UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------
FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBERS 811-3690; 811-5690; 811-2923;
811-4927; 811-4623; 811-3843
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
FIRST INVESTORS SERIES FUND
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
EXECUTIVE INVESTORS TRUST
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
(Exact name of registrant as specified in charter)
--------
95 Wall Street
New York, NY 10005
(Address of principal executive offices) (Zip code)
Joseph I. Benedek
First Investors Management Company, Inc.
581 Main Street
Woodbridge, NJ 07095
(Name and address of agent for service)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
1-212-858-8000
DATE OF FISCAL YEAR END: DECEMBER 31, 2003
DATE OF REPORTING PERIOD: JUNE 30, 2003
First Investors Logo
The words "TAX EXEMPT FUNDS" in a rectangular blue box
across the top of the page.
TAX-EXEMPT MONEY MARKET
INSURED INTERMEDIATE TAX EXEMPT
INSURED TAX EXEMPT
INSURED TAX EXEMPT II
SINGLE-STATE INSURED TAX FREE
ARIZONA MINNESOTA
CALIFORNIA MISSOURI
COLORADO NEW JERSEY
CONNECTICUT NEW YORK
FLORIDA NORTH CAROLINA
GEORGIA OHIO
MARYLAND OREGON
MASSACHUSETTS PENNSYLVANIA
MICHIGAN VIRGINIA
SEMI-ANNUAL REPORT
June 30, 2003
Portfolio of Investments
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL INVESTMENTS--101.2%
Alabama--4.9%
$1,000M Mobile Industrial Dev. Board Facilities Rev. Bonds,
VR, 1% (CO; Kimberly-Clark Corp.) $1,000,000 $493
- ----------------------------------------------------------------------------------------------------------------------
Alaska--1.0%
200M Valdez Marine Terminal Rev. Bonds,
VR, .85% (CO; ExxonMobil Corp.) 200,000 99
- ----------------------------------------------------------------------------------------------------------------------
Arizona--.5%
100M Avondale Municipal Dev. Corp. Facilities Rev. Bonds,
4.4%, 7/1/2003 (MBIA Insured) 100,000 49
- ----------------------------------------------------------------------------------------------------------------------
Colorado--1.0%
200M Jefferson County Open Space Sales Tax Rev. Bonds,
4 1/4%, 11/1/2003 (AMBAC Insured) 202,060 100
- ----------------------------------------------------------------------------------------------------------------------
Florida--6.4%
450M Florida Housing Finance Agency Rev. Bonds,
VR, .97% (LOC; Freddie Mac) 450,000 222
Florida Inland Protection Financing Corp.
Special Rev. Bonds:
220M 5%, 7/1/2003 (Escrowed to Maturity) (FSA Insured) 220,000 108
280M 5%, 7/1/2003 (FSA Insured) 280,000 138
340M Volusia County School Board Sales Tax Rev. Bonds,
5%, 10/1/2003 (FSA Insured) 343,202 169
- ----------------------------------------------------------------------------------------------------------------------
1,293,202 637
- ----------------------------------------------------------------------------------------------------------------------
Georgia--6.4%
900M Fulton County Housing Auth. Multi-Family
Housing Rev., VR, 1% (LOC; Fannie Mae) 900,000 443
400M Whitfield County Residential Care Facilities
Auth. Rev. Bonds, VR, 1% (LOC; Wachovia Bank) 400,000 197
- ----------------------------------------------------------------------------------------------------------------------
1,300,000 640
- ----------------------------------------------------------------------------------------------------------------------
Hawaii--2.6%
525M Hawaii State GO Bonds, 5%, 7/1/2009
(Prerefunded 7/1/2003) (FGIC Insured) 530,250 261
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Illinois--8.4%
$100M Cook County GO Bonds, 5.1%, 11/15/2003
(FGIC Insured) $101,405 $50
1,000M Illinois Educational Facilities Auth. Rev. Bonds,
VR, 1% (LOC; Northern Trust Company) 1,000,000 493
500M Illinois State Department of Transportation
Control Management, COP, 4.6%, 7/1/2003
(MBIA Insured) 500,000 246
100M Joliet Regional Port District Marine Terminal Rev.
Bonds, VR, .86% (CO; ExxonMobil Corp.) 100,000 49
- ----------------------------------------------------------------------------------------------------------------------
1,701,405 838
- ----------------------------------------------------------------------------------------------------------------------
Kansas--1.2%
250M Johnson County Unified School District GO Bonds,
3%, 9/1/2003 (FGIC Insured) 250,784 123
- ----------------------------------------------------------------------------------------------------------------------
Kentucky--5.9%
700M Fort Mitchell Kentucky League of Cities Funding
Lease Program, VR, 1.03% (LOC; U.S. Bank NA) 700,000 345
500M Newport League of Cities Rev. Bonds, VR, 1.03%
(LOC; U.S. Bank, NA) 500,000 246
- ----------------------------------------------------------------------------------------------------------------------
1,200,000 591
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--2.5%
500M Louisiana State GO Refunding Bonds, 5 1/4%, 8/1/2003
(MBIA Insured) 501,593 247
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--2.4%
475M Bergen County Utilities Auth. Rev. Bonds,
5.6%, 12/15/2003 (FGIC Insured) 484,808 239
- ----------------------------------------------------------------------------------------------------------------------
New York--2.5%
500M Suffolk County GO Bonds, 5%, 11/1/2003
(FGIC Insured) 506,435 249
- ----------------------------------------------------------------------------------------------------------------------
North Carolina--5.0%
500M East Carolina University Rev. Bonds, 5%, 11/1/2003
(AMBAC Insured) 506,482 249
500M Mooresville North Carolina Enterprise Sys. Rev. Bonds,
2%, 5/1/2004 (MBIA Insured) 504,535 249
- ----------------------------------------------------------------------------------------------------------------------
1,011,017 498
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Ohio--7.2%
$800M Lucas County Facilities Improvement Rev. Bonds,
VR, .97% (LOC; Fifth Third Bank) $800,000 $394
668M Warren County Health Care Facilities Rev. Bonds,
VR, 1.2% (LOC; Fifth Third Bank) 668,000 329
- ----------------------------------------------------------------------------------------------------------------------
1,468,000 723
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--3.0%
605M Pennsylvania Convention Center Auth. Rev.
Zero Coupon Bonds, 9/1/2003 (Escrowed
to Maturity) (FGIC Insured) 604,032 297
- ----------------------------------------------------------------------------------------------------------------------
Tennessee--4.4%
200M Clarksville Public Building Auth. Rev. Bonds, VR, 1%
(LOC; Bank of America) 200,000 98
700M Metropolitan Govt. Nashville & Davidson County Indl.
Dev. Rev. Bonds, VR, 1% (LOC; Bank of America) 700,000 345
- ----------------------------------------------------------------------------------------------------------------------
900,000 443
- ----------------------------------------------------------------------------------------------------------------------
Texas--13.3%
390M Corpus Christie Utility System Refunding Rev. Bonds,
4 1/2%, 7/15/2003 (FSA Insured) 390,512 192
675M El Paso Independent School District Maintenance
Tax Note, 2.85%, 8/15/2003 (AMBAC Insured) 676,040 333
600M Gulf Coast Waste Disposal Auth. Pollution Control
Rev. Bonds, VR, .86% (CO; ExxonMobil Corp.) 600,000 296
350M Hidalgo County Certificate of Obligation
5%, 8/15/2003 (AMBAC Insured) 351,643 173
685M Tarrant County Housing Rev. Bonds, VR, 1%
(Fannie Mae Collateral Agreement) 685,000 337
- ----------------------------------------------------------------------------------------------------------------------
2,703,195 1,331
- ----------------------------------------------------------------------------------------------------------------------
Virginia--6.9%
500M Alexandria Industrial Dev. Auth. Rev. Bonds,
VR, 1% (LOC; Bank of America) 500,000 246
900M Norfolk Industrial Dev. Auth. Rev. Bonds,
VR, 1% (LOC; Wachovia Bank) 900,000 444
- ----------------------------------------------------------------------------------------------------------------------
1,400,000 690
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Washington--3.5%
$300M King County Limited Tax GO Bonds,
6 1/4%, 1/1/2034 (Prerefunded 1/1/2004) $313,587 $154
200M Lake Tapps Parkway Properties Special Rev. Bonds,
VR, 1.05% (LOC; U.S. Bank, NA) 200,000 99
205M Port Orchard Washington GO Bonds, 2%,
12/1/2003 (MBIA Insured) 205,806 101
- ----------------------------------------------------------------------------------------------------------------------
719,393 354
- ----------------------------------------------------------------------------------------------------------------------
Wisconsin--6.0%
500M Marinette School District GO Bonds,
5%, 3/1/2004 (FSA Insured) 513,444 253
700M Wisconsin State Health & Educational Facilities
Auth. Rev. Bonds, VR, 1.03% (LOC; Bank One) 700,000 345
- ----------------------------------------------------------------------------------------------------------------------
1,213,444 598
- ----------------------------------------------------------------------------------------------------------------------
Wyoming--6.2%
450M Lincoln County Pollution Control Rev. Bonds,
VR, .86% (CO; ExxonMobil Corp.) 450,000 222
800M Uinta County Pollution Control Rev. Bonds,
VR, .85% (CO; AMOCO Corp.) 800,000 394
- ----------------------------------------------------------------------------------------------------------------------
1,250,000 616
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $20,539,618)+ 101.2% 20,539,618 10,116
Excess of Liabilities Over Other Assets (1.2) (236,286) (116)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $20,303,332 $10,000
======================================================================================================================
The interest rates shown for municipal notes and bonds are the effective
rates at the time of purchase by the Fund. Interest rates on variable
rate securities are adjusted periodically and the rates shown are the
rates that were in effect at June 30, 2003. The variable rate securities
are subject to optional tenders (which are exercised through put
options) or mandatory redemptions. The put options are exercisable on a
daily, weekly, monthly or semi-annual basis at a price equal to the
principal amount plus accrued interest.
+ Aggregate cost for federal income tax purposes is the same.
Summary of Abbreviations:
CO Corporate Obligor
COP Certificate of Participation
GO General Obligation
LOC Letter of Credit
VR Variable Rate Securities
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--96.1%
Alabama--12.6%
$355M Alabama Drinking Water Financing Auth. Series "A"
5.45% 8/15/2010 $412,687 $71
150M Alabama Water Pollution Control Auth. 5% 8/15/2009 170,250 29
1,000M Auburn University General Fee Rev. 3% 6/1/2007 1,038,750 178
1,000M Auburn University Housing and Dining Rev.
3 1/4% 6/1/2008 1,045,000 179
1,000M Birmingham Series "B" 4% 7/1/2011 1,061,250 181
Jefferson County School Warrants General Obligations:
1,145M 5% 4/1/2009 1,290,988 221
100M 5.1% 2/15/2010 113,125 19
1,125M Montgomery Waterworks & Sanitation Sewer Rev.
3 1/4% 9/1/2008 1,178,438 201
1,000M Opelika GO 4% 4/1/2011 1,060,000 181
- ----------------------------------------------------------------------------------------------------------------------
7,370,488 1,260
- ----------------------------------------------------------------------------------------------------------------------
Alaska--1.0%
500M Alaska Intl. Airport Rev. Series "B" 5 3/4% 10/1/2015 578,125 99
- ----------------------------------------------------------------------------------------------------------------------
Arizona--4.3%
300M Navajo County Unified School District #32 GO
(Blue Ridge) 5% 7/1/2012 342,750 59
Pima County Unified School District
General Obligations:
460M #1 (Tucson) 5 3/8% 7/1/2009 533,025 91
500M #12 (Sunnyside) 5% 7/1/2012 571,250 98
1,000M Tucson Airport Auth. 4% 6/1/2008 1,078,750 184
- ----------------------------------------------------------------------------------------------------------------------
2,525,775 432
- ----------------------------------------------------------------------------------------------------------------------
Arkansas--1.8%
1,000M Beaver Water District Benton & Washington Counties
Water Revenue 4% 11/15/2009 1,080,000 185
- ----------------------------------------------------------------------------------------------------------------------
California--3.7%
1,000M California State Department Water Power
Supply Rev. 5 1/4% 5/1/2010 1,137,500 194
1,000M Lancaster Redevelopment Agy. Tax Allocation
3 1/2% 8/1/2010 1,035,000 177
- ----------------------------------------------------------------------------------------------------------------------
2,172,500 371
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Colorado--3.3%
$750M Adams & Arapahoe County School District #28J
(Aurora) 3% 12/1/2008 $776,250 $133
1,000M Pueblo County School District #60 GO (Pueblo)
5% 12/15/2010 1,147,500 196
- ----------------------------------------------------------------------------------------------------------------------
1,923,750 329
- ----------------------------------------------------------------------------------------------------------------------
Connecticut--8.3%
200M Bridgeport Series "A" GO 5 1/4% 8/15/2010 231,000 39
1,000M Connecticut Regional School District #16,
4 1/2% 3/15/2011 1,105,000 189
1,200M Connecticut State Special Tax Obligation
5% 10/1/2007 1,350,000 231
1,000M Hartford GO 3 1/2% 12/1/2008 1,066,250 182
1,000M New Haven Series "A" GO 4% 11/1/2007 1,086,250 186
- ----------------------------------------------------------------------------------------------------------------------
4,838,500 827
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--2.9%
1,000M District of Columbia COP 5 1/4% 1/1/2010 1,132,500 194
500M District of Columbia Series "C" GO 5% 6/1/2008 555,000 95
- ----------------------------------------------------------------------------------------------------------------------
1,687,500 289
- ----------------------------------------------------------------------------------------------------------------------
Florida--2.2%
400M Dade County Aviation Rev. 6% 10/1/2009 476,500 81
700M Florida State Municipal Power Agy. Rev.
(Stanton Project) 5 1/2% 10/1/2011 825,125 141
- ----------------------------------------------------------------------------------------------------------------------
1,301,625 222
- ----------------------------------------------------------------------------------------------------------------------
Georgia--1.8%
1,000M Athens Housing Auth. Lease Rev. (Univ. of
Georgia-East Campus) 4% 12/1/2009 1,088,750 186
- ----------------------------------------------------------------------------------------------------------------------
Indiana--3.1%
200M Boone County Hosp. Assoc. 5% 1/15/2011 223,000 38
400M Indiana Board Bank Rev. Spec. Proj. Series "A"
5 1/2% 2/1/2009 459,500 79
1,000M New Albany Floyd County Sch. Bldg. Corp.
5 3/4% 7/15/2020 1,148,750 196
- ----------------------------------------------------------------------------------------------------------------------
1,831,250 313
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Iowa--1.9%
$1,000M Iowa Financial Auth. Correctional Facility
4 1/2% 6/15/2009 $1,106,250 $189
- ----------------------------------------------------------------------------------------------------------------------
Kansas--3.7%
1,025M Independence Sales Tax GO Series "A"
2 3/4% 12/1/2008 1,046,781 179
1,060M Pottawatomie County School District #320,
4% 9/1/2008 1,146,125 196
- ----------------------------------------------------------------------------------------------------------------------
2,192,906 375
- ----------------------------------------------------------------------------------------------------------------------
Kentucky--1.7%
725M Kentucky State Property & Buildings Rev.
(Proj. # 69) Series "A" 5 1/4% 8/1/2010 834,656 143
125M Louisville & Jefferson Metropolitan Sewer Dist.
Rev. 10% 5/15/2004 134,704 23
- ----------------------------------------------------------------------------------------------------------------------
969,360 166
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--5.3%
1,000M Louisiana Public Facs. Auth. Rev. 4 1/2% 10/15/2010 1,107,500 189
740M New Orleans GO 5 1/8% 12/1/2010 851,000 146
1,000M Shreveport Water & Sewer Rev. Series "A"
4 3/4% 12/1/2010 1,125,000 192
- ----------------------------------------------------------------------------------------------------------------------
3,083,500 527
- ----------------------------------------------------------------------------------------------------------------------
Maine--1.9%
1,000M Maine Municipal Bond Bank Series "A"
4 3/4% 11/1/2006 1,102,500 188
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--.6%
300M Massachusetts State Development Fin. Agy.
5 5/8% 1/1/2012 348,000 59
- ----------------------------------------------------------------------------------------------------------------------
Michigan--6.1%
1,000M Brighton Area School District GO Zero Coupon
5/1/2005 (prerefunded at $49.325)* 481,250 82
500M Detroit City School District School Building & Site
Improvement Series "A" GO 5% 5/1/2008 561,875 96
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Michigan (continued)
$500M Eastern Michigan University Rev. 3 3/4% 6/1/2010 $525,625 $90
250M Michigan State Trunk Line 5 1/4% 10/1/2009 289,063 49
1,000M South Central Power Supply Systems Rev.
5% 11/1/2010 1,137,500 195
500M Wayne Charter County Airport Rev. Series "C"
5% 12/1/2012 563,125 96
- ----------------------------------------------------------------------------------------------------------------------
3,558,438 608
- ----------------------------------------------------------------------------------------------------------------------
Mississippi--1.9%
1,000M Gulfport GO 5% 3/1/2010 1,128,750 193
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--2.9%
500M Essex County Improvement Auth. Lease
(Cogen Fac. Proj.) 4 1/4% 1/1/2010 541,875 93
1,000M Jersey City School Improvement Series "B" GO
5% 3/1/2010 1,132,500 193
- ----------------------------------------------------------------------------------------------------------------------
1,674,375 286
- ----------------------------------------------------------------------------------------------------------------------
New York--5.9%
New York City General Obligations:
500M 5 1/4% 8/1/2008 564,375 96
250M 5 1/2% 8/1/2012 289,375 50
New York State Dorm. Auth. Revenue:
1,000M School District Financing Series "E" 5% 10/1/2010 1,137,500 194
1,000M School District Financing Series "I" 3 3/4% 10/1/2010 1,056,250 181
355M United Cerebral Palsy Affiliation 4 3/4% 7/1/2009 397,600 68
- ----------------------------------------------------------------------------------------------------------------------
3,445,100 589
- ----------------------------------------------------------------------------------------------------------------------
Ohio--6.2%
565M Cincinnati Tech. College 5% 10/1/2010 644,806 110
Ohio State Bldg. Auth. Facilities Revenue:
1,000M 5 1/2% 10/1/2008 1,163,750 199
500M 5 1/2% 10/1/2009 585,625 100
585M 5 1/4% 10/1/2010 677,137 116
500M Wright State University Gen. Receipts
4% 5/1/2007 538,750 92
- ----------------------------------------------------------------------------------------------------------------------
3,610,068 617
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Oklahoma--.5%
$250M Grady County Indl. Dev. Auth. Rev. 5 3/8% 11/1/2009 $291,875 $50
- ----------------------------------------------------------------------------------------------------------------------
Oregon--3.4%
500M Oregon State Department of Trans. Rev. (Light Rail
Ext. Westside) 5% 6/1/2009 568,750 97
250M Portland Airport Way Urban Renewal & Redev. Tax
Increment Series "A" 5.3% 6/15/2010 289,063 49
1,000M Yamhill County School District #029J (Newburg)
GO 5% 6/15/2010 1,137,500 195
- ----------------------------------------------------------------------------------------------------------------------
1,995,313 341
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--1.5%
Philadelphia Auth. Indl. Dev. Lease Revenue:
500M 5 1/4% 10/1/2009 577,500 99
250M 5 1/4% 10/1/2010 287,812 49
- ----------------------------------------------------------------------------------------------------------------------
865,312 148
- ----------------------------------------------------------------------------------------------------------------------
Puerto Rico--2.9%
500M Puerto Rico GO Series "C" 5% 7/1/2021 559,375 96
1,000M Puerto Rico Highway & Trans. Auth. Series "AA"
5% 7/1/2026 1,132,500 193
- ----------------------------------------------------------------------------------------------------------------------
1,691,875 289
- ----------------------------------------------------------------------------------------------------------------------
Tennessee--2.6%
360M Memphis-Shelby County Sports Auth. Rev.
(Memphis Arena Project) Series "A" 5 1/2% 11/1/2012 425,250 73
1,000M Metro. Govt. Nashville & Davidson County GO
4 1/2% 11/15/2012 1,086,250 185
- ----------------------------------------------------------------------------------------------------------------------
1,511,500 258
- ----------------------------------------------------------------------------------------------------------------------
Virginia--2.1%
1,120M Southwest Regl. Jail Authority 4 1/2% 9/1/2009 1,251,600 214
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $53,873,899) 56,224,985 9,610
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.4%
Adjustable Rate Notes**
$1,000M Moffat County Colorado Poll. Cntl. Rev. .95% $1,000,000 $171
100M Texas Water Development Board Rev. .95% 100,000 17
300M University of Michigan Regent Rev. .95% 300,000 51
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $1,400,000) 1,400,000 239
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $55,273,899) 98.5% 57,624,985 9,849
Other Assets, Less Liabilities 1.5 886,204 151
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $58,511,189 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset
daily by the issuer. The interest rate shown is the rate in effect at
June 30, 2003.
Summary of Abbreviations:
COP Certificate of Participation
GO General Obligation
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.6%
Alabama--.7%
$5,835M Alabama Water Pollution Control Auth.
6% 8/15/2014 $6,878,006 $74
- ----------------------------------------------------------------------------------------------------------------------
Alaska--.7%
1,500M Alaska Intl. Airport Rev. Series "B" 5 3/4% 10/1/2015 1,734,375 19
5,000M North Slope Boro GO Zero Coupon 6/30/2005 4,831,250 52
- ----------------------------------------------------------------------------------------------------------------------
6,565,625 71
- ----------------------------------------------------------------------------------------------------------------------
Arizona--2.5%
8,550M Arizona State Municipal Financing Program
COP 7.7% 8/1/2010 10,901,250 118
2,500M Maricopa County Poll. Cntl. Corp.
(Palo Verde Proj.) 5.05% 5/1/2029 2,612,500 29
Phoenix Civic Improvement Corp. Water Sys. Revenue:
1,000M 5 1/2% 7/1/2019 1,125,000 12
1,000M 5 1/2% 7/1/2020 1,118,750 12
7,125M Salt River Project Agric. Impt. & Pwr. Dist. Elec.
Sys. Rev. Series "B" 5% 1/1/2025 7,490,156 81
- ----------------------------------------------------------------------------------------------------------------------
23,247,656 252
- ----------------------------------------------------------------------------------------------------------------------
California--3.7%
California State Dept. Water Resource Pwr. Supply
Rev. Series "A":
5,500M 5 3/8% 5/1/2018 6,063,750 66
8,705M 5 3/8% 5/1/2021 9,444,925 102
2,000M Colton Joint Unified School District GO Series "A"
5 3/8% 8/1/2026 2,197,500 24
10,000M Los Angeles Community College District GO
Series "A" 5 1/2% 8/1/2021 11,100,000 120
5,265M Oakland Unified School District Alameda
County GO 5 1/4% 8/1/2020 5,758,594 62
- ----------------------------------------------------------------------------------------------------------------------
34,564,769 374
- ----------------------------------------------------------------------------------------------------------------------
Colorado--.2%
2,000M Denver City & County Airport Rev. 5 1/2% 11/15/2016 2,227,500 24
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Connecticut--2.5%
$9,000M Connecticut State Special Tax Obligation Rev.
Transportation Infrastructure 6 1/8% 9/1/2012 $10,946,250 $119
11,000M South Central Regional Water Auth. System Rev.
Series "A" 5% 8/1/2033 11,591,250 126
- ----------------------------------------------------------------------------------------------------------------------
22,537,500 245
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--1.7%
Washington, D.C. General Obligations:
5,000M Series "B" 6% 6/1/2021 6,087,500 66
9,615M Series "E" 6% 6/1/2012 9,976,812 108
- ----------------------------------------------------------------------------------------------------------------------
16,064,312 174
- ----------------------------------------------------------------------------------------------------------------------
Florida--1.3%
2,500M Pasco County Gtd. Entitlement Rev.
5% 12/1/2026 2,640,625 29
Polk County Utility System Revenue:
4,010M 5% 10/1/2023 4,245,588 46
3,000M 5% 10/1/2029 3,161,250 34
1,395M West Coast Regional Water Supply Rev.
10.4% 10/1/2010* 1,958,231 21
- ----------------------------------------------------------------------------------------------------------------------
12,005,694 130
- ----------------------------------------------------------------------------------------------------------------------
Georgia--11.3%
15,000M Atlanta Airport Rev. Series "A" 5 1/2% 1/1/2010* 17,568,750 190
9,040M Atlanta Water & Wastewater Rev. Series "A"
5 1/2% 11/1/2019 10,735,000 116
6,160M Fulton County Water & Sewer Rev. 6 3/8% 1/1/2014 7,646,100 83
Metropolitan Atlanta Rapid Transit Authority:
7,500M 6 3/4% 7/1/2004* 8,085,975 87
20,450M 6 1/4% 7/1/2011 25,281,313 274
28,305M 6% 7/1/2013 34,992,056 379
- ----------------------------------------------------------------------------------------------------------------------
104,309,194 1,129
- ----------------------------------------------------------------------------------------------------------------------
Hawaii--1.5%
Hawaii State General Obligations:
5,500M 6% 10/1/2009 6,572,500 71
6,000M 6% 10/1/2010 7,230,000 78
- ----------------------------------------------------------------------------------------------------------------------
13,802,500 149
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Illinois--18.9%
Chicago Board of Education Lease Certificates of
Participation Series "A":
$5,000M 6% 1/1/2016 $6,143,750 $67
36,200M 6% 1/1/2020 44,028,250 477
Chicago General Obligations:
7,000M 6% 7/1/2005* 7,787,500 84
16,660M 6 1/8% 7/1/2005* 18,575,900 201
Chicago O'Hare International Airport Revenue:
14,570M 6 3/8% 1/1/2012 15,808,450 171
10,000M 6 3/8% 1/1/2015 10,850,000 118
16,750M Illinois Development Finance Auth. Poll. Cntl.
Rev. 6 3/4% 3/1/2015 18,404,062 199
Illinois Development Finance Auth. Revenue
(Rockford School #205):
5,000M 6.6% 2/1/2010 6,100,000 66
3,000M 6.65% 2/1/2011 3,701,250 40
Illinois State First Series General Obligations:
5,250M 6 1/8% 1/1/2010* 6,300,000 68
4,500M 5 1/2% 2/1/2016 5,107,500 55
8,000M 5 1/2% 5/1/2017 9,030,000 98
12,000M 5 1/2% 6/1/2018 13,470,000 146
3,000M Metro Pier & Exposition Auth. (McCormick
Place Expansion) Series "B" 5 1/2% 6/15/2016 3,461,250 38
4,000M Regional Transportation Auth. 7 3/4% 6/1/2019 5,755,000 62
- ----------------------------------------------------------------------------------------------------------------------
174,522,912 1,890
- ----------------------------------------------------------------------------------------------------------------------
Indiana--.7%
Indiana State Office Building Commission Facilities
Rev. New Castle Correctional Facility:
2,515M 5 1/2% 7/1/2018 2,841,950 31
3,000M 5 1/2% 7/1/2019 3,375,000 36
- ----------------------------------------------------------------------------------------------------------------------
6,216,950 67
- ----------------------------------------------------------------------------------------------------------------------
Kansas--.3%
2,475M Wyandotte County Unified School District #500
GO 5% 9/1/2020 2,638,967 29
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--1.2%
$5,000M Louisiana State GO 6% 5/1/2004* $5,311,200 $58
12,850M Regional Transportation Auth. Zero Coupon
12/1/2021 5,220,312 57
- ----------------------------------------------------------------------------------------------------------------------
10,531,512 115
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--4.7%
10,025M Boston Water & Sewer Rev. 5 3/4% 11/1/2013 12,080,125 131
3,205M Massachusetts Housing Finance Agy. 6% 12/1/2012 3,417,331 37
3,000M Massachusetts State Construction Loan GO Series "B"
5 1/2% 3/1/2012* 3,543,750 38
20,550M Massachusetts State GO 6% 8/1/2009 24,403,125 264
- ----------------------------------------------------------------------------------------------------------------------
43,444,331 470
- ----------------------------------------------------------------------------------------------------------------------
Michigan--2.0%
10,000M Michigan State Environment Protection Prog.
GO 6 1/4% 11/1/2012 12,150,000 132
4,500M Monroe County Economic Dev. Corp.
(Detroit Edison Co.) 6.95% 9/1/2022 6,024,375 65
- ----------------------------------------------------------------------------------------------------------------------
18,174,375 197
- ----------------------------------------------------------------------------------------------------------------------
Minnesota--1.6%
Minneapolis & St. Paul Metro Airports Comm.
Airport Rev. Series "C":
3,380M 5 1/2% 1/1/2017 3,747,575 41
3,315M 5 1/2% 1/1/2018 3,658,931 40
5,770M 5 1/2% 1/1/2019 6,310,938 68
1,240M St. Paul Housing & Redev. Auth. Multi-Family
Hsg. Rev. (Como Lake Proj.) 7 1/2% 3/1/2026
(Defaulted) (Note 1A) 1,243,025 13
- ----------------------------------------------------------------------------------------------------------------------
14,960,469 162
- ----------------------------------------------------------------------------------------------------------------------
Missouri--3.6%
Missouri State Health & Educational Facilities Authority:
BJC Health System Series "A":
6,840M 6 3/4% 5/15/2010 8,498,700 92
10,175M 6 3/4% 5/15/2011 12,795,063 139
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Missouri (continued)
St. Louis Missouri Airport Rev. Series "A":
$4,135M 5 5/8% 7/1/2017 $4,620,863 $50
3,620M 5 5/8% 7/1/2018 4,031,775 44
3,030M 5 5/8% 7/1/2019 3,355,725 36
- ----------------------------------------------------------------------------------------------------------------------
33,302,126 361
- ----------------------------------------------------------------------------------------------------------------------
Nevada--4.2%
Clark County Nevada Bond Bank General Obligations:
8,195M 5 1/2% 6/1/2017 9,229,619 100
8,645M 5 1/2% 6/1/2018 9,714,819 105
Las Vegas New Convention & Visitors Auth. Revenue:
3,500M 5 3/4% 7/1/2015 4,077,500 44
2,500M 5 3/4% 7/1/2017 2,890,625 31
Truckee Meadows Nevada Water Authority:
6,115M 5 1/2% 7/1/2017 6,917,594 75
2,605M 5 1/2% 7/1/2018 2,927,368 32
2,500M 5 1/2% 7/1/2019 2,793,750 30
- ----------------------------------------------------------------------------------------------------------------------
38,551,275 417
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--3.4%
4,000M Essex County Impt. Auth. Lease Correctional Facs.
Series "A" 5% 10/1/2028 4,230,000 46
12,000M Garden State Open Space Preservation Series "A"
5 1/4% 11/1/2019 13,245,000 143
1,955M New Jersey State Educ. Facs. Auth. Rev. Public
Library PJ Grant 5 1/2% 9/1/2018 2,214,038 24
10,000M New Jersey State Trans. Corp. COP Fed. Trans.
Admin. Grants Series "A" 5 3/4% 9/15/2009* 11,825,000 128
- ----------------------------------------------------------------------------------------------------------------------
31,514,038 341
- ----------------------------------------------------------------------------------------------------------------------
New Mexico--.1%
925M New Mexico Mortgage Finance Auth. Single-Family
Mtge. 8% 1/1/2017 934,250 10
- ----------------------------------------------------------------------------------------------------------------------
New York--7.4%
New York City General Obligations:
5,000M Series "C" 5 1/2% 3/15/2015 5,662,500 61
3,275M Series "G" 5 5/8% 8/1/2020 3,631,156 39
22,250M New York City Municipal Water Finance Auth.
Rev. 6% 6/15/2021 27,506,563 298
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
New York (continued)
New York State Dorm. Auth. Rev. New York University:
$5,000M 5 7/8% 5/15/2017 $6,143,750 $67
10,000M Series "A" 5 3/4% 7/1/2027 12,100,000 131
6,300M New York State Housing Finance Agy. Rev.
5 7/8% 11/1/2010 6,953,625 75
5,000M Suffolk County Judicial Facs. Agy. (John P.
Cohalan Complex) 5 3/4% 10/15/2013 5,875,000 64
- ----------------------------------------------------------------------------------------------------------------------
67,872,594 735
- ----------------------------------------------------------------------------------------------------------------------
North Carolina--2.3%
North Carolina Municipal Power Agency
(Catawba Electric):
8,950M 6% 1/1/2010 10,605,750 115
8,945M 6% 1/1/2011 10,678,094 115
- ----------------------------------------------------------------------------------------------------------------------
21,283,844 230
- ----------------------------------------------------------------------------------------------------------------------
North Dakota--1.4%
10,500M Mercer County Pollution Control Rev. (Basin Elec.
Pwr. Coop.) 7.2% 6/30/2013 13,282,500 144
- ----------------------------------------------------------------------------------------------------------------------
Ohio--.8%
6,000M Jefferson County Jail Construction GO
5 3/4% 12/1/2019 7,335,000 79
- ----------------------------------------------------------------------------------------------------------------------
Oklahoma--.7%
5,540M Oklahoma State Ind. Dev. Auth. (Intregris
Hlth. Sys.) 6% 8/15/2017 6,377,925 69
- ----------------------------------------------------------------------------------------------------------------------
Oregon--1.9%
Benton & Linn County School District
(No. 509J Corvallis):
5,000M 5% 6/1/2019 5,450,000 59
5,355M 5% 6/1/2020 5,783,400 63
Portland Urban Renewal & Redev. South Park
Blocks Series "A":
2,695M 5 3/4% 6/15/2015 3,166,625 34
2,630M 5 3/4% 6/15/2016 3,067,238 33
- ----------------------------------------------------------------------------------------------------------------------
17,467,263 189
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--3.2%
$3,000M Allegheny County Sanitation Auth. Sewer Rev.
5 1/2% 12/1/2030 $3,277,500 $35
5,000M Pennsylvania State GO 6 3/4% 11/15/2004* 5,475,000 59
4,925M Philadelphia Housing Auth. Capital Fund Prog. Rev.
Series "A" 5 1/2% 12/1/2019 5,614,500 61
12,050M Pittsburgh Water & Sewer Auth. Rev. 6 1/2% 9/1/2013 15,017,312 163
- ----------------------------------------------------------------------------------------------------------------------
29,384,312 318
- ----------------------------------------------------------------------------------------------------------------------
Rhode Island--.5%
4,000M Rhode Island State Construction Capital Dev. GO
Series "A" 5 1/2% 7/15/2018 4,490,000 49
- ----------------------------------------------------------------------------------------------------------------------
South Dakota--.5%
3,855M South Dakota Hlth. & Edl. Facs. Auth.
(McKennan Hosp.) 7 5/8% 7/1/2006* 4,760,925 52
- ----------------------------------------------------------------------------------------------------------------------
Tennessee--.4%
3,500M Memphis-Shelby County Sports Auth. Rev.
(Memphis Arena Proj.) Series "A" 5 1/2% 11/1/2016 4,033,750 44
- ----------------------------------------------------------------------------------------------------------------------
Texas--8.7%
16,000M Austin Texas Utilities Systems Rev. 6% 11/15/2013 19,240,000 208
5,000M Bexar County Health Facilities (Baptist
Memorial Hosp.) 6 3/4% 8/15/2004* 5,425,000 59
Harris County Toll Road Senior Liens
General Obligations:
11,065M Series "A" 6 1/2% 8/15/2012 13,872,744 150
7,305M Series "A" 6 1/2% 8/15/2013 9,240,825 100
Houston Water Conveyance System
Certificates of Participations:
2,250M 6 1/4% 12/15/2012 2,792,813 30
4,705M 6 1/4% 12/15/2013 5,863,606 64
4,950M 6 1/4% 12/15/2014 6,187,500 67
6,035M 6 1/4% 12/15/2015 7,513,575 82
4,485M Lower Colorado River Auth. Transmission
Service 5% 5/15/2021 4,742,888 51
5,300M Rio Grande Valley Hlth. Facility Dev. Corp.
(Valley Baptist Med. Ctr.) 6.4% 8/1/2012 5,371,762 58
- ----------------------------------------------------------------------------------------------------------------------
80,250,713 869
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utah--.3%
$1,825M Provo Utah Electric System Rev. 10 3/8% 9/15/2015 $2,646,250 $29
- ----------------------------------------------------------------------------------------------------------------------
Washington--2.0%
Snohomish County Washington Ltd. Tax
General Obligations:
7,975M 5 1/2% 12/1/2017 9,041,656 98
8,410M 5 1/2% 12/1/2018 9,492,788 103
- ----------------------------------------------------------------------------------------------------------------------
18,534,444 201
- ----------------------------------------------------------------------------------------------------------------------
Wisconsin--1.7%
12,000M Superior Wisconsin Ltd. Oblig. Rev.
(Midwest Energy) 6.9% 8/1/2021 16,050,000 174
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $791,027,511) 98.6% 910,763,481 9,863
Other Assets, Less Liabilities 1.4 12,660,781 137
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $923,424,262 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
Summary of Abbreviations:
COP Certificate of Participation
GO General Obligation
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.1%
Alabama--.3%
$250M Coffee County Public Bldg. Auth. 6.1% 9/1/2006* $289,687 $30
- ----------------------------------------------------------------------------------------------------------------------
Alaska--1.2%
1,000M Alaska Intl. Airport Rev. Series "B" 5 3/4% 10/1/2015 1,156,250 120
- ----------------------------------------------------------------------------------------------------------------------
Arizona--4.5%
1,000M Arizona State Trans. Brd. Hwy. Rev. 5 1/4% 7/1/2020 1,095,000 114
2,000M Glendale Muni. Ppty. Corp. Excise Tax Rev.
5% 7/1/2033 2,095,000 218
250M Maricopa County Ind. Dev. Hosp. Facs. Rev.
(Samaritan Hlth. Svcs.) 7% 12/1/2016 332,187 34
250M Maricopa County Poll. Cntl. Corp. (Palo Verde Project)
5.05% 5/1/2029 261,250 27
500M Phoenix Civic Improvement Corp. Series "A"
5% 7/1/2022 530,000 55
- ----------------------------------------------------------------------------------------------------------------------
4,313,437 448
- ----------------------------------------------------------------------------------------------------------------------
Arkansas--1.1%
1,000M Beaver Water Dist. Benton & Washington Counties
Water Rev. 5% 11/15/2017 1,092,500 114
- ----------------------------------------------------------------------------------------------------------------------
California--8.8%
940M California Community College Financing Auth.
Lease Rev. 5% 8/1/2019 1,010,500 105
3,000M California State Dept. Water Resource Supply
Rev. Series "A" 5 3/8% 5/1/2018 3,307,500 344
1,330M Grant Junction Unified High School District
GO 5 1/4% 8/1/2021 1,454,688 151
690M Jefferson High School District GO (San Mateo
Cnty.) 6 1/4% 2/1/2017 861,637 89
1,160M Palm Desert Financing Auth. Tax Rev. 5% 8/1/2020 1,239,750 129
500M San Francisco City & County Redev. Agy.
(Moscone Ctr.) 6 3/4% 7/1/2015 536,140 56
- ----------------------------------------------------------------------------------------------------------------------
8,410,215 874
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Colorado--3.1%
$1,830M Boulder Larimer & Weld Cntys. St.Vrain Valley
Sch. District GO 5% 12/15/2021 $1,948,950 $202
1,000M Lafayette Water Rev. 5 1/4% 12/1/2023 1,078,750 112
- ----------------------------------------------------------------------------------------------------------------------
3,027,700 314
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--1.7%
1,455M District of Columbia GO 5 1/4% 6/1/2014 1,620,506 168
- ----------------------------------------------------------------------------------------------------------------------
Florida--9.3%
335M Cocoa Water & Sewer Rev. 5 3/4% 10/1/2007* 390,694 40
205M De Soto County Cap. Impt. Rev. 5 1/4% 10/1/2018 227,037 24
1,000M Florida Municipal Loan Council Rev. Series "A"
5% 5/1/2022 1,056,250 110
1,345M Pasco County Gtd. Entitlement Rev. 5% 12/1/2026 1,420,656 147
1,585M Pasco County Sales Tax Rev. 5% 12/1/2021 1,682,081 175
1,000M Polk County Util. Sys. Rev. 5% 10/1/2024 1,058,750 110
1,275M Sarasota County Util. Sys. Rev. 5 1/4% 10/1/2020 1,394,531 145
1,580M Tampa Util. Tax & Spl. Rev. 5 1/4% 10/1/2021 1,716,275 178
- ----------------------------------------------------------------------------------------------------------------------
8,946,274 929
- ----------------------------------------------------------------------------------------------------------------------
Georgia--1.7%
1,000M Georgia Municipal Association, Inc. (City Court
Atlanta Proj.) 5 1/8% 12/1/2021 1,070,000 111
500M Glynn County Wtr. & Swr. Rev. 5% 4/1/2023 526,875 55
- ----------------------------------------------------------------------------------------------------------------------
1,596,875 166
- ----------------------------------------------------------------------------------------------------------------------
Illinois--.9%
500M Chicago GO 6% 7/1/2005* 556,250 58
150M Regional Transportation Auth. Rev. GO
5 1/2% 6/1/2019 176,062 18
100M Rockford School District #205 GO 5% 2/1/2016 113,000 12
- ----------------------------------------------------------------------------------------------------------------------
845,312 88
- ----------------------------------------------------------------------------------------------------------------------
Indiana--4.6%
1,030M Baugo School Bldg. Corp. 5 1/2% 1/15/2019 1,152,312 120
550M Evansville Sewer Wks. Rev. 5% 7/1/2021 581,625 60
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Indiana (continued)
$1,105M Merrillville Multi-School Building Corp. GO
5 1/2% 7/15/2017 $1,250,031 $130
1,250M Zionsville Community Schools Bldg. Corp. GO
5 3/4% 7/15/2017 1,437,500 149
- ----------------------------------------------------------------------------------------------------------------------
4,421,468 459
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--5.2%
1,845M Louisiana Local Govt. Env. Facs. & Commission
5 1/4% 10/1/2021 1,994,906 207
Louisiana Public Facs. Auth. Rev. (Dillard Univ. Proj.):
525M Series "A" 5 1/8% 8/1/2020 563,063 59
160M Series "B" 5 1/8% 8/1/2020 171,600 18
1,075M Louisiana St. Gas & Fuel Tax Rev. 5 3/8% 6/1/2017 1,212,062 126
1,000M Louisiana St. Univ. & Agric. & Mechanical
College Brd. Supervision 5% 7/1/2022 1,062,500 110
- ----------------------------------------------------------------------------------------------------------------------
5,004,131 520
- ----------------------------------------------------------------------------------------------------------------------
Maine--.3%
250M Maine Municipal Bond Bank 6 1/2% 11/1/2004* 273,437 28
- ----------------------------------------------------------------------------------------------------------------------
Maryland--.4%
395M Morgan State Univ. Academic & Aux. Facs. Fees
Rev. 5% 7/1/2022 420,675 44
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--1.1%
1,000M Springfield GO 5 1/4% 1/15/2022 1,077,500 112
- ----------------------------------------------------------------------------------------------------------------------
Michigan--10.7%
1,000M Detroit City School District GO (School Building &
Site Impt.) 5 1/2% 5/1/2018 1,142,500 119
1,105M Grand Rapids Cmnty. College 5 1/4% 5/1/2021 1,196,164 124
1,000M Howell Public Schools GO Zero Coupon 5/1/2006* 437,500 45
Lansing Community College:
1,250M 5% 5/1/2019 1,350,000 140
1,300M 5% 5/1/2020 1,391,000 145
1,000M Michigan Public Pwr. Agy. Rev. (Combustion
Turbine #1 Proj.) 5 1/4% 1/1/2018 1,106,250 115
750M Milan Area School District GO 5 5/8% 5/1/2010* 884,062 92
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Michigan (continued)
Wayne Charter County Airport Revenue:
$1,000M 5 3/8% 12/1/2015 $1,125,000 $117
1,490M 5 3/8% 12/1/2016 1,665,075 173
- ----------------------------------------------------------------------------------------------------------------------
10,297,551 1,070
- ----------------------------------------------------------------------------------------------------------------------
Missouri--1.4%
200M Liberty Sewer System Rev. 6.15% 2/1/2015 234,500 24
310M Springfield Pub. Bldg. Corp. Leasehold Rev.
(Springfield Rec. Proj.) Series "B"
5.85% 6/1/2014 363,475 38
250M St. Joseph School District GO (Direct
Deposit Prog.) 5 3/4% 3/1/2019 288,125 30
375M St. Louis County Pattonville R-3 School
District GO (Direct Deposit Prog.)
5 3/4% 3/1/2017 435,000 45
- ----------------------------------------------------------------------------------------------------------------------
1,321,100 137
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--2.5%
1,210M Gloucester County Impt. Auth. Lease Rev.
5% 7/15/2021 1,291,675 134
1,000M Hudson County COP 5% 12/1/2021 1,068,750 111
- ----------------------------------------------------------------------------------------------------------------------
2,360,425 245
- ----------------------------------------------------------------------------------------------------------------------
New York--12.2%
Camden Central School District
General Obligations:
725M 5 1/2% 3/15/2016 833,750 87
250M 5 1/2% 3/15/2017 285,938 30
Indian River Central School District
General Obligations:
560M 5% 1/15/2017 610,400 63
590M 5% 1/15/2018 638,675 66
100M 5% 1/15/2019 107,500 11
1,500M Metropolitan Trans. Auth. Rev. 5% 11/15/2032 1,567,500 163
1,325M New York City Muni. Water Fin. Auth. Water &
Sewer Sys. Rev. 5 1/8% 6/15/2033 1,399,532 145
1,000M New York State Dormitory Auth. Rev.
(Fordham Univ.) 5% 7/1/2020 1,067,500 111
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
New York (continued)
Shenendehowa Central School District
(Clifton Park) Series "B" General Obligations:
$230M 5% 6/15/2018 $249,838 $26
225M 5% 6/15/2019 242,719 25
2,500M Tobacco Settlement Fing. Corp. 5 1/4% 6/1/2020 2,725,000 283
Wayland-Cohocton Central School District
General Obligations:
785M 5% 6/15/2015 874,294 91
650M 5% 6/15/2017 710,938 74
405M 5% 6/15/2018 439,931 46
- ----------------------------------------------------------------------------------------------------------------------
11,753,515 1,221
- ----------------------------------------------------------------------------------------------------------------------
North Carolina--1.1%
1,000M Greenville Hosp. Sys. Facs. Rev. 5 1/4% 5/1/2019 1,101,250 114
- ----------------------------------------------------------------------------------------------------------------------
Ohio--14.5%
1,880M Akron GO 5 1/4% 12/1/2020 2,072,700 215
1,255M Akron Sewer System Rev. 5 1/4% 12/1/2020 1,383,637 144
Akron-Summit County Public Library
General Obligations:
1,000M 5% 12/1/2018 1,096,250 114
2,500M 5% 12/1/2020 2,700,000 280
1,380M Cincinnati State Tech. & Cmnty. College
Gen. Receipts 5 1/4% 10/1/2020 1,519,725 158
1,185M Fairfield County GO 5% 12/1/2022 1,254,619 130
1,500M Ohio State Bldg. Auth. St. Facs. 5 1/2% 4/1/2018 1,708,125 177
1,000M Ross Township Local School Dist. GO
5% 12/1/2020 1,085,000 113
585M Wright State Univ. Gen. Receipts 5% 5/1/2023 618,637 64
450M Youngstown GO 6% 12/1/2031 524,812 55
- ----------------------------------------------------------------------------------------------------------------------
13,963,505 1,450
- ----------------------------------------------------------------------------------------------------------------------
Oregon--.6%
500M Oregon State Dept. of Administrative Services
COP 5.65% 5/1/2007* 575,000 60
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--2.4%
$390M Allegheny County Port Auth. Spl. Rev.
5 1/2% 3/1/2013 $450,938 $47
525M Erie GO 5 3/4% 5/15/2007* 601,125 62
1,195M Pennridge Sch. Dist. GO 5% 2/15/2020 1,287,613 134
- ----------------------------------------------------------------------------------------------------------------------
2,339,676 243
- ----------------------------------------------------------------------------------------------------------------------
Puerto Rico--.6%
545M Puerto Rico Indl. Tourist Edl. Med. & Env.
Cntl. Facs. 6 1/4% 7/1/2016 590,644 61
- ----------------------------------------------------------------------------------------------------------------------
South Carolina--2.9%
1,000M Hilton Head Island Rev. 5 1/8% 12/1/2022 1,073,750 112
1,635M Lugoff-Elgin Water Auth. Waterworks Sys. Rev.
5% 5/1/2033 1,714,706 178
- ----------------------------------------------------------------------------------------------------------------------
2,788,456 290
- ----------------------------------------------------------------------------------------------------------------------
Texas--1.7%
505M Austin Texas Utility Systems Rev. 6% 11/15/2013 607,262 63
400M Harris County Toll Road GO Senior Lien
Series "A" 6 1/2% 8/15/2013 506,000 53
500M Midlothian Water District GO 5 3/8% 9/1/2016 559,376 58
- ----------------------------------------------------------------------------------------------------------------------
1,672,638 174
- ----------------------------------------------------------------------------------------------------------------------
Virginia--1.1%
1,000M SouthWest Regl. Jail Auth. Correctional Facs.
5% 9/1/2035 1,050,000 109
- ----------------------------------------------------------------------------------------------------------------------
Washington--1.2%
1,090M King County Sewer Rev. 5 1/2% 1/1/2021 1,196,275 124
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds
(cost $88,182,561) 93,506,002 9,712
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.6%
$600M Lincoln County Wyoming Poll. Cntl. Rev.
Adjustable Rate Note .98% ** (cost $600,000) $600,000 $62
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $88,782,561) 97.7% 94,106,002 9,774
Other Assets, Less Liabilities 2.3 2,173,825 226
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $96,279,827 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset
daily by the issuer. The interest rate shown is the rate in effect at
June 30, 2003.
Summary of Abbreviations:
COP Certificate of Participation
GO General Obligation
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.5%
Education--16.7%
New York State Dormitory Authority Revenue:
City University:
$2,000M 5 3/4% 7/1/2012 $2,287,500 $114
5,955M 5 3/4% 7/1/2013 7,146,000 356
3,000M 6% 7/1/2020 3,716,250 185
2,350M Colgate University 6% 7/1/2021 2,908,125 145
1,500M Educational Facility 5 1/4% 5/15/2021 1,711,875 85
2,000M Fordham University 5% 7/1/2016 2,200,000 110
1,610M New York University 6% 7/1/2018 2,006,463 100
1,425M NYSARC Insured Series "A" 5 1/4% 7/1/2018 1,594,219 80
Rochester Institute of Technology:
2,715M 5 1/4% 7/1/2018 3,017,043 150
1,000M 5 1/4% 7/1/2021 1,087,500 54
1,000M School Districts Financing Prog. Series "C"
5 1/4% 4/1/2021 1,088,750 54
Special Act School Districts Programs:
1,375M 6% 7/1/2012 1,605,312 80
1,460M 6% 7/1/2013 1,724,625 86
1,320M United Cerebral Palsy Affiliation 5 1/8% 7/1/2021 1,435,500 72
- ----------------------------------------------------------------------------------------------------------------------
33,529,162 1,671
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--34.5%
Buffalo:
Series "B":
1,130M 5 3/8% 11/15/2016 1,275,487 64
2,360M 5 3/8% 11/15/2017 2,649,100 132
2,620M 5 3/8% 11/15/2019 2,931,125 146
Series "D":
1,040M 6% 12/1/2013 1,242,800 62
1,000M 5 1/2% 12/15/2015 1,150,000 57
1,000M Central Square Central School District 5% 5/15/2017 1,101,250 55
Eastport South Manor Central School District:
1,250M 5% 6/15/2016 1,381,250 69
1,315M 5% 6/15/2017 1,444,856 72
1,385M 5% 6/15/2018 1,514,844 75
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
$1,000M Ilion Central School District Series "B"
5 1/2% 6/15/2015 $1,167,500 $58
Nassau County:
4,355M 5.7% 8/1/2004* 4,710,542 235
3,845M 6 1/2% 11/1/2004* 4,243,919 212
New York City:
1,000M Series "A" 7 1/4% 3/15/2018 1,167,500 58
3,355M Series "B1" 6.95% 8/15/2004* 3,615,012 180
4,420M Series "C" 5 5/8% 3/15/2019 4,944,875 246
Series "E":
1,000M 6.2% 8/1/2008 1,171,250 58
2,000M 5 3/4% 8/1/2018 2,307,500 115
4,570M 5 3/4% 5/15/2024 5,226,937 261
2,500M Series "F" 5 1/4% 8/1/2014 2,793,750 139
2,885M Series "G" 5 3/4% 8/1/2018 3,328,569 166
1,680M Niagara Falls Public Improvement 7 1/2% 3/1/2015 2,307,900 115
1,395M North Syracuse Central School District Series "A"
5% 6/15/2018 1,515,319 76
4,000M Puerto Rico Municipal Finance Agy. 6% 8/1/2015 4,770,000 238
1,000M Red Hook Central School District 5 1/8% 6/15/2017 1,107,500 55
1,000M Rome School District 5 1/2% 6/15/2016 1,138,750 57
Shenendehowa Central School District (Clifton Park):
Series "E":
585M 5% 1/1/2018 633,263 32
610M 5% 1/1/2019 655,750 33
Series "F":
500M 5% 7/15/2018 543,750 27
200M 5% 7/15/2019 215,750 11
Yonkers, Series "A":
1,345M 5 1/8% 7/1/2016 1,491,269 74
1,900M 5 3/4% 10/1/2016 2,227,750 111
1,410M 5 1/4% 7/1/2017 1,568,625 78
1,480M 5 1/4% 7/1/2018 1,633,550 81
- ----------------------------------------------------------------------------------------------------------------------
69,177,242 3448
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--3.6%
New York State Medical Care Facs. Agency:
$1,850M Long Term Health Care 7 3/8% 11/1/2011 $1,858,825 $93
4,915M Mental Health Services Facilities 6 1/2% 8/15/2004* 5,320,488 265
- ----------------------------------------------------------------------------------------------------------------------
7,179,313 358
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.8%
3,400M New York State Housing Finance Agy.
6.05% 5/1/2011 3,697,500 184
- ----------------------------------------------------------------------------------------------------------------------
Transportation--16.9%
Metropolitan Transit Authority of New York:
2,000M Commuter Facilities Series 6 1/8% 7/1/2004* 2,134,000 106
2,500M Transit Authority Revenue 5% 11/15/2020 2,675,000 133
2,725M Transit Dedicated Tax 5 1/8% 11/15/2020 2,973,656 148
New York State Thruway Auth. Hwy. & Bridge
Series "A":
1,500M 6% 4/1/2015 1,771,875 88
3,250M 5 1/4% 4/1/2017 3,619,688 180
3,500M 5 1/4% 4/1/2018 3,880,625 194
7,900M Port Authority of New York & New Jersey
125th Series 5% 10/15/2020 8,541,875 426
6,900M Triborough Bridge & Tunnel Auth. Series "Y"
6% 1/1/2012 8,297,250 414
- ----------------------------------------------------------------------------------------------------------------------
33,893,969 1,689
- ----------------------------------------------------------------------------------------------------------------------
Utilities--20.5%
6,000M Long Island Power Authority 5% 9/1/2028 6,285,000 313
New York City Municipal Water Fin. Auth. Revenue:
2,750M 6% 6/15/2021 3,399,687 169
5,000M 5 1/8% 6/15/2033 5,281,250 263
7,000M 5 1/2% 6/15/2033 7,621,250 380
8,000M Puerto Rico Electric Power Auth. Rev. 5 3/8% 7/1/2017 9,100,000 454
6,165M Suffolk County Water Authority Rev. 6% 6/1/2017 7,667,719 382
1,620M Ulster County Resource Recovery Agy. Solid
Waste Sys. Rev. 5 1/4% 3/1/2017 1,806,300 90
- ----------------------------------------------------------------------------------------------------------------------
41,161,206 2,051
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--4.5%
$2,500M Nassau County Interim Finance Auth.
5 3/4% 11/15/2016 $2,915,625 $145
3,000M New York City Transitional Financial Auth.
5 1/4% 8/1/2020 3,288,750 164
930M New York State Dorm. Auth. Rev. (Jud. Facs. Lease)
7 3/8% 7/1/2016 1,190,400 59
1,500M Tobacco Settlement Financing Corp. 5 1/4% 6/1/2020 1,635,000 82
- ----------------------------------------------------------------------------------------------------------------------
9,029,775 450
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $178,401,952) 197,668,167 9,851
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.1%
100M Puerto Rico Commonwealth Floater Certificates Govt.
Dev. Bank Adjustable Rate Note .87% **
(cost $100,000) 100,000 5
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $178,501,952) 98.6% 197,768,167 9,856
Other Assets, Less Liabilities 1.4 2,889,057 144
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $200,657,224 $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. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--96.9%
Certificates of Participation--7.9%
$500M Arizona State Municipal Financing Prog.
5 3/8% 8/1/2030 $538,125 $210
1,000M Arizona State University 5% 7/1/2020 1,067,500 417
400M University of Arizona 5% 6/1/2020 426,500 167
- ----------------------------------------------------------------------------------------------------------------------
2,032,125 794
- ----------------------------------------------------------------------------------------------------------------------
Education--8.8%
500M Arizona School Facilities Board Rev. 5 1/4% 7/1/2016 561,875 220
500M Arizona State University Rev. Sys. 5.65% 7/1/2014 580,000 227
1,000M Energy Mgmt. Svcs. (Arizona St. Univ. Proj.
Main Campus) 5 1/4% 7/1/2018 1,111,250 434
- ----------------------------------------------------------------------------------------------------------------------
2,253,125 881
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--18.5%
Maricopa County School District:
215M #11 (Peoria) 6.1% 7/1/2004* 228,285 89
250M #11 (Peoria) 5 1/2% 7/1/2009* 295,312 116
185M #11 (Peoria) 6.1% 7/1/2010 195,210 76
1,000M #41 (Gilbert) Zero Coupon 1/1/2008 893,750 349
525M #80 (Chandler) 6 1/4% 7/1/2011 644,438 252
1,000M Phoenix Arizona Series "B" 5 3/8% 7/1/2019 1,111,250 434
Pima County Unified School District:
500M #6 (Marana) 5 1/4% 7/1/2015 560,625 219
100M #13 (Tanque Verde) 6.7% 7/1/2010 107,094 42
200M Santa Cruz County School District #35, 6% 7/1/2008 210,842 82
Yavapai County Elementary School District:
230M #6 (Cottonwood-Oak Creek) 6.7% 7/1/2004* 245,576 96
215M #28 (Camp Verde) 6% 7/1/2008 228,773 90
- ----------------------------------------------------------------------------------------------------------------------
4,721,155 1,845
- ----------------------------------------------------------------------------------------------------------------------
Health Care--6.1%
650M Maricopa County Ind. Dev. Auth. (Samaritan
Hlth. Svcs.) 7% 12/1/2016 863,688 337
600M Mesa Ind. Dev. Auth. (Discovery Hlth. Sys.)
5 7/8% 1/1/2016 699,000 273
- ----------------------------------------------------------------------------------------------------------------------
1,562,688 610
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Housing--.6%
$150M Phoenix Ind. Dev. Auth. (Ventana Palms Apts.)
6.1% 10/1/2019 $163,312 $64
- ----------------------------------------------------------------------------------------------------------------------
Transportation--3.4%
385M Phoenix Airport Rev. 6 1/4% 7/1/2012 410,410 160
400M Tucson Street & Highway User Rev. 5 3/8% 7/1/2014 453,000 177
- ----------------------------------------------------------------------------------------------------------------------
863,410 337
- ----------------------------------------------------------------------------------------------------------------------
Utilities--29.9%
100M Chandler Water & Sewer Rev. 7 1/4% 7/1/2013 133,375 52
225M Gilbert Water & Sewer Rev. 6 1/2% 7/1/2012 238,302 93
Mesa Utility Systems Revenue:
350M 6 1/8% 7/1/2007* 410,813 161
500M 5 3/4% 7/1/2015 607,500 237
Phoenix Arizona Civic Impt. Corp. Water
System Revenue:
250M 5 1/4% 7/1/2016 292,500 114
1,000M 5% 7/1/2018 1,081,250 422
500M 5 1/2% 7/1/2020 559,375 219
500M Phoenix Arizona Civic Wastewater Rev. 5 3/8% 7/1/2015 566,250 221
750M Pima County Sewer Rev. 5 3/8% 7/1/2014 849,375 332
250M Puerto Rico Electric Power Auth. Rev. 5 1/8% 7/1/2026 267,187 104
1,000M Salt River Project Arizona Agric. Impt. & Pwr. Dist.
Elec. Sys. Rev. 5% 1/1/2025 1,051,250 411
Tucson Water Revenue:
150M 8% 7/1/2013 208,687 82
250M 5% 7/1/2014 284,375 111
500M 5.3% 7/1/2016 547,500 214
500M Virgin Islands Water & Power Auth. Elec. Sys.
Rev. 5% 7/1/2019 545,000 213
- ----------------------------------------------------------------------------------------------------------------------
7,642,739 2,986
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--21.7%
305M Casa Grande Excise Tax Rev. 6.1% 4/1/2009 327,875 128
500M Glendale Arizona Municipal Property Corp.
5% 7/1/2033 523,750 205
250M Greater Arizona Dev. Auth. Series "A" 6% 8/1/2015 293,438 115
1,000M Maricopa County Arizona Pollution Control
5.05% 5/1/2029 1,045,000 408
500M Maricopa County Public Finance Rev. 5 1/2% 7/1/2015 573,125 224
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
$750M Maricopa County Stadium District Rev.
5 3/8% 6/1/2017 $845,625 $330
1,000M Phoenix Arizona Civic Impt. Corp. Excise
Tax-Solid Waste 5% 7/1/2022 1,060,000 414
400M Sierra Vista Municipal Property Corp.
Muni. Facs. Rev. 6% 1/1/2011 429,000 168
400M Surprise Municipal Property Corp. Excise Tax Rev.
5 3/8% 7/1/2014 449,500 176
- ----------------------------------------------------------------------------------------------------------------------
5,547,313 2,168
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,779,544) 96.9% 24,785,867 9,685
Other Assets, Less Liabilities 3.1 806,286 315
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $25,592,153 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.0%
Certificates of Participation--6.2%
$500M Castaic Lake Water Agency Water Sys. Impt.
Proj. 7% 8/1/2012 $641,875 $206
750M Los Angeles Real Property Prog. 5.3% 4/1/2022 825,937 264
450M San Joaquin County Rev. Solid Waste Sys. Facs.
Proj. 5% 4/1/2022 475,875 152
- ----------------------------------------------------------------------------------------------------------------------
1,943,687 622
- ----------------------------------------------------------------------------------------------------------------------
Education--3.4%
1,000M California Edl. Facs. Auth. Rev. (Univ. of Redlands)
5% 6/1/2028 1,047,500 335
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--25.8%
410M Berryessa Unified School District Series "C"
5% 8/1/2021 434,600 139
585M Centralia School District Series "A" 5% 8/1/2024 615,713 197
1,000M Chaffey Community College District 5 1/4% 7/1/2022 1,087,500 348
500M Fontana School District 5 3/4% 5/1/2022 565,000 181
650M Jefferson High School District (San Mateo Cnty.)
6 1/4% 2/1/2016 809,250 259
750M Natomas Unified School District 5.95% 9/1/2021 908,437 290
500M Porterville Unified School Facs. Impt. District
Series "A" 5% 8/1/2022 529,375 169
1,450M San Bernardino City Unified School District
Series "C" 5% 8/1/2019 1,558,750 499
Walnut Valley School District:
750M 6% 8/1/2012 925,313 296
500M 7.2% 2/1/2016 648,750 207
- ----------------------------------------------------------------------------------------------------------------------
8,082,688 2,585
- ----------------------------------------------------------------------------------------------------------------------
Health Care--3.4%
1,000M California Health Facilities Financing Auth. Rev.
(Lucile Salter Packard Hospital) 5% 8/15/2025 1,046,250 335
- ----------------------------------------------------------------------------------------------------------------------
Transportation--6.1%
1,000M Port Oakland Revenue Bonds Series "M"
5 1/4% 11/1/2020 1,100,000 352
700M Puerto Rico Commonwealth Hwy. & Trans. Auth.
Rev. 5 3/4% 7/1/2018 820,750 262
- ----------------------------------------------------------------------------------------------------------------------
1,920,750 614
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--22.3%
$1,000M California State Dept. Water Central Proj.
Series "Z" 5% 12/1/2019 $1,071,250 $343
1,500M California State Dept. Water Pwr. Supply Rev.
5 3/8% 5/1/2018 1,653,750 529
250M Fresno Sewer Rev. 6 1/4% 9/1/2014 313,437 100
700M Puerto Rico Electric Power Auth. Rev.
5 3/8% 7/1/2017 796,250 255
800M Redding Joint Powers Financing Auth. Wtr.
Rev. Series "A" 5% 6/1/2021 851,000 272
1,210M San Juan Basin Auth. Rev. (Ground Wtr.
Rec. Proj.) 5 1/4% 12/1/2017 1,359,738 435
750M South Gate Public Financing Auth. Wtr.
Rev. Series "A" 6% 10/1/2012 913,125 292
- ----------------------------------------------------------------------------------------------------------------------
6,958,550 2,226
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--31.8%
500M Barstow Redevelopment Agy. 7% 9/1/2014 658,125 211
1,000M California State Public Works Board 6 1/2% 12/1/2008 1,206,250 386
505M Long Beach Board Financing Auth. Tax Alloc. Rev.
(North Long Beach Redev. Proj.) 5% 8/1/2022 532,775 170
1,000M Long Beach Financing Auth. Rev. 6% 11/1/2017 1,231,250 394
1,000M Rohnert Park Cmnty. Dev. Comm. Tax Alloc. Rev.
5 1/4% 8/1/2020 1,096,250 351
1,000M San Francisco Bay Area Rapid Tran. District Sales
Tax Rev. 5% 7/1/2026 1,041,250 333
500M San Francisco City & County Redev. Agy.
(Moscone Ctr.) 6 3/4% 7/1/2015 536,140 171
500M San Jose Redevelopment Agy. 6% 8/1/2015 616,250 197
700M San Mateo Joint Powers Auth. Lease Rev.
6 1/2% 7/1/2015 895,125 286
500M Santa Ana Financing Auth. Lease Rev.
6 1/4% 7/1/2015 625,000 200
1,365M Shasta Joint Powers Financing Auth. Lease Rev.
(County Admin. Building Proj.) 5 1/4% 4/1/2019 1,510,031 483
- ----------------------------------------------------------------------------------------------------------------------
9,948,446 3,182
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $28,158,651) 30,947,871 9,899
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.6%
$200M Puerto Rico Commonwealth Floater Certificates
Govt. Dev. Bank Adjustable Rate Notes .87% *
(cost $200,000) $200,000 $64
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $28,358,651) 99.6% 31,147,871 9,963
Other Assets, Less Liabilities .4 117,177 37
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $31,265,048 $10,000
======================================================================================================================
* Interest rates on Adjustable Rate Notes are determined and reset
weekly by the issuer. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.2%
Education--16.4%
$225M Colorado Postsecondary Educ. Facs. Auth. Rev.
(Auraria Foundation Proj.) 6% 9/1/2005* $247,500 $179
200M Colorado School of Mines Auxiliary Facilities Rev.
5 1/4% 12/1/2020 220,000 159
1,000M Colorado St. Colleges Board of Trustees Auxiliary
Rev. Series "B" 5% 5/15/2022 1,058,750 766
325M University of Colorado Enterprise Rev. Series "A"
5% 6/1/2019 348,563 252
350M University of Northern Colorado Rev. 5 1/2% 6/1/2018 394,187 285
- ----------------------------------------------------------------------------------------------------------------------
2,269,000 1,641
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--32.8%
250M Adams & Arapahoe Counties Jnt. School
District #28J Aurora Series "A" 5% 12/1/2022 265,313 192
200M Arapahoe County Water & Wastewater Series "B"
5 3/4% 12/1/2019 232,500 168
150M Bayfield School District #10, 6 1/2% 6/1/2005* 164,812 119
500M Boulder Larimer & Weld Counties St. Vrain Valley
School District #RE 1, 5% 12/15/2021 532,500 385
Clear Creek School District #RE 1:
200M 6 1/4% 12/1/2010* 246,750 179
500M 5% 12/1/2018 541,875 392
200M Douglas County School District #RE 1 Series "B"
5 3/4% 12/15/2019 232,500 168
150M Eagle Garfield & Routt Counties School
District #RE 50J 6.3% 12/1/2004* 164,438 119
El Paso County School District:
350M #2, (Harrison) 5 1/2% 12/1/2018 396,375 287
250M #20, 5 1/4% 12/15/2017 280,937 203
200M #49, (Falcon) 5 1/2% 12/1/2013 239,250 173
350M #49, (Falcon) 5 3/4% 12/1/2015 413,000 299
150M Garfield Pitkin & Eagle Counties School
District #RE 1, 6.6% 6/15/2004* 159,630 115
250M Hyland Hills Park & Rec. Dist. 5 1/2% 12/15/2018 287,188 208
250M Pueblo County School District #70, 5 1/4% 12/1/2022 270,937 196
100M Yuma Hospital District 6.4% 11/1/2004* 108,250 78
- ----------------------------------------------------------------------------------------------------------------------
4,536,255 3,281
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--7.4%
Colorado Health Facilities Authority:
$200M Poudre Valley Health Care 5 5/8% 12/1/2019 $223,750 $162
100M Sisters of Charity 6 1/4% 5/15/2012 122,375 89
250M Colorado Springs Hospital Rev. 6% 12/15/2015 278,125 201
350M Denver City & County Mental Health Corp.
Series "A" 5 1/2% 7/15/2015 401,625 290
- ----------------------------------------------------------------------------------------------------------------------
1,025,875 742
- ----------------------------------------------------------------------------------------------------------------------
Transportation--6.7%
100M Arapahoe County Capital Impt. Hwy. Rev. (E-470)
6.05% 8/31/2005* 113,000 82
200M Colorado Dept. Trans. Rev. Antic. Notes Series "A"
6% 6/15/2010* 241,750 175
Denver City & County Airport Revenue:
255M 5 1/2% 11/15/2016 284,006 206
250M 5 3/4% 11/15/2020 279,375 202
- ----------------------------------------------------------------------------------------------------------------------
918,131 665
- ----------------------------------------------------------------------------------------------------------------------
Utilities--13.9%
200M Boulder Water & Sewer Rev. 5.6% 12/1/2016 231,500 167
200M Broomfield Water Activity Enterprise Water Rev.
5 1/2% 12/1/2019 224,750 163
Colorado Water Resources & Power Dev. Authority:
Small Water Resources Rev. Series "A":
200M 5 3/4% 11/1/2017 233,250 169
250M 5 1/4% 11/1/2021 272,813 197
400M Denver City & County Wastewater Rev. 5 1/4% 11/1/2016 452,000 327
200M Pueblo Board Waterworks Water Rev. 6% 11/1/2014 238,250 172
150M Westminster Water & Wastewater Util. Enterprise Rev.
6% 12/1/2004* 160,875 116
100M Woodland Park Wastewater Util. Rev. 6.05% 12/1/2013 107,375 78
- ----------------------------------------------------------------------------------------------------------------------
1,920,813 1,389
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--21.0%
250M Broomfield Certificate of Participation Open Space
5 1/2% 12/1/2020 277,187 201
400M Denver Convention Center Hotel Auth. Rev.
5% 12/1/2033 413,000 299
250M Golden Sales & Use Tax Rev. 5 1/4% 12/1/2016 280,000 203
200M Greeley Building Auth. 5.6% 11/1/2019 226,750 164
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
Larimer County Sales & Use Tax Revenue:
$280M 5 1/4% 12/15/2016 $317,800 $230
400M 5 1/2% 12/15/2018 459,500 332
100M Pueblo Urban Renewal Auth. Tax Increment Rev.
6.05% 12/1/2012 102,883 74
250M Thornton County Sales & Use Tax Rev.
5 1/4% 9/1/2015 282,188 204
500M Westminster Sales & Use Tax Rev. 5 1/4% 12/1/2021 541,875 392
- ----------------------------------------------------------------------------------------------------------------------
2,901,183 2,099
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $12,523,952) 98.2% 13,571,257 9,817
Other Assets, Less Liabilities 1.8 253,323 183
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $13,824,580 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.9%
Education--17.8%
Connecticut State Health & Educational
Facilities Authority Revenue:
$1,000M Brunswick Sch. Series "B" 5% 7/1/2033 $1,055,000 $273
725M Choate Rosemary Hall 6.8% 7/1/2004* 774,815 200
1,000M Fairfield University 5 5/8% 7/1/2016 1,150,000 298
500M Loomis Chafee Sch. Proj. Series "B" 6% 7/1/2004* 532,880 138
1,000M Trinity College 6 1/8% 7/1/2004* 1,071,960 277
University of Connecticut:
400M 5.4% 3/1/2016 447,000 116
1,100M 5 1/8% 2/15/2021 1,183,875 306
600M University of Connecticut Student Fees Rev. Series "A"
5 1/4% 11/15/2021 657,750 170
- ----------------------------------------------------------------------------------------------------------------------
6,873,280 1,778
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--43.8%
500M Branford 5% 5/15/2014 563,750 146
Bridgeport:
750M Series "A" 6 1/8% 7/15/2010* 917,813 237
1,000M Series "A" 5 3/8% 8/15/2019 1,106,250 286
450M Series "C" 5 3/8% 8/15/2019 493,312 128
Connecticut State:
500M Series "A" 5 1/4% 6/15/2013 568,125 147
250M Series "A" 5 3/8% 4/15/2016 282,500 73
500M Series "B" 5 3/4% 11/1/2009* 600,625 155
690M Series "E" 6% 3/15/2012 836,625 216
1,020M Series "F" 5% 10/15/2021 1,086,300 281
635M East Haven 5% 9/1/2015 724,694 187
800M New Britain 6% 3/1/2012 974,000 252
New Haven:
985M 6% 11/1/2009* 1,196,775 310
500M 5 1/4% 11/1/2013 570,000 148
400M 5% 11/1/2017 442,500 115
1,000M 5% 11/1/2020 1,080,000 279
1,500M Puerto Rico Commonwealth 5 1/8% 7/1/2030 1,582,500 409
650M Puerto Rico Municipal Finance Agy. 5 1/2% 8/1/2017 741,812 192
330M Southington 6.55% 4/1/2012 337,263 87
1,250M Waterbury 5% 4/1/2021 1,331,250 344
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
$150M Westbrook 6.4% 3/15/2010 $183,000 $47
1,200M Westport 5% 8/15/2019 1,323,000 342
- ----------------------------------------------------------------------------------------------------------------------
16,942,094 4,381
- ----------------------------------------------------------------------------------------------------------------------
Health Care--9.0%
Connecticut State Health & Educational
Facilities Authority Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 464,675 120
400M Child Care Facilities Program 5 1/2% 7/1/2019 445,500 115
700M New Britain General Hospital 6 1/8% 7/1/2014 744,261 193
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 541,875 140
Village Families & Children Series "A":
370M 5% 7/1/2015 411,163 106
385M 5% 7/1/2016 423,500 110
405M 5% 7/1/2017 444,487 115
- ----------------------------------------------------------------------------------------------------------------------
3,475,461 899
- ----------------------------------------------------------------------------------------------------------------------
Housing--3.5%
Connecticut State Housing Finance Authority:
750M 6% 11/15/2010 810,938 210
500M 5.85% 6/15/2030 536,250 139
- ----------------------------------------------------------------------------------------------------------------------
1,347,188 349
- ----------------------------------------------------------------------------------------------------------------------
Transportation--5.7%
Connecticut State Special Tax Obligation Revenue
Transportation Infrastructure:
250M 6 1/8% 9/1/2012 304,063 78
250M 5 3/8% 10/1/2014 286,250 74
500M 5 3/8% 7/1/2019 555,625 144
1,000M 5% 12/1/2021 1,070,000 277
- ----------------------------------------------------------------------------------------------------------------------
2,215,938 573
- ----------------------------------------------------------------------------------------------------------------------
Utilities--12.7%
Puerto Rico Electric Power Authority Revenue:
750M 5 3/8% 7/1/2017 853,125 221
250M 5 1/4% 7/1/2022 273,124 71
1,000M 5 1/8% 7/1/2026 1,068,750 276
250M 5 1/4% 7/1/2029 271,563 70
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
South Central Connecticut Regional Water Authority:
$500M 6 1/8% 8/1/2004* $533,185 $138
500M 5 1/4% 8/1/2014 573,125 148
1,250M 5% 8/1/2024 1,326,563 343
- ----------------------------------------------------------------------------------------------------------------------
4,899,435 1,267
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--6.4%
545M Connecticut State Dev. Auth. Govtl. Lease Rev.
6 1/2% 6/15/2008 580,866 150
250M Connecticut State Special Assessment 5 1/4% 1/1/2011* 290,312 75
415M New Haven Air Rights Parking Facs. Rev.
5 3/8% 12/1/2015 491,256 127
1,000M Puerto Rico Public Finance Corp. Commonwealth
Approp. Series "A" 5 1/2% 8/1/2018 1,132,500 292
- ----------------------------------------------------------------------------------------------------------------------
2,494,934 644
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $35,334,628) 98.9% 38,248,330 9,891
Other Assets, Less Liabilities 1.1 420,001 109
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $38,668,331 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.4%
Certificates of Participation--2.6%
$1,000M Miami-Dade County School Board District
5% 8/1/2029 $1,050,000 $256
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--8.0%
1,325M Miami-Dade County School District 5 3/8% 8/1/2015 1,556,875 380
1,000M Miami Homeland Defense 5 1/2% 1/1/2020 1,110,000 270
500M North Springs Improvement District 7% 10/1/2009 627,500 153
- ----------------------------------------------------------------------------------------------------------------------
3,294,375 803
- ----------------------------------------------------------------------------------------------------------------------
Health Care--4.7%
1,000M Escambia County Health Facs. Auth. Rev.
5.95% 7/1/2020 1,118,750 273
750M Puerto Rico Indl. Tourist Edl. Med. & Env.
Cntl. Facs. 6 1/4% 7/1/2016 812,812 198
- ----------------------------------------------------------------------------------------------------------------------
1,931,562 471
- ----------------------------------------------------------------------------------------------------------------------
Transportation--7.0%
500M Dade County Aviation Rev. Series "A"
6% 10/1/2010 554,375 135
1,000M Miami-Dade County Aviation Rev.
(Miami Int'l. Airport) 5.35% 10/1/2013 1,126,250 274
1,000M Miami-Dade County Expressway Auth. Toll Sys.
Rev. 6% 7/1/2014 1,196,250 292
- ----------------------------------------------------------------------------------------------------------------------
2,876,875 701
- ----------------------------------------------------------------------------------------------------------------------
Utilities--28.4%
1,000M Cocoa Water & Sewer Rev. 5 3/4% 10/1/2007* 1,166,250 284
1,000M Escambia County Utilities Auth. Sys. Rev.
6 1/4% 1/1/2015 1,250,000 305
1,000M Florida State Municipal Power Agy. Rev.
5 1/2% 10/1/2019 1,130,000 275
1,495M Lakeland Electric & Water Rev. 6.05% 10/1/2014 1,855,669 452
1,000M Miami Beach Stormwater Rev. 5 3/8% 9/1/2030 1,075,000 262
1,130M Palm Bay Utility Rev. 5 1/4% 10/1/2018 1,248,650 304
1,000M Plant City Utility System Rev. 6% 10/1/2015 1,238,750 302
1,025M Polk County Utility System Rev. 5% 10/1/2024 1,085,219 265
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
$1,000M Sarasota County Utility System Rev. 5 1/4% 10/1/2020 $1,093,750 $267
480M West Melbourne Water & Sewer Rev. 6 3/4% 10/1/2014 516,000 126
- ----------------------------------------------------------------------------------------------------------------------
11,659,288 2,842
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--46.7%
1,380M DeSoto County Capital Improvement Rev.
5 1/4% 10/1/2019 1,519,725 371
1,000M Escambia County Sales Tax Rev. 5 1/4% 10/1/2018 1,112,500 271
Florida Municipal Loan Council Revenue:
1,160M 6% 4/1/2015 1,381,850 337
1,715M 5 1/4% 11/1/2019 1,897,219 463
1,000M 5 3/8% 11/1/2025 1,080,000 263
1,205M Highlands County Infrastructure Sales Surtax Rev.
5% 11/1/2018 1,304,412 318
1,000M Indian Trace Community Dev. Dist. 5 3/4% 5/1/2011 1,090,000 266
1,000M Jacksonville Capital Improvement (Gator Bowl Proj.)
5 7/8% 10/1/2015 1,101,250 269
2,000M Jacksonville Sales Tax Rev. 5 3/8% 10/1/2017 2,252,500 549
Osceola County Tourist Development Tax Revenue:
1,000M 5 1/2% 10/1/2017 1,146,250 279
1,000M 5 1/2% 10/1/2018 1,137,500 277
Pasco County Sales Tax Revenue:
1,000M 5% 12/1/2020 1,076,250 262
750M 5% 12/1/2033 789,375 192
1,000M Port St. Lucie Sales Tax Rev. 5% 9/1/2022 1,060,000 258
1,000M Tampa Sports Auth. Sales Tax Rev. (Tampa Bay Arena)
5 3/4% 10/1/2020 1,206,250 294
- ----------------------------------------------------------------------------------------------------------------------
19,155,081 4,669
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $36,253,363) 39,967,181 9,742
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.0%
$400M University Athletic Assoc. Adjustable Rate Note
.85% ** (cost $400,000) $400,000 $98
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $36,653,363) 98.4% 40,367,181 9,840
Other Assets, Less Liabilities 1.6 656,161 160
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $41,023,342 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset
daily by the issuer. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.1%
Education--12.3%
$250M Athens Dev. Auth. Hsg. & Lease Rev. (East Campus)
5 1/4% 12/1/2022 $271,875 $263
200M Bulloch County Dev. Auth. Student Hsg. Rev.
(Georgia Southern Univ. Proj.) 5% 8/1/2021 212,000 205
Fulton County Development Authority Revenue:
350M Georgia Tech Athletic Assoc. 5 1/2% 10/1/2017 399,438 387
250M Morehouse College 6 1/4% 12/1/2021 298,750 290
80M Private Colleges & Universities Facilities Auth.
(Spelman Univ. Proj.) 6% 6/1/2009 84,792 82
- ----------------------------------------------------------------------------------------------------------------------
1,266,855 1,227
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--11.2%
255M Atlanta 5 3/8% 12/1/2018 281,137 272
400M Cherokee County School District 5% 8/1/2017 439,000 425
100M Hall County School District 6.7% 12/1/2004* 110,125 107
100M Mitchell County School District 6 1/2% 3/1/2009 109,625 106
100M Peach County School District 6.4% 2/1/2005* 110,000 107
100M Puerto Rico Commonwealth 5 1/4% 7/1/2027 106,500 103
- ----------------------------------------------------------------------------------------------------------------------
1,156,387 1,120
- ----------------------------------------------------------------------------------------------------------------------
Health Care--10.7%
500M Cobb County Hospital Auth. Rev. 5 1/4% 4/1/2024 538,750 522
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 135,469 131
400M Tift County Hospital Auth. Rev. 5 1/4% 12/1/2019 433,000 420
- ----------------------------------------------------------------------------------------------------------------------
1,107,219 1,073
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.5%
150M Georgia State Hsg. & Fin. Auth. Rev. 5.7% 12/1/2011 158,437 153
- ----------------------------------------------------------------------------------------------------------------------
Utilities--45.8%
235M Atlanta Water & Wastewater Rev. 5 1/2% 11/1/2017 281,119 272
255M Brunswick Water & Sewer Rev. 6.1% 10/1/2019 320,981 311
250M Columbia County Water & Sewer Rev. 6 1/4% 6/1/2010* 305,000 295
250M Forsyth County Water & Sewer Rev. 6 1/4% 4/1/2010* 305,625 296
250M Fulton County Water & Sewer Rev. 6 3/8% 1/1/2014 310,312 301
235M Gainsville Water & Sewer Rev. 5 1/4% 11/15/2015 266,138 258
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
Georgia Municipal Gas Authority Revenue:
Buford Project:
$80M 6.8% 11/1/2009 $87,100 $84
250M 5 1/2% 11/1/2012 288,438 279
100M Warner Robins Series "B" 5.8% 1/1/2015 111,000 108
250M Glynn County Water & Sewer Rev. 5% 4/1/2023 263,438 255
345M Griffin County Combined Pub. Utility Rev.
5% 1/1/2021 370,013 358
400M Gwinnett County Water & Sewer Rev. 5% 8/1/2018 436,500 423
250M Milledgeville Water & Sewer Rev. 6% 12/1/2021 307,187 298
200M Newnan Water Sewer & Light Comm. Pub. Utils.
Rev. 5% 1/1/2015 222,750 216
Puerto Rico Electric Power Authority Revenue:
400M 5 3/8% 7/1/2017 455,000 441
250M 5 1/8% 7/1/2026 267,187 259
100M St. Mary's Water & Sewer Rev. 6 1/8% 7/1/2018 126,000 122
- ----------------------------------------------------------------------------------------------------------------------
4,723,788 4,576
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--17.6%
80M Appling County Dev. Auth. Poll. Cntl. Rev.
7.1% 1/1/2014 83,017 80
250M Atlanta & Fulton Counties Rec. Auth. Rev.
5 1/4% 12/1/2016 280,000 271
300M Atlanta Dev. Auth. Rev. (Yamacraw Design
Ctr. Proj.) Series "A" 5 3/8% 1/1/2019 331,500 321
500M Cobb-Marietta Coliseum & Exhibit Hall Auth.
Rev. 5 1/2% 10/1/2018 595,625 577
250M College Park Dev. Auth. Rev. (Civic Ctr. Proj.)
5 3/4% 9/1/2026 285,625 277
200M Fayette County Public Facs. Auth. Rev.
(Criminal Justice Ctr.) 6 1/4% 6/1/2010* 245,500 238
- ----------------------------------------------------------------------------------------------------------------------
1,821,267 1,764
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $9,216,320) 99.1% 10,233,953 9,913
Other Assets, Less Liabilities .9 89,667 87
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,323,620 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.0%
Certificates of Participation--2.4%
$750M Baltimore Brd. of Ed. Admin. Proj. 5.8% 4/1/2011 $882,188 $243
- ----------------------------------------------------------------------------------------------------------------------
Education--12.2%
750M Baltimore Brd. Sch. Commrs. Sch. Sys. Rev.
5% 5/1/2015 837,187 230
750M Maryland St. Econ. Dev. Corp. Util. Infrastructure Rev.
(Univ. MD-College Park) 5 3/8% 7/1/2016 837,187 230
Morgan State University Academic & Auxiliary
Facilities Fees Revenue:
500M 6.05% 7/1/2015 625,000 172
500M 5% 7/1/2020 540,000 149
200M 6.1% 7/1/2020 251,750 69
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Cntl. Facs.
(University Plaza Proj.) Series "A" 5 5/8% 7/1/2013 859,687 237
430M St. Mary's College Rev. 5.45% 9/1/2020 475,150 131
- ----------------------------------------------------------------------------------------------------------------------
4,425,961 1,218
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--35.2%
1,475M Anne Arundel 5 3/8% 3/1/2015 1,690,719 465
350M Anne Arundel County Water & Sewer 6.3% 8/1/2005* 389,375 107
1,000M Baltimore County Metropolitan District #68,
5% 8/1/2019 1,082,500 298
Baltimore, Maryland:
250M 5 5/8% 10/15/2006* 287,188 79
700M 5 1/2% 10/15/2015 839,125 231
90M Chesapeake Beach 6 1/2% 5/1/2012 90,377 25
100M Frederick, Maryland 6 1/8% 10/1/2004* 108,500 30
1,000M Maryland State 5 1/2% 8/1/2010 1,178,750 324
1,000M Ocean City 5% 3/1/2021 1,070,000 294
1,000M Prince Georges County 5 1/4% 12/1/2014 1,148,750 316
650M Puerto Rico Commonwealth Series "A" 6 1/4% 7/1/2013 814,937 224
1,050M Puerto Rico Municipal Finance Agency 5 1/2% 8/1/2017 1,198,313 330
425M Queen Annes County School & Public Facilities
5 1/4% 1/15/2014 478,125 132
1,000M St. Mary's County Hospital 5% 10/1/2020 1,080,000 297
325M Washington County Pub. Impt. 5.8% 1/1/2005* 353,437 97
350M Wicomico County 5 1/2% 12/1/2016 402,500 111
500M Worcester County 5 5/8% 3/1/2014 581,250 160
- ----------------------------------------------------------------------------------------------------------------------
12,793,846 3,520
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--4.1%
$500M Maryland State Health & Higher Edl. Facs.
(Maryland General Hosp.) 6 1/8% 7/1/2014 $531,615 $146
150M Maryland State Indl. Dev. Fin. Auth.
(Holy Cross Hlth. Sys.) 5.7% 12/1/2010 175,688 48
325M Puerto Rico Indl. Tourist Edl. Med. & Env.
Cntl. Facs. 6 1/4% 7/1/2016 352,219 97
350M Takoma Park Hospital Facilities (Adventist Hosp.)
6 1/2% 9/1/2012 439,687 121
- ----------------------------------------------------------------------------------------------------------------------
1,499,209 412
- ----------------------------------------------------------------------------------------------------------------------
Housing--4.8%
250M Baltimore County Mortgage Rev. (Old Orchard Apts.)
7% 7/1/2016 260,795 72
Maryland State Community Admin. Dept. Hsg. &
Community Development:
345M 7% 4/1/2014 354,594 98
510M 5 7/8% 7/1/2016 544,425 150
500M Montgomery County Multi-Family Mortgage Rev.
6% 7/1/2020 542,500 149
30M Montgomery County Single-Family Mortgage Rev.
6 1/2% 7/1/2011 30,000 8
- ----------------------------------------------------------------------------------------------------------------------
1,732,314 477
- ----------------------------------------------------------------------------------------------------------------------
Transportation--8.8%
Puerto Rico Commonwealth Hwy. &
Trans. Auth. Revenue:
1,275M 6 1/4% 7/1/2014 1,604,906 441
1,425M 5 1/4% 7/1/2019 1,587,094 437
- ----------------------------------------------------------------------------------------------------------------------
3,192,000 878
- ----------------------------------------------------------------------------------------------------------------------
Utilities--18.8%
Baltimore Wastewater Utilities Revenue:
500M 5 1/2% 7/1/2010* 587,500 162
200M 6% 7/1/2015 248,250 68
1,090M 5% 7/1/2020 1,174,475 323
Baltimore Water Project Revenue Series "A":
220M 6% 7/1/2010* 265,375 73
250M 5.8% 7/1/2012* 302,813 84
1,000M 5% 7/1/2033 1,055,000 290
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
Puerto Rico Electric Power Auth. Revenue:
$1,390M 5 3/8% 7/1/2017 $1,581,125 $435
1,500M 5 1/4% 7/1/2029 1,629,375 448
- ----------------------------------------------------------------------------------------------------------------------
6,843,913 1,883
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--11.7%
Baltimore Convention Center:
250M 6.1% 9/1/2004* 265,000 73
250M 5 1/2% 9/1/2014 285,000 78
250M Maryland Stadium Auth. Rev. 5 7/8% 12/15/2013 270,625 75
1,000M Montgomery County Solid Waste System Rev.
5% 6/1/2012 1,133,750 312
1,000M Puerto Rico Municipal Finance Agency 5 1/4% 8/1/2021 1,090,000 300
1,025M Puerto Rico Public Finance Corp. Comwlth.
Approp. Series "A" 5 3/8% 6/1/2015 1,212,063 333
- ----------------------------------------------------------------------------------------------------------------------
4,256,438 1,171
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $32,702,196) 98.0% 35,625,869 9,802
Other Assets, Less Liabilities 2.0 719,931 198
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $36,345,800 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.2%
Education--11.0%
$1,000M Massachusetts Health & Educational Facilities Auth.
(Simmons College) Series "F" 5% 10/1/2033 $1,048,750 $335
1,000M Massachusetts State College Bldg. Auth. Proj.
5 1/4% 5/1/2021 1,082,500 345
1,000M University of Massachusetts Bldg. Auth. Rev.
6 7/8% 5/1/2014 1,308,750 417
- ----------------------------------------------------------------------------------------------------------------------
3,440,000 1,097
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--49.2%
1,000M Holliston 5 1/4% 4/1/2018 1,110,000 354
1,000M Lawrence 5 1/4% 3/15/2018 1,108,750 353
150M Massachusetts Series "B" 7% 7/1/2009 185,625 59
1,000M Massachusetts State Construction Loan Series "E"
5 3/8% 1/1/2017 1,120,000 357
1,080M North Hampton 5.2% 6/15/2015 1,202,850 384
1,000M Puerto Rico Commonwealth Hwy. & Trans.
Series "A" 5% 7/1/2032 1,050,000 335
1,155M Quaboag Regional School District 5 1/2% 6/1/2017 1,316,700 420
Springfield:
1,000M 6% 10/1/2015 1,193,750 381
1,000M 5 3/8% 8/1/2017 1,118,750 357
1,000M 5 1/4% 1/15/2023 1,076,250 343
1,000M Tantasqua Regional School District 5% 8/15/2017 1,091,250 348
1,370M Westfield 5 1/2% 12/15/2017 1,580,638 504
1,040M Westford 5 1/8% 4/1/2017 1,145,300 365
1,000M Worcester 5 1/2% 8/15/2017 1,141,250 364
- ----------------------------------------------------------------------------------------------------------------------
15,441,113 4,924
- ----------------------------------------------------------------------------------------------------------------------
Health Care--12.3%
1,000M Harvard Pilgrim Health Care 5 1/4% 7/1/2013 1,101,250 351
750M Massachusetts General Hospital Series "F"
6 1/4% 7/1/2012 887,812 283
Massachusetts Health & Educational Facilities
Auth. Capital Asset Program:
145M 7.35% 8/1/2008 145,249 46
105M 7.2% 7/1/2009 105,335 34
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,603,125 511
- ----------------------------------------------------------------------------------------------------------------------
3,842,771 1,225
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.6%
$480M Massachusetts Housing Finance Agy. 6% 12/1/2012 $511,800 $163
- ----------------------------------------------------------------------------------------------------------------------
Transportation--7.6%
1,000M Massachusetts State Port Auth. Rev. Series "A"
5 3/4% 7/1/2012 1,186,250 378
1,000M Route 3 North Trans. Impt. Assoc. 5 5/8% 6/15/2010* 1,181,250 377
- ----------------------------------------------------------------------------------------------------------------------
2,367,500 755
- ----------------------------------------------------------------------------------------------------------------------
Utilities--11.2%
1,035M Boston Water & Sewer Commission Rev.
5 3/4% 11/1/2013 1,247,175 398
1,455M Holyoke Gas & Electric Dept. Rev. 5 3/8% 12/1/2018 1,629,600 520
600M South Essex Sewer District Series "B" 6 3/4% 6/1/2004* 643,964 205
- ----------------------------------------------------------------------------------------------------------------------
3,520,739 1,123
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--5.3%
1,000M Boston Convention Center Act 1997 Series "A"
5% 5/1/2017 1,091,250 348
500M Massachusetts Development Fin. Agy. Res. Recovery
Rev. (Semass Sys.) Series "A" 5 5/8% 1/1/2013 577,500 184
- ----------------------------------------------------------------------------------------------------------------------
1,668,750 532
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $27,877,070) 30,792,673 9,819
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.3%
100M Puerto Rico Commonwealth Floater Certificates
Govt. Dev. Bank Adjustable Rate Note .87% **
(cost $100,000) 100,000 32
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $27,977,070) 98.5% 30,892,673 9,851
Other Assets, Less Liabilities 1.5 467,070 149
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $31,359,743 $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. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.5%
Education--2.4%
$1,000M Western University Revenue 5% 11/15/2020 $1,075,000 $243
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--55.3%
1,000M Detroit City School District 5 1/4% 5/1/2016 1,165,000 264
1,800M Detroit Downtown Development Series "A"
5 3/4% 7/15/2015 2,049,750 464
1,000M Godwin Heights Public School District
5 5/8% 5/1/2015 1,147,500 260
1,000M Grand Blanc Community School District
5 5/8% 5/1/2015 1,162,500 263
1,000M Grand Ledge Public School District 7 7/8% 5/1/2004* 1,077,670 244
1,040M Grand Rapids Building Authority 5 3/4% 8/1/2015 1,212,900 274
1,000M Gull Lake Community School District Zero
Coupon 5/1/2013 691,250 156
1,575M Jenison Public School District 5 1/2% 5/1/2018 1,789,594 405
1,000M Lake Orion Community School District
7% 5/1/2005* 1,113,750 252
1,325M Lansing Community College Building & Site
5% 5/1/2021 1,407,812 318
1,000M Lincoln Park School District 7% 5/1/2006* 1,162,500 263
1,000M Michigan State Environmental Protection Prog.
6 1/4% 11/1/2012 1,215,000 275
1,000M Montrose Township School District
6.2% 5/1/2017 1,265,000 286
1,200M Newaygo Public School 5 3/4% 5/1/2018 1,380,000 312
1,000M Plainwell Community School District
5 1/2% 5/1/2019 1,133,750 257
1,000M Portage Lake Water & Sewer Authority
6.1% 10/1/2014 1,115,000 252
1,500M Puerto Rico Municipal Finance Agency
5 3/4% 8/1/2013 1,764,375 399
380M Saline Building Authority 7.1% 7/1/2009 394,368 89
500M Waterford Township School District 6 1/4% 6/1/2004* 529,410 120
1,485M West Ottawa Public School District 5 3/8% 5/1/2019 1,646,494 372
- ----------------------------------------------------------------------------------------------------------------------
24,423,623 5,525
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--10.2%
Michigan State Hospital Finance Authority Revenue:
$1,000M Ascension Health Credit 5 3/4% 11/15/2009* $1,202,500 $272
1,000M Mercy Mount Clemens 5 3/4% 5/15/2017 1,143,750 259
1,000M St. John's Hospital 6% 5/15/2008 1,034,960 234
1,000M Saginaw Hospital Fin. Auth. (Covenant Med. Ctr.)
5 5/8% 7/1/2013 1,128,750 255
- ----------------------------------------------------------------------------------------------------------------------
4,509,960 1,020
- ----------------------------------------------------------------------------------------------------------------------
Transportation--2.5%
1,000M Wayne Charter County Airport Rev. Series "C"
5 3/8% 12/1/2016 1,117,500 253
- ----------------------------------------------------------------------------------------------------------------------
Utilities--24.4%
Detroit Water Supply System Revenue:
1,750M 5 1/2% 7/1/2014 1,997,188 452
1,275M 6 1/2% 7/1/2015 1,639,969 371
1,000M Kalamazoo Water Revenue 6% 9/1/2005* 1,110,000 251
Michigan State Strategic Fund (Detroit Edison Co.):
1,750M 6.95% 5/1/2011 2,211,562 500
1,000M 7% 5/1/2021 1,332,500 302
1,695M Michigan State Trunk Line 5 1/4% 10/1/2021 1,841,194 417
500M Monroe County Economic Dev. Corp.
(Detroit Edison Co.) 6.95% 9/1/2022 669,375 151
- ----------------------------------------------------------------------------------------------------------------------
10,801,788 2,444
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--3.7%
Michigan Municipal Bond Authority Revenue:
530M 6.55% 11/1/2008 575,712 130
1,000M 6 1/8% 5/1/2014 1,057,720 239
- ----------------------------------------------------------------------------------------------------------------------
1,633,432 369
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $38,669,342) 98.5% 43,561,303 9,854
Other Assets, Less Liabilities 1.5 644,816 146
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $44,206,119 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.5%
Certificates of Participation--3.8%
$400M Minneapolis Special School District #001,
5.9% 2/1/2006* $444,500 $308
100M Woodbury Series "A" 5% 2/1/2014 110,125 76
- ----------------------------------------------------------------------------------------------------------------------
554,625 384
- ----------------------------------------------------------------------------------------------------------------------
Education--3.3%
400M University of Minnesota 5 3/4% 7/1/2017 483,500 335
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--49.4%
400M Becker Ind. School District #726, 6% 2/1/2017 467,000 323
325M Bloomington Ind. School District #271,
5 1/8% 2/1/2015 364,406 252
200M Delano Ind. School District #879, 5.6% 2/1/2015 229,000 159
Eagan Recreational Facilities Series "A":
480M 5% 2/1/2015 532,200 368
250M 5% 2/1/2016 274,062 190
400M Elk River Ind. School District #728, 5 1/2% 2/1/2021 444,000 307
285M Inver Grove Heights Ind. School District #199,
5 3/4% 2/1/2012 314,212 217
500M Lake Superior Ind. School District #381, 5% 4/1/2019 539,375 373
280M Lakeville 5 1/2% 2/1/2011 304,500 211
405M Lino Lakes 5.7% 2/1/2012 451,069 312
260M Mahtomedi Ind. School District #832, 5% 2/1/2017 282,425 196
250M Minnesota State 5% 8/1/2017 273,437 189
400M Moorehead Ind. School District #152, 5% 4/1/2017 435,000 301
350M North St. Paul Maplewood Ind. School
District #622, 7.1% 2/1/2005* 381,938 264
Pequot Lakes Ind. School District #186:
250M 5% 2/1/2016 274,063 190
250M 5 1/8% 2/1/2018 272,813 189
St. Paul Ind. School District #625:
250M 5 5/8% 2/1/2015 284,375 197
400M 5% 2/1/2017 438,000 303
535M Upsala Ind. School District #487, 5% 2/1/2020 573,119 397
- ----------------------------------------------------------------------------------------------------------------------
7,134,994 4,938
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--12.3%
$200M Hibbing Health Care Facilities Rev. (Duluth Clinic)
5 1/2% 11/1/2013* $239,750 $166
500M Minneapolis Health Care Sys. Rev. (Fairview
Hlth. Svcs.) 5 1/2% 5/15/2017 568,125 393
350M Minnesota Agriculture & Econ. Dev. Brd. Rev.
(Benedictine Hlth.) 5 1/4% 2/15/2014 392,437 271
500M St. Cloud Healthcare Oblig. Group "A" 5.8% 5/1/2016 581,875 403
- ----------------------------------------------------------------------------------------------------------------------
1,782,187 1,233
- ----------------------------------------------------------------------------------------------------------------------
Housing--9.0%
Minnesota State Housing Finance Authority:
460M Rental Housing Revenue 5.9% 8/1/2015 480,125 332
Single-Family Mortgage Revenue:
90M 6.4% 1/1/2015 92,601 64
205M 6% 1/1/2018 222,425 154
400M Minnetonka Multi-Family Housing Rev.
(Cedar Hills Proj.) 5.9% 10/20/2019 433,000 300
65M St. Paul Housing & Redev. Auth. Multi-Family Hsg. Rev.
(Como Lake Proj.) 7 1/2% 3/1/2026
(Defaulted) (Note 1A) 65,159 45
- ----------------------------------------------------------------------------------------------------------------------
1,293,310 895
- ----------------------------------------------------------------------------------------------------------------------
Transportation--5.0%
700M Minneapolis & St. Paul Metro Airports Comm.
Airport Rev. Series "A" 5% 1/1/2028 725,375 502
- ----------------------------------------------------------------------------------------------------------------------
Utilities--14.7%
400M Northern Minnesota Municipal Pwr. Agy. Elec. Sys. Rev.
5.4% 1/1/2016 449,500 311
210M Southern Minnesota Municipal Pwr. Agy. Pwr.
Supply Sys. 5 3/4% 1/1/2018 216,136 150
Western Minnesota Municipal Power Agency:
325M 5 1/2% 1/1/2011 358,719 248
500M 5 1/2% 1/1/2015 571,250 395
500M 5% 1/1/2030 521,250 361
- ----------------------------------------------------------------------------------------------------------------------
2,116,855 1,465
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $12,930,626) 14,090,846 9,752
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.8%
Adjustable Rate Notes**
$300M Cohasset Revenue (Minnesota Power &
Light Co.) 1% $300,000 $208
100M Minnesota State Higher Edl. Facs. Auth. Rev.
(St. Olaf College) 1% 100,000 69
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $400,000) 400,000 277
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $13,330,626) 100.3% 14,490,846 10,029
Excess of Liabilities Over Other Assets (.3) (42,097) (29)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,448,749 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset
daily by the issuer. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--95.1%
Education--4.6%
$125M Bowling Green School District 5.85% 3/1/2020 $143,125 $137
150M Missouri Southern State College Rev. Aux. Ent.
Sys. 5.3% 4/1/2015 169,125 162
150M Missouri State Health & Educ. Facs. Auth.
(Webster University) 5 1/2% 4/1/2018 168,188 161
- ----------------------------------------------------------------------------------------------------------------------
480,438 460
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--33.6%
100M Belton School District #124, 6% 3/1/2018 116,500 111
400M Cass County Reorg. School District #2, 5 1/2% 3/1/2017 456,000 437
350M Clay County Pub. School District #53, 5% 3/1/2017 382,812 367
Greene County Reorg. School District #8:
200M 5 1/4% 3/1/2018 222,250 213
250M 5 1/4% 3/1/2019 275,938 264
300M Jackson County Reorg. School District #7,
5 1/4% 3/1/2020 329,250 315
100M Jefferson County School District #6, 6% 3/1/2014 117,625 113
150M Kansas City Streetlight Project Series "A"
5 1/4% 2/1/2016 166,312 159
400M Maplewood Richmond Heights School District
5 1/4% 3/1/2016 444,000 425
125M St. Joseph's School District 5 3/4% 3/1/2019 144,063 138
125M St. Louis County Pattonville School District #3,
5 3/4% 3/1/2017 145,000 139
150M St. Louis School District 5 3/8% 4/1/2017 167,250 160
250M Taney County School District #R-V 5% 3/1/2022 265,000 254
250M Washington School District 5% 3/1/2015 277,813 266
- ----------------------------------------------------------------------------------------------------------------------
3,509,813 3,361
- ----------------------------------------------------------------------------------------------------------------------
Health Care--7.5%
400M Jackson County Special Obligation Truman
Medical Center 5% 12/1/2022 424,000 406
Missouri State Health & Educational Facilities Authority:
140M BJC Health System Series "A" 6 3/4% 5/15/2011 176,050 168
90M Health Midwest 6.1% 6/1/2011 96,064 92
80M Puerto Rico Indl. Tourist Edl. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 86,700 83
- ----------------------------------------------------------------------------------------------------------------------
782,814 749
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.0%
$90M Missouri State Housing Dev. Comm.
(Ecumenical Hsg.) 5.8% 3/1/2006* $100,125 $96
- ----------------------------------------------------------------------------------------------------------------------
Transportation--11.1%
400M Bi-State Dev. Agency Met. District Metrolink
Cross Cnty. Proj. Series "B" 5 1/4% 10/1/2019 444,000 425
250M Kansas City Airport Revenue Series "B"
5 1/4% 9/1/2016 277,500 266
St. Louis Airport Revenue:
150M 5 1/8% 7/1/2015 162,562 156
255M 5.3% 7/1/2021 272,850 261
- ----------------------------------------------------------------------------------------------------------------------
1,156,912 1,108
- ----------------------------------------------------------------------------------------------------------------------
Utilities--12.3%
250M Jefferson County Cons. Public Water Supply
5 1/4% 12/1/2016 284,063 272
80M Liberty Sewer System Rev. 6.15% 2/1/2015 93,800 90
Missouri State Environmental Impt. & Energy
Res. Auth. Water Pollution Control:
250M 5 1/2% 7/1/2014 295,625 283
150M 5.4% 7/1/2018 168,187 161
250M Puerto Rico Electric Power Authority Rev.
5 3/8% 7/1/2017 284,375 272
150M St. Louis Water and Sewer Rev. 6% 7/1/2004* 160,608 154
- ----------------------------------------------------------------------------------------------------------------------
1,286,658 1,232
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--25.0%
100M Clay County Public Building Auth. Leasehold
Rev. 5 1/8% 5/15/2014 108,875 104
250M Kansas City Municipal Assistance Corp. Rev.
Series "A" 5% 3/1/2019 270,312 259
Missouri State Board Public Buildings Series "A":
250M 5% 5/1/2021 265,313 254
400M 5% 5/1/2025 420,000 402
125M Missouri State Development Finance Board
6% 4/1/2014 147,344 141
300M Springfield Center City Development Corp.
Leasehold Rev. (Jordan Valley Park Exposition
Cntr.) Series "A" 5% 6/1/2027 315,000 302
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
Springfield Public Building Corp. Leasehold Revenue:
$125M Capital Improvement 5.6% 6/1/2014 $143,750 $138
230M Jordan Valley 5.85% 6/1/2014 274,850 263
St. Louis Municipal Finance Corp. Leasehold Revenue:
250M Carnahan Courthouse Series "A" 5% 2/15/2020 268,750 257
City Justice Center Series "A":
225M 5 1/4% 2/15/2015 254,531 244
125M 5 3/4% 2/15/2018 144,375 138
- ----------------------------------------------------------------------------------------------------------------------
2,613,100 2,502
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $9,144,800) 9,929,860 9,508
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.9%
300M Missouri State Health & Education Adjustable Rate Note
1.05% ** (cost $300,000) 300,000 287
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $9,444,800) 98.0% 10,229,860 9,795
Other Assets, Less Liabilities 2.0 213,582 205
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,443,442 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset
daily by the issuer. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.9%
Education--19.6%
New Jersey Educational Facilities Auth. Rev.:
$2,125M College of New Jersey Series "C" 5 3/8% 7/1/2016 $2,395,938 $334
5,000M Higher Educ. Cap. Impt. Series "A" 5 1/8% 9/1/2022 5,362,500 748
1,210M Puerto Rico Indl. Tourist Edl. University
Plaza Series "A" 5 5/8% 7/1/2013 1,386,963 194
1,000M University of Medicine & Dentistry of New Jersey
Series "A" 5 3/8% 12/1/2016 1,132,500 158
University of Puerto Rico:
1,715M 5 3/4% 6/1/2017 2,002,263 279
1,500M 5 3/4% 6/1/2018 1,743,750 243
- ----------------------------------------------------------------------------------------------------------------------
14,023,914 1,956
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--11.4%
1,750M Atlantic City Board of Education 6.1% 12/1/2015 2,209,375 308
Essex County Improvement Authority:
Orange County School District:
1,025M Series "A" 6.95% 7/1/2005* 1,159,531 162
1,220M Series "B" 6.95% 7/1/2005* 1,380,125 192
1,000M Perth Amboy Board of Education 5% 7/15/2017 1,097,500 153
995M Union City 6.4% 11/1/2013 1,263,650 176
1,000M West Deptford 5 1/2% 9/1/2020 1,107,500 154
- ----------------------------------------------------------------------------------------------------------------------
8,217,681 1,145
- ----------------------------------------------------------------------------------------------------------------------
Health Care--13.0%
New Jersey State Health Care Facilities
Financing Authority:
1,045M Bayonne Hospital 6 1/4% 7/1/2012 1,111,817 155
1,745M General Hospital Center at Passaic 6% 7/1/2014 2,141,987 299
1,100M Hunterdon Hospital 7% 7/1/2020 1,100,000 153
1,000M Meridian Health System Oblig. Group
5 5/8% 7/1/2014 1,133,750 158
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,849,300 537
- ----------------------------------------------------------------------------------------------------------------------
9,336,854 1,302
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Housing--2.9%
New Jersey State Housing & Mortgage Financing Agency:
Regency Park Project:
$1,375M 6.05% 11/1/2017 $1,510,781 $211
505M 5.7% 5/1/2020 542,244 76
- ----------------------------------------------------------------------------------------------------------------------
2,053,025 287
- ----------------------------------------------------------------------------------------------------------------------
Transportation--17.2%
1,000M Burlington County Bridge Commission 5 1/4% 8/15/2021 1,078,750 150
1,000M Delaware River & Bay Auth. 5 1/2% 1/1/2016 1,137,500 159
1,000M Delaware River Port Auth. PA & NJ Rev. 5 3/4% 1/1/2022 1,131,250 158
1,000M New Jersey Econ. Dev. Auth. Rev. Light Rail Sys.
6% 5/1/2016 1,166,250 163
1,000M New Jersey State Hwy. Auth. (Garden State Parkway)
6.2% 1/1/2010 1,176,250 164
1,000M New Jersey Turnpike Authority Rev. 5% 1/1/2027 1,055,000 147
Port Authority of New York & New Jersey 125th Series:
4,100M 5% 10/15/2018 4,499,750 628
1,000M 5% 10/15/2020 1,081,250 151
- ----------------------------------------------------------------------------------------------------------------------
12,326,000 1,720
- ----------------------------------------------------------------------------------------------------------------------
Utilities--11.6%
1,000M Bayonne Municipal Utilities Auth. Water Sys.
Rev. Series "B" 5 1/4% 4/1/2020 1,080,000 151
1,250M Evesham Municipal Utilities Auth. Rev. 5% 7/1/2018 1,354,687 189
1,035M New Jersey Wastewater Treatment Trust 6 1/4% 4/1/2004* 1,096,945 153
1,250M Passaic Valley Sewer Commission 5 5/8% 12/1/2018 1,428,125 199
Puerto Rico Electric Power Authority:
1,000M Series "HH" 5 1/4% 7/1/2029 1,086,250 152
2,000M Series "II" 5 3/8% 7/1/2017 2,275,000 317
- ----------------------------------------------------------------------------------------------------------------------
8,321,007 1,161
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--24.2%
2,900M Atlantic County Impt. Auth. Lux. Tax (Convention Ctr.)
7.4% 7/1/2016 3,867,875 540
1,000M Camden County Impt. Auth. Lease Rev. 5 1/8% 9/1/2019 1,090,000 152
1,665M Cape May County Indl. Poll. Cntl. Fin. Auth.
6.8% 3/1/2021 2,216,531 309
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
Essex County Improvement Authority:
$1,000M Cogen Fac. Proj. 5 1/4% 1/1/2017 $1,106,250 $154
1,000M Correctional Fac. Proj. 5 1/2% 10/1/2018 1,126,250 157
2,000M Garden State Open Space Preservation Series "A"
5 1/4% 11/1/2019 2,207,500 308
New Jersey Economic Development Authority:
2,000M Educational Testing Service 6 1/8% 5/15/2005* 2,220,000 310
2,085M Market Transition Facility 5 7/8% 7/1/2004* 2,229,887 311
1,155M Puerto Rico Municipal Finance Agency 5 1/4% 8/1/2020 1,267,612 177
- ----------------------------------------------------------------------------------------------------------------------
17,331,905 2,418
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $64,698,445) 99.9% 71,610,386 9,989
Other Assets, Less Liabilities .1 75,657 11
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $71,686,043 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--96.1%
Certificates of Participation--16.5%
$400M Carteret County 5 5/8% 6/1/2020 $453,500 $184
1,000M Dare County 5% 6/1/2023 1,060,000 429
Harnett County:
500M 5 1/2% 12/1/2014 580,625 235
500M 5 1/8% 12/1/2023 537,500 218
250M Pitt County 5 1/4% 4/1/2015 280,000 113
250M Randolph County 5 1/2% 6/1/2015 285,938 116
840M Rutherford County Schools Proj. 5% 3/1/2023 887,250 359
- ----------------------------------------------------------------------------------------------------------------------
4,084,813 1,654
- ----------------------------------------------------------------------------------------------------------------------
Education--18.8%
500M Appalachian State Univ. Hsg. & Student Center
5.6% 7/15/2020 567,500 230
1,260M Appalachian State Univ. Series "A" 5 1/8% 5/1/2022 1,354,500 548
430M Iredell County Public Facilities School Projects
6% 6/1/2010* 521,375 211
500M North Carolina Capital Facilities Fin. Agy.
(Meredith College) 5 1/8% 6/1/2014 556,875 226
250M North Carolina Central Univ. Housing Rev.
5.6% 11/1/2012 282,187 114
500M University North Carolina Asheville Rev. 5% 6/1/2018 545,625 221
750M University North Carolina Sys. Pool Rev. 5 3/8% 4/1/2021 825,938 334
- ----------------------------------------------------------------------------------------------------------------------
4,654,000 1,884
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--18.4%
250M Bladen County 5.6% 5/1/2016 290,625 118
Brunswick County:
225M 5% 5/1/2017 247,500 100
500M 5 3/4% 5/1/2017 586,250 237
250M Cleveland County 5 1/2% 3/1/2012 277,187 112
750M Craven County 5% 5/1/2018 823,125 333
100M Gaston County 5.7% 3/1/2004* 105,178 43
400M Johnston County 5% 6/1/2018 440,500 178
200M Morganton 5.7% 6/1/2005* 220,750 90
400M Onslow County 5.7% 3/1/2011 433,500 176
300M Puerto Rico Commonwealth 5 1/4% 7/1/2027 319,500 129
280M Rowan County 5.6% 4/1/2005* 306,600 124
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
$250M Union County 5.4% 3/1/2015 $280,625 $114
200M Watauga County 5.9% 6/1/2004* 213,114 86
- ----------------------------------------------------------------------------------------------------------------------
4,544,454 1,840
- ----------------------------------------------------------------------------------------------------------------------
Health Care--3.8%
250M Cumberland County Finance Corp.
Installment Pmt. Rev. (Detention Ctr. &
Mental Hlth.) 5 5/8% 6/1/2017 286,875 116
400M North Carolina Medical Care Community Hosp. Rev.
(Northeast Med. Ctr.) 5 3/8% 11/1/2016 450,000 182
175M Puerto Rico Indl. Tourist Edl. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 189,656 77
- ----------------------------------------------------------------------------------------------------------------------
926,531 375
- ----------------------------------------------------------------------------------------------------------------------
Housing--.4%
100M North Carolina Hsg. Fin. Agy. Multi-Family
Series "F" 6.6% 7/1/2017 103,943 42
- ----------------------------------------------------------------------------------------------------------------------
Transportation--8.5%
Piedmont Triad Airport Authority Revenue:
800M 5 1/2% 7/1/2013 895,000 362
500M 5 1/4% 7/1/2016 550,625 223
520M Puerto Rico Commonwealth Hwy. & Trans. Auth.
Rev. 6 1/4% 7/1/2014 654,550 265
- ----------------------------------------------------------------------------------------------------------------------
2,100,175 850
- ----------------------------------------------------------------------------------------------------------------------
Utilities--27.9%
600M Broad River Water Auth. Water Sys. Rev.
5 3/4% 6/1/2017 699,750 283
250M Buncombe County Solid Waste Sys. 5.6% 3/1/2011 277,812 113
Charlotte Storm Water Fee Revenue:
250M 5.65% 6/1/2010* 297,500 120
615M 5 1/4% 6/1/2017 689,569 279
300M Durham County Enterprise Sys. Rev. 5% 6/1/2018 330,000 134
300M Fayetteville Public Works Commission Rev.
5 1/2% 3/1/2010* 352,500 143
250M Gastonia Combined Utilities Sys. Rev. 5 5/8% 5/1/2015 289,375 117
250M Greensboro Enterprise Sys. Rev. 5% 6/1/2017 272,500 110
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
Greenville Combined Enterprise Sys. Revenue:
$250M 5 3/4% 9/1/2014 $304,063 $123
250M 5 1/2% 9/1/2017 279,687 113
250M 5 1/2% 9/1/2018 278,438 113
250M Greenville Special Obligations Rev. 5% 6/1/2021 267,812 108
250M Kinston Enterprise Sys. Rev. 5.7% 4/1/2012 279,063 113
220M Laurinburg Sanitation Swr. 5.3% 6/1/2012 238,975 97
200M North Carolina Eastern Municipal Pwr. Agy.
5.6% 1/1/2010 225,250 91
1,000M North Carolina Municipal Pwr. Agy. (Catawba Elec.)
5 1/4% 1/1/2018 1,106,250 448
650M Puerto Rico Electric Pwr. Auth. 5 1/4% 7/1/2022 710,125 287
- ----------------------------------------------------------------------------------------------------------------------
6,898,669 2,792
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--1.8%
390M Fayetteville Finance Corp. Inst. Municipal Bldg.
Prog. 5.7% 2/1/2010 433,387 175
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,681,153) 23,745,972 9,612
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.8%
200M Puerto Rico Commonwealth Floater Certificates
Govt. Dev. Bank Adjustable Rate Note .87% **
(cost $200,000) 200,000 81
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $21,881,153) 96.9% 23,945,972 9,693
Other Assets, Less Liabilities 3.1 757,910 307
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $24,703,882 $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. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.8%
Education--12.5%
$1,200M Cincinnati Tech. College Gen. Receipts
5 1/4% 10/1/2020 $1,321,500 $465
1,000M Cuyahoga Cmnty. College District Gen. Receipts
5% 12/1/2022 1,065,000 375
1,000M University Akron Gen. Receipts 6% 1/1/2016 1,177,500 414
- ----------------------------------------------------------------------------------------------------------------------
3,564,000 1,254
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--69.6%
1,000M Adams County Valley Local School District
7% 12/1/2015 1,335,000 469
1,000M Akron-Summit County Public Library 5% 12/1/2018 1,096,250 386
800M Avon Local School District 6 1/2% 12/1/2015 1,038,000 365
1,000M Beaver Creek Local School District 6.6% 12/1/2015 1,307,500 460
425M Bedford Heights Jail Facilities 6 1/2% 12/1/2014 462,719 163
500M Brecksville-Broadview Heights City School District
6 1/2% 12/1/2016 582,500 205
1,000M Cleveland Municipal School District 5% 12/1/2019 1,082,500 381
500M Clyde-Green Springs Exempted Village
Local School District 7% 12/1/2013 566,250 199
500M Dayton City School District 5% 12/1/2031 523,750 184
450M Dublin 6.4% 12/1/2014 559,687 197
525M East Clinton Local School District 6 7/8% 12/1/2009 593,250 209
1,135M Eaton City School District 5 3/8% 12/1/2018 1,295,319 456
700M Garfield Heights 6.3% 12/1/2014 760,375 267
655M Jefferson County Jail Construction 5 3/4% 12/1/2019 800,737 282
1,000M Licking County Joint Voc. School District
5% 12/1/2020 1,075,000 378
1,300M Lorain 5 1/2% 12/1/2018 1,491,750 525
450M Massillon City School District 5% 12/1/2025 474,188 167
250M North Fork Local School District 5 3/4% 12/1/2018 306,250 108
500M North Royalton City School District 6% 12/1/2014 603,750 212
1,000M Oakwood City School District 5% 12/1/2020 1,081,250 380
350M Portage County 6.2% 12/1/2014 379,750 133
1,095M Ross Local School District 5% 12/1/2021 1,177,125 414
260M Shaker Heights City School District 7.1% 12/15/2010 310,375 109
750M Youngstown 6% 12/1/2031 874,687 308
- ----------------------------------------------------------------------------------------------------------------------
19,777,962 6,957
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--2.0%
$500M Lorain County Hosp. Rev. (Catholic Healthcare
Partners) 5 1/2% 9/1/2011 $568,125 $200
- ----------------------------------------------------------------------------------------------------------------------
Utilities--6.5%
600M Alliance Sewer System Rev. 6% 10/15/2010 645,750 227
280M Hamilton Wastewater Rev. 5.9% 10/15/2011 316,750 111
500M Mahoning Valley Sanitary District Water Rev.
5 3/4% 11/15/2018 580,000 204
250M Ohio State Water Dev. Auth. Rev. Pure Water
Series "I" 7% 12/1/2009 300,313 106
- ----------------------------------------------------------------------------------------------------------------------
1,842,813 648
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--8.2%
1,000M Hamilton County Sales Tax 5 3/4% 12/1/2013 1,180,000 415
1,000M New Albany Cmnty. Auth. Dev. 5 1/2% 10/1/2015 1,158,750 408
- ----------------------------------------------------------------------------------------------------------------------
2,338,750 823
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $25,246,171) 28,091,650 9,882
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.4%
100M Cuyahoga County Hospital Rev. (Univ. Hosp.
Cleveland) Adjustable Rate Note .86% *
(cost $100,000) 100,000 35
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $25,346,171) 99.2% 28,191,650 9,917
Other Assets, Less Liabilities .8 235,796 83
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $28,427,446 $10,000
======================================================================================================================
* Interest rates on Adjustable Rate Notes are determined and reset
daily by the issuer. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.1%
Certificates of Participation--4.4%
Oregon State Dept. of Administrative Services:
$500M 5.65% 5/1/2007* $575,000 $205
500M 5 1/4% 5/1/2017 558,125 198
100M Washington County Educational Service District
7% 6/1/2005* 110,875 39
- ----------------------------------------------------------------------------------------------------------------------
1,244,000 442
- ----------------------------------------------------------------------------------------------------------------------
Education--1.5%
200M Chemeketa Community College District
6.4% 7/1/2009 218,250 78
200M Oregon State Hlth. & Hsg. Educ. & Cult. Facs.
(Lewis & Clark College) 6% 10/1/2013 214,750 76
- ----------------------------------------------------------------------------------------------------------------------
433,000 154
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--53.0%
1,000M Benton and Linn County School District #509J
(Corvallis) 5% 6/1/2020 1,080,000 384
300M Chemeketa Community College District
5.8% 6/1/2006* 336,750 120
1,000M Deschutes County 5% 12/1/2015 1,122,500 399
500M Deschutes County Administrative School
District #1 (Bend LA Pine) 5 1/2% 6/15/2016 571,250 203
1,055M Gresham 5 3/8% 6/1/2017 1,192,150 424
250M Jackson County School District #4 (Phoenix)
5 1/2% 6/15/2016 285,625 101
635M Jefferson County School District #509J
5 1/4% 6/15/2019 702,468 250
500M Josephine County School District (Three Rivers)
5 1/4% 6/15/2017 553,125 197
245M La Grande 5 5/8% 6/1/2011 269,806 96
200M Lane County School District #019 (Springfield)
6 1/4% 10/15/2004* 215,750 77
Linn County School District:
250M #9 (Lebanon) 6 1/8% 6/15/2010* 303,125 108
180M #095 (Scio) 5 3/4% 7/15/2011 199,800 71
500M #055 (Sweet Home) 5 1/2% 6/15/2025 548,125 195
250M Morrow County School District #1, 5 5/8% 6/15/2014 286,875 102
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
$250M Multnomah County School District #7 (Reynolds)
5 5/8% 6/15/2014 $288,750 $103
Polk Marion & Benton Counties School District #13J:
200M 5 1/2% 12/1/2004* 215,000 76
760M 5 5/8% 6/15/2016 871,150 310
1,000M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,253,750 445
600M Southwestern Community College District
6.05% 6/1/2020 699,750 249
250M Tillamook County 5.6% 1/15/2007* 281,875 100
Umatilla County School District #016R (Pendleton):
200M 6% 7/1/2004* 212,163 75
500M 5 1/4% 7/1/2014 579,375 206
520M Wasco County School District #12, 5 1/2% 6/15/2018 621,400 221
Washington and Clackamas County School
District #23 (Tigard):
600M 5 1/4% 6/1/2016 702,750 250
1,000M 5 3/8% 6/15/2020 1,113,750 396
Washington County School District:
170M #003 (Hillsboro) 6% 11/1/2005* 188,275 67
200M #88J (Sherwood) 6.1% 6/1/2005* 218,250 78
- ----------------------------------------------------------------------------------------------------------------------
14,913,587 5,303
- ----------------------------------------------------------------------------------------------------------------------
Health Care--4.8%
1,250M Oregon Health Sciences Univ. Rev. 5 1/4% 7/1/2022 1,350,000 480
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.0%
Oregon State Housing & Community Svcs. Dept.
Mortgage Rev. Single-Family Mortgage Program:
100M 6% 7/1/2012 105,750 38
160M 5.95% 7/1/2013 172,000 61
- ----------------------------------------------------------------------------------------------------------------------
277,750 99
- ----------------------------------------------------------------------------------------------------------------------
Transportation--7.7%
Oregon State Department of Transportation Revenue:
100M 6.2% 6/2/2004* 106,829 38
200M 6 1/4% 6/2/2004* 213,748 76
500M Portland Airport Way Urban Renewal & Redevelopment
6% 6/15/2016 591,875 210
250M Port Portland International Airport 5% 7/1/2013 277,813 99
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation (continued)
Puerto Rico Commonwealth Hwy. &
Trans. Auth. Revenue:
$500M 6 1/4% 7/1/2014 $629,375 $224
300M 5 3/4% 7/1/2018 351,750 125
- ----------------------------------------------------------------------------------------------------------------------
2,171,390 772
- ----------------------------------------------------------------------------------------------------------------------
Utilities--18.1%
440M Columbia River Oregon Peoples Utility District
Elec. Sys. 5.55% 12/1/2020 492,250 175
Emerald Peoples Utility District:
125M 7.35% 11/1/2011 163,438 58
500M 5 1/4% 11/1/2020 550,000 196
600M Eugene Water Utility System 5.8% 8/1/2020 690,000 246
200M Klamath Falls Water Revenue 6.1% 6/1/2004* 211,492 75
250M Marion County Solid Waste & Electric Revenue
5 3/8% 10/1/2008 276,562 99
250M Portland Gas Tax Revenue 5 3/4% 6/1/2012 276,250 98
Portland Sewer System Revenue Series "A":
400M 6.2% 6/1/2004* 423,348 151
300M 5 1/4% 6/1/2020 331,500 118
Puerto Rico Electric Power Authority:
500M 5 1/8% 7/1/2026 534,375 190
500M 5 1/4% 7/1/2029 543,125 193
250M Salem Water & Sewer Revenue 5 1/2% 8/1/2006* 278,438 99
250M Washington County Unified Sewer Agy. 5 3/4%
10/1/2012 301,250 107
- ----------------------------------------------------------------------------------------------------------------------
5,072,028 1,805
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--6.6%
500M Oregon State Administrative Services Lottery
5 3/4% 4/1/2014 580,625 206
Portland Urban Renewal & Redevelopment:
700M 5 3/4% 6/15/2017 816,375 290
405M 5 1/2% 6/15/2020 452,081 161
- ----------------------------------------------------------------------------------------------------------------------
1,849,081 657
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $24,831,297) 27,310,836 9,712
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.8%
$500M Puerto Rico Commonwealth Govt. Dev. Bank
Adjustable Rate Note .87% ** (cost $500,000) $500,000 $178
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $25,331,297) 98.9% 27,810,836 9,890
Other Assets, Less Liabilities 1.1 309,828 110
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $28,120,664 $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. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--96.9%
Education--11.5%
$1,000M Pennsylvania State Higher Educ. Assistance Agy.
6 1/8% 12/15/2010* $1,226,250 $247
Pennsylvania State Higher Educ. Facs. Authority:
1,410M 5 1/2% 6/15/2014 1,609,162 324
1,000M 5% 6/15/2018 1,092,500 220
State Public School Bldg. Auth. College Revenue:
1,000M Butler County Cmnty. College Proj.
5.7% 7/15/2010* 1,188,750 240
500M Delaware County Cmnty. College Proj.
5 3/4% 10/1/2016 581,875 117
- ----------------------------------------------------------------------------------------------------------------------
5,698,537 1,148
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--30.3%
1,000M Adams County 5 3/8% 5/15/2011* 1,168,750 235
1,000M Erie 5.7% 5/15/2007* 1,143,750 230
1,545M Garnet Valley School District 5 1/2% 4/1/2014 1,788,337 360
1,000M General McLane School District 5 3/4% 5/15/2007* 1,145,000 231
1,065M Mifflin County 5 1/2% 9/1/2020 1,192,800 240
620M Norristown Area School District 5% 9/1/2027 650,225 131
1,365M Owen J. Roberts School District 5 1/2% 8/15/2016 1,573,163 317
1,000M Pennsbury School District 5 1/2% 1/15/2017 1,141,250 230
385M Philadelphia 6% 11/15/2014 415,800 84
Philadelphia School District:
1,180M 6% 3/1/2015 1,392,400 280
1,000M 5 1/2% 2/1/2026 1,096,250 221
1,600M Pittsburgh 5 1/2% 9/1/2014 1,874,000 378
400M Stroudsburg Area School District 5.8% 10/1/2005* 440,000 89
- ----------------------------------------------------------------------------------------------------------------------
15,021,725 3,026
- ----------------------------------------------------------------------------------------------------------------------
Health Care--13.8%
Allegheny County Hospital Development Authority:
1,000M Allegheny General Hospital Proj. 6.2% 9/1/2007* 1,171,250 236
Health Center--University of Pittsburgh:
1,000M 5.6% 4/1/2013 1,112,500 224
1,000M 5.65% 4/1/2014 1,115,000 225
1,000M Berks County Municipal Auth. Hosp. (Reading Hosp.
Med. Ctr.) 5.7% 10/1/2014 1,192,500 240
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
$1,000M Dauphin County General Hlth. Sys.
(Pinnacle Hlth. Sys.) 5 1/2% 5/15/2013 $1,098,750 $221
1,000M Pennsylvania State Higher Edl. Facs. Auth. Hlth. Svcs.
5.7% 11/15/2011 1,167,500 235
- ----------------------------------------------------------------------------------------------------------------------
6,857,500 1,381
- ----------------------------------------------------------------------------------------------------------------------
Transportation--3.5%
1,620M Allegheny County Port Auth. Spl. Rev. 5 1/4% 3/1/2020 1,767,825 355
- ----------------------------------------------------------------------------------------------------------------------
Utilities--19.7%
1,000M Allegheny County Sanitation Auth. Sewer Rev.
6 1/4% 12/1/2014 1,086,250 219
1,325M Bucks County Water & Sewer Auth. Rev.
5 3/8% 6/1/2019 1,480,687 298
1,000M Erie Sewer Authority Rev. 5 7/8% 6/1/2010* 1,196,250 241
1,000M Philadelphia Water & Wastewater Rev. 6 1/4% 8/1/2012 1,235,000 249
2,950M Pittsburgh Water & Sewer Auth. 6 1/2% 9/1/2013 3,676,438 741
1,000M Washington County Indl. Dev. Auth. (West PA Pwr.)
6.05% 4/1/2014 1,090,000 220
- ----------------------------------------------------------------------------------------------------------------------
9,764,625 1,968
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--18.1%
1,000M Pennsylvania Intergovernmental Coop. Auth.
Spl. Tax Rev. 7% 6/15/2005* 1,110,000 224
1,000M Pennsylvania State Indl. Dev. Auth. 6% 1/1/2012 1,041,990 210
Philadelphia Auth. Indl. Dev. Lease Revenue:
1,000M 5 1/2% 10/1/2014 1,158,750 233
1,000M 5 1/2% 10/1/2016 1,146,250 231
1,000M Philadelphia Housing Auth. Rev. Bonds Series "A"
5 1/2% 12/1/2019 1,140,000 230
Philadelphia Redev. Neighborhood Transformation
Series "A":
1,000M 5 1/2% 4/15/2016 1,143,750 230
1,000M 5 1/2% 4/15/2019 1,125,000 227
1,000M York County School Technology Auth. Lease Revenue
5 3/8% 2/15/2020 1,105,000 222
- ----------------------------------------------------------------------------------------------------------------------
8,970,740 1,807
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $42,537,176) 48,080,952 9,685
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.0%
$500M Puerto Rico Commonweath Govt. Dev Bank
Adjustable Rate Note .87% ** (cost $500,000) $500,000 $100
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $43,037,176) 97.9% 48,580,952 9,785
Other Assets, Less Liabilities 2.1 1,065,381 215
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $49,646,333 $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. The interest rate shown is the rate in effect at
June 30, 2003.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.0%
Education--6.6%
$575M George Mason University 6 3/8% 2/1/2005* $632,500 $141
1,100M Norfolk Redev. & Housing Auth.
(Tidewater Cmnty. College) 5 7/8% 11/1/2005* 1,236,125 276
1,000M Virginia College Building Auth. Educ. Facs.
Rev. 5 1/4% 2/1/2017 1,108,750 247
- ----------------------------------------------------------------------------------------------------------------------
2,977,375 664
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--30.6%
1,205M Bristol 5% 3/1/2025 1,269,769 283
1,000M Hampton 5 3/4% 2/1/2014 1,175,000 262
1,065M Harrisonburg Public Safety & Steam Plant Series "A"
5% 7/15/2020 1,155,525 258
1,000M Lunenburg County 5 1/4% 2/1/2029 1,073,750 240
Norfolk:
1,730M 5% 7/1/2020 1,864,075 416
1,100M 5% 7/1/2021 1,177,000 263
980M Portsmouth Public Utility 5 1/2% 8/1/2019 1,001,844 224
Richmond:
1,000M 5 3/8% 1/15/2015 1,127,500 252
1,000M 5 1/2% 1/15/2017 1,143,750 255
1,000M 5% 7/15/2019 1,086,250 242
1,000M Roanoke Public Improvement Series "A"
5 1/4% 10/1/2020 1,096,250 245
500M Virginia State Public School Auth. 6 1/2% 8/1/2004* 540,150 121
- ----------------------------------------------------------------------------------------------------------------------
13,710,863 3,061
- ----------------------------------------------------------------------------------------------------------------------
Health Care--9.7%
1,050M Danville Indl. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2004* 1,132,687 253
Roanoke Industrial Development Authority:
1,000M Carilion Health System Series "A" 5 1/2% 7/1/2021 1,111,250 248
1,675M Roanoke Memorial Hospitals Proj. 6 1/8% 7/1/2017 2,093,750 467
- ----------------------------------------------------------------------------------------------------------------------
4,337,687 968
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation--10.2%
Metropolitan Washington DC Airport Auth. System:
$960M Series "B" 5.1% 10/1/2021 $1,009,200 $225
500M Series "B" 5 1/8% 10/1/2022 525,625 118
1,585M Norfolk Airport Auth. Rev. Series "A"
5 3/8% 7/1/2015 1,757,369 392
1,000M Puerto Rico Commonwealth. Hwy. & Trans.
Auth. Rev. 6 1/4% 7/1/2014 1,268,750 283
- ----------------------------------------------------------------------------------------------------------------------
4,560,944 1,018
- ----------------------------------------------------------------------------------------------------------------------
Utilities--14.2%
1,165M Bristol Utility Sys. Rev. 5 3/4% 7/15/2015 1,383,437 309
1,000M Norfolk Water Rev. 5 7/8% 11/1/2015 1,112,500 248
500M Powhatan County Economic Dev. Auth. Lease
Rev. 5 1/8% 7/15/2018 555,625 124
Puerto Rico Electric Power Authority:
1,000M 5 3/8% 7/1/2017 1,137,500 254
1,000M Series "II" 5 1/4% 7/1/2022 1,092,500 244
1,000M Virginia Beach Water & Sewer Rev. 5% 10/1/2018 1,088,750 243
- ----------------------------------------------------------------------------------------------------------------------
6,370,312 1,422
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--26.7%
500M Frederick County Indl. Dev. Auth. (Govt.
Complex Proj.) 6 1/2% 12/1/2004* 549,375 123
750M Gloucester County Indl. Dev. Auth. (Courthouse Proj.)
5 3/8% 11/1/2020 829,688 185
1,000M Hampton Convention Center Rev. 5 1/4% 1/15/2016 1,132,500 253
500M Henrico County Economic Dev. Auth.
(Regional Jail Proj.) 5 5/8% 11/1/2015 577,500 129
1,000M Middlesex County Indl. Dev. Auth. Lease Rev.
5 1/8% 8/1/2023 1,076,250 240
1,000M Montgomery County Indl. Dev. Auth. Series "C"
6% 1/15/2017 1,180,000 263
1,000M Richmond Redev. & Housing Auth.
(Old Manchester Projects) 6.8% 3/1/2005* 1,111,250 248
Riverside Regional Jail Authority Facilities Revenue:
1,000M 5 7/8% 7/1/2005* 1,110,000 248
1,000M 5% 7/1/2022 1,072,500 240
2,020M Southwest Regional Jail Authority Rev. 5 1/8% 9/1/2022 2,176,550 486
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
$1,010M Virginia State Resources Auth. Infrastructure
Rev. Series "B" 5 1/2% 5/1/2018 $1,138,775 $254
- ----------------------------------------------------------------------------------------------------------------------
11,954,388 2,669
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $40,132,892) 98.0% 43,911,569 9,802
Other Assets, Less Liabilities 2.0 888,741 198
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $44,800,310 $10,000
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 2003
- ---------------------------------------------------------------------------------------------------------------------------------
INSURED
TAX-EXEMPT INTERMEDIATE INSURED INSURED
MONEY MARKET TAX EXEMPT TAX EXEMPT TAX EXEMPT II
- ---------------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $20,539,618 $55,273,899 $791,027,511 $88,782,561
============ ============ ============ ============
At value (Note 1A) $20,539,618 $57,624,985 $910,763,481 $94,106,002
Cash 217,528 233,024 454,881 1,058,000
Receivables:
Interest 119,945 574,037 14,790,231 1,013,250
Shares sold -- 344,201 56,028 542,355
Investment securities sold -- 1,138,758 -- --
Other assets 4,891 -- 81,733 --
------------ ------------ ------------ ------------
Total Assets 20,881,982 59,915,005 926,146,354 96,719,607
------------ ------------ ------------ ------------
Liabilities
Payables:
Dividends payable 1,081 27,800 708,551 75,277
Shares redeemed 55,579 236,655 1,460,436 306,788
Investment securities purchased 505,007 1,100,235 -- --
Accrued advisory fees 8,242 24,504 492,037 48,834
Accrued expenses 8,741 14,622 61,068 8,881
------------ ------------ ------------ ------------
Total Liabilities 578,650 1,403,816 2,722,092 439,780
------------ ------------ ------------ ------------
Net Assets $20,303,332 $58,511,189 $923,424,262 $96,279,827
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $20,303,332 $55,779,724 $795,824,485 $89,840,940
Undistributed net investment income -- 8,354 254,112 16,439
Accumulated net realized gain on investments -- 372,025 7,609,695 1,099,007
Net unrealized appreciation in value of investments -- 2,351,086 119,735,970 5,323,441
------------ ------------ ------------ ------------
Total $20,303,332 $58,511,189 $923,424,262 $96,279,827
============ ============ ============ ============
Net Assets:
Class A $20,246,272 $46,823,079 $918,253,535 $78,930,313
Class B $ 57,060 $11,688,110 $ 5,170,727 $17,349,514
Shares outstanding (Note 2):
Class A 20,246,272 7,088,343 85,973,122 5,019,360
Class B 57,060 1,766,328 484,739 1,104,107
Net asset value and redemption price per share - Class A $1.00+ $6.61 $10.68 $15.73
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* N/A $7.01 $11.33 $16.69
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $1.00 $6.62 $10.67 $15.71
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
+ Also maximum offering price per share
See notes to financial statements
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 2003
- -----------------------------------------------------------------------------------------------------------------------------
NEW YORK MULTI-STATE INSURED TAX FREE FUND
INSURED --------------------------------------------
TAX FREE ARIZONA CALIFORNIA COLORADO
- -----------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $178,501,952 $22,779,544 $28,358,651 $12,523,952
============ ============ ============ ============
At value (Note 1A) $197,768,167 $24,785,867 $31,147,871 $13,571,257
Cash (overdraft) 155,705 313,648 635,542 (6,203)
Receivables:
Interest 3,019,702 492,867 461,364 74,942
Shares sold 39,891 54,132 116,233 100,513
Investment securities sold -- -- -- 102,929
Other assets 10,408 -- 12,891 --
------------ ------------ ------------ ------------
Total Assets 200,993,873 25,646,514 32,373,901 13,843,438
------------ ------------ ------------ ------------
Liabilities
Payables:
Dividends payable 179,804 35,130 43,293 14,120
Shares redeemed 35,181 5,726 -- --
Investment securities purchased -- -- 1,047,620 --
Accrued advisory fees 103,198 8,635 10,608 2,945
Accrued expenses 18,466 4,870 7,332 1,793
------------ ------------ ------------ ------------
Total Liabilities 336,649 54,361 1,108,853 18,858
------------ ------------ ------------ ------------
Net Assets $200,657,224 $25,592,153 $31,265,048 $13,824,580
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $179,823,661 $23,351,946 $28,179,334 $12,720,140
Undistributed net investment income 28,957 3,522 10,555 3,137
Accumulated net realized gain on investments 1,538,391 230,362 285,939 53,998
Net unrealized appreciation in value of investments 19,266,215 2,006,323 2,789,220 1,047,305
------------ ------------ ------------ ------------
Total $200,657,224 $25,592,153 $31,265,048 $13,824,580
============ ============ ============ ============
Net Assets:
Class A $191,006,035 $22,956,243 $27,770,812 $11,856,708
Class B $ 9,651,189 $ 2,635,910 $ 3,494,236 $ 1,967,872
Shares outstanding (Note 2):
Class A 12,551,624 1,611,463 2,179,720 843,643
Class B 634,729 185,033 274,218 140,109
Net asset value and redemption price per share - Class A $15.22 $14.25 $12.74 $14.05
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $16.15 $15.12 $13.52 $14.91
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $15.21 $14.25 $12.74 $14.05
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
+ Also maximum offering price per share
See notes to financial statements
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 2003
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FLORIDA GEORGIA MARYLAND
- --------------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $35,334,628 $36,653,363 $9,216,320 $32,702,196
============ ============ ============ ============
At value (Note 1A) $38,248,330 $40,367,181 $10,233,953 35,625,869
Cash (overdraft) (157,087) 150,531 35,398 137,810
Receivables:
Interest 625,578 534,508 141,787 631,015
Shares sold 31,720 76,734 2,865 38,195
Investment securities sold -- 265,222 -- --
Other assets 7,851 7,792 -- --
------------ ------------ ------------ ------------
Total Assets 38,756,392 41,401,968 10,414,003 36,432,889
------------ ------------ ------------ ------------
Liabilities
Payables:
Dividends payable 33,282 49,109 8,825 48,817
Shares redeemed 30,364 42,254 79,019 20,639
Investment securities purchased -- 263,733 -- --
Accrued advisory fees 16,664 17,505 2,260 15,549
Accrued expenses 7,751 6,025 279 2,084
------------ ------------ ------------ ------------
Total Liabilities 88,061 378,626 90,383 87,089
------------ ------------ ------------ ------------
Net Assets $38,668,331 $41,023,342 $10,323,620 $36,345,800
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $35,389,795 $37,028,294 $9,223,825 $33,212,918
Undistributed net investment income 5,092 7,742 3,976 11,153
Accumulated net realized gain on investments 359,742 273,488 78,186 198,056
Net unrealized appreciation in value of investments 2,913,702 3,713,818 1,017,633 2,923,673
------------ ------------ ------------ ------------
Total $38,668,331 $41,023,342 $10,323,620 $36,345,800
============ ============ ============ ============
Net Assets:
Class A $32,227,952 $37,665,550 $8,534,929 $29,997,719
Class B $ 6,440,379 $ 3,357,792 $1,788,691 $ 6,348,081
Shares outstanding (Note 2):
Class A 2,323,750 2,667,049 601,903 2,075,072
Class B 464,695 237,716 126,272 438,938
Net asset value and redemption price per share - Class A $13.87 $14.12 $14.18 $14.46
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $14.72 $14.98 $15.05 $15.34
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $13.86 $14.13 $14.17 $14.46
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 2003
- --------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------
MASSACHUSETTS MICHIGAN MINNESOTA
- --------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $27,977,070 $38,669,342 $13,330,626
============ ============ ============
At value (Note 1A) $30,892,673 $43,561,303 $14,490,846
Cash 175,345 171,709 323,006
Receivables:
Interest 416,044 541,280 256,029
Shares sold 5,962 57,283 59,685
Investment securities sold -- -- 584,667
Other assets 644 608 6,153
------------ ------------ ------------
Total Assets 31,490,668 44,332,183 15,720,386
------------ ------------ ------------
Liabilities
Payables:
Dividends payable 13,323 55,457 8,994
Shares redeemed 95,919 39,293 --
Investment securities purchased -- -- 1,256,251
Accrued advisory fees 13,487 19,234 3,068
Accrued expenses 8,196 12,080 3,324
------------ ------------ ------------
Total Liabilities 130,925 126,064 1,271,637
------------ ------------ ------------
Net Assets $31,359,743 $44,206,119 $14,448,749
============ ============ ============
Net Assets Consist of:
Capital paid in $28,008,228 $39,062,204 $13,256,863
Undistributed net investment income 9,479 15,400 2,245
Accumulated net realized gain on investments 426,433 236,554 29,421
Net unrealized appreciation in value of investments 2,915,603 4,891,961 1,160,220
------------ ------------ ------------
Total $31,359,743 $44,206,119 $14,448,749
============ ============ ============
Net Assets:
Class A $26,897,488 $42,590,274 $13,337,861
Class B $ 4,462,255 $ 1,615,845 $ 1,110,888
Shares outstanding (Note 2):
Class A 2,138,076 3,204,800 1,083,435
Class B 354,559 121,758 90,162
Net asset value and redemption price per share - Class A $12.58 $13.29 $12.31
============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $13.35 $14.10 $13.06
============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $12.59 $13.27 $12.32
============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 2003
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------------------------
MISSOURI NEW JERSEY NORTH CAROLINA OHIO
- ---------------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 9,444,800 $64,698,445 $21,881,153 $25,346,171
============ ============ ============ ============
At value (Note 1A) $10,229,860 $71,610,386 $23,945,972 $28,191,650
Cash 181,736 194,552 422,619 37,360
Receivables:
Interest 143,072 1,261,795 270,555 186,485
Shares sold -- 94,780 85,754 57,992
Investment securities sold -- 1,061,927 -- --
Other assets -- 277 10,928 572
------------ ------------ ------------ ------------
Total Assets 10,554,668 74,223,717 24,735,828 28,474,059
------------ ------------ ------------ ------------
Liabilities
Payables:
Dividends payable 12,153 71,401 19,738 26,189
Shares redeemed 96,566 271,279 -- 3,981
Investment securities purchased -- 2,139,778 -- --
Accrued advisory fees 2,207 33,698 8,369 9,727
Accrued expenses 300 21,518 3,839 6,716
------------ ------------ ------------ ------------
Total Liabilities 111,226 2,537,674 31,946 46,613
------------ ------------ ------------ ------------
Net Assets $10,443,442 $71,686,043 $24,703,882 $28,427,446
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $9,615,004 $64,171,854 $22,463,045 $25,485,586
Undistributed net investment income 4,884 6,583 17,852 1,174
Accumulated net realized gain on investments 38,494 595,665 158,166 95,207
Net unrealized appreciation in value of investments 785,060 6,911,941 2,064,819 2,845,479
------------ ------------ ------------ ------------
Total $10,443,442 $71,686,043 $24,703,882 $28,427,446
============ ============ ============ ============
Net Assets:
Class A $ 7,640,864 $64,109,229 $20,032,238 $24,792,133
Class B $ 2,802,578 $ 7,576,814 $ 4,671,644 $ 3,635,313
Shares outstanding (Note 2):
Class A 545,496 4,705,223 1,440,516 1,881,755
Class B 200,107 557,844 335,791 275,798
Net asset value and redemption price per share - Class A $14.01 $13.63 $13.91 $13.18
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $14.86 $14.46 $14.76 $13.98
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $14.01 $13.58 $13.91 $13.18
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 2003
- -------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------------------------------------------------------------------------------
OREGON PENNSYLVANIA VIRGINIA
- -------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $25,331,297 $43,037,176 $40,132,892
============ ============ ============
At value (Note 1A) $27,810,836 $48,580,952 $43,911,569
Cash 28,625 194,238 113,388
Receivables:
Interest 290,536 572,757 823,920
Shares sold 24,419 441,686 53,439
Investment securities sold -- -- --
Other assets -- -- --
------------ ------------ ------------
Total Assets 28,154,416 49,789,633 44,902,316
------------ ------------ ------------
Liabilities
Payables:
Dividends payable 18,276 62,115 75,289
Shares redeemed 300 50,248 --
Investment securities purchased -- -- --
Accrued advisory fees 9,591 21,107 19,142
Accrued expenses 5,585 9,830 7,575
------------ ------------ ------------
Total Liabilities 33,752 143,300 102,006
------------ ------------ ------------
Net Assets $28,120,664 $49,646,333 $44,800,310
============ ============ ============
Net Assets Consist of:
Capital paid in $25,646,609 $43,935,028 $40,608,311
Undistributed net investment income 12,992 16,526 77,683
Accumulated net realized gain (loss) on investments (18,476) 151,003 335,639
Net unrealized appreciation in value of investments 2,479,539 5,543,776 3,778,677
------------ ------------ ------------
Total $28,120,664 $49,646,333 $44,800,310
============ ============ ============
Net Assets:
Class A $24,637,558 $46,381,789 $41,954,251
Class B $ 3,483,106 $ 3,264,544 $ 2,846,059
Shares outstanding (Note 2):
Class A 1,817,321 3,359,258 3,038,521
Class B 257,203 236,779 206,677
Net asset value and redemption price per share - Class A $13.56 $13.81 $13.81
============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $14.39 $14.65 $14.65
============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $13.54 $13.79 $13.77
============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 2003
- ---------------------------------------------------------------------------------------------------------------------------------
INSURED
TAX-EXEMPT INTERMEDIATE INSURED INSURED
MONEY MARKET TAX EXEMPT TAX EXEMPT TAX EXEMPT II
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $112,311 $ 823,088 $23,361,127 $1,929,705
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 46,728 146,781 3,228,337 432,128
Distribution plan expenses - Class A -- 48,563 1,222,163 89,507
Distribution plan expenses - Class B 120 50,383 26,759 74,101
Shareholder servicing costs 17,043 18,969 317,486 34,753
Professional fees 18,003 12,436 120,090 21,690
Custodian fees 3,674 5,035 34,264 7,074
Reports to shareholders 4,171 3,667 54,323 6,252
Other expenses 16,639 28,345 114,209 38,061
------------ ------------ ------------ ------------
Total expenses 106,378 314,179 5,117,631 703,566
Less: Expenses waived or assumed (31,361) (67,528) (405,297) (214,496)
Custodian fees paid indirectly (166) (1,623) (12,820) (1,986)
------------ ------------ ------------ ------------
Net expenses 74,851 245,028 4,699,514 487,084
------------ ------------ ------------ ------------
Net investment income 37,460 578,060 18,661,613 1,442,621
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain on investments -- 372,025 7,609,695 1,098,166
Net unrealized appreciation of investments -- 870,294 11,627,563 1,486,188
------------ ------------ ------------ ------------
Net gain on investments -- 1,242,319 19,237,258 2,584,354
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $ 37,460 $1,820,379 $37,898,871 $4,026,975
============ ============ ============ ============
See notes to financial statements
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 2003
- -----------------------------------------------------------------------------------------------------------------------------
NEW YORK MULTI-STATE INSURED TAX FREE FUND
INSURED --------------------------------------------
TAX FREE ARIZONA CALIFORNIA COLORADO
- -----------------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $4,789,216 $557,172 $ 657,281 $285,081
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 732,059 87,656 106,428 45,411
Distribution plan expenses - Class A 232,250 26,350 31,695 13,106
Distribution plan expenses - Class B 47,079 11,476 15,123 8,124
Shareholder servicing costs 64,816 6,350 7,200 4,789
Professional fees 29,559 6,607 12,006 5,267
Custodian fees 10,756 2,847 2,580 1,918
Reports to shareholders 11,119 1,579 1,716 1,600
Other expenses 34,137 8,330 7,165 6,549
------------ ------------ ------------ ------------
Total expenses 1,161,775 151,195 183,913 86,764
Less: Expenses waived or assumed (146,412) (53,645) (64,629) (43,684)
Custodian fees paid indirectly (6,475) (1,424) (1,687) (749)
------------ ------------ ------------ ------------
Net expenses 1,008,888 96,126 117,597 42,331
------------ ------------ ------------ ------------
Net investment income 3,780,328 461,046 539,684 242,750
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain on investments 1,538,391 230,362 283,919 53,998
Net unrealized appreciation of investments 2,668,666 224,185 336,021 203,992
------------ ------------ ------------ ------------
Net gain on investments 4,207,057 454,547 619,940 257,990
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $7,987,385 $915,593 $1,159,624 $500,740
============ ============ ============ ============
See notes to financial statements
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 2003
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FLORIDA GEORGIA MARYLAND
- --------------------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 889,703 $ 902,273 $237,726 $ 805,486
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 138,793 143,803 37,956 130,993
Distribution plan expenses - Class A 38,479 44,475 10,601 35,981
Distribution plan expenses - Class B 31,141 13,836 8,206 30,733
Shareholder servicing costs 11,160 10,952 2,401 8,324
Professional fees 11,389 12,021 4,993 7,459
Custodian fees 3,528 3,984 1,359 3,917
Reports to shareholders 2,353 2,324 1,186 2,161
Other expenses 11,045 7,277 5,628 10,904
------------ ------------ ------------ ------------
Total expenses 247,888 238,672 72,330 230,472
Less: Expenses waived or assumed (66,243) (63,767) (34,816) (57,338)
Custodian fees paid indirectly (1,085) (1,714) (1,003) (1,682)
------------ ------------ ------------ ------------
Net expenses 180,560 173,191 36,511 171,452
------------ ------------ ------------ ------------
Net investment income 709,143 729,082 201,215 634,034
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain on investments 359,742 273,488 80,206 198,056
Net unrealized appreciation of investments 325,205 549,972 158,235 594,581
------------ ------------ ------------ ------------
Net gain on investments 684,947 823,460 238,441 792,637
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $1,394,090 $1,552,542 $439,656 $1,426,671
============ ============ ============ ============
See notes to financial statements
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 2003
- --------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------
MASSACHUSETTS MICHIGAN MINNESOTA
- --------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 729,188 $1,118,631 $324,851
------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 114,039 165,183 51,135
Distribution plan expenses - Class A 32,833 52,952 15,883
Distribution plan expenses - Class B 20,722 8,435 4,812
Shareholder servicing costs 10,969 14,324 4,741
Professional fees 7,235 14,593 7,720
Custodian fees 3,199 3,860 1,832
Reports to shareholders 2,479 2,889 1,414
Other expenses 6,839 10,895 7,055
------------ ------------ ------------
Total expenses 198,315 273,131 94,592
Less: Expenses waived or assumed (51,832) (55,061) (49,099)
Custodian fees paid indirectly (1,741) (560) (910)
------------ ------------ ------------
Net expenses 144,742 217,510 44,583
------------ ------------ ------------
Net investment income 584,446 901,121 280,268
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain on investments 423,500 236,234 36,241
Net unrealized appreciation of investments 280,398 694,993 231,883
------------ ------------ ------------
Net gain on investments 703,898 931,227 268,124
------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $1,288,344 $1,832,348 $548,392
============ ============ ============
See notes to financial statements
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 2003
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------------------------
MISSOURI NEW JERSEY NORTH CAROLINA OHIO
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $216,653 $1,729,471 $ 554,986 $ 646,226
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 35,264 262,590 86,664 100,697
Distribution plan expenses - Class A 8,745 79,103 23,645 29,444
Distribution plan expenses - Class B 12,038 33,707 20,971 16,486
Shareholder servicing costs 3,015 20,814 6,890 10,071
Professional fees 9,161 21,249 11,021 8,164
Custodian fees 1,566 6,359 2,515 2,663
Reports to shareholders 1,722 3,982 1,798 2,152
Other expenses 6,303 12,813 8,463 6,822
------------ ------------ ------------ ------------
Total expenses 77,814 440,617 161,967 176,499
Less: Expenses waived or assumed (40,118) (70,024) (58,215) (63,138)
Custodian fees paid indirectly (523) (850) (1,458) (383)
------------ ------------ ------------ ------------
Net expenses 37,173 369,743 102,294 112,978
------------ ------------ ------------ ------------
Net investment income 179,480 1,359,728 452,692 533,248
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain on investments 44,407 595,665 197,493 94,851
Net unrealized appreciation of investments 196,864 669,168 364,556 572,936
------------ ------------ ------------ ------------
Net gain on investments 241,271 1,264,833 562,049 667,787
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $420,751 $2,624,561 $1,014,741 $1,201,035
============ ============ ============ ============
See notes to financial statements
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 2003
- -------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------------------------------------------------------------------------------
OREGON PENNSYLVANIA VIRGINIA
- -------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 636,429 $1,166,915 $1,126,919
------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 100,040 179,080 163,290
Distribution plan expenses - Class A 29,299 55,692 51,259
Distribution plan expenses - Class B 16,190 16,007 12,683
Shareholder servicing costs 10,357 14,763 11,661
Professional fees 9,133 8,241 10,985
Custodian fees 1,689 4,396 3,666
Reports to shareholders 2,417 3,195 2,398
Other expenses 8,791 10,146 9,445
------------ ------------ ------------
Total expenses 177,916 291,520 265,387
Less: Expenses waived or assumed (64,574) (59,693) (54,430)
Custodian fees paid indirectly (1,234) (796) (1,199)
------------ ------------ ------------
Net expenses 112,108 231,031 209,758
------------ ------------ ------------
Net investment income 524,321 935,884 917,161
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 4):
Net realized gain on investments 5,768 150,738 335,368
Net unrealized appreciation of investments 573,015 686,874 515,321
------------ ------------ ------------
Net gain on investments 578,783 837,612 850,689
------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $1,103,104 $1,773,496 $1,767,850
============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT INSURED INTERMEDIATE
MONEY MARKET TAX EXEMPT
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 37,460 $ 159,052 $ 578,060 $ 683,744
Net realized gain on investments -- -- 372,025 604,163
Net unrealized appreciation of investments -- -- 870,294 1,138,732
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 37,460 159,052 1,820,379 2,426,639
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (37,460) (158,944) (483,282) (571,460)
Net investment income - Class B -- (108) (88,083) (112,140)
Net realized gains - Class A -- -- -- (463,529)
Net realized gains - Class B -- -- -- (124,199)
------------ ------------ ------------ ------------
Total distributions (37,460) (159,052) (571,365) (1,271,328)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 10,091,644 18,978,559 19,992,615 19,644,815
Reinvestment of distributions 36,838 157,242 355,914 833,329
Cost of shares redeemed (8,291,180) (20,912,136) (4,076,109) (3,145,703)
------------ ------------ ------------ ------------
1,837,302 (1,776,335) 16,272,420 17,332,441
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold -- 276,927 3,928,848 5,217,690
Reinvestment of distributions -- 97 65,792 175,566
Cost of shares redeemed (7,071) (242,635) (471,666) (386,537)
------------ ------------ ------------ ------------
(7,071) 34,389 3,522,974 5,006,719
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 1,830,231 (1,741,946) 19,795,394 22,339,160
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 1,830,231 (1,741,946) 21,044,408 23,494,471
Net Assets
Beginning of period 18,473,101 20,215,047 37,466,781 13,972,310
------------ ------------ ------------ ------------
End of period+ $20,303,332 $18,473,101 $58,511,189 $37,466,781
============ ============ ============ ============
+Includes undistributed net investment income of $ -- $ -- $ 8,354 $ 1,659
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 10,091,644 18,978,559 3,073,979 3,070,472
Issued for distributions reinvested 36,838 157,242 54,505 130,196
Redeemed (8,291,180) (20,912,136) (626,018) (493,509)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 1,837,302 (1,776,335) 2,502,466 2,707,159
============ ============ ============ ============
Class B:
Sold -- 276,927 603,742 814,473
Issued for distributions reinvested -- 97 10,060 27,375
Redeemed (7,071) (242,635) (71,970) (61,296)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (7,071) 34,389 541,832 780,552
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
INSURED INSURED
TAX EXEMPT TAX EXEMPT II
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 18,661,613 $ 38,970,201 $ 1,442,621 $ 1,906,195
Net realized gain on investments 7,609,695 21,016,758 1,098,166 1,264,999
Net unrealized appreciation of investments 11,627,563 28,203,587 1,486,188 2,727,714
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 37,898,871 88,190,546 4,026,975 5,898,908
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (18,379,540) (39,291,166) (1,231,492) (1,687,917)
Net investment income - Class B (90,364) (198,815) (201,708) (214,770)
Net realized gains - Class A -- (20,891,103) -- (1,044,456)
Net realized gains - Class B -- (126,755) -- (206,576)
------------ ------------ ------------ ------------
Total distributions (18,469,904) (60,507,839) (1,433,200) (3,153,719)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 5,345,080 14,106,539 17,605,587 39,358,290
Reinvestment of distributions 14,143,579 48,245,291 859,877 2,017,160
Cost of shares redeemed (36,315,741) (75,809,390) (6,412,467) (8,908,598)
------------ ------------ ------------ ------------
(16,827,082) (13,457,560) 12,052,997 32,466,852
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 84,688 278,885 5,333,392 9,579,331
Reinvestment of distributions 69,222 264,429 149,071 336,343
Cost of shares redeemed (647,385) (412,474) (1,349,150) (498,339)
------------ ------------ ------------ ------------
(493,475) 130,840 4,133,313 9,417,335
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (17,320,557) (13,326,720) 16,186,310 41,884,187
------------ ------------ ------------ ------------
Net increase in net assets 2,108,410 14,355,987 18,780,085 44,629,376
Net Assets
Beginning of period 921,315,852 906,959,865 77,499,742 32,870,366
------------ ------------ ------------ ------------
End of period+ $923,424,262 $921,315,852 $96,279,827 $77,499,742
============ ============ ============ ============
+Includes undistributed net investment income of $ 254,112 $ 62,403 $ 16,439 $ 7,018
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 506,514 1,345,899 1,139,046 2,613,808
Issued for distributions reinvested 1,341,096 4,611,858 55,446 133,156
Redeemed (3,448,241) (7,253,694) (414,926) (590,645)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (1,600,631) (1,295,937) 779,566 2,156,319
============ ============ ============ ============
Class B:
Sold 8,008 26,997 345,197 637,624
Issued for distributions reinvested 6,572 25,302 9,618 22,163
Redeemed (61,389) (39,514) (87,744) (33,504)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (46,809) 12,785 267,071 626,283
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK --------------------------------
INSURED TAX FREE ARIZONA
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 3,780,328 $ 7,712,610 $ 461,046 $ 827,774
Net realized gain on investments 1,538,391 5,804,131 230,362 228,591
Net unrealized appreciation of investments 2,668,666 5,139,641 224,185 868,589
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 7,987,385 18,656,382 915,593 1,924,954
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (3,705,392) (7,352,770) (431,176) (761,856)
Net investment income - Class B (153,761) (302,928) (38,064) (59,649)
Net realized gains - Class A -- (5,057,151) -- (177,997)
Net realized gains - Class B -- (277,375) -- (18,639)
------------ ------------ ------------ ------------
Total distributions (3,859,153) (12,990,224) (469,240) (1,018,141)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 6,659,518 18,282,678 3,270,267 3,902,340
Reinvestment of distributions 2,635,993 9,454,350 246,503 522,594
Cost of shares redeemed (9,224,199) (18,135,155) (1,109,431) (1,759,394)
------------ ------------ ------------ ------------
71,312 9,601,873 2,407,339 2,665,540
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 1,085,145 3,413,404 555,557 840,568
Reinvestment of distributions 124,015 488,082 19,270 50,519
Cost of shares redeemed (2,036,820) (826,546) (95,509) (341,139)
------------ ------------ ------------ ------------
(827,660) 3,074,940 479,318 549,948
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (756,348) 12,676,813 2,886,657 3,215,488
------------ ------------ ------------ ------------
Net increase in net assets 3,371,884 18,342,971 3,333,010 4,122,301
Net Assets
Beginning of period 197,285,340 178,942,369 22,259,143 18,136,842
------------ ------------ ------------ ------------
End of period+ $200,657,224 $197,285,340 $25,592,153 $22,259,143
============ ============ ============ ============
+Includes undistributed net investment income of $ 28,957 $ 107,782 $ 3,522 $ 11,716
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 444,421 1,224,238 232,114 284,312
Issued for distributions reinvested 175,303 633,851 17,478 37,769
Redeemed (616,447) (1,217,311) (79,375) (128,585)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 3,277 640,778 170,217 193,496
============ ============ ============ ============
Class B:
Sold 72,265 229,807 39,403 60,936
Issued for distributions reinvested 8,257 32,725 1,367 3,647
Redeemed (136,980) (54,936) (6,792) (24,855)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (56,458) 207,596 33,978 39,728
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
CALIFORNIA COLORADO
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 539,684 $ 859,680 $ 242,750 $ 423,759
Net realized gain on investments 283,919 247,435 53,998 76,093
Net unrealized appreciation of investments 336,021 965,543 203,992 500,224
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,159,624 2,072,658 500,740 1,000,076
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (487,134) (804,268) (216,181) (387,758)
Net investment income - Class B (46,364) (51,043) (27,138) (34,700)
Net realized gains - Class A -- (205,781) -- (59,552)
Net realized gains - Class B -- (22,405) -- (7,937)
------------ ------------ ------------ ------------
Total distributions (533,498) (1,083,497) (243,319) (489,947)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 5,098,950 6,800,935 2,280,392 3,376,587
Reinvestment of distributions 267,654 591,012 128,254 270,252
Cost of shares redeemed (1,393,001) (2,527,409) (796,945) (1,351,915)
------------ ------------ ------------ ------------
3,973,603 4,864,538 1,611,701 2,294,924
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 987,384 1,624,095 622,987 1,012,509
Reinvestment of distributions 18,772 37,096 20,345 37,378
Cost of shares redeemed (104,352) (246,242) (52,451) (176,741)
------------ ------------ ------------ ------------
901,804 1,414,949 590,881 873,146
------------ ------------ ------------ ------------
Net increase from share transactions 4,875,407 6,279,487 2,202,582 3,168,070
------------ ------------ ------------ ------------
Net increase in net assets 5,501,533 7,268,648 2,460,003 3,678,199
Net Assets
Beginning of period 25,763,515 18,494,867 11,364,577 7,686,378
------------ ------------ ------------ ------------
End of period+ $31,265,048 $25,763,515 $13,824,580 $11,364,577
============ ============ ============ ============
+Includes undistributed net investment income of $ 10,555 $ 4,369 $ 3,137 $ 3,706
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 405,113 551,238 162,415 251,474
Issued for distributions reinvested 21,237 47,977 9,228 19,935
Redeemed (109,712) (207,380) (57,239) (99,741)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 316,638 391,835 114,404 171,668
============ ============ ============ ============
Class B:
Sold 78,809 131,503 45,161 75,318
Issued for distributions reinvested 1,487 3,002 1,465 2,753
Redeemed (8,347) (20,452) (3,848) (12,873)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 71,949 114,053 42,778 65,198
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------
CONNECTICUT FLORIDA
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 709,143 $ 1,247,070 $ 729,082 $ 1,344,786
Net realized gain on investments 359,742 376,349 273,488 450,817
Net unrealized appreciation of investments 325,205 1,143,070 549,972 1,465,562
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,394,090 2,766,489 1,552,542 3,261,165
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (610,709) (1,108,108) (692,000) (1,273,775)
Net investment income - Class B (98,949) (166,043) (42,792) (57,559)
Net realized gains - Class A -- (298,193) -- (422,070)
Net realized gains - Class B -- (60,519) -- (28,830)
------------ ------------ ------------ ------------
Total distributions (709,658) (1,632,863) (734,792) (1,782,234)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 3,272,448 8,267,518 3,662,692 6,538,967
Reinvestment of distributions 445,642 1,060,492 399,285 1,039,475
Cost of shares redeemed (1,924,675) (2,984,879) (1,677,714) (3,453,318)
------------ ------------ ------------ ------------
1,793,415 6,343,131 2,384,263 4,125,124
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 647,533 2,316,714 1,083,288 909,926
Reinvestment of distributions 61,697 161,599 22,752 55,684
Cost of shares redeemed (431,529) (283,076) (162,560) (37,834)
------------ ------------ ------------ ------------
277,701 2,195,237 943,480 927,776
------------ ------------ ------------ ------------
Net increase from share transactions 2,071,116 8,538,368 3,327,743 5,052,900
------------ ------------ ------------ ------------
Net increase in net assets 2,755,548 9,671,994 4,145,493 6,531,831
Net Assets
Beginning of period 35,912,783 26,240,789 36,877,849 30,346,018
------------ ------------ ------------ ------------
End of period+ $38,668,331 $35,912,783 $41,023,342 $36,877,849
============ ============ ============ ============
+Includes undistributed net investment income of $ 5,092 $ 5,607 $ 7,742 $ 13,452
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 239,443 609,202 261,729 476,539
Issued for distributions reinvested 32,442 78,516 28,561 75,745
Redeemed (140,143) (221,790) (119,942) (252,288)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 131,742 465,928 170,348 299,996
============ ============ ============ ============
Class B:
Sold 47,192 170,813 77,631 66,089
Issued for distributions reinvested 4,495 11,959 1,626 4,050
Redeemed (31,288) (20,942) (11,762) (2,739)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 20,399 161,830 67,495 67,400
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
GEORGIA MARYLAND
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 201,215 $ 368,785 $ 634,034 $ 1,088,931
Net realized gain on investments 80,206 131,039 198,056 201,474
Net unrealized appreciation of investments 158,235 386,269 594,581 1,291,809
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 439,656 886,093 1,426,671 2,582,214
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (172,239) (327,720) (543,732) (912,310)
Net investment income - Class B (26,923) (39,470) (92,550) (167,706)
Net realized gains - Class A -- (98,015) -- (68,751)
Net realized gains - Class B -- (18,087) -- (14,982)
------------ ------------ ------------ ------------
Total distributions (199,162) (483,292) (636,282) (1,163,749)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 332,167 864,645 1,823,120 10,709,400
Reinvestment of distributions 133,205 340,377 273,606 587,940
Cost of shares redeemed (455,796) (672,078) (953,723) (1,997,872)
------------ ------------ ------------ ------------
9,576 532,944 1,143,003 9,299,468
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 218,733 877,924 442,472 1,614,435
Reinvestment of distributions 16,413 43,540 63,351 127,141
Cost of shares redeemed (16,835) (160,693) (445,201) (339,689)
------------ ------------ ------------ ------------
218,311 760,771 60,622 1,401,887
------------ ------------ ------------ ------------
Net increase from share transactions 227,887 1,293,715 1,203,625 10,701,355
------------ ------------ ------------ ------------
Net increase in net assets 468,381 1,696,516 1,994,014 12,119,820
Net Assets
Beginning of period 9,855,239 8,158,723 34,351,786 22,231,966
------------ ------------ ------------ ------------
End of period+ $10,323,620 $9,855,239 $36,345,800 $34,351,786
============ ============ ============ ============
+Includes undistributed net investment income of $ 3,976 $ 1,923 $ 11,153 $ 13,401
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 23,795 62,433 128,015 771,193
Issued for distributions reinvested 9,506 24,815 19,177 42,298
Redeemed (32,108) (49,402) (66,807) (144,071)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 1,193 37,846 80,385 669,420
============ ============ ============ ============
Class B:
Sold 15,675 63,744 31,040 116,422
Issued for distributions reinvested 1,171 3,174 4,438 9,145
Redeemed (1,202) (11,637) (31,167) (24,827)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 15,644 55,281 4,311 100,740
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------
MASSACHUSETTS MICHIGAN
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 584,446 $ 1,171,060 $ 901,121 $ 1,831,794
Net realized gain on investments 423,500 341,290 236,234 886,009
Net unrealized appreciation of investments 280,398 1,211,861 694,993 1,292,989
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,288,344 2,724,211 1,832,348 4,010,792
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (513,292) (1,058,097) (897,894) (1,735,045)
Net investment income - Class B (64,700) (113,731) (29,666) (56,208)
Net realized gains - Class A -- (294,237) -- (849,967)
Net realized gains - Class B -- (44,120) -- (35,722)
------------ ------------ ------------ ------------
Total distributions (577,992) (1,510,185) (927,560) (2,676,942)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 1,629,809 2,472,698 2,377,324 4,923,454
Reinvestment of distributions 425,078 1,111,132 564,790 1,747,620
Cost of shares redeemed (1,452,875) (3,598,118) (3,216,647) (4,764,061)
------------ ------------ ------------ ------------
602,012 (14,288) (274,533) 1,907,013
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 956,609 1,232,296 69,962 372,969
Reinvestment of distributions 55,977 136,514 22,974 69,067
Cost of shares redeemed (506,881) (423,745) (266,375) (178,474)
------------ ------------ ------------ ------------
505,705 945,065 (173,439) 263,562
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 1,107,717 930,777 (447,972) 2,170,575
------------ ------------ ------------ ------------
Net increase in net assets 1,818,069 2,144,803 456,816 3,504,425
Net Assets
Beginning of period 29,541,674 27,396,871 43,749,303 40,244,878
------------ ------------ ------------ ------------
End of period+ $31,359,743 $29,541,674 $44,206,119 $43,749,303
============ ============ ============ ============
+Includes undistributed net investment income of $ 9,479 $ 3,025 $ 15,400 $ 41,839
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 132,264 201,907 181,876 379,099
Issued for distributions reinvested 34,191 91,121 42,970 134,292
Redeemed (117,075) (297,357) (243,701) (363,438)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 49,380 (4,329) (18,855) 149,953
============ ============ ============ ============
Class B:
Sold 77,649 101,138 5,267 28,635
Issued for distributions reinvested 4,499 11,178 1,750 5,312
Redeemed (41,011) (34,474) (20,358) (13,655)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding 41,137 77,842 (13,341) 20,292
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
MINNESOTA MISSOURI
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 280,268 $ 509,403 $ 179,480 $ 284,357
Net realized gain on investments 36,241 51,819 44,407 70,172
Net unrealized appreciation of investments 231,883 486,434 196,864 380,977
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 548,392 1,047,656 420,751 735,506
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (265,069) (494,136) (137,267) (236,678)
Net investment income - Class B (16,231) (15,590) (37,647) (49,620)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------ ------------ ------------ ------------
Total distributions (281,300) (509,726) (174,914) (286,298)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 858,950 1,749,762 1,099,901 2,138,978
Reinvestment of distributions 218,361 406,466 71,472 122,440
Cost of shares redeemed (245,588) (740,273) (366,484) (547,038)
------------ ------------ ------------ ------------
831,723 1,415,955 804,889 1,714,380
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 294,296 560,200 631,940 1,312,609
Reinvestment of distributions 11,976 11,571 28,923 36,936
Cost of shares redeemed (36,367) -- (20,155) (65,115)
------------ ------------ ------------ ------------
269,905 571,771 640,708 1,284,430
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 1,101,628 1,987,726 1,445,597 2,998,810
------------ ------------ ------------ ------------
Net increase in net assets 1,368,720 2,525,656 1,691,434 3,448,018
Net Assets
Beginning of period 13,080,029 10,554,373 8,752,008 5,303,990
------------ ------------ ------------ ------------
End of period+ $14,448,749 $13,080,029 $10,443,442 $8,752,008
============ ============ ============ ============
+Includes undistributed net investment income of $ 2,245 $ 3,277 $ 4,884 $ 318
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 70,510 147,601 79,533 161,528
Issued for distributions reinvested 17,906 34,336 5,177 9,192
Redeemed (20,154) (62,644) (26,659) (41,256)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 68,262 119,293 58,051 129,464
============ ============ ============ ============
Class B:
Sold 24,210 46,651 45,887 99,611
Issued for distributions reinvested 981 973 2,093 2,765
Redeemed (2,944) -- (1,464) (4,944)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 22,247 47,624 46,516 97,432
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------
NEW JERSEY NORTH CAROLINA
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,359,728 $ 2,766,264 $ 452,692 $ 754,128
Net realized gain on investments 595,665 1,386,326 197,493 76,344
Net unrealized appreciation of investments 669,168 2,207,843 364,556 1,053,757
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 2,624,561 6,360,433 1,014,741 1,884,229
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (1,268,135) (2,628,802) (375,691) (667,439)
Net investment income - Class B (111,008) (190,517) (68,360) (82,852)
Net realized gains - Class A -- (1,262,352) -- --
Net realized gains - Class B -- (119,783) -- --
------------ ------------ ------------ ------------
Total distributions (1,379,143) (4,201,454) (444,051) (750,291)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 3,065,181 8,566,598 1,752,034 5,154,214
Reinvestment of distributions 829,330 2,812,328 273,089 485,130
Cost of shares redeemed (6,033,723) (8,564,519) (935,263) (1,467,437)
------------ ------------ ------------ ------------
(2,139,212) 2,814,407 1,089,860 4,171,907
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 1,489,885 1,670,702 954,530 1,744,496
Reinvestment of distributions 84,607 248,494 53,993 63,969
Cost of shares redeemed (295,597) (618,837) (194,189) (41,162)
------------ ------------ ------------ ------------
1,278,895 1,300,359 814,334 1,767,303
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (860,317) 4,114,766 1,904,194 5,939,210
------------ ------------ ------------ ------------
Net increase in net assets 385,101 6,273,745 2,474,884 7,073,148
Net Assets
Beginning of period 71,300,942 65,027,197 22,228,998 15,155,850
------------ ------------ ------------ ------------
End of period+ $71,686,043 $71,300,942 $24,703,882 $22,228,998
============ ============ ============ ============
+Includes undistributed net investment income of $ 6,583 $ 25,998 $ 17,852 $ 9,211
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 226,973 641,286 127,632 392,201
Issued for distributions reinvested 61,537 210,525 19,893 36,558
Redeemed (449,785) (640,321) (68,647) (109,391)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (161,275) 211,490 78,878 319,368
============ ============ ============ ============
Class B:
Sold 111,214 125,626 69,836 130,594
Issued for distributions reinvested 6,293 18,654 3,928 4,810
Redeemed (22,088) (45,944) (14,118) (3,111)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 95,419 98,336 59,646 132,293
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
OHIO OREGON
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 533,248 $ 956,709 $ 524,321 $ 892,719
Net realized gain on investments 94,851 370,990 5,768 134,883
Net unrealized appreciation of investments 572,936 1,013,482 573,015 1,015,764
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,201,035 2,341,181 1,103,104 2,043,366
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (482,711) (888,092) (459,564) (827,447)
Net investment income - Class B (55,192) (62,987) (51,794) (76,197)
Net realized gains - Class A -- (332,660) -- --
Net realized gains - Class B -- (37,974) -- --
------------ ------------ ------------ ------------
Total distributions (537,903) (1,321,713) (511,358) (903,644)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 2,639,060 2,816,788 2,720,565 5,539,804
Reinvestment of distributions 344,299 928,997 358,163 655,346
Cost of shares redeemed (1,514,644) (1,944,386) (1,542,685) (1,989,723)
------------ ------------ ------------ ------------
1,468,715 1,801,399 1,536,043 4,205,427
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 1,072,166 1,116,682 648,436 1,581,506
Reinvestment of distributions 42,466 79,350 46,302 70,609
Cost of shares redeemed (164,360) (111,590) (435,015) (189,357)
------------ ------------ ------------ ------------
950,272 1,084,442 259,723 1,462,758
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 2,418,987 2,885,841 1,795,766 5,668,185
------------ ------------ ------------ ------------
Net increase in net assets 3,082,119 3,905,309 2,387,512 6,807,907
Net Assets
Beginning of period 25,345,327 21,440,018 25,733,152 18,925,245
------------ ------------ ------------ ------------
End of period+ $28,427,446 $25,345,327 $28,120,664 $25,733,152
============ ============ ============ ============
+Includes undistributed net investment income of $ 1,174 $ 5,829 $ 12,992 $ 29
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 203,444 220,345 204,606 424,769
Issued for distributions reinvested 26,492 72,686 26,736 50,442
Redeemed (117,443) (151,806) (115,799) (153,336)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 112,493 141,225 115,543 321,875
============ ============ ============ ============
Class B:
Sold 83,582 86,682 48,585 120,789
Issued for distributions reinvested 3,264 6,198 3,460 5,436
Redeemed (12,719) (8,707) (32,861) (14,404)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 74,127 84,173 19,184 111,821
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
PENNSYLVANIA VIRGINIA
---------------------------- ----------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 935,884 $ 1,851,894 $ 917,161 $ 1,535,587
Net realized gain on investments 150,738 501,594 335,368 260,150
Net unrealized appreciation of investments 686,874 2,264,128 515,321 1,795,007
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,773,496 4,617,616 1,767,850 3,590,744
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (888,754) (1,736,394) (819,692) (1,455,054)
Net investment income - Class B (51,917) (94,951) (41,764) (58,555)
Net realized gains - Class A -- (414,823) -- (223,991)
Net realized gains - Class B -- (29,964) -- (13,112)
------------ ------------ ------------ ------------
Total distributions (940,671) (2,276,132) (861,456) (1,750,712)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 2,800,411 6,142,481 2,320,158 9,201,782
Reinvestment of distributions 544,796 1,372,287 377,802 828,621
Cost of shares redeemed (2,853,917) (4,250,145) (2,027,889) (3,935,591)
------------ ------------ ------------ ------------
491,290 3,264,623 670,071 6,094,812
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 215,684 840,555 416,876 1,066,567
Reinvestment of distributions 31,762 84,125 31,222 59,326
Cost of shares redeemed (285,643) (382,030) (18,356) (311,195)
------------ ------------ ------------ ------------
(38,197) 542,650 429,742 814,698
------------ ------------ ------------ ------------
Net increase from share transactions 453,093 3,807,273 1,099,813 6,909,510
------------ ------------ ------------ ------------
Net increase in net assets 1,285,918 6,148,757 2,006,207 8,749,542
Net Assets
Beginning of period 48,360,415 42,211,658 42,794,103 34,044,561
------------ ------------ ------------ ------------
End of period+ $49,646,333 $48,360,415 $44,800,310 $42,794,103
============ ============ ============ ============
+Includes undistributed net investment income of $ 16,526 $ 21,313 $ 77,683 $ 21,978
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 204,586 461,283 171,151 690,943
Issued for distributions reinvested 39,901 102,353 27,694 62,035
Redeemed (209,647) (318,503) (149,399) (296,954)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 34,840 245,133 49,446 456,024
============ ============ ============ ============
Class B:
Sold 15,817 62,763 30,495 80,229
Issued for distributions reinvested 2,330 6,283 2,295 4,452
Redeemed (21,157) (28,501) (1,334) (23,567)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (3,010) 40,545 31,456 61,114
============ ============ ============ ============
See notes to financial statements
Notes to Financial Statements
June 30, 2003
1. Significant Accounting Policies--First Investors Tax-Exempt Money Market
Fund, Inc. ("Tax-Exempt Money Market"), First Investors Insured
Intermediate Tax Exempt Fund ("Insured Intermediate"), a series of First
Investors Series Fund ("Series Fund"), First Investors Insured Tax Exempt
Fund, Inc. ("Insured Tax Exempt"), First Investors Insured Tax Exempt Fund
II ("Insured Tax Exempt II"), a series of Executive Investors Trust, First
Investors New York Insured Tax Free Fund, Inc. ("New York Insured") and the
Arizona, California, Colorado, Connecticut, Florida, Georgia, Maryland,
Massachusetts, Michigan, Minnesota, Missouri, New Jersey, North Carolina,
Ohio, Oregon, Pennsylvania and Virginia Funds, each a series of 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. Each Fund accounts separately for its assets, liabilities and
operations. Series Fund offers four additional series which are not
included in this report. The investment objective of each Fund is as
follows:
Tax-Exempt Money Market Fund seeks to earn a high rate of current income
that is exempt from federal income tax, including the Alternative Minimum
Tax ("AMT"), consistent with the preservation of capital and maintenance of
liquidity.
Insured Intermediate seeks a high level of interest income that is exempt
from federal income tax and is not a tax preference item for purposes of
the AMT.
Insured Tax Exempt seeks a high level of interest income that is exempt
from federal income tax and is not a tax preference item for purposes of
the AMT.
Insured Tax Exempt II seeks a high level of interest income that is exempt
from federal income tax and is not a tax preference item for purposes of
the AMT.
New York Insured and Multi-State Insured seek a high level of interest
income that is exempt from both federal and state income tax for individual
residents of a particular state and is not a tax preference item for
purposes of the AMT.
A. Security Valuation--The Tax-Exempt Money Market Fund values its
portfolio securities in accordance with the amortized cost method of
valuation under Rule 2a-7 of the 1940 Act. Amortized cost is an
approximation of market value of an instrument, whereby the difference
between its acquisition cost and value at maturity is amortized on a
straight-line basis over the remaining life of the instrument. The effect
of changes in the market value of a security as a result of fluctuating
interest rates is not taken into account and thus the amortized cost method
of valuation may result in the value of a security being higher or lower
than its actual market value.
The municipal securities in which the other Funds invest are traded
primarily in the over-the-counter market. Such securities are valued daily
based upon prices provided by a pricing service approved by the applicable
Fund's Board of Directors/Trustees. The pricing service considers security
type, rating, market condition and yield data, as well as market quotations
and prices provided by market makers. If prices are not available or
determined to be unreliable, the securities will be valued at fair value as
determined in good faith pursuant to procedures adopted by the Fund's Board
of Directors/Trustees. "When-issued securities" are reflected in the assets
of the Funds as of the date the securities are purchased.
Under normal circumstances, each of the Funds, other than the Tax-Exempt
Money Market Fund, invests at least 80% of its assets in municipal bonds
and municipal securities that are insured as to payment of principal and
interest 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 not
in default. In selecting a comparable bond, the Funds will consider
security type, rating, market condition and yield.
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 regulated
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 December 31, 2002, capital loss carryovers were as follows:
Year Capital Loss
Carryovers Expire
------------------------
Fund Total 2007 2008
- ------ ------- ------- -------
Minnesota $ 6,820 $ 6,201 $ 619
Missouri 5,913 5,913 --
North Carolina 39,327 12,824 26,503
Oregon 1,814 1,814 --
Notes to Financial Statements (continued)
June 30, 2003
C. Distributions to Shareholders--The Tax-Exempt Money Market Fund declares
distributions daily and pays distributions monthly. Distributions are
declared from the total of net investment income plus or minus all realized
short-term gains and losses on investments. Dividends from net investment
income of the other Funds are declared daily and paid monthly, and
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 accounting principles generally accepted in the United States of
America. 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. General expenses of Multi-State
Insured and Series Fund are allocated among and charged to the assets of
each Fund in the series 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 amortized cost basis for
the Tax-Exempt Money Market Fund and on the identified cost basis for the
other Funds for both financial statement and federal income tax purposes.
Interest income is earned from settlement date and recorded on the accrual
basis. Premiums and discounts on securities are amortized using the
interest method. Estimated expenses are accrued daily. For the six months
ended June 30, 2003, The Bank of New York, custodian for the Funds, has
provided credits in the amount of $42,068 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 accounting principles generally accepted in the United
States of America 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--At June 30, 2003, paid-in capital of The Tax-Exempt Money
Market Fund amounted to $20,303,332. The Fund offers two classes of shares,
Class A and B. Both classes are sold without an initial sales charge.
However, Class B shares, which may only be acquired through an exchange of
Class B shares from another First Investors eligible fund or through the
reinvestment of dividends on Class B shares, are generally subject to a
contingent deferred sales charge at the rate of 4% in the first year and
declining to 0% over a six-year period, which is payable to First Investors
Corporation as underwriter of the Fund.
Each of the other Funds sells two classes of shares, Class A and Class B.
Class A shares are sold with an initial sales charge of up to 5.75% (6.25%
prior to June 17, 2002) of the amount invested. 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. Class A and Class B shares are subject to distribution plans
and have different distribution fees as described in Note 5. 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 to the total net
assets of both classes. Of the 1,000,000,000 shares originally authorized,
Tax-Exempt Money Market Fund has designated 500,000,000 shares as Class A
and 500,000,000 shares as Class B. Of the 500,000,000 shares originally
authorized, Insured Tax Exempt has designated 300,000,000 shares as Class A
and 200,000,000 shares as Class B. 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. Executive Investors Trust, Multi-State
Insured and Series Fund have 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.
Notes to Financial Statements (continued)
June 30, 2003
4. Security Transactions--For the six months ended June 30, 2003, purchases
and sales of municipal securities, other than short-term municipal notes,
were as follows:
Cost of Proceeds
Fund Purchases of Sales
- ---------------------- ------------ ------------
Insured Intermediate $ 33,391,300 $ 13,901,804
Insured Tax Exempt 108,089,794 126,903,245
Insured Tax Exempt II 66,738,739 50,459,597
New York Insured 17,958,317 19,699,226
Arizona 6,138,315 4,265,900
California 11,929,104 7,309,633
Colorado 3,637,695 1,595,197
Connecticut 7,016,967 4,244,893
Florida 11,548,834 8,019,358
Georgia 1,462,004 1,104,836
Maryland 5,057,528 3,818,404
Massachusetts 4,521,888 3,529,935
Michigan 7,780,287 7,915,433
Minnesota 2,823,290 1,611,013
Missouri 1,899,407 741,475
New Jersey 15,161,830 14,684,222
North Carolina 4,063,794 2,542,984
Ohio 6,757,016 4,252,405
Oregon 2,177,871 331,072
Pennsylvania 1,818,798 1,686,254
Virginia 6,051,668 5,072,988
At June 30, 2003, aggregate cost and net unrealized appreciation of
securities for federal income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Fund Cost Appreciation Depreciation Appreciation
- --------------------- ----------- ------------ ------------ ------------
Insured Intermediate $ 55,273,899 $ 2,383,092 $32,006 $ 2,351,086
Insured Tax Exempt 791,027,511 119,735,970 -- 119,735,970
Insured Tax Exempt II 88,782,561 5,365,603 42,162 5,323,441
New York Insured 178,501,952 19,282,135 15,920 19,266,215
Arizona 22,779,544 2,009,324 3,001 2,006,323
California 28,358,651 2,790,834 1,614 2,789,220
Colorado 12,523,952 1,063,130 15,825 1,047,305
Connecticut 35,334,628 2,913,702 -- 2,913,702
Florida 36,653,363 3,714,696 878 3,713,818
Georgia 9,216,320 1,017,633 -- 1,017,633
Maryland 32,702,196 2,946,113 22,440 2,923,673
Massachusetts 27,977,070 2,915,603 -- 2,915,603
Michigan 38,669,342 4,891,961 -- 4,891,961
Minnesota 13,330,626 1,169,846 9,626 1,160,220
Missouri 9,444,800 785,060 -- 785,060
New Jersey 64,698,445 6,915,171 3,230 6,911,941
North Carolina 21,881,153 2,064,819 -- 2,064,819
Ohio 25,346,171 2,845,479 -- 2,845,479
Oregon 25,331,297 2,482,001 2,462 2,479,539
Pennsylvania 43,037,176 5,543,776 -- 5,543,776
Virginia 40,132,892 3,778,677 -- 3,778,677
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, 2003, total directors/trustees fees accrued by the
Funds amounted to $25,985.
The Investment Advisory Agreements provide as compensation to FIMCO for
each Fund other than the Tax-Exempt Money Market, Insured Intermediate and
Insured Tax Exempt II, 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. The annual fee for the Tax-Exempt Money
Notes to Financial Statements (continued)
June 30, 2003
Market and Insured Intermediate is payable monthly, at the rate of .50% and
..60%, respectively, of the Fund's average daily net assets. The annual fee
for Insured Tax Exempt II is payable monthly, at the rate of 1% on the
first $200 million of the average daily net assets of the Fund, .75% on the
next $300 million, declining by .03% on each $250 million thereafter, down
to .66% on average daily net assets over $1 billion.
For the six months ended June 30, 2003, advisory fees accrued to FIMCO by
the Funds were $6,535,055 of which $1,501,937 was waived. In addition,
other expenses in the amount of $313,463 were assumed by FIMCO.
For the six months ended June 30, 2003, FIC, as underwriter, received
$1,584,263, in commissions from the sale of shares of the Funds after
allowing $1,094,191 to other dealers. Shareholder servicing costs included
$486,983 in transfer agent fees accrued to ADM.
Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act,
each Fund, other than the Tax-Exempt Money Market Fund, is authorized to
pay FIC a fee up to .30% of the average daily net assets of the Class A
shares on an annual basis, payable monthly. Each Fund, including the
Tax-Exempt Money Market Fund, is authorized to pay FIC a fee up to 1% of
the average daily net assets of the Class B shares on an annual basis,
payable monthly. For the six months ended June 30, 2003, total distribution
plan fees accrued to FIC by the Funds amounted to $2,651,157. The fee
consists of a distribution fee and a service fee. The service fee is paid
for the ongoing servicing of clients who are shareholders of that Fund.
This page intentionally left blank.
Financial Highlights
FIRST INVESTORS
The following table sets forth the per share operating 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 Total
of Period Income Investments Operations Income Gain Distributions
- -------------------------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND
- ----------------------------
Class A
- -------
1998 $ 1.00 $.027 $ -- $ .027 $.027 $ -- $ .027
1999 1.00 .026 -- .026 .026 -- .026
2000 1.00 .034 -- .034 .034 -- .034
2001 1.00 .022 -- .022 .022 -- .022
2002 1.00 .008 -- .008 .008 -- .008
2003(a) 1.00 .002 -- .002 .002 -- .002
Class B
- -------
1998 1.00 .018 -- .018 .018 -- .018
1999 1.00 .018 -- .018 .018 -- .018
2000 1.00 .026 -- .026 .026 -- .026
2001 1.00 .014 -- .014 .014 -- .014
2002 1.00 .001 -- .001 .001 -- .001
2003(a) 1.00 -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
1998 $ 5.93 $.288 $ .086 $ .374 $.294 $ -- $.294
1999 6.01 .231 (.200) .031 .231 -- .231
2000 5.81 .254 .319 .573 .252 .031 .283
2001 6.10 .243 .049 .292 .245 .137 .382
2002 6.01 .208 .543 .751 .208 .103 .311
2003(a) 6.45 .082 .159 .241 .081 -- .081
Class B
- -------
1998 5.93 .226 .098 .324 .234 -- .234
1999 6.02 .173 (.202) (.029) .171 -- .171
2000 5.82 .208 .315 .523 .202 .031 .233
2001 6.11 .195 .050 .245 .198 .137 .335
2002 6.02 .159 .544 .703 .160 .103 .263
2003(a) 6.46 .057 .160 .217 .057 -- .057
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
1998 $10.45 $.475 $ .099 $ .574 $.474 $ -- $.474
1999 10.55 .515 (.889) (.374) .466 -- .466
2000 9.71 .468 .656 1.124 .504 -- .504
2001 10.33 .460 (.099) .361 .470 .071 .541
2002 10.15 .446 .560 1.006 .452 .244 .696
2003(a) 10.46 .214 .218 .432 .212 -- .212
Class B
- -------
1998 10.45 .400 .096 .496 .396 -- .396
1999 10.55 .431 (.877) (.446) .394 -- .394
2000 9.71 .395 .657 1.052 .432 -- .432
2001 10.33 .385 (.106) .279 .398 .071 .469
2002 10.14 .370 .564 .934 .380 .244 .624
2003(a) 10.45 .174 .222 .396 .176 -- .176
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- -------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND
- ----------------------------
Class A
- -------
1998 $ 1.00 2.77 $ 16,310 .80 2.73 1.19 2.34 N/A
1999 1.00 2.61 16,478 .80 2.58 1.20 2.18 N/A
2000 1.00 3.43 17,553 .80 3.38 1.09 3.09 N/A
2001 1.00 2.17 20,185 .80 2.10 .88 2.02 N/A
2002 1.00 .81 18,409 .80 .81 .92 .69 N/A
2003(a) 1.00 .20 20,246 .80+ .40+ 1.15+ .05+ N/A
Class B
- -------
1998 1.00 1.78 1 1.55 1.98 1.94 1.59 N/A
1999 1.00 1.82 1 1.55 1.83 1.95 1.43 N/A
2000 1.00 2.66 140 1.55 2.63 1.84 2.34 N/A
2001 1.00 1.41 30 1.55 1.35 1.63 1.27 N/A
2002 1.00 .12 64 1.48 .13 1.60 .01 N/A
2003(a) 1.00 .00 57 1.20+ -- 1.55+ (.35)+ N/A
- ---------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
1998 $ 6.01 6.47 $ 8,674 .50 4.80 1.20 4.10 163
1999 5.81 .51 8,263 .50 3.88 1.18 3.20 142
2000 6.10 1.11 9,070 .67 4.32 1.11 3.88 76
2001 6.01 4.82 11,298 .75 3.90 1.05 3.60 134
2002 6.45 12.67 29,560 .75 3.27 1.14 2.88 168
2003(a) 6.61 3.76 46,823 .85+ 2.53+ 1.14+ 2.24+ 29
Class B
- -------
1998 6.02 5.57 1,000 1.50 3.80 1.90 3.40 163
1999 5.82 (.50) 1,154 1.50 2.88 1.88 2.50 142
2000 6.11 9.16 1,506 1.50 3.49 1.81 3.18 76
2001 6.02 4.02 2,674 1.50 3.15 1.80 2.85 134
2002 6.46 11.80 7,907 1.50 2.52 1.89 2.13 168
2003(a) 6.62 3.37 11,688 1.60+ 1.78+ 1.89+ 1.49+ 29
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
1998 $10.55 5.62 $1,118,898 1.11 4.51 N/A N/A 19
1999 9.71 (3.63) 958,668 1.12 5.03 N/A N/A 31
2000 10.33 11.93 945,502 1.09 4.69 1.12 4.66 27
2001 10.15 3.51 901,699 1.05 4.43 1.10 4.38 32
2002 10.46 10.10 915,763 1.03 4.26 1.10 4.19 29
2003(a) 10.68 4.17 918,254 1.03+ 4.09+ 1.12+ 4.00+ 12
Class B
- -------
1998 10.55 4.83 3,878 1.83 3.79 N/A N/A 19
1999 9.71 (4.31) 4,290 1.85 4.30 N/A N/A 31
2000 10.33 11.12 4,368 1.82 3.96 1.85 3.93 27
2001 10.14 2.70 5,260 1.78 3.70 1.83 3.65 32
2002 10.45 9.36 5,553 1.76 3.53 1.83 3.46 29
2003(a) 10.67 3.82 5,171 1.76+ 3.36+ 1.85+ 3.27+ 12
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND II **
- --------------------------
Class A
- -------
1998 $14.41 $.660 $ .390 $1.050 $.660 $ .240 $ .900
1999 14.56 .670 (.940) (.270) .650 .030 .680
2000 13.61 .668 1.120 1.788 .681 .417 1.098
2001 14.30 .591 .175 .766 .593 .143 .736
2002 14.33 .549 1.191 1.740 .548 .252 .800
2003(a) 15.27 .266 .458 .724 .264 -- .264
Class B
- -------
2000*** 14.61 .021 .109 .130 .023 .417 .440
2001 14.30 .487 .169 .656 .483 .143 .626
2002 14.33 .439 1.187 1.626 .444 .252 .696
2003(a) 15.26 .209 .450 .659 .209 -- .209
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
1998 $14.86 $.674 $ .137 $ .811 $.676 $ .145 $ .821
1999 14.85 .718 (1.249) (.531) .659 -- .659
2000 13.66 .646 1.000 1.646 .696 -- .696
2001 14.61 .622 (.164) .458 .628 -- .628
2002 14.44 .614 .869 1.483 .610 .413 1.023
2003(a) 14.90 .291 .326 .617 .297 -- .297
Class B
- -------
1998 14.86 .569 .134 .703 .568 .145 .713
1999 14.85 .618 (1.250) (.632) .558 -- .558
2000 13.66 .557 .994 1.551 .601 -- .601
2001 14.61 .511 (.159) .352 .522 -- .522
2002 14.44 .500 .865 1.365 .502 .413 .915
2003(a) 14.89 .236 .327 .563 .243 -- .243
- ---------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ------------
Class A
- -------
1998 $13.46 $.657 $ .155 $ .812 $.652 $ -- $ .652
1999 13.62 .707 (.955) (.248) .662 -- .662
2000 12.71 .644 .698 1.342 .692 -- .692
2001 13.36 .616 (.012) .604 .614 -- .614
2002 13.35 .574 .752 1.326 .571 .125 .696
2003(a) 13.98 .281 .275 .556 .286 -- .286
Class B
- -------
1998 13.45 .549 .155 .704 .544 -- .544
1999 13.61 .603 (.948) (.345) .555 -- .555
2000 12.71 .541 .690 1.231 .591 -- .591
2001 13.35 .514 (.009) .505 .515 -- .515
2002 13.34 .470 .758 1.228 .463 .125 .588
2003(a) 13.98 .227 .275 .502 .232 -- .232
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- -------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND II **
- --------------------------
Class A
- -------
1998 $14.56 7.39 $ 16,909 .80 4.50 1.73 3.57 172
1999 13.61 (1.92) 15,842 .80 4.72 1.73 3.79 205
2000 14.30 13.50 15,966 .80 4.78 1.78 3.80 167
2001 14.33 5.43 29,851 1.00 4.03 1.52 3.51 190
2002 15.27 12.34 64,728 1.00 3.67 1.47 3.20 147
2003(a) 15.73 4.78 78,930 1.00+ 3.47+ 1.50+ 2.97+ 60
Class B
- -------
2000*** 14.30 .89 52 1.31+ 4.18+ 2.84+ 2.65+ 167
2001 14.33 4.63 3,019 1.75 3.28 2.27 2.76 190
2002 15.26 11.49 12,771 1.75 2.92 2.22 2.45 147
2003(a) 15.71 4.34 17,350 1.75+ 2.72+ 2.25+ 2.22+ 60
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
1998 $14.85 5.59 $187,544 1.12 4.54 1.22 4.44 44
1999 13.66 (3.67) 164,622 1.09 4.99 1.21 4.87 55
2000 14.61 12.41 167,877 1.06 4.62 1.20 4.48 20
2001 14.44 3.14 171,962 1.01 4.22 1.16 4.07 48
2002 14.90 10.45 186,992 .99 4.11 1.14 3.96 70
2003(a) 15.22 4.18 191,006 1.00+ 3.90+ 1.15+ 3.75+ 9
Class B
- -------
1998 14.85 4.84 5,271 1.82 3.84 1.92 3.74 44
1999 13.66 (4.34) 4,734 1.79 4.29 1.91 4.17 55
2000 14.61 11.65 4,509 1.76 3.92 1.90 3.78 20
2001 14.44 2.40 6,981 1.74 3.49 1.89 3.34 48
2002 14.89 9.59 10,293 1.74 3.36 1.89 3.21 70
2003(a) 15.21 3.81 9,651 1.75+ 3.15+ 1.90+ 3.00+ 9
- ---------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ---------------
Class A
- -------
1998 $13.62 6.17 $ 10,873 .50 4.88 1.13 4.25 50
1999 12.71 (1.88) 11,746 .50 5.37 1.15 4.72 62
2000 13.36 10.89 14,785 .60 5.01 1.12 4.49 42
2001 13.35 4.56 16,652 .65 4.55 1.20 4.00 36
2002 13.98 10.12 20,148 .75 4.19 1.17 3.77 28
2003(a) 14.25 4.02 22,956 .75+ 4.05+ 1.23+ 3.57+ 18
Class B
- -------
1998 13.61 5.33 489 1.30 4.08 1.93 3.45 50
1999 12.71 (2.60) 508 1.30 4.57 1.95 3.92 62
2000 13.35 9.94 823 1.40 4.21 1.92 3.69 42
2001 13.34 3.80 1,485 1.40 3.80 1.95 3.25 36
2002 13.98 9.34 2,111 1.50 3.44 1.92 3.02 28
2003(a) 14.25 3.62 2,636 1.50+ 3.30+ 1.98+ 2.82+ 18
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
1998 $12.12 $.558 $ .190 $ .748 $.554 $ .114 $.668
1999 12.20 .609 (.952) (.343) .558 .019 .577
2000 11.28 .571 .916 1.487 .600 .157 .757
2001 12.01 .544 (.095) .449 .571 .028 .599
2002 11.86 .507 .719 1.226 .505 .111 .616
2003(a) 12.47 .242 .268 .510 .240 -- .240
Class B
- -------
1998 12.12 .458 .184 .642 .458 .114 .572
1999 12.19 .511 (.949) (.438) .463 .019 .482
2000 11.27 .469 .933 1.402 .505 .157 .662
2001 12.01 .456 (.097) .359 .481 .028 .509
2002 11.86 .413 .717 1.130 .409 .111 .520
2003(a) 12.47 .195 .267 .462 .192 -- .192
- ---------------------------------------------------------------------------------------------------------------------------
COLORADO FUND
- -------------
Class A
- -------
1998 $12.99 $.644 $ .152 $ .796 $.636 $ -- $.636
1999 13.15 .634 (.907) (.273) .637 -- .637
2000 12.24 .640 .752 1.392 .642 -- .642
2001 12.99 .619 .055 .674 .620 .014 .634
2002 13.03 .575 .801 1.376 .574 .082 .656
2003(a) 13.75 .285 .301 .586 .286 -- .286
Class B
- -------
1998 12.98 .538 .160 .698 .528 -- .528
1999 13.15 .534 (.914) (.380) .530 -- .530
2000 12.24 .546 .740 1.286 .546 -- .546
2001 12.98 .544 .071 .615 .551 .014 .565
2002 13.03 .471 .797 1.268 .476 .082 .558
2003(a) 13.74 .232 .310 .542 .232 -- .232
- ---------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
- ----------------
Class A
- -------
1998 $13.17 $.607 $ .186 $ .793 $.603 $ -- $.603
1999 13.36 .651 (.902) (.251) .619 -- .619
2000 12.49 .615 .653 1.268 .648 -- .648
2001 13.11 .604 (.051) .553 .593 -- .593
2002 13.07 .564 .701 1.265 .577 .138 .715
2003(a) 13.62 .269 .251 .520 .270 -- .270
Class B
- -------
1998 13.17 .500 .176 .676 .496 -- .496
1999 13.35 .552 (.901) (.349) .511 -- .511
2000 12.49 .515 .652 1.167 .547 -- .547
2001 13.11 .505 (.059) .446 .496 -- .496
2002 13.06 .460 .709 1.169 .481 .138 .619
2003(a) 13.61 .218 .248 .466 .216 -- .216
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- -------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
1998 $12.20 6.31 $14,614 .80 4.59 1.17 4.22 79
1999 11.28 (2.88) 13,383 .80 5.15 1.17 4.79 49
2000 12.01 13.56 14,765 .70 4.94 1.08 4.56 50
2001 11.86 3.78 17,449 .65 4.52 1.14 4.03 36
2002 12.47 10.53 23,240 .75 4.14 1.16 3.73 51
2003(a) 12.74 4.13 27,771 .75+ 3.89+ 1.22+ 3.42+ 26
Class B
- -------
1998 12.19 5.40 479 1.60 3.79 1.97 3.42 79
1999 11.27 (3.67) 483 1.60 4.35 1.97 3.99 49
2000 12.01 12.74 692 1.50 4.14 1.88 3.76 50
2001 11.86 3.01 1,046 1.40 3.77 1.89 3.28 36
2002 12.47 9.67 2,523 1.50 3.39 1.91 2.98 51
2003(a) 12.74 3.73 3,494 1.50+ 3.14+ 1.97+ 2.67+ 26
- ---------------------------------------------------------------------------------------------------------------------------
COLORADO FUND
- -------------
Class A
- -------
1998 $13.15 6.27 $ 3,571 .40 4.96 1.26 4.10 25
1999 12.24 (2.15) 4,068 .47 4.99 1.28 4.18 40
2000 12.99 11.71 5,139 .50 5.14 1.29 4.35 46
2001 13.03 5.24 7,268 .50 4.70 1.15 4.05 61
2002 13.75 10.76 10,027 .60 4.28 1.27 3.61 32
2003(a) 14.05 4.31 11,857 .60+ 4.12+ 1.33+ 3.39+ 13
Class B
- -------
1998 13.15 5.48 374 1.20 4.16 2.06 3.30 25
1999 12.24 (2.96) 372 1.27 4.19 2.08 3.38 40
2000 12.98 10.78 297 1.30 4.34 2.09 3.55 46
2001 13.03 4.56 419 1.25 3.95 1.90 3.30 61
2002 13.74 9.89 1,337 1.35 3.53 2.02 2.86 32
2003(a) 14.05 3.98 1,968 1.35+ 3.37+ 2.08+ 2.64+ 13
- ---------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
- ----------------
Class A
- -------
1998 $13.36 6.15 $17,434 .80 4.58 1.16 4.22 25
1999 12.49 (1.93) 17,903 .80 5.04 1.15 4.69 47
2000 13.11 10.45 19,952 .80 5.40 1.14 5.06 18
2001 13.07 4.26 22,552 .80 4.57 1.19 4.18 33
2002 13.62 9.86 29,865 .80 4.20 1.20 3.80 52
2003(a) 13.87 3.85 32,228 .85+ 3.95+ 1.21+ 3.59+ 12
Class B
- -------
1998 13.35 5.22 3,484 1.60 3.78 1.96 3.42 25
1999 12.49 (2.67) 3,205 1.60 4.24 1.95 3.89 47
2000 13.11 9.58 3,539 1.60 4.60 1.94 4.26 18
2001 13.06 3.43 3,689 1.55 3.82 1.94 3.43 33
2002 13.61 9.09 6,048 1.55 3.45 1.95 3.05 52
2003(a) 13.86 3.45 6,440 1.60+ 3.20+ 1.96+ 2.84+ 12
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
1998 $13.62 $.616 $ .195 $ .811 $.613 $ .068 $.681
1999 13.75 .679 (1.074) (.395) .625 -- .625
2000 12.73 .621 .812 1.433 .672 .111 .783
2001 13.38 .592 (.028) .564 .598 .146 .744
2002 13.20 .563 .796 1.359 .558 .171 .729
2003(a) 13.83 .268 .293 .561 .271 -- .271
Class B
- -------
1998 13.63 .507 .186 .693 .505 .068 .573
1999 13.75 .572 (1.065) (.493) .517 -- .517
2000 12.74 .516 .808 1.324 .573 .111 .684
2001 13.38 .491 (.035) .456 .500 .146 .646
2002 13.19 .462 .801 1.263 .452 .171 .623
2003(a) 13.83 .217 .300 .517 .217 -- .217
- ---------------------------------------------------------------------------------------------------------------------------
GEORGIA FUND
- ------------
Class A
- -------
1998 $13.13 $.645 $ .135 $ .780 $.640 $ -- $.640
1999 13.27 .633 (1.025) (.392) .638 -- .638
2000 12.24 .632 .988 1.620 .630 -- .630
2001 13.23 .619 (.027) .592 .622 -- .622
2002 13.20 .581 .823 1.404 .579 .165 .744
2003(a) 13.86 .285 .317 .602 .282 -- .282
Class B
- -------
1998 13.11 .539 .133 .672 .532 -- .532
1999 13.25 .540 (1.029) (.489) .531 -- .531
2000 12.23 .524 .999 1.523 .533 -- .533
2001 13.22 .519 (.033) .486 .526 -- .526
2002 13.18 .477 .820 1.297 .472 .165 .637
2003(a) 13.84 .232 .326 .558 .228 -- .228
- ---------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
- -------------
Class A
- -------
1998 $13.43 $.651 $ .186 $ .837 $.647 $ -- $.647
1999 13.62 .658 (.994) (.336) .654 -- .654
2000 12.63 .626 .854 1.480 .630 -- .630
2001 13.48 .605 (.077) .528 .608 -- .608
2002 13.40 .558 .773 1.331 .556 .035 .591
2003(a) 14.14 .266 .321 .587 .267 -- .267
Class B
- -------
1998 13.43 .543 .186 .729 .539 -- .539
1999 13.62 .551 (.995) (.444) .546 -- .546
2000 12.63 .522 .856 1.378 .528 -- .528
2001 13.48 .504 (.080) .424 .504 -- .504
2002 13.40 .454 .769 1.223 .448 .035 .483
2003(a) 14.14 .213 .320 .533 .213 -- .213
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- -------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
1998 $13.75 6.09 $25,873 .80 4.50 1.10 4.20 44
1999 12.73 (2.93) 23,729 .80 5.12 1.12 4.80 68
2000 13.38 11.61 25,823 .80 4.81 1.12 4.49 59
2001 13.20 4.25 28,990 .80 4.38 1.17 4.01 73
2002 13.83 10.48 34,524 .85 4.13 1.18 3.80 42
2003(a) 14.12 4.09 37,666 .85+ 3.85+ 1.19+ 3.51+ 21
Class B
- -------
1998 13.75 5.19 858 1.60 3.70 1.90 3.40 44
1999 12.74 (3.65) 789 1.60 4.32 1.92 4.00 68
2000 13.38 10.67 923 1.60 4.01 1.92 3.69 59
2001 13.19 3.42 1,356 1.55 3.63 1.92 3.26 73
2002 13.83 9.72 2,354 1.60 3.38 1.93 3.05 42
2003(a) 14.13 3.77 3,358 1.60+ 3.10+ 1.94+ 2.76+ 21
- ---------------------------------------------------------------------------------------------------------------------------
GEORGIA FUND
- ------------
Class A
- -------
1998 $13.27 6.08 $ 3,162 .40 4.92 1.20 4.12 36
1999 12.24 (3.04) 5,527 .48 4.99 1.19 4.28 57
2000 13.23 13.61 6,278 .50 5.03 1.10 4.43 40
2001 13.20 4.52 7,429 .50 4.64 1.13 4.01 37
2002 13.86 10.84 8,324 .60 4.20 1.25 3.55 36
2003(a) 14.18 4.38 8,535 .60+ 4.10+ 1.31+ 3.39+ 11
Class B
- -------
1998 13.25 5.23 250 1.20 4.12 2.00 3.32 36
1999 12.23 (3.78) 296 1.28 4.19 1.99 3.48 57
2000 13.22 12.76 566 1.30 4.23 1.90 3.63 40
2001 13.18 3.70 729 1.25 3.89 1.88 3.26 37
2002 13.84 10.00 1,531 1.35 3.45 2.00 2.80 36
2003(a) 14.17 4.06 1,789 1.35+ 3.35+ 2.06+ 2.64+ 11
- ---------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
- -------------
Class A
- -------
1998 $13.62 6.38 $11,280 .50 4.84 1.16 4.18 33
1999 12.63 (2.54) 12,579 .50 5.00 1.15 4.35 44
2000 13.48 12.05 14,580 .60 4.86 1.14 4.32 35
2001 13.40 3.95 17,758 .65 4.46 1.17 3.94 33
2002 14.14 10.10 28,204 .75 4.04 1.17 3.62 35
2003(a) 14.46 4.19 29,998 .85+ 3.77+ 1.19+ 3.43+ 11
Class B
- -------
1998 13.62 5.54 2,215 1.30 4.04 1.96 3.38 33
1999 12.63 (3.33) 2,718 1.30 4.20 1.95 3.55 44
2000 13.48 11.17 3,328 1.40 4.06 1.94 3.52 35
2001 13.40 3.16 4,474 1.40 3.71 1.92 3.19 33
2002 14.14 9.25 6,148 1.50 3.29 1.92 2.87 35
2003(a) 14.46 3.80 6,348 1.60+ 3.02+ 1.94+ 2.68+ 11
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
1998 $12.20 $.586 $ .049 $ .635 $.578 $.237 $.815
1999 12.02 .609 (.887) (.278) .572 -- .572
2000 11.17 .559 .721 1.280 .600 -- .600
2001 11.85 .538 (.050) .488 .540 .028 .568
2002 11.77 .512 .674 1.186 .513 .143 .656
2003(a) 12.30 .244 .278 .522 .242 -- .242
Class B
- -------
1998 12.19 .488 .061 .549 .482 .237 .719
1999 12.02 .520 (.894) (.374) .476 -- .476
2000 11.17 .466 .723 1.189 .509 -- .509
2001 11.85 .445 (.055) .390 .452 .028 .480
2002 11.76 .421 .679 1.100 .417 .143 .560
2003(a) 12.30 .198 .286 .484 .194 -- .194
- ---------------------------------------------------------------------------------------------------------------------------
MICHIGAN FUND
- -------------
Class A
- -------
1998 $13.06 $.591 $ .124 $ .715 $.589 $.096 $.685
1999 13.09 .603 (.938) (.335) .595 -- .595
2000 12.16 .612 .683 1.295 .606 .119 .725
2001 12.73 .581 (.090) .491 .595 .006 .601
2002 12.62 .563 .668 1.231 .551 .270 .821
2003(a) 13.03 .268 .268 .536 .276 -- .276
Class B
- -------
1998 13.05 .484 .123 .607 .481 .096 .577
1999 13.08 .502 (.930) (.428) .492 -- .492
2000 12.16 .509 .681 1.190 .511 .119 .630
2001 12.72 .487 (.092) .395 .499 .006 .505
2002 12.61 .464 .661 1.125 .455 .270 .725
2003(a) 13.01 .219 .269 .488 .228 -- .228
- ---------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
- --------------
Class A
- -------
1998 $11.63 $.592 $ .116 $ .708 $.588 $ -- $.588
1999 11.75 .597 (.785) (.188) .582 -- .582
2000 10.98 .581 .600 1.181 .591 -- .591
2001 11.57 .555 (.045) .510 .560 -- .560
2002 11.52 .520 .561 1.081 .521 -- .521
2003(a) 12.08 .251 .231 .482 .252 -- .252
Class B
- -------
1998 11.63 .498 .114 .612 .492 -- .492
1999 11.75 .499 (.781) (.282) .488 -- .488
2000 10.98 .492 .604 1.096 .506 -- .506
2001 11.57 .471 (.045) .426 .476 -- .476
2002 11.52 .433 .554 .987 .427 -- .427
2003(a) 12.08 .204 .240 .444 .204 -- .204
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- -------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
1998 $12.02 5.33 $22,421 .80 4.82 1.15 4.47 49
1999 11.17 (2.39) 20,507 .80 5.20 1.15 4.85 32
2000 11.85 11.83 22,674 .80 4.95 1.16 4.59 38
2001 11.77 4.15 24,626 .80 4.50 1.18 4.12 45
2002 12.30 10.26 25,687 .80 4.21 1.18 3.83 21
2003(a) 12.58 4.28 26,897 .85+ 3.95+ 1.21+ 3.59+ 12
Class B
- -------
1998 12.02 4.60 1,426 1.60 4.02 1.95 3.67 49
1999 11.17 (3.19) 1,177 1.60 4.40 1.95 4.05 32
2000 11.85 10.95 1,530 1.60 4.15 1.96 3.79 38
2001 11.76 3.30 2,771 1.55 3.75 1.93 3.37 45
2002 12.30 9.49 3,855 1.55 3.46 1.93 3.08 21
2003(a) 12.59 3.97 4,462 1.60+ 3.20+ 1.96+ 2.84+ 12
- ---------------------------------------------------------------------------------------------------------------------------
MICHIGAN FUND
- -------------
Class A
- -------
1998 $13.09 5.60 $39,061 .89 4.51 1.13 4.27 20
1999 12.16 (2.63) 36,506 .87 4.74 1.12 4.49 21
2000 12.73 10.96 36,367 .87 4.94 1.12 4.69 23
2001 12.62 3.89 38,797 .86 2.49 1.16 2.19 22
2002 13.03 9.93 41,992 .92 4.33 1.17 4.08 27
2003(a) 13.29 4.16 42,590 .96+ 4.12+ 1.21+ 3.87+ 18
Class B
- -------
1998 13.08 4.73 1,032 1.69 3.71 1.93 3.47 20
1999 12.16 (3.34) 895 1.67 3.94 1.92 3.69 21
2000 12.72 10.03 1,088 1.67 4.14 1.92 3.89 23
2001 12.61 3.12 1,448 1.61 1.74 1.91 1.44 22
2002 13.01 9.05 1,758 1.67 3.58 1.92 3.33 27
2003(a) 13.27 3.79 1,616 1.71+ 3.37+ 1.96+ 3.12+ 18
- ---------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
- --------------
Class A
- -------
1998 $11.75 6.23 $ 8,346 .50 5.08 1.23 4.35 22
1999 10.98 (1.65) 8,363 .50 5.26 1.25 4.51 23
2000 11.57 11.08 8,606 .50 5.21 1.15 4.56 32
2001 11.52 4.47 10,321 .50 4.77 1.15 4.12 27
2002 12.08 9.57 12,259 .60 4.40 1.26 3.74 28
2003(a) 12.31 4.03 13,338 .60+ 4.16+ 1.33+ 3.43+ 12
Class B
- -------
1998 11.75 5.37 47 1.30 4.28 2.03 3.55 22
1999 10.98 (2.46) 83 1.30 4.46 2.05 3.71 23
2000 11.57 10.24 96 1.30 4.41 1.95 3.76 32
2001 11.52 3.72 234 1.25 4.02 1.90 3.37 27
2002 12.08 8.71 821 1.35 3.65 2.01 2.99 28
2003(a) 12.32 3.70 1,111 1.35+ 3.41+ 2.08+ 2.68+ 12
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- --------------------
Class A
- -------
1998 $12.78 $.634 $ .188 $ .822 $.632 $ -- $.632
1999 12.97 .650 (.904) (.254) .626 -- .626
2000 12.09 .618 .814 1.432 .642 -- .642
2001 12.88 .604 (.073) .531 .601 -- .601
2002 12.81 .559 .844 1.403 .563 -- .563
2003(a) 13.65 .275 .355 .630 .270 -- .270
Class B
- -------
1998 12.78 .528 .187 .715 .525 -- .525
1999 12.97 .553 (.905) (.352) .518 -- .518
2000 12.10 .520 .812 1.332 .552 -- .552
2001 12.88 .503 (.068) .435 .505 -- .505
2002 12.81 .460 .847 1.307 .467 -- .467
2003(a) 13.65 .224 .352 .576 .216 -- .216
- ---------------------------------------------------------------------------------------------------------------------------
NEW JERSEY FUND
- ---------------
Class A
- -------
1998 $13.30 $.606 $ .153 $ .759 $.607 $.142 $.749
1999 13.31 .653 (.919) (.266) .594 -- .594
2000 12.45 .609 .650 1.259 .629 -- .629
2001 13.08 .588 (.061) .527 .610 .037 .647
2002 12.96 .543 .694 1.237 .553 .264 .817
2003(a) 13.38 .266 .253 .519 .269 -- .269
Class B
- -------
1998 13.28 .498 .153 .651 .499 .142 .641
1999 13.29 .537 (.909) (.372) .488 -- .488
2000 12.43 .504 .649 1.153 .533 -- .533
2001 13.05 .491 (.060) .431 .514 .037 .551
2002 12.93 .445 .686 1.131 .457 .264 .721
2003(a) 13.34 .218 .243 .461 .221 -- .221
- ---------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
- -------------------
Class A
- -------
1998 $12.66 $.593 $ .239 $ .832 $.592 $ -- $.592
1999 12.90 .606 (.900) (.294) .596 -- .596
2000 12.01 .595 .859 1.454 .604 -- .604
2001 12.86 .583 (.082) .501 .581 -- .581
2002 12.78 .541 .788 1.329 .539 -- .539
2003(a) 13.57 .275 .335 .610 .270 -- .270
Class B
- -------
1998 12.66 .491 .233 .724 .484 -- .484
1999 12.90 .490 (.891) (.401) .489 -- .489
2000 12.01 .497 .867 1.364 .504 -- .504
2001 12.87 .486 (.083) .403 .483 -- .483
2002 12.79 .442 .791 1.233 .443 -- .443
2003(a) 13.58 .224 .328 .552 .222 -- .222
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- -------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- -------------
Class A
- -------
1998 $12.97 6.59 $ 2,087 .40 4.97 1.30 4.07 17
1999 12.09 (2.02) 2,471 .47 5.20 1.50 4.17 66
2000 12.88 12.21 3,344 .50 5.04 1.39 4.15 35
2001 12.81 4.17 4,585 .50 4.65 1.16 3.99 29
2002 13.65 11.16 6,656 .60 4.22 1.31 3.51 45
2003(a) 14.01 4.66 7,641 .60+ 4.02+ 1.47+ 3.15+ 8
Class B
- -------
1998 12.97 5.71 172 1.20 4.17 2.10 3.27 17
1999 12.10 (2.78) 210 1.27 4.40 2.30 3.37 66
2000 12.88 11.30 251 1.30 4.24 2.19 3.35 35
2001 12.81 3.40 719 1.25 3.90 1.91 3.24 29
2002 13.65 10.36 2,096 1.35 3.47 2.06 2.76 45
2003(a) 14.01 4.26 2,803 1.35+ 3.27+ 2.22+ 2.40+ 8
- ----------------------------------------------------------------------------------------------------------------------------
NEW JERSEY FUND
- ---------------
Class A
- -------
1998 $13.31 5.84 $60,585 .97 4.53 1.11 4.39 27
1999 12.45 (2.05) 52,846 .97 5.02 1.12 4.87 52
2000 13.08 10.41 54,051 .97 4.80 1.12 4.65 41
2001 12.96 4.06 60,321 .96 4.47 1.16 4.27 37
2002 13.38 9.72 65,130 .96 4.06 1.16 3.86 51
2003(a) 13.63 3.92 64,109 .99+ 3.95+ 1.19+ 3.75+ 21
Class B
- -------
1998 13.29 5.00 2,562 1.77 3.73 1.91 3.59 27
1999 12.43 (2.85) 3,338 1.77 4.22 1.92 4.07 52
2000 13.05 9.51 3,799 1.77 4.00 1.92 3.85 41
2001 12.93 3.32 4,706 1.71 3.72 1.91 3.52 37
2002 13.34 8.88 6,171 1.71 3.31 1.91 3.11 51
2003(a) 13.58 3.49 7,577 1.74+ 3.20+ 1.94+ 3.00+ 21
- ----------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
- -------------------
Class A
- -------
1998 $12.90 6.72 $ 8,297 .40 4.68 1.13 3.95 54
1999 12.01 (2.35) 8,978 .48 4.84 1.24 4.08 47
2000 12.86 12.45 10,723 .50 4.86 1.13 4.23 42
2001 12.78 3.94 13,316 .65 4.50 1.20 3.95 51
2002 13.57 10.58 18,479 .75 4.10 1.23 3.62 13
2003(a) 13.91 4.54 20,032 .75+ 4.05+ 1.25+ 3.55+ 11
Class B
- -------
1998 12.90 5.83 246 1.20 3.88 1.93 3.15 54
1999 12.01 (3.18) 596 1.28 4.04 2.04 3.28 47
2000 12.87 11.63 1,566 1.30 4.06 1.93 3.43 42
2001 12.79 3.15 1,839 1.40 3.75 1.95 3.20 51
2002 13.58 9.78 3,750 1.50 3.35 1.98 2.87 13
2003(a) 13.91 4.10 4,672 1.50+ 3.30+ 2.00+ 2.80+ 11
- ----------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
1998 $12.71 $.614 $ .040 $ .654 $.597 $.067 $.664
1999 12.70 .636 (.853) (.217) .603 -- .603
2000 11.88 .594 .710 1.304 .636 .088 .724
2001 12.46 .567 (.067) .500 .575 .105 .680
2002 12.28 .534 .768 1.302 .531 .191 .722
2003(a) 12.86 .262 .322 .584 .264 -- .264
Class B
- -------
1998 12.70 .495 .061 .556 .489 .067 .556
1999 12.70 .529 (.850) (.321) .499 -- .499
2000 11.88 .495 .723 1.218 .540 .088 .628
2001 12.47 .477 (.073) .404 .479 .105 .584
2002 12.29 .441 .765 1.206 .435 .191 .626
2003(a) 12.87 .215 .311 .526 .216 -- .216
- ----------------------------------------------------------------------------------------------------------------------------
OREGON FUND
- -----------
Class A
- -------
1998 $12.58 $.582 $ .191 $ .773 $.583 $ -- $.583
1999 12.77 .585 (.828) (.243) .577 -- .577
2000 11.95 .593 .689 1.282 .602 -- .602
2001 12.63 .573 (.067) .506 .566 -- .566
2002 12.57 .533 .707 1.240 .540 -- .540
2003(a) 13.27 .266 .284 .550 .260 -- .260
Class B
- -------
1998 12.56 .480 .204 .684 .484 -- .484
1999 12.76 .489 (.846) (.357) .473 -- .473
2000 11.93 .497 .688 1.185 .505 -- .505
2001 12.61 .477 (.057) .420 .470 -- .470
2002 12.56 .434 .700 1.134 .444 -- .444
2003(a) 13.25 .217 .285 .502 .212 -- .212
- ----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
- -----------------
Class A
- -------
1998 $13.28 $.642 $ .038 $ .680 $.605 $.095 $.700
1999 13.26 .606 (.893) (.287) .613 -- .613
2000 12.36 .615 .740 1.355 .631 .114 .745
2001 12.97 .577 (.002) .575 .591 .074 .665
2002 12.88 .547 .810 1.357 .541 .126 .667
2003(a) 13.57 .269 .241 .510 .270 -- .270
Class B
- -------
1998 13.27 .533 .039 .572 .497 .095 .592
1999 13.25 .498 (.890) (.392) .508 -- .508
2000 12.35 .529 .728 1.257 .533 .114 .647
2001 12.96 .473 (.004) .469 .495 .074 .569
2002 12.86 .447 .814 1.261 .445 .126 .571
2003(a) 13.55 .218 .241 .459 .219 -- .219
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- -------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
1998 $12.70 5.26 $19,767 .80 4.83 1.19 4.44 34
1999 11.88 (1.77) 18,574 .80 5.15 1.17 4.78 48
2000 12.46 11.32 19,327 .80 4.92 1.15 4.57 35
2001 12.28 4.05 19,996 .80 4.51 1.18 4.13 40
2002 12.86 10.79 22,751 .75 4.20 1.19 3.76 40
2003(a) 13.18 4.59 24,792 .75+ 4.07+ 1.23+ 3.59+ 16
Class B
- -------
1998 12.70 4.46 403 1.60 4.03 1.99 3.64 34
1999 11.88 (2.59) 640 1.60 4.35 1.97 3.98 48
2000 12.47 10.53 972 1.60 4.12 1.95 3.77 35
2001 12.29 3.26 1,444 1.55 3.76 1.93 3.38 40
2002 12.87 9.95 2,595 1.50 3.45 1.94 3.01 40
2003(a) 13.18 4.12 3,635 1.50+ 3.32+ 1.98+ 2.84+ 16
- ---------------------------------------------------------------------------------------------------------------------------
OREGON FUND
- -----------
Class A
- -------
1998 $12.77 6.29 $13,038 .50 4.62 1.20 3.92 27
1999 11.95 (1.95) 12,389 .50 4.72 1.21 4.01 33
2000 12.63 11.04 15,145 .60 4.89 1.22 4.27 37
2001 12.57 4.05 17,341 .65 4.50 1.20 3.95 37
2002 13.27 10.04 22,578 .75 4.12 1.21 3.66 32
2003(a) 13.56 4.19 24,638 .75+ 4.03+ 1.25+ 3.53+ 1
Class B
- -------
1998 12.76 5.55 1,040 1.30 3.82 2.00 3.12 27
1999 11.93 (2.85) 1,096 1.30 3.92 2.01 3.21 33
2000 12.61 10.18 1,226 1.40 4.09 2.02 3.47 37
2001 12.56 3.35 1,584 1.40 3.75 1.95 3.20 37
2002 13.25 9.16 3,155 1.50 3.37 1.96 2.91 32
2003(a) 13.54 3.82 3,483 1.50+ 3.28+ 2.00+ 2.78+ 1
- ---------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
- -----------------
Class A
- -------
1998 $13.26 5.23 $40,774 .86 4.81 1.10 4.57 26
1999 12.36 (2.24) 36,737 .86 4.69 1.11 4.44 36
2000 12.97 11.29 37,012 .87 4.88 1.12 4.63 40
2001 12.88 4.47 39,649 .86 4.39 1.16 4.09 35
2002 13.57 10.72 45,111 .91 4.10 1.16 3.85 23
2003(a) 13.81 3.80 46,382 .92+ 3.96+ 1.17+ 3.71+ 4
Class B
- -------
1998 13.25 4.39 2,048 1.66 4.01 1.90 3.77 26
1999 12.35 (3.03) 1,936 1.66 3.89 1.91 3.64 36
2000 12.96 10.44 1,235 1.67 4.08 1.92 3.83 40
2001 12.86 3.64 2,562 1.61 3.64 1.91 3.34 35
2002 13.55 9.95 3,249 1.66 3.35 1.91 3.10 23
2003(a) 13.79 3.41 3,265 1.67+ 3.21+ 1.92+ 2.96+ 4
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
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 Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
1998 $13.22 $ .612 $ .123 $ .735 $.603 $.092 $.695
1999 13.26 .629 (.967) (.338) .612 -- .612
2000 12.31 .628 .745 1.373 .636 .047 .683
2001 13.00 .579 (.059) .520 .598 .062 .660
2002 12.86 .543 .738 1.281 .536 .075 .611
2003(a) 13.53 .287 .263 .550 .270 -- .270
Class B
- -------
1998 13.21 .505 .112 .617 .495 .092 .587
1999 13.24 .537 (.982) (.445) .505 -- .505
2000 12.29 .538 .739 1.277 .540 .047 .587
2001 12.98 .472 (.048) .424 .502 .062 .564
2002 12.84 .439 .726 1.165 .440 .075 .515
2003(a) 13.49 .234 .268 .502 .222 -- .222
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- -------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
1998 $13.26 5.69 $23,423 .80 4.62 1.14 4.28 26
1999 12.31 (2.62) 21,008 .80 4.90 1.17 4.53 36
2000 13.00 11.46 23,606 .80 5.01 1.15 4.66 34
2001 12.86 4.04 32,580 .80 4.44 1.17 4.07 36
2002 13.53 10.14 40,430 .85 4.10 1.17 3.78 43
2003(a) 13.81 4.11 41,954 .92+ 4.25+ 1.17+ 4.00+ 12
Class B
- -------
1998 13.24 4.76 1,484 1.60 3.82 1.94 3.48 26
1999 12.29 (3.44) 1,059 1.60 4.10 1.97 3.73 36
2000 12.98 10.64 899 1.60 4.21 1.95 3.86 34
2001 12.84 3.29 1,465 1.55 3.69 1.92 3.32 36
2002 13.49 9.21 2,364 1.60 3.35 1.92 3.03 43
2003(a) 13.77 3.75 2,846 1.67+ 3.50+ 1.92+ 3.25+ 12
- ---------------------------------------------------------------------------------------------------------------------------
(a) For the period January 1, 2003 to June 30, 2003
* Calculated without sales charges
** Prior to December 18, 2000, known as Executive Investors Insured Tax
Exempt Fund
*** For the period December 18, 2000 (date Class B shares were first
offered) to December 31, 2000
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or
the transfer agent (Note 5)
See notes to financial statements.
Independent Auditors' Report
To the Shareholders and Boards of Directors/Trustees of
First Investors Tax-Exempt Money Market Fund, Inc.
First Investors Insured Tax Exempt Fund
First Investors Insured Tax Exempt Fund, Inc.
First Investors Insured Tax Exempt Fund II
First Investors New York Insured Tax Free Fund, Inc. and
First Investors Multi-State Insured Tax Free Fund
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of First Investors Tax-Exempt
Money Market Fund, Inc., First Investors Insured Intermediate Tax Exempt
Fund (a series of First Investors Series Fund), First Investors Insured Tax
Exempt Fund, Inc., First Investors Insured Tax Exempt Fund II (a series of
Executive Investors Trust), First Investors New York Insured Tax Free Fund,
Inc. and the seventeen Funds comprising First Investors Multi-State Insured
Tax Free Fund, as of June 30, 2003, the related statement of operations,
the statement of changes in net assets and the 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 auditing standards generally
accepted in the United States of America. 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, 2003,
by correspondence with the custodian and brokers. Where brokers have not
replied to our confirmation request we have carried out other appropriate
auditing procedures. 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 Tax-Exempt Money Market Fund, Inc., First Investors
Insured Intermediate Tax Exempt Fund, First Investors Insured Tax Exempt
Fund, Inc., First Investors Insured Tax Exempt Fund II, First Investors New
York Insured Tax Free Fund, Inc. and the seventeen Funds comprising First
Investors Multi-State Insured Tax Free Fund, as of June 30, 2003, and the
results of their operations, changes in their net assets and their
financial highlights for each of the periods presented, in conformity with
accounting principles generally accepted in the United States of America.
Tait, Weller & Baker
Philadelphia, Pennsylvania
August 1, 2003
FIRST INVESTORS TAX EXEMPT FUNDS
Directors/Trustees
- --------------------------------------------------
Robert M. Grohol
Glenn O. Head
Kathryn S. Head
Larry R. Lavoie
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- --------------------------------------------------
Kathryn S. Head
President
Clark D. Wagner
Vice President
(All Funds except Tax-Exempt Money Market Fund)
Michael J. O'Keefe
Vice President
(Tax-Exempt Money Market Fund only)
Joseph I. Benedek
Treasurer
Mark S. Spencer
Assistant Treasurer
Carol Lerner Brown
Assistant Secretary
FIRST INVESTORS TAX EXEMPT FUNDS
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
One 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
1818 Market Street
Philadelphia, PA 19103
The Tax-Exempt Money Market Fund is a money market fund and seeks to
maintain a stable net asset value of $1.00 per share. However, there can be
no assurance that the Fund will be able to do so or achieve its investment
objective. An investment in the Fund is neither insured nor guaranteed by
the U.S. Government.
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.
Item 1. Reports to Stockholders - Filed herewith
Item 2. Code of Ethics - Not applicable to Semi-Annual Report
Item 3. Audit Committee Financial Expert - Not applicable to Semi-
Annual Report
Item 4. Principal Accountant Fees and Services - Not applicable to
Semi-Annual Report
Item 5. [Reserved]
Item 6. [Reserved]
Item 7. Disclosure of Proxy Voting Policies & Procedures for
Closed-End Management Investment Companies - Not applicable
for this filing
Item 8. [Reserved]
Item 9. Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal
Financial Officer have concluded that the Registrant's disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) are effective, based on their evaluation of these
disclosure controls and procedures as of a date within 90 days of the
filing date of this report.
(b) There were no significant changes in the Registrant's internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.
Item 10. Exhibits
(a) Code of Ethics - Not applicable to Semi-Annual Report
(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 - Filed herewith
(c) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 - Filed herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the Registrant have duly caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
First Investors Tax-Exempt Money Market Fund, Inc.
First Investors Series Fund
First Investors Insured Tax Exempt Fund, Inc.
Executive Investors Trust
First Investors Multi-State Insured Tax Free Fund
First Investors New York Insured Tax Free Fund, Inc.
(Registrant)
By /S/ KATHRYN S. HEAD
Kathryn S. Head
President and Principal Executive Officer
Date: September 4, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and
on the dates indicated.
First Investors Tax-Exempt Money Market Fund, Inc.
First Investors Series Fund
First Investors Insured Tax Exempt Fund, Inc.
Executive Investors Trust
First Investors Multi-State Insure Tax Free Fund
First Investors New York Insured Tax Free Fund, Inc.
(Registrant)
By /S/ JOSEPH I. BENEDEK
Joseph I. Benedek
Treasurer and Principal Financial Officer
Date: September 4, 2003