon 5/1/2013 405,000 107
450 M Haslett, Michigan Public School District 7 1/2% 5/1/2000* 497,250 132
500 M Hopkins, Michigan Public Schools 5 1/2% 5/1/2011 503,750 134
1,000 M Huron, Michigan School District Zero Coupon 5/1/2015 360,000 96
450 M Inkster, Michigan School District 7% 5/1/2000* 493,313 131
1,000 M Lake Orion, Michigan Community School District 7% 5/1/2005* 1,156,250 307
1,000 M Lakeview, Michigan Community Schools 5 3/4% 5/1/2016 1,010,000 268
1,000 M Lincoln Park, Michigan School District 7% 5/1/2020 1,121,250 298
1,000 M Michigan State Environmental Protection Program 6 1/4% 11/1/2012 1,101,910 293
450 M Oak Park, Michigan 7.2% 5/1/2002* 512,438 136
270 M Oakland County, Michigan 7.1% 5/1/2007 277,387 74
1,000 M Portage Lake, Michigan Water & Sewer Authority 6.1% 10/1/2014 1,058,750 281
1,195 M Redford, Michigan Unified School District 6 3/8% 5/1/2010 1,315,994 350
800 M Rochester, Michigan School District 5 5/8% 5/1/2011 825,000 219
200 M Rockford, Michigan Public Schools 7 3/8% 5/1/2000* 220,250 58
250 M Romulus, Michigan Community Schools 6 3/4% 5/1/2001* 276,562 73
380 M Saline, Michigan Building Authority 7.1% 7/1/2009 421,325 112
1,000 M Waterford Township, Michigan School District 6 1/4% 6/1/2012 1,066,250 283
500 M West Ottawa, Michigan Public School District 5 3/4% 5/1/2014 506,875 135
450 M White Cloud, Michigan Public Schools 7.1% 5/1/2000* 493,312 131
1,000 M Ypsilanti, Michigan School District 5 3/8% 5/1/2026 956,250 254
1,000 M Zeeland, Michigan Public Schools 6% 5/1/2014 1,055,000 280
- ----------------------------------------------------------------------------------------------------------------
20,258,116 5,380
- ----------------------------------------------------------------------------------------------------------------
Hospital--2.8%
1,000 M Michigan State Hospital Finance Authority (St. John's Hospital)
6% 5/15/2008 1,056,250 280
- ----------------------------------------------------------------------------------------------------------------
Housing--1.4%
500 M Michigan State Housing Dev. Auth. Single-Family Mtge.
Rev. 7.3% 12/1/2016 518,125 138
- ----------------------------------------------------------------------------------------------------------------
Transportation--7.9%
1,500 M Puerto Rico Commonwealth Hwy. & Transn. Hwy.
Rev. 6 1/4% 7/1/2015 1,657,500 440
1,190 M Wayne Charter County, Michigan (Detroit Metro. Airport)
6 3/4% 12/1/2001* 1,328,338 353
- ----------------------------------------------------------------------------------------------------------------
2,985,838 793
- ----------------------------------------------------------------------------------------------------------------
Utilities--22.4%
Detroit, Michigan Water Supply System:
400 M 6 3/8% 7/1/2002* 441,500 117
1,750 M 5.55% 7/1/2012 1,787,187 474
1,275 M 6 1/2% 7/1/2015 1,429,594 380
1,000 M Kalamazoo, Michigan Water Revenue 6% 9/1/2015 1,038,750 276
500 M Kent County, Michigan Refuse Disposal System 8.4% 11/1/2010 523,765 139
Michigan State Strategic Fund (Detroit Edison):
1,750 M 6.95% 5/1/2011 2,025,625 538
500 M 7% 5/1/2021 600,625 160
500 M Monroe County, Michigan Econ. Dev. Corp. (Detroit Edison)
6.95% 9/1/2022 600,000 159
- ----------------------------------------------------------------------------------------------------------------
8,447,046 2,243
- ----------------------------------------------------------------------------------------------------------------
Other Revenue--8.6%
1,000 M Grand Rapids, Michigan Downtown Dev. Auth. Zero Coupon 6/1/2009 505,000 134
Michigan Municipal Bond Authority Revenue:
1,500 M 6.55% 11/1/2008 1,666,875 443
1,000 M 6 1/8% 5/1/2014 1,050,000 279
- ----------------------------------------------------------------------------------------------------------------
3,221,875 856
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $34,128,876) 98.1% 36,930,250 9,808
Other Assets, Less Liabilities 1.9 722,444 192
- ----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $37,652,694 $10,000
================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.8%
Certificates of Participation--4.9 %
$400 M Minneapolis, Minn. Special School District #001, 5.9% 2/1/2012 $ 412,000 $ 494
- ----------------------------------------------------------------------------------------------------------------
Education--3.1%
250 M University of Minnesota 5 3/4% 7/1/2017 258,437 310
- ----------------------------------------------------------------------------------------------------------------
General Obligation--36.2%
325 M Becker, Minn. Wastewater Treatment 5.8% 2/1/2010 334,344 400
180 M Blaine, Minn. Series "A" Fire Impt. 6.8% 2/1/2007 192,375 230
150 M Cass Lake, Minn. Independent School District #115, 6 5/8% 2/1/2001* 160,313 192
285 M Inner Grove Heights, Minn. Independent School District #199,
5 3/4% 2/1/2012 291,056 349
280 M Lakeville, Minn. 5 1/2% 2/1/2011 282,100 338
405 M Lino Lakes, Minn. 5.7% 2/1/2012 413,606 496
125 M Mahnomen, Minn. Independent School District #432, 6 1/2% 2/1/2001* 132,656 159
275 M Minnesota State 6 1/4% 8/1/2002* 297,688 357
350 M North St. Paul Maplewood, Minn. Independent School District #622,
7.1% 2/1/2005* 404,687 485
75 M Ramsey County, Minn. 7% 2/1/1999* 79,313 95
100 M Rockford, Minn. Independent School District No. #883, 7.2% 12/15/1998* 106,000 127
650 M Rosemount, Minn. Independent School District No. #196,
Zero Coupon 4/1/2014 247,000 296
70 M South Washington County, Minn. Independent School District #833,
6 7/8% 6/1/2000* 75,688 91
- ----------------------------------------------------------------------------------------------------------------
3,016,826 3,615
- ----------------------------------------------------------------------------------------------------------------
Hospital--24.5%
Duluth, Minn. Economic Development Authority (Duluth Clinic):
45 M 6.2% 11/1/2004* 49,219 59
195 M 6.2% 11/1/2012 204,750 245
200 M Hibbing, Minn. Health Care Facs. Rev. (Duluth Clinic) 5 1/2% 11/1/2016 198,500 238
Minneapolis & St. Paul, Minn. Hsg. & Redev. Auth. Health Care System:
Childrens Health Care:
300 M 5.7% 8/15/2016 303,375 364
305 M 5 1/2% 8/15/2025 300,044 360
180 M Health One 7.4% 8/15/2011 198,900 238
250 M Minneapolis, Minn. Hospital Revenue (Fairview Hospital) 6 1/2% 1/1/2011 269,062 323
170 M St. Cloud, Minn. Hosp. Facs. Rev. (St. Cloud Hosp.) Series "B" 7% 7/1/2001* 190,187 228
St. Louis Park, Minn. Hosp. Rev. Facs. (Methodist Hospital):
100 M Series "A" 7 1/4% 7/1/2000* 109,500 131
200 M Series "C" 7 1/4% 7/1/2000* 222,250 266
- ----------------------------------------------------------------------------------------------------------------
2,045,787 2,452
- ----------------------------------------------------------------------------------------------------------------
Housing--18.4%
120 M Eagen, Minn. Multi-Family Housing (Forest Ridge Apts.) 7 1/2% 3/1/2027 123,450 148
Minnesota State Housing Finance Authority:
665 M Rental Housing Revenue 5.9% 8/1/2015 669,156 802
Single Family Mortgage Revenue:
85 M 6.9% 7/1/2009 90,419 108
80 M 7.7% 7/1/2014 84,800 101
240 M 6.4% 1/1/2015 247,800 297
St. Paul, Minn. Housing & Redevelopment Authority:
65 M Multi-Family Housing Revenue 7 1/2% 3/1/2026 (Defaulted)(Note 1A) 65,000 78
250 M Single Family Mortgage Revenue 6 1/4% 9/1/2014 257,500 309
- ----------------------------------------------------------------------------------------------------------------
1,538,125 1,843
- ----------------------------------------------------------------------------------------------------------------
Utilities--9.7%
Northern Municipal Power Agency, Minn. Electric System Revenue:
120 M 7.4% 1/1/1999* 129,750 155
200 M 7 1/4% 1/1/2016 211,750 254
210 M Southern Minn. Municipal Power Agency, Power Supply
System 5 3/4% 7/1/2016 216,300 259
250 M Western Minn. Municipal Power Agency 5 1/2% 1/1/2011 251,250 301
- ----------------------------------------------------------------------------------------------------------------
809,050 969
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,692,645 ) 8,080,225 9,683
- ----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.4%
200 M Minneapolis & St. Paul Hsg. & Redev. Auth. Hlth. Care Sys. (Childrens
Health Care) Adjustable Rate Note 5.05% (cost $200,000)** 200,000 239
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $7,892,645) 99.2% 8,280,225 9,922
Other Assets, Less Liabilities .8 64,736 78
- ----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,344,961 $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 December 31, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.1%
General Obligation--14.7%
$ 50 M Lincoln County, Mo. Reorg. School District #3, 6.1% 3/1/2014 $ 52,562 $ 268
80 M Puerto Rico Commonwealth 6 1/4% 7/1/2012 88,200 450
50 M Springfield, Mo. School District 7% 3/1/2008 58,063 296
80 M St. Charles, Mo. School District 6 1/2% 2/1/2006* 89,600 457
- ----------------------------------------------------------------------------------------------------------------
288,425 1,471
- ----------------------------------------------------------------------------------------------------------------
Hospital--24.2%
Missouri State Health & Educational Facilities Authority:
140 M BJC Health System 6 3/4% 5/15/2011 160,475 818
90 M Health Midwest 6.1% 6/1/2011 94,725 483
125 M Sisters of Sorrowful Mother Healthcare 6 1/4% 6/1/2007 134,062 684
80 M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 85,200 434
- ----------------------------------------------------------------------------------------------------------------
474,462 2,419
- ----------------------------------------------------------------------------------------------------------------
Housing--4.6%
90 M Missouri State Hsg. Devel. Comm. (Ecumenical Housing)
5.8% 3/1/2010 90,225 460
- ----------------------------------------------------------------------------------------------------------------
Transportation--8.5%
75 M Kansas City, Mo. Airport Revenue 6 7/8% 9/1/2014 83,531 426
75 M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2013 82,781 422
- ----------------------------------------------------------------------------------------------------------------
166,312 848
- ----------------------------------------------------------------------------------------------------------------
Utilities--21.0%
80 M Liberty, Mo. Sewer System Revenue 6.15% 2/1/2015 84,800 433
Missouri State Env. Impt. & Energy Res. Auth. Water Poll. Control:
80 M 6% 1/1/2016 82,000 418
85 M 6.05% 7/1/2016 89,038 454
150 M St. Louis, Mo. Water and Sewer Revenue 6% 7/1/2014 156,188 796
- ----------------------------------------------------------------------------------------------------------------
412,026 2,101
- ----------------------------------------------------------------------------------------------------------------
Other Revenue--26.1%
50 M Clay County, Mo. Public Bldg. Auth. Leasehold Rev. 7% 5/15/2014 56,000 286
80 M Excelsior Springs, Mo. School Dist. Bldg. Corp. Leasehold Rev.
6 1/2% 3/1/2009 85,200 434
50 M Jackson County, Mo. Public Building Corp. Leasehold Revenue
5.6% 12/1/2011 50,063 255
75 M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 82,781 422
St. Louis, Mo. Municipal Financing Corp. Leasehold Revenue:
65 M 6 1/4% 2/15/2005* 71,256 363
80 M 5 3/4% 8/1/2013 81,900 418
80 M Warren County, Mo. Pub. Facs. Auth. Leasehold Rev. 6.3% 6/1/2010 85,100 434
- ----------------------------------------------------------------------------------------------------------------
512,300 2,612
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $1,825,744) 99.1% 1,943,750 9,911
Other Assets, Less Liabilities .9 17,400 89
- ----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $1,961,150 $10,000
================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.4%
General Obligation--78.0%
$1,000 M Adams County Ohio Valley Local School District 7% 12/1/2015 $ 1,192,500 $ 585
800 M Avon, Ohio Local School District 6 1/2% 12/1/2015 906,000 444
500 M Batavia, Ohio Local School District 7% 12/1/2014 571,875 280
1,000 M Beaver Creek, Ohio Local School District 6.6% 12/1/2015 1,151,250 564
425 M Bedford Heights, Ohio 6 1/2% 12/1/2014 465,375 228
215 M Bellefontaine, Ohio City School District 7 1/8% 12/1/2001* 242,950 119
500 M Brecksville-Broadview Heights, Ohio City School District
6 1/2% 12/1/2016 552,500 271
500 M Buckeye Valley, Ohio Local School District 6.85% 12/1/2015 590,625 290
250 M Cardington & Lincoln, Ohio Local School District 6.6% 12/1/2014 270,000 133
Cleveland, Ohio:
500 M 6 3/8% 7/1/2012 534,375 262
250 M 6 5/8% 11/15/2014 274,688 135
500 M Clyde-Green Springs, Ohio Exempted Village School District
7% 12/1/2013 565,625 277
450 M Dublin, Ohio 6.4% 12/1/2014 501,187 246
525 M East Clinton, Ohio Local School District 6 7/8% 12/1/2009 592,594 290
700 M Garfield Heights, Ohio 6.3% 12/1/2014 755,125 370
500 M Lakeview, Ohio Local School District 6.9% 12/1/2014 566,875 278
500 M Lakewood, Ohio City School District 6.95% 12/1/2015 565,000 277
215 M Logan Hocking, Ohio Local School District Series "A" 7.1% 12/1/2001* 242,144 119
270 M Muskingum County, Ohio 7.2% 12/1/2010 297,675 146
500 M North Olmsted, Ohio 5% 12/1/2016 468,125 229
500 M North Royalton, Ohio City School District 6% 12/1/2014 531,250 260
250 M Olmsted Falls, Ohio Local School District 6.85% 12/15/2011 281,875 138
700 M Parma, Ohio 5 3/4% 12/1/2015 720,125 353
350 M Portage County, Ohio 6.2% 12/1/2014 376,250 184
285 M Shaker Heights, Ohio City School District 7.1% 12/15/2010 336,300 165
250 M Springfield, Ohio Local School District 7 1/8% 12/1/2012 275,000 135
Summit County, Ohio:
115 M 6.9% 8/1/2012 125,063 61
550 M 6.4% 12/1/2014 596,062 292
250 M Toledo, Ohio 6 1/2% 12/1/2011 270,313 132
500 M Tuscarawas Valley, Ohio Local School District 6.6% 12/1/2015 554,375 272
250 M Valley View, Ohio 7% 12/1/2011 272,188 133
250 M Wayne, Ohio Local School District 6.45% 12/1/2011 276,562 136
- ----------------------------------------------------------------------------------------------------------------
15,921,851 7,804
- ----------------------------------------------------------------------------------------------------------------
Hospital--9.3%
Franklin County, Ohio Hospital Revenue:
255 M Holy Cross Health System 7 5/8% 6/1/2009 277,313 136
250 M Riverside United Hospital 7 1/4% 5/15/2020 269,062 132
325 M Lucas County, Ohio Hosp. Impt. Rev. (St. Vincent Med. Ctr.)
6 3/4% 8/15/2000* 351,406 172
Montgomery County, Ohio:
100 M Dayton Osteopathic Hospital 7.4% 12/1/2008 101,875 50
300 M Sisters of Charity Health Care 6 1/4% 5/15/2008 324,375 159
125 M Parma, Ohio Hosp. Impt. (Parma Cmnty. General Hosp. Assoc.)
7.2% 11/15/2008 133,438 66
400 M Trumbull County, Ohio Hospital Revenue 6.9% 11/15/2012 435,000 213
- ----------------------------------------------------------------------------------------------------------------
1,892,469 928
- ----------------------------------------------------------------------------------------------------------------
Utilities--9.8%
600 M Alliance, Ohio Sewer System Revenue 6% 10/15/2010 639,000 313
340 M Cleveland, Ohio Waterworks Revenue 6 1/2% 1/1/2002* 375,700 184
280 M Hamilton, Ohio Wastewater Revenue 5.9% 10/15/2011 292,600 143
165 M Ohio State Air Quality Dev. Auth. Rev. (Ohio Power Co.) 7.4% 8/1/2009 175,106 86
250 M Ohio State Water Dev. Auth. Rev. Pure Water Series 7% 12/1/2009 289,375 142
200 M Toledo, Ohio Water Revenue 6% 11/15/2007 217,500 107
- ----------------------------------------------------------------------------------------------------------------
1,989,281 975
- ----------------------------------------------------------------------------------------------------------------
Other Revenue--1.3%
250 M Ohio State Building Auth. (Juvenile Correction Projects)
6.6% 10/1/2014 273,437 134
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $18,610,443) 20,077,038 9,841
- ----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.5%
100 M Ohio State Air Quality Dev. Auth. Rev. (Cincinnati Gas & Electric)
Adjustable Rate Note 4.70% (cost $100,000)** 100,000 49
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $18,710,443) 98.9% 20,177,038 9,890
Other Assets, Less Liabilities 1.1 224,938 110
- ----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $20,401,976 $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 December 31, 1996.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
December 31, 1996
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Certificates of Participation--4.5%
$250 M Oregon State Dept. of Administrative Services 5 1/2% 5/1/2011 $ 250,625 $ 239
100 M Oregon State Dept. of General Services 6% 9/1/2010 104,000 99
100 M Washington County, Oregon Educational Service District 7% 6/1/2005* 115,375 110
- ----------------------------------------------------------------------------------------------------------------
470,000 448
- ----------------------------------------------------------------------------------------------------------------
Education--6.9%
200 M Chemeketa, Oregon Community College District 6.4% 7/1/2009 221,500 211
300 M Oregon Health Sciences University Revenue 5 1/4% 7/1/2015 287,625 274
200 M Oregon State Hlth. & Hsg. Educl. & Cult. Facs. (Lewis & Clark College)
6% 10/1/2013 209,250 200
- ----------------------------------------------------------------------------------------------------------------
718,375 685
- ----------------------------------------------------------------------------------------------------------------
General Obligation--40.4%
300 M Chemeketa, Oregon Community College District 5.8% 6/1/2012 308,625 295
200 M Clackamas County, Oregon School District #115, 5.8% 6/1/2008 211,000 201
250 M Jackson County, Oregon School District #005 (Ashland) 5.7% 6/1/2007 264,375 252
200 M Josephine County, Oregon School District (Three Rivers) 5.65% 12/1/2008 207,500 198
245 M La Grande, Oregon 5 5/8% 6/1/2011 250,819 239
200 M Lane County, Oregon School District #019 (Springfield) 6 1/4% 10/15/2011 215,250 206
115 M Lane County, Oregon School District #052 (Bethel) 7% 12/1/2006 133,831 128
200 M Lincoln County, Oregon School District 5 1/4% 6/15/2012 198,000 189
180 M Linn County, Oregon School District #095 (Scio) 5 3/4% 7/15/2011 186,750 178
100 M Marion & Linn Counties, Oregon Elem. School Dist. #077J (Stayton)
6.1% 7/1/2009 107,250 102
200 M Polk Marion & Benton Counties, Oregon School District #13,
5 1/2% 12/1/2008 207,500 198
Puerto Rico Commonwealth:
540 M 6 1/4% 7/1/2012 595,350 568
250 M 6 1/4% 7/1/2013 276,875 264
250 M Tillamook County, Oregon 5.6% 1/15/2012 253,125 241
200 M Umatilla County, Oregon School District #16 (Pendleton) 6% 7/1/2014 209,750 200
170 M Washington County, Oregon School District #003 (Hillsboro)
6% 11/1/2008 181,900 173
200 M Washington County, Oregon School District #88 (Sherwood)
6.1% 6/1/2012 212,750 203
200 M Yamhill County, Oregon School District #029, 6.1% 6/1/2011 212,750 203
- ----------------------------------------------------------------------------------------------------------------
4,233,400 4,038
- ----------------------------------------------------------------------------------------------------------------
Hospital--.3%
25 M Clackamas County, Oregon Health Facs. Auth. (Adventist Health)
6.35% 3/1/2009 26,750 26
- ----------------------------------------------------------------------------------------------------------------
Oregon State Housing & Community Svcs. Dept. Mtge. Rev. Single
Family Mortgage Program:
250 M 6% 7/1/2012 260,000 248
400 M 5.95% 7/1/2013 405,000 386
- ----------------------------------------------------------------------------------------------------------------
665,000 634
- ----------------------------------------------------------------------------------------------------------------
Transportation--8.5%
Oregon State Department of Transportation Revenue:
100 M 7% 6/1/2004 112,750 108
100 M 6.2% 6/1/2008 108,125 103
200 M 6 1/4% 6/1/2009 217,000 207
Puerto Rico Highway & Transportation Authority Highway Revenue:
200 M 5 1/2% 7/1/2013 204,250 195
225 M 6 1/4% 7/1/2014 249,187 238
- ----------------------------------------------------------------------------------------------------------------
891,312 851
- ----------------------------------------------------------------------------------------------------------------
Utilities--26.8%
Emerald, Oregon Peoples Utility District:
100 M 6.4% 11/1/2001* 108,625 103
325 M 7.35% 11/1/2011 394,469 376
250 M Eugene, Oregon Electric Utility Revenue 5 3/8% 8/1/2013 246,250 235
200 M Klamath Falls, Oregon Water Revenue 6.1% 6/1/2014 211,500 202
250 M Marion County, Oregon Solid Waste & Elec. Revenue 5 3/8% 10/1/2008 254,688 243
250 M Salem, Oregon Water & Sewer Revenue 5 1/2% 6/1/2012 251,563 240
250 M Portland, Oregon Gas Tax Revenue 5 3/4% 6/1/2012 255,312 244
Portland, Oregon Sewer System Revenue:
400 M 6.2% 6/1/2012 426,000 406
200 M 6 1/4% 6/1/2015 210,500 201
200 M South Fork Water Board, Oregon Water Revenue 6% 2/1/2014 209,750 200
240 M Washington County, Oregon Unified Sewer Agency 5 1/2% 10/1/2014 243,000 232
- ----------------------------------------------------------------------------------------------------------------
2,811,657 2,682
- ----------------------------------------------------------------------------------------------------------------
Other Revenue--4.4%
100 M Puerto Rico Municipal Finance Agency 6% 7/1/2014 104,125 99
325 M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 358,719 342
- ----------------------------------------------------------------------------------------------------------------
462,844 441
- ----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $9,839,082) 98.1% 10,279,338 9,805
Other Assets, Less Liabilities 1.9 204,839 195
- ----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,484,177 $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
December 31, 1996
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $7,699,442 $14,043,126 $3,461,947 $34,128,876
========== =========== ========== ===========
At value (Note 1A) $8,430,450 $15,433,378 $3,684,226 $36,930,250
Cash 58,939 44,826 115,140 122,368
Receivables:
Investment securities sold 5,000 -- -- 222,405
Interest 189,990 276,308 35,361 454,119
Trust shares sold 13,601 2,309 5,210 33,217
Other assets 10 628 -- 608
---------- ----------- ---------- -----------
Total Assets 8,697,990 15,757,449 3,839,937 37,762,967
---------- ----------- ---------- -----------
Liabilities
Payables:
Investment securities purchased -- -- 123,676 --
Cash portion of dividend payable
January 20, 1997 17,697 62,348 6,255 75,039
Trust shares redeemed 5,000 8,232 2,053 5,374
Accrued advisory fees 2,169 6,595 613 15,686
Accrued expenses 1,639 8,614 770 14,174
---------- ----------- ---------- -----------
Total Liabilities 26,505 85,789 133,367 110,273
---------- ----------- ---------- -----------
Net Assets $8,671,485 $15,671,660 $3,706,570 $37,652,694
========== =========== ========== ===========
Net Assets Consist of:
Capital paid in $8,043,553 $14,277,294 $3,536,309 $34,851,320
Undistributed net investment income 869 4,114 -- --
Accumulated net realized loss
on investments (103,945) -- (52,018) --
Net unrealized appreciation in value
of investments 731,008 1,390,252 222,279 2,801,374
---------- ----------- ---------- -----------
Total $8,671,485 $15,671,660 $3,706,570 $37,652,694
========== =========== ========== ===========
Trust shares outstanding (Note 2):
Class A 647,255 1,322,655 277,579 2,937,511
Class B 22,309 9,673 19,286 57,647
Net asset value and redemption price
per share--Class A $12.95 $11.76 $12.49 $12.57
====== ====== ====== ======
Maximum offering price
per share--Class A* $13.81 $12.54 $13.32 $13.41
====== ====== ====== ======
Net asset value and offering price
per share--Class B $12.95 $11.76 $12.48 $12.56
====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities (continued)
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ----------------------------------------------------------------------------------------------------------------
MINNESOTA MISSOURI OHIO OREGON
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $7,892,645 $1,825,744 $18,710,443 $ 9,839,082
========== ========== =========== ===========
At value (Note 1A) $8,280,225 $1,943,750 $20,177,038 $10,279,338
Cash 25,528 34,189 78,848 42,856
Receivables:
Investment securities sold 45,860 -- -- --
Interest 185,559 36,755 154,293 155,627
Trust shares sold 78,452 -- 60,396 21,292
Other assets 528 -- 572 --
---------- ---------- ----------- -----------
Total Assets 8,616,152 2,014,694 20,471,147 10,499,113
---------- ---------- ----------- -----------
Liabilities
Payables:
Investment securities purchased 255,092 50,256 -- --
Cash portion of dividend payable
January 20, 1997 10,436 2,612 48,890 8,236
Trust shares redeemed -- -- -- 2,012
Accrued advisory fees 2,067 326 8,444 2,587
Accrued expenses 3,596 350 11,837 2,101
---------- ---------- ----------- -----------
Total Liabilities 271,191 53,544 69,171 14,936
---------- ---------- ----------- -----------
Net Assets $8,344,961 $1,961,150 $20,401,976 $10,484,177
========== ========== =========== ===========
Net Assets Consist of:
Capital paid in $8,098,787 $1,915,637 $18,935,381 $10,266,956
Undistributed net investment income 415 245 -- 2,803
Accumulated net realized loss
on investments (141,821) (72,738) -- (225,838)
Net unrealized appreciation in value
of investments 387,580 118,006 1,466,595 440,256
---------- ---------- ----------- -----------
Total $8,344,961 $1,961,150 $20,401,976 $10,484,177
========== ========== =========== ===========
Trust shares outstanding (Note 2):
Class A 735,546 156,715 1,629,347 826,322
Class B 3,600 2,914 22,568 47,344
Net asset value and redemption price
per share--Class A $11.29 $12.29 $12.35 $12.00
====== ====== ====== ======
Maximum offering price
per share--Class A* $12.04 $13.11 $13.17 $12.80
====== ====== ====== ======
Net asset value and offering price
per share--Class B $11.29 $12.29 $12.35 $11.99
====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Year Ended December 31, 1996
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $496,182 $915,701 $196,624 $2,165,276
-------- -------- -------- ----------
Expenses (Notes 1 and 5):
Advisory fees 65,609 119,266 26,603 275,530
Distribution plan expenses--Class A 16,977 31,639 6,792 72,406
Distribution plan expenses--Class B 2,591 822 1,505 5,341
Shareholder servicing costs 9,952 10,907 6,804 27,075
Custodian fees 2,292 3,788 1,083 5,573
Professional fees 3,485 11,625 3,777 11,618
Reports to shareholders 1,898 3,117 1,289 4,911
Bond insurance premiums 338 1,401 -- 4,326
Other expenses 6,390 7,346 3,096 13,333
-------- -------- -------- ----------
Total expenses 109,532 189,911 50,949 420,113
Less: Expenses waived or assumed (61,430) (55,719) (36,420) (91,843)
Custodian fees paid indirectly (2,292) (2,339) (983) (5,573)
-------- -------- -------- ----------
Expenses--net 45,810 131,853 13,546 322,697
-------- -------- -------- ----------
Net investment income 450,372 783,848 183,078 1,842,579
-------- -------- -------- ----------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments (12,135) 96,717 3,087 95,489
Net unrealized appreciation (depreciation)
of investments (131,438) (276,991) (35,688) (712,973)
-------- -------- -------- ----------
Net loss on investments (143,573) (180,274) (32,601) (617,484)
-------- -------- -------- ----------
Net Increase in Net Assets Resulting
from Operations $306,799 $603,574 $150,477 $1,225,095
======== ======== ======== ==========
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
MINNESOTA MISSOURI OHIO OREGON
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $480,579 $104,550 $1,126,488 $472,680
-------- -------- ---------- --------
Expenses (Notes 1 and 5):
Advisory fees 62,071 14,034 145,916 65,610
Distribution plan expenses--Class A 16,542 3,721 38,356 16,546
Distribution plan expenses--Class B 49 105 2,771 4,744
Shareholder servicing costs 7,761 3,111 19,073 13,705
Custodian fees 1,971 573 3,719 2,081
Professional fees 10,930 7,227 11,368 4,320
Reports to shareholders 1,657 681 5,166 2,308
Bond insurance premiums 2,464 88 1,777 879
Other expenses 4,950 2,179 5,429 4,251
-------- -------- ---------- --------
Total expenses 108,395 31,719 233,575 114,444
Less: Expenses waived or assumed (61,887) (24,523) (64,299) (70,438)
Custodian fees paid indirectly (1,971) (573) (2,834) (2,081)
-------- -------- ---------- --------
Expenses--net 44,537 6,623 166,442 41,925
-------- -------- ---------- --------
Net investment income 436,042 97,927 960,046 430,755
-------- -------- ---------- --------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain (loss) on investments 2,744 2,003 96,918 (55,047)
Net unrealized appreciation (depreciation)
of investments (159,203) (29,349) (222,524) 1,617
-------- -------- ---------- --------
Net loss on investments (156,459) (27,346) (125,606) (53,430)
-------- -------- ---------- --------
Net Increase in Net Assets Resulting
from Operations $279,583 $ 70,581 $ 834,440 $377,325
======== ======== ========== ========
</TABLE>
See notes to financial statements
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
ARIZONA CALIFORNIA
- ----------------------------------------------------------------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 450,372 $ 483,709 $ 783,848 $ 847,420
Net realized gain (loss) on investments (12,135) 136,808 96,717 194,904
Net unrealized appreciation (depreciation)
of investments (131,438) 932,271 (276,991) 1,706,296
---------- ---------- ----------- -----------
Net increase in net assets
resulting from operations 306,799 1,552,788 603,574 2,748,620
---------- ---------- ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (439,590) (485,518) (779,034) (858,894)
Net investment income--Class B (11,457) (4,775) (3,389) (1,957)
Net realized gains--Class A -- -- (96,015) (185,698)
Net realized gains--Class B -- -- (702) (657)
---------- ---------- ----------- -----------
Total distributions (451,047) (490,293) (879,140) (1,047,206)
---------- ---------- ----------- -----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 1,158,985 1,445,438 2,439,707 2,525,229
Value of distributions reinvested 246,952 250,290 503,349 622,341
Cost of shares redeemed (1,714,270) (2,719,374) (3,656,550) (3,633,802)
---------- ---------- ----------- -----------
(308,333) (1,023,646) (713,494) (486,232)
---------- ---------- ----------- -----------
Class B:
Proceeds from shares sold 135,134 161,953 57,928 52,477
Value of distributions reinvested 8,278 3,412 2,585 2,614
Cost of shares redeemed (26,879) -- (5,492) --
---------- ---------- ----------- -----------
116,533 165,365 55,021 55,091
---------- ---------- ----------- -----------
Net increase (decrease) from
trust share transactions (191,800) (858,281) (658,473) (431,141)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets (336,048) 204,214 (934,039) 1,270,273
Net Assets
Beginning of year 9,007,533 8,803,319 16,605,699 15,335,426
---------- ---------- ----------- -----------
End of year+ $8,671,485 $9,007,533 $15,671,660 $16,605,699
========== ========== =========== ===========
+Includes undistributed net investment
income (deficit) of $ 869 $ 1,544 $ 4,114 $ 2,689
========== ========== =========== ===========
(a)Trust Shares Issued and Redeemed
Class A:
Sold 90,049 114,860 209,902 220,361
Issued for distributions reinvested 19,213 19,770 43,030 53,402
Redeemed (133,848) (214,683) (313,942) (314,099)
---------- ---------- ----------- -----------
Net increase (decrease) in Class A trust
shares outstanding (24,586) (80,053) (61,010) (40,336)
========== ========== =========== ===========
Class B:
Sold 10,606 12,909 5,013 4,689
Issued for distributions reinvested 645 267 221 223
Redeemed (2,118) -- (473) --
---------- ---------- ----------- -----------
Net increase in Class B trust shares outstanding 9,133 13,176 4,761 4,912
========== ========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
COLORADO MICHIGAN
- ----------------------------------------------------------------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 183,078 $ 187,273 $ 1,842,579 $ 1,749,625
Net realized gain (loss) on investments 3,087 21,845 95,489 154,848
Net unrealized appreciation (depreciation)
of investments (35,688) 355,512 (712,973) 3,505,678
---------- ---------- ----------- -----------
Net increase in net assets
resulting from operations 150,477 564,630 1,225,095 5,410,151
---------- ---------- ----------- -----------
Distributions to Shareholders from:
Net investment income--Class A (176,901) (184,373) (1,831,482) (1,741,474)
Net investment income--Class B (6,658) (2,882) (22,904) (9,443)
Net realized gains--Class A -- -- (31,749) --
Net realized gains--Class B -- -- (624) --
---------- ---------- ----------- -----------
Total distributions (183,559) (187,255) (1,886,759) (1,750,917)
---------- ---------- ----------- -----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 619,469 568,153 3,302,722 4,302,109
Value of distributions reinvested 110,182 132,179 1,088,931 1,056,208
Cost of shares redeemed (756,002) (656,430) (3,644,128) (2,525,215)
---------- ---------- ----------- -----------
(26,351) 43,902 747,525 2,833,102
---------- ---------- ----------- -----------
Class B:
Proceeds from shares sold 105,991 121,871 393,847 363,013
Value of distributions reinvested 6,657 2,882 15,215 7,158
Cost of shares redeemed (2,266) -- (67,111) --
---------- ---------- ----------- -----------
110,382 124,753 341,951 370,171
---------- ---------- ----------- -----------
Net increase (decrease) from
trust share transactions 84,031 168,655 1,089,476 3,203,273
---------- ---------- ----------- -----------
Net increase (decrease) in net assets 50,949 546,030 427,812 6,862,507
Net Assets
Beginning of year 3,655,621 3,109,591 37,224,882 30,362,375
---------- ---------- ----------- -----------
End of year+ $3,706,570 $3,655,621 $37,652,694 $37,224,882
========== ========== =========== ===========
+Includes undistributed net investment
income (deficit) of $ -- $ 453 $ -- $ 10,309
========== ========== =========== ===========
(a)Trust Shares Issued and Redeemed
Class A:
Sold 49,858 47,198 265,393 348,278
Issued for distributions reinvested 8,905 10,906 87,215 85,474
Redeemed (61,436) (54,519) (292,034) (204,470)
---------- ---------- ----------- -----------
Net increase (decrease) in Class A trust
shares outstanding (2,673) 3,585 60,574 229,282
========== ========== =========== ===========
Class B:
Sold 8,538 10,158 31,544 29,747
Issued for distributions reinvested 538 234 1,219 573
Redeemed -- (5,436) -- --
---------- ---------- ----------- -----------
Net increase in Class B trust shares outstanding 8,894 10,392 27,327 30,320
========== ========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
MINNESOTA MISSOURI
- ----------------------------------------------------------------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 436,042 $ 413,215 $ 97,927 $ 96,652
Net realized gain (loss) on investments 2,744 (59,330) 2,003 2,044
Net unrealized appreciation (depreciation)
of investments (159,203) 782,041 (29,349) 196,908
---------- ---------- ---------- ----------
Net increase in net assets
resulting from operations 279,583 1,135,926 70,581 295,604
---------- ---------- ---------- ----------
Distributions to Shareholders from:
Net investment income--Class A (435,743) (414,790) (97,402) (97,491)
Net investment income--Class B (251) (5) (472) (6)
Net realized gains--Class A -- -- -- --
Net realized gains--Class B -- -- -- --
---------- ---------- ---------- ----------
Total distributions (435,994) (414,795) (97,874) (97,497)
---------- ---------- ---------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 869,472 449,758 273,844 187,513
Value of distributions reinvested 324,037 296,914 65,392 64,248
Cost of shares redeemed (894,843) (680,483) (275,989) (171,398)
---------- ---------- ---------- ----------
298,666 66,189 63,247 80,363
---------- ---------- ---------- ----------
Class B:
Proceeds from shares sold 40,309 105 35,600 112
Value of distributions reinvested 251 5 471 5
Cost of shares redeemed -- -- (620) --
---------- ---------- ---------- ----------
40,560 110 35,451 117
---------- ---------- ---------- ----------
Net increase (decrease) from
trust share transactions 339,226 66,299 98,698 80,480
---------- ---------- ---------- ----------
Net increase (decrease) in net assets 182,815 787,430 71,405 278,587
Net Assets
Beginning of year 8,162,146 7,374,716 1,889,745 1,611,158
---------- ---------- ---------- ----------
End of year+ $8,344,961 $8,162,146 $1,961,150 $1,889,745
========== ========== ========== ==========
+Includes undistributed net investment
income (deficit) of $ 415 $ 367 $ 245 $ 192
========== ========== ========== ==========
(a)Trust Shares Issued and Redeemed
Class A:
Sold 76,769 40,306 22,505 15,600
Issued for distributions reinvested 28,815 26,574 5,366 5,350
Redeemed (79,558) (61,161) (22,674) (14,294)
---------- ---------- ---------- ----------
Net increase (decrease) in Class A trust
shares outstanding 26,026 5,719 5,197 6,656
========== ========== ========== ==========
Class B:
Sold 3,567 10 2,916 10
Issued for distributions reinvested 23 -- 39 --
Redeemed -- -- (51) --
---------- ---------- ---------- ----------
Net increase in Class B trust shares outstanding 3,590 10 2,904 10
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
- ----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
OHIO OREGON
- ----------------------------------------------------------------------------------------------------------------
Year Ended December 31 1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 960,046 $ 986,446 $ 430,755 $ 312,589
Net realized gain (loss) on investments 96,918 309,448 (55,047) 43,911
Net unrealized appreciation (depreciation)
of investments (222,524) 1,786,218 1,617 588,160
----------- ----------- ----------- ----------
Net increase in net assets
resulting from operations 834,440 3,082,112 377,325 944,660
----------- ----------- ----------- ----------
Distributions to Shareholders from:
Net investment income--Class A (954,547) (987,315) (409,680) (306,767)
Net investment income--Class B (11,625) (6,065) (19,752) (5,293)
Net realized gains--Class A (95,594) (140,604) -- --
Net realized gains--Class B (1,324) (2,044) -- --
----------- ----------- ----------- ----------
Total distributions (1,063,090) (1,136,028) (429,432) (312,060)
----------- ----------- ----------- ----------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 2,972,212 1,421,785 3,429,377 2,009,314
Value of distributions reinvested 719,301 783,800 324,683 238,909
Cost of shares redeemed (2,741,079) (2,914,284) (628,634) (725,112)
----------- ----------- ----------- ----------
950,434 (708,699) 3,125,426 1,523,111
----------- ----------- ----------- ----------
Class B:
Proceeds from shares sold 38,639 311,376 214,120 325,063
Value of distributions reinvested 10,473 7,386 19,563 5,268
Cost of shares redeemed (49,038) (44,835) (5,085) --
----------- ----------- ----------- ----------
74 273,927 228,598 330,331
----------- ----------- ----------- ----------
Net increase (decrease) from
trust share transactions 950,508 (434,772) 3,354,024 1,853,442
----------- ----------- ----------- ----------
Net increase (decrease) in net assets 721,858 1,511,312 3,301,917 2,486,042
Net Assets
Beginning of year 19,680,118 18,168,806 7,182,260 4,696,218
----------- ----------- ----------- ----------
End of year+ $20,401,976 $19,680,118 $10,484,177 $7,182,260
=========== =========== =========== ==========
+Includes undistributed net investment
income (deficit) of $ -- $ (293) $ 2,803 $ 1,480
=========== =========== =========== ==========
(a)Trust Shares Issued and Redeemed
Class A:
Sold 243,984 117,955 289,775 172,409
Issued for distributions reinvested 58,632 64,351 27,320 20,390
Redeemed (223,273) (239,475) (53,306) (62,339)
----------- ----------- ----------- ----------
Net increase (decrease) in Class A trust
shares outstanding 79,343 (57,169) 263,789 130,460
=========== =========== =========== ==========
Class B:
Sold 3,178 25,538 17,950 27,733
Issued for distributions reinvested 854 600 1,648 442
Redeemed (4,001) (3,601) (429) --
----------- ----------- ----------- ----------
Net increase in Class B trust shares outstanding 31 22,537 19,169 28,175
=========== =========== =========== ==========
See notes to financial statements
</TABLE>
Notes to Financial Statements
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon 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 and is not an item of tax preference for purposes of the
federal alternative minimum tax.
A. Security Valuation -- The municipal securities in which the
Funds invest are traded primarily in the over-the-counter markets.
Such securities are valued daily at their fair value on the basis
of valuations provided by a pricing service approved by the
Trustees. The pricing service considers security type, rating,
market condition and yield data, as well as market quotations and
prices provided by market makers. "When Issued Securities" are
reflected in the assets of the Funds as of the date the securities
are purchased.
The municipal bonds held by the Funds are insured as to payment of
principal and interest by the issuer or under insurance policies
written by independent insurance companies. It is the intention of
the Funds to retain any insured securities which are in default or
in significant risk of default and to place a value on the
defaulted securities equal to the value of similar securities
which are not in default. Each Fund may invest up to 35% of its
assets in portfolio securities not covered by the insurance
feature.
B. Federal Income Taxes -- It is the policy of each Fund to
continue to qualify as a regulated investment company, which can
distribute tax exempt dividends, by complying with the provisions
available to certain investment companies, as defined in the
Internal Revenue Code. The Funds make distributions of income and
net realized capital gains sufficient to relieve them from all, or
substantially all, federal income taxes. At December 31, 1996,
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 $18,646 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 12b-1 fees as
described in Note 5. Class B shares are sold without an initial
sales charge, but are generally subject to a contingent deferred
sales charge which declines in steps from 4% to 0% over a six-year
period. Class B shares automatically convert into Class A shares
after eight years. Realized and unrealized gains or losses,
investment income and expenses (other than 12b-1 fees and certain
other class expenses) are allocated daily to each class of shares
based upon the relative proportion of net assets of each class.
Multi-State Insured has established an unlimited number of Class A
and Class B shares of beneficial interest.
3. Concentration of Credit Risk -- The Funds invest in debt
instruments of municipal issuers whose ability to meet their
obligations may be affected by economic developments in a State,
industry or region.
4. Security Transactions -- For the year ended December 31, 1996,
purchases and sales of municipal securities were as follows:
Cost Proceeds
of of
Purchases Sales
--------- --------
MULTI-STATE INSURED
- -------------------
ARIZONA Fund $ 2,317,067 $ 2,578,751
CALIFORNIA Fund 4,629,420 5,324,271
COLORADO Fund 795,717 695,978
MICHIGAN Fund 16,144,156 15,506,784
MINNESOTA Fund 4,190,846 3,926,437
MISSOURI Fund 424,922 281,964
OHIO Fund 7,102,367 6,399,242
OREGON Fund 5,108,071 1,792,653
At December 31, 1996, aggregate cost and net unrealized
appreciation of securities for federal income tax purposes were as
follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Appreciation
--------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
MULTI-STATE INSURED
- ------------------------
ARIZONA Fund $ 7,699,442 $ 731,008 -- $ 731,088
CALIFORNIA Fund 14,043,126 1,390,252 -- 1,390,252
COLORADO Fund 3,461,947 222,279 -- 222,279
MICHIGAN Fund 34,128,876 2,802,454 1,080 2,801,374
MINNESOTA Fund 7,892,645 387,580 -- 387,580
MISSOURI Fund 1,825,744 118,066 -- 118,006
OHIO Fund 18,710,443 1,466,645 50 1,466,595
OREGON Fund 9,841,289 438,049 -- 438,049
</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 year ended
December 31, 1996, advisory fees amounted to $774,639, of which
$340,231 was waived; other expenses in the amount of $126,328 were
assumed by FIMCO.
For the year ended December 31, 1996, FIC, as underwriter,
received $447,726 in commissions on sales of shares after allowing
$187,177 to other dealers. Shareholder servicing costs consisted
of $98,388 in transfer agent fees and out of pocket expenses
accrued to ADM.
Pursuant to a Distribution Plan adopted under Rule 12b-1 of the
1940 Act, each Fund is authorized to pay FIC a fee up to .30% of
the average net assets of the Class A shares and up to 1% of the
average net assets of the Class B shares, on an annualized basis
each fiscal year, payable monthly. The fee consists of a
distribution fee and a service fee. The service fee is paid for
the ongoing servicing of clients who are shareholders of that
Fund.
This page left blank intentionally.
<TABLE>
<CAPTION>
Financial Highlights
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.
- ----------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
- ----------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------
Net Asset Net
Value Realized and
--------- Net Unrealized Total from
Beginning Investment Gain (Loss) on Investment
of Period Income Investments Operations
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ARIZONA FUND
Class A
11/1/90* to 12/31/90 $11.17 $.009 $ (.059) $(.050)
1991 11.12 .605 .420 1.025
1992 11.52 .683 .545 1.228
1993 12.08 .681 1.078 1.759
1994 13.12 .663 (1.397) (.734)
1995 11.71 .665 1.448 2.113
1996 13.15 .664 (.199) .465
Class B
1/12/95* to 12/31/95 11.82 .544 1.340 1.884
1996 13.15 .565 (.201) .364
CALIFORNIA FUND
Class A
2/23/87* to 12/31/87 $11.13 $.497 $(1.247) $(.750)
1988 9.92 .747 .493 1.240
1989 10.38 .736 .294 1.030
1990 10.67 .747 (.047) .700
1991 10.62 .706 .452 1.158
1992 11.07 .653 .406 1.059
1993 11.44 .637 .845 1.482
1994 12.12 .598 (1.328) (.730)
1995 10.77 .580 1.335 1.915
1996 11.96 .576 (.128) .448
Class B
1/12/95* to 12/31/95 10.87 .472 1.227 1.699
1996 11.95 .486 (.123) .363
COLORADO FUND
Class A
5/4/92* to 12/31/92 $11.17 $.308 $ .442 $ .750
1993 11.63 .625 .984 1.609
1994 12.60 .631 (1.351) (.720)
1995 11.24 .668 1.340 2.008
1996 12.58 .642 (.089) .553
Class B
1/12/95* to 12/31/95 11.35 .564 1.239 1.803
1996 12.58 .547 (.100) .447
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
- ----------------------------------------------------------------------------------------------------------------
Less Distributions from
------------------------------
Net Asset
Value
Net Net ---------
Investment Realized Total End of
Income Gains Distributions Period
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ARIZONA FUND
Class A
11/1/90* to 12/31/90 $ -- $ -- $ -- $11.12
1991 .605 .020 .625 11.52
1992 .668 -- .668 12.08
1993 .672 .047 .719 13.12
1994 .676 -- .676 11.71
1995 .673 -- .673 13.15
1996 .665 -- .665 12.95
Class B
1/12/95* to 12/31/95 .554 -- .554 13.15
1996 .564 -- .564 12.95
CALIFORNIA FUND
Class A
2/23/87* to 12/31/87 $.460 $ -- $.460 $ 9.92
1988 .780 -- .780 10.38
1989 .740 -- .740 10.67
1990 .750 -- .750 10.62
1991 .708 -- .708 11.07
1992 .644 .045 .689 11.44
1993 .612 .190 .802 12.12
1994 .620 -- .620 10.77
1995 .589 .136 .725 11.96
1996 .575 .073 .648 11.76
Class B
1/12/95* to 12/31/95 .483 .136 .619 11.95
1996 .480 .073 .553 11.76
COLORADO FUND
Class A
5/4/92* to 12/31/92 $.290 $ -- $.290 $11.63
1993 .633 .006 .639 12.60
1994 .640 -- .640 11.24
1995 .668 -- .668 12.58
1996 .643 -- .643 12.49
Class B
1/12/95* to 12/31/95 .573 -- .573 12.58
1996 .547 -- .547 12.48
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ARIZONA FUND
Class A
11/1/90* to 12/31/90 (2.68)+ $ 602 -- .59+
1991 9.49 2,380 .05 5.75
1992 10.98 4,818 .20 5.84
1993 14.87 8,247 .20 5.40
1994 (5.63) 8,803 .30 5.52
1995 18.41 8,834 .50 5.27
1996 3.69 8,383 .53 5.17
Class B
1/12/95* to 12/31/95 16.20 173 1.30+ 4.62+
1996 2.89 289 1.33 4.37
CALIFORNIA FUND
Class A
2/23/87* to 12/31/87 7.64+ $2,033 .03+ 5.02+
1988 12.94 2,707 .05 7.42
1989 10.21 6,311 .09 7.02
1990 6.81 7,873 .08 7.11
1991 11.26 12,761 .30 6.49
1992 9.84 15,195 .72 5.83
1993 13.21 17,625 .89 5.33
1994 (6.10) 15,335 .97 5.27
1995 18.16 16,547 .90 5.02
1996 3.91 15,558 .84 4.93
Class B
1/12/95* to 12/31/95 15.91 59 1.74+ 4.31+
1996 3.16 114 1.63 4.14
COLORADO FUND
Class A
5/4/92* to 12/31/92 10.10+ $1,122 -- 4.95+
1993 14.14 2,887 .12 5.13
1994 (5.77) 3,110 .20 5.41
1995 18.25 3,525 .20 5.54
1996 4.57 3,466 .38 5.20
Class B
1/12/95* to 12/31/95 16.18 131 1.00+ 4.90+
1996 3.68 241 1.19 4.39
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------------------------------------------------------------------------------------
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
11/1/90* to 12/31/90 1.47+ (.88)+ 0
1991 1.51 4.29 45
1992 1.32 4.72 58
1993 1.20 4.41 45
1994 1.24 4.59 63
1995 1.15 4.62 36
1996 1.23 4.47 27
Class B
1/12/95* to 12/31/95 1.95+ 3.95+ 36
1996 2.03 3.67 27
CALIFORNIA FUND
Class A
2/23/87* to 12/31/87 .76+ 4.30+ 32
1988 1.19 6.29 9
1989 1.19 5.91 16
1990 1.05 6.14 27
1991 1.02 5.77 34
1992 1.25 5.30 52
1993 1.14 5.08 66
1994 1.22 5.02 83
1995 1.15 4.77 53
1996 1.19 4.58 30
Class B
1/12/95* to 12/31/95 2.00+ 4.04+ 53
1996 1.98 3.79 30
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
Class B
1/12/95* to 12/31/95 2.12+ 3.75+ 45
1996 2.21 3.36 20
*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/or the transfer agent from the commencement of
operations through December 31, 1996 (Note 5).
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
- ----------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------
Net Asset Net
Value Realized and
--------- Net Unrealized Total from
Beginning Investment Gain (Loss) on Investment
of Period Income Investments Operations
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MICHIGAN FUND
Class A
1987 $11.13 $.566 $(1.106) $(.540)
1988 10.05 .773 .557 1.330
1989 10.59 .724 .406 1.130
1990 10.99 .743 (.023) .720
1991 10.98 .729 .476 1.205
1992 11.43 .681 .494 1.175
1993 11.93 .641 1.053 1.694
1994 12.89 .612 (1.423) (.811)
1995 11.47 .634 1.331 1.965
1996 12.80 .627 (.215) .412
Class B
1/12/95* to 12/31/95 11.57 .528 1.241 1.769
1996 12.80 .534 (.229) .305
MINNESOTA FUND
Class A
1987 $11.13 $.557 $(1.127) $(.570)
1988 10.01 .748 .332 1.080
1989 10.35 .719 .271 .990
1990 10.61 .722 (.037) .685
1991 10.57 .728 .399 1.127
1992 10.97 .676 .313 .989
1993 11.30 .625 .622 1.247
1994 11.77 .592 (1.282) (.690)
1995 10.48 .589 1.022 1.611
1996 11.50 .592 (.210) .382
Class B
1/12/95* to 12/31/95 10.55 .515 .950 1.465
1996 11.50 .493 (.205) .288
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
- ----------------------------------------------------------------------------------------------------------------
Less Distributions from
------------------------------
Net Asset
Value
Net Net ---------
Investment Realized Total End of
Income Gains Distributions Period
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MICHIGAN FUND
Class A
1987 $.540 $ -- $.540 $10.05
1988 .790 -- .790 10.59
1989 .730 -- .730 10.99
1990 .730 -- .730 10.98
1991 .735 .020 .755 11.43
1992 .675 -- .675 11.93
1993 .655 .079 .734 12.89
1994 .609 -- .609 11.47
1995 .635 -- .635 12.80
1996 .631 .011 .642 12.57
Class B
1/12/95* to 12/31/95 .539 -- .539 12.80
1996 .534 .011 .545 12.56
MINNESOTA FUND
Class A
1987 $.550 $ -- $.550 $10.01
1988 .740 -- .740 10.35
1989 .730 -- .730 10.61
1990 .725 -- .725 10.57
1991 .720 .007 .727 10.97
1992 .659 -- .659 11.30
1993 .640 .137 .777 11.77
1994 .600 -- .600 10.48
1995 .591 -- .591 11.50
1996 .592 -- .592 11.29
Class B
1/12/95* to 12/31/95 .515 -- .515 11.50
1996 .498 -- .498 11.29
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets++
--------------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MICHIGAN FUND
Class A
1987 6.03 $1,077 .07 6.52
1988 13.65 1,845 .12 7.52
1989 10.98 6,225 .13 6.76
1990 6.83 10,542 .10 6.90
1991 11.14 13,630 .31 6.56
1992 10.59 20,971 .73 5.86
1993 14.49 30,281 .89 5.11
1994 (6.36) 30,362 .93 5.11
1995 17.47 36,837 .89 5.14
1996 3.37 36,928 .88 5.03
Class B
1/12/95* to 12/31/95 15.55 388 1.76+ 4.41+
1996 2.49 724 1.69 4.22
MINNESOTA FUND
Class A
1987 5.04 $ 585 .15 6.06
1988 11.14 789 .15 7.38
1989 9.85 1,992 .16 6.94
1990 6.71 3,365 .15 6.92
1991 11.00 4,430 .17 6.83
1992 . 9.29 5,983 .51 6.10
1993 11.30 8,118 .65 5.40
1994 (5.93) 7,375 .65 5.40
1995 15.68 8,162 .65 5.29
1996 3.47 8,304 .56 5.27
Class B
1/12/95* to 12/31/95 14.13 .1 1.45+ 4.64+
1996 2.61 41 1.40 4.44
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------------------------------------------------------------------------------------
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
1987 1.18 5.41 7
1988 1.41 6.23 31
1989 1.14 5.75 1
1990 1.06 5.94 11
1991 1.05 5.82 22
1992 1.22 5.37 26
1993 1.14 4.86 25
1994 1.18 4.86 60
1995 1.14 4.89 45
1996 1.13 4.78 43
Class B
1/12/95* to 12/31/95 2.02+ 4.15+ 45
1996 1.94 3.97 43
MINNESOTA FUND
Class A
1987 1.49 4.72 15
1988 1.86 5.67 10
1989 1.42 5.68 16
1990 1.54 5.53 22
1991 1.21 5.80 17
1992 1.38 5.23 33
1993 1.24 4.80 41
1994 1.29 4.76 34
1995 1.31 4.63 53
1996 1.31 4.52 49
Class B
1/12/95* to 12/31/95 2.11+ 3.96+ 53
1996 2.14 3.69 49
*Date Class B shares were first offered
**Calculated without sales charges
+Annualized
++Net of expenses waived or assumed by the investment adviser and/or the transfer agent from the commencement of
operations through December 31, 1996 (Note 5).
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
- ----------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------
Net Asset Net
Value Realized and
--------- Net Unrealized Total from
Beginning Investment Gain (Loss) on Investment
of Period Income Investments Operations
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MISSOURI FUND
Class A
5/4/92* to 12/31/92 $11.17 $.272 $ .363 $ .635
1993 11.55 .620 .988 1.608
1994 12.50 .617 (1.384) (.767)
1995 11.12 .662 1.356 2.018
1996 12.47 .637 (.180) .457
Class B
1/12/95* to 12/31/95 11.22 .548 1.260 1.808
1996 12.48 .538 (.189) .349
OHIO FUND
Class A
1987 $11.13 $.576 $(1.166) $(.590)
1988 9.99 .792 .578 1.370
1989 10.56 .732 .408 1.140
1990 10.95 .752 (.012) .740
1991 10.93 .725 .493 1.218
1992 11.43 .676 .432 1.108
1993 11.87 .632 .894 1.526
1994 12.66 .613 (1.353) (.740)
1995 11.30 .615 1.306 1.921
1996 12.51 .605 (.097) .508
Class B
1/12/95* to 12/31/95 11.40 .503 1.212 1.715
1996 12.51 .507 (.095) .412
OREGON FUND
Class A
5/4/92* to 12/31/92 $11.17 $.260 $ .230 $ .490
1993 11.42 .661 .807 1.468
1994 12.29 .529 (1.339) (.810)
1995 10.87 .626 1.289 1.915
1996 12.16 .589 (.161) .428
Class B
1/12/95* to 12/31/95 10.97 .541 1.182 1.723
1996 12.15 .495 (.161) .334
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
- ----------------------------------------------------------------------------------------------------------------
Less Distributions from
------------------------------
Net Asset
Value
Net Net ---------
Investment Realized Total End of
Income Gains Distributions Period
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MISSOURI FUND
Class A
5/4/92* to 12/31/92 $.255 $ -- $.255 $11.55
1993 .635 .023 .658 12.50
1994 .613 -- .613 11.12
1995 .668 -- .668 12.47
1996 .637 -- .637 12.29
Class B
1/12/95* to 12/31/95 .548 -- .548 12.48
1996 .539 -- .539 12.29
OHIO FUND
Class A
1987 $.550 $ -- $.550 $ 9.99
1988 .800 -- .800 10.56
1989 .750 -- .750 10.95
1990 .760 -- .760 10.93
1991 .718 -- .718 11.43
1992 .668 -- .668 11.87
1993 .632 .104 .736 12.66
1994 .620 -- .620 11.30
1995 .619 .092 .711 12.51
1996 .609 .059 .668 12.35
Class B
1/12/95* to 12/31/95 .513 .092 .605 12.51
1996 .513 .059 .572 12.35
OREGON FUND
Class A
5/4/92* to 12/31/92 $.240 $ -- $.240 $11.42
1993 .598 -- .598 12.29
1994 .610 -- .610 10.87
1995 .625 -- .625 12.16
1996 .588 -- .588 12.00
Class B
1/12/95* to 12/31/95 .543 -- .543 12.15
1996 .494 -- .494 11.99
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets++
--------------------------------------------------
Net
Total Net Assets Investment
Return** End of Period Expenses Income
(%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MISSOURI FUND
Class A
5/4/92* to 12/31/92 8.58+ $ 475 -- 4.36+
1993 14.21 1,540 .13 4.44
1994 (6.20) 1,611 .20 5.45
1995 . 18.55 1,890 .20 5.58
1996 3.84 1,925 .38 5.24
Class B
1/12/95* to 12/31/95 . 16.41 .1 1.00+ 4.94+
1996 2.93 36 1.24 4.38
OHIO FUND
Class A
1987 5.15 $ 965 .07 6.71
1988 .14.15 1,485 .06 7.76
1989 11.09 4,058 .07 6.94
1990 7.05 6,627 .07 6.99
1991 11.51 9,324 .29 6.50
1992 9.99 13,869 .62 5.83
1993 13.12 20,366 .80 5.09
1994 (5.91) 18,169 .85 5.18
1995 17.34 19,398 .87 5.07
1996 4.23 20,123 .86 4.95
Class B
1/12/95* to 12/31/95 15.30 282 1.76+ 4.33+
1996 3.43 279 1.66 4.15
OREGON FUND
Class A
5/4/92* to 12/31/92 6.62+ $ 931 -- 4.30+
1993 13.13 3,747 -- 4.94
1994 (6.65) 4,696 .20 5.36
1995 17.99 6,840 .20 5.36
1996 3.68 9,917 .46 4.97
Class B
1/12/95* to 12/31/95 16.00 342 1.00+ 4.72+
1996 2.87 568 1.26 4.17
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
----------------------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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 .69 3.93 15
Class B
1/12/95* to 12/31/95 2.22+ 3.68+ 50
1996 2.55 3.07 15
OHIO FUND
Class A
1987 1.20 5.59 23
1988 1.50 6.33 23
1989 1.17 5.84 5
1990 1.11 5.95 31
1991 1.05 5.73 34
1992 1.21 5.23 29
1993 1.15 4.74 30
1994 1.20 4.83 57
1995 1.22 4.72 70
1996 1.19 4.62 33
Class B
1/12/95* to 12/31/95 2.13+ 3.95+ 70
1996 1.99 3.82 33
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
Class B
1/12/95* to 12/31/95 2.03+ 3.65+ 36
1996 2.07 3.36 21
*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/or the transfer agent from the commencement of
operations through December 31, 1996 (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 December 31, 1996, the related statement of operations
for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended and financial
highlights for the periods indicated thereon. These financial
statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1996, by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the eight Funds of First Investors
Multi-State Insured Tax Free Fund listed above as of December 31,
1996, 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
January 31, 1997
First Investors Multi-State Insured Tax Free Fund
Trustees
- -------------------------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- -------------------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
Shareholder Information
- -------------------------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Ave., N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Fund's practice to mail only one copy of its
annual and semi-annual reports to any address at which more than
one shareholder with the same last name has indicated that mail is
to be delivered. Additional copies of the reports will be mailed
if requested by any shareholder in writing or by calling 800-423-
4026. The Fund will ensure that separate reports are sent to any
shareholder who subsequently changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Fund's prospectus.
