FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
FIMS-148
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First Investors
New York Insured
Tax Free Fund, Inc.
First Investors
Multi-State Insured
Tax Free Fund
Connecticut Fund
Florida Fund
Georgia Fund
Maryland Fund
Massachusetts Fund
New Jersey Fund
North Carolina Fund
Pennsylvania Fund
Virginia Fund
SEMI-
ANNUAL
REPORT
JUNE 30, 1998
Chief Investment Officer's Market Overview Letter
First Investors New York Insured Tax Free Fund, Inc.
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
Dear Investor:
We are pleased to present the semi-annual report for First Investors New
York Insured Tax Free Fund, Inc. and the above nine funds of First
Investors Multi-State Insured Tax Free Fund for the six months ended
June 30, 1998. Although both the bond and stock markets suffered
setbacks at times during the first six months of the year, the
combination of moderate growth, low inflation, and respectable corporate
earnings reports helped provide a positive environment for investors in
most types of funds.
The U.S. economy remained strong for the first half of 1998, with
sustained, moderate growth and low levels of inflation and unemployment.
Inflation remained low, as the Consumer Price Index rose just 1.7% for
the twelve months ended June 30. The unemployment rate continued to be
low, at 4.5% as of June 30, 1998. Consumer confidence remained high,
encouraged by the robust domestic economy and rising income levels.
In general, our long-term outlook for the financial markets continues to
be positive. The economy appears to be growing moderately, inflation
remains subdued and the Federal Reserve appears unlikely to tolerate
unsustainably fast economic growth. In regard to the stock market, we
are encouraged by the underlying fundamentals of the U.S. economy.
However, we are cautioned by a number of situations, including the
struggles in Asia. We are concerned about the effect this region's
difficulties may have on U.S. growth and corporate earnings. We are also
concerned about the relative lack of pricing power and the prospects
that the lofty level of gains posted year-to-date can continue into the
second half of 1998.
With regard to the bond market, interest rates continue to remain in a
tight range; we believe the Federal Reserve is likely to maintain
current interest rates. Continued weak Asian markets, low inflation in
the U.S. and the Federal budget surplus should support an environment of
low interest rates and high bond prices. However, the continued strength
of the U.S. economy could result in higher interest rates and inflation,
notwithstanding Asia. In this event, bond fund values would decline.
Thank you for your continued confidence in First Investors. As always,
we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
First Investors Management Company, Inc.
July 31, 1998
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.6%
Education--18.4%
Monroe County Industrial Development Agency:
$1,430M Nazareth College Civic Facility 5 1/4% 4/1/2018 $ 1,440,725 $ 74
1,000M Rochester Institute of Technology 7 3/4% 5/1/2000* 1,085,000 56
New York State Dormitory Authority Revenues:
City University:
1,955M 5 3/4% 7/1/2013 2,157,831 112
2,000M 5 3/4% 7/1/2013 2,207,500 114
2,000M 5 3/4% 7/1/2013 2,207,500 114
3,000M 6% 7/1/2020 3,416,250 176
2,800M Manhattanville College 7 1/2% 7/1/2000* 3,041,500 157
2,000M Mental Services Health Facilities Series "B" 5% 2/15/2028 1,945,000 100
1,000M Pace University 6 1/2% 7/1/2012 1,181,250 61
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 2,028,050 105
1,000M 5 7/8% 5/15/2011 1,110,000 57
3,500M 5 1/2% 5/15/2013 3,771,250 195
3,700M 7 3/8% 5/15/2014 3,991,375 206
2,000M 5 1/4% 5/15/2015 2,087,500 108
University of Rochester:
2,000M 5% 7/1/2017 Series "A" 1,977,500 102
2,000M 5% 7/1/2027 Series "A" 1,947,500 101
- -----------------------------------------------------------------------------------------------------------------
35,595,731 1,838
- -----------------------------------------------------------------------------------------------------------------
General Obligation--15.3%
1,250M Monroe County 6% 3/1/2015 1,404,687 73
Nassau County:
3,845M 6 1/2% 11/1/2004* 4,421,750 228
4,355M 5.7% 8/1/2012 4,638,075 240
1,300M 6% 7/1/2013 1,454,375 75
New York City:
3,355M 6.95% 8/15/2004* 3,875,025 200
3,000M 6.2% 8/1/2008 3,390,000 175
1,000M 7 1/4% 3/15/2018 1,070,000 55
Niagara Falls Public Improvement:
1,340M 7 1/2% 3/1/2012 1,711,850 88
1,680M 7 1/2% 3/1/2015 2,169,300 112
1,600M 7 1/2% 3/1/2018 2,090,000 108
1,750M North Hempstead 6.4% 4/1/2012 2,045,313 106
1,100M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,273,250 66
- -----------------------------------------------------------------------------------------------------------------
29,543,625 1,526
- -----------------------------------------------------------------------------------------------------------------
Health Care--10.9%
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2000* 4,045,163 209
1,850M Long Term Health Care 7 3/8% 11/1/2011 1,965,625 102
Mental Health Services Facilities:
4,190M 7 3/4% 2/15/2000* 4,519,962 233
990M 7 3/8% 2/15/2014 1,045,688 54
845M 7.7% 2/15/2018 865,255 45
4,915M 6 1/2% 8/15/2024 5,467,938 282
3,000M St. Luke's Hospital 7.45% 2/15/2000* 3,221,250 166
- -----------------------------------------------------------------------------------------------------------------
21,130,881 1,091
- -----------------------------------------------------------------------------------------------------------------
Housing--3.3%
2,250M New York City Hsg. Dev. Corp. Ins. Multi-Family
(Sheridan Manor) 7.45% 10/1/2008 2,337,187 121
3,655M New York State Housing Finance Agency 6.05% 5/1/2011 3,970,244 205
- -----------------------------------------------------------------------------------------------------------------
6,307,431 326
- -----------------------------------------------------------------------------------------------------------------
Transportation--28.8%
Metropolitan Transit Authority of New York:
Commuter Facilities Series:
5,000M 6 1/8% 7/1/2004* 5,562,500 287
3,380M RITES-PA 359A Variable Rate 6.57452% 7/1/2011 (Note 6)** 3,646,175 188
3,565M RITES-PA 359B Variable Rate 6.57452% 7/1/2012 (Note 6)** 3,778,900 195
1,750M RITES-PA 359C Variable Rate 6.57452% 7/1/2013 (Note 6)** 1,837,500 95
1,760M 5 3/4% 7/1/2021 1,863,400 96
Metropolitan Transit Authority of New York:
1,000M Dedicated Tax Fund Series "A" 5 1/2% 4/1/2015 1,063,750 55
Transit Facilities Series:
3,200M 5 1/2% 7/1/2017 3,388,000 175
1,500M 5 3/4% 7/1/2021 1,590,000 82
7,900M New York City Transit Auth. Hwy. & Brdg. Trust Fund
Rev. 7 1/2% 1/1/2000* 8,462,875 437
4,500M New York State Thruway Auth. Hwy. & Brdg. Trust Fund
Rev. 5% 4/1/2018 4,471,875 231
Puerto Rico Commonwealth Highway & Transportation Authority:
3,030M 6 1/4% 7/1/2014 3,541,313 183
5,000M 6% 7/1/2018 5,700,000 295
Triborough Bridge & Tunnel Authority:
3,000M Series "O" 7.7% 1/1/1999* 3,102,930 160
6,900M Series "Y" 6% 1/1/2012 7,693,500 398
- -----------------------------------------------------------------------------------------------------------------
55,702,718 2,877
- -----------------------------------------------------------------------------------------------------------------
Utilities--13.8%
9,035M Long Island Power Authority 5 1/8% 12/1/2022 8,922,062 461
New York City Municipal Water Finance Authority:
4,975M 5 7/8% 6/15/2001* 5,559,562 287
2,000M 5 7/8% 6/15/2013 2,235,000 115
2,750M 6% 6/15/2021 3,121,250 161
Suffolk County Water Authority:
2,165M 6% 6/1/2014 2,446,450 127
4,000M 6% 6/1/2017 4,515,000 233
- -----------------------------------------------------------------------------------------------------------------
26,799,324 1,384
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--8.1%
1,000M New York State Dorm. Auth. Rev. (Suffolk County Jud. Facs.)
7 3/8% 7/1/2016 1,243,750 64
3,000M New York State Urban Development Corporation Corr. Facs.
7 1/2% 1/1/1999* 3,100,050 160
Puerto Rico Public Buildings Authority:
1,250M 6 1/4% 7/1/2013 1,459,375 76
2,035M 6 1/4% 7/1/2015 2,380,950 123
7,000M 5 1/2% 7/1/2021 7,568,750 391
- -----------------------------------------------------------------------------------------------------------------
15,752,875 814
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $175,269,456) 98.6% 190,832,585 9,856
Other Assets, Less Liabilities 1.4 2,782,316 144
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $193,614,901 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** The interest rates on these securities (commonly referred to as inverse floaters) vary inversely
with interest rates on other municipal obligations or an index and are reset weekly by the issuer.
The interest rate shown on these securities is the rate in effect on June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Certificates of Participation--1.8%
Connecticut State (Middletown Courthouse Facilities):
$ 130M 6 1/4% 12/15/2009 $ 140,562 $ 70
100M 6 1/4% 12/15/2010 107,875 54
100M 6 1/4% 12/15/2012 108,000 54
- -----------------------------------------------------------------------------------------------------------------
356,437 178
- -----------------------------------------------------------------------------------------------------------------
Education--18.8%
Conn. State Health & Educational Facilities Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2004* 829,219 414
500M Loomis Chafee School Project-Series "B" 6% 7/1/2015 538,750 269
1,000M Trinity College 6 1/8% 7/1/2004* 1,116,250 558
University of Connecticut:
750M 5 1/4% 4/1/2014 772,275 386
500M 5 1/4% 6/1/2015 516,250 258
- -----------------------------------------------------------------------------------------------------------------
3,772,744 1,885
- -----------------------------------------------------------------------------------------------------------------
General Obligation--28.4%
250M Ansonia 5% 10/15/2015 251,577 126
100M Bethel 6 1/2% 2/15/2011 117,808 59
775M Bridgeport 5 1/2% 9/1/2015 812,177 406
50M Bristol 6 1/2% 6/15/2006 57,368 29
Connecticut State:
500M 6 1/2% 3/15/2002* - Series "A" 548,750 274
700M 6% 3/15/2012 - Series "E" 794,857 397
130M Coventry 6.7% 12/15/2009 156,129 78
Griswold:
250M 5 3/4% 4/15/2010 265,032 132
100M 6 1/4% 6/15/2010 115,825 58
100M Groton City 6 3/4% 6/1/2007 117,633 59
800M New Britain 6% 3/1/2012 905,584 452
130M Newton 6.7% 8/15/2010 156,488 78
30M North Canaan 6.9% 1/15/2006 34,725 17
250M Plainfield 6 3/8% 8/1/2011 272,977 136
290M Regional School District #5, 6.3% 3/1/2009 314,456 157
330M Southington 6.55% 4/1/2012 361,697 181
90M Stafford 6.55% 11/15/2008 106,034 53
250M Westbrook 6.4% 3/15/2010 292,300 146
- -----------------------------------------------------------------------------------------------------------------
5,681,417 2,838
- -----------------------------------------------------------------------------------------------------------------
Health Care--20.2%
Conn. State Health & Educationial Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 492,187 245
35M Capital Asset - Series "C" 6 7/8% 1/1/2010 37,844 19
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 550,625 275
500M Masonicare 5% 7/1/2013 503,750 252
700M New Britain General Hospital 6 1/8% 7/1/2014 762,125 381
325M Stamford Hospital 6 1/2% 7/1/2006 350,594 175
750M Yale-New Haven Hospital 5.7% 7/1/2025 791,250 395
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
61/4% 7/1/2016 554,375 277
- -----------------------------------------------------------------------------------------------------------------
4,042,750 2,019
- -----------------------------------------------------------------------------------------------------------------
Housing--4.0%
750M Connecticut State Housing Finance Authority 6%
11/15/2010 801,562 400
- -----------------------------------------------------------------------------------------------------------------
Transportation--8.4%
Connecticut State Special Tax Oblig. Transportation Infrastructure:
200M 6 1/4% 10/1/2001* 217,000 108
285M 6% 10/1/2004* 314,925 157
250M 6.1% 10/1/2004* 277,812 139
500M 6 1/2% 10/1/2011 585,000 292
250M 6 1/8% 9/1/2012 283,750 142
- -----------------------------------------------------------------------------------------------------------------
1,678,487 838
- -----------------------------------------------------------------------------------------------------------------
Utilities--4.1%
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 270,625 135
500M 6 1/8% 8/1/2014 542,500 271
- -----------------------------------------------------------------------------------------------------------------
813,125 406
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--12.6%
545M Connecticut State Dev. Auth. Govtl. Lease Rev. 6 1/2%
6/15/2008 615,850 308
Puerto Rico Public Buildings Authority:
375M 6 1/4% 7/1/2013 437,813 219
575M 6 1/4% 7/1/2015 672,750 336
795M Puerto Rico Commonwealth Infrastructure Fing. Auth. Spl.
5% 7/1/2017 795,994 398
- -----------------------------------------------------------------------------------------------------------------
2,522,407 1,261
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $17,894,894) 98.3% 19,668,929 9,825
Other Assets, Less Liabilities 1.7 350,022 175
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $20,018,951 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
General Obligation--3.7%
$ 300M Miami 6% 12/1/2010 $ 337,875 $ 134
500M North Springs Improvement District 7% 10/1/2009 608,125 241
- -----------------------------------------------------------------------------------------------------------------
946,000 375
- -----------------------------------------------------------------------------------------------------------------
Health Care--9.3%
350M North Broward Hospital District 6 1/2% 1/1/2002* 383,250 152
1,000M Orange County Health Facs. Auth. (Orlando Regl. Healthcare)
6 1/4% 10/1/2018 1,145,000 453
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 831,562 329
- -----------------------------------------------------------------------------------------------------------------
2,359,812 934
- -----------------------------------------------------------------------------------------------------------------
Housing--.6%
135M Dade County Hsg. Fin. Auth. Single-Family Mtge. 6.95% 12/15/2012 144,619 57
- -----------------------------------------------------------------------------------------------------------------
Transportation--6.5%
500M Dade County Aviation Revenue Series "A" 6% 10/1/2010 551,875 219
300M Florida State Turnpike Authority Turnpike Revenue 6.35% 7/1/2002* 327,375 130
250M Pensacola Airport Revenue 5.6% 10/1/2017 262,812 104
455M Port Palm Beach District Revenue 6 1/4% 9/1/2008 501,069 198
- -----------------------------------------------------------------------------------------------------------------
1,643,131 651
- -----------------------------------------------------------------------------------------------------------------
Utilities--53.8%
750M Charlotte County Utilities Revenue 6 3/4% 10/1/2003* 855,000 338
1,000M Cocoa Water & Sewer Revenue 5 3/4% 10/1/2017 1,085,000 429
Escambia County Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 578,125 229
1,000M 6 1/4% 1/1/2015 1,148,750 455
690M Jacksonville Beach Utility Revenue 6 3/4% 10/1/2001* 759,000 300
300M Kissimmee Utility Authority Electric System Revenue 61/2% 10/1/2001* 327,750 130
1,495M Lakeland Electric & Water Revenue 6% 10/1/2014 1,683,744 667
395M Miramar Utilities Improvement Revenue 6.4% 10/1/2007 445,856 177
650M North Port Utility Revenue 5% 10/1/2018 637,812 253
1,000M Plant City Utility System Revenue 6% 10/1/2015 1,125,000 445
300M Reedy Creek Improvement District Utilities Revenue 61/2% 10/1/2001* 325,125 129
500M Sarasota County Utility System Revenue 6 1/2% 10/1/2004* 571,875 226
Seminole County Water & Sewer Revenue:
500M 6% 10/1/2009 564,375 223
500M 6% 10/1/2019 562,500 223
1,000M St. John's County Water & Sewer Revenue 5 1/2% 6/1/2011 1,080,000 428
1,000M Sunrise Utility System Revenue 5% 10/1/2028 978,750 388
750M West Melbourne Water & Sewer Revenue 6 3/4% 10/1/2014 850,313 337
- -----------------------------------------------------------------------------------------------------------------
13,578,975 5,377
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--24.4%
400M Florida State Div. Bd. Fin. Dept. General Services 63/4% 7/1/2001* 438,000 173
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,082,500 429
1,000M Jacksonville Capital Improvement (Gator Bowl Project)
5 7/8% 10/1/2015 1,076,250 426
350M Jacksonville Excise Taxes Revenue 6 1/2% 10/1/2013 384,563 152
600M Orange County Tourist Development Tax Revenue 5.9% 10/1/2010 677,250 268
1,000M Palm Beach County Criminal Justice Facilities Revenue 5 3/8% 6/1/2011 1,067,500 423
300M St. Lucie County Sales Tax Revenue 6 1/2% 10/1/2002* 333,000 132
1,000M Tampa Sales Tax Revenue 5 3/4% 10/1/2020 1,101,250 436
- -----------------------------------------------------------------------------------------------------------------
6,160,313 2,439
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,383,986) 24,832,850 9,833
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.4%
Puerto Rico Commonwealth Government Development Bank
100M Adjustable Rate Note 3.15%** (cost $100,000) 100,000 40
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $22,483,986) 98.7% 24,932,850 9,873
Other Assets, Less Liabilities 1.3 321,856 127
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $25,254,706 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.3%
Education--5.5%
Private Colleges & Universities Facilities Authority:
$ 80M Mercer University Project 6.35% 11/1/2006 $ 90,703 $ 282
80M Spelman University Project 6% 6/1/2009 87,824 273
- -----------------------------------------------------------------------------------------------------------------
178,527 555
- -----------------------------------------------------------------------------------------------------------------
General Obligation--26.2%
75M Columbia County School District 6 1/4% 4/1/2013 82,566 257
100M Hall County School District 6.7% 12/1/2004* 115,375 359
100M Mitchell County School District 6 1/2% 3/1/2009 113,239 352
125M Paulding County School District 6% 2/1/2013 140,866 438
100M Peach County School District 6.4% 2/1/2019 111,162 346
150M Pike County School District 5.7% 2/1/2016 164,019 510
100M Puerto Rico Commonwealth 6 1/4% 7/1/2012 115,500 359
- -----------------------------------------------------------------------------------------------------------------
842,727 2,621
- -----------------------------------------------------------------------------------------------------------------
Health Care--4.3%
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 61/4% 7/1/2016 138,594 431
- -----------------------------------------------------------------------------------------------------------------
Housing--5.0%
150M Georgia State Housing & Finance Authority Revenue 5.7% 12/1/2011 161,063 501
- -----------------------------------------------------------------------------------------------------------------
Transportation--11.9%
300M Metropolitan Atlanta Rapid Transit Authority 6 1/4% 7/1/2011 345,762 1,076
30M Puerto Rico Commonwealth Hwy. & Transn. Auth. 6 1/4% 7/1/2014 35,062 109
- -----------------------------------------------------------------------------------------------------------------
380,824 1,185
- -----------------------------------------------------------------------------------------------------------------
Utilities--33.4%
95M Brunswick Water & Sewer Revenue 6.1% 10/1/2019 109,962 342
85M Conyers Water & Sewer Revenue 6.45% 7/1/2010 94,563 294
80M Cordele Combined Public Utilities Revenue 6.4% 11/1/2014 89,700 279
250M Fulton County Water & Sewer Revenue 6 3/8% 1/1/2014 291,562 907
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 91,700 285
100M 5.8% 1/1/2015 107,750 335
150M Milledgeville Water & Sewer Revenue 6% 12/1/2021 172,313 536
100M St. Mary's Water & Sewer Revenue 6 1/8% 7/1/2018 114,750 357
- -----------------------------------------------------------------------------------------------------------------
1,072,300 3,335
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--11.0%
80M Appling County Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 91,300 284
80M Downtown Smyrna Development Authority Revenue 6.7% 2/1/2005* 92,300 287
50M East Point Building Authority Revenue 6% 2/1/2011 54,179 169
100M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 116,750 363
- -----------------------------------------------------------------------------------------------------------------
354,529 1,103
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,799,019) 97.3% 3,128,564 9,731
Other Assets, Less Liabilities 2.7 86,632 269
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,215,196 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.8%
Education--7.0%
Morgan State University Academic & Aux. Facs. Fees Revenue:
$ 90M 7% 7/1/2000* $ 96,975 $ 75
500M 6.05% 7/1/2015 568,125 442
200M 6.1% 7/1/2020 234,250 182
- -----------------------------------------------------------------------------------------------------------------
899,350 699
- -----------------------------------------------------------------------------------------------------------------
General Obligation--28.9%
350M Anne Arundel County Water & Sewer 6.3% 8/1/2015 388,937 302
Baltimore, Maryland:
100M 6.3% 10/15/2004 111,586 87
100M 7% 10/15/2009 122,506 95
250M 5 5/8% 10/15/2012 269,923 210
100M 5 5/8% 10/15/2013 107,545 84
100M Chesapeake Beach 6 1/2% 5/1/2012 106,689 83
Frederick:
100M 6 1/8% 12/1/2008 108,523 84
200M 6 1/8% 10/1/2014 218,908 170
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 116,419 90
630M 6 1/4% 7/1/2012 727,650 565
275M 5 1/4% 7/1/2015 282,562 220
250M 5.65% 7/1/2015 272,500 212
500M Queen Annes County 5.6% 11/15/2015 531,875 413
325M Washington County 5.8% 1/1/2013 350,727 272
- -----------------------------------------------------------------------------------------------------------------
3,716,350 2,887
- -----------------------------------------------------------------------------------------------------------------
Health Care--18.5%
500M Calvert County Economic Development Authority 5% 1/1/2017 497,500 387
250M Maryland State Indl. Dev. Fing. Auth. (Holy Cross Health System)
5.7% 12/1/2010 273,125 212
Maryland State Health & Higher Education Facilities Authority:
500M Maryland General Hospital 6 1/8% 7/1/2014 546,875 425
20M Memorial Hospital 7% 7/1/2007 20,967 16
140M Sinai Hospital of Baltimore 7% 7/1/2000* 150,850 117
110M Suburban Hospital 6% 7/1/2002* 117,700 91
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 360,344 280
350M Takoma Park Hospital Facilities (Adventist Hosp.) 6 1/2% 9/1/2012 411,687 320
- -----------------------------------------------------------------------------------------------------------------
2,379,048 1,848
- -----------------------------------------------------------------------------------------------------------------
Housing--13.5%
250M Baltimore County Mortgage Revenue (Old Orchard Apts.) 7% 7/1/2016 273,125 212
Maryland State Community Dev. Admin. Dept. Hsg. & Cmnty. Dev.:
45M 7% 6/1/2011 48,938 38
345M 7% 4/1/2014 375,619 292
600M 5 7/8% 7/1/2016 638,250 496
200M 5.6% 3/1/2017 208,250 162
175M Montgomery County Single Family Mortgage Revenue 6 1/2% 7/1/2011 189,656 147
- -----------------------------------------------------------------------------------------------------------------
1,733,838 1,347
- -----------------------------------------------------------------------------------------------------------------
Transportation--6.7%
500M Maryland State Department of Transportation Zero Coupon 7/1/2012 252,500 196
525M Puerto Rico Highway & Transportation Authority 6 1/4% 7/1/2014 613,594 477
- -----------------------------------------------------------------------------------------------------------------
866,094 673
- -----------------------------------------------------------------------------------------------------------------
Utilities--7.0%
250M Baltimore Revenue Water Project 5.8% 7/1/2015 268,750 209
Baltimore Wastewater Utilities Revenue:
165M 6 1/2% 7/1/2000* 173,044 135
215M 6 1/4% 7/1/2002* 235,694 183
200M 6% 7/1/2015 227,000 176
- -----------------------------------------------------------------------------------------------------------------
904,488 703
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--16.2%
300M Baltimore City Parking System Facilities 5 1/4% 7/1/2021 315,375 245
Baltimore Convention Center:
250M 6.1% 9/1/2013 275,625 214
500M 5% 9/1/2019 496,250 385
35M Maryland Industrial Financing Authority 7% 7/1/2010 38,281 30
250M Maryland State Stadium Authority 5 7/8% 12/15/2013 271,250 211
100M Montgomery County Parking Revenue (Bethesda Parking Lot)
6 1/4% 6/1/2009 108,625 84
500M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2015 585,000 455
- -----------------------------------------------------------------------------------------------------------------
2,090,406 1,624
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $11,546,501) 97.8% 12,589,574 9,781
Other Assets, Less Liabilities 2.2 281,462 219
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $12,871,036 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.0%
Education--11.9%
$ 425M Massachusetts Health & Edl. Facs. Auth. (Northeastern Univ.)
7 1/8% 10/1/2000* $ 459,531 $ 202
1,000M Massachusetts State Indl. Fin. Agy. (Suffolk University)
5 1/4% 7/1/2017 1,008,750 444
1,000M University of Massachusetts Building Authority Revenue
6 7/8% 5/1/2014 1,242,500 547
- -----------------------------------------------------------------------------------------------------------------
2,710,781 1,193
- -----------------------------------------------------------------------------------------------------------------
General Obligation--27.6%
1,000M Amherst-Pelham Regional School District 5 1/8% 5/15/2018 999,310 440
750M Boston 5 7/8% 8/1/2012 800,055 352
1,000M Frontier Regional School District 5% 6/15/2017 977,210 430
Massachusetts General Obligations:
300M 7% 7/1/2009 363,570 160
1,000M 6% 8/1/2010 1,130,490 497
1,100M New Bedford 5 5/8% 10/1/2016 1,158,058 510
150M North Borough 7.2% 11/1/2003 154,427 68
Wareham:
125M 7.05% 1/15/2001* 137,500 60
500M 7.1% 1/15/2001* 550,625 242
- -----------------------------------------------------------------------------------------------------------------
6,271,245 2,759
- -----------------------------------------------------------------------------------------------------------------
Health Care--21.3%
Massachusetts Health & Educational Facilities Authority:
Capital Asset Program:
225M 7.35% 8/1/2008 237,361 105
400M 7.2% 7/1/2009 420,144 185
500M Carney Hospital 7 3/4% 7/1/2000* 545,625 240
750M Massachusetts General Hospital 6 1/4% 7/1/2012 855,000 376
570M Milton Hospital 7% 7/1/2016 612,038 269
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,648,125 725
490M University Hospital 7 1/4% 7/1/2019 527,975 232
- -----------------------------------------------------------------------------------------------------------------
4,846,268 2,132
- -----------------------------------------------------------------------------------------------------------------
Housing--5.3%
Massachusetts Housing Finance Agency:
1,000M 6% 12/1/2012 1,073,750 472
130M 7.7% 12/1/2017 135,362 60
- -----------------------------------------------------------------------------------------------------------------
1,209,112 532
- -----------------------------------------------------------------------------------------------------------------
Transportation--10.6%
Massachusetts Bay Transportation Authority:
690M Series "A" 7.65% 8/1/2000* 753,825 331
1,500M Series "A" 5.8% 3/1/2013 1,651,410 727
- -----------------------------------------------------------------------------------------------------------------
2,405,235 1,058
- -----------------------------------------------------------------------------------------------------------------
Utilities--16.9%
Boston Water & Sewer Commission:
850M 7% 11/1/2001* 943,500 415
100M 7 1/4% 11/1/2006 101,082 44
1,035M 5 3/4% 11/1/2013 1,135,912 500
475M Lynn Water & Sewer Commission 7 1/4% 12/1/2000* 518,938 228
1,000M South Essex Sewer District 6 3/4% 6/1/2004* 1,147,500 505
- -----------------------------------------------------------------------------------------------------------------
3,846,932 1,692
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--4.4%
1,000M Martha's Vineyard Land Bank Revenue 5 1/8% 5/1/2018 1,001,250 440
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,351,656) 22,290,823 9,806
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.5%
100M Massachusetts Health & Edl. Facs. Auth. Capital Asset Program
Series "A" Adjustable Rate Note 3.95%** (cost $100,000) 100,000 44
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $20,451,656) 98.5% 22,390,823 9,850
Other Assets, Less Liabilities 1.5 339,901 150
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,730,724 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.5%
Certificates of Participation--1.8%
$1,000M Hudson County Correctional Facility 7 1/4% 12/1/2000* $ 1,092,500 $ 180
- -----------------------------------------------------------------------------------------------------------------
Education--2.3%
1,300M New Jersey Edl. Facs. Fing. Auth. (Seton Hall Univ.)
6 1/4% 7/1/2010 1,395,875 230
- -----------------------------------------------------------------------------------------------------------------
General Obligation--19.0%
1,750M Atlantic City Board of Education 6.1% 12/1/2015 1,998,325 329
Essex County Improvement Authority:
545M Correctional Facility 6.9% 12/1/2004* 636,969 105
955M County College Project 6.9% 12/1/2004* 1,116,156 184
Orange School District:
1,025M Series "A" 6.95% 7/1/2005* 1,191,563 196
1,220M Series "B" 6.95% 7/1/2005* 1,418,250 233
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,126,610 185
1,550M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,794,125 295
Union City:
1,000M 6.7% 9/1/2002* 1,116,250 184
995M 6.4% 11/1/2013 1,174,548 193
- -----------------------------------------------------------------------------------------------------------------
11,572,796 1,904
- -----------------------------------------------------------------------------------------------------------------
Health Care--22.6%
New Jersey Health Care Facilities Financing Authority:
Bayonne Hospital:
205M 6 1/4% 7/1/2004* 230,113 38
1,045M 6 1/4% 7/1/2012 1,153,419 190
100M Community Medical Center 7% 7/1/1999* 105,195 17
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,960,944 323
1,100M Hunterdon Hospital 7% 7/1/2020 1,175,625 194
1,750M Monmouth Medical Center 6 1/4% 7/1/2016 1,907,500 314
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,636,875 269
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,588,000 590
825M St. Barnabas Medical Center 7 1/4% 7/1/2018 865,871 142
1,000M St. Peter's Medical Center Series "E" 6 7/8% 7/1/2001* 1,097,500 181
- -----------------------------------------------------------------------------------------------------------------
13,721,042 2,258
- -----------------------------------------------------------------------------------------------------------------
Housing--4.5%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 396,880 65
420M Series "E" 7.65% 10/1/2016 442,050 73
1,385M Series "C" 7 3/8% 10/1/2017 1,450,787 239
450M Series "B" 8.1% 10/1/2017 465,417 76
- -----------------------------------------------------------------------------------------------------------------
2,755,134 453
- -----------------------------------------------------------------------------------------------------------------
Transportation--3.4%
900M Delaware River Port Authority 7 3/8% 1/1/2007 932,652 154
1,000M New Jersey State Highway Authority (Garden State Parkway)
6.2% 1/1/2010 1,143,750 188
- -----------------------------------------------------------------------------------------------------------------
2,076,402 342
- -----------------------------------------------------------------------------------------------------------------
Utilities--16.5%
Bergen County Utility Authority Pollution Control:
1,000M 6 1/2% 6/15/2002* 1,105,000 182
500M 4 3/4% 12/15/2015 487,250 80
1,500M Essex County Impt. Auth. Rev. Utility System 5 3/4% 7/1/2027 1,588,125 261
1,000M Evesham Municipal Utilities Authority 7% 7/1/2000* 1,058,750 174
150M Lower Township Municipal Utilities Authority 7% 12/1/2000* 163,125 27
New Jersey Wastewater Treatment Trust:
1,435M 6 1/4% 4/1/2004* 1,605,406 264
1,310M 7% 7/1/2011 1,594,925 263
1,140M Passaic Valley Water Commission 6.4% 12/15/2002* 1,265,400 208
1,000M Puerto Rico Commonwealth Aqueduct & Sewer Authority
6 1/4% 7/1/2013 1,167,500 192
- -----------------------------------------------------------------------------------------------------------------
10,035,481 1,651
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--27.4%
2,900M Atlantic County Impt. Auth. Lux. Tax. (Convention Center)
7.4% 7/1/2016 3,693,875 608
350M Cape May County Indl. Pollution Control Fin. Auth. 6.8% 3/1/2021 441,000 72
1,250M Casino Reinvestment Dev. Auth. Pkg. Fee Rev. 5 1/4% 10/1/2013 1,281,250 211
650M Mercer County Impt. Auth. Rev. Library System 5% 12/1/2014 650,812 107
New Jersey Economic Development Authority:
Educational Testing Service:
1,000M 5.9% 5/15/2015 1,083,750 178
2,000M 6 1/8% 5/15/2015 2,205,000 363
2,185M Market Transition Facility 5 7/8% 7/1/2011 2,376,187 391
1,775M N.J. Performing Arts Center 6% 6/15/2012 2,016,844 332
Puerto Rico Public Buildings Authority:
1,275M Series "A" 6 1/4% 7/1/2013 1,488,562 245
1,195M Series "A" 6 1/4% 7/1/2014 1,396,656 230
- -----------------------------------------------------------------------------------------------------------------
16,633,936 2,737
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $53,522,632) 59,283,166 9,755
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.5%
200M Essex County Improvement Authority Project
Adjustable Rate Note 3.45%** 200,000 33
100M Puerto Rico Commonwealth Government Development Bank
Adjustable Rate Note 3.15%** 100,000 16
- -----------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $300,000) 300,000 49
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $53,822,632) 98.0% 59,583,166 9,804
Other Assets, Less Liabilities 2.0 1,191,962 196
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $60,775,128 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.1%
Certificates of Participation--2.8%
$ 100M Charlotte Convention Facilities Project 6 3/4% 12/1/2001* $ 110,375 $ 137
100M Cumberland County Civic Center Project 6.3% 12/1/2008 111,592 138
- -----------------------------------------------------------------------------------------------------------------
221,967 275
- -----------------------------------------------------------------------------------------------------------------
Education--3.3%
250M North Carolina Cent. Univ. Hsg. Rev. 5.6% 11/1/2012 268,125 332
- -----------------------------------------------------------------------------------------------------------------
General Obligation--34.3%
250M Cleveland County 5 1/2% 3/1/2012 265,883 329
200M Cumberland County 5 1/2% 4/1/2012 212,172 262
200M Currituck County 5.4% 4/1/2013 208,664 258
200M Gaston County 5.7% 3/1/2013 211,964 262
220M Laurinburg 5.3% 6/1/2012 229,953 285
200M Mecklenburg County 6.2% 1/1/2002* 215,500 267
200M Morganton 5.7% 6/1/2014 213,586 264
400M Onslow County 5.7% 3/1/2011 431,088 533
235M Puerto Rico Commonwealth 6 1/4% 7/1/2012 271,425 336
280M Rowan County 5.6% 4/1/2014 297,139 368
200M Watauga County 5.9% 6/1/2014 214,740 266
- -----------------------------------------------------------------------------------------------------------------
2,772,114 3,430
- -----------------------------------------------------------------------------------------------------------------
Health Care--15.2%
150M New Hanover County (New Hanover Regional Medical Center)
5 3/4% 10/1/2026 159,375 197
North Carolina Medical Care Commission Health Care Facilities:
500M Novant Health Project 5% 10/1/2013 504,375 624
250M Rex Healthcare 5% 6/1/2013 250,937 311
125M Rex Healthcare 5% 6/1/2023 121,875 151
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 194,031 240
- -----------------------------------------------------------------------------------------------------------------
1,230,593 1,523
- -----------------------------------------------------------------------------------------------------------------
Housing--1.7%
125M North Carolina Housing Finance Agency Multi-Family 6.6% 7/1/2017 137,031 170
- -----------------------------------------------------------------------------------------------------------------
Transportation--7.3%
505M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2014 590,219 730
- -----------------------------------------------------------------------------------------------------------------
Utilities--28.6%
250M Asheville Water System Revenue 5 5/8% 8/1/2013 267,500 331
250M Buncombe County Solid Waste System 5.6% 3/1/2011 267,278 331
400M Concord Utilities System Revenue 5% 12/1/2017 393,500 487
Fayetteville Public Works Commission Revenue:
390M 5.7% 2/1/2010 421,325 521
250M 5.1% 3/1/2015 253,750 314
250M Kinston Enterprise System Revenue 5.7% 4/1/2012 269,687 334
200M North Carolina Eastern Municipal Power Agency 5.6% 1/1/2010 213,060 264
200M North Carolina Municipal Power Agency (Catawba Electric)
6% 1/1/2010 224,004 277
- -----------------------------------------------------------------------------------------------------------------
2,310,104 2,859
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--3.9%
270M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 314,550 389
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,335,170) 97.1% 7,844,703 9,708
Other Assets, Less Liabilities 2.9 236,364 292
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,081,067 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.2%
Education--10.6%
Allegheny County Higher Educ. Bldg. Auth. (Duquesne Univ.):
$1,000M 5% 3/1/2016 $ 998,750 $ 234
1,570M 5 1/2% 3/1/2020 1,672,050 391
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty. Cmnty. College)
6.55% 2/15/2005* 761,906 178
1,000M Philadelphia Hosp. & Higher Edl. Facs. Auth. (Cmnty. College)
6 1/8% 5/1/2014 1,086,250 254
- -----------------------------------------------------------------------------------------------------------------
4,518,956 1,057
- -----------------------------------------------------------------------------------------------------------------
General Obligation--18.1%
1,470M Erie 5.7% 5/15/2012 1,576,502 369
1,310M General McLane School District 5 3/4% 5/15/2013 1,409,625 330
100M Jeannette School District 6.65% 6/15/2001* 107,125 25
1,000M Philadelphia 6% 11/15/2014 1,086,120 254
1,500M Pittsburgh 5 1/2% 9/1/2014 1,611,690 377
1,000M Stroudsburg Area School District 5.8% 10/1/2005* 1,092,500 256
800M Trinity Area School District 65/8% 11/1/2001* 863,000 202
- -----------------------------------------------------------------------------------------------------------------
7,746,562 1,813
- -----------------------------------------------------------------------------------------------------------------
Health Care--23.5%
Allegheny County Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,102,500 258
Health Center - University of Pittsburgh:
1,000M 5.6% 4/1/2013 1,056,250 247
1,000M 5.65% 4/1/2014 1,060,000 248
1,250M South Hills Health System 5.8% 5/1/2016 1,331,250 311
1,500M Berks County Mun. Auth. Hosp. (Reading Hosp. Med. Ctr.)
5.7% 10/1/2014 1,635,000 383
1,100M Blair County Hosp. Auth. Rev.(Altoona Hosp.) 63/8% 7/1/2014 1,194,875 280
1,000M Dauphin County Gen. Health System (Pinnacle Health System)
5 1/2% 5/15/2013 1,047,500 245
1,000M Pennsylvania State Higher Edl. Facs. Auth. Health
Svcs. 5.7% 11/15/2011 1,087,500 254
500M St. Mary Hosp. Auth., Langhorne (Franciscan Health) 7% 7/1/2014 524,275 123
- -----------------------------------------------------------------------------------------------------------------
10,039,150 2,349
- -----------------------------------------------------------------------------------------------------------------
Housing--2.4%
Pennsylvania Housing Finance Agency Single-Family Mtge.:
460M 7.15% 4/1/2015 487,600 114
500M 7.3% 10/1/2017 531,250 124
- -----------------------------------------------------------------------------------------------------------------
1,018,850 238
- -----------------------------------------------------------------------------------------------------------------
Utilities--31.0%
Allegheny County Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,185,250 277
1,000M 6 1/4% 12/1/2014 1,101,250 258
350M Harrisburg Authority Water Revenue 61/2% 8/15/2002* 381,062 89
1,000M North Pennsylvania Water Authority 67/8% 11/1/2004* 1,151,250 269
1,000M North Wales Water Authority 63/4% 11/1/2004* 1,140,000 267
Philadelphia Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,420,650 332
2,000M 6 1/4% 8/1/2012 2,307,500 540
2,950M Pittsburgh Water & Sewer Authority 61/2% 9/1/2013 3,488,375 816
1,000M Washington County Indl. Dev. Auth. (West Penn. Power)
6.05% 4/1/2014 1,088,750 255
- -----------------------------------------------------------------------------------------------------------------
13,264,087 3,103
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--12.6%
1,500M Harrisburg Authority Pooled Bond Program 55/8% 4/01/2015 1,576,875 369
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. 7% 6/15/2005* 1,163,750 272
1,000M Pennsylvania State Industrial Development Authority 6% 1/1/2012 1,083,750 254
1,000M Philadelphia Authority for Ind. Dev. Lease Rev. 5.4% 2/15/2017 1,026,250 240
500M Somerset County Gen. Auth. Commonwealth Lease Rev. 7% 10/15/2001* 545,000 128
- -----------------------------------------------------------------------------------------------------------------
5,395,625 1,263
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $38,173,402) 41,983,230 9,823
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.5%
100M Delaware County Indl. Dev. Auth. Arpt. Facs. Rev.
(United Parcel Project)
Adjustable Rate Note 3.90%** 100,000 23
100M Puerto Rico Commonwealth Government Development Bank
Adjustable Rate Note 3.15%** 100,000 23
- -----------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $200,000) 200,000 46
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $38,373,402) 98.7% 42,183,230 9,869
Other Assets, Less Liabilities 1.3 558,270 131
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $42,741,500 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.4%
Education--7.6%
$ 575M George Mason University 6 3/8% 8/1/2016 $ 637,531 $ 268
1,100M Norfolk Redev. & Hsg. Auth. (Tidewater Cmnty. College)
5 7/8% 11/1/2015 1,179,750 497
- -----------------------------------------------------------------------------------------------------------------
1,817,281 765
- -----------------------------------------------------------------------------------------------------------------
General Obligation--9.4%
625M Bristol 5.2% 4/1/2014 648,138 273
1,000M Chesapeake Public Improvement 5% 5/1/2013 1,008,750 425
500M Virginia State Public School Authority 6 1/2% 8/1/2004* 567,500 239
- -----------------------------------------------------------------------------------------------------------------
2,224,388 937
- -----------------------------------------------------------------------------------------------------------------
Health Care--17.9%
1,150M Danville Ind. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2014 1,269,313 534
500M Hanover County Indl. Dev. Auth. (Bon Secours Health Sys. Projs.)
6% 8/15/2010 559,955 236
Roanoke Indl. Dev. Auth. (Roanoke Memorial Hospitals Projects):
295M 6 1/2% 7/1/2000* 309,381 130
155M 7 1/4% 7/1/2000* 167,787 71
1,675M 6 1/8% 7/1/2017 1,936,719 815
- -----------------------------------------------------------------------------------------------------------------
4,243,155 1,786
- -----------------------------------------------------------------------------------------------------------------
Transportation--20.4%
1,000M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2014 1,168,750 492
Richmond Metropolitan Authority Expressway Revenue:
280M 7% 10/15/2000* 313,950 132
1,075M 5 1/4% 7/15/2017 1,120,687 472
Washington, D.C. Metropolitan Area Transportation Authority:
1,000M 6% 7/1/2008 1,113,620 469
1,000M 6% 7/1/2010 1,121,980 472
- -----------------------------------------------------------------------------------------------------------------
4,838,987 2,037
- -----------------------------------------------------------------------------------------------------------------
Utilities--20.3%
750M Leesburg Utility System Revenue 6.3% 7/1/2002* 824,063 347
500M Loudoun County Sanitation Authority Water & Sewer Revenue
6 1/4% 1/1/2010 546,150 230
1,000M Norfolk Water Revenue 5 7/8% 11/1/2015 1,075,000 453
1,000M Prince William County Svc. Auth. Water & Sewer Sys. Rev.
6 1/2% 7/1/2001* 1,087,500 458
560M Roanoke County Water System Revenue 6 1/2% 7/1/2001* 609,000 256
625M Upper Occoquan Sewer Authority Regional Sewer Revenue
6 1/2% 7/1/2001* 679,688 286
- -----------------------------------------------------------------------------------------------------------------
4,821,401 2,030
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--21.8%
1,000M Chesapeake Indl. Dev. Auth. (Chesapeake Court House Proj.)
5 1/4% 6/1/2017 1,016,250 428
700M Frederick County Indl. Dev. Auth. (Govt. Complex Proj.)
6 1/2% 12/1/2014 784,000 330
1,000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,168,750 492
1,000M Richmond Redev. & Hsg. Auth. (Old Manchester Proj.) 6.8% 3/1/2015 1,137,500 479
1,000M Riverside Regional Jail Authority 5 7/8% 7/1/2014 1,077,500 454
- -----------------------------------------------------------------------------------------------------------------
5,184,000 2,183
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,906,107) 23,129,212 9,738
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.8%
200M Roanoke Industrial Development Authority (Carilion Health System)
Adjustable Rate Note 4.00%** (cost $200,000) 200,000 84
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $21,106,107) 98.2% 23,329,212 9,822
Other Assets, Less Liabilities 1.8 421,910 178
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,751,122 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer.
Interest rate shown is the rate in effect at June 30, 1998.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1998
- ------------------------- ------------------ -----------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED -----------------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- ------------------------- ------------------ -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $175,269,456 $17,894,894 $22,483,986 $2,799,019 $11,546,501
============ =========== =========== ========== ===========
At value (Note 1A) $190,832,585 $19,668,929 $24,932,850 $3,128,564 $12,589,574
Cash 57,113 21,188 103,635 17,156 47,216
Receivables
Interest 3,677,325 397,841 366,234 62,631 269,699
Shares sold 272,349 15,772 22,721 19,900 19,137
Investment securities sold -- -- -- -- --
------------ ----------- ----------- ---------- -----------
Total Assets 194,839,372 20,103,730 25,425,440 3,228,251 12,925,626
------------ ----------- ----------- ---------- -----------
Liabilities
Payables:
Investment securities purchased -- -- -- -- --
Dividend payable 707,537 72,775 91,480 12,515 48,665
Shares redeemed 388,270 -- 63,901 -- --
Accrued advisory fees 105,269 8,376 10,581 540 3,213
Accrued expenses 23,395 3,628 4,772 -- 2,712
------------ ----------- ----------- ---------- -----------
Total Liabilities 1,224,471 84,779 170,734 13,055 54,590
------------ ----------- ----------- ---------- -----------
Net Assets $193,614,901 $20,018,951 $25,254,706 $3,215,196 $12,871,036
============ =========== =========== ========== ===========
Net Assets Consist of:
Capital paid in $177,243,015 $18,363,561 $22,780,183 $2,888,041 $11,865,443
Undistributed net investment
income (deficit) 9,382 4,625 5,638 475 2,871
Accumulated net
realized gain (loss)
on investments 799,375 (123,270) 20,021 (2,865) (40,351)
Net unrealized
appreciation in value
of investments 15,563,129 1,774,035 2,448,864 329,545 1,043,073
------------ ----------- ----------- ---------- -----------
Total $193,614,901 $20,018,951 $25,254,706 $3,215,196 $12,871,036
============ =========== =========== ========== ===========
Net Assets:
Class A $188,854,179 $16,726,880 $24,393,012 $2,974,226 $11,007,210
Class B $ 4,760,722 $ 3,292,071 $ 861,694 $ 240,970 $1,863,826
Shares outstanding (Note 2):
Class A 12,762,154 1,266,050 1,798,085 226,707 817,945
Class B 321,791 249,355 63,513 18,387 138,537
Net asset value and
redemption price per
share--Class A $14.80 $13.21 $13.57 $13.12 $13.46
====== ====== ====== ====== ======
Maximum offering price
per share--Class A* $15.79 $14.09 $14.47 $13.99 $14.36
====== ====== ====== ====== ======
Net asset value and offering
price per share--Class B (Note 2) $14.79 $13.20 $13.57 $13.11 $13.45
====== ====== ====== ====== ======
<CAPTION>
Statement of Assets and Liabilities (continued)
- --------------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $20,451,656 $53,822,632 $7,335,170 $38,373,402 $21,106,107
=========== =========== ========== =========== ===========
At value (Note 1A) $22,390,823 $59,583,166 $7,844,703 $42,183,230 $23,329,212
Cash 80,521 206,461 106,859 84,080 19,382
Receivables:
Interest 378,679 1,252,313 129,870 606,210 479,063
Shares sold 281 57,343 30,580 44,821 37,820
Investment
securities sold -- -- -- 980,541 --
----------- ----------- ---------- ----------- -----------
Total Assets 22,850,304 61,099,283 8,112,012 43,898,882 23,865,477
----------- ----------- ---------- ----------- -----------
Liabilities
Payables:
Investment securities purchased -- -- -- 980,541 --
Dividend payable 88,162 222,647 29,584 154,734 85,905
Shares redeemed 13,794 53,191 -- 275 11,200
Accrued advisory fees 9,486 30,235 1,361 17,881 9,889
Accrued expenses 8,138 18,082 -- 3,951 7,361
----------- ----------- ---------- ----------- -----------
Total Liabilities 119,580 324,155 30,945 1,157,382 114,355
----------- ----------- ---------- ----------- -----------
Net Assets $22,730,724 $60,775,128 $8,081,067 $42,741,500 $23,751,122
=========== =========== ========== =========== ===========
Net Assets Consist of:
Capital paid in $20,530,077 $54,845,662 $7,663,407 $38,732,157 $21,475,071
Undistributed net investment
income (deficit) 4,504 4,882 1,231 5,130 (340)
Accumulated net realized
gain (loss) on investments 256,976 164,050 (93,104) 194,385 53,286
Net unrealized appreciation
in value of investments 1,939,167 5,760,534 509,533 3,809,828 2,223,105
----------- ----------- ---------- ----------- -----------
Total $22,730,724 $60,775,128 $8,081,067 $42,741,500 $23,751,122
=========== =========== ========== =========== ===========
Net Assets:
Class A $21,827,056 $58,561,901 $7,842,984 $40,769,050 $22,284,904
Class B $ 903,668 $ 2,213,227 $ 238,083 $ 1,972,450 $ 1,466,218
Shares outstanding
(Note 2):
Class A 1,797,569 4,408,524 617,179 3,069,654 1,686,442
Class B 74,456 166,891 18,740 148,626 111,056
Net asset value and redemption
price per share--Class A $12.14 $13.28 $12.71 $13.28 $13.21
====== ====== ====== ====== ======
Maximum offering price
per share--Class A* $12.95 $14.17 $13.56 $14.17 $14.09
====== ====== ====== ====== ======
Net asset value and offering
price per share--Class B (Note 2) $12.14 $13.26 $12.70 $13.27 $13.20
====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1998
- ------------------------- ------------------ ----------------------------------------------------------------
FIRST INVESTORS FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
NEW YORK INSURED ----------------------------------------------------------------
TAX FREE FUND, INC. CONNECTICUT FLORIDA GEORGIA MARYLAND
- ------------------------- ------------------ ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $5,612,296 $525,058 $675,528 $86,664 $341,155
---------- -------- -------- ------- --------
Expenses (Notes 1 and 5):
Advisory fees 733,587 73,068 94,984 12,282 47,980
Distribution plan
expenses--Class A 287,370 16,394 24,481 3,066 10,928
Distribution plan
expenses--Class B 20,216 15,457 4,037 1,049 9,330
Shareholder servicing
costs 91,088 8,784 9,346 1,720 5,844
Professional fees 14,659 3,449 4,549 611 2,264
Custodian fees 13,054 1,641 2,049 468 1,271
Reports to shareholders 8,854 613 638 72 236
Bond insurance premiums 9,952 1,280 -- -- 1,267
Other expenses 26,863 4,199 3,525 1,295 3,404
---------- -------- -------- ------- --------
Total expenses 1,205,643 124,885 143,609 20,563 82,524
Less: Expenses waived or assumed (97,812) (33,006) (37,126) (12,711) (41,816)
Custodian fees paid indirectly (8,902) (1,548) (1,759) (462) (1,248)
---------- -------- -------- ------- --------
Expenses--net 1,098,929 90,331 104,724 7,390 39,460
---------- -------- -------- ------- --------
Net investment income 4,513,367 434,727 570,804 79,274 301,695
---------- -------- -------- ------- --------
Realized and
Unrealized Gain (Loss) on
Investments (Note 4):
Net realized gain
on investments 799,968 17,080 20,021 8,350 38,666
Net unrealized appreciation
(depreciation) of investments (1,628,164) 39,296 (137,875) (10,105) (12,901)
---------- -------- -------- ------- --------
Net gain (loss) on investments (828,196) 56,376 (117,854) (1,755) 25,765
---------- -------- -------- ------- --------
Net Increase in Net Assets
Resulting from Operations $3,685,171 $491,103 $452,950 $77,519 $327,460
========== ======== ======== ======= ========
<CAPTION>
Statement of Operations (continued)
- ---------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------
NORTH
MASSACHUSETTS NEW JERSEY CAROLINA PENNSYLVANIA VIRGINIA
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Interest income $647,449 $1,689,472 $189,653 $1,163,198 $632,728
-------- ---------- -------- ---------- --------
Expenses (Notes 1 and 5):
Advisory fees 85,992 227,548 28,126 161,121 88,269
Distribution plan expenses--
Class A 22,117 58,549 7,298 41,082 22,124
Distribution plan expenses--
Class B 4,071 10,654 1,013 9,425 7,067
Shareholder servicing costs 13,199 23,921 3,162 16,095 11,904
Professional fees 4,276 10,910 1,278 7,690 4,257
Custodian fees 1,963 4,763 1,108 2,535 1,817
Reports to shareholders 932 1,740 459 1,134 778
Bond insurance premiums 315 833 157 593 1,083
Other expenses 5,255 7,215 1,880 5,683 5,995
-------- ---------- -------- ---------- --------
Total expenses 138,120 346,133 44,481 245,358 143,294
Less: Expenses waived or assumed (41,689) (45,510) (27,566) (53,707) (41,893)
Custodian fees paid indirectly (1,431) (2,548) (1,095) (2,237) (1,557)
-------- ---------- -------- ---------- --------
Expenses--net 95,000 298,075 15,820 189,414 99,844
-------- ---------- -------- ---------- --------
Net investment income 552,449 1,391,397 173,833 973,784 532,884
-------- ---------- -------- ---------- --------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain on investments 256,976 164,050 3,345 194,385 53,286
Net unrealized appreciation
(depreciation) of investments (362,567) (254,925) 20,923 (191,818) (70,270)
-------- ---------- -------- ---------- --------
Net gain (loss) on investments (105,591) (90,875) 24,268 2,567 (16,984)
-------- ---------- -------- ---------- --------
Net Increase in Net Assets
Resulting from Operations $446,858 $1,300,522 $198,101 $ 976,351 $515,900
======== ========== ======== ========== ========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- -----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE
FIRST INVESTORS INSURED TAX FREE FUND
NEW YORK INSURED ---------------------------
TAX FREE FUND, INC. CONNECTICUT
--------------------------- ---------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ------------------------------------------------------- --------------------------- ---------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 4,513,367 $ 9,669,364 $ 434,727 $ 795,326
Net realized gain on investments 799,968 999,973 17,080 50,520
Net unrealized appreciation (depreciation)
of investments (1,628,164) 4,334,404 39,296 584,046
------------ ------------ ----------- -----------
Net increase in net assets resulting from operations 3,685,171 15,003,741 491,103 1,429,892
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income--Class A (4,440,654) (9,533,619) (373,512) (727,487)
Net investment income--Class B (79,133) (124,703) (58,130) (69,611)
Net realized gains--Class A -- (991,578) -- --
Net realized gains--Class B -- (18,325) -- --
------------ ------------ ----------- -----------
Total distributions (4,519,787) (10,668,225) (431,642) (797,098)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 3,702,438 8,821,313 1,528,864 3,345,337
Reinvestment of distributions 2,682,473 7,725,167 248,221 577,348
Cost of shares redeemed (11,982,711) (29,029,473) (1,250,920) (3,536,484
------------ ------------ ----------- -----------
(5,597,800) (12,482,993) 526,165 386,201
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 1,238,504 1,309,248 426,608 1,650,444
Reinvestment of distributions 39,882 85,393 43,036 60,562
Cost of shares redeemed (106,729) (109,219) (78,356) (396,030)
------------ ------------ ----------- -----------
1,171,657 1,285,422 391,288 1,314,976
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions (4,426,143) (11,197,571) 917,453 1,701,177
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (5,260,759) (6,862,055) 976,914 2,333,971
Net Assets
Beginning of period 198,875,660 205,737,715 19,042,037 16,708,066
------------ ------------ ----------- -----------
End of period+ $193,614,901 $198,875,660 $20,018,951 $19,042,037
============ ============ =========== ===========
+Includes undistributed net investment income of $ 9,382 $ 15,802 $ 4,625 $ 1,540
============ ============ =========== ===========
(a)Shares Issued and Redeemed
Class A:
Sold 249,751 605,875 116,151 261,160
Issued for distributions reinvested 181,596 528,609 18,856 44,937
Redeemed (809,082) (1,993,188) (94,873) (276,898)
------------ ------------ ----------- -----------
Net increase (decrease) in--
Class A shares outstanding (377,735) (858,704) 40,134 29,199
============ ============ =========== ===========
Class B:
Sold 83,838 89,912 32,416 127,371
Issued for distributions reinvested 2,702 5,830 3,272 4,708
Redeemed (7,237) (7,506) (5,928) (30,991)
------------ ------------ ----------- -----------
Net increase in Class B shares outstanding 79,303 88,236 29,760 101,088
============ ============ =========== ===========
<CAPTION>
Statement of Changes in Net Assets (continued)
- ----------------------------------------------------- ------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------
FLORIDA GEORGIA
-------------------------- ------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ----------------------------------------------------- ------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 570,804 $ 1,129,186 $ 79,274 $ 168,712
Net realized gain on investments 20,021 67,791 8,350 30,180
Net unrealized appreciation (depreciation)
of investments (137,875) 918,984 (10,105) 119,243
----------- ------------ ----------- -----------
Net increase in net assets resulting
from operations 452,950 2,115,961 77,519 318,135
----------- ------------ ----------- -----------
Distributions to Shareholders
Net investment income--Class A (551,648) (1,103,241) (74,873) (160,266)
Net investment income--Class B (15,745) (25,765) (4,270) (8,102)
Net realized gains--Class A -- (64,428) -- --
Net realized gains--Class B -- (2,262) -- --
----------- ------------ ----------- -----------
Total distributions (567,393) (1,195,696) (79,143) (168,368)
----------- ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,079,317 3,953,847 144,778 311,222
Reinvestment of distributions 233,789 639,331 41,178 121,894
Cost of shares redeemed (1,649,612) (4,945,111) (361,769) (691,067)
----------- ------------ ----------- -----------
663,494 (351,933) (175,813) (257,951)
----------- ------------ ----------- -----------
Class B:
Proceeds from shares sold 48,206 383,014 34,784 46,095
Reinvestment of distributions 8,560 19,073 3,566 8,065
Cost of shares redeemed (27,850) (141,095) -- (11,387)
----------- ------------ ----------- -----------
28,916 260,992 38,350 42,773
----------- ------------ ----------- -----------
Net increase (decrease) from share transactions 692,410 (90,941) (137,463) (215,178)
----------- ------------ ----------- -----------
Net increase (decrease) in net assets 577,967 829,324 (139,087) (65,411)
Net Assets
Beginning of period 24,676,739 23,847,415 3,354,283 3,419,694
----------- ------------ ----------- -----------
End of period+ $25,254,706 $24,676,739 $ 3,215,196 $ 3,354,283
=========== ============ =========== ===========
+Includes undistributed net investment income of $ 5,638 $ 2,227 $ 475 $ 344
=========== ============ =========== ===========
(a)Shares Issued and Redeemed
Class A:
Sold 152,605 297,950 11,052 24,835
Issued for distributions reinvested 17,230 48,100 3,149 9,603
Redeemed (121,622) (373,839) (27,586) (54,774)
----------- ------------ ----------- -----------
Net increase (decrease) in--
Class A shares outstanding 48,213 (27,789) (13,385) (20,336)
=========== ============ =========== ===========
Class B:
Sold 3,530 28,887 2,654 3,668
Issued for distributions reinvested 631 1,432 273 635
Redeemed (2,061) (10,782) -- (895)
----------- ------------ ----------- -----------
Net increase in Class B shares outstanding 2,100 19,537 2,927 3,408
=========== ============ =========== ===========
<CAPTION>
Statement of Changes in Net Assets (continued)
- -----------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------- --------------------------
MARYLAND MASSACHUSETTS
-------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ----------------------------------------------------- -------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 301,695 $ 570,758 $ 552,449 $ 1,155,755
Net realized gain on investments 38,666 42,900 256,976 140,093
Net unrealized appreciation (depreciation)
of investments (12,901) 452,934 (362,567) 551,435
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 327,460 1,066,592 446,858 1,847,283
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (262,564) (511,125) (531,700) (1,133,213)
Net investment income--Class B (37,368) (58,525) (16,412) (26,803)
Net realized gains--Class A -- -- -- (137,168)
Net realized gains--Class B -- -- -- (4,721)
------------ ------------ ------------ ------------
Total distributions (299,932) (569,650) (548,112) (1,301,905)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 883,302 1,369,331 816,687 2,739,539
Reinvestment of distributions 129,071 315,673 348,001 983,401
Cost of shares redeemed (734,122) (1,531,338) (2,091,868) (3,944,233)
------------ ------------ ------------ ------------
278,251 153,666 (927,180) (221,293)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 130,356 755,812 122,214 242,414
Reinvestment of distributions 15,258 33,277 9,539 24,880
Cost of shares redeemed (67,861) (90,836) (7,940) (18,083)
------------ ------------ ------------ ------------
77,753 698,253 123,813 249,211
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 356,004 851,919 (803,367) 27,918
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 383,532 1,348,861 (904,621) 573,296
Net Assets
Beginning of period 12,487,504 11,138,643 23,635,345 23,062,049
------------ ------------ ------------ ------------
End of period+ $ 12,871,036 $ 12,487,504 $ 22,730,724 $ 23,635,345
============ ============ ============ ============
+Includes undistributed net investment income of $ 2,871 $ 1,108 $ 4,504 $ 167
============ ============ ============ ============
(a)Shares Issued and Redeemed
Class A:
Sold 65,881 105,429 67,065 228,885
Issued for distributions reinvested 9,642 24,226 28,670 81,842
Redeemed (54,687) (118,217) (171,623) (328,701)
------------ ------------ ------------ ------------
Net increase (decrease) in
Class A shares outstanding 20,836 11,438 (75,888) (17,974)
============ ============ ============ ============
Class B:
Sold 9,714 57,852 10,063 20,137
Issued for distributions reinvested 1,140 2,552 786 2,069
Redeemed (5,057) (6,964) (654) (1,506)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 5,797 53,440 10,195 20,700
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets (continued)
- ---------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------- --------------------------
NEW JERSEY NORTH CAROLINA
-------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ----------------------------------------------------- -------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,391,397 $ 2,894,916 $ 173,833 $ 299,883
Net realized gain on investments 164,050 538,959 3,345 14,963
Net unrealized appreciation (depreciation)
of investments (254,925) 1,458,613 20,923 254,334
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 1,300,522 4,892,488 198,101 569,180
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (1,353,037) (2,820,992) (169,069) (294,736)
Net investment income--Class B (40,704) (70,065) (3,841) (5,281)
Net realized gains--Class A -- (521,354) -- --
Net realized gains--Class B -- (17,683) -- --
------------ ------------ ------------ ------------
Total distributions (1,393,741) (3,430,094) (172,910) (300,017)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,705,139 5,185,860 1,230,708 1,277,363
Reinvestment of distributions 759,075 2,163,582 86,004 189,740
Cost of shares redeemed (4,054,789) (8,349,542) (195,764) (855,438)
------------ ------------ ------------ ------------
(590,575) (1,000,100) 1,120,948 611,665
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 336,475 514,175 61,154 125,284
Reinvestment of distributions 26,835 68,543 2,216 3,236
Cost of shares redeemed (157,876) (216,809) (10,799) (83,078)
------------ ------------ ------------ ------------
205,434 365,909 52,571 45,442
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (385,141) (634,191) 1,173,519 657,107
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (478,360) 828,203 1,198,710 926,270
Net Assets
Beginning of period 61,253,488 60,425,285 6,882,357 5,956,087
------------ ------------ ------------ ------------
End of period+ $ 60,775,128 $ 61,253,488 $ 8,081,067 $ 6,882,357
============ ============ ============ ============
+Includes undistributed net investment
income (defict) of $ 4,882 $ 7,226 $ 1,231 $ 308
============ ============ ============ ============
(a)Shares Issued and Redeemed
Class A:
Sold 203,206 397,509 97,041 103,107
Issued for distributions reinvested 57,176 164,789 6,802 15,450
Redeemed (304,672) (638,130) (15,470) (69,558)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A
shares outstanding (44,290) (75,832) 88,373 48,999
============ ============ ============ ============
Class B:
Sold 25,413 39,138 4,804 10,154
Issued for distributions reinvested 2,025 5,219 175 264
Redeemed (11,926) (16,522) (861) (6,823)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 15,512 27,835 4,118 3,595
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets (continued)
- ------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------- --------------------------
PENNSYLVANIA VIRGINIA
-------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- ----------------------------------------------------- -------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 973,784 $ 2,102,139 $ 532,884 $ 1,062,779
Net realized gain on investments 194,385 499,152 53,286 55,541
Net unrealized appreciation (depreciation)
of investments (191,818) 1,260,229 (70,270) 841,380
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 976,351 3,861,520 515,900 1,959,700
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (935,694) (2,053,887) (508,650) (1,017,300)
Net investment income--Class B (35,337) (48,614) (26,765) (49,137)
Net realized gains--Class A -- (481,910) -- (53,373)
Net realized gains--Class B -- (19,807) -- (3,353)
------------ ------------ ------------ ------------
Total distributions (971,031) (2,604,218) (535,415) (1,123,163)
------------ ------------ ------------ ------------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,768,597 4,830,698 956,478 1,989,565
Reinvestment of distributions 468,908 1,549,699 279,816 717,022
Cost of shares redeemed (3,695,796) (7,614,846) (1,068,984) (2,405,825)
------------ ------------ ------------ ------------
(1,458,291) (1,234,449) 167,310 300,762
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 239,193 965,794 128,978 372,554
Reinvestment of distributions 15,285 48,384 12,196 30,964
Cost of shares redeemed (22,214) (83,930) (63,839) (227,855)
------------ ------------ ------------ ------------
232,264 930,248 77,335 175,663
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (1,226,027) (304,201) 244,645 476,425
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,220,707) 953,101 225,130 1,312,962
Net Assets
Beginning of period 43,962,207 43,009,106 23,525,992 22,213,030
------------ ------------ ------------ ------------
End of period+ $ 42,741,500 $ 43,962,207 $ 23,751,122 $ 23,525,992
============ ============ ============ ============
+Includes undistributed net investment
income (defict) of $ 5,130 $ 2,377 $ (340) $ 2,191
============ ============ ============ ============
(a)Shares Issued and Redeemed
Class A:
Sold 133,295 373,121 72,544 155,283
Issued for distributions reinvested 35,404 118,522 21,252 55,601
Redeemed (278,307) (582,302) (81,287) (187,941)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A
shares outstanding (109,608) (90,659) 12,509 22,943
============ ============ ============ ============
Class B:
Sold 18,072 73,391 9,794 29,002
Issued for distributions reinvested 1,156 3,687 927 2,405
Redeemed (1,670) (6,492) (4,838) (17,762)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 17,558 70,586 5,883 13,645
============ ============= ============ ============
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, the
"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 (each a "Fund"). Multi-State Insured operates as a series
fund, issuing shares of beneficial interest in each Fund and accounts
separately for the assets, liabilities and operations of each Fund.
The investment objective of New York Insured is to provide a high level
of interest income which is exempt from federal income tax, New York
State and New York City personal income taxes.
The investment objective of each Fund of Multi-State Insured is to
achieve a high level of interest income which is exempt from federal
income tax and, to the extent indicated in the prospectus, from state
and local income taxes for residents of that state.
A. Security Valuation--The municipal securities in which the Funds
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Boards 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. "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. The Funds may retain any insured
municipal bond which is in default in the payment of principal or
interest until the default has been cured, or the principal and interest
outstanding are paid by an insurer or the issuer of any letter of credit
or other guarantee supporting such municipal bond. In such case, it is
the Funds' policy to value the defaulted bond daily based upon the value
of a comparable bond which is insured and not in default. In selecting a
comparable bond, the Funds will consider security type, rating, market
condition and yield. Each Fund may invest up to 35% of its assets in
portfolio securities not covered by the insurance feature.
B. Federal Income Taxes--It is the policy of the Funds to continue to
qualify as regulated investment companies, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in the Internal Revenue Code. The Funds
make distributions of income and net realized capital gains (in excess
of any available capital loss carryovers) sufficient to relieve them
from all, or substantially all, federal income taxes.
At June 30, 1998, capital loss carryovers were as
follows:
Year Capital Loss
Carryovers Expire
------------------------------------------------
MULTI-STATE INSURED Total 2002 2003 2004
- -------------------- ---------- --------- --------- ----------
CONNECTICUT Fund $140,350 $140,350 $ -- $ --
GEORGIA Fund 11,215 -- 7,648 3,567
MARYLAND Fund 79,017 66,252 -- 12,765
NORTH CAROLINA Fund 96,449 53,037 20,296 23,116
C. Distributions to Shareholders--Dividends from net investment income are
declared daily and paid monthly. Distributions from net realized capital
gains, if any, are generally declared and paid annually. Income dividends
and capital gain distributions are determined in accordance with income
tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments
for capital loss carryforwards, deferral of wash sales and post-October
losses.
D. Expense Allocation--Direct expenses attributable to a Fund are
charged to and paid from the assets of that Fund. Indirect or general
expenses of Multi-State Insured are allocated among and charged to the
assets of each Fund on a fair and equitable basis, which may be based on
the relative assets of each Fund or the nature of the services performed
and relative applicability to each Fund.
E. Security Transactions and Investment Income--Security transactions
are accounted for on the date the securities are purchased or sold. Cost
is determined, and gains and losses are based, on the identified cost
basis for both financial statement and federal income tax purposes.
Interest income is earned from settlement date and recorded on the
accrual basis. Estimated expenses are accrued daily. For the six months
ended June 30, 1998, the Funds' custodian has provided credits for the
New York Insured and Multi-State Insured in the amounts of $8,902 and
$13,885, 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--New York Insured and each Fund sells two classes of shares,
Class A and Class B, each with a public offering price that reflects
different sales charges and expense levels. Class A shares are sold with
an initial sales charge of up to 6.25% of the amount invested and
together with the Class B shares are subject to distribution plan fees
as described in Note 5. Class B shares are sold without an initial sales
charge, but are generally subject to a contingent deferred sales charge
which declines in steps from 4% to 0% over a six-year period. Class B
shares automatically convert into Class A shares after eight years.
Realized and unrealized gains or losses, investment income and expenses
(other than distribution plan fees) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class.
Of the 1,000,000,000 shares originally authorized, New York Insured has
designated 500,000,000 shares as Class A and 500,000,000 shares as Class B.
Multi-State Insured has established an unlimited number of shares of
beneficial interest for both Class A and Class B shares.
3. Concentration of Credit Risk--The Funds invest in debt instruments of
municipal issuers whose ability to meet their obligations may be
affected by economic developments in a State, industry or region.
4. Security Transactions--For the six months ended June 30, 1998,
purchases and sales of municipal securities, other than short-term
municipal notes, were as follows:
Cost Proceeds
of of
Purchases Sales
------------ ------------
NEW YORK INSURED $ 46,863,264 $ 59,288,883
MULTI-STATE INSURED
- -------------------
CONNECTICUT Fund 1,233,254 433,781
FLORIDA Fund 4,924,708 4,167,237
GEORGIA Fund 332,374 472,856
MARYLAND Fund 1,681,456 1,361,569
MASSACHUSETTS Fund 5,848,740 7,336,322
NEW JERSEY Fund 3,608,204 5,483,925
NORTH CAROLINA Fund 3,820,623 2,702,719
PENNSYLVANIA Fund 7,323,552 8,872,794
VIRGINIA Fund 3,350,844 3,146,868
At June 30, 1998, aggregate cost and net unrealized appreciation of
securities for federal income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Appreciation
------------ ------------ ------------ ------------
NEW YORK
INSURED $175,269,717 $15,562,868 $ -- $15,562,868
MULTI-STATE INSURED
- -------------------
CONNECTICUT
Fund 17,894,894 1,774,035 -- 1,774,035
FLORIDA
Fund 22,483,986 2,450,424 1,560 2,448,864
GEORGIA
Fund 2,799,019 329,545 -- 329,545
MARYLAND
Fund 11,546,501 1,043,073 -- 1,043,073
MASSACHUSETTS
Fund 20,451,656 1,939,167 -- 1,939,167
NEW JERSEY
Fund 53,822,632 5,762,114 1,580 5,760,534
NORTH CAROLINA
Fund 7,335,170 510,153 620 509,533
PENNSYLVANIA
Fund 38,373,402 3,809,828 -- 3,809,828
VIRGINIA
Fund 21,106,107 2,223,105 -- 2,223,105
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").
Directors/trustees of the Funds who are not "interested persons"
of the Funds as defined in the 1940 Act are remunerated by the Funds.
For the six months ended June 30, 1998, total directors/trustees
fees accrued by New York Insured and Multi-State Insured amounted to
$4,500 and $3,627, respectively.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of each Fund, declining by .03%
on each $250 million thereafter, down to .66% on average daily net
assets over $750 million. For the six months ended June 30, 1998,
advisory fees of New York Insured amounted to $733,587, of which $97,812
was waived. For the same period, advisory fees for Multi-State Insured
amounted to $819,370 of which $271,740 was waived; other expenses in the
amount of $63,284 were assumed by FIMCO.
For the six months ended June 30, 1998, FIC, as underwriter, received
$86,711 in commissions on sales of shares of New York Insured, after
allowing $15,238 to other dealers, and $310,876 in commissions on sales
of shares of Multi-State Insured, after allowing $123,560 to other
dealers. Shareholder servicing costs of New York Insured and Multi-State
Insured consisted of $61,358 and $65,760, respectively, in transfer
agent fees accrued to ADM.
Pursuant to Distribution Plans adopted by the Funds under Rule 12b-1 of
the 1940 Act, each Fund is authorized to pay FIC a fee up to .30% of the
average daily net assets of the Class A shares and up to 1% of the
average daily net assets of the Class B shares on an annualized basis
each fiscal year, payable monthly. For the six months ended June 30,
1998, FIC was paid a fee of .20% of the average daily net assets of the
Class A shares of Multi-State Insured. 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.
6. Rule 144A Securities--Under Rule 144A, certain restricted securities
are exempt from the registration requirements of the Securities Act of
1933 and may only be resold to qualified institutional investors. At
June 30, 1998, New York Insured held three 144A securities with an
aggregate value of $9,262,575 representing approximately 4.78% of the
Fund's net assets. These securities are valued as set forth in Note 1A.
<TABLE>
<CAPTION>
Financial Highlights
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1993 $14.72 $.809 $ .608 $ 1.417 $.820 $.137
1994 15.18 .758 (1.510) (.752) .768 --
1995 13.66 .738 1.331 2.069 .740 .059
1996 14.93 .719 (.298) .421 .720 .091
1997 14.54 .709 .395 1.104 .708 .076
1/1/98 to 6/30/98 14.86 .345 (.060) .285 .345 --
Class B
1995* 13.76 .616 1.232 1.848 .619 .059
1996 14.93 .617 (.306) .311 .620 .091
1997 14.53 .608 .406 1.014 .608 .076
1/1/98 to 6/30/98 14.86 .292 (.071) .221 .291 --
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1993 $12.05 $.615 $ 1.053 $1.668 $.625 $.043
1994 13.05 .609 (1.480) (.871) .609 --
1995 11.57 .617 1.333 1.950 .620 --
1996 12.90 .619 (.202) .417 .617 --
1997 12.70 .613 .471 1.084 .614 --
1/1/98 to 6/30/98 13.17 .304 .038 .342 .302 --
Class B
1995* 11.67 .512 1.242 1.754 .524 --
1996 12.90 .522 (.204) .318 .518 --
1997 12.70 .516 .470 .986 .516 --
1/1/98 to 6/30/98 13.17 .251 .028 .279 .249 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1993 $.957 $15.18 9.82 $211,967 1.27 5.35
1994 .768 13.66 (5.03) 193,916 1.28 5.30
1995 .799 14.93 15.45 215,259 1.23 5.10
1996 .811 14.54 2.95 203,496 1.23 4.93
1997 .784 14.86 7.82 195,273 1.17 4.86
1/1/98 to 6/30/98 .345 14.80 1.94 188,854 1.12+ 4.63+
Class B
1995* .678 14.93 13.66 1,156 2.00+ 4.34+
1996 .711 14.53 2.18 2,242 1.93 4.23
1997 .684 14.86 7.16 3,602 1.87 4.16
1/1/98 to 6/30/98 .291 14.79 1.51 4,761 1.82+ 3.93+
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1993 $.668 $13.05 14.10 $ 17,202 .80 4.83
1994 .609 11.57 (6.75) 14,848 .87 5.01
1995 .620 12.90 17.18 16,725 .85 4.98
1996 .617 12.70 3.37 15,203 .81 4.92
1997 .614 13.17 8.77 16,151 .80 4.78
1/1/98 to 6/30/98 .302 13.21 2.63 16,727 .80+ 4.59+
Class B
1995* .524 12.90 15.28 857 1.71+ 4.12+
1996 .518 12.70 2.57 1,505 1.61 4.12
1997 .516 13.17 7.95 2,891 1.60 3.98
1/1/98 to 6/30/98 .249 13.20 2.14 3,292 1.60+ 3.79+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS NEW YORK
INSURED TAX FREE FUND, INC.
Class A
1993 N/A N/A 31
1994 N/A N/A 55
1995 N/A N/A 53
1996 N/A N/A 53
1997 1.22 4.81 24
1/1/98 to 6/30/98 1.22+ 4.53+ 25
Class B
1995* N/A N/A 53
1996 N/A N/A 53
1997 1.92 4.11 24
1/1/98 to 6/30/98 1.92+ 3.83+ 25
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
CONNECTICUT FUND
Class A
1993 1.15 4.48 29
1994 1.22 4.66 63
1995 1.20 4.63 26
1996 1.23 4.50 15
1997 1.17 4.41 14
1/1/98 to 6/30/98 1.15+ 4.24+ 2
Class B
1995* 2.07+ 3.76+ 26
1996 2.02 3.71 15
1997 1.97 3.61 14
1/1/98 to 6/30/98 1.95+ 3.44+ 2
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (Note 5).
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
FLORIDA FUND
Class A
1993 $12.21 $.664 $ 1.032 $1.696 $.671 $.095
1994 13.14 .642 (1.346) (.704) .646 --
1995 11.79 .640 1.527 2.167 .647 --
1996 13.31 .623 (.198) .425 .625 --
1997 13.11 .624 .547 1.171 .624 .037
1/1/98 to 6/30/98 13.62 .310 (.052) .258 .308 --
Class B
1995* 11.87 .529 1.460 1.989 .549 --
1996 13.31 .530 (.204) .326 .526 --
1997 13.11 .531 .552 1.083 .526 .037
1/1/98 to 6/30/98 13.63 .255 (.061) .194 .254 --
GEORGIA FUND
Class A
1993 $11.42 $.603 $ 1.091 $1.694 $.619 $.005
1994 12.49 .584 (1.165) (.581) .579 --
1995 11.33 .653 1.387 2.040 .650 --
1996 12.72 .639 (.161) .478 .648 --
1997 12.55 .639 .578 1.217 .637 --
1/1/98 to 6/30/98 13.13 .323 (.011) .312 .322 --
Class B
1995* 11.42 .529 1.303 1.832 .542 --
1996 12.71 .563 (.183) .380 .550 --
1997 12.54 .524 .584 1.108 .538 --
1/1/98 to 6/30/98 13.11 .269 (.001) .268 .268 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
FLORIDA FUND
Class A
1993 $.766 $13.14 14.19 $ 21,397 .45 5.20
1994 .646 11.79 (5.39) 19,765 .62 5.24
1995 .647 13.31 18.77 22,229 .75 5.05
1996 .625 13.11 3.34 23,299 .83 4.80
1997 .661 13.62 9.18 23,840 .80 4.71
1/1/98 to 6/30/98 .308 13.57 1.92 24,393 .80+ 4.56+
Class B
1995* .549 13.31 17.06 299 1.68+ 4.12+
1996 .526 13.11 2.56 549 1.62 4.01
1997 .563 13.63 8.38 837 1.60 3.91
1/1/98 to 6/30/98 .254 13.57 1.44 862 1.60+ 3.76+
GEORGIA FUND
Class A
1993 $.624 $12.49 15.16 $ 1,469 .13 4.96
1994 .579 11.33 (4.69) 2,065 .20 4.99
1995 .650 12.72 18.40 3,047 .20 5.41
1996 .648 12.55 3.94 3,269 .38 5.17
1997 .637 13.13 10.00 3,152 .40 5.03
1/1/98 to 6/30/98 .322 13.12 2.41 2,974 .40+ 4.92+
Class B
1995* .542 12.71 16.34 97 1.00+ 4.61+
1996 .550 12.54 3.13 151 1.19 4.36
1997 .538 13.11 9.07 203 1.20 4.23
1/1/98 to 6/30/98 .268 13.11 2.07 241 1.20+ 4.12+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
FLORIDA FUND
Class A
1993 1.10 4.55 53
1994 1.19 4.67 98
1995 1.15 4.65 68
1996 1.16 4.47 55
1997 1.11 4.40 19
1/1/98 to 6/30/98 1.09+ 4.27+ 17
Class B
1995* 2.09+ 3.70+ 68
1996 1.95 3.68 55
1997 1.91 3.60 19
1/1/98 to 6/30/98 1.89+ 3.47+ 17
GEORGIA FUND
Class A
1993 1.84 3.24 50
1994 1.93 3.26 78
1995 1.42 4.20 45
1996 1.44 4.11 37
1997 1.33 4.10 21
1/1/98 to 6/30/98 1.20+ 4.12+ 10
Class B
1995* 2.22+ 3.40+ 45
1996 2.25 3.30 37
1997 2.13 3.30 21
1/1/98 to 6/30/98 2.00+ 3.32+ 10
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (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.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
MARYLAND FUND
Class A
1993 $12.11 $.653 $ 1.083 $1.736 $.660 $.036
1994 13.15 .644 (1.373) (.729) .651 --
1995 11.77 .668 1.348 2.016 .666 --
1996 13.12 .650 (.235) .415 .655 --
1997 12.88 .652 .549 1.201 .651 --
1/1/98 to 6/30/98 13.43 .326 .028 .354 .324 --
Class B
1995* 11.85 .561 1.279 1.840 .570 --
1996 13.12 .555 (.249) .306 .556 --
1997 12.87 .551 .556 1.107 .547 --
1/1/98 to 6/30/98 13.43 .272 .018 .290 .270 --
MASSACHUSETTS FUND
Class A
1993 $11.71 $.653 $ .716 $ 1.369 $.660 $.139
1994 12.28 .627 (1.267) (.640) .630 --
1995 11.01 .612 1.227 1.839 .613 .016
1996 12.22 .603 (.256) .347 .602 .045
1997 11.92 .601 .356 .957 .603 .074
1/1/98 to 6/30/98 12.20 .296 (.062) .234 .294 --
Class B
1995* 11.09 .508 1.155 1.663 .527 .016
1996 12.21 .514 (.263) .251 .506 .045
1997 11.91 .508 .353 .861 .507 .074
1/1/98 to 6/30/98 12.19 .247 (.051) .196 .246 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
MARYLAND FUND
Class A
1993 $.696 $13.15 14.62 $ 6,643 .45 5.16
1994 .651 11.77 (5.59) 6,904 .45 5.27
1995 .666 13.12 17.50 8,666 .48 5.32
1996 .655 12.88 3.33 10,118 .51 5.10
1997 .651 13.43 9.59 10,705 .50 5.01
1/1/98 to 6/30/98 .324 13.46 2.67 11,007 .50+ 4.85+
Class B
1995* .570 13.12 15.82 423 1.38+ 4.42+
1996 .556 12.87 2.45 1,021 1.31 4.30
1997 .547 13.43 8.81 1,782 1.30 4.21
1/1/98 to 6/30/98 .270 13.45 2.19 1,864 1.30+ 4.05+
MASSACHUSETTS FUND
Class A
1993 $.799 $12.28 11.93 $23,653 .90 5.37
1994 .630 11.01 (5.30) 20,838 .95 5.45
1995 .629 12.22 17.07 23,180 .90 5.22
1996 .647 11.92 2.99 22,543 .86 5.08
1997 .677 12.20 8.27 22,852 .80 5.01
1/1/98 to 6/30/98 .294 12.14 1.95 21,827 .80+ 4.86+
Class B
1995* .543 12.21 15.28 314 1.76+ 4.36+
1996 .551 11.91 2.16 519 1.66 4.28
1997 .581 12.19 7.41 783 1.60 4.21
1/1/98 to 6/30/98 .246 12.14 1.63 904 1.60+ 4.06+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
MARYLAND FUND
Class A
1993 1.28 4.33 50
1994 1.34 4.37 44
1995 1.24 4.55 49
1996 1.24 4.37 13
1997 1.18 4.33 35
1/1/98 to 6/30/98 1.17+ 4.18+ 11
Class B
1995* 2.19+ 3.61+ 49
1996 2.05 3.57 13
1997 1.98 3.53 35
1/1/98 to 6/30/98 1.97+ 3.38+ 11
MASSACHUSETTS FUND
Class A
1993 1.15 5.12 32
1994 1.20 5.20 64
1995 1.15 4.97 40
1996 1.18 4.76 45
1997 1.15 4.66 28
1/1/98 to 6/30/98 1.12+ 4.54+ 26
Class B
1995* 2.01+ 4.10+ 40
1996 1.98 3.96 45
1997 1.95 3.86 28
1/1/98 to 6/30/98 1.92+ 3.74+ 26
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (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.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1993 $12.67 $.680 $ .947 $ 1.627 $.684 $.103
1994 13.51 .659 (1.448) (.789) .661 --
1995 12.06 .648 1.291 1.939 .652 .097
1996 13.25 .636 (.245) .391 .636 .015
1997 12.99 .630 .427 1.057 .629 .118
1/1/98 to 6/30/98 13.30 .309 (.020) .289 .309 --
Class B
1995* 12.14 .526 1.199 1.725 .528 .097
1996 13.24 .533 (.253) .280 .535 .015
1997 12.97 .525 .433 .958 .530 .118
1/1/98 to 6/30/98 13.28 .254 (.019) .235 .255 --
NORTH CAROLINA FUND
Class A
1993 $11.37 $.595 $ .962 $1.557 $.604 $.043
1994 12.28 .594 (1.380) (.786) .594 --
1995 10.90 .608 1.391 1.999 .609 --
1996 12.29 .590 (.159) .431 .591 --
1997 12.13 .597 .530 1.127 .597 --
1/1/98 to 6/30/98 12.66 .296 .049 .345 .295 --
Class B
1995* 10.99 .492 1.307 1.799 .499 --
1996 12.29 .496 (.161) .335 .495 --
1997 12.13 .497 .534 1.031 .501 --
1/1/98 to 6/30/98 12.66 .245 .036 .281 .241 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1993 $.787 $13.51 13.09 $64,558 .96 5.12
1994 .661 12.06 (5.91) 55,379 .99 5.21
1995 .749 13.25 16.41 59,153 .99 5.06
1996 .651 12.99 3.09 58,823 .98 4.92
1997 .747 13.30 8.36 59,243 .96 4.81
1/1/98 to 6/30/98 .309 13.28 2.20 58,562 .96+ 4.62+
Class B
1995* .625 13.24 14.45 957 1.81+ 4.24+
1996 .550 12.97 2.22 1,603 1.78 4.12
1997 .648 13.28 7.56 2,011 1.76 4.01
1/1/98 to 6/30/98 .255 13.26 1.78 2,213 1.76+ 3.82+
NORTH CAROLINA FUND
Class A
1993 $.647 $12.28 13.98 $ 3,883 .13 4.99
1994 .594 10.90 (6.45) 3,872 .20 5.22
1995 .609 12.29 18.72 4,984 .20 5.18
1996 .591 12.13 3.68 5,822 .38 4.94
1997 .597 12.66 9.56 6,697 .40 4.87
1/1/98 to 6/30/98 .295 12.71 2.76 7,843 .40+ 4.69+
Class B
1995* .499 12.29 16.65 75 1.00+ 4.38+
1996 .495 12.13 2.85 134 1.20 4.12
1997 .501 12.66 8.71 185 1.20 4.07
1/1/98 to 6/30/98 .241 12.70 2.24 238 1.20+ 3.89+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
NEW JERSEY FUND
Class A
1993 1.11 4.97 44
1994 1.14 5.06 60
1995 1.14 4.91 30
1996 1.13 4.77 35
1997 1.11 4.66 22
1/1/98 to 6/30/98 1.11+ 4.47+ 6
Class B
1995* 1.97+ 4.08+ 30
1996 1.93 3.97 35
1997 1.91 3.86 22
1/1/98 to 6/30/98 1.91+ 3.67+ 6
NORTH CAROLINA FUND
Class A
1993 1.28 3.83 32
1994 1.44 3.99 61
1995 1.36 4.03 76
1996 1.31 4.02 43
1997 1.23 4.04 30
1/1/98 to 6/30/98 1.16+ 3.93+ 37
Class B
1995* 2.16+ 3.23+ 76
1996 2.12 3.20 43
1997 2.03 3.24 30
1/1/98 to 6/30/98 1.96+ 3.13+ 37
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (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.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
PENNSYLVANIA FUND
Class A
1993 $12.26 $.667 $ 1.048 $1.715 $.663 $.152
1994 13.16 .627 (1.447) (.820) .630 --
1995 11.71 .638 1.463 2.101 .635 .036
1996 13.14 .622 (.197) .425 .627 .028
1997 12.91 .624 .523 1.147 .624 .153
1/1/98 to 6/30/98 13.28 .305 (.001) .304 .304 --
Class B
1995* 11.81 .539 1.376 1.915 .549 .036
1996 13.14 .529 (.201) .328 .530 .028
1997 12.91 .526 .510 1.036 .523 .153
1/1/98 to 6/30/98 13.27 .251 (.001) .250 .250 --
VIRGINIA FUND
Class A
1993 $12.23 $.636 $ .915 $1.551 $.639 $.082
1994 13.06 .611 (1.383) (.772) .608 --
1995 11.68 .625 1.370 1.995 .629 .036
1996 13.01 .626 (.195) .431 .624 .067
1997 12.75 .615 .504 1.119 .617 .032
1/1/98 to 6/30/98 13.22 .304 (.009) .295 .305 --
Class B
1995* 11.76 .510 1.286 1.796 .520 .036
1996 13.00 .525 (.194) .331 .524 .067
1997 12.74 .513 .505 1.018 .516 .032
1/1/98 to 6/30/98 13.21 .250 (.009) .241 .251 --
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
PENNSYLVANIA FUND
Class A
1993 $.815 $13.16 14.28 $35,514 .79 5.17
1994 .630 11.71 (6.31) 33,542 .88 5.11
1995 .671 13.14 18.29 39,980 .86 5.07
1996 .655 12.91 3.39 42,228 .86 4.86
1997 .777 13.28 9.14 42,223 .85 4.79
1/1/98 to 6/30/98 .304 13.28 2.32 40,769 .86+ 4.56+
Class B
1995* .585 13.14 16.49 247 1.72+ 4.20+
1996 .558 12.91 2.61 781 1.66 4.06
1997 .676 13.27 8.23 1,739 1.65 3.99
1/1/98 to 6/30/98 .250 13.27 1.90 1,972 1.66+ 3.76+
VIRGINIA FUND
Class A
1993 $.721 $13.06 12.94 $24,684 .81 4.97
1994 .608 11.68 (5.97) 22,325 .85 5.01
1995 .665 13.01 17.42 25,193 .81 5.01
1996 .691 12.75 3.47 21,047 .79 4.93
1997 .649 13.22 9.03 22,136 .80 4.78
1/1/98 to 6/30/98 .305 13.21 2.26 22,285 .80+ 4.59+
Class B
1995* .556 13.00 15.53 991 1.66+ 4.16+
1996 .591 12.74 2.66 1,166 1.59 4.13
1997 .548 13.21 8.19 1,390 1.60 3.98
1/1/98 to 6/30/98 .251 13.20 1.84 1,466 1.60+ 3.79+
<CAPTION>
Financial Highlights (Continued)
The following table sets forth the per share operating performance data
for a share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
FIRST INVESTORS MULTI-STATE
INSURED TAX FREE FUND
PENNSYLVANIA FUND
Class A
1993 1.10 4.86 37
1994 1.13 4.86 81
1995 1.11 4.82 48
1996 1.11 4.61 42
1997 1.10 4.54 37
1/1/98 to 6/30/98 1.11+ 4.31+ 17
Class B
1995* 1.98+ 3.94+ 48
1996 1.91 3.81 42
1997 1.90 3.74 37
1/1/98 to 6/30/98 1.91+ 3.51+ 17
VIRGINIA FUND
Class A
1993 1.16 4.62 39
1994 1.20 4.66 55
1995 1.16 4.66 34
1996 1.20 4.52 30
1997 1.16 4.42 10
1/1/98 to 6/30/98 1.17+ 4.22+ 14
Class B
1995* 2.02+ 3.80+ 34
1996 2.00 3.72 30
1997 1.96 3.62 10
1/1/98 to 6/30/98 1.97+ 3.42+ 14
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (Note 5).
See notes to financial statements
</TABLE>
Independent Auditors' Report
To the Shareholders and Boards of Directors/Trustees of
First Investors New York Insured Tax Free Fund, Inc. and
First Investors Multi-State Insured Tax Free Fund
Connecticut, Florida, Georgia, Maryland, Massachusetts,
New Jersey, North Carolina, Pennsylvania and Virginia Funds
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of First Investors New York
Insured Tax Free Fund, Inc. and the nine Funds of First Investors
Multi-State Insured Tax Free Fund listed above as of June 30, 1998, the
related statement of operations for the six months then ended, the
statement of changes in net assets for the six months ended June 30,
1998 and the year ended December 31, 1997 and financial highlights for
each of 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 audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of June 30, 1998, by correspondence
with the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of First Investors New York Insured Tax Free Fund,
Inc. and each of the nine Funds of First Investors Multi-State Insured
Tax Free Fund listed above as of June 30, 1998, and the results of their
operations, changes in their net assets and financial highlights for the
periods indicated thereon, in conformity with generally accepted
accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1998
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Directors/Trustees
- --------------------------------------------------------------------
James J. Coy (Emeritus)
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- --------------------------------------------------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
Shareholder Information
- --------------------------------------------------------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Eight Penn Center Plaza
Philadelphia, PA 19103
It is the Funds' practice to mail only one copy of their annual and
semi-annual reports to any address at which more than one shareholder
with the same last name has indicated that mail is to be delivered.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Funds will ensure
that separate reports are sent to any shareholder who subsequently
changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Funds' prospectus.
<PAGE>
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
95 WALL STREET
NEW YORK, NY 10005
FIMS-149
First Investors Logo
Logo is described as follows: The arabic numeral one separated into seven
vertical segments followed by the words "First Investors."
A MEMBER OF THE
FIRST INVESTORS FINANCIAL NETWORK
The words "BULK RATE U.S. POSTAGE PAID PERMIT NO. 7379" appear in a box to
the right of a circle containing the words "MAILED FROM ZIP CODE 11201" which
appears to the right of the above language in the printed piece.
Vertically reading from bottom to top in the center of the page the words
"FIRST INVESTORS" appear in the printed piece.
First Investors
Multi-State Insured
Tax Free Fund
Arizona Fund
California Fund
Colorado Fund
Michigan Fund
Minnesota Fund
Missouri Fund
Ohio Fund
Oregon Fund
SEMI-
ANNUAL
REPORT
JUNE 30, 1998
Chief Investment Officer's Market Overview Letter
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Funds
Dear Investor:
We are pleased to present the semi-annual report for the above eight
funds of First Investors Multi-State Insured Tax Free Fund for the six
months ended June 30, 1998. Although both the bond and stock markets
suffered setbacks at times during the first six months of the year, the
combination of moderate growth, low inflation, and respectable corporate
earnings reports helped provide a positive environment for investors in
most types of funds.
The U.S. economy remained strong for the first half of 1998,
with sustained, moderate growth and low levels of inflation and
unemployment. Inflation remained low, as the Consumer Price Index rose
just 1.7% for the twelve months ended June 30. The unemployment rate
continued to be low, at 4.5% as of June 30, 1998. Consumer confidence
remained high, encouraged by the robust domestic economy and rising
income levels.
In general, our long-term outlook for the financial markets continues
to be positive. The economy appears to be growing moderately, inflation
remains subdued and the Federal Reserve appears unlikely to tolerate
unsustainably fast economic growth. In regard to the stock market, we
are encouraged by the underlying fundamentals of the U.S. economy.
However, we are cautioned by a number of situations, including the
struggles in Asia. We are concerned about the effect this region's
difficulties may have on U.S. growth and corporate earnings. We are also
concerned about the relative lack of pricing power and the prospects
that the lofty level of gains posted year-to-date can continue into the
second half of 1998.
With regard to the bond market, interest rates continue to remain in a
tight range; we believe the Federal Reserve is likely to maintain
current interest rates. Continued weak Asian markets, low inflation in
the U.S. and the Federal budget surplus should support an environment of
low interest rates and high bond prices. However, the continued strength
of the U.S. economy could result in higher interest rates and inflation,
notwithstanding Asia. In this event, bond fund values would decline.
Thank you for your continued confidence in First Investors. As always,
we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
First Investors Management Company, Inc.
July 31, 1998
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.2%
Certificates of Participation--6.0%
Arizona State:
$ 100M 6.1% 5/1/2007 $ 107,493 $ 100
375M 6 1/4% 9/1/2010 408,345 380
100M Arizona State Municipal Financing Program 7.7% 8/1/2010 124,750 116
- -----------------------------------------------------------------------------------------------------------------
640,588 596
- -----------------------------------------------------------------------------------------------------------------
Education--1.0%
100M Arizona State University Revenue 7% 7/1/2001* 110,125 103
- -----------------------------------------------------------------------------------------------------------------
General Obligation--40.6%
Maricopa County:
235M School District #3 (Tempe) 7.3% 7/1/2009 291,308 271
400M School District #11 (Peoria) 6.1% 7/1/2010 436,096 406
100M School District #14 (Creighton) 7 7/8% 7/1/2006 123,110 115
1,000M School District #41 (Gilbert) Zero Coupon 1/1/2008 649,570 605
300M School District #68 (Alhambra) 6 3/4% 7/1/2014 341,196 318
380M School District #80 (Chandler) 6 1/4% 7/1/2011 437,965 408
220M School District #80 (Chandler) 6 1/4% 7/1/2011* 248,600 231
100M School District #92 (Pendergast Elementary) 6 5/8% 7/1/2000* 106,125 99
200M School District #231 (Tempe) 7% 7/1/2008 239,684 223
500M Mohave County Unified School District #1 (Lake Havasu) 5% 7/1/2015 499,990 465
145M Pima County Unified School District #13 (Tanque Verde) 6.7% 7/1/2004* 165,358 154
100M Puerto Rico Commonwealth 6.6% 7/1/2002* 110,875 103
200M Santa Cruz County School District #35, 6% 7/1/2008 217,556 203
Yavapai County:
230M Elementary School District #6 (Cottonwood-Oak Creek) 6.7% 7/1/2009 259,215 241
215M Elementary School District #28 (Camp Verde) 6% 7/1/2008 235,526 219
- -----------------------------------------------------------------------------------------------------------------
4,362,174 4,061
- -----------------------------------------------------------------------------------------------------------------
Health Care--11.6%
650M Maricopa County Ind. Dev. Auth. (Samaritan Health Svcs.) 7% 12/1/2016 814,125 758
100M Mohave County Hosp. Dist. #1 (Kingman Reg. Med. Ctr.) 6.45% 6/1/2008 108,190 101
300M Pima County Ind. Dev. Auth. (Tucson Med. Ctr.) 6 3/8% 4/1/2012 325,125 302
- -----------------------------------------------------------------------------------------------------------------
1,247,440 1,161
- -----------------------------------------------------------------------------------------------------------------
Housing--1.1%
110M Phoenix Hsg. Fin. Corp. Mtg. Rev. 6.65% 7/1/2006 114,675 107
- -----------------------------------------------------------------------------------------------------------------
Transportation--5.0%
385M Phoenix Airport Revenue 6 1/4% 7/1/2012 425,906 396
100M Phoenix Street & Highway User Revenue 6 1/4% 7/1/2002* 108,125 101
- -----------------------------------------------------------------------------------------------------------------
534,031 497
- -----------------------------------------------------------------------------------------------------------------
Utilities--16.1%
200M Central Arizona Water Conservation District Zero Coupon 5/1/2005 148,142 138
Chandler Water & Sewer Revenue:
200M 7 1/4% 7/1/2013 254,500 237
225M 5 1/2% 7/1/2015 235,125 219
225M Gilbert Water & Sewer Revenue 6 1/2% 7/1/2012 251,156 234
350M Mesa Utility Systems Revenue 6 1/8% 7/1/2007* 398,125 370
100M Peoria Water & Sewer Revenue 6.6% 7/1/2004 105,387 98
250M Tucson Water Revenue 8% 7/1/2006* 335,938 313
- -----------------------------------------------------------------------------------------------------------------
1,728,373 1,609
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--16.8%
250M Bullhead City Mun. Ppty. Corp. Excise Tax Rev. 5% 7/1/2012 252,813 236
305M Casa Grande Excise Tax Rev. 6.1% 4/1/2009 333,987 311
500M Phoenix Civic Impt. Corp. Water System Rev. 5% 7/1/2016 500,000 465
250M Phoenix Civic Impt. Mun. Facs. Excise Tax Rev. 6.6% 7/1/2004* 285,312 266
400M Sierra Vista Mun. Ppty. Corp. Mun. Facs. Rev. 6% 1/1/2011 435,240 405
- -----------------------------------------------------------------------------------------------------------------
1,807,352 1,683
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $9,475,519) 98.2% 10,544,758 9,817
Other Assets, Less Liabilities 1.8 196,604 183
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,741,362 $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
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--100.8%
Certificates of Participation--7.8%
$ 500M Castaic Lake Water Agency Water System Impt. Proj. 7% 8/1/2012 $ 614,375 $ 399
500M San Diego County Inmate Reception Center 6 3/4% 8/1/2004* 576,875 375
- -----------------------------------------------------------------------------------------------------------------
1,191,250 774
- -----------------------------------------------------------------------------------------------------------------
General Obligation--13.4%
370M Greenfield School District 7.1% 8/1/2012 388,766 253
500M San Ramon Valley Unified School District Zero Coupon 7/1/2016 198,750 129
Walnut Valley School District:
750M 6% 8/1/2012 846,562 550
500M 7.2% 2/1/2016 630,625 410
- -----------------------------------------------------------------------------------------------------------------
2,064,703 1,342
- -----------------------------------------------------------------------------------------------------------------
Health Care--3.2%
500M California Health Facilities Fin. Auth. Rev. (Enloe Hlth. Sys.)
5% 11/15/2018 490,000 319
- -----------------------------------------------------------------------------------------------------------------
Utilities--7.8%
575M East Bay Municipal Utility District 6.4% 6/1/2004* 652,625 424
250M Fresno Water Revenue 6 1/4% 9/1/2014 288,750 188
250M Los Angeles Wastewater System 7% 6/1/1999* 261,853 170
- -----------------------------------------------------------------------------------------------------------------
1,203,228 782
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--68.6%
500M Barstow Redevelopment Agency 7% 9/1/2014 616,250 401
100M California Public Capital Impt. Fin. Auth. Rev. 8.1% 3/1/2018 102,732 67
1,315M California State Public Works Board 6 1/2% 12/1/2008 1,536,906 999
130M Emeryville Pub. Fing. Auth. (Civic Ctr. Fing. Proj.) 5% 5/1/2028 126,588 82
1,000M Long Beach Financing Authority Revenue 6% 11/1/2017 1,130,000 735
500M Los Angeles County Cmnty. Facs. Dist. No. 5
(Rowland Heights Area) 5% 9/1/2019 490,000 318
300M Sacramento Redev. Agency Merged Downtown Redev. Proj.
6 3/4% 11/1/2005 324,375 211
640M San Francisco City & Cnty. Pkg. Auth. Rev. 7% 6/1/2011 749,600 487
500M San Francisco City & Cnty. Redev. Agy. (Moscone Ctr.) 6 3/4% 7/1/2015 566,875 368
500M San Jose Redevelopment Agency 6% 8/1/2015 563,125 366
700M San Mateo Joint Powers Authority Lease Revenue 6 1/2% 7/1/2015 827,750 538
500M San Rafael Redevelopment Agency 6.45% 12/1/2017 549,375 357
500M Santa Ana Financing Authority Lease Rev. 6 1/4% 7/1/2015 577,500 375
750M Santa Margarita/Dana Point Impt. Dist. 7 1/4% 8/1/2010 933,750 607
750M South Gate Public Financing Authority 6% 10/1/2012 846,562 550
500M South Orange County Public Finance Authority 7% 9/1/2011 613,750 399
- -----------------------------------------------------------------------------------------------------------------
10,555,138 6,860
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $13,788,701) 100.8% 15,504,319 10,077
Excess of Liabilities Over Other Assets (.8) (118,596) (77)
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $15,385,723 $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
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.8%
Education--9.3%
$ 225M Colorado Postsecondary Educ. Facs. Auth. Rev. (Aurora Fndtn. Proj.)
6% 9/1/2015 $ 242,719 $ 640
100M University of Northern Colorado Revenue 6% 6/1/2004* 110,125 291
- -----------------------------------------------------------------------------------------------------------------
352,844 931
- -----------------------------------------------------------------------------------------------------------------
General Obligation--42.9%
150M Bayfield School District #10, 6 1/2% 6/1/2009 168,188 444
250M Douglas County School District #RE 1, 8% 12/15/2009 327,832 865
150M Eagle Garfield & Routt Cntys. School District #RE 50J, 6.3% 12/1/2012 167,211 442
150M El Paso County School District #020, 6.2% 12/15/2007 170,796 451
150M Garfield County School District #RE 2, 6.15% 12/1/2003* 165,562 437
150M Garfield Pitkin & Eagle Cntys. School District #RE 1, 6.6% 6/15/2004* 170,438 450
150M Puerto Rico Commonwealth 6 1/4% 7/1/2012 173,250 457
100M Summit County School District #RE 1, 6.55% 12/1/2004* 113,375 299
150M Yuma Hospital District 6.4% 11/1/2004* 168,937 446
- -----------------------------------------------------------------------------------------------------------------
1,625,589 4,291
- -----------------------------------------------------------------------------------------------------------------
Health Care--12.9%
Colorado Health Facilities Authority (Sisters of Charity):
100M 6 1/4% 5/15/2012 116,375 307
100M 5% 12/1/2013 100,500 265
250M Colorado Springs Hospital Revenue 6% 12/15/2015 273,125 721
- -----------------------------------------------------------------------------------------------------------------
490,000 1,293
- -----------------------------------------------------------------------------------------------------------------
Transportation--10.7%
100M Arapahoe County Capital Improv. Highway Rev. (E-470)
6.05% 8/31/2005* 110,375 291
150M Denver City & County Airport Revenue 5 3/4% 11/15/2016 159,375 421
115M Puerto Rico Commonwealth Hwy. & Transn. Auth. Rev. 6 1/4% 7/1/2014 134,406 355
- -----------------------------------------------------------------------------------------------------------------
404,156 1,067
- -----------------------------------------------------------------------------------------------------------------
Utilities--11.3%
150M Westminster Water & Wastewater Util. Enterprise Rev. 6% 12/1/2009 162,387 429
150M Widefield Water & Sanitary District Water & Sewer Rev. 5.6% 12/1/2026 156,938 414
100M Woodland Park Wastewater Util. Rev. 6.05% 12/1/2013 109,000 288
- -----------------------------------------------------------------------------------------------------------------
428,325 1,131
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--9.7%
100M Pueblo Urban Renewal Authority Tax Increment Rev. 6.05% 12/1/2012 108,500 286
100M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2014 108,875 287
130M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 151,450 400
- -----------------------------------------------------------------------------------------------------------------
368,825 973
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,326,431) 96.8% 3,669,739 9,686
Other Assets, Less Liabilities 3.2 118,818 314
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,788,557 $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
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.4%
Education--2.7%
$1,000M Grand Valley Michigan State University Revenue 5 1/2% 2/1/2018 $ 1,068,750 $ 268
- -----------------------------------------------------------------------------------------------------------------
General Obligation--51.8%
1,055M Calhoun County Water Supply System 5 3/4% 5/1/2019 1,115,705 280
325M Chippewa Valley Schools 7.1% 5/1/2001* 357,500 90
1,000M Detroit City School District 5.85% 5/1/2016 1,072,450 269
1,000M Detroit Downtown Development Series "A" 5 3/4% 7/15/2015 1,065,580 268
1,000M East Detroit School District 6.1% 5/1/2016 1,086,640 273
1,000M Genesee County Sewer Disposal System 5.4% 4/1/2013 1,035,120 260
1,000M Grand Ledge Public School District 7 7/8% 5/1/2004* 1,203,750 302
1,000M Gull Lake Community School District Zero Coupon 5/1/2013 478,920 120
1,000M Huron School District Zero Coupon 5/1/2015 427,260 107
1,000M Lake Orion Community School District 7% 5/1/2005* 1,172,500 294
1,000M Lincoln Park School District 7% 5/1/2006* 1,185,000 297
1,000M Michigan State Environmental Protection Program 6 1/4% 11/1/2012 1,158,990 291
1,000M Montrose Township School District 6.2% 5/1/2017 1,146,480 288
450M Oak Park 7.2% 5/1/2002* 505,688 127
1,000M Portage Lake Water & Sewer Authority 6.1% 10/1/2014 1,096,640 275
1,195M Redford Unified School District 6 3/8% 5/1/2010 1,393,669 350
800M Rochester School District 5 5/8% 5/1/2011 868,168 218
250M Romulus Community Schools 6 3/4% 5/1/2001* 272,500 68
380M Saline Building Authority 7.1% 7/1/2009 416,434 105
1,000M South Lake Schools 5 1/8% 5/1/2014 1,026,700 258
1,000M Waterford Township School District 6 1/4% 6/1/2004* 1,113,750 280
300M White Cloud Public Schools 7.1% 5/1/2000* 319,875 80
1,000M Zeeland Public Schools 6% 5/1/2004* 1,107,500 278
- -----------------------------------------------------------------------------------------------------------------
20,626,819 5,178
- -----------------------------------------------------------------------------------------------------------------
Health Care--6.5%
500M Kalamazoo Hosp. Fin. Auth. Rev. (Bronson Methodist Hosp.)
5 1/4% 5/15/2018 503,750 126
Michigan State Hospital Financial Authority Revenue:
1,000M St. John's Hospital 6% 5/15/2008 1,075,380 270
1,000M Oakwood Obligation Group 5% 8/15/2012 1,007,500 253
- -----------------------------------------------------------------------------------------------------------------
2,586,630 649
- -----------------------------------------------------------------------------------------------------------------
Housing--1.3%
500M Michigan State Housing Dev. Auth. Single-Family Mtge. Rev.
7.3% 12/1/2016 523,750 132
- -----------------------------------------------------------------------------------------------------------------
Transportation--7.7%
1,500M Puerto Rico Commonwealth Hwy. & Transn. Hwy. Rev. 6 1/4% 7/1/2015 1,755,000 441
1,190M Wayne Charter County (Detroit Metropolitan Airport) 6 3/4% 12/1/2001* 1,313,462 330
- -----------------------------------------------------------------------------------------------------------------
3,068,462 771
- -----------------------------------------------------------------------------------------------------------------
Utilities--20.9%
Detroit Water Supply System:
400M 6 3/8% 7/1/2002* 439,500 110
1,750M 5.55% 7/1/2012 1,890,000 475
1,275M 6 1/2% 7/1/2015 1,518,844 381
1,000M Kalamazoo Water Revenue 6% 9/1/2015 1,086,250 273
Michigan State Strategic Fund (Detroit Edison):
1,750M 6.95% 5/1/2011 2,127,650 534
500M 7% 5/1/2021 636,875 160
500M Monroe County Economic Development Corporation (Detroit Edison)
6.95% 9/1/2022 641,875 161
- -----------------------------------------------------------------------------------------------------------------
8,340,994 2,094
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--8.5%
1,000M Grand Rapids Downtown Development Authority
Zero Coupon 6/1/2009 605,170 152
Michigan Municipal Bond Authority Revenue:
1,500M 6.55% 11/1/2008 1,697,100 426
1,000M 6 1/8% 5/1/2014 1,091,250 274
- -----------------------------------------------------------------------------------------------------------------
3,393,520 852
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $35,528,005) 99.4% 39,608,925 9,944
Other Assets, Less Liabilities .6 224,178 56
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $39,833,103 $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
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.8%
Certificates of Participation--5.4%
$ 400M Minneapolis Special School District #001, 5.9% 2/1/2012 $ 432,500 $ 541
- -----------------------------------------------------------------------------------------------------------------
Education--5.5%
400M University of Minnesota 5 3/4% 7/1/2017 437,500 547
- -----------------------------------------------------------------------------------------------------------------
General Obligation--35.3%
325M Becker Wastewater Treatment 5.8% 2/1/2010 344,120 430
180M Blaine Series "A" Fire Improvement 6.8% 2/1/2001* 190,575 238
150M Cass Lake Independent School District #115, 6 5/8% 2/1/2001* 158,437 198
285M Inner Grove Heights Independent School District #199, 5 3/4% 2/1/2012 304,594 380
100M Koochiching County Independent School District #363, 4.7% 2/1/2016 97,427 122
280M Lakeville 5 1/2% 2/1/2011 294,297 368
405M Lino Lakes 5.7% 2/1/2012 435,051 544
275M Minnesota State 6 1/4% 8/1/2002* 297,344 371
350M North St. Paul Maplewood Independent School District #622,
7.1% 2/1/2005* 406,438 508
650M Rosemount Independent School District No. #196, Zero Coupon 4/1/2014 298,187 373
- -----------------------------------------------------------------------------------------------------------------
2,826,470 3,532
- -----------------------------------------------------------------------------------------------------------------
Health Care--20.8%
195M Duluth Economic Development Authority (Duluth Clinic) 6.2% 11/1/2012 211,819 265
200M Hibbing Health Care Facilities Revenue (Duluth Clinic) 5 1/2% 11/1/2016 207,750 260
Minneapolis & St. Paul Hsg. & Redev. Auth. Health Care System:
150M Childrens Health Care 5.7% 8/15/2016 158,625 198
180M Health One 7.4% 8/15/2011 194,625 243
250M Minneapolis Hospital Revenue (Fairview Hospital) 6 1/2% 1/1/2011 271,250 339
200M Minnesota Agric. & Eco. Dev. Brd. (Fairview Hospital) 5 3/4% 11/15/2026 214,000 267
170M St. Cloud Hosp. Facs. Rev. (St. Cloud Hosp.) Series "B" 7% 7/1/2001* 187,000 234
200M St. Louis Park Hosp. Rev. Facs. (Methodist Hospital) 7 1/4% 7/1/2000* 216,500 271
- -----------------------------------------------------------------------------------------------------------------
1,661,569 2,077
- -----------------------------------------------------------------------------------------------------------------
Housing--18.9%
120M Eagen Multi-Family Housing (Forest Ridge Apts.) 7 1/2% 3/1/2027 123,900 155
Minnesota State Housing Finance Authority:
625M Rental Housing Revenue 5.9% 8/1/2015 658,594 823
Single Family Mortgage Revenue:
80M 6.9% 7/1/2009 85,900 108
70M 7.7% 7/1/2014 73,850 92
225M 6.4% 1/1/2015 241,031 301
St. Paul Housing & Redevelopment Authority:
65M Multi-Family Housing Revenue 7 1/2% 3/1/2026 (Defaulted)(Note 1A) 68,062 85
240M Single Family Mortgage Revenue 6 1/4% 9/1/2014 257,700 322
- -----------------------------------------------------------------------------------------------------------------
1,509,037 1,886
- -----------------------------------------------------------------------------------------------------------------
Utilities--9.0%
150M Northern Municipal Power Agency Electric System Revenue
5 1/4% 1/1/2017 153,562 192
210M Southern Minn. Municipal Power Agency Power Supply System
5 3/4% 1/1/2018* 222,600 278
325M Western Minn. Municipal Power Agency 5 1/2% 1/1/2011 344,906 431
- -----------------------------------------------------------------------------------------------------------------
721,068 901
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--3.9%
300M Scott County Hsg. & Redev. Auth. Fac. Lease Rev. 5 1/2% 12/1/2015 313,125 391
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,326,750) 98.8% 7,901,269 9,875
Other Assets, Less Liabilities 1.2 100,178 125
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,001,447 $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--MISSOURI FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.6%
Certificates of Participation--2.3%
$ 50M Richmond Heights Capital Improvement Projects 5.3% 8/15/2017 $ 50,625 $ 233
- -----------------------------------------------------------------------------------------------------------------
General Obligation--14.3%
50M Lincoln County Reorg. School District #3, 6.1% 3/1/2005* 55,437 254
90M Puerto Rico Commonwealth 6 1/4% 7/1/2012 103,950 478
50M Springfield School District 7% 3/1/2008 60,261 277
80M St. Charles School District 6 1/2% 2/1/2006* 91,800 422
- -----------------------------------------------------------------------------------------------------------------
311,448 1,431
- -----------------------------------------------------------------------------------------------------------------
Health Care--27.1%
Missouri State Health & Educational Facilities Authority:
140M BJC Health System 6 3/4% 5/15/2011 166,702 766
90M Health Midwest 6.1% 6/1/2011 98,672 453
125M Sisters of Sorrowful Mother Healthcare 6 1/4% 6/1/2007 135,735 623
100M New Liberty Hospital District Revenue 5.1% 12/1/2023 98,750 454
80M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs. 6 1/4% 7/1/2016 88,700 408
- -----------------------------------------------------------------------------------------------------------------
588,559 2,704
- -----------------------------------------------------------------------------------------------------------------
Housing--4.4%
90M Missouri State Hsg. Devel. Comm. (Ecumenical Housing) 5.8% 3/1/2010 95,175 437
- -----------------------------------------------------------------------------------------------------------------
Transportation--8.5%
75M Kansas City Airport Revenue 6 7/8% 9/1/2004* 86,531 397
85M Puerto Rico Commonwealth Highway & Transportation Authority
6 1/4% 7/1/2013 99,238 456
- -----------------------------------------------------------------------------------------------------------------
185,769 853
- -----------------------------------------------------------------------------------------------------------------
Utilities--19.7%
80M Liberty Sewer System Revenue 6.15% 2/1/2015 88,900 408
Missouri State Env. Impt. & Energy Res. Auth. Water Poll. Control:
80M 6% 1/1/2016 84,800 390
85M 6.05% 7/1/2016 92,119 423
150M St. Louis Water and Sewer Revenue 6% 7/1/2014 162,750 748
- -----------------------------------------------------------------------------------------------------------------
428,569 1,969
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--21.3%
Clay County Public Bldg. Authority Leasehold Revenue:
50M 7% 5/15/2004* 57,313 263
100M 5 1/8% 5/15/2014 101,250 465
80M Excelsior Springs School Dist. Bldg. Corp. Leasehold Rev.
6 1/2% 3/1/2009 86,862 399
St. Louis Municipal Financing Corp. Leasehold Revenue:
40M 6 1/4% 2/15/2005* 44,700 206
80M 5 3/4% 8/1/2013 85,300 392
80M Warren County Public Facs. Authority Leasehold Revenue
6.3% 6/1/2010 88,224 405
- -----------------------------------------------------------------------------------------------------------------
463,649 2,130
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $1,933,544) 97.6% 2,123,794 9,757
Other Assets, Less Liabilities 2.4 52,801 243
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $2,176,595 $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
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.3%
General Obligation--73.0%
$1,000M Adams County Valley Local School District 7% 12/1/2015 $1,241,250 $ 631
800M Avon Local School District 6 1/2% 12/1/2015 946,584 481
500M Batavia Local School District 7% 12/1/2005* 591,875 301
1,000M Beaver Creek Local School District 6.6% 12/1/2015 1,194,830 607
425M Bedford Heights 6 1/2% 12/1/2014 475,919 242
500M Brecksville-Broadview Heights City School District 6 1/2% 12/1/2016 568,245 289
250M Cardington & Lincoln Local School District 6.6% 12/1/2014 271,997 138
Cleveland:
500M 6 3/8% 7/1/2002* 550,625 280
250M 6 5/8% 11/15/2004* 287,188 146
500M Clyde-Green Springs Exempted Village School District 7% 12/1/2013 580,150 295
450M Dublin 6.4% 12/1/2014 524,812 267
525M East Clinton Local School District 6 7/8% 12/1/2009 603,288 306
265M Finneytown Local School District 6 1/4% 12/1/2012 305,206 155
700M Garfield Heights 6.3% 12/1/2014 772,079 392
500M Lakeview Local School District 6.9% 12/1/2004* 582,500 296
500M Lakewood City School District 6.95% 12/1/2015 575,580 292
270M Muskingum County 7.2% 12/1/2010 293,263 149
500M North Royalton City School District 6% 12/1/2014 558,480 284
250M Olmsted Falls Local School District 6.85% 12/15/2004* 290,938 148
350M Portage County 6.2% 12/1/2014 384,118 195
285M Shaker Heights City School District 7.1% 12/15/2010 345,563 176
250M Springfield Local School District 7 1/8% 12/1/2012 271,415 138
Summit County:
115M 6.9% 8/1/2012 125,560 64
550M 6.4% 12/1/2014 615,313 313
250M Toledo 6 1/2% 12/1/2002* 278,437 141
500M Tuscarawas Valley Local School District 6.6% 12/1/2015 569,925 290
250M Valley View 7% 12/1/2000* 271,875 138
250M Wayne Local School District 6.45% 12/1/2011 293,670 149
- -----------------------------------------------------------------------------------------------------------------
14,370,685 7,303
- -----------------------------------------------------------------------------------------------------------------
Health Care--9.4%
255M Franklin County Hospital Revenue (Holy Cross Health System)
7 5/8% 6/1/2009 273,806 139
500M Lorain County Hosp. Rev. (Catholic Healthcare Partners)
5 1/2% 9/1/2011 526,250 267
125M Lucas County Hosp. Impt. Rev. (St. Vincent Med. Ctr.)
6 3/4% 8/15/2000* 133,281 68
300M Montgomery County (Sisters of Charity Health Care)
6 1/4% 5/15/2003* 330,000 168
125M Parma Hosp. Impt. (Parma Cmnty. General Hosp. Assoc.)
7.2% 11/15/2008 128,896 65
400M Trumbull County Hospital Revenue 6.9% 11/15/2003* 452,500 230
- -----------------------------------------------------------------------------------------------------------------
1,844,733 937
- -----------------------------------------------------------------------------------------------------------------
Utilities--15.5%
600M Alliance Sewer System Revenue 6% 10/15/2010 656,250 333
340M Cleveland Waterworks Revenue 6 1/2% 1/1/2002* 372,300 189
280M Hamilton Wastewater Revenue 5.9% 10/15/2011 306,600 156
165M Ohio State Air Quality Dev. Auth. Rev. (Ohio Power Co.) 7.4% 8/1/2009 172,973 88
750M Ohio State Water Dev. Auth. Rev. Fresh Water Series 5% 6/1/2016 747,188 380
250M Ohio State Water Dev. Auth. Rev. Pure Water Series 7% 12/1/2009 294,062 149
200M Toledo Water Revenue 6% 11/15/2007 220,000 112
250M Warren Waterworks Revenue 5 1/2% 11/1/2015 270,938 138
- -----------------------------------------------------------------------------------------------------------------
3,040,311 1,545
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--1.4%
250M Ohio State Building Auth. (Juvenile Correction Projects) 6.6% 10/1/2014 281,562 143
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $17,654,909) 99.3% 19,537,291 9,928
Other Assets, Less Liabilities .7 142,613 72
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $19,679,904 $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--OREGON FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.6%
Certificates of Participation--5.9%
$ 500M Oregon State Dept. of Administrative Services 5.65% 5/1/2012 $ 538,750 $ 420
100M Oregon State Dept. of General Services 6% 9/1/2010 106,800 83
100M Washington County Educational Service District 7% 6/1/2005* 116,625 91
- -----------------------------------------------------------------------------------------------------------------
762,175 594
- -----------------------------------------------------------------------------------------------------------------
Education--4.3%
200M Chemeketa Community College District 6.4% 7/1/2009 226,268 176
100M Multnomah County Educl. Facs. (Univ. of Portland) 5.1% 4/1/2013 102,375 80
200M Oregon State Hlth. & Hsg. Educl. & Cult. Facs. (Lewis & Clark College)
6% 10/1/2013 218,750 170
- -----------------------------------------------------------------------------------------------------------------
547,393 426
- -----------------------------------------------------------------------------------------------------------------
General Obligation--45.9%
300M Chemeketa Community College District 5.8% 6/1/2006* 330,750 258
200M Clackamas County School District #115, 5.8% 6/1/2008 220,250 171
250M Jackson County School District #005 (Ashland) 5.7% 6/1/2007 273,713 213
200M Josephine County School District (Three Rivers) 5.65% 12/1/2008 213,004 166
200M Klamath County Series "A" 5.3% 6/1/2011 214,102 167
245M La Grande 5 5/8% 6/1/2011 260,464 203
Lane County School District:
200M #019 (Springfield) 6 1/4% 10/15/2004* 224,500 175
250M #019 (Springfield) 6% 10/15/2014 279,375 218
115M #052 (Bethel) 7% 12/1/2006 136,161 106
200M Lincoln County School District 5 1/4% 6/15/2012 207,240 162
180M Linn County School District #095 (Scio) 5 3/4% 7/15/2011 192,013 150
100M Marion & Linn Counties Elem. School Dist. #077J (Stayton)
6.1% 7/1/2009 110,190 86
200M Polk Marion & Benton Counties School District #13, 5 1/2% 12/1/2008 213,662 167
Puerto Rico Commonwealth:
540M 6 1/4% 7/1/2012 623,700 486
650M 6 1/4% 7/1/2013 752,375 586
250M Tillamook County 5.6% 1/15/2012 266,373 208
Umatilla County School District #016R (Pendleton):
200M 6% 7/1/2004* 221,000 172
500M 5 1/4% 7/1/2014 519,795 405
170M Washington County School District #003 (Hillsboro) 6% 11/1/2005* 189,125 147
200M Washington County School District #88 (Sherwood) 6.1% 6/1/2012 218,176 170
200M Yamhill County School District #029J (Newberg) 6.1% 6/1/2004* 221,250 172
- -----------------------------------------------------------------------------------------------------------------
5,887,218 4,588
- -----------------------------------------------------------------------------------------------------------------
Health Care--2.2%
25M Clackamas County Health Facs. Auth. (Adventist Health)
6.35% 3/1/2009 27,088 21
250M Medford Hospital Facs. Auth. (Asante Health System)
5 1/4% 8/15/2013 255,625 199
- -----------------------------------------------------------------------------------------------------------------
282,713 220
- -----------------------------------------------------------------------------------------------------------------
Housing--5.5%
Oregon State Housing & Community Svcs. Dept. Mtge. Rev. Single
Family Mortgage Program:
250M 6% 7/1/2012 271,250 212
400M 5.95% 7/1/2013 427,500 333
- -----------------------------------------------------------------------------------------------------------------
698,750 545
- -----------------------------------------------------------------------------------------------------------------
Transportation--8.0%
Oregon State Department of Transportation Revenue:
100M 7% 6/1/2004 114,161 89
100M 6.2% 6/1/2008 110,534 86
200M 6 1/4% 6/1/2009 222,022 173
500M Puerto Rico Highway & Transportation Authority Highway Revenue
6 1/4% 7/1/2014 584,375 456
- -----------------------------------------------------------------------------------------------------------------
1,031,092 804
- -----------------------------------------------------------------------------------------------------------------
Utilities--23.0%
Emerald Peoples Utility District:
100M 6.4% 11/1/2001* 107,500 84
325M 7.35% 11/1/2011 412,490 321
200M Klamath Falls Water Revenue 6.1% 6/1/2014 218,250 170
250M Marion County Solid Waste & Elec. Revenue 5 3/8% 10/1/2008 265,780 207
250M Portland Gas Tax Revenue 5 3/4% 6/1/2012 270,000 210
Portland Sewer System Revenue:
400M 6.2% 6/1/2004* 445,500 347
200M 6 1/4% 6/1/2004* 222,750 174
250M Salem Water & Sewer Revenue 5 1/2% 6/1/2012 265,000 207
200M South Fork Water Board Water Revenue 6% 2/1/2014 219,750 171
Washington County Unified Sewer Agency:
250M 5 3/4% 10/1/2012 279,375 218
240M 5 1/2% 10/1/2014 255,300 199
- -----------------------------------------------------------------------------------------------------------------
2,961,695 2,308
- -----------------------------------------------------------------------------------------------------------------
Other Revenue--3.8%
100M Puerto Rico Municipal Finance Agency 6% 7/1/2014 108,875 85
325M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 378,625 295
- -----------------------------------------------------------------------------------------------------------------
487,500 380
- -----------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $11,703,264) 98.6% 12,658,536 9,865
Other Assets, Less Liabilities 1.4 173,032 135
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $12,831,568 $10,000
=================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 1998
- -------------------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $ 9,475,519 $13,788,701 $3,326,431 $35,528,005
=========== =========== =========== ===========
At value (Note 1A) $10,544,758 $15,504,319 $3,669,739 $39,608,925
Cash 73,705 182,771 101,448 40,019
Receivables:
Interest 217,820 240,392 34,057 501,992
Investment securities sold -- 494,287 -- --
Trust shares sold 47 25,905 141 36,036
----------- ----------- ----------- -----------
Total Assets 10,836,330 16,447,674 3,805,385 40,186,972
----------- ----------- ----------- -----------
Liabilities
Payables:
Investment securities purchased -- 815,116 -- --
Dividend payable 42,225 57,761 14,696 144,611
Trust shares redeemed 50,000 178,226 1,500 188,626
Accrued advisory fees 2,691 6,442 632 16,683
Accrued expenses 52 4,406 -- 3,949
----------- ----------- ----------- -----------
Total Liabilities 94,968 1,061,951 16,828 353,869
----------- ----------- ----------- -----------
Net Assets $10,741,362 $15,385,723 $3,788,557 $39,833,103
=========== =========== =========== ===========
Net Assets Consist of:
Capital paid in $ 9,733,200 $13,568,158 $3,463,606 $35,584,999
Undistributed net investment income 1,728 7,958 877 7,096
Accumulated net realized gain (loss)
on investments (62,805) 93,989 (19,234) 160,088
Net unrealized appreciation in value
of investments 1,069,239 1,715,618 343,308 4,080,920
----------- ----------- ----------- -----------
Total $10,741,362 $15,385,723 $3,788,557 $39,833,103
=========== =========== =========== ===========
Net Assets:
Class A $10,338,041 $14,960,155 $3,424,271 $38,804,527
Class B $ 403,321 $ 425,568 $ 364,286 $ 1,028,576
Trust shares outstanding (Note 2):
Class A 767,288 1,237,145 263,146 2,975,483
Class B 29,947 35,206 28,013 78,931
Net asset value and redemption price
per share--Class A $13.47 $12.09 $13.01 $13.04
=========== =========== =========== ===========
Maximum offering price per share--
Class A* $14.37 $12.90 $13.88 $13.91
=========== =========== =========== ===========
Net asset value and offering price
per share--Class B (Note 2) $13.47 $12.09 $13.00 $13.03
=========== =========== =========== ===========
<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 $7,326,750 $1,933,544 $17,654,909 $11,703,264
=========== =========== =========== ===========
At value (Note 1A) $7,901,269 $2,123,794 $19,537,291 $12,658,536
Cash 10,130 23,459 90,515 109,521
Receivables:
Interest 174,143 38,204 148,892 177,798
Investment securities sold -- -- 489,476 --
Trust shares sold -- -- 1,464 410
----------- ----------- ----------- -----------
Total Assets 8,085,542 2,185,457 20,267,638 12,946,265
----------- ----------- ----------- -----------
Liabilities
Payables:
Investment securities purchased -- -- 487,524 --
Dividend payable 32,986 8,495 73,506 47,886
Trust shares redeemed 46,748 -- 9,551 63,557
Accrued advisory fees 2,030 367 8,234 3,220
Accrued expenses 2,331 -- 8,919 34
----------- ----------- ----------- -----------
Total Liabilities 84,095 8,862 587,734 114,697
----------- ----------- ----------- -----------
Net Assets $8,001,447 $2,176,595 $19,679,904 $12,831,568
=========== =========== =========== ===========
Net Assets Consist of:
Capital paid in $7,503,116 $2,048,820 $17,724,340 $12,038,202
Undistributed net investment income 2,822 336 6,705 3,383
Accumulated net realized gain (loss)
on investments (79,010) (62,811) 66,477 (165,289)
Net unrealized appreciation in value
of investments 574,519 190,250 1,882,382 955,272
----------- ----------- ----------- -----------
Total $8,001,447 $2,176,595 $19,679,904 $12,831,568
=========== =========== =========== ===========
Net Assets:
Class A $7,956,046 $2,056,524 $19,295,897 $11,934,008
Class B $ 45,401 $ 120,071 $ 384,007 $ 897,560
Trust shares outstanding (Note 2):
Class A 683,725 160,717 1,523,210 947,413
Class B 3,901 9,382 30,327 71,334
Net asset value and redemption price
per share--Class A $11.64 $12.80 $12.67 $12.60
=========== =========== =========== ===========
Maximum offering price per share--
Class A* $12.42 $13.65 $13.51 $13.44
=========== =========== =========== ===========
Net asset value and offering price
per share--Class B (Note 2) $11.64 $12.80 $12.66 $12.58
=========== =========== =========== ===========
*On purchases of $25,000 or more, the sales charge is reduced.
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Six Months Ended June 30, 1998
- ------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------------
ARIZONA CALIFORNIA COLORADO MICHIGAN
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest income $281,198 $420,646 $101,002 $1,093,969
---------- ---------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 39,305 58,186 14,318 150,857
Distribution plan expenses--Class A 10,056 15,199 3,462 39,228
Distribution plan expenses--Class B 2,121 1,585 1,781 5,008
Shareholder servicing costs 3,824 5,602 2,602 16,211
Professional fees 1,841 2,866 699 7,326
Custodian fees 1,245 1,785 574 3,552
Reports to shareholders 187 387 131 1,137
Bond insurance premiums 96 335 -- 931
Other expenses 2,580 2,172 1,293 6,549
---------- ---------- ---------- ----------
Total expenses 61,255 88,117 24,860 230,799
Less: Expenses waived or assumed (32,110) (23,995) (15,228) (50,286)
Custodian fees paid indirectly (1,226) (745) (567) (1,574)
---------- ---------- ---------- ----------
Expenses--net 27,919 63,377 9,065 178,939
---------- ---------- ---------- ----------
Net investment income 253,279 357,269 91,937 915,030
---------- ---------- ---------- ----------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain on investments 22,141 93,989 5,008 160,088
Net unrealized appreciation (depreciation)
of investments (11,821) (132,145) 801 (229,782)
---------- ---------- ---------- ----------
Net gain (loss) on investments 10,320 (38,156) 5,809 (69,694)
---------- ---------- ---------- ----------
Net Increase in Net Assets Resulting
from Operations $263,599 $319,113 $ 97,746 $ 845,336
========== ========== ========== ==========
<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 $229,344 $54,093 $539,336 $327,251
---------- ---------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fees 30,758 7,584 73,512 47,765
Distribution plan expenses--Class A 8,157 1,904 19,238 11,910
Distribution plan expenses--Class B 223 593 1,827 4,135
Shareholder servicing costs 4,796 1,265 11,986 6,707
Professional fees 1,502 360 3,583 2,283
Custodian fees 809 334 1,677 1,303
Reports to shareholders 179 72 741 32
Bond insurance premiums 872 37 559 435
Other expenses 2,641 990 4,565 2,612
---------- ---------- ---------- ----------
Total expenses 49,937 13,139 117,688 77,182
Less: Expenses waived or assumed (28,461) (8,289) (36,404) (40,739)
Custodian fees paid indirectly (794) (330) (1,388) (1,280)
---------- ---------- ---------- ----------
Expenses--net 20,682 4,520 79,896 35,163
---------- ---------- ---------- ----------
Net investment income 208,662 49,573 459,440 292,088
---------- ---------- ---------- ----------
Realized and Unrealized Gain (Loss)
on Investments (Note 4):
Net realized gain on investments 15,282 1,688 66,477 19,989
Net unrealized appreciation (depreciation)
of investments (10,778) 2,838 (134,493) (4,883)
---------- ---------- ---------- ----------
Net gain (loss) on investments 4,504 4,526 (68,016) 15,106
---------- ---------- ---------- ----------
Net Increase in Net Assets Resulting
from Operations $213,166 $54,099 $391,424 $307,194
========== ========== ========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- -----------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------
ARIZONA CALIFORNIA
--------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 253,279 $ 462,459 $ 357,269 $ 734,070
Net realized gain on investments 22,141 18,999 93,989 222,497
Net unrealized appreciation (depreciation)
of investments (11,821) 350,052 (132,145) 457,511
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 263,599 831,510 319,113 1,414,078
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (243,030) (449,449) (345,635) (730,988)
Net investment income--Class B (8,558) (13,842) (6,008) (4,864)
Net realized gains--Class A -- -- -- (220,063)
Net realized gains--Class B -- -- -- (3,128)
------------ ------------ ------------ ------------
Total distributions (251,588) (463,291) (351,643) (959,043)
------------ ------------ ------------ ------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 1,183,933 2,127,438 999,197 1,926,113
Reinvestment of distributions 107,802 250,827 153,883 543,564
Cost of shares redeemed (656,882) (1,422,398) (1,761,782) (2,878,847)
------------ ------------ ------------ ------------
634,853 955,867 (608,702) (409,170)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 7,606 175,581 216,113 100,191
Reinvestment of distributions 4,163 8,313 1,907 3,784
Cost of shares redeemed (45,326) (51,410) (12,432) (133)
------------ ------------ ------------ ------------
(33,557) 132,484 205,588 103,842
------------ ------------ ------------ ------------
Net increase (decrease) from
trust share transactions 601,296 1,088,351 (403,114) (305,328)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 613,307 1,456,570 (435,644) 149,707
Net Assets
Beginning of period 10,128,055 8,671,485 15,821,367 15,671,660
------------ ------------ ------------ ------------
End of period+ $10,741,362 $10,128,055 $15,385,723 $15,821,367
============ ============ ============ ============
+ Includes undistributed net investment income of $ 1,728 $ 37 $ 7,958 $ 2,332
============ ============ ============ ============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 87,885 162,298 82,456 162,506
Issued for distributions reinvested 8,018 19,141 12,726 45,562
Redeemed (48,886) (108,423) (145,235) (243,525)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A trust
shares outstanding 47,017 73,016 (50,053) (35,457)
============ ============ ============ ============
Class B:
Sold 569 13,468 17,872 8,213
Issued for distributions reinvested 310 634 158 317
Redeemed (3,400) (3,943) (1,016) (11)
------------ ------------ ------------ ------------
Net increase (decrease) in
Class B trust shares outstanding (2,521) 10,159 17,014 8,519
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets
- -----------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------
COLORADO MICHIGAN
--------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 91,937 $ 186,181 $ 915,030 $ 1,845,635
Net realized gain on investments 5,008 27,776 160,088 142,240
Net unrealized appreciation (depreciation)
of investments 801 120,228 (229,782) 1,509,328
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 97,746 334,185 845,336 3,497,203
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (84,328) (173,961) (891,403) (1,809,590)
Net investment income--Class B (7,208) (11,744) (18,644) (33,932)
Net realized gains--Class A -- -- -- (138,717)
Net realized gains--Class B -- -- -- (3,576)
------------ ------------ ------------ ------------
Total distributions (91,536) (185,705) (910,047) (1,985,815)
------------ ------------ ------------ ------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 357,191 543,509 1,275,355 3,513,245
Reinvestment of distributions 41,732 103,551 443,343 1,129,433
Cost of shares redeemed (403,801) (825,607) (2,431,469) (3,465,523)
------------ ------------ ------------ ------------
(4,878) (178,547) (712,771) 1,177,155
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 10,000 125,400 63,100 261,965
Reinvestment of distributions 5,704 11,359 8,480 19,651
Cost of shares redeemed (22,735) (19,006) (60,245) (23,603)
------------ ------------ ------------ ------------
(7,031) 117,753 11,335 258,013
------------ ------------ ------------ ------------
Net increase (decrease) from
trust share transactions (11,909) (60,794) (701,436) 1,435,168
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (5,699) 87,686 (766,147) 2,946,556
Net Assets
Beginning of period 3,794,256 3,706,570 40,599,250 37,652,694
------------ ------------ ------------ ------------
End of period+ $3,788,557 $3,794,256 $39,833,103 $40,599,250
============ ============ ============ ============
+ Includes undistributed net investment income of $ 877 $ 476 $ 7,096 $ 2,113
============ ============ ============ ============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 27,358 43,260 97,763 278,017
Issued for distributions reinvested 3,220 8,215 34,064 88,609
Redeemed (31,099) (65,387) (186,634) (273,847)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A trust
shares outstanding (521) (13,912) (54,807) 92,779
============ ============ ============ ============
Class B:
Sold 772 9,886 4,835 20,673
Issued for distributions reinvested 440 899 652 1,542
Redeemed (1,734) (1,536) (4,564) (1,854)
============ ============ ============ ============
Net increase (decrease) in
Class B trust shares outstanding (522) 9,249 923 20,361
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets (continued)
- -----------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------
MINNESOTA MISSOURI
--------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 208,662 $ 438,481 $ 49,573 $ 98,660
Net realized gain on investments 15,282 47,529 1,688 8,239
Net unrealized appreciation (depreciation)
of investments (10,778) 197,717 2,838 69,406
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 213,166 683,727 54,099 176,305
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (204,999) (436,938) (46,961) (95,683)
Net investment income--Class B (932) (1,867) (2,436) (3,062)
Net realized gains--Class A -- -- -- --
Net realized gains--Class B -- -- -- --
------------ ------------ ------------ ------------
Total distributions (205,931) (438,805) (49,397) (98,745)
------------ ------------ ------------ ------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 111,402 621,511 294,768 75,383
Reinvestment of distributions 131,237 326,972 22,163 59,727
Cost of shares redeemed (524,861) (1,265,323) (62,912) (335,899)
------------ ------------ ------------ ------------
(282,222) (316,840) 254,019 (200,789)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 2,000 48,632 1,021 74,001
Reinvestment of distributions 777 1,747 2,007 3,063
Cost of shares redeemed (1,000) (48,765) -- (139)
------------ ------------ ------------ ------------
1,777 1,614 3,028 76,925
------------ ------------ ------------ ------------
Net increase (decrease) from
trust share transactions (280,445) (315,226) 257,047 (123,864)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (273,210) (70,304) 261,749 (46,304)
Net Assets
Beginning of period 8,274,657 8,344,961 1,914,846 1,961,150
------------ ------------ ------------ ------------
End of period+ $8,001,447 $8,274,657 $2,176,595 $1,914,846
============ ============ ============ ============
+ Includes undistributed net investment income of $ 2,822 $ 91 $ 336 $ 160
============ ============ ============ ============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 9,585 54,777 23,210 6,070
Issued for distributions reinvested 11,296 28,722 1,737 4,804
Redeemed (45,181) (111,020) (4,938) (26,881)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A trust
shares outstanding (24,300) (27,521) 20,009 (16,007)
============ ============ ============ ============
Class B:
Sold 173 4,239 81 5,995
Issued for distributions reinvested 67 154 158 245
Redeemed (86) (4,246) -- (11)
------------ ------------ ------------ ------------
Net increase (decrease) in
Class B trust shares outstanding 154 147 239 6,229
============ ============ ============ ============
<CAPTION>
Statement of Changes in Net Assets (continued)
- -----------------------------------------------------------------------------------------------------------
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
-------------------------------------------------------
OHIO OREGON
--------------------------- --------------------------
1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 459,440 $ 937,436 $ 292,088 $ 545,833
Net realized gain on investments 66,477 108,868 19,989 40,560
Net unrealized appreciation (depreciation)
of investments (134,493) 550,280 (4,883) 519,899
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 391,424 1,596,584 307,194 1,106,292
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income--Class A (447,653) (923,757) (274,086) (521,186)
Net investment income--Class B (6,973) (11,788) (15,750) (26,319)
Net realized gains--Class A -- (107,079) -- --
Net realized gains--Class B -- (1,856) -- --
------------ ------------ ------------ ------------
Total distributions (454,626) (1,044,480) (289,836) (547,505)
------------ ------------ ------------ ------------
Trust Share Transactions (a)
Class A:
Proceeds from shares sold 1,224,474 1,562,659 832,327 2,314,351
Reinvestment of distributions 270,125 729,611 177,233 415,538
Cost of shares redeemed (1,444,486) (3,651,289) (891,585) (1,372,531)
------------ ------------ ------------ ------------
50,113 (1,359,019) 117,975 1,357,358
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 79,006 99,500 142,162 135,183
Reinvestment of distributions 5,322 12,697 9,586 25,954
Cost of shares redeemed (34,185) (64,408) (7,713) (9,259)
------------ ------------ ------------ ------------
50,143 47,789 144,035 151,878
------------ ------------ ------------ ------------
Net increase (decrease) from
trust share transactions 100,256 (1,311,230) 262,010 1,509,236
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 37,054 (759,126) 279,368 2,068,023
Net Assets
Beginning of period 19,642,850 20,401,976 12,552,200 10,484,177
------------ ------------ ------------ ------------
End of period+ $19,679,904 $19,642,850 $12,831,568 $12,552,200
============ ============ ============ ============
+ Includes undistributed net investment income of $ 6,705 $ 1,891 $ 3,383 $ 1,131
============ ============ ============ ============
(a)Trust Shares Issued and Redeemed
Class A:
Sold 96,915 126,005 66,230 190,759
Issued for distributions reinvested 21,318 58,449 14,123 34,078
Redeemed (113,704) (295,120) (71,136) (112,963)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A trust
shares outstanding 4,529 (110,666) 9,217 111,874
============ ============ ============ ============
Class B:
Sold 6,212 8,014 11,340 11,116
Issued for distributions reinvested 420 1,017 765 2,129
Redeemed (2,692) (5,212) (613) (747)
------------ ------------ ------------ ------------
Net increase (decrease) in
Class B trust shares outstanding 3,940 3,819 11,492 12,498
============ ============ ============ ============
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 (each a "Fund"). 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 in the prospectus,
from state and local income taxes for residents of that State.
A. Security Valuation -- The municipal securities in which the Funds
invest are traded primarily in the over-the-counter markets. Such
securities are valued daily at their fair value on the basis of
valuations provided by a pricing service approved by the Trustees. The
pricing service considers security type, rating, market condition and
yield data, as well as market quotations and prices provided by market
makers. "When-issued securities" are reflected in the assets of the
Funds as of the date the securities are purchased.
The municipal bonds held by the Funds are insured as to payment of
principal and interest by the issuer or under insurance policies
written by independent insurance companies. The Funds may retain any
insured municipal bond which is in default in the payment of principal
or interest until the default has been cured, or the principal and
interest outstanding are paid by an insurer or the issuer of any letter
of credit or other guarantee supporting such municipal bond. In such
case, it is the Funds' policy to value the defaulted bond daily based
upon the value of a comparable bond which is insured and not in
default. In selecting a comparable bond, the Funds will consider
security type, rating, market condition and yield. 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 (in
excess of any available capital loss carryovers) sufficient to relieve
them from all, or substantially all, federal income taxes. At June 30,
1998, capital loss carryovers were as follows:
Year Capital Loss
Carryovers Expire
---------------------------------------
MULTI-STATE INSURED Total 2002 2003 2004
- --------------------- -------- -------- -------- --------
ARIZONA Fund $ 84,946 $ 72,811 $ -- $12,135
COLORADO Fund 24,242 24,242 -- --
MINNESOTA Fund 94,292 29,658 64,634 --
MISSOURI Fund 64,499 54,794 9,705 --
OREGON Fund 183,071 128,024 -- 55,047
C. Distributions to Shareholders -- Dividends from net investment
income are declared daily and are paid monthly. Distributions from net
realized capital gains, if any, are generally 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. For the six months ended June 30, 1998, the Funds' custodian
has provided credits in the amount of $7,904 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 expense during the
reporting period. Actual results could differ from those estimates.
2. Capital -- Each Fund sells two classes of shares, Class A and Class
B, each with a public offering price that reflects different sales
charges and expense levels. Class A shares are sold with an initial
sales charge of up to 6.25% of the amount invested and together with
the Class B shares are subject to distribution plan fees as described
in Note 5. Class B shares are sold without an initial sales charge,
but are generally subject to a contingent deferred sales charge which
declines in steps from 4% to 0% over a six-year period. Class B shares
automatically convert into Class A shares after eight years. Realized
and unrealized gains or losses, investment income and expenses (other
than distribution plan fees) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class.
Multi-State Insured has established an unlimited number of Class A and
Class B shares of beneficial interest.
3. Concentration of Credit Risk -- The Funds invest in debt
instruments of municipal issuers whose ability to meet their
obligations may be affected by economic developments in a State,
industry or region.
4. Security Transactions -- For the six months ended June 30, 1998,
purchases and sales of municipal securities, other than short-term
municipal notes, were as follows:
Cost Proceeds
of of
MULTI-STATE INSURED Purchases Sales
- ------------------- -------------- ------------
ARIZONA Fund $4,578,884 $4,147,233
CALIFORNIA Fund 6,947,969 7,870,817
COLORADO Fund 817,812 906,503
MICHIGAN Fund 3,505,800 3,923,110
MINNESOTA Fund 488,162 651,957
MISSOURI Fund 354,739 149,472
OHIO Fund 4,735,084 4,678,029
OREGON Fund 2,454,818 2,207,359
At June 30, 1998, 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
----------- ------------ ------------ ------------
MULTI-STATE INSURED
- -------------------
ARIZONA Fund $ 9,475,519 $1,069,239 $ -- $1,069,239
CALIFORNIA Fund 13,788,701 1,715,983 365 1,715,618
COLORADO Fund 3,326,431 343,308 -- 343,308
MICHIGAN Fund 35,528,005 4,080,920 -- 4,080,920
MINNESOTA Fund 7,326,750 574,519 -- 574,519
MISSOURI Fund 1,933,544 190,250 -- 190,250
OHIO Fund 17,654,909 1,882,382 -- 1,882,382
OREGON Fund 11,705,471 954,133 1,068 953,065
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"). Trustees of the Funds who are not "interested persons" of the
Funds as defined in the 1940 Act are remunerated by the Funds. For the
six months ended June 30, 1998, total trustees fees accrued by the
Funds amounted to $2,666.
The Investment Advisory Agreement provides as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250
million of the average daily net assets of each Fund, declining by
.03% on each $250 million thereafter, down to .66% on average daily
net assets over $750 million. For the six months ended June 30, 1998,
advisory fees amounted to $422,285, of which $180,943 was waived;
other expenses in the amount of $54,569 were assumed by FIMCO.
For the six months ended June 30, 1998, FIC, as underwriter, received
$148,340 in commissions on sales of shares after allowing $100,001 to
other dealers. Shareholder servicing costs consisted of $38,128 in
transfer agent fees accrued to ADM.
Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940
Act, each Fund is authorized to pay FIC a fee up to .30% of the
average daily net assets of the Class A shares and up to 1% of the
average daily 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. For the six
months ended June 30, 1998, FIC was paid a fee of .20% of the average
daily net assets of the Class A shares.
This page intentionally left blank.
<TABLE>
<CAPTION>
Financial Highlights
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total
return, ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ARIZONA FUND
- ------------
Class A
- -------
1993 $12.08 $.681 $ 1.078 $1.759 $.672 $.047
1994 13.12 .663 (1.397) (.734) .676 --
1995 11.71 .665 1.448 2.113 .673 --
1996 13.15 .664 (.199) .465 .665 --
1997 12.95 .658 .511 1.169 .659 --
1/1/98 to 6/30/98 13.46 .329 .008 .337 .327 --
Class B
- -------
1995* 11.82 .544 1.340 1.884 .554 --
1996 13.15 .565 (.201) .364 .564 --
1997 12.95 .556 .500 1.056 .556 --
1/1/98 to 6/30/98 13.45 .275 .018 .293 .273 --
CALIFORNIA FUND
- ---------------
Class A
- -------
1993 $11.44 $.637 $ .845 $1.482 $.612 $.190
1994 12.12 .598 (1.328) (.730) .620 --
1995 10.77 .580 1.335 1.915 .589 .136
1996 11.96 .576 (.128) .448 .575 .073
1997 11.76 .569 .534 1.103 .570 .173
1/1/98 to 6/30/98 12.12 .282 (.035) .247 .277 --
Class B
- -------
1995* 10.87 .472 1.227 1.699 .483 .136
1996 11.95 .486 (.123) .363 .480 .073
1997 11.76 .476 .532 1.008 .475 .173
1/1/98 to 6/30/98 12.12 .231 (.032) .199 .229 --
COLORADO FUND
- -------------
Class A
- -------
1993 $11.63 $.625 $ .984 $1.609 $.633 $.006
1994 12.60 .631 (1.351) (.720) .640 --
1995 11.24 .668 1.340 2.008 .668 --
1996 12.58 .642 (.089) .553 .643 --
1997 12.49 .638 .498 1.136 .636 --
1/1/98 to 6/30/98 12.99 .319 .019 .338 .318 --
Class B
- -------
1995* 11.35 .564 1.239 1.803 .573 --
1996 12.58 .547 (.100) .447 .547 --
1997 12.48 .539 .501 1.040 .540 --
1/1/98 to 6/30/98 12.98 .267 .017 .284 .264 --
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total
return, ratios to average net assets and other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ARIZONA FUND
- ------------
Class A
- -------
1993 $.719 $13.12 14.87 $ 8,247 .20 5.40
1994 .676 11.71 (5.63) 8,803 .30 5.52
1995 .673 13.15 18.41 8,834 .50 5.27
1996 .665 12.95 3.69 8,383 .53 5.17
1997 .659 13.46 9.28 9,691 .50 5.03
1/1/98 to 6/30/98 .327 13.47 2.53 10,338 .50+ 4.89+
Class B
- -------
1995* .554 13.15 16.20 173 1.30+ 4.62+
1996 .564 12.95 2.89 289 1.33 4.37
1997 .556 13.45 8.36 437 1.30 4.23
1/1/98 to 6/30/98 .273 13.47 2.20 403 1.30+ 4.09+
CALIFORNIA FUND
- ---------------
Class A
- -------
1993 $.802 $12.12 13.21 $17,625 .89 5.33
1994 .620 10.77 (6.10) 15,335 .97 5.27
1995 .725 11.96 18.16 16,547 .90 5.02
1996 .648 11.76 3.91 15,558 .84 4.93
1997 .743 12.12 9.66 15,601 .80 4.80
1/1/98 to 6/30/98 .277 12.09 2.06 14,960 .80+ 4.63+
Class B
- -------
1995* .619 11.95 15.91 59 1.74+ 4.31+
1996 .553 11.76 3.16 114 1.63 4.14
1997 .648 12.12 8.79 220 1.60 4.00
1/1/98 to 6/30/98 .229 12.09 1.66 426 1.60+ 3.83+
COLORADO FUND
- -------------
Class A
- -------
1993 $.639 $12.60 14.14 $ 2,887 .12 5.13
1994 .640 11.24 (5.77) 3,110 .20 5.41
1995 .668 12.58 18.25 3,525 .20 5.54
1996 .643 12.49 4.57 3,466 .38 5.20
1997 .636 12.99 9.37 3,424 .40 5.07
1/1/98 to 6/30/98 .318 13.01 2.64 3,424 .40+ 4.92+
Class B
- -------
1995* .573 12.58 16.18 131 1.00+ 4.90+
1996 .547 12.48 3.68 241 1.19 4.39
1997 .540 12.98 8.55 370 1.20 4.27
1/1/98 to 6/30/98 .264 13.00 2.21 364 1.20+ 4.12+
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance
data for a share outstanding, total return, ratios to average net
assets and other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
ARIZONA FUND
- ------------
Class A
- -------
1993 1.20 4.41 45
1994 1.24 4.59 63
1995 1.15 4.62 36
1996 1.23 4.47 27
1997 1.16 4.37 24
1/1/98 to 6/30/98 1.14+ 4.25+ 40
Class B
- -------
1995* 1.95+ 3.95+ 36
1996 2.03 3.67 27
1997 1.96 3.57 24
1/1/98 to 6/30/98 1.94+ 3.45+ 40
CALIFORNIA FUND
- ---------------
Class A
- -------
1993 1.14 5.08 66
1994 1.22 5.02 83
1995 1.15 4.77 53
1996 1.19 4.58 30
1997 1.16 4.44 46
1/1/98 to 6/30/98 1.12+ 4.31+ 45
Class B
- -------
1995* 2.00+ 4.04+ 53
1996 1.98 3.79 30
1997 1.96 3.64 46
1/1/98 to 6/30/98 1.92+ 3.51+ 45
COLORADO FUND
- -------------
Class A
- -------
1993 1.42 3.83 27
1994 1.43 4.18 108
1995 1.32 4.42 45
1996 1.40 4.17 20
1997 1.29 4.18 39
1/1/98 to 6/30/98 1.23+ 4.09+ 22
Class B
- -------
1995* 2.12+ 3.75+ 45
1996 2.21 3.36 20
1997 2.09 3.38 39
1/1/98 to 6/30/98 2.03+ 3.29+ 22
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total
return, ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MICHIGAN FUND
- -------------
Class A
- -------
1993 $11.93 $.641 $ 1.053 $1.694 $.655 $.079
1994 12.89 .612 (1.423) (.811) .609 --
1995 11.47 .634 1.331 1.965 .635 --
1996 12.80 .627 (.215) .412 .631 .011
1997 12.57 .610 .535 1.145 .609 .046
1/1/98 to 6/30/98 13.06 .300 (.022) .278 .298 --
Class B
- -------
1995* 11.57 .528 1.241 1.769 .539 --
1996 12.80 .534 (.229) .305 .534 .011
1997 12.56 .511 .536 1.047 .511 .046
1/1/98 to 6/30/98 13.05 .247 (.023) .224 .244 --
MINNESOTA FUND
- --------------
Class A
- -------
1993 $11.30 $.625 $ .622 $1.247 $.640 $.137
1994 11.77 .592 (1.282) (.690) .600 --
1995 10.48 .589 1.022 1.611 .591 --
1996 11.50 .592 (.210) .382 .592 --
1997 11.29 .599 .340 .939 .599 --
1/1/98 to 6/30/98 11.63 .298 .006 .304 .294 --
Class B
- -------
1995* 10.55 .515 .950 1.465 .515 --
1996 11.50 .493 (.205) .288 .498 --
1997 11.29 .508 .341 .849 .509 --
1/1/98 to 6/30/98 11.63 .251 .005 .256 .246 --
MISSOURI FUND
- -------------
Class A
- -------
1993 $11.55 $.620 $ .988 $1.608 $.635 $.023
1994 12.50 .617 (1.384) (.767) .613 --
1995 11.12 .662 1.356 2.018 .668 --
1996 12.47 .637 (.180) .457 .637 --
1997 12.29 .638 .490 1.128 .638 --
1/1/98 to 6/30/98 12.78 .318 .019 .337 .317 --
Class B
- -------
1995* 11.22 .548 1.260 1.808 .548 --
1996 12.48 .538 (.189) .349 .539 --
1997 12.29 .537 .494 1.031 .541 --
1/1/98 to 6/30/98 12.78 .267 .017 .284 .264 --
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MICHIGAN FUND
- -------------
Class A
- -------
1993 $.734 $12.89 14.49 $30,281 .89 5.11
1994 .609 11.47 (6.36) 30,362 .93 5.11
1995 .635 12.80 17.47 36,837 .89 5.14
1996 .642 12.57 3.37 36,928 .88 5.03
1997 .655 13.06 9.37 39,581 .87 4.80
1/1/98 to 6/30/98 .298 13.04 2.16 38,805 .88+ 4.57+
Class B
- -------
1995* .539 12.80 15.55 388 1.76+ 4.41+
1996 .545 12.56 2.49 724 1.69 4.22
1997 .557 13.05 8.54 1,018 1.67 4.00
1/1/98 to 6/30/98 .244 13.03 1.73 1,029 1.68+ 3.77+
MINNESOTA FUND
- --------------
Class A
- -------
1993 $.777 $11.77 11.30 $8,118 .65 5.40
1994 .600 10.48 (5.93) 7,375 .65 5.40
1995 .591 11.50 15.68 8,162 .65 5.29
1996 .592 11.29 3.47 8,304 .56 5.27
1997 .599 11.63 8.57 8,231 .50 5.27
1/1/98 to 6/30/98 .294 11.64 2.64 7,956 .50+ 5.11+
Class B
- -------
1995* .515 11.50 14.13 .1 1.45+ 4.64+
1996 .498 11.29 2.61 41 1.40 4.44
1997 .509 11.63 7.71 44 1.30 4.47
1/1/98 to 6/30/98 .246 11.64 2.22 45 1.30+ 4.31+
MISSOURI FUND
- -------------
Class A
- -------
1993 $.658 $12.50 14.21 $1,540 .13 4.44
1994 .613 11.12 (6.20) 1,611 .20 5.45
1995 .668 12.47 18.55 1,890 .20 5.58
1996 .637 12.29 3.84 1,925 .38 5.24
1997 .638 12.78 9.44 1,798 .40 5.13
1/1/98 to 6/30/98 .317 12.80 2.67 2,057 .40+ 4.98+
Class B
- -------
1995* .548 12.48 16.41 .1 1.00+ 4.94+
1996 .539 12.29 2.93 36 1.24 4.38
1997 .541 12.78 8.60 117 1.20 4.33
1/1/98 to 6/30/98 .264 12.80 2.24 120 1.20+ 4.18+
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance
data for a share outstanding, total return, ratios to average net
assets and other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
MICHIGAN FUND
- -------------
Class A
- -------
1993 1.14 4.86 25
1994 1.18 4.86 60
1995 1.14 4.89 45
1996 1.13 4.78 43
1997 1.12 4.55 32
1/1/98 to 6/30/98 1.13+ 4.32+ 9
Class B
- -------
1995* 2.02+ 4.15+ 45
1996 1.94 3.97 43
1997 1.92 3.75 32
1/1/98 to 6/30/98 1.93+ 3.52+ 9
MINNESOTA FUND
- --------------
Class A
- -------
1993 1.24 4.80 41
1994 1.29 4.76 34
1995 1.31 4.63 53
1996 1.31 4.52 49
1997 1.21 4.56 15
1/1/98 to 6/30/98 1.21+ 4.40+ 6
Class B
- -------
1995* 2.11+ 3.96+ 53
1996 2.14 3.69 49
1997 2.01 3.76 15
1/1/98 to 6/30/98 2.01+ 3.60+ 6
MISSOURI FUND
- -------------
Class A
- -------
1993 1.76 2.81 8
1994 1.57 4.07 98
1995 1.42 4.36 50
1996 1.69 3.93 15
1997 1.46 4.07 12
1/1/98 to 6/30/98 1.25+ 4.13+ 8
Class B
- -------
1995* 2.22+ 3.68+ 50
1996 2.55 3.07 15
1997 2.26 3.27 12
1/1/98 to 6/30/98 2.05+ 3.33+ 8
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total
return, ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OHIO FUND
- ---------
Class A
- -------
1993 $11.87 $.632 $ .894 $1.526 $.632 $.104
1994 12.66 .613 (1.353) (.740) .620 --
1995 11.30 .615 1.306 1.921 .619 .092
1996 12.51 .605 (.097) .508 .609 .059
1997 12.35 .607 .430 1.037 .606 .071
1/1/98 to 6/30/98 12.71 .300 (.043) .257 .297 --
Class B
- -------
1995* 11.40 .503 1.212 1.715 .513 .092
1996 12.51 .507 (.095) .412 .513 .059
1997 12.35 .507 .424 .931 .510 .071
1/1/98 to 6/30/98 12.70 .248 (.045) .203 .243 --
OREGON FUND
- -----------
Class A
- -------
1993 $11.42 $.661 $ .807 $1.468 $.598 $ --
1994 12.29 .529 (1.339) (.810) .610 --
1995 10.87 .626 1.289 1.915 .625 --
1996 12.16 .589 (.161) .428 .588 --
1997 12.00 .582 .582 1.164 .584 --
1/1/98 to 6/30/98 12.58 .293 .018 .311 .291 --
Class B
- -------
1995* 10.97 .541 1.182 1.723 .543 --
1996 12.15 .495 (.161) .334 .494 --
1997 11.99 .485 .573 1.058 .488 --
1/1/98 to 6/30/98 12.56 .242 .018 .260 .240 --
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance data for a share outstanding, total
return, ratios to average net assets and other supplemental data for each period indicated.
- ----------------------------------------------------------------------------------------------------------------
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
------------------------- ---------------------------------------------------
Ratio to Average Net Assets++
-----------------------------
Net Asset
Value Net
-------- Total Net Assets Investment
Total End of Return** End of Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OHIO FUND
- ---------
Class A
- -------
1993 $.736 $12.66 13.12 $20,366 .80 5.09
1994 .620 11.30 (5.91) 18,169 .85 5.18
1995 .711 12.51 17.34 19,398 .87 5.07
1996 .668 12.35 4.23 20,123 .86 4.95
1997 .677 12.71 8.64 19,308 .80 4.88
1/1/98 to 6/30/98 .297 12.67 2.04 19,296 .80+ 4.72+
Class B
- -------
1995* .605 12.51 15.30 282 1.76+ 4.33+
1996 .572 12.35 3.43 279 1.66 4.15
1997 .581 12.70 7.73 335 1.60 4.08
1/1/98 to 6/30/98 .243 12.66 1.61 384 1.60+ 3.92+
OREGON FUND
- -----------
Class A
- -------
1993 $.598 $12.29 13.13 $ 3,747 -- 4.94
1994 .610 10.87 (6.65) 4,696 .20 5.36
1995 .625 12.16 17.99 6,840 .20 5.36
1996 .588 12.00 3.68 9,917 .46 4.97
1997 .584 12.58 9.97 11,800 .50 4.78
1/1/98 to 6/30/98 .291 12.60 2.50 11,934 .50+ 4.66+
Class B
- -------
1995* .543 12.15 16.00 342 1.00+ 4.72+
1996 .494 11.99 2.87 568 1.26 4.17
1997 .488 12.56 9.03 752 1.30 3.98
1/1/98 to 6/30/98 .240 12.58 2.09 898 1.30+ 3.86+
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
The following table sets forth the per share operating performance
data for a share outstanding, total return, ratios to average net
assets and other supplemental data for each period indicated.
- ----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
---------------------------------------
Ratio to Average Net
Assets Before Expenses
Waived or Assumed
-----------------------
Net Portfolio
Investment Turnover
Expenses Income Rate
(%) (%) (%)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
OHIO FUND
- ---------
Class A
- -------
1993 1.15 4.74 30
1994 1.20 4.83 57
1995 1.22 4.72 70
1996 1.19 4.62 33
1997 1.18 4.50 25
1/1/98 to 6/30/98 1.19+ 4.33+ 24
Class B
- -------
1995* 2.13+ 3.95+ 70
1996 1.99 3.82 33
1997 1.98 3.70 25
1/1/98 to 6/30/98 1.99+ 3.53+ 24
OREGON FUND
- -----------
Class A
- -------
1993 1.28 3.66 77
1994 1.39 4.17 135
1995 1.23 4.33 36
1996 1.26 4.16 21
1997 1.20 4.11 32
1/1/98 to 6/30/98 1.16+ 4.00+ 18
Class B
- -------
1995* 2.03+ 3.65+ 36
1996 2.07 3.36 21
1997 2.00 3.31 32
1/1/98 to 6/30/98 1.96+ 3.20+ 18
* For the period 1/12/95 (date Class B shares first offered) to 12/31/95
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and the
transfer agent (Note 5).
See notes to financial statements
</TABLE>
Independent Auditors' Report
To the Shareholders and Trustees of
First Investors Multi-State Insured Tax Free Fund
Arizona, California, Colorado, Michigan, Minnesota,
Missouri, Ohio and Oregon Funds
We have audited the accompanying statement of assets and
liabilities, including the portfolios of investments, of the eight
Funds of First Investors Multi-State Insured Tax Free Fund listed
above as of June 30, 1998, the related statement of operations for
the six months then ended, the statement of changes in net assets
for the six months ended June 30, 1998 and the year ended December
31, 1997 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 audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June
30, 1998, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the eight Funds of First Investors
Multi-State Insured Tax Free Fund listed above as of June 30, 1998,
and the results of their operations, changes in their net assets and
financial highlights for the periods indicated thereon, in
conformity with generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1998
This page left blank intentionally.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Trustees
- --------------------------------------------------------------------
James J. Coy (Emeritus)
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- --------------------------------------------------------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
Shareholder Information
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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
Eight Penn Center Plaza
Philadelphia, PA 19103
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.
