UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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.
Raritan Plaza I
Edison, NJ 08837-3620
1-732-855-2712
(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, 2005
DATE OF REPORTING PERIOD: JUNE 30, 2005
Item 1. Reports to Stockholders
The Semi-Annual Report to Stockholders follows
[Logo: "FIRST INVESTORS"]
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 MARYLAND NEW YORK
CALIFORNIA MASSACHUSETTS NORTH CAROLINA
COLORADO MICHIGAN OHIO
CONNECTICUT MINNESOTA OREGON
FLORIDA MISSOURI PENNSYLVANIA
GEORGIA NEW JERSEY VIRGINIA
SEMI-ANNUAL REPORT
JUNE 30, 2005
Bond Market Overview
FIRST INVESTORS TAX EXEMPT FUNDS
Dear Investor:
We are pleased to present this Bond Market Overview for the First
Investors Tax Exempt Funds for the six-month period ended June 30, 2005.
Economic growth moderated very slightly during the reporting period in
response to higher oil prices and an inventory correction in the
manufacturing sector. First quarter gross domestic product rose 3.8% and
the second quarter's growth rate is estimated to be similar. The
unemployment rate declined from 5.4% to 5%. Reflecting high levels of
productivity and global competition, inflation declined, as measured by
the consumer price index, from a 3.3% annual rate at the end of 2004 to
2.5%. Excluding the volatile food and energy sectors, the consumer price
index was even lower at 2%.
The Federal Reserve ("the Fed") continued to tighten monetary policy at a
measured pace, raising the benchmark federal funds rate four times from
2-1/4% to 3-1/4%. While inflation currently is low, the Fed felt rate
increases were needed to preempt potential future inflation.
In response to the Fed's tightening of monetary policy, short-term
interest rates rose notably. As measured by the two-year U.S. Treasury
note, yields increased from 3.07% to 3.64%. Surprisingly, long-term
interest rates fell during the reporting period. Ten-year Treasury note
yields declined from 4.22% to 3.92%. Several factors contributed to lower
long-term interest rates: strong global demand for U.S. bonds, low and
stable inflation, confidence in the Fed's inflation-fighting ability, and
the perception of potentially slower U.S. and foreign economic growth.
The municipal bond market had solid returns for the reporting period due
to the decline in long-term interest rates. Long-term bonds outperformed
short- and intermediate-term bonds as the yield curve flattened. The rally
in the bond market allowed a number of municipalities to refinance
outstanding debt. As a result, first half 2005 new issue supply was a
record $206 billion. The municipal bond market had little trouble
absorbing the new issue supply as a number of non-traditional investors
(such as hedge funds) entered the market to take advantage of the
historically cheap relationship of municipal bonds to other fixed income
investments.
Bond Market Overview (continued)
FIRST INVESTORS TAX EXEMPT FUNDS
Thank you for placing your trust in First Investors. As always, we
appreciate the opportunity to serve your investment needs.
Sincerely,
\S\ Clark D. Wagner
Clark D. Wagner
Director of Fixed Income
First Investors Management Company, Inc.
July 29, 2005
This Market Overview is not part of the Funds' financial report and is
submitted for the general information of the shareholders of the Funds. It
is not authorized for distribution to prospective investors in the Funds
unless preceded or accompanied by an effective prospectus. The Market
Overview reflects conditions through the end of the period as stated on
the cover. Market conditions are subject to change. This Market Overview
may not be relied on as investment advice or an indication of current or
future trading intent on behalf of any Fund.
There are a variety of risks associated with investing in mutual funds.
For stock funds, the risks include market risk (the risk that the entire
stock market will decline because of an event such as a deterioration in
the economy or a rise in interest rates), as well as special risks
associated with investing in certain types of stock funds, such as
small-cap, global and international funds. For bond funds, the risks
include interest rate risk and credit risk. Interest rate risk is the risk
that bonds will decrease in value as interest rates rise. As a general
matter, longer-term bonds fluctuate more than shorter-term bonds in
reaction to changes in interest rates. Credit risk is the risk that bonds
will decline in value as the result of a decline in the credit rating of
the bonds or the economy as a whole, or that the issuer will be unable to
pay interest and/or principal when due. You should consult your prospectus
for a precise explanation of the risks associated with your fund.
Understanding Your Fund's Expenses
FIRST INVESTORS TAX EXEMPT FUNDS
As a mutual fund shareholder, you incur two types of costs: (1)
transaction costs, including a sales charge (load) on purchase payments
(on Class A shares only), a contingent deferred sales charge on
redemptions (on Class B shares only); and (2) ongoing costs, including
advisory fees; distribution and service fees (12b-1); and other expenses.
This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Funds and to compare these costs with the
ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 in each Fund at the
beginning of the period, January 1, 2005, and held for the entire
six-month period ended June 30, 2005. The calculations assume that no
shares were bought or sold during the period. Your actual costs may have
been higher or lower, depending on the amount of your investment and the
timing of any purchases or redemptions.
Actual Expenses Example:
These amounts help you to estimate the actual expenses that you paid over
the period. The "Ending Account Value" shown is derived from the Fund's
actual return, and the "Expenses Paid During Period" shows the dollar
amount that would have been paid by an investor who started with $1,000 in
the fund. You may use the information here, together with the amount you
invested, to estimate the expenses that you paid over the period.
To estimate the expenses you paid on your account during this period,
simply divide your ending account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60), then multiply the result by the
number given for your Fund under the heading "Expenses Paid During
Period".
Hypothetical Expenses Example:
These amounts provide information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio for Class A
and Class B shares, and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this information
to compare the ongoing costs of investing in the Fund and other funds. To
do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
and help you compare your ongoing costs only and do not reflect any
transaction costs, such as front-end or contingent deferred sales charges
(loads). Therefore, the hypothetical expenses example is useful in
comparing ongoing costs only and will not help you determine the relative
total costs of owning different funds. In addition, if these transaction
costs were included, your costs would have been higher.
Board Considerations of Advisory Contracts and Fees
FIRST INVESTORS TAX EXEMPT FUNDS
At a meeting held on May 19, 2005 ("May Meeting"), the Boards of Directors
or Trustees ("Board"), as the case may be, including a majority of the
non-interested or independent Trustees/Directors (hereinafter,
"Directors"), approved the renewal of the investment advisory agreements
(each an "Advisory Agreement") between First Investors Management Company,
Inc. ("FIMCO") and each of the following funds (each, a "Fund" and
collectively, the "Funds"): Tax-Exempt Money Market Fund, Insured
Intermediate Tax Exempt Fund, Insured Tax Exempt Fund, Insured Tax Exempt
Fund II, the following series of Multi-State Insured Tax Free Fund:
Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund,
Connecticut Tax Free Fund, Florida Tax Free Fund, Georgia Tax Free Fund,
Maryland Tax Free Fund, Massachusetts Tax Free Fund, Michigan Tax Free
Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, New Jersey Tax Free
Fund, North Carolina Tax Free Fund, Ohio Tax Free Fund, Oregon Tax Free
Fund, Pennsylvania Tax Free Fund and Virginia Tax Free Fund, and New York
Insured Tax Free Fund. In reaching its decisions, the Board reviewed and
considered information furnished and discussed throughout the year at
regularly scheduled Board meetings as well as information provided
specifically in relation to the renewal of the Advisory Agreements for the
May Meeting.
Information furnished at Board meetings throughout the year included
FIMCO's analysis of each Fund's investment performance, presentations
given by FIMCO's Director of Fixed Income and various reports on
compliance and other services provided by FIMCO and its affiliates. In
response to specific requests from the independent Directors in connection
with the May Meeting, FIMCO furnished, and the Board reviewed, information
concerning a variety of aspects of its operations, including: (1) the
nature, extent and quality of services provided by FIMCO and its
affiliates to the Funds, including investment advisory and administrative
services; (2) the investment performance of each Fund, including
comparisons to a group of mutual funds based on the category assigned to
the Fund, and data published, by Lipper, Inc. ("Peer Group"); (3) the
management fees paid by each Fund and total expense ratios of each Fund
compared to the management fees and total expense ratios of each Fund's
Peer Group; (4) the costs of providing services to each Fund and the
profits realized by FIMCO and its affiliate, Administrative Data
Management Corporation ("ADM"), the Funds' affiliated transfer agent, from
the relationship with each Fund; and (5) any "fall out" or ancillary
benefits enjoyed by FIMCO or its affiliates as a result of the
relationship with each Fund. In addition to evaluating, among other
things, the written information provided by FIMCO, the Board also
evaluated the answers to questions posed by the Board to representatives
of FIMCO at the May Meeting.
In considering the information and materials described above, the
independent Directors received assistance from and met separately with
independent counsel. Although the Advisory Agreements for all of the Funds
were considered at the same Board meeting, the Directors addressed each
Fund separately during the May Meeting. In view of the broad scope and
variety of factors and information, the Directors did not find it
practicable to, and did not, assign relative weights to the specific
factors considered in reaching their conclusions and determinations to
approve the continuance of each Advisory Agreement. Rather, the approval
determinations were made on the basis of each Director's business judgment
after consideration of all of the factors taken in their entirety.
Although not meant to be all-inclusive, the following discusses some of
the factors relevant to the Board's decisions to approve the continuance
of the Advisory Agreements.
Nature, Extent and Quality of Services
In examining the nature, extent and quality of the services provided by
FIMCO, the Board recognized that FIMCO is dedicated to providing
investment management services exclusively to the Funds and the other
funds in the First Investors fund complex and that, unlike many other
mutual fund managers, FIMCO does not provide management services to hedge
funds, pension funds or separately managed accounts. As a result, the
Directors considered that FIMCO's personnel devote substantially all of
their time to serving the funds in the First Investors fund complex, and
emphasized that FIMCO's senior management sets a tone for the organization
that is aimed at the protection of Fund shareholders and that this focus
permeates the entire organization. The Board noted that FIMCO has
undertaken extensive responsibilities as manager of the Funds, including:
(i) the provision of investment advice to the Funds; (ii) implementing
policies and procedures designed to ensure compliance with each Fund's
investment objectives and policies; (iii) the review of brokerage
arrangements; (iv) oversight of general portfolio compliance with
applicable laws; (v) the provision of certain administrative services to
the Funds, including fund accounting; and (vi) the implementation of Board
directives as they relate to the Funds. The Board also acknowledged that
FIMCO has devoted substantial time and resources to ensure that the Funds
and FIMCO are in compliance with a wide array of new regulatory
initiatives that have been aimed at mutual funds and their service
providers. With regard to compliance, the Board noted that FIMCO's and the
Funds' overall compliance records were good.
The Board also considered the nature, extent and quality of the services
provided to the Funds by FIMCO's affiliates, including transfer agency and
distribution services. The Board took into account the fact that ADM is
dedicated to providing transfer agency services exclusively to the Funds
and the other funds in the First Investors fund complex. As a result, ADM
can tailor its processes and services to satisfy the needs of
Board Considerations of Advisory Contracts and Fees (continued)
FIRST INVESTORS TAX EXEMPT FUNDS
the Funds' shareholder base. The Board noted that the Funds' shares are
distributed primarily through First Investors Corporation ("FIC"), which
is an affiliate of FIMCO.
Based on the totality of the information considered, the Directors
concluded that the Funds were likely to benefit from the nature, extent
and quality of FIMCO's services as well as the services of its affiliates,
and that FIMCO and its affiliates have the ability to continue to provide
these services based on their respective experience, operations and
resources.
Investment Performance
The Board placed significant emphasis on the investment performance of
each of the Funds. While consideration was given to performance reports
and discussions held at prior Board meetings, particular attention was
given to the performance reports prepared by FIMCO specifically for the
May Meeting. In particular, the Directors reviewed the performance of the
Funds for each of the past five calendar years and gave more weight to
each Fund's performance over the most recent calendar year ("1-year
period") and average performance over the most recent three calendar year
period ("3-year period"). In this regard, the Board considered the
performance of each Fund on a percentile and quintile basis as compared to
its Peer Group. In reviewing this data, the Board particularly focused on
whether a Fund's performance was in the top three quintiles versus the
Fund's Peer Group for the 3-year period. On a Fund by Fund basis, the
performance reports indicated, and the Board noted, that:
* Insured Tax Exempt Fund II was in the highest quintile of its Peer Group
for both the 1-year period and 3-year period.
* California Tax Free Fund, Georgia Tax Free Fund and North Carolina Tax
Free Fund were in the second highest quintile of their respective Peer
Group for the 3-year period and the third quintile for the 1-year period.
* Connecticut Tax Free Fund and Florida Tax Free Fund were in the second
highest quintile of their respective Peer Group for both the 1-year period
and 3-year period.
* Missouri Tax Free Fund was in the highest quintile of its Peer Group for
the 3-year period and the third quintile for the 1-year period.
* Insured Tax Exempt Fund, Insured Intermediate Tax Exempt Fund, New York
Insured Tax Free Fund, Maryland Tax Free Fund, Massachusetts Tax Free
Fund, Minnesota Tax Free Fund, New Jersey Tax Free Fund, Ohio Tax Free
Fund, Oregon Tax Free Fund, Pennsylvania Tax Free Fund and Virginia Tax
Free Fund were in the third quintile of their respective Peer Group for
the 3-year period, although the more recent 1-year period performance was
not as favorable.
* Arizona Tax Free Fund, Colorado Tax Free Fund and Michigan Tax Free Fund
were in the second highest quintile of their respective Peer Group for the
3-year period, although the more recent 1-year period performance was not
as favorable.
With regard to Tax-Exempt Money Market Fund, the performance report showed
that the Fund was in the fourth quintile of its Peer Group for both the
1-year period and 3-year period. Although the Tax-Exempt Money Market
Fund had underperformed compared to its Peer Group, FIMCO personnel
explained, and the Board considered, the impact of the Fund's relatively
small asset size on its performance due to the fact that it is a money
market fund and the fact that the Fund's performance during the 1-year
period was only three basis points away from the Fund being in the third
quintile of its Peer Group. FIMCO personnel further explained, and the
Board gave substantial consideration to, the importance of making
available this type of investment vehicle to shareholders within the First
Investors fund complex, notwithstanding the small asset size of the Fund
and the fact that FIMCO has lost money on it the last two years. The Board
expressed its intention to continue to closely monitor the Fund's
performance in concert with FIMCO.
Fund Expenses, Costs of Services, Economies of Scale and Related Benefits
Management Fees and Expenses. The Board gave substantial consideration to
the fees payable under each Fund's Advisory Agreement. The Board reviewed
reports prepared by FIMCO comparing each Fund's effective management fee
rates, operating expense ratios and total expense ratios to its Peer
Group. The Board noted the effect of the management fee waivers in place
for each Fund during the periods presented, and discussed with FIMCO
whether the fee structure should be revised to reflect the fee waivers.
With regard to the effective management fee rates for the 2004 fiscal
year, on a Fund-by-Fund basis, the Board noted that:
* The level of effective management fee rates for Insured Tax Exempt Fund
II, Insured Intermediate Tax Exempt Fund, Arizona Tax Free Fund,
California Tax Free Fund, Colorado Tax Free Fund, Connecticut Tax Free
Fund, Florida Tax Free Fund, Georgia Tax Free Fund, Maryland Tax Free
Fund, Massachusetts Tax Free Fund, Michigan Tax Free Fund, Minnesota Tax
Free Fund, Missouri Tax Free Fund, New Jersey Tax Free Fund, North
Carolina Tax Free Fund, Ohio Tax Free Fund, Oregon Tax Free Fund,
Pennsylvania Tax Free Fund and Virginia Tax Free Fund, taking into account
the fee waivers, were either lower than or generally comparable (within
10%) to their respective Peer Group median.
* The level of effective management fee rate for New York Insured Tax Free
Fund and Insured Tax Exempt Fund, taking into account the fee waivers,
were higher (by more than 10%) than their respective Peer Group median.
Board Considerations of Advisory Contracts and Fees (continued)
FIRST INVESTORS TAX EXEMPT FUNDS
* Tax-Exempt Money Market Fund's contractual management fee rate is higher
than the median of its Peer Group; however, FIMCO waived its entire
management fee so that the Fund's effective fee rate for the 2004 fiscal
year was substantially below the median of the Peer Group.
With regard to overall expense ratios, the Board noted that each Fund's
(with the exception of Insured Intermediate Tax Exempt Fund and Tax-Exempt
Money Market Fund) total expense ratio (Class A Shares) for the most
recent calendar year, taking into account FIMCO's expense limitations, was
lower than the median of its Peer Group. The Board noted that Insured
Intermediate Tax Exempt Fund's and Tax-Exempt Money Market Fund's total
expense ratios for the most recent calendar year, taking into account
FIMCO's expense limitations, were higher than the median of their
respective Peer Group.
Profitability. The Board reviewed the materials it received from FIMCO
regarding its revenues and costs in providing investment management and
certain administrative services to the Funds. In particular, the Board
considered the detailed analysis of FIMCO's profitability with respect to
each Fund, calculated for the year ended December 31, 2004, as well as
profitability information relating to the past five calendar years. The
Board also considered FIMCO's expectation that its fixed costs will
increase in the future due to, among other things, new regulatory
requirements. In reviewing the profitability information, the Directors
also considered the "fall-out" or ancillary benefits that may accrue to
FIMCO and its affiliates as a result of their relationship with the Funds,
which are discussed below. The Directors recognized that, as a business
matter, FIMCO was entitled to earn reasonable profits for its services to
the Funds. Based on the information provided, the Board noted that FIMCO
operates the Colorado Tax Free Fund, Georgia Tax Free Fund, Minnesota Tax
Free Fund, Missouri Tax Free Fund and Tax-Exempt Money Market Fund at a
loss.
Economies of Scale. With respect to whether economies of scale are
realized by FIMCO as a Fund's assets increase and the extent to which any
economies of scale are reflected in the level of management fees charged,
the Board considered that the Advisory Agreement for each Fund, except
Insured Intermediate Tax Exempt Fund and Tax-Exempt Money Market Fund,
currently includes "breakpoints" (i.e., reductions in the management fee
rate as assets increase) to account for management economies of scale. The
Board recognized that, although these Funds have not reached a size at
which they can take advantage of the breakpoints contained in their fee
schedule, each schedule is structured so that when the assets of these
Funds grow, economies of scale may be shared for the benefit of
shareholders. With respect to Insured Intermediate Tax Exempt Fund and
Tax-Exempt Money Market Fund, the Board concluded that the fee structure
is appropriate at current asset levels. With
respect to Tax-Exempt Money Market Fund, the Board also noted that FIMCO
is operating the Fund at a loss at current asset levels.
"Fall Out" or Ancillary Benefits. The Board considered the "fall-out" or
ancillary benefits that may accrue to FIMCO as a result of its
relationship with the Funds. In that regard, the Board noted that FIMCO
may direct Fund transactions to certain brokers to obtain research and
other services, which may be used in servicing all funds in the First
Investors fund complex. However, the Board noted that FIMCO must select
brokers based on each Fund's requirements for seeking best execution. The
Board also considered information relating to ADM's fees and profitability
and the income received by FIC as a result of FIMCO's management of the
Funds. After review of this information, the Board concluded that the
benefits accruing to FIMCO and its affiliates by virtue of their
relationship to the Funds are fair and reasonable.
After evaluation of the comparative performance, fee and expense
information and the profitability, ancillary benefits and other
considerations as described above, and in light of the nature, extent and
quality of services, including any non-management services, to be provided
by FIMCO, the Board concluded that the level of fees paid to FIMCO with
respect to each Fund is reasonable.
* * *
In summary, based on the various considerations discussed above, the Board
determined that approval of each Fund's Advisory Agreement was in the best
interests of that Fund. As a result, the Board, including a majority of
the independent Directors, approved each Advisory Agreement.
Fund Expenses
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
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Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
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Expense Example - Class A Shares
Actual $1,000.00 $1,007.02 $3.48
Hypothetical
(5% annual return before expenses) $1,000.00 $1,021.32 $3.51
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Expense Example - Class B Shares
Actual $1,000.00 $1,003.37 $7.20
Hypothetical
(5% annual return before expenses) $1,000.00 $1,017.60 $7.25
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* Expenses are equal to the annualized expense ratio of .70% for Class A
shares and 1.45% for Class B shares, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half
year period). Expenses paid during the period are net of expenses waived.
Portfolio Composition
TOP TEN STATES
[BAR CHART DATA]
Florida 13.6%
Georgia 10.7%
Ohio 7.6%
Kentucky 7.2%
New York 6.1%
Texas 5.5%
Pennsylvania 5.3%
Colorado 5.0%
New Jersey 5.0%
Washington 4.4%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate+ Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL INVESTMENTS--101.1%
Alabama--3.6%
$500M Mobile Industrial Dev. Board
Facs. Rev. Bonds, VR,
(CO; Kimberly-Clark Corp.) 2.30% $500,000 $362
- ----------------------------------------------------------------------------------------------------------------------
Alaska--3.6%
500M Valdez Marine Term. Rev. Bonds
Exxon Pipeline Co. Proj., VR
(CO; ExxonMobil Corp.) 2.27 500,000 362
- ----------------------------------------------------------------------------------------------------------------------
Arizona--2.2%
300M Casa Grande Industrial Dev. Auth.
Multi-Family Hsg. Rev. Bonds,
VR, (Fannie Mae Liquidity Fac.) 2.30 300,000 217
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Arkansas--2.1%
290M University of Arkansas Rev. Bonds
(Fayetteville), 11/1/2005 (FGIC Ins.) 2.25 290,713 210
- ----------------------------------------------------------------------------------------------------------------------
Colorado--5.1%
700M Colorado Hsg. & Fin. Auth. Rev.
Bonds, VR, (Fannie Mae
Collateral Agreement) 2.30 700,000 507
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--2.3%
315M District of Columbia Rev. Bonds
Catholic Univ. of America,
10/1/2005 (AMBAC Ins.) 1.67 317,999 230
- ----------------------------------------------------------------------------------------------------------------------
Florida--13.7%
200M Broward County School Board
COP, 7/1/2005
(AMBAC Ins.) 1.75 200,000 144
600M Greater Orlando Aviation Auth.
Rev. Bonds, Orlando Airport
Facs Rev, 10/1/2005
(MBIA Ins.) 2.50 600,000 434
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Portfolio of Investments (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate+ Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Florida (continued)
$600M Hillsborough County Aviation Auth.
Rev. Bonds, VR, (LOC;
General Electric Capital Corp.) 2.30% $600,000 $434
500M Jacksonville Health Facs. Auth.
Rev. Bonds Municipal Commercial
Paper, 8/22/2005
(LOC; Bank of America) 2.58 500,000 362
- ----------------------------------------------------------------------------------------------------------------------
1,900,000 1,374
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Georgia--10.9%
250M Chatham County School District
GO Bonds, 8/1/2005 (FSA Ins.) 2.75 250,472 181
400M Fulton County Hsg. Auth. Multi-Family
Hsg. Rev. Bonds, VR,
(LOC; Fannie Mae) 2.30 400,000 290
650M Roswell Housing Auth. Multi-Family
Rev. Bonds, VR, (Fannie Mae
Liquidity Fac.) 2.27 650,000 470
200M Whitfield County Residential Care Facs.
Auth. Rev. Bonds, VR,
(LOC; Wachovia Bank) 2.30 200,000 145
- ----------------------------------------------------------------------------------------------------------------------
1,500,472 1,086
- ----------------------------------------------------------------------------------------------------------------------
Iowa--1.5%
200M Iowa State Vision Special Rev. Bonds,
2/15/2006 (MBIA Ins.) 2.40 203,191 147
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Kentucky--7.2%
600M Fort Mitchell League of Cities
Lease Rev. Bonds, VR,
(LOC; U.S. Bank, NA) 2.56 600,000 434
400M Newport League of Cities
Lease Rev. Bonds,
VR, (LOC; U.S. Bank, NA) 2.56 400,000 290
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1,000,000 724
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate+ Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--1.8%
$250M Massachusetts State Water Resource
Auth. Water Rev. Bonds,
8/1/2005 (FSA Ins.) 2.00% $250,636 $182
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Mississippi--4.0%
550M Harrison County Pollution
Control Rev. Bonds, VR,
(CO; E.I. DuPont De Nemours) 2.25 550,000 398
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--5.1%
700M New Jersey Health Care Facs.
Fing. Auth. Rev. Bonds, VR,
(LOC; JPMorgan Chase & Co.) 2.26 700,000 507
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New York--6.2%
300M New York City GO Bonds, VR,
(LOC; JPMorgan Chase & Co.) 2.25 300,000 217
200M New York City GO Bonds, 8/1/2005*
(U.S. Govt. Securities) 2.15 202,733 147
200M New York State Dorm Auth. Lease
Rev. Bonds, 7/1/2005 (AMBAC Ins.) 2.00 200,000 144
150M Triborough Bridge & Tunnel Auth.
General Purpose Rev. Bonds,
1/1/2006 (U.S. Govt. Securities) 2.04 152,784 111
- ----------------------------------------------------------------------------------------------------------------------
855,517 619
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North Carolina--1.6%
215M Greenville Combined Enterprise
System Rev. Bonds,
9/1/2005 (FSA Ins.) 2.05 215,789 156
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Ohio--7.7%
600M Lucas County Facs. Improvement
Rev. Bonds, VR,
(LOC; Fifth Third Bank) 2.54 600,000 434
468M Warren County Health Care Facs.
Rev. Bonds, VR,
(LOC; Fifth Third Bank) 2.43 468,000 339
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1,068,000 773
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate+ Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--5.3%
$275M Cumberland Valley School District
GO Bonds, 11/15/2005 (FSA Ins.) 2.68% $275,275 $199
460M Delaware County Industrial Dev.
Auth. Airport Facs. Rev., VR,
(CO; United Parcel Service, Inc.) 2.22 460,000 333
- ----------------------------------------------------------------------------------------------------------------------
735,275 532
- ----------------------------------------------------------------------------------------------------------------------
Texas--5.6%
250M Houston Independent School District
Maintenance GO Tax Notes,
7/15/2005 (FSA Ins.) 1.95 250,292 181
285M Tarrant County Housing Rev. Bonds, VR,
(Fannie Mae Collateral Agreement) 2.30 285,000 206
240M Trinity River Auth. Ten Mile Creek
System Rev. Bonds,
8/1/2005 (AMBAC Ins.) 1.52 240,506 174
- ----------------------------------------------------------------------------------------------------------------------
775,798 561
- ----------------------------------------------------------------------------------------------------------------------
Virginia--2.9%
400M Alexandria Industrial Dev. Auth. Rev.
Bonds, VR, (LOC; Bank of America) 2.30 400,000 290
- ----------------------------------------------------------------------------------------------------------------------
Washington--4.4%
200M Lake Tapps Parkway Properties
Special Rev. Bonds, VR,
(LOC; U.S. Bank, NA) 2.35 200,000 144
250M Seattle Housing Auth. Rev. Bonds
Pioneer Human Svcs. Proj., VR,
(LOC; U.S. Bank, NA) 2.30 250,000 181
165M Snohomish County School District
No. 6 GO Bonds,
12/1/2005 (FGIC Ins.) 2.12 165,598 119
- ----------------------------------------------------------------------------------------------------------------------
615,598 444
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate+ Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Wisconsin--4.3%
$600M Wisconsin State Health & Educ. Facs.
Auth. Rev. Bonds, VR,
(LOC; JPMorgan Chase & Co.) 2.40% $600,000 $434
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $13,978,988)** 101.1% 13,978,988 10,115
Excess of Liabilities Over Other Assets (1.1) (159,291) (115)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $13,819,697 $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, 2005. The variable rate
bonds 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.
* Municipal Bonds which have been prerefunded are shown at the prerefunded call date.
** Aggregate cost for federal income tax purposes is the same.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corporation
CO Corporate Obligor
COP Certificates of Participation
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance
GO General Obligation
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance Insurance Corporation
VR Variable Rate Securities
See notes to financial statements
Fund Expenses
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,011.29 $4.74
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.08 $4.76
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,007.49 $8.46
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.36 $8.50
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .95% for Class A
shares and 1.70% for Class B shares, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half
year period). Expenses paid during the period are net of expenses waived.
Portfolio Composition
TOP TEN STATES
[BAR CHART DATA]
Oregon 12.3%
New Jersey 11.3%
Michigan 9.8%
Ohio 9.6%
New York 9.0%
Pennsylvania 6.8%
California 5.4%
Florida 5.0%
Virginia 4.8%
Mississippi 3.4%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--101.0%
Alabama--1.8%
$1,000M Birmingham Series "A" 5 1/2% 4/1/2013 $1,131,250 $178
- ----------------------------------------------------------------------------------------------------------------------
Arizona--3.4%
1,000M Chandler Wtr. & Swr. Rev. 5% 7/1/2014 1,108,750 174
1,000M Univ. of Arizona COP Series"A"
5 1/4% 6/1/2009 1,080,000 169
- ----------------------------------------------------------------------------------------------------------------------
2,188,750 343
- ----------------------------------------------------------------------------------------------------------------------
California--5.6%
California State Dept. Wtr. & Pwr. Rev.
Series "A":
1,000M 5 1/4% 5/1/2010 1,097,500 172
1,000M 5 3/8% 5/1/2018 1,112,500 175
1,240M Los Angeles Wtr. & Pwr. Rev. Series "A"
5 1/4% 7/1/2018 1,354,700 212
- ----------------------------------------------------------------------------------------------------------------------
3,564,700 559
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--1.7%
1,000M District of Columbia COP 5 1/4% 1/1/2010 1,082,500 170
- ----------------------------------------------------------------------------------------------------------------------
Florida--5.2%
1,000M Polk County Transportation Rev.
5% 12/1/2010** 1,092,500 171
2,000M Reedy Creek Impt. Dist. GO Series "B"
5% 6/1/2012 2,202,500 346
- ----------------------------------------------------------------------------------------------------------------------
3,295,000 517
- ----------------------------------------------------------------------------------------------------------------------
Georgia--1.6%
1,000M Athens Housing Auth. Lease Rev. (Univ. of
Georgia-East Campus) 4% 12/1/2009 1,040,000 163
- ----------------------------------------------------------------------------------------------------------------------
Indiana--1.8%
1,000M New Albany Floyd County Sch. Bldg. Corp.
5 3/4% 7/15/2012* 1,155,000 181
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Kentucky--1.7%
$1,000M Kentucky Asset/Liability Community Gen. Fund
Rev. Series "A" 5% 7/15/2009 $1,075,000 $169
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--.5%
300M New Orleans GO 5 1/8% 12/1/2010 327,375 51
- ----------------------------------------------------------------------------------------------------------------------
Michigan--10.0%
1,035M Detroit City School District GO Series "A"
5% 5/1/2012 1,142,381 179
1,030M Genesee Cnty. GO Series "A" 5% 5/1/2013 1,138,150 179
1,405M Madison Dist. Pub. Schs. GO 5% 5/1/2012 1,550,769 243
2,300M Rochester Cmnty. School District GO
5% 5/1/2013 2,558,750 401
- ----------------------------------------------------------------------------------------------------------------------
6,390,050 1,002
- ----------------------------------------------------------------------------------------------------------------------
Minnesota--1.8%
1,035M Bloomington Ind. School District GO
#271, 5% 2/1/2016 1,138,500 179
- ----------------------------------------------------------------------------------------------------------------------
Mississippi--3.4%
1,000M Gulfport GO 5% 3/1/2010 1,082,500 170
1,000M Jackson Pub. Sch. Dist. GO 5% 10/1/2013 1,113,750 174
- ----------------------------------------------------------------------------------------------------------------------
2,196,250 344
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--11.6%
1,000M Jersey City School Improvement Series "B"
5% 3/1/2010 1,085,000 170
New Jersey Economic Dev. Auth. Revenue:
1,000M School Facs. Series "C" 5% 6/15/2011 1,095,000 172
3,700M School Facs. Series "F" 5% 6/15/2011 4,051,500 635
1,015M Pleasantville School District 5% 2/15/2014 1,134,262 178
- ----------------------------------------------------------------------------------------------------------------------
7,365,762 1,155
- ----------------------------------------------------------------------------------------------------------------------
New York--9.3%
New York City General Obligations:
150M 5 1/2% 8/1/2012 168,750 26
2,225M 5 1/8% 6/1/2018 2,422,469 380
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
New York (continued)
$1,000M New York State Dorm. Auth. Rev.
(Student Hsg. Corp.) 5% 7/1/2010 $1,090,000 $171
2,000M Rome City Sch. Dist. GO 5% 6/15/2015
(when-issued) 2,235,000 351
- ----------------------------------------------------------------------------------------------------------------------
5,916,219 928
- ----------------------------------------------------------------------------------------------------------------------
North Carolina--1.8%
1,040M Buncombe Cnty. Met. Swr. Sys. Rev.
5% 7/1/2018 1,147,900 180
- ----------------------------------------------------------------------------------------------------------------------
Ohio--9.8%
1,250M Bowling Green State Univ. Rev. 5% 6/1/2012 1,381,250 217
Ohio State Bldg. Auth. Facilities Revenue:
3,445M Admin. Bldg. 5% 4/1/2012 3,789,500 594
1,000M Adult Correction Facs. 5 1/2% 10/1/2008 1,080,000 169
- ----------------------------------------------------------------------------------------------------------------------
6,250,750 980
- ----------------------------------------------------------------------------------------------------------------------
Oklahoma--.4%
250M Grady County Indl. Dev. Auth. Rev.
5 3/8% 11/1/2009 262,188 41
- ----------------------------------------------------------------------------------------------------------------------
Oregon--12.6%
1,000M Clackamas County School District #86 (Canby)
GO 5% 6/15/2012 1,102,500 173
1,000M Deschutes County Admin. School District #1
GO 5% 6/15/2013 1,113,750 175
1,355M Jackson County School District #9 (Eagle
Point) GO 4% 6/15/2012 1,414,281 222
2,030M Umatilla County School District #8R
(Hermiston) GO 5% 6/15/2011 2,230,462 350
Yamhill County School District #29J
(Newberg) General Obligations:
1,000M 5% 6/15/2010 1,087,500 170
1,000M 5% 6/15/2012 1,100,000 172
- ----------------------------------------------------------------------------------------------------------------------
8,048,493 1,262
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--7.0%
$2,875M Hatboro Horsham School District GO
5% 9/15/2011 $3,169,688 $497
150M Philadelphia Auth. Indl. Dev. Lease Rev.
5 1/4% 10/1/2010 165,188 26
1,000M Philadelphia Muni. Auth. Rev. Series "B"
5 1/4% 11/15/2011 1,110,000 174
- ----------------------------------------------------------------------------------------------------------------------
4,444,876 697
- ----------------------------------------------------------------------------------------------------------------------
Virginia--4.9%
2,835M Virginia St. Pub. Bldg. Auth. Rev. Series "A"
5% 8/1/2016 3,118,500 490
- ----------------------------------------------------------------------------------------------------------------------
Washington--1.7%
1,040M Washington State GO Series "R" 5% 1/1/2017 1,119,300 175
- ----------------------------------------------------------------------------------------------------------------------
West Virginia--1.7%
1,000M West Virginia State Sch. Bldg. Auth. 5% 1/1/2010 1,082,500 170
- ----------------------------------------------------------------------------------------------------------------------
Wisconsin--1.7%
1,000M Wisconsin State Petroleum Ins. Fee Rev.
Series "1" 5% 7/1/2011 1,076,250 169
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $63,171,591) 64,417,113 10,103
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.6%
1,000M University of Michigan Regent Hosp. Rev.
Adjustable Rate Note 2.25%***
(cost $1,000,000) 1,000,000 157
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $64,171,591) 102.6% 65,417,113 10,260
Excess of Liabilities Over Other Assets (2.6) (1,655,220) (260)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $63,761,893 $10,000
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swap Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.338% with JPMorgan Chase Bank, N.A. 5/4/2010 $3,000M $(17,450)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Municipal Bonds which have an irrevocable mandatory put by the issuer are shown maturing at the put date.
*** Interest rate is determined and reset daily by the issuer and is the rate in effect at June 30, 2005.
Summary of Abbreviations:
COP Certificate of Participation
GO General Obligation
See notes to financial statements
Fund Expenses
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,020.13 $5.01
Hypothetical
(5% annual return before expenses) $1,000.00 $1,019.83 $5.01
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,016.59 $8.65
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.21 $8.65
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of 1.00% for Class A
shares and 1.73% for Class B shares, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half
year period). Expenses paid during the period are net of expenses waived.
Portfolio Composition
TOP TEN STATES
BAR CHART DATA]
Illinois 12.9%
Georgia 11.2%
New York 8.4%
Massachusetts 7.9%
Texas 6.6%
California 5.4%
New Jersey 5.3%
Nevada 4.7%
Missouri 4.0%
Pennsylvania 3.6%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.8%
Alabama--.8%
$5,835M Alabama Water Pollution Control Auth.
6% 8/15/2014 $6,513,319 $81
- ----------------------------------------------------------------------------------------------------------------------
Alaska--.2%
1,500M Alaska Intl. Airport Rev. Series "B"
5 3/4% 10/1/2015 1,702,500 21
- ----------------------------------------------------------------------------------------------------------------------
Arizona--1.5%
8,550M Arizona State Municipal Fing. Prog. COP
7.7% 8/1/2010 9,918,000 122
Phoenix Civic Improvement Corp.
Water Sys. Revenue:
1,000M 5 1/2% 7/1/2019 1,115,000 14
1,000M 5 1/2% 7/1/2020 1,111,250 14
- ----------------------------------------------------------------------------------------------------------------------
12,144,250 150
- ----------------------------------------------------------------------------------------------------------------------
Arkansas--.3%
2,025M Arkansas State Dev. Fin. Auth. Rev.
5% 12/1/2040 2,111,062 26
- ----------------------------------------------------------------------------------------------------------------------
California--5.4%
5,500M California State Dept. Water Resource Pwr.
Supply Rev. Series "A" 5 3/8% 5/1/2018 6,118,750 75
10,000M California State GO 5% 6/1/2027 10,750,000 133
2,000M Colton Joint Unified School Dist. GO Series
"A" 5 3/8% 8/1/2026 2,227,500 28
Dublin Unified School Dist. GO Series "A":
2,400M 5% 8/1/2027 2,559,000 32
2,600M 5% 8/1/2028 2,769,000 34
10,000M Los Angeles Community College Dist. GO
Series "A" 5 1/2% 8/1/2011* 11,312,500 140
7,485M Riverside Cnty. Redev. Agency 5% 10/1/2033 7,990,237 99
- ----------------------------------------------------------------------------------------------------------------------
43,726,987 541
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Connecticut--2.6%
$9,890M Connecticut State GO Series "C" 5% 4/1/2023 $10,668,837 $132
9,000M Connecticut State Spl. Tax Oblig. Rev.
Trans. Infrastructure 6 1/8% 9/1/2012 10,417,500 129
- ----------------------------------------------------------------------------------------------------------------------
21,086,337 261
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--.8%
5,000M Washington DC GO Series "B" 6% 6/1/2021 6,206,250 77
- ----------------------------------------------------------------------------------------------------------------------
Florida--.2%
1,395M West Coast Regl. Wtr. Supply Rev.
10.4% 10/1/2010* 1,674,000 21
- ----------------------------------------------------------------------------------------------------------------------
Georgia--11.2%
15,000M Atlanta Airport Rev. Series "A" 5 1/2% 1/1/2010* 16,687,500 206
Atlanta Water & Wastewater Revenue:
3,000M 5% 11/1/2023 3,225,000 40
9,040M Series "A" 5 1/2% 11/1/2019 10,701,100 132
2,540M Fulton County Dev. Auth. Rev. Klaus Parking
& Family Hsg. Projs. (Georgia Tech. Facs.)
5 1/4% 11/1/2021 2,806,700 35
Metropolitan Atlanta Rapid Transit Authority
Sales Tax Rev.:
20,450M 6 1/4% 7/1/2011 23,466,375 290
28,305M 6% 7/1/2013 33,435,281 414
- ----------------------------------------------------------------------------------------------------------------------
90,321,956 1,117
- ----------------------------------------------------------------------------------------------------------------------
Hawaii--1.6%
Hawaii State General Obligations:
5,500M 6% 10/1/2009 6,139,375 76
6,000M 6% 10/1/2010 6,825,000 84
- ----------------------------------------------------------------------------------------------------------------------
12,964,375 160
- ----------------------------------------------------------------------------------------------------------------------
Illinois--12.9%
Chicago Board of Education Lease
Certificates of Participation Series "A":
5,000M 6% 1/1/2016 5,993,750 74
36,200M 6% 1/1/2020 43,666,250 540
3,160M Chicago GO 6 1/8% 7/1/2005* 3,223,200 40
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Illinois (continued)
Illinois Development Fin. Auth. Revenue
(Rockford School #205):
$5,000M 6.6% 2/1/2010 $5,731,250 $71
3,000M 6.65% 2/1/2011 3,513,750 43
Illinois State First Series General Obligations:
5,250M 6 1/8% 1/1/2010* 5,932,500 73
4,500M 5 1/2% 2/1/2016 5,040,000 62
8,000M 5 1/2% 5/1/2017 8,830,000 109
12,000M 5 1/2% 5/1/2018 13,215,000 164
3,000M Metro Pier & Exposition Auth. (McCormick
Place Expansion) Series "B" 5 1/2% 6/15/2016 3,397,500 42
4,000M Regional Transportation Auth. 7 3/4% 6/1/2019 5,450,000 68
- ----------------------------------------------------------------------------------------------------------------------
103,993,200 1,286
- ----------------------------------------------------------------------------------------------------------------------
Kansas--.3%
2,475M Wyandotte County Unified Sch. Dist. #500 GO
5% 9/1/2020 2,747,250 34
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--1.9%
10,000M Ernest N. Morial (New Orleans LA Exhibit
Hall) Auth. Spl. Tax 5% 7/15/2033 10,450,000 129
10,850M Regional Trans. Auth. Zero Coupon 12/1/2021 5,140,187 64
- ----------------------------------------------------------------------------------------------------------------------
15,590,187 193
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--7.9%
10,025M Boston Water & Sewer Rev. 5 3/4% 11/1/2013 11,654,063 144
1,490M Massachusetts Housing Finance Agy.
6% 12/1/2012 1,537,978 19
3,000M Massachusetts State Dev. Fin. Auth. Rev.
(Boston Univ.) 5% 10/1/2035 3,198,750 40
20,550M Massachusetts State GO 6% 8/1/2009 22,964,625 284
Massachusetts State Hlth. & Ed. Facs.
Auth. Revenue:
12,580M Lahey Clinic Med. Ctr. 5% 8/15/2033
(when-issued) 13,334,800 165
10,375M University of Mass. 5% 10/1/2029 11,088,281 137
- ----------------------------------------------------------------------------------------------------------------------
63,778,497 789
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Michigan--2.2%
$10,000M Michigan State Environmental Protection
Prog. GO 6 1/4% 11/1/2012 $11,512,500 $142
4,500M Monroe County Economic Dev. Corp.
(Detroit Edison Co.) 6.95% 9/1/2022 6,114,375 76
- ----------------------------------------------------------------------------------------------------------------------
17,626,875 218
- ----------------------------------------------------------------------------------------------------------------------
Minnesota--1.7%
Minneapolis & St. Paul Metro Airports Comm.
Airport Rev. Series "C":
3,380M 5 1/2% 1/1/2017 3,751,800 46
3,315M 5 1/2% 1/1/2018 3,671,363 46
5,770M 5 1/2% 1/1/2019 6,368,638 79
- ----------------------------------------------------------------------------------------------------------------------
13,791,801 171
- ----------------------------------------------------------------------------------------------------------------------
Missouri--4.0%
Missouri State Health & Educ. Facs. Auth.
Series "A" (BJC Hlth. Sys.):
6,840M 6 3/4% 5/15/2010 7,951,500 98
10,175M 6 3/4% 5/15/2011 12,070,094 149
St. Louis Airport Revenue Series "A":
4,135M 5 5/8% 7/1/2017 4,620,863 57
3,620M 5 5/8% 7/1/2018 4,036,300 50
3,030M 5 5/8% 7/1/2019 3,374,662 42
- ----------------------------------------------------------------------------------------------------------------------
32,053,419 396
- ----------------------------------------------------------------------------------------------------------------------
Nevada--4.6%
Clark County Nevada Bond Bank
General Obligations:
8,195M 5 1/2% 6/1/2017 9,045,231 112
8,645M 5 1/2% 6/1/2018 9,531,113 118
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Nevada (continued)
$6,000M Las Vegas New Convention & Visitors
Auth. Revenue 5 3/4% 7/1/2009* $6,690,000 $82
Truckee Meadows Nevada Water
Authority Revenue:
6,115M 5 1/2% 7/1/2017 6,741,787 83
2,605M 5 1/2% 7/1/2018 2,868,756 35
2,500M 5 1/2% 7/1/2019 2,743,750 34
- ----------------------------------------------------------------------------------------------------------------------
37,620,637 464
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--5.3%
5,125M Hudson Cnty. Impt. Auth. Lease Rev.
5% 4/1/2035 5,438,906 68
5,095M Mercer Cnty. Impt. Auth. Lease Rev.
5% 8/1/2035 5,432,544 67
2,200M New Jersey State Educ. Facs. Auth. Rev.
Public Library PJ Grant 5 1/2% 9/1/2018 2,480,500 31
10,000M New Jersey State Trans. Corp. COP Fed.
Trans. Admin. Grants Series "A"
5 3/4% 9/15/2009* 11,037,500 136
13,500M New Jersey State Turnpike Auth. Rev. Inverse
Floater Rate 7.599% 1/1/2035** 14,647,500 181
3,500M Passaic Cnty. Impt Auth. Lease Rev.
(Preakness Healthcare Center Proj.)
5% 5/1/2035 3,710,000 46
- ----------------------------------------------------------------------------------------------------------------------
42,746,950 529
- ----------------------------------------------------------------------------------------------------------------------
New Mexico--1.4%
10,000M New Mexico Fin. Auth. State Trans. Rev.
Series "A" 5 1/4% 6/15/2021 11,075,000 137
- ----------------------------------------------------------------------------------------------------------------------
New York--8.3%
New York City General Obligations:
5,000M Series "C" 5 1/2% 3/15/2015 5,593,750 69
3,275M Series "G" 5 5/8% 8/1/2020 3,692,563 46
22,250M New York City Municipal Water Fin. Auth.
Rev. 6% 6/15/2021 27,951,562 345
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
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 $6,062,500 $75
10,000M Series "A" 5 3/4% 7/1/2027 12,412,500 153
5,950M New York State Housing Fin. Agy. Rev. 5 7/8%
11/1/2010 6,208,706 77
5,000M Suffolk County Judicial Facs. Agy.
(John P. Cohalan Complex)
5 3/4% 10/15/2013 5,575,000 69
- ----------------------------------------------------------------------------------------------------------------------
67,496,581 834
- ----------------------------------------------------------------------------------------------------------------------
North Carolina--2.9%
3,030M Charlotte Airport Rev. Series "A"
5 1/4% 7/1/2023 3,310,275 41
North Carolina Municipal Pwr. Agy.
(Catawba Elec.):
8,950M 6% 1/1/2010 10,035,188 124
8,945M 6% 1/1/2011 10,208,481 126
- ----------------------------------------------------------------------------------------------------------------------
23,553,944 291
- ----------------------------------------------------------------------------------------------------------------------
North Dakota--1.6%
10,500M Mercer County Pollution Control Rev.
(Basin Elec. Pwr. Coop.) 7.2% 6/30/2013 12,639,375 156
- ----------------------------------------------------------------------------------------------------------------------
Ohio--.9%
6,000M Jefferson County Jail Construction GO
5 3/4% 12/1/2019 7,275,000 90
- ----------------------------------------------------------------------------------------------------------------------
Oklahoma--.8%
Oklahoma State Ind. Dev. Auth.
(Intregris Hlth. Sys.):
2,330M 6% 8/15/2009* 2,624,163 33
3,210M 6% 8/15/2017 3,579,150 44
- ----------------------------------------------------------------------------------------------------------------------
6,203,313 77
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Oregon--.7%
Portland Urban Renewal & Redev. South Park
Blocks Series "A":
$2,695M 5 3/4% 6/15/2015 $3,031,875 $37
2,630M 5 3/4% 6/15/2016 2,955,462 37
- ----------------------------------------------------------------------------------------------------------------------
5,987,337 74
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--3.6%
3,000M Allegheny County Sanitation Auth. Sewer Rev.
5 1/2% 12/1/2030 3,371,250 42
5,000M Moon Area School District 5% 11/15/2014* 5,600,000 69
4,925M Philadelphia Housing Auth. Capital Fund
Prog. Rev. Series "A" 5 1/2% 12/1/2019 5,577,563 69
12,050M Pittsburgh Water & Sewer Auth. Rev.
6 1/2% 9/1/2013 14,279,250 177
- ----------------------------------------------------------------------------------------------------------------------
28,828,063 357
- ----------------------------------------------------------------------------------------------------------------------
South Dakota--.5%
3,855M South Dakota Hlth. & Educ. Facs. Auth.
(McKennan Hosp.) 7 5/8% 1/1/2008* 4,303,144 53
- ----------------------------------------------------------------------------------------------------------------------
Tennessee--.5%
3,500M Memphis-Shelby County Sports Auth. Rev.
(Memphis Arena Proj.) Series "A"
5 1/2% 11/1/2016 3,985,625 49
- ----------------------------------------------------------------------------------------------------------------------
Texas--6.6%
16,000M Austin Texas Utilities Systems Rev.
6% 11/15/2013 18,540,000 229
Harris County Toll Road Sub. Liens General
Obligations Series "A":
11,065M 6 1/2% 8/15/2012 13,222,675 163
7,305M 6 1/2% 8/15/2013 8,848,181 109
Houston Water Conveyance System Certificates
of Participation:
4,705M 6 1/4% 12/15/2013 5,640,119 70
6,035M 6 1/4% 12/15/2015 7,324,981 91
- ----------------------------------------------------------------------------------------------------------------------
53,575,956 662
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utah--.3%
$1,680M Provo Utah Electric System Rev.
10 3/8% 9/15/2015 $2,301,600 $29
- ----------------------------------------------------------------------------------------------------------------------
Virginia--.7%
3,310M Norfolk Airport Auth. Rev. Series "A"
5% 7/1/2022 3,492,050 43
1,950M Northwestern Regl. Jail Auth. Facs. Rev.
5% 7/1/2033 2,081,625 26
- ----------------------------------------------------------------------------------------------------------------------
5,573,675 69
- ----------------------------------------------------------------------------------------------------------------------
Washington--2.2%
Snohomish County Washington Ltd. Tax
General Obligations:
7,975M 5 1/2% 12/1/2017 8,872,187 109
8,410M 5 1/2% 12/1/2018 9,335,100 115
- ----------------------------------------------------------------------------------------------------------------------
18,207,287 224
- ----------------------------------------------------------------------------------------------------------------------
Wisconsin--3.4%
12,000M Superior Wisconsin Ltd. Oblig. Rev. (Midwest
Energy) 6.9% 8/1/2021 16,005,000 198
10,745M Wisconsin State Series "E" 5% 5/1/2025 11,524,013 142
- ----------------------------------------------------------------------------------------------------------------------
27,529,013 340
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $716,849,862) 99.8% 806,934,765 9,977
Other Assets, Less Liabilities .2 1,889,640 23
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $808,824,405 $10,000
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.338% with JPMorgan Chase Bank, N.A. 5/4/2010 $36,000M $(209,399)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.548% with Citibank, N.A. 2/15/2015 40,000M (395,463)
- ----------------------------------------------------------------------------------------------------------------------
$76,000M $(604,862)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Inverse floating rate security (see Note 1F). The interest rates are reset weekly by the issuer.
The interest rate shown is the rate in effect at June 30, 2005.
Summary of Abbreviations:
COP Certificate of Participation
GO General Obligation
See notes to financial statements
Fund Expenses
FIRST INVESTORS INSURED TAX EXEMPT FUND II
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,031.35 $5.04
Hypothetical
(5% annual return before expenses) $1,000.00 $1,019.83 $5.01
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,027.34 $8.80
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.11 $8.75
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of 1.00% for Class A
shares and 1.75% for Class B shares, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half
year period). Expenses paid during the period are net of expenses waived.
Portfolio Composition
TOP TEN STATES
[BAR CHART DATA]
Ohio 12.2%
California 11.0%
Michigan 10.8%
Massachusetts 7.6%
Colorado 7.1%
Texas 6.6%
New Jersey 5.7%
Pennsylvania 5.6%
Indiana 3.2%
Oregon 3.2%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--100.7%
Alabama--.2%
$250M Coffee County Public Bldg. Auth.
6.1% 9/1/2006* $264,688 $23
- ----------------------------------------------------------------------------------------------------------------------
Alaska--1.0%
1,000M Alaska Intl. Airport Rev. Series "B"
5 3/4% 10/1/2015 1,135,000 99
- ----------------------------------------------------------------------------------------------------------------------
Arizona--2.9%
1,000M Arizona State Trans. Bd. Hwy. Rev.
5 1/4% 7/1/2020 1,100,000 96
1,000M Arizona State University COP 5% 9/1/2026 1,068,750 94
1,040M University of Arizona COP 5% 6/1/2024 1,112,800 98
- ----------------------------------------------------------------------------------------------------------------------
3,281,550 288
- ----------------------------------------------------------------------------------------------------------------------
California--11.4%
3,000M California State Dept. Water Res. Pwr.
Supply Rev. Series "A" 5 3/8% 5/1/2018 3,337,500 292
5,000M California State GO 5% 6/1/2027 5,375,000 471
2,550M Dublin Unified Sch. Dist. GO Series "A"
5% 8/1/2029 2,715,750 238
390M Jefferson Unified High Sch. Dist. GO
(San Mateo Cnty.) 6 1/4% 2/1/2017 483,600 42
1,000M Rincon Valley Elem. Sch. Dist. GO 5% 8/1/2036 1,067,500 94
- ----------------------------------------------------------------------------------------------------------------------
12,979,350 1,137
- ----------------------------------------------------------------------------------------------------------------------
Colorado--7.3%
1,500M Adams & Arapahoe Cntys. Jnt. Sch. Dist. #28J
Aurora GO Series "A" 5 1/8% 12/1/2021 1,638,750 144
1,000M Centennial Downs Met. Dist. GO 5% 12/1/2028 1,063,750 93
1,000M East Quincy Highlands Met. Dist. GO
5% 12/1/2031 1,066,250 94
1,035M Grand Cnty. Sch. Dist. #2 East Grand GO
Series "B" 5% 12/1/2023 1,110,037 97
1,000M Lafayette Water Rev. 5 1/4% 12/1/2023 1,095,000 96
2,180M Widefield Water & San. Dist. Wtr. & Swr.
Rev. 5% 12/1/2022 2,354,400 206
- ----------------------------------------------------------------------------------------------------------------------
8,328,187 730
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Florida--2.8%
$335M Cocoa Water & Sewer Rev. 5 3/4% 10/1/2007* $360,125 $31
1,000M Tampa Bay Water Util. System Rev.
5% 10/1/2028 1,047,500 92
1,580M Tampa Util. Tax & Spl. Rev. 5 1/4% 10/1/2021 1,741,950 153
- ----------------------------------------------------------------------------------------------------------------------
3,149,575 276
- ----------------------------------------------------------------------------------------------------------------------
Georgia--1.9%
1,000M Fulton Cnty. Dev. Auth. Rev. Klaus Parking &
Family Hsg. Projs. (Georgia Tech. Facs.)
5 1/4% 11/1/2021 1,105,000 97
1,000M Georgia Municipal Association, Inc. COP
(City Court Atlanta Proj.) 5 1/8% 12/1/2021 1,085,000 95
- ----------------------------------------------------------------------------------------------------------------------
2,190,000 192
- ----------------------------------------------------------------------------------------------------------------------
Illinois--.4%
500M Chicago GO 6% 7/1/2005* 510,000 45
- ----------------------------------------------------------------------------------------------------------------------
Indiana--3.3%
1,030M Baugo School Bldg. Corp. 5 1/2% 1/15/2019 1,142,013 100
1,105M Merrillville Multi-School Building Corp. GO
5 1/2% 1/15/2012* 1,252,794 110
1,250M Zionsville Community Schools Bldg. Corp. GO
5 3/4% 7/15/2017 1,410,937 123
- ----------------------------------------------------------------------------------------------------------------------
3,805,744 333
- ----------------------------------------------------------------------------------------------------------------------
Kentucky--1.0%
1,000M Kentucky State Ppty. & Buildings Comm. Rev.
5 1/4% 8/1/2013* 1,131,250 99
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--1.7%
1,845M Louisiana Local Govt. Env. Facs. & Comm.
5 1/4% 10/1/2021 1,992,600 175
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--7.9%
1,305M Ashland GO 5 1/4% 5/15/2021 1,463,231 128
Massachusetts State Dev. Fin. Agy. Rev. :
1,000M Boston University 5% 10/1/2035 1,066,250 93
1,400M Williston Northampton Sch. Proj. 5% 10/1/2025 1,489,250 131
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts (continued)
$2,600M Massachusetts State Health & Educ. Facs.
Auth. Rev. 5% 10/1/2029 $2,778,750 $244
1,000M Springfield GO 5 1/4% 1/15/2022 1,096,250 96
1,000M University Bldg. Auth. Proj. Rev. 5 1/4% 11/1/2023 1,098,750 96
- ----------------------------------------------------------------------------------------------------------------------
8,992,481 788
- ----------------------------------------------------------------------------------------------------------------------
Michigan--11.1%
1,000M Detroit City School Dist. GO (Sch. Bldg. &
Site Impt.) 5 1/2% 5/1/2018 1,121,250 98
1,105M Grand Rapids Cmnty. College GO
5 1/4% 5/1/2021 1,211,356 106
1,240M Gull Lake Cmnty. School Dist. Sch. Bldg. &
Site GO 5% 5/1/2022 1,342,300 118
1,000M Harper Creek Cmnty. School Dist. GO
5% 5/1/2023 1,077,500 94
1,000M Howell Public Schools GO Zero Coupon
5/1/2006* 448,550 39
1,000M Jackson Public Schools Bldg. & Site GO
5% 5/1/2026 1,066,250 94
1,315M Lowell Area Schools GO 5% 5/1/2024 1,411,981 124
1,000M Michigan Public Pwr. Agy. Rev. (Combustion
Turbine #1 Proj.) 5 1/4% 1/1/2018 1,096,250 96
3,600M Southfield Public School Bldg. & Site Series
"B" GO 5 1/8% 5/1/2021 3,951,000 346
- ----------------------------------------------------------------------------------------------------------------------
12,726,437 1,115
- ----------------------------------------------------------------------------------------------------------------------
Missouri--1.1%
200M Liberty Sewer System Rev. 6.15% 2/1/2015 220,500 19
310M Springfield Pub. Bldg. Corp. Leasehold Rev.
(Springfield Rec. Proj.) Series "B"
5.85% 6/1/2014 347,587 30
250M St. Joseph School Dist. GO (Direct Dep.
Prog.) 5 3/4% 3/1/2019 279,688 25
375M St. Louis County Pattonville R-3 School
Dist. GO (Direct Dep. Prog.)
5 3/4% 3/1/2010* 421,875 37
- ----------------------------------------------------------------------------------------------------------------------
1,269,650 111
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Nebraska--1.0%
$1,000M Municipal Energy Agency 5 1/4% 4/1/2021 $1,095,000 $96
- ----------------------------------------------------------------------------------------------------------------------
New Hampshire--1.6%
1,750M Municipal Bond Bank 5% 3/15/2028 (when-issued) 1,868,125 164
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--5.9%
1,000M Hudson County COP 5% 12/1/2021 1,073,750 94
2,350M New Jersey State Educ. Facs. Auth. Rowan
Univ. 5 1/8% 7/1/2021 2,567,375 225
Passaic Cnty. Impt. Auth. Revenue:
1,380M Paterson Pkg. Deck Proj. 5% 4/15/2035 1,467,975 129
1,500M Preakness Healthcare Ctr. Proj. 5% 5/1/2035 1,590,000 139
- ----------------------------------------------------------------------------------------------------------------------
6,699,100 587
- ----------------------------------------------------------------------------------------------------------------------
New York--3.1%
Camden Central School District General
Obligations:
725M 5 1/2% 3/15/2016 818,344 72
250M 5 1/2% 3/15/2017 281,875 25
2,185M Nassau Cnty. Interim. Fin. Auth. Series "A"
5% 11/15/2022 (when-issued) 2,381,650 208
- ----------------------------------------------------------------------------------------------------------------------
3,481,869 305
- ----------------------------------------------------------------------------------------------------------------------
Ohio--12.6%
1,255M Akron Sewer System Rev. 5 1/4% 12/1/2020 1,382,069 121
2,500M Akron-Summit Cnty. Pub. Library GO
5% 12/1/2020 2,690,625 236
1,380M Cincinnati State Tech. & Cmnty. College Gen.
Receipts 5 1/4% 10/1/2020 1,528,350 134
1,000M Fairview Park GO 5% 12/1/2025 (when-issued) 1,076,250 94
1,220M Field Ohio Local School Dist. GO 5% 12/1/2026 1,313,025 115
1,870M Lake Ohio Local School Dist. GO 5% 12/1/2025 2,003,237 175
1,500M Ohio State Bldg. Auth. State Facs.
5 1/2% 4/1/2018 1,674,375 147
2,060M Springboro Cmnty. Sch. Dist. GO 5% 12/1/2025 2,211,925 194
450M Youngstown GO 6% 12/1/2031 513,000 45
- ----------------------------------------------------------------------------------------------------------------------
14,392,856 1,261
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Oregon--3.3%
$1,000M Columbia Gorge Cmnty. College GO
5% 6/15/2023 $1,082,500 $95
2,025M Multnomah Cnty. School Dist. #7 (Reynolds)
GO 5% 6/1/2030 2,100,937 184
500M Oregon State Dept. of Administrative
Services COP 5.65% 5/1/2007* 531,250 47
- ----------------------------------------------------------------------------------------------------------------------
3,714,687 326
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--5.8%
1,450M Bear Valley Water Rev. 5% 5/1/2036 1,524,312 134
525M Erie GO 5 3/4% 5/15/2007* 553,875 49
1,200M New Castle Sanitation Auth. Swr. 5% 6/1/2027 1,255,500 110
State Public School Bldg. Authority Revenue:
1,000M Colonial 5% 5/15/2026 1,068,750 94
1,000M Philadelphia 5 1/4% 6/1/2024 1,090,000 95
1,000M Richland 5% 11/15/2023 1,078,750 94
- ----------------------------------------------------------------------------------------------------------------------
6,571,187 576
- ----------------------------------------------------------------------------------------------------------------------
Puerto Rico--.5%
545M Puerto Rico Indl. Tourist Educ. Med. & Env.
Cntl. Facs. 6 1/4% 7/1/2016 557,269 48
- ----------------------------------------------------------------------------------------------------------------------
South Carolina--1.0%
1,000M Hilton Head Island Rev. 5 1/8% 12/1/2022 1,088,750 96
- ----------------------------------------------------------------------------------------------------------------------
Texas--6.8%
505M Austin Texas Utility Systems Rev. 6% 11/15/2013 585,169 51
5,000M Houston Utility Systems Rev. 5 1/4% 5/15/2020 5,506,250 483
1,600M Tyler Ind. School District GO 5% 2/15/2028 1,702,000 149
- ----------------------------------------------------------------------------------------------------------------------
7,793,419 683
- ----------------------------------------------------------------------------------------------------------------------
Virginia--2.0%
1,100M Dinwiddie Cnty. Indl. Dev. Auth. Lease Rev.
Series "B" 5% 2/15/2024 1,181,125 104
1,000M Richmond Public Utility Rev. 5% 1/15/2022 1,087,500 95
- ----------------------------------------------------------------------------------------------------------------------
2,268,625 199
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Washington--1.0%
$1,090M King County Sewer Rev. 5 1/2% 1/1/2021 $1,200,363 $104
- ----------------------------------------------------------------------------------------------------------------------
West Virginia --2.1%
2,300M State Wtr. Dev. Auth. Rev. 5% 11/1/2033 2,438,000 214
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $109,616,702) 114,925,762 10,070
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.6%
Adjustable Rate Notes**
1,600M Missouri St. Hlth. & Edl. Facs. 2.23% 1,600,000 140
1,400M University of Michigan Regent Hosp. Rev. 2.25% 1,400,000 123
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $3,000,000) 3,000,000 263
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $112,616,702) 103.3% 117,925,762 10,333
Excess of Liabilities Over Other Assets (3.3) (3,803,912) (333)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $114,121,850 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $2,600M $(57,221)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 5,300M (88,411)
- ----------------------------------------------------------------------------------------------------------------------
$7,900M $(145,632)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates are determined and reset daily by the issuer and are the rates in effect at
June 30, 2005.
See notes to financial statements
Fund Expenses
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,019.79 $4.91
Hypothetical
(5% annual return before expenses) $1,000.00 $1,019.93 $4.91
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,016.03 $8.65
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.21 $8.65
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .98% for Class A
shares and 1.73% for Class B shares, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half
year period). Expenses paid during the period are net of expenses waived.
Portfolio Composition
BY SECTOR
[BAR CHART DATA]
General Obligations 29.6%
Education 23.8%
Utilities 18.2%
Transportation 17.9%
Other Revenue 4.8%
Short-Term Tax Exempt Investments 2.6%
Health Care 1.8%
Housing 1.3%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--100.2%
Education--24.5%
$500M Madison County NY IDA Morrisville St. College
5% 6/1/2032 $526,250 $29
1,425M Montgomery County Indl. Dev. Agy. Lease Rev.
HFM BOCES Series "A" 5% 7/1/2024 1,528,312 84
New York State Dormitory Authority Revenue:
City University:
2,000M 5 3/4% 7/1/2009* 2,235,000 122
3,955M 5 3/4% 7/1/2013 4,493,868 246
3,000M 6% 7/1/2020 3,716,250 204
2,350M Colgate University 6% 7/1/2021 2,952,188 162
1,500M Educational Facility 5 1/4% 5/15/2021 1,749,375 96
Fashion Institution of Technology:
1,000M 5 1/4% 7/1/2019 1,115,000 61
1,300M 5% 7/1/2029 1,389,375 76
New York University:
1,610M 6% 7/1/2018 1,986,338 109
2,155M 5% 7/1/2021 2,354,338 129
2,205M 5% 7/1/2022 2,397,938 131
2,345M 5% 7/1/2023 2,541,394 139
1,425M NYSARC Insured Series "A" 5 1/4% 7/1/2018 1,578,188 87
2,715M Rochester Institute of Technology
5 1/4% 7/1/2018 2,986,500 164
School Districts Financing Program:
3,550M Series "A" 5 1/4% 4/1/2022 3,944,938 216
1,000M Series "C" 5 1/4% 4/1/2021 1,095,000 60
Special Act School Districts Program:
1,375M 6% 7/1/2012 1,541,719 85
1,460M 6% 7/1/2013 1,631,550 89
State Dormitory Facilities Series "A":
1,085M 5% 7/1/2020 1,175,869 64
1,685M 5% 7/1/2021 1,819,800 100
- ----------------------------------------------------------------------------------------------------------------------
44,759,190 2,453
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--30.5%
Buffalo:
$1,040M General Improvement Series "D"
6% 12/1/2013 $1,173,900 $64
School District Series "B":
1,130M 5 3/8% 11/15/2016 1,261,362 69
2,360M 5 3/8% 11/15/2017 2,631,400 144
2,620M 5 3/8% 11/15/2019 2,908,200 159
1,000M School District Series "D" 5 1/2% 12/15/2015 1,116,250 61
1,000M Central Square Central School Dist.
5% 5/15/2017 1,093,750 60
Eastport South Manor Central School District:
1,250M 5% 6/15/2016 1,373,437 75
1,315M 5% 6/15/2017 1,438,281 79
1,385M 5% 6/15/2018 1,507,919 83
1,000M Ilion Central School Dist. Series "B"
5 1/2% 6/15/2015 1,137,500 62
New York City:
4,420M Series "C" 5 5/8% 3/15/2019 4,961,450 272
Series "E":
1,000M 6.2% 8/1/2008 1,093,750 60
4,570M 5 3/4%, 5/15/2010* 5,181,237 284
2,000M 5 3/4% 8/1/2018 2,277,500 125
2,500M Series "F" 5 1/4% 8/1/2014 2,753,125 151
2,885M Series "G" 5 3/4% 8/1/2018 3,285,294 180
1,680M Niagara Falls Public Improvement 7 1/2% 3/1/2015 2,228,100 122
1,395M North Syracuse Central School Dist. Series "A"
5% 6/15/2018 1,513,575 83
4,000M Puerto Rico Municipal Finance Agy. 6% 8/1/2015 4,470,000 245
1,000M Red Hook Central School Dist. 5 1/8% 6/15/2017 1,097,500 60
1,000M Rome School District 5 1/2% 6/15/2016 1,093,750 60
Shenendehowa Central School Dist.
(Clifton Park) Series "E":
585M 5% 1/1/2018 631,800 35
610M 5% 1/1/2019 656,513 36
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
$1,775M Webster Central School District 5% 6/15/2019 $1,941,406 $107
Yonkers Series "A":
1,900M 5 3/4% 10/1/2010* 2,168,375 119
1,345M 5 1/8% 7/1/2016 1,474,456 81
1,410M 5 1/4% 7/1/2017 1,554,525 85
1,480M 5 1/4% 7/1/2018 1,624,300 89
- ----------------------------------------------------------------------------------------------------------------------
55,648,655 3,050
- ----------------------------------------------------------------------------------------------------------------------
Health Care--1.8%
1,320M New York State Dormitory Auth. Rev.
(United Cerebral Palsy Aff.) 5 1/8% 7/1/2021 1,442,100 79
1,850M New York State Medical Care Facs. Agy.
(Long Term Hlth. Care) 7 3/8% 11/1/2011 1,859,953 102
- ----------------------------------------------------------------------------------------------------------------------
3,302,053 181
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.3%
2,345M New York State Hsg. Fin. Agy. Rev. 6.05% 5/1/2011 2,438,237 134
- ----------------------------------------------------------------------------------------------------------------------
Transportation--18.4%
Metropolitan Transit Authority of New York:
Transit Authority Revenue:
2,500M Series "A" 5% 11/15/2020 2,709,375 148
5,000M Series "B" 5 1/4% 11/15/2022 5,512,500 302
5,000M Series "B" 5% 11/15/2035 (when-issued) 5,368,750 294
2,725M Transit Dedicated Tax 5 1/8% 11/15/2020 2,977,062 163
New York State Thruway Auth. Hwy. & Bridge
Series "A":
1,500M 6% 4/1/2015 1,698,750 93
3,250M 5 1/4% 4/1/2017 3,587,188 197
3,500M 5 1/4% 4/1/2018 3,850,000 211
6,900M Triborough Bridge & Tunnel Auth. Series "Y"
6% 1/1/2012 7,822,875 429
- ----------------------------------------------------------------------------------------------------------------------
33,526,500 1,837
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--18.7%
$1,015M Nassau County Sewer and Storm Water Fin.
Auth. Series "B" 5% 10/1/2024 $1,094,931 $60
New York City Municipal Water Fin. Auth.
Revenue:
2,750M 6% 6/15/2021 3,454,687 189
7,000M 5 1/2% 6/15/2033 7,665,000 420
Puerto Rico Electric Power Auth. Revenue:
8,000M 5 3/8% 7/1/2017 8,990,000 493
5,000M 5% 7/1/2029 5,375,000 294
6,165M Suffolk County Water Auth. Rev. 6% 6/1/2017 7,552,125 414
- ----------------------------------------------------------------------------------------------------------------------
34,131,743 1,870
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--5.0%
Nassau County Interim Fin. Authority:
2,500M 5 3/4% 11/15/2010* 2,837,500 156
1,705M 5% 11/15/2023 (when-issued) 1,852,056 101
3,000M New York City Transitional Fin. Auth.
5 1/4% 8/1/2020 3,281,250 180
865M New York State Dorm. Auth. Rev.
(Jud. Facs. Lease) 7 3/8% 7/1/2016 1,060,706 58
- ----------------------------------------------------------------------------------------------------------------------
9,031,512 495
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $167,260,173) 182,837,890 10,020
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.6%
4,800M New York City Transitional Financial
Authority Series "C" Adjustable Rate Note
2.18%** (cost $4,800,000) 4,800,000 263
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $172,060,173) 102.8% 187,637,890 10,283
Excess of Liabilities Over Other Assets (2.8) (5,159,135) (283)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $182,478,755 $10,000
======================================================================================================================
Portfolio of Investments (continued)
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $2,000M $(44,016)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.548% with Citibank, N.A. 2/15/2015 9,500M (93,923)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 17,900M (298,594)
- ----------------------------------------------------------------------------------------------------------------------
$29,400M $(436,533)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rate is determined and reset daily by the issuer and is the rate in effect at June 30, 2005.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,017.24 $3.75
Hypothetical
(5% annual return before expenses) $1,000.00 $1,021.07 $3.76
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,014.15 $7.49
Hypothetical
(5% annual return before expenses) $1,000.00 $1,017.35 $7.50
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .75% for Class A
shares and 1.50% for Class B shares, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half
year period). Expenses paid during the period are net of expenses waived.
Portfolio Composition
BY SECTOR
[BAR CHART DATA]
Utilities 26.2%
Other Revenue 24.0%
General Obligations 14.9%
Education 13.4%
Health Care 8.4%
Certificates of Participation 7.5%
Transportation 4.7%
Housing 0.9%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.0%
Certificates of Participation--7.4%
$500M Arizona State Municipal Financing Prog.
5 3/8% 8/1/2030 $541,875 $297
750M Arizona State Univ. Research Infrastructure
5% 9/1/2026 801,562 440
- ----------------------------------------------------------------------------------------------------------------------
1,343,437 737
- ----------------------------------------------------------------------------------------------------------------------
Education--13.1%
500M Arizona State University Rev. Sys.
5.65% 7/1/2009* 555,625 305
1,000M Energy Mgmt. Svcs. (Arizona St. Univ. Proj.
Main Campus) 5 1/4% 7/1/2018 1,100,000 604
640M South Campus Group (Arizona St. Univ. Proj.
South Campus) 5 5/8% 9/1/2023 727,200 399
- ----------------------------------------------------------------------------------------------------------------------
2,382,825 1,308
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--14.6%
Maricopa County School District:
1,000M #41 (Gilbert) Zero Coupon 1/1/2008 927,500 509
525M #80 (Chandler) 6 1/4% 7/1/2011 611,625 336
1,000M Phoenix Series "B" 5 3/8% 7/1/2019 1,123,750 617
- ----------------------------------------------------------------------------------------------------------------------
2,662,875 1,462
- ----------------------------------------------------------------------------------------------------------------------
Health Care--8.2%
650M Maricopa County Ind. Dev. Hosp. Facs. Auth.
(Samaritan Hlth. Svcs.) 7% 12/1/2016 826,313 453
600M Mesa Ind. Dev. Auth. (Discovery Hlth. Sys.)
5 7/8% 1/1/2010* 677,250 372
- ----------------------------------------------------------------------------------------------------------------------
1,503,563 825
- ----------------------------------------------------------------------------------------------------------------------
Housing--.9%
150M Phoenix Ind. Dev. Auth. (Ventana Palms Apts.)
6.1% 10/1/2019 161,062 88
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation--4.6%
$385M Phoenix Airport Rev. 6 1/4% 7/1/2012 $389,820 $214
400M Tucson Street & Highway User Rev.
5 3/8% 7/1/2010* 443,500 244
- ----------------------------------------------------------------------------------------------------------------------
833,320 458
- ----------------------------------------------------------------------------------------------------------------------
Utilities--25.7%
1,000M Mesa Utility Systems Revenue 5% 7/1/2019 1,130,000 620
Phoenix Civic Improvement Corp. Water Sys.
Revenue:
1,000M 5% 7/1/2018 1,075,000 590
500M 5 1/2% 7/1/2020 555,625 305
500M Phoenix Civic Wastewater Rev. 5 3/8% 7/1/2015 553,750 304
750M Pima County Sewer Rev. 5 3/8% 7/1/2014 822,188 452
500M Tucson Water Rev. 5.3% 7/1/2009* 545,000 299
- ----------------------------------------------------------------------------------------------------------------------
4,681,563 2,570
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--23.5%
1,000M Flagstaff Municipal Facs. Corp. 5 1/4% 7/1/2020 1,100,000 604
250M Greater Arizona Dev. Auth. Series "A"
6% 8/1/2015 275,937 152
500M Maricopa County Public Finance Rev.
5 1/2% 7/1/2015 556,250 305
750M Maricopa County Stadium District Rev.
5 3/8% 6/1/2017 835,313 459
400M Sierra Vista Municipal Property Corp. Muni.
Facs. Rev. 6% 1/1/2011 404,964 222
1,000M Tempe Excise Tax Rev. 5 1/4% 7/1/2020 1,107,500 608
- ----------------------------------------------------------------------------------------------------------------------
4,279,964 2,350
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $16,553,882) 98.0% 17,848,609 9,798
Other Assets, Less Liabilities 2.0 367,985 202
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $18,216,594 $10,000
======================================================================================================================
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.338% with JPMorgan Chase Bank, N.A. 5/4/2010 $1,000M $(5,817)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 900M (15,013)
- ----------------------------------------------------------------------------------------------------------------------
$1,900M $(20,830)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,023.44 $4.26
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.57 $4.26
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,019.50 $8.01
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.86 $8.00
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .85% for Class A
shares and 1.60% for Class B shares, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half
year period). Expenses paid during the period are net of expenses waived.
Portfolio Composition
BY SECTOR
[BAR CHART DATA]
Utilities 31.0%
General Obligations 26.0%
Other Revenue 21.9%
Certificates of Participation 8.8%
Transportation 6.5%
Education 5.5%
Short-Term Tax Exempt Investments 0.3%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.4%
Certificates of Participation--8.6%
$500M Castaic Lake Water Agency Water Sys. Impt.
Proj. 7% 8/1/2012 $614,375 $208
750M Los Angeles Real Property Prog. 5.3% 4/1/2022 826,875 281
1,000M West Contra Costa Healthcare 5 3/8% 7/1/2024 1,102,500 374
- ----------------------------------------------------------------------------------------------------
2,543,750 863
- ----------------------------------------------------------------------------------------------------
Education--5.5%
1,500M California Educational Facs. Auth. Rev.
Series "A" (Occidental College) 5% 10/1/2036 1,608,750 546
- ----------------------------------------------------------------------------------------------------
General Obligations--25.7%
1,000M Chaffey Community College District
5 1/4% 7/1/2022 1,098,750 373
500M Fontana School District 5 3/4% 5/1/2022 554,375 188
650M Jefferson Unified High Sch. Dist.
(San Mateo Cnty.) 6 1/4% 2/1/2016 799,500 271
1,000M Morgan Hill Unified School District
5 1/4% 8/1/2018 1,110,000 377
750M Natomas Unified School District 5.95% 9/1/2021 900,000 305
1,000M San Diego Unified School District Series "E"
5 1/4% 7/1/2013* 1,128,750 383
1,000M Santa Monica Community College District
Series "A" 5% 5/1/2025 1,080,000 366
Walnut Valley School District:
250M 6% 8/1/2012 294,375 100
500M 7.2% 2/1/2016 614,375 209
- ----------------------------------------------------------------------------------------------------
7,580,125 2,572
- ----------------------------------------------------------------------------------------------------
Transportation--6.4%
1,000M Port of Oakland Revenue Bonds Series "M"
5 1/4% 11/1/2020 1,100,000 373
700M Puerto Rico Commonwealth Hwy. & Trans. Auth.
Rev. 5 3/4% 7/1/2018 784,875 266
- ----------------------------------------------------------------------------------------------------
1,884,875 639
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
Utilities--30.6%
$1,500M California State Dept. Water Res. Pwr.
Supply Rev. Series "A" 5 3/8% 5/1/2018 $1,668,750 $566
250M Fresno Sewer Rev. 6 1/4% 9/1/2014 302,500 103
1,150M Los Angeles Water & Power Rev. Series "B"
5 1/8% 7/1/2020 1,256,375 426
700M Puerto Rico Electric Power Auth. Rev.
5 3/8% 7/1/2017 786,625 267
1,000M Sacramento Cnty. Sanitation Dist. Fing.
Auth. Rev. 5% 12/1/2027 1,053,750 357
1,210M San Juan Basin Auth. Rev. (Ground Wtr. Rec.
Proj.) 5 1/4% 12/1/2017 1,352,175 459
1,525M Semitropic Impt. Dist. Water Storage Dist.
5 1/2% 12/1/2022 1,730,875 587
750M South Gate Public Fing. Auth. Wtr. Rev.
Series "A" 6% 10/1/2012 867,187 294
- ----------------------------------------------------------------------------------------------------
9,018,237 3,059
- ----------------------------------------------------------------------------------------------------
Other Revenue--21.6%
390M Barstow Redeveloping Agency 7% 9/1/2014 460,475 156
1,000M California State Public Works Board
6 1/2% 12/1/2008 1,112,500 377
1,000M Long Beach Fing. Auth. Rev. 6% 11/1/2017 1,198,750 407
1,105M Palm Springs Fing. Auth. Lease Rev. Series
"A" (Convention Ctr. Proj.) 5 1/4% 11/1/2020 1,251,413 424
1,000M Rohnert Park Cmnty. Dev. Comm. Tax Alloc.
Rev. 5 1/4% 8/1/2020 1,098,750 373
325M San Jose Redevelopment Agy. 6% 8/1/2015 390,812 133
700M San Mateo Joint Powers Auth. Lease Rev.
6 1/2% 7/1/2015 860,125 292
- ----------------------------------------------------------------------------------------------------
6,372,825 2,162
- ----------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $26,509,352) 29,008,562 9,841
- ----------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.3%
$100M California Health Facs. Fin. Auth. Rev.
Adjustable Rate Note 2.15%** (cost $100,000) $100,000 $34
- ----------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $26,609,352) 98.7% 29,108,562 9,875
Other Assets, Less Liabilities 1.3 367,877 125
- ----------------------------------------------------------------------------------------------------
Net Assets 100.0% $29,476,439 $10,000
====================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $1,500M $(33,012)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 1,400M (23,354)
- ----------------------------------------------------------------------------------------------------
$2,900M $(56,366)
====================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rate is determined and reset daily by the issuer and is the rate in effect at
June 30, 2005.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,020.69 $3.01
Hypothetical
(5% annual return before expenses) $1,000.00 $1,021.81 $3.01
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,016.69 $6.75
Hypothetical
(5% annual return before expenses) $1,000.00 $1,018.10 $6.76
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .60% for Class A shares and 1.35%
for Class B shares, multiplied by the average account value over the period, multiplied
by 181/365 (to reflect the one-half year period). Expenses paid during the period are
net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 38.9%
Utilities 17.3%
Other Revenue 17.2%
Education 8.6%
Health Care 8.1%
Transportation 5.3%
Certificates of Participation 4.6%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.6%
Certificates of Participation--4.5%
$250M Broomfield Open Space 5 1/2% 12/1/2020 $274,063 $247
200M Greeley Building Auth. 5.6% 11/1/2019 221,750 200
- ----------------------------------------------------------------------------------------------------
495,813 447
- ----------------------------------------------------------------------------------------------------
Education--8.4%
Colorado School of Mines Auxiliary Facs. Revenue:
200M 5 1/4% 12/1/2020 218,500 197
300M 5% 12/1/2024 321,750 291
350M University of Northern Colorado Rev.
5 1/2% 6/1/2018 386,750 349
- ----------------------------------------------------------------------------------------------------
927,000 837
- ----------------------------------------------------------------------------------------------------
General Obligations--38.0%
500M Adams & Arapahoe Cntys. Jnt. Sch. Dist. #28J
Aurora Series "A" 5 1/8% 12/1/2021 546,250 493
1,000M Arapahoe Cnty. School District #6 Littleton
5 1/4% 12/1/2019 1,096,250 989
200M Arapahoe Cnty. Water & Wastewater Series "B"
5 3/4% 12/1/2019 226,500 205
250M Centennial Downs Met. District 5% 12/1/2028 265,937 240
200M Clear Creek School District #RE 1,
6 1/4% 12/1/2010* 231,500 209
El Paso County School District:
350M #2 (Harrison) 5 1/2% 12/1/2018 388,500 351
250M #20, 5 1/4% 12/15/2017 276,250 249
200M #49 (Falcon) 5 1/2% 12/1/2013 226,000 204
350M #49 (Falcon) 5 3/4% 12/1/2015 397,250 359
250M Hyland Hills Park & Rec. Dist.
5 1/2% 12/15/2018 282,813 255
250M Pueblo County School District #70,
5 1/4% 12/1/2022 271,875 245
- ----------------------------------------------------------------------------------------------------
4,209,125 3,799
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
Health Care--7.9%
$200M Colorado Health Facs. (Poudre Valley Hlth.
Care) 5 5/8% 12/1/2009* $223,500 $202
250M Colorado Springs Hospital Rev. 6% 12/15/2005* 258,758 233
350M Denver City & Cnty. Mental Hlth. Corp.
Series "A" 5 1/2% 7/15/2015 392,437 354
- ----------------------------------------------------------------------------------------------------
874,695 789
- ----------------------------------------------------------------------------------------------------
Transportation--5.1%
Denver City & County Airport Revenue:
255M 5 1/2% 11/15/2016 283,369 256
250M 5 3/4% 11/15/2020 285,312 257
- ----------------------------------------------------------------------------------------------------
568,681 513
- ----------------------------------------------------------------------------------------------------
Utilities--16.9%
200M Boulder Water & Sewer Rev. 5.6% 12/1/2016 222,750 201
200M Broomfield Water Activity Enterprise Water Rev.
5 1/2% 12/1/2019 221,250 200
Colorado Water Resources & Power Dev. Authority:
250M Fountain Utility ( Enterprise Proj.) 5% 12/1/2035 261,875 236
Small Water Resources Rev. Series "A":
200M 5 3/4% 11/1/2017 224,250 202
250M 5 1/4% 11/1/2021 272,813 246
400M Denver City & County Wastewater Rev.
5 1/4% 11/1/2016 443,000 400
200M Pueblo Board Waterworks Water Rev.
6% 11/1/2010* 228,750 207
- ----------------------------------------------------------------------------------------------------
1,874,688 1,692
- ----------------------------------------------------------------------------------------------------
Other Revenue--16.8%
250M Golden Sales & Use Tax Rev. 5 1/4% 12/1/2016 274,687 248
Larimer County Sales & Use Tax Revenue:
280M 5 1/4% 12/15/2016 310,800 281
400M 5 1/2% 12/15/2018 452,500 408
- ----------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
Other Revenue (continued)
$250M Thornton County Sales & Use Tax Rev.
5 1/4% 9/1/2015 $275,625 $249
500M Westminster Sales & Use Tax Rev.
5 1/4% 12/1/2021 546,250 493
- ----------------------------------------------------------------------------------------------------
1,859,862 1,679
- ----------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,028,400) 97.6% 10,809,864 9,756
Other Assets, Less Liabilities 2.4 270,286 244
- ----------------------------------------------------------------------------------------------------
Net Assets 100.0% $11,080,150 $10,000
====================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 $500M $(8,341)
====================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,021.56 $4.26
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.57 $4.26
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,017.20 $8.00
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.86 $8.00
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .85% for Class A shares and 1.60%
for Class B shares, multiplied by the average account value over the period, multiplied
by 181/365 (to reflect the one-half year period). Expenses paid during the period are
net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 46.8%
Education 15.5%
Health Care 12.7%
Transportation 9.8%
Utilities 6.7%
Other Revenue 4.6%
Housing 3.6%
Short-Term Tax Exempt Investments 0.3%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.6%
Education--15.1%
Connecticut St. Hlth. & Educ. Facs. Auth. Revenue:
$1,000M Fairfield Univ. 5 5/8% 7/1/2016 $1,101,250 $296
1,000M Kent School Series "D" 5% 7/1/2021 1,090,000 293
1,235M Trinity College Series "H" 5% 7/1/2019 1,344,606 361
University of Connecticut:
200M 5.4% 3/1/2010* 222,250 60
1,100M 5 1/8% 2/15/2020 1,200,375 323
600M University of Connecticut Student Fees Rev.
Series "A" 5 1/4% 11/15/2021 665,250 179
- ----------------------------------------------------------------------------------------------------
5,623,731 1,512
- ----------------------------------------------------------------------------------------------------
General Obligations--45.8%
500M Branford 5% 5/15/2014 550,000 148
Bridgeport:
750M Series "A" 6 1/8% 7/15/2010* 863,438 232
1,000M Series "A" 5 3/8% 8/15/2019 1,110,000 298
1,000M Series "A" 5 1/4% 8/15/2024 1,097,500 295
Connecticut State:
500M Series "A" 5 1/4% 6/15/2009* 548,125 147
250M Series "A" 5 3/8% 4/15/2012* 282,500 76
500M Series "B" 5 3/4% 11/1/2009* 560,000 151
690M Series "E" 6% 3/15/2012 799,537 215
1,020M Series "F" 5% 10/15/2021 1,099,050 296
1,090M Cromwell 5% 6/15/2020 1,179,925 317
1,000M Glastonbury 5% 6/15/2021 1,090,000 293
1,750M Hartford 5% 8/15/2019 1,896,562 510
1,080M Hartford County Met. Dist. 5% 5/1/2024 1,166,400 314
800M New Britain 6% 3/1/2012 906,000 244
New Haven:
735M 6% 11/1/2009* 830,550 223
500M 5 1/4% 11/1/2013 549,375 148
400M 5% 11/1/2017 439,000 118
650M Puerto Rico Municipal Finance Agy.
5 1/2% 8/1/2017 710,125 191
1,250M Waterbury 5% 4/1/2021 1,335,938 359
- ----------------------------------------------------------------------------------------------------
17,014,025 4,575
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
Health Care--12.5%
Connecticut State Hlth. & Educ. Facs.
Auth. Revenue:
$450M Bridgeport Hospital 6 1/2% 7/1/2012 $451,193 $121
400M Child Care Facilities Program 5 1/2% 7/1/2019 437,000 117
1,165M Children's Medical Center Series "B"
5% 7/1/2021 1,253,831 337
700M New Britain General Hospital 6 1/8% 7/1/2014 716,905 193
Village Families & Children Series "A":
370M 5% 7/1/2015 405,150 109
385M 5% 7/1/2016 421,094 113
405M 5% 7/1/2017 440,944 119
500M Puerto Rico Indl. Tourist Edl. Med. & Env.
Cntl. Facs. 6 1/4% 7/1/2016 511,255 137
- ----------------------------------------------------------------------------------------------------
4,637,372 1,246
- ----------------------------------------------------------------------------------------------------
Housing--3.5%
Connecticut State Housing Finance Authority:
750M 6% 11/15/2010 778,088 209
500M 5.85% 6/15/2030 535,625 144
- ----------------------------------------------------------------------------------------------------
1,313,713 353
- ----------------------------------------------------------------------------------------------------
Transportation--9.6%
Connecticut State Special Tax Obligation Revenue
Transportation Infrastructure:
500M 5 3/8% 7/1/2012* 566,875 152
250M 6 1/8% 9/1/2012 288,437 78
1,000M 5% 12/1/2021 1,076,250 289
1,500M Puerto Rico Commwlth. Hwy. & Trans. Auth.
5% 7/1/2022 1,635,000 440
- ----------------------------------------------------------------------------------------------------
3,566,562 959
- ----------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------
Utilities--6.6%
Puerto Rico Electric Power Authority Revenue:
$750M 5 3/8% 7/1/2017 $842,812 $226
250M 5 1/4% 7/1/2022 274,375 74
250M 5 1/4% 7/1/2029 271,250 73
1,000M South Central Connecticut Regional
Water Authority 5% 8/1/2033 1,066,250 287
- ----------------------------------------------------------------------------------------------------
2,454,687 660
- ----------------------------------------------------------------------------------------------------
Other Revenue--4.5%
545M Connecticut State Dev. Auth. Govtl. Lease
Rev. 6 1/2% 6/15/2008 552,303 149
1,000M Puerto Rico Public Fin. Corp. Commonwealth
Approp. Series "A" 5 1/2% 8/1/2011* 1,131,250 304
- ----------------------------------------------------------------------------------------------------
1,683,553 453
- ----------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $34,036,244) 36,293,643 9,758
- ----------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.3%
100M Puerto Rico Commonwealth Govt. Dev. Bank
Adjustable Rate Note 2.14%**
(cost $100,000) 100,000 27
- ----------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $34,136,244) 97.9% 36,393,643 9,785
Other Assets, Less Liabilities 2.1 798,601 215
- ----------------------------------------------------------------------------------------------------
Net Assets 100.0% $37,192,244 $10,000
====================================================================================================
- ----------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $1,000M $(22,008)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 1,800M (30,026)
- ----------------------------------------------------------------------------------------------------
$2,800M $(52,034)
====================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rate is determined and reset weekly by the issuer and is the rate in effect at
June 30, 2005.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,018.70 $4.50
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.33 $4.51
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,014.91 $8.24
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.61 $8.25
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .90% for Class A shares and 1.65%
for Class B shares, multiplied by the average account value over the period, multiplied
by 181/365 (to reflect the one-half year period). Expenses paid during the period are
net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
Other Revenue 41.1%
Utilities 36.7%
Transportation 11.9%
General Obligations 4.6%
Certificates of Participation 2.9%
Health Care 2.8%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.0%
Certificates of Participation--2.9%
$1,000M Orange County School Board
5% 8/1/2023 $1,073,750 $291
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--4.6%
1,000M Miami Homeland Defense 5 1/2% 1/1/2020 1,101,250 298
500M North Springs Improvement District
7% 10/1/2009 579,375 157
- ----------------------------------------------------------------------------------------------------------------------
1,680,625 455
- ----------------------------------------------------------------------------------------------------------------------
Health Care--2.7%
1,000M Escambia County Health Facs. Auth. Rev.
5.95% 7/1/2020 1,016,400 275
- ----------------------------------------------------------------------------------------------------------------------
Transportation--11.8%
500M Dade County Aviation Rev. Series "A"
6% 10/1/2010 513,650 139
1,000M Lee County Transportation Facs. 5% 10/1/2021 1,091,250 295
1,000M Miami-Dade County Expwy. Auth. Toll Sys.
Rev. 6% 7/1/2014 1,136,250 308
1,500M St. John's County Transportation Impt.
5% 10/1/2023 1,606,875 435
- ----------------------------------------------------------------------------------------------------------------------
4,348,025 1,177
- ----------------------------------------------------------------------------------------------------------------------
Utilities--36.4%
1,000M Escambia County Utilities Auth. Sys. Rev.
6 1/4% 1/1/2015 1,201,250 325
1,000M Florida Keys Aqueduct Auth. Wtr. Rev.
5% 9/1/2021 1,077,500 292
1,000M Florida State Municipal Power Agy. Rev.
5 1/2% 10/1/2019 1,126,250 305
1,495M Lakeland Electric & Water Rev. 6.05% 10/1/2014 1,797,738 487
1,000M Miami Beach Stormwater Rev. 5 3/8% 9/1/2030 1,086,250 294
1,130M Palm Bay Utility Rev. 5 1/4% 10/1/2018 1,269,837 344
1,000M Plant City Utility System Rev. 6% 10/1/2015 1,165,000 315
1,110M Port St. Lucie Utility Rev. 5% 9/1/2020 1,204,350 326
1,000M Reedy Creek Improvement District
5% 10/1/2025 1,071,250 290
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
$1,200M Sarasota County Utility System Rev.
5 1/4% 10/1/2020 $1,317,000 $357
1,000M Stuart Utilities Rev. 5 1/4% 10/1/2020 1,110,000 301
- ----------------------------------------------------------------------------------------------------------------------
13,426,425 3,636
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--40.6%
1,380M DeSoto County Capital Improvement Rev.
5 1/4% 10/1/2019 1,531,800 415
Florida Municipal Loan Council Revenue:
1,160M 6% 4/1/2015 1,313,700 356
1,715M 5 1/4% 11/1/2019 1,897,219 514
1,000M 5 3/8% 11/1/2025 1,096,250 297
1,205M Highlands County Infrastructure Sales Surtax
Rev. 5% 11/1/2018 1,307,425 354
2,000M Jacksonville Sales Tax Rev. 5 3/8% 10/1/2017 2,232,500 605
Osceola County Tourist Development
Tax Revenue:
1,000M 5 1/2% 10/1/2017 1,123,750 304
1,000M 5 1/2% 10/1/2018 1,121,250 304
1,000M Pasco County Sales Tax Rev. 5% 12/1/2020 1,087,500 293
1,000M St. Augustine Capital Improvement
5% 10/1/2024 1,078,750 292
1,000M Tampa Sports Auth. Sales Tax Rev.
(Tampa Bay Arena) 5 3/4% 10/1/2020 1,221,250 331
- ----------------------------------------------------------------------------------------------------------------------
15,011,394 4,065
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $33,874,510) 99.0% 36,556,619 9,899
Other Assets, Less Liabilities 1.0 372,639 101
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $36,929,258 $10,000
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $2,000M $(44,015)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 1,900M (31,695)
- ----------------------------------------------------------------------------------------------------------------------
$3,900M $(75,710)
======================================================================================================================
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,023.10 $3.01
Hypothetical
(5% annual return before expenses) $1,000.00 $1,021.81 $3.01
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,019.16 $6.76
Hypothetical
(5% annual return before expenses) $1,000.00 $1,018.10 $6.76
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .60% for Class A shares and 1.35%
for Class B shares, multiplied by the average account value over the period, multiplied
by 181/365 (to reflect the one-half year period). Expenses paid during the period are
net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
Utilities 44.5%
Health Care 17.5%
Education 16.5%
Other Revenue 13.7%
Certificates of Participation 4.4%
General Obligations 2.2%
Housing 1.2%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.1%
Certificates of Participation--4.4%
$500M Gwinnett County Dev. Auth. Pub. Schs. Proj.
5 1/4% 1/1/2019 $554,375 $435
- ----------------------------------------------------------------------------------------------------------------------
Education--16.2%
250M Athens Dev. Auth. Hsg. & Lease Rev. (East
Campus) 5 1/4% 12/1/2022 273,438 215
500M Bulloch County Dev. Auth. 5 1/4% 8/1/2019 557,500 437
Fulton County Development Authority Revenue:
350M Georgia Tech Athletic Assoc. 5 1/2% 10/1/2017 394,625 310
250M Morehouse College 6 1/4% 12/1/2021 290,000 228
500M Valdosta Hsg. Auth. Rev. 5 1/4% 8/1/2023 548,125 430
- ----------------------------------------------------------------------------------------------------------------------
2,063,688 1,620
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--2.2%
255M Atlanta 5 3/8% 12/1/2018 280,819 221
- ----------------------------------------------------------------------------------------------------------------------
Health Care--17.1%
500M Cobb County Hospital Auth. Rev.
5 1/4% 4/1/2024 548,125 430
500M Fulton DeKalb Hospital Auth. Rev.
5 1/4% 1/1/2018 553,125 434
625M Puerto Rico Indl. Tourist Educ. Med. & Env.
Cntl. Facs. 6 1/4% 7/1/2016 639,069 502
400M Tift County Hospital Auth. Rev. 5 1/4% 12/1/2019 440,000 345
- ----------------------------------------------------------------------------------------------------------------------
2,180,319 1,711
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.2%
150M Georgia State Hsg. & Fin. Auth. Rev.
5.7% 12/1/2011 155,437 122
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--43.6%
$235M Atlanta Water & Wastewater Rev.
5 1/2% 11/1/2017 $276,712 $217
255M Brunswick Water & Sewer Rev. 6.1% 10/1/2019 320,025 251
250M Cairo Combined Public Utility Rev.
5% 1/1/2024 268,125 211
Columbia County Water & Sewer Revenue:
250M 6 1/4% 6/1/2010* 286,563 225
395M 5% 6/1/2022 425,119 334
400M 5% 6/1/2024 429,000 337
565M Fayetteville Water & Sewer Rev. 5% 11/1/2021 610,200 479
250M Forsyth County Water & Sewer Rev.
6 1/4% 4/1/2010* 287,187 226
250M Fulton County Water & Sewer Rev.
6 3/8% 1/1/2014 293,437 230
235M Gainesville Water & Sewer Rev.
5 1/4% 11/15/2015 259,675 204
Georgia Municipal Gas Authority Revenue:
Buford Project:
80M 6.8% 11/1/2009 81,915 64
250M 5 1/2% 11/1/2012 276,875 217
100M Warner Robins Series "B" 5.8% 1/1/2015 103,460 81
400M Gwinnett County Water & Sewer Rev.
5% 8/1/2018 434,500 341
200M Newnan Water Sewer & Light Comm. Pub. Utils.
Rev. 5% 1/1/2015 218,500 172
400M Puerto Rico Electric Power Authority Rev.
5 3/8% 7/1/2017 449,500 353
500M Upper Oconee Basin Water Auth. 5% 7/1/2026 536,875 421
- ----------------------------------------------------------------------------------------------------------------------
5,557,668 4,363
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--13.4%
$250M Atlanta & Fulton Cntys. Rec. Auth. Rev.
5 1/4% 12/1/2016 $275,000 $216
300M Atlanta Dev. Auth. Rev. (Yamacraw Design
Ctr. Proj.) Series "A" 5 3/8% 1/1/2019 330,375 259
500M Cobb-Marietta Coliseum & Exhibit Hall Auth.
Rev. 5 1/2% 10/1/2018 593,750 466
250M College Park Dev. Auth. Rev.
(Civic Ctr. Proj.) 5 3/4% 9/1/2026 280,000 220
200M Fayette Cnty. Pub. Facs. Auth. Rev.
(Criminal Justice Ctr.) 6 1/4% 6/1/2010* 231,000 181
- ----------------------------------------------------------------------------------------------------------------------
1,710,125 1,342
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $11,606,517) 98.1% 12,502,431 9,814
Other Assets, Less Liabilities 1.9 236,915 186
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $12,739,346 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $500M $(11,004)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 1,200M (20,017)
- ----------------------------------------------------------------------------------------------------------------------
$1,700M $(31,021)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,021.19 $4.26
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.57 $4.26
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,017.22 $8.00
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.86 $8.00
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .85% for Class A shares and 1.60%
for Class B shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period). Expenses paid during the
period are net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 31.6%
Utilities 18.1%
Education 14.8%
Other Revenue 11.7%
Health Care 9.0%
Transportation 8.5%
Housing 3.0%
Certificates of Participation 2.7%
Short-Term Tax Exempt Investments 0.6%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.9%
Certificates of Participation--2.6%
$750M Baltimore Board of Education Admin. Proj.
5.8% 4/1/2011 $840,000 $263
- ----------------------------------------------------------------------------------------------------------------------
Education--14.6%
750M Maryland St. Econ. Dev. Corp. Util. Infrastructure Rev.
(Univ. MD-College Park) 5 3/8% 7/1/2016 825,937 258
Morgan State University Academic & Auxiliary
Facilities Fees Revenue:
500M 6.05% 7/1/2015 583,750 182
200M 6.1% 7/1/2020 243,250 76
Puerto Rico Indl. Tourist Educ. Med. & Env.
Cntl. Facs.:
500M Hospital Auxilio Mutuo 6 1/4% 7/1/2016 511,255 160
750M University Plaza Proj. Series "A" 5 5/8% 7/1/2013 840,938 263
St. Mary's College Revenue:
430M 5.45% 3/1/2010* 478,912 150
1,100M 5% 9/1/2024 1,189,375 372
- ----------------------------------------------------------------------------------------------------------------------
4,673,417 1,461
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--31.2%
1,275M Anne Arundel County 5 3/8% 3/1/2015 1,428,000 447
350M Anne Arundel County Water & Sewer
6.3% 8/1/2005* 354,438 111
1,000M Baltimore County Metropolitan District #68,
5% 8/1/2012* 1,108,750 347
700M Baltimore Maryland 5 1/2% 10/15/2015 819,875 256
1,415M Baltimore Maryland Cons. Pub. Impt.
5% 10/15/2021 1,538,813 481
1,000M Ocean City 5% 3/1/2021 1,067,500 334
1,050M Puerto Rico Municipal Finance Agy.
5 1/2% 8/1/2017 1,147,125 359
425M Queen Anne's County School & Public Facs.
5 1/4% 1/15/2010* 468,562 146
1,000M St. Mary's County Hospital 5% 10/1/2020 1,092,500 342
350M Wicomico County 5 1/2% 12/1/2016 386,312 121
500M Worcester County 5 5/8% 3/1/2010* 560,625 175
- ----------------------------------------------------------------------------------------------------------------------
9,972,500 3,119
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--8.8%
Maryland State Health & Higher Educ. Facs.:
$1,000M Anne Arundel 5% 7/1/2024 $1,082,500 $338
1,250M University of Maryland Med. Sys. 5% 7/1/2024 1,345,313 421
350M Takoma Park Hospital Facs. (Adventist Hosp.)
6 1/2% 9/1/2012 400,750 125
- ----------------------------------------------------------------------------------------------------------------------
2,828,563 884
- ----------------------------------------------------------------------------------------------------------------------
Housing--2.9%
380M Maryland State Cmnty. Dev. Admin. Dept. Hsg.
& Cmnty. Dev. 5 7/8% 7/1/2016 394,725 123
500M Montgomery County Multi-Family Mortgage Rev.
6% 7/1/2020 535,625 168
- ----------------------------------------------------------------------------------------------------------------------
930,350 291
- ----------------------------------------------------------------------------------------------------------------------
Transportation--8.4%
1,000M Maryland State Trans. Auth. Lease Rev.
Metrorail Parking Proj. 5% 7/1/2022 1,083,750 339
1,425M Puerto Rico Commwlth. Hwy. & Trans. Auth.
Revenue Series "G" 5 1/4 % 7/1/2019 1,590,656 497
- ----------------------------------------------------------------------------------------------------------------------
2,674,406 836
- ----------------------------------------------------------------------------------------------------------------------
Utilities--17.8%
Baltimore Wastewater Utilities Revenue
Series "A":
500M 5 1/2% 7/1/2010* 557,500 174
200M 6% 7/1/2015 239,500 75
1,090M 5% 7/1/2020 1,169,025 366
Baltimore Water Project Revenue Series "A":
220M 6% 7/1/2010* 250,250 78
250M 5.8% 7/1/2012* 290,000 91
Puerto Rico Electric Power Auth. Revenue:
1,390M 5 3/8% 7/1/2017 1,562,013 488
1,500M 5 1/4% 7/1/2029 1,627,500 509
- ----------------------------------------------------------------------------------------------------------------------
5,695,788 1,781
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--11.6%
$1,020M Anne Arundel Cnty. Spl. Oblig.
(Natl. Bus. Park Proj.) 5 1/8% 7/1/2022 $1,118,175 $350
250M Baltimore Convention Center 5 1/2% 9/1/2014 274,375 86
1,000M Puerto Rico Municipal Fin. Agy.
5 1/4% 8/1/2021 1,113,750 348
1,025M Puerto Rico Public Fin. Corp. Commwlth.
Approp. Series "A" 5 3/8% 6/1/2015 1,192,844 373
- ----------------------------------------------------------------------------------------------------------------------
3,699,144 1,157
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $29,065,654) 31,314,168 9,792
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.6%
200M Puerto Rico Commonwealth Govt. Dev. Bank
Adjustable Rate Note 2.14%** (cost $200,000) 200,000 63
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $29,265,654) 98.5% 31,514,168 9,855
Other Assets, Less Liabilities 1.5 463,025 145
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $31,977,193 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $3,200M $(70,426)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 1,600M (26,690)
- ----------------------------------------------------------------------------------------------------------------------
$4,800M $(97,116)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rate is determined and reset weekly by the issuer and is the rate in effect at June 30, 2005.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,023.22 $4.26
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.57 $4.26
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,019.34 $8.01
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.86 $8.00
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .85% for Class A shares and
1.60% for Class B shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period). Expenses paid during
the period are net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 51.4%
Utilities 14.8%
Education 13.0%
Other Revenue 8.3%
Health Care 7.2%
Transportation 4.2%
Housing 1.1%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.2%
Education--12.9%
$1,000M Massachusetts State College Bldg. Auth.
Proj. 5 1/4% 5/1/2021 $1,107,500 $415
1,000M Massachusetts State Hlth. & Educ. Facs.
Auth. Rev. 5% 10/1/2029 1,068,750 401
1,000M University of Massachusetts Bldg. Auth. Rev.
6 7/8% 5/1/2014 1,256,250 471
- ----------------------------------------------------------------------------------------------------------------------
3,432,500 1,287
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--50.9%
1,000M Holliston 5 1/4% 4/1/2018 1,115,000 418
1,000M Lawrence 5 1/4% 3/15/2018 1,111,250 417
1,000M Massachusetts State 5% 3/1/2024 1,087,500 408
1,155M Quaboag Regional School District
5 1/2% 6/1/2017 1,280,606 480
Springfield:
1,000M 6% 10/1/2015 1,123,750 421
1,000M 5 3/8% 8/1/2017 1,107,500 415
1,000M 5 1/4% 1/15/2023 1,095,000 411
1,000M Tantasqua Regional School District
5% 8/15/2017 1,082,500 406
1,000M Westborough 5% 11/15/2019 1,086,250 407
1,100M Westfield 5 1/2% 12/15/2011* 1,255,375 471
1,040M Westford 5 1/8% 4/1/2017 1,137,500 426
1,000M Worcester 5 1/2% 8/15/2017 1,110,000 416
- ----------------------------------------------------------------------------------------------------------------------
13,592,231 5,096
- ----------------------------------------------------------------------------------------------------------------------
Health Care--7.1%
1,000M Harvard Pilgrim Health Care 5 1/4% 7/1/2013 1,067,500 400
750M Massachusetts General Hospital Series "F"
6 1/4% 7/1/2012 834,375 313
- ----------------------------------------------------------------------------------------------------------------------
1,901,875 713
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.1%
275M Massachusetts Housing Finance Agy.
6% 12/1/2012 283,855 107
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation--4.2%
$1,000M Route 3 North Trans. Impt. Assoc.
5 5/8% 6/15/2010* $1,118,750 $419
- ----------------------------------------------------------------------------------------------------------------------
Utilities--14.7%
1,035M Boston Water & Sewer Commission Rev.
5 3/4% 11/1/2013 1,203,188 451
1,455M Holyoke Gas & Electric Dept. Rev.
5 3/8% 12/1/2018 1,625,963 610
1,000M Massachusetts State Water Resource Auth.
5% 8/1/2023 1,092,500 409
- ----------------------------------------------------------------------------------------------------------------------
3,921,651 1,470
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--8.3%
1,000M Boston Convention Center Act 1997 Series "A"
5% 5/1/2017 1,090,000 409
1,000M Massachusetts State Spl. Oblig. Ded. Tax.
Rev. 5 1/4% 1/1/2014* 1,121,250 420
- ----------------------------------------------------------------------------------------------------------------------
2,211,250 829
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $24,248,064) 99.2% 26,462,112 9,921
Other Assets, Less Liabilities .8 211,431 79
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $26,673,543 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 $1,400M $(23,354)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,020.42 $4.51
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.33 $4.51
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,016.61 $8.25
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.61 $8.25
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .90% for Class A shares and
1.65% for Class B shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period). Expenses paid during the
period are net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 70.6%
Utilities 19.5%
Health Care 8.3%
Short-Term Tax Exempt Investments 1.6%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.7%
General Obligations--70.1%
$1,800M Detroit Downtown Development Series "A"
5 3/4% 7/15/2007* $1,923,750 $527
1,825M Eaton Rapids Public Schools 5 1/4% 5/1/2022 2,012,062 552
1,775M Ecorse Public School District 5% 5/1/2027 1,908,125 523
1,000M Godwin Heights Public School District
5 5/8% 5/1/2010* 1,116,250 306
1,000M Grand Blanc Community School District
5 5/8% 5/1/2015 1,126,250 309
1,040M Grand Rapids Building Authority
5 3/4% 8/1/2015 1,163,500 319
1,000M Gull Lake Community School District Zero
Coupon 5/1/2013 692,500 190
1,000M Hartland School District 5% 5/1/2022 1,082,500 297
1,575M Jenison Public School District 5 1/2% 5/1/2018 1,762,031 483
1,000M Montrose Township School District 6.2% 5/1/2017 1,233,750 338
1,000M Newaygo Public Schools 5 3/4% 5/1/2010* 1,122,500 308
2,020M Ovid Elsie Area Schs. Bldg. & Site 5% 5/1/2022 2,161,400 593
1,000M Plainwell Community School District
5 1/2% 11/1/2012* 1,141,250 313
1,000M Portage Lake Water & Sewer Authority
6.1% 10/1/2005* 1,028,360 282
1,500M Puerto Rico Municipal Finance Agency
5 3/4% 8/1/2013 1,663,125 456
1,525M Reed City Public Schools 5 1/4% 5/1/2021 1,687,031 462
1,000M Saginaw City School District Schs. Bldg. &
Site 5% 5/1/2025 1,068,750 293
1,485M West Ottawa Public School District
5 3/8% 5/1/2019 1,663,200 456
- ----------------------------------------------------------------------------------------------------------------------
25,556,334 7,007
- ----------------------------------------------------------------------------------------------------------------------
Health Care--8.2%
Michigan State Hospital Finance Authority Revenue:
1,000M Mercy Mount Clemens 5 3/4% 5/15/2017 1,098,750 301
775M St. John's Hospital 6% 5/15/2008 803,094 220
1,000M Saginaw Hospital Fin. Auth. (Covenant Med. Ctr.)
5 5/8% 7/1/2013 1,103,750 303
- ----------------------------------------------------------------------------------------------------------------------
3,005,594 824
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--19.4%
Detroit Water Supply System Revenue:
$1,450M 5 1/2% 7/1/2010* $1,613,125 $442
1,275M 6 1/2% 7/1/2015 1,576,219 432
Michigan State Strategic Fund (Detroit Edison Co.):
1,550M 6.95% 5/1/2011 1,850,313 508
1,000M 7% 5/1/2021 1,338,750 367
500M Monroe County Economic Dev. Corp.
(Detroit Edison Co.) 6.95% 9/1/2022 679,375 186
- ----------------------------------------------------------------------------------------------------------------------
7,057,782 1,935
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $32,481,260) 35,619,710 9,766
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.6%
600M University of Michigan Revenue Adjustable
Rate Note 2.25%** (cost $600,000) 600,000 164
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $33,081,260) 99.3% 36,219,710 9,930
Other Assets, Less Liabilities .7 254,009 70
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $36,473,719 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.338% with JPMorgan Chase Bank, N.A. 5/4/2010 $2,000M $(11,634)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 1,800M (30,025)
- ----------------------------------------------------------------------------------------------------------------------
$3,800M $(41,659)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rate is determined and reset daily by the issuer and is the rate in effect at June 30, 2005.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,019.44 $3.00
Hypothetical
(5% annual return before expenses) $1,000.00 $1,021.81 $3.01
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,015.63 $6.75
Hypothetical
(5% annual return before expenses) $1,000.00 $1,018.10 $6.76
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .60% for Class A shares and
1.35% for Class B shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period). Expenses paid during
the period are net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 64.6%
Utilities 10.6%
Health Care 10.0%
Transportation 5.7%
Housing 3.2%
Education 3.2%
Certificates of Participation 2.7%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.0%
Certificates of Participation--2.7%
$400M Minneapolis Special School District #1,
5.9% 2/1/2006* $407,452 $266
- ----------------------------------------------------------------------------------------------------------------------
Education--3.1%
400M University of Minnesota 5 3/4% 7/1/2017 478,500 312
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--63.3%
400M Becker Ind. School District #726, 6% 2/1/2017 448,000 292
325M Bloomington Ind. School District #271,
5 1/8% 2/1/2015 357,500 233
250M Cambridge Ind. School District #911 Series "C"
5% 4/1/2018 276,250 180
500M Crow Wing County Jail Series "B" 5% 2/1/2021 545,000 355
200M Delano Ind. School District #879,
5.6% 2/1/2015 223,250 145
Eagan Recreational Facilities Series "A":
480M 5% 2/1/2015 522,600 340
250M 5% 2/1/2016 271,563 177
400M Elk River Ind. School District #728,
5 1/2% 2/1/2021 441,000 287
300M Farmington Ind. School District #192 Series "B"
5% 2/1/2022 326,250 212
250M Forest Lake Ind. School District #831 Series "A"
5% 2/1/2019 274,687 179
100M Inver Grove Heights Ind. School District #199,
5 3/4% 2/1/2006* 101,738 66
Lake Superior Ind. School District #381 Series "A":
465M 5% 4/1/2018 506,850 330
500M 5% 4/1/2019 543,125 353
280M Lakeville 5 1/2% 2/1/2011 284,474 185
405M Lino Lakes 5.7% 2/1/2012 422,719 275
260M Mahtomedi Ind. School District #832,
5% 2/1/2017 281,125 183
1,260M Minneapolis Special School District #1,
5% 2/1/2020 1,362,375 887
400M Moorehead Ind. School District #152,
5% 4/1/2017 438,500 285
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
Pequot Lakes Ind. School District #186:
$250M 5% 2/1/2016 $271,563 $177
250M 5 1/8% 2/1/2018 271,875 177
250M Prior Lake Minneapolis Ind. Sch. Dist. #719,
5% 2/1/2022 271,875 177
St. Paul Ind. School District #625:
250M 5 5/8% 2/1/2015 271,563 177
400M 5% 2/1/2017 437,000 284
535M Upsala Ind. School District #487, 5% 2/1/2020 578,469 376
- ----------------------------------------------------------------------------------------------------------------------
9,729,351 6,332
- ----------------------------------------------------------------------------------------------------------------------
Health Care--9.8%
500M Minneapolis Health Care Sys. Rev.
(Fairview Hlth. Svcs.) 5 1/2% 5/15/2017 562,500 366
350M Minnesota Agriculture & Econ. Dev. Brd. Rev.
(Benedictine Hlth.) 5 1/4% 2/15/2014 381,062 248
500M St. Cloud Healthcare Oblig. Group "A"
5.8% 5/1/2016 559,375 364
- ----------------------------------------------------------------------------------------------------------------------
1,502,937 978
- ----------------------------------------------------------------------------------------------------------------------
Housing--3.2%
55M Minnesota State Housing Fin. Auth. Rental
Hsg. Rev. 5.9% 8/1/2015 56,031 36
400M Minnetonka Multi-Family Housing Rev.
(Cedar Hills Proj.) 5.9% 10/20/2019 428,000 279
- ----------------------------------------------------------------------------------------------------------------------
484,031 315
- ----------------------------------------------------------------------------------------------------------------------
Transportation--5.6%
800M Minneapolis & St. Paul Metro Airports Comm.
Airport Rev. Series "A" 5% 1/1/2018 865,000 563
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--10.3%
$400M Northern Minnesota Municipal Pwr. Agy. Elec.
Sys. Rev. 5.4% 1/1/2016 $437,000 $284
Western Minnesota Municipal Power Agency:
325M 5 1/2% 1/1/2011 335,699 219
500M 5 1/2% 1/1/2015 553,750 360
250M 5% 1/1/2030 263,750 171
- ----------------------------------------------------------------------------------------------------------------------
1,590,199 1,034
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,055,231) 98.0% 15,057,470 9,800
Other Assets, Less Liabilities 2.0 307,709 200
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $15,365,179 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 $800M $(13,345)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,024.95 $3.01
Hypothetical
(5% annual return before expenses) $1,000.00 $1,021.81 $3.01
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,020.19 $6.76
Hypothetical
(5% annual return before expenses) $1,000.00 $1,018.10 $6.76
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .60% for Class A shares and
1.35% for Class B shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period). Expenses paid during the
period are net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 42.0%
Other Revenue 20.8%
Transportation 16.0%
Utilities 9.2%
Health Care 8.6%
Education 3.4%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.1%
Education--3.3%
$125M Bowling Green School District 5.85% 3/1/2020 $139,531 $97
150M Missouri Southern State College Rev. Aux.
Ent. Sys. 5.3% 4/1/2015 165,562 116
150M Missouri State Hlth. & Educ. Facs. Auth.
(Webster Univ.) 5 1/2% 4/1/2018 165,750 116
- ----------------------------------------------------------------------------------------------------------------------
470,843 329
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--41.2%
100M Belton School District #124, 6% 3/1/2018 112,125 78
1,000M Branson Missouri Sch. Dist. #R-4, 5% 3/1/2025 1,078,750 753
500M Camdenton Reorg. Sch. Dist. #R-III Camden
Cnty. 5 1/4% 3/1/2021 555,000 387
400M Cass County Reorg. School District #2,
5 1/2% 3/1/2017 450,000 314
350M Clay County Pub. School District #53,
5% 3/1/2017 378,000 264
Greene County Reorg. School District #R-8:
200M 5 1/4% 3/1/2018 219,750 153
250M 5 1/4% 3/1/2019 273,125 191
300M Jackson County Reorg. School District #7,
5 1/4% 3/1/2020 328,125 229
100M Jefferson County School District #6,
6% 3/1/2014 112,000 78
150M Kansas City Streetlight Project Series "A"
5 1/4% 2/1/2016 164,062 114
Maplewood Richmond Heights School District:
260M 5 1/4% 3/1/2011* 288,275 201
140M 5 1/4% 3/1/2016 153,825 107
425M Scott Cnty. School District #6, 5% 3/1/2024 456,344 318
500M Springfield School District #R12, 5% 3/1/2020 544,375 380
125M St. Joseph's School Dist. (Direct Dep. Prog.)
5 3/4% 3/1/2019 139,844 98
100M St. Louis County Pattonville R-3 School
Dist. (Direct Dep. Prog.) 5 3/4% 3/1/2010* 112,500 79
250M Washington School District 5% 3/1/2015 272,813 190
250M Wentzville School District #4, 5% 3/1/2022 269,063 188
- ----------------------------------------------------------------------------------------------------------------------
5,907,976 4,122
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--8.5%
$400M Jackson County Spl. Oblig. (Truman Med. Ctr.)
5% 12/1/2022 $429,500 $300
140M Missouri State Hlth. & Educ. Facs. Auth.
Series "A" (BJC Hlth. Sys.)
6 3/4% 5/15/2011 166,075 116
500M North Kansas City Hospital Rev. Series "A"
5% 11/15/2020 537,500 375
80M Puerto Rico Indl. Tourist Educ. Med. & Env.
Cntl. Facs. 6 1/4% 7/1/2016 81,801 57
- ----------------------------------------------------------------------------------------------------------------------
1,214,876 848
- ----------------------------------------------------------------------------------------------------------------------
Transportation--15.7%
400M Bi-State Dev. Agy. Met. Dist. Metrolink Cross
Cnty. Proj. Series "B" 5 1/4% 10/1/2019 443,500 309
250M Kansas City Airport Rev. Series "B" 5 1/4%
9/1/2016 277,187 193
1,000M Puerto Rico Commonwealth Hwy. & Trans. Auth.
5% 7/1/2022 1,090,000 761
St. Louis Airport Revenue:
150M 5 1/8% 7/1/2015 160,313 112
255M 5.3% 7/1/2021 276,356 193
- ----------------------------------------------------------------------------------------------------------------------
2,247,356 1,568
- ----------------------------------------------------------------------------------------------------------------------
Utilities--9.0%
250M Jefferson County Cons. Public Water Supply
5 1/4% 12/1/2016 279,687 195
80M Liberty Sewer System Rev. 6.15% 2/1/2015 88,200 62
Missouri State Environmental Impt. & Energy Res. Auth.
Water Pollution Control:
250M 5 1/2% 7/1/2014 284,063 198
90M 5.4% 7/1/2018 99,450 69
250M Nixa Elec. Sys. Rev. 5% 4/1/2025 262,187 183
250M Puerto Rico Electric Power Auth. Rev.
5 3/8% 7/1/2017 280,937 196
- ----------------------------------------------------------------------------------------------------------------------
1,294,524 903
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--20.4%
$100M Clay County Public Building Auth. Leasehold
Rev. 5 1/8% 5/15/2014 $105,375 $74
250M Kansas City Municipal Assistance Corp. Rev.
Series "A" 5% 3/1/2019 268,125 187
250M Missouri State Board Public Buildings Series
"A" 5% 5/1/2021 266,250 186
Missouri State Dev. Finance Board
Infrastructure Facilities Revenue:
500M Hartman Heritage Center Phase II 5% 4/1/2020 534,375 373
125M Midtown Redevelopment Project Series "A"
6% 4/1/2014 140,625 98
500M Missouri State Regional Convention & Sports
Complex Auth. 5 1/4% 8/15/2020 549,375 383
Springfield Public Building Corp. Leasehold Revenue:
125M Capital Improvement 5.6% 6/1/2014 137,656 96
230M Jordan Valley 5.85% 6/1/2014 259,613 181
St. Louis Municipal Finance Corp. Leasehold Revenue:
250M Carnahan Courthouse Series "A" 5% 2/15/2020 268,438 187
City Justice Center Series "A":
225M 5 1/4% 2/15/2015 250,031 174
125M 5 3/4% 2/15/2018 139,531 97
- ----------------------------------------------------------------------------------------------------------------------
2,919,394 2,036
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $13,265,821) 98.1% 14,054,969 9,806
Other Assets, Less Liabilities 1.9 278,411 194
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,333,380 $10,000
======================================================================================================================
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $500M $(11,003)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.548% with Citibank, N.A. 2/15/2015 500M (4,943)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 600M (10,009)
- ----------------------------------------------------------------------------------------------------------------------
$1,600M $(25,955)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,019.90 $4.76
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.08 $4.76
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,016.49 $8.50
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.36 $8.50
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .95% for Class A shares and
1.70% for Class B shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period). Expenses paid during the
period are net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
Other Revenue 23.4%
Education 22.4%
Transportation 18.6%
General Obligations 14.7%
Utilities 10.1%
Health Care 8.7%
Housing 2.1%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--102.6%
Education--23.0%
New Jersey Educational Facilities Auth. Revenue:
$2,125M College of New Jersey Series "C"
5 3/8% 7/1/2016 $2,366,719 $345
5,000M Higher Educ. Cap. Impt. Series "A"
5 1/8% 9/1/2022 5,400,000 786
1,800M Rowan University Series "C" 5% 7/1/2022 1,950,750 284
1,210M Puerto Rico Indl. Tourist Educ. University
Plaza Series "A" 5 5/8% 7/1/2013 1,356,712 198
1,000M University of Medicine & Dentistry of New
Jersey Series "A" 5 3/8% 12/1/2016 1,116,250 163
University of Puerto Rico:
1,715M 5 3/4% 6/1/2017 1,910,081 278
1,500M 5 3/4% 6/1/2018 1,668,750 243
- ----------------------------------------------------------------------------------------------------------------------
15,769,262 2,297
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--15.1%
1,750M Atlantic City Board of Education
6.1% 12/1/2015 2,132,813 311
1,260M Cherry Hill Township 5% 7/15/2021 1,363,950 199
Essex County Improvement Authority Orange
School District:
1,025M Series "A" 6.95% 7/1/2005* 1,045,500 152
820M Series "B" 6.95% 7/1/2005* 836,400 122
1,500M Jersey City Series "B" 5% 9/1/2019 1,623,750 236
1,000M Newark Water Utility GO 5% 10/1/2021 1,083,750 158
1,100M Washington Township Board of Education
5% 3/1/2029 1,168,750 170
1,000M West Deptford 5 1/2% 9/1/2010* 1,116,250 163
- ----------------------------------------------------------------------------------------------------------------------
10,371,163 1,511
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--8.9%
New Jersey State Health Care Facilities
Financing Authority:
$1,045M Bayonne Hospital 6 1/4% 7/1/2012 $1,058,083 $154
1,745M General Hospital Center at Passaic
6% 7/1/2014 2,054,738 300
1,000M Meridian Health System Oblig. Group
5 5/8% 7/1/2014 1,100,000 160
1,620M Riverview Medical Center 6 1/4% 7/1/2011 1,893,375 276
- ----------------------------------------------------------------------------------------------------------------------
6,106,196 890
- ----------------------------------------------------------------------------------------------------------------------
Housing--2.1%
1,375M New Jersey State Hsg. & Mtge. Fing. Agency
Regency Park Project 6.05% 11/1/2017 1,483,281 214
- ----------------------------------------------------------------------------------------------------------------------
Transportation--19.1%
1,000M Burlington County Bridge Commission
5 1/4% 8/15/2021 1,091,250 159
1,000M Delaware River & Bay Authority
5 1/2% 1/1/2010* 1,112,500 162
1,000M Delaware River Port Auth. PA & NJ Rev.
5 3/4% 1/1/2022 1,106,250 161
1,000M New Jersey Econ. Dev. Auth. Rev. Light Rail Sys.
6% 5/1/2009* 1,108,750 161
1,000M New Jersey State Hwy. Auth.
(Garden State Parkway) 6.2% 1/1/2010 1,106,250 161
2,440M New Jersey State Turnpike Auth. Rev.
5% 1/1/2035 2,543,700 370
1,000M Newark Hsg. Auth. Port Auth. (Newark Marine Term.)
5 1/4% 1/1/2020 1,103,750 161
2,100M Port Authority of New York & New Jersey
125th Series 5% 10/15/2018 2,283,750 333
1,500M Puerto Rico Commwlth. Hwy. & Trans. Rev.
Series "I" 5% 7/1/2022 1,635,000 238
- ----------------------------------------------------------------------------------------------------------------------
13,091,200 1,906
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--10.4%
$1,250M Evesham Municipal Utilities Auth. Rev.
5% 7/1/2018 $1,350,000 $197
Passaic Valley Sewer Commission:
1,250M Series "E" 5 5/8% 12/1/2018 1,385,937 202
1,000M Series "F" 5% 12/1/2020 1,080,000 157
Puerto Rico Electric Power Authority:
1,000M Series "HH" 5 1/4% 7/1/2029 1,085,000 158
2,000M Series "II" 5 3/8% 7/1/2017 2,247,500 327
- ----------------------------------------------------------------------------------------------------------------------
7,148,437 1,041
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--24.0%
2,900M Atlantic County Impt. Auth. Lux. Tax
(Convention Ctr.) 7.4% 7/1/2016 3,693,875 538
1,665M Cape May County Indl. Poll. Cntl. Fin. Auth.
6.8% 3/1/2021 2,226,938 324
Casino Reinvestment Dev. Auth. Hotel Room
Fee Revenue:
2,000M 5 1/4% 6/1/2021 2,195,000 320
1,150M 5% 1/1/2025 1,244,875 181
1,000M Essex County Impt. Auth. Lease Rev.
(Correctional Facs. Proj.) 5 1/2% 10/1/2018 1,102,500 160
1,000M Hudson County Impt. Auth. Lease Rev. (County
Services Bldg. Project) 5% 4/1/2035 1,061,250 154
2,500M New Jersey Economic Dev. Auth. (Liberty
State Park Project) 5% 3/1/2027 2,653,125 386
1,000M Passaic County Impt. Auth. Lease Rev.
(Preakness Healthcare Center Proj.)
5% 5/1/2035 1,060,000 154
1,155M Puerto Rico Municipal Finance Agency
5 1/4% 8/1/2020 1,283,494 187
- ----------------------------------------------------------------------------------------------------------------------
16,521,057 2,404
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $65,427,314) 102.6% 70,490,596 10,263
Excess of Liabilities Over Other Assets (2.6) (1,808,487) (263)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $68,682,109 $10,000
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.338% with JPMorgan Chase Bank, N.A. 5/4/2010 $3,500M $(20,358)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 3,200M (70,426)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 3,400M (56,716)
- ----------------------------------------------------------------------------------------------------------------------
$10,100M $(147,500)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,022.70 $3.76
Hypothetical
(5% annual return before expenses) $1,000.00 $1,021.07 $3.76
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,019.08 $7.51
Hypothetical
(5% annual return before expenses) $1,000.00 $1,017.35 $7.50
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .75% for Class A shares and
1.50% for Class B shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period). Expenses paid during the
period are net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
Utilities 37.0%
Certificates of Participation 22.5%
Education 19.2%
Transportation 9.9%
General Obligations 5.8%
Health Care 2.7%
Other Revenue 1.7%
Short-Term Tax Exempt Investments 1.2%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--95.9%
Certificates of Participation--21.8%
$400M Carteret County 5 5/8% 6/1/2020 $442,500 $169
1,000M Concord 5% 6/1/2021 1,090,000 416
Harnett County:
500M 5 1/2% 12/1/2014 559,375 214
500M 5 1/8% 12/1/2023 546,250 209
1,255M Nash County Public Facs. Proj. 5 1/4% 6/1/2019 1,397,756 534
1,110M North Carolina Wildlife Resources Series "A"
5 1/4% 6/1/2019 1,230,713 470
250M Pitt County 5 1/4% 4/1/2015 273,750 105
150M Randolph County 5 1/2% 6/1/2009* 165,562 63
- ----------------------------------------------------------------------------------------------------------------------
5,705,906 2,180
- ----------------------------------------------------------------------------------------------------------------------
Education--18.7%
Appalachian State University:
1,000M 5% 7/15/2025 1,081,250 413
500M Housing & Student Ctr. 5.6% 7/15/2010* 563,750 215
1,000M Series "A" 5 1/8% 5/1/2019 1,097,500 419
430M Iredell County Public Facs. School Projs.
6% 6/1/2010* 491,813 188
500M North Carolina Capital Facs. Fin. Agy.
(Meredith College) 5 1/8% 6/1/2014 543,750 208
1,000M University North Carolina Sys. Pool Rev.
5 3/8% 4/1/2021 1,111,250 425
- ----------------------------------------------------------------------------------------------------------------------
4,889,313 1,868
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--5.7%
500M Brunswick County 5 3/4% 5/1/2010* 565,000 216
250M Cleveland County 5 1/2% 3/1/2012 259,320 99
400M Johnston County 5% 6/1/2018 433,500 166
220M Laurinburg Sanitation Swr. 5.3% 6/1/2012 225,410 86
- ----------------------------------------------------------------------------------------------------------------------
1,483,230 567
- ----------------------------------------------------------------------------------------------------------------------
Health Care--2.6%
400M North Carolina Medical Care Community Hosp.
Rev. (Northeast Med. Ctr.) 5 3/8% 11/1/2016 441,000 167
250M Puerto Rico Indl. Tourist Educ. Med. & Env.
Cntl. Facs. 6 1/4% 7/1/2016 255,627 97
- ----------------------------------------------------------------------------------------------------------------------
696,627 264
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation--9.6%
$1,000M Charlotte Airport Rev. Series "A"
5 1/4% 7/1/2023 $1,092,500 $417
Piedmont Triad Airport Authority Revenue:
800M 5 1/2% 7/1/2013 871,000 333
500M 5 1/4% 7/1/2016 547,500 209
- ----------------------------------------------------------------------------------------------------------------------
2,511,000 959
- ----------------------------------------------------------------------------------------------------------------------
Utilities--35.9%
600M Broad River Water Auth. Water Sys. Rev.
5 3/4% 6/1/2017 674,250 258
1,080M Brunswick County Enterprise Sys. Rev.
5 1/4% 4/1/2022 1,193,400 456
250M Buncombe County Solid Waste Sys. Rev.
5.6% 3/1/2011 259,480 99
250M Charlotte Storm Water Fee Rev.
5.65% 6/1/2010* 281,875 108
250M Gastonia Combined Utilities Sys. Rev.
5 5/8% 5/1/2015 278,438 106
250M Greensboro Enterprise Sys. Rev. 5% 6/1/2017 270,000 103
Greenville Combined Enterprise Sys. Revenue:
250M 5 1/2% 9/1/2017 272,500 104
250M 5 1/2% 9/1/2018 272,187 104
1,000M High Point Enterprise Sys. Rev. 5% 11/1/2024 1,082,500 413
250M Kinston Enterprise Sys. Rev. 5.7% 4/1/2012 260,303 99
200M North Carolina Eastern Municipal Pwr. Agy.
Rev. 5.6% 1/1/2010 211,750 81
1,000M North Carolina Municipal Pwr. Agy. Rev.
(Catawba Elec.) 5 1/4% 1/1/2018 1,098,750 420
650M Puerto Rico Electric Pwr. Auth. Rev.
5 1/4% 7/1/2022 713,375 273
1,140M Shelby Enterprise Sys. Rev. 5% 5/1/2022 1,229,775 470
1,210M Union County Enterprise Sys. Rev. 5% 6/1/2019 1,309,825 500
- ----------------------------------------------------------------------------------------------------------------------
9,408,408 3,594
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--1.6%
$250M Cumberland County Finance Corp. Installment
Pmt. Rev. (Detention Ctr. & Mental Hlth.)
5 5/8% 6/1/2017 $273,750 $105
140M Fayetteville Finance Corp. Inst. Municipal
Bldg. Prog. 5.7% 2/1/2010 145,169 55
- ----------------------------------------------------------------------------------------------------------------------
418,919 160
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $23,525,985) 25,113,403 9,592
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.2%
Adjustable Rate Notes**
100M Puerto Rico Commonwealth Govt. Dev. Bank 2.14% 100,000 38
200M University of North Carolina Hosp. Rev. 2.26% 200,000 77
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $300,000) 300,000 115
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $23,825,985) 97.1% 25,413,403 9,707
Other Assets, Less Liabilities 2.9 765,887 293
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $26,179,290 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.338% with JPMorgan Chase Bank, N.A. 5/4/2010 $1,000M $(5,817)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 1,300M (21,685)
- ----------------------------------------------------------------------------------------------------------------------
$2,300M $(27,502)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates are determined and reset periodically by the issuer and are the rates in effect at June 30, 2005.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- -------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- -------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,019.68 $3.76
Hypothetical
(5% annual return before expenses) $1,000.00 $1,021.07 $3.76
- -------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,016.63 $7.50
Hypothetical
(5% annual return before expenses) $1,000.00 $1,017.35 $7.50
- -------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .75% for Class A shares and
1.50% for Class B shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period). Expenses paid during the
period are net of expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 70.4%
Education 13.7%
Other Revenue 8.7%
Utilities 4.3%
Health Care 2.1%
Short-Term Tax Exempt Investments 0.8%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.6%
Education--13.6%
$1,200M Cincinnati State Tech. & Cmnty. College Gen.
Receipts 5 1/4% 10/1/2020 $1,329,000 $511
1,000M Cuyahoga Cmnty. College Dist. Gen. Receipts
5% 12/1/2022 1,078,750 415
1,000M University Akron Gen. Receipts 6% 1/1/2010* 1,133,750 436
- ----------------------------------------------------------------------------------------------------------------------
3,541,500 1,362
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--70.0%
1,000M Adams County Valley Local School District
7% 12/1/2015 1,223,750 471
1,000M Akron-Summit County Public Library
5% 12/1/2018 1,080,000 416
800M Avon Local School District 6 1/2% 12/1/2015 992,000 382
1,000M Beaver Creek Local School District
6.6% 12/1/2015 1,248,750 480
500M Brecksville-Broadview Heights City School District
6 1/2% 12/1/2016 535,000 206
1,095M Central Solid Waste Auth. 5% 12/1/2022 1,185,338 456
1,000M Cleveland Municipal School District
5 1/4% 12/1/2023 1,103,750 425
1,000M Dublin City School Dist. Fac. Construction &
Improvement 5% 12/1/2021 1,081,250 416
1,135M Eaton City School District 5 3/8% 12/1/2018 1,276,875 491
1,445M Fairfield County 5% 12/1/2025 1,542,537 594
700M Garfield Heights 6.3% 12/1/2014 717,234 276
655M Jefferson County Jail Construction 5 3/4% 12/1/2019 794,188 306
1,000M Licking County Joint Voc. School District
5% 12/1/2020 1,076,250 414
1,300M Lorain 5 1/2% 12/1/2018 1,464,125 563
250M North Fork Local School District 5 3/4% 12/1/2018 301,875 116
350M North Royalton City School District 6% 12/1/2009* 399,437 154
1,000M Oakwood City School District 5% 12/1/2020 1,085,000 417
210M Shaker Heights City School District
7.1% 12/15/2010 234,150 90
750M Youngstown 6% 12/1/2031 855,000 329
- ----------------------------------------------------------------------------------------------------------------------
18,196,509 7,002
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--2.1%
$500M Lorain County Hosp. Rev. (Catholic
Healthcare Partners) 5 1/2% 9/1/2011 $534,375 $206
- ----------------------------------------------------------------------------------------------------------------------
Utilities--4.2%
280M Hamilton Wastewater Rev. 5.9% 10/15/2006* 294,000 113
500M Mahoning Valley Sanitary District Water Rev.
5 3/4% 11/15/2018 556,875 214
230M Ohio State Water Dev. Auth. Rev. Pure Water
Series "I" 7% 12/1/2009 248,975 96
- ----------------------------------------------------------------------------------------------------------------------
1,099,850 423
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
1,000M Hamilton County Sales Tax 5 3/4% 12/1/2013 1,128,750 434
1,000M New Albany Cmnty. Auth. Dev. 5 1/2% 10/1/2015 1,125,000 433
- ----------------------------------------------------------------------------------------------------------------------
2,253,750 867
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $23,541,505) 25,625,984 9,860
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.8%
200M Cuyahoga County Hosp. Rev. (Univ. Hosp.
Cleveland) Adjustable Rate Note 2.26% **
(cost $200,000) 200,000 77
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $23,741,505) 99.4% 25,825,984 9,937
Other Assets, Less Liabilities .6 163,022 63
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $25,989,006 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swap Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 $1,300M $(21,686)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rate is determined and reset daily by the issuer and is the rate in effect at June 30, 2005.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,021.93 $4.26
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.57 $4.26
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,017.46 $8.00
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.86 $8.00
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .85% for Class A shares and 1.60% for
Class B shares, multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period). Expenses paid during the period are net of
expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 54.5%
Utilities 16.7%
Certificates of Participation 11.0%
Education 8.8%
Other Revenue 6.0%
Transportation 3.0%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.5%
Certificates of Participation--10.8%
Oregon State Dept. of Administrative Services:
$500M 5.65% 5/1/2007* $531,250 $175
500M 5 1/4% 5/1/2017 553,125 183
1,000M 5% 5/1/2021 1,090,000 359
1,020M 5% 5/1/2022 1,100,325 363
- ----------------------------------------------------------------------------------------------------------------------
3,274,700 1,080
- ----------------------------------------------------------------------------------------------------------------------
Education--8.7%
200M Chemeketa Community College District
6.4% 7/1/2009 203,666 67
1,250M Oregon Health Sciences Univ. Rev. 5 1/4% 7/1/2022 1,370,313 452
1,000M Oregon State Facs. Authority Rev. College in
Student Hsg. Proj. 5% 7/1/2035 1,058,750 349
- ----------------------------------------------------------------------------------------------------------------------
2,632,729 868
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--53.7%
1,000M Benton and Linn Counties School District
#509J (Corvallis) 5% 6/1/2020 1,081,250 356
300M Chemeketa Community College District
5.8% 6/1/2006* 308,556 102
Clackamas County School District:
1,000M #62C (Oregon City) 5% 6/15/2020 1,087,500 359
1,000M #86 (Canby) 5% 6/15/2020 1,087,500 359
1,000M #86 (Canby) 5% 6/15/2023 1,087,500 359
555M Columbia Gorge Community College 5% 6/15/2023 600,787 198
1,055M Gresham 5 3/8% 6/1/2017 1,180,281 389
635M Jefferson County School District #509J
5 1/4% 6/15/2019 699,294 231
245M La Grande 5 5/8% 6/1/2011 251,497 83
Linn County School District:
250M #9 (Lebanon) 6 1/8% 6/15/2010* 285,625 94
435M #55, 5 1/2% 6/15/2011* 490,463 162
65M #55, 5 1/2% 6/15/2025 71,662 24
180M #95 (Scio) 5 3/4% 7/15/2006* 185,659 61
250M Morrow County School District #1,
5 5/8% 6/15/2011* 283,438 93
1,000M Multnomah County Sch. Dist. #7 (Reynolds)
5% 6/1/2035 1,036,250 342
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
$760M Polk Marion & Benton Counties School
District #13J 5 5/8% 6/15/2010* $850,250 $280
Southwestern Community College District:
600M 6.05% 6/1/2010* 682,500 225
1,000M 5% 6/1/2030 1,068,750 352
250M Tillamook County 5.6% 1/15/2007* 260,937 86
615M Treasure Valley Community College 5% 6/1/2035 653,438 215
400M Umatilla County School District #16R
(Pendleton) 5 1/4% 7/1/2014 455,000 150
520M Wasco County School District #12, 5 1/2% 6/15/2018 612,300 202
Washington and Clackamas Counties School
District #23 (Tigard):
600M 5 1/4% 6/1/2016 687,750 227
1,000M 5 3/8% 6/15/2020 1,112,500 367
170M Washington County School District
#3JT (Hillsboro) 6% 11/1/2005* 171,899 57
- ----------------------------------------------------------------------------------------------------------------------
16,292,586 5,373
- ----------------------------------------------------------------------------------------------------------------------
Transportation--2.9%
500M Portland Airport Way Urban Renewal & Redev.
6% 6/15/2016 562,500 184
300M Puerto Rico Commonwealth Hwy. & Trans. Auth.
Rev. 5 3/4% 7/1/2018 336,375 110
- ----------------------------------------------------------------------------------------------------------------------
898,875 294
- ----------------------------------------------------------------------------------------------------------------------
Utilities--16.5%
440M Columbia River Peoples Utility District
Elec. Sys. 5.55% 12/1/2020 484,550 160
600M Eugene Water Utility System 5.8% 8/1/2020 669,750 221
250M Marion County Solid Waste & Electric Rev.
5 3/8% 10/1/2008 257,812 85
250M Portland Gas Tax Rev. 5 3/4% 6/1/2006* 257,020 85
300M Portland Sewer System Rev. Series "A"
5 1/4% 6/1/2020 331,125 109
Puerto Rico Electric Power Authority:
750M 5 1/8% 7/1/2026 811,875 268
500M 5 1/4% 7/1/2029 542,500 179
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
$250M Salem Water & Sewer Rev. 5 1/2% 6/1/2006* $256,465 $84
1,000M Sunrise Water Authority Water Rev. 5 1/4% 3/1/2024 1,101,250 363
250M Washington County Unified Sewer Agy.
5 3/4% 10/1/2012 289,375 95
- ----------------------------------------------------------------------------------------------------------------------
5,001,722 1,649
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--5.9%
500M Oregon State Administrative Services Lottery
5 3/4% 4/1/2009* 554,375 183
Portland Urban Renewal & Redevelopment:
405M Oregon Conv. Ctr. Series "A" 5 1/2% 6/15/2020 445,500 147
700M South Parks Blocks Series "A" 5 3/4% 6/15/2017 786,625 259
- ----------------------------------------------------------------------------------------------------------------------
1,786,500 589
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $28,160,436) 98.5% 29,887,112 9,853
Other Assets, Less Liabilities 1.5 446,601 147
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $30,333,713 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.338% with JPMorgan Chase Bank, N.A. 5/4/2010 $1,000M $(5,817)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 1,400M (30,811)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 1,500M (25,022)
- ----------------------------------------------------------------------------------------------------------------------
$3,900M $(61,650)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,020.57 $4.51
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.33 $4.51
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,016.45 $8.25
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.61 $8.25
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .90% for Class A shares and 1.65% for
Class B shares, multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period). Expenses paid during the period are net of
expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 30.6%
Utilities 17.0%
Education 16.2%
Other Revenue 15.9%
Health Care 13.5%
Transportation 6.8%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.6%
Education--16.0%
$1,000M Pennsylvania State Higher Educ. Assistance
Agy. 6 1/8% 12/15/2010* $1,152,500 $235
1,410M Pennsylvania State Higher Educ. Facs.
Authority 5 1/2% 6/15/2014 1,554,525 317
State Public School Bldg. Auth. Revenue:
2,000M Colonial 5% 5/15/2026 2,137,500 436
500M Delaware Cnty. Cmnty. College Proj.
5 3/4% 10/1/2010* 561,250 115
1,000M Northampton Cnty. Area Series "A" 5% 3/1/2020 1,087,500 222
1,265M Richland School District 5% 11/15/2022 1,364,619 278
- ----------------------------------------------------------------------------------------------------------------------
7,857,894 1,603
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--30.2%
750M Ambridge Area Sch. Dist. Series "B"
5 1/8% 11/1/2012* 838,125 171
1,000M Bristol Boro School District 5 1/4% 3/1/2031 1,092,500 223
1,000M Chambersburg School District 5% 3/1/2024 1,066,250 218
1,000M General McLane School District
5 3/4% 5/15/2007* 1,055,000 215
1,190M Jim Thorpe School District 5% 3/15/2027 1,273,300 260
1,065M Mifflin County 5 1/2% 9/1/2020 1,175,494 240
1,000M Northern Tioga School District 5% 3/1/2021 1,080,000 220
1,365M Owen J. Roberts School District 5 1/2% 8/15/2016 1,539,037 314
Pennsbury School District:
1,000M 5 1/2% 1/15/2017 1,122,500 229
1,085M 5% 8/1/2025 1,166,375 238
385M Philadelphia 6% 11/15/2014 393,786 80
1,180M Philadelphia School District 6% 3/1/2010* 1,328,975 271
1,500M Pittsburgh 5 1/2% 9/1/2014 1,668,750 340
- ----------------------------------------------------------------------------------------------------------------------
14,800,092 3,019
- ----------------------------------------------------------------------------------------------------------------------
Health Care--13.2%
Allegheny County Hospital Development Authority:
1,000M Allegheny General Hospital Proj. 6.2% 9/1/2007* 1,072,500 218
Health Center--University of Pittsburgh:
1,000M 5.6% 4/1/2013 1,061,250 216
1,000M 5.65% 4/1/2014 1,061,250 216
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
$1,000M Berks County Municipal Auth. Hosp.
(Reading Hosp. Med. Ctr.) 5.7% 10/1/2014 $1,162,500 $237
1,000M Dauphin Cnty. Gen. Hlth. Sys.
(Pinnacle Hlth. Sys.) 5 1/2% 5/15/2013 1,052,500 214
1,000M Pennsylvania State Higher Educ. Facs. Auth. Hlth.
Svcs. 5.7% 11/15/2011 (Defaulted) (Note 1A) 1,098,750 224
- ----------------------------------------------------------------------------------------------------------------------
6,508,750 1,325
- ----------------------------------------------------------------------------------------------------------------------
Transportation--6.7%
1,620M Allegheny County Port. Auth. Spl. Rev.
5 1/4% 3/1/2020 1,757,700 359
1,375M Pennsylvania State Turnpike Commn. Tpk. Rev.
5 1/4% 12/1/2022 1,524,531 311
- ----------------------------------------------------------------------------------------------------------------------
3,282,231 670
- ----------------------------------------------------------------------------------------------------------------------
Utilities--16.8%
1,325M Bucks County Water & Sewer Auth. Rev.
5 3/8% 6/1/2019 1,467,437 299
1,000M Delaware Cnty. Regl. Wtr. Quality Cntl.
Auth. Swr. Rev. 5% 5/1/2025 1,072,500 219
1,000M Erie Sewer Authority Rev. 5 7/8% 6/1/2010* 1,130,000 230
1,000M New Castle Sanitation Auth. Swr. 5% 6/1/2024 1,057,500 216
2,950M Pittsburgh Water & Sewer Auth. Rev.
6 1/2% 9/1/2013 3,495,750 713
- ----------------------------------------------------------------------------------------------------------------------
8,223,187 1,677
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--15.7%
1,000M Erie Cnty. Convention Center Rev.
5% 1/15/2036 1,065,000 217
Philadelphia Auth. Indl. Dev. Lease Revenue:
1,000M 5 1/2% 10/1/2014 1,117,500 228
1,000M 5 1/2% 10/1/2016 1,110,000 227
1,000M Philadelphia Housing Auth. Rev. Bonds Series "A"
5 1/2% 12/1/2019 1,132,500 231
Philadelphia Redev. Neighborhood Transformation
Series "A":
1,000M 5 1/2% 4/15/2016 1,122,500 229
1,000M 5 1/2% 4/15/2019 1,116,250 228
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
$1,000M Washington County Indl. Dev. Auth.
(West Penn Pwr. Co.) 6.05% 4/1/2014 $1,026,480 $209
- ----------------------------------------------------------------------------------------------------------------------
7,690,230 1,569
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $44,802,157) 98.6% 48,362,384 9,863
Other Assets, Less Liabilities 1.4 672,535 137
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $49,034,919 $10,000
======================================================================================================================
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.338% with JPMorgan Chase Bank, N.A. 5/4/2010 $2,500M $(14,541)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 2,400M (40,035)
- ----------------------------------------------------------------------------------------------------------------------
$4,900M $(54,576)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Fund Expenses
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
The examples below show the ongoing costs (in dollars) of investing in
your Fund and will help you in comparing these costs with costs of other
mutual funds. Please refer to page 3 for a detailed explanation of the
information presented in these examples.
- ----------------------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Paid
Value Value During Period
(1/1/05) (6/30/05) (1/1/05-6/30/05)*
- ----------------------------------------------------------------------------------------------
Expense Example - Class A Shares
Actual $1,000.00 $1,021.06 $4.51
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.33 $4.51
- ----------------------------------------------------------------------------------------------
Expense Example - Class B Shares
Actual $1,000.00 $1,017.20 $8.25
Hypothetical
(5% annual return before expenses) $1,000.00 $1,016.61 $8.25
- ----------------------------------------------------------------------------------------------
* Expenses are equal to the annualized expense ratio of .90% for Class A shares and 1.65% for
Class B shares, multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period). Expenses paid during the period are net of
expenses waived.
Portfolio Composition
BY SECTOR
(BAR CHART DATA:)
General Obligations 28.5%
Other Revenue 28.0%
Utilities 18.2%
Transportation 12.9%
Health Care 9.2%
Education 3.2%
Portfolio holdings and allocations are subject to change. Percentages are
as of June 30, 2005, and are based on the total value of investments.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.5%
Education--3.2%
$1,000M Virginia College Building Auth. Educ. Facs.
Rev. 5 1/4% 2/1/2017 $1,100,000 $316
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--28.0%
1,000M Hampton 5 3/4% 2/1/2010* 1,133,750 326
1,065M Harrisonburg Public Safety & Steam Plant
Series "A" 5% 7/15/2020 1,155,525 332
1,000M Lunenburg County Series "B" 5 1/4% 2/1/2029 1,087,500 312
Norfolk:
1,730M 5% 7/1/2020 1,864,075 536
1,100M 5% 7/1/2021 1,183,875 340
Richmond:
1,000M 5 3/8% 1/15/2015 1,098,750 316
1,000M 5 1/2% 1/15/2017 1,111,250 319
1,000M Roanoke Public Impt. Series "A" 5 1/4% 10/1/2020 1,117,500 321
- ----------------------------------------------------------------------------------------------------------------------
9,752,225 2,802
- ----------------------------------------------------------------------------------------------------------------------
Health Care--9.1%
Roanoke Industrial Development Authority:
1,000M Carilion Health Sys. Series "A" 5 1/2% 7/1/2021 1,108,750 319
1,675M Roanoke Memorial Hosp. Proj. 6 1/8% 7/1/2017 2,049,781 589
- ----------------------------------------------------------------------------------------------------------------------
3,158,531 908
- ----------------------------------------------------------------------------------------------------------------------
Transportation--12.7%
Metropolitan Washington DC Airport Auth. System:
960M Series "B" 5.1% 10/1/2021 1,029,600 296
500M Series "B" 5 1/8% 10/1/2022 536,250 154
1,585M Norfolk Airport Auth. 5 3/8% 7/1/2015 1,751,425 503
1,000M Puerto Rico Commwlth. Hwy. & Trans. Auth.
Rev. Series "J" 5% 7/1/2020 1,095,000 315
- ----------------------------------------------------------------------------------------------------------------------
4,412,275 1,268
- ----------------------------------------------------------------------------------------------------------------------
Utilities--18.0%
1,165M Bristol Utility Sys. Rev. 5 3/4% 7/15/2015 1,380,525 397
1,000M Norfolk Water Rev. 5 7/8% 11/1/2015 1,029,830 296
500M Powhatan Cnty. Econ. Dev. Auth. Lease Rev.
5 1/8% 7/15/2018 548,750 158
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
Puerto Rico Electric Power Authority:
$1,000M 5 3/8% 7/1/2017 $1,123,750 $323
1,000M Series "II" 5 1/4% 7/1/2022 1,097,500 315
1,000M Virginia Beach Water & Sewer Rev. 5% 10/1/2018 1,075,000 309
- ----------------------------------------------------------------------------------------------------------------------
6,255,355 1,798
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--27.5%
1,000M Dinwiddie Cnty. Indl. Dev. Auth. Lease Rev.
Series "B" 5% 2/15/2024 1,073,750 309
1,230M Front Royal & Warren Cnty. Indl. Dev. Auth.
Lease Rev. 5% 4/1/2022 1,325,325 381
1,000M Gloucester County Indl. Dev. Auth.
(Courthouse Proj.) 5 3/8% 11/1/2020 1,093,750 314
500M Henrico County Econ. Dev. Auth. (Regional
Jail Proj.) 5 5/8% 11/1/2015 558,750 161
1,000M Middlesex County Indl. Dev. Auth. Lease Rev.
5 1/8% 8/1/2023 1,088,750 313
1,000M Montgomery County Indl. Dev. Auth. Series "C"
6% 1/15/2011* 1,152,500 331
Southwest Regional Jail Authority Revenue:
1,000M 5 1/8% 9/1/2021 1,087,500 312
1,020M 5 1/8% 9/1/2022 1,105,425 318
1,010M Virginia State Res. Auth. Infrastructure
Rev. Series "B" 5 1/2% 5/1/2018 1,113,525 320
- ----------------------------------------------------------------------------------------------------------------------
9,599,275 2,759
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $31,614,864) 98.5% 34,277,661 9,851
Other Assets, Less Liabilities 1.5 518,144 149
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $34,795,805 $10,000
======================================================================================================================
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 2005
- ----------------------------------------------------------------------------------------------------------------------
Expiration Notional Unrealized
Interest Rate Swaps Date Amount Depreciation
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.69% with Citibank, N.A. 1/13/2015 $2,100M $(46,217)
Receive quarterly a floating rate based on the
BMA Index and pay quarterly a fixed rate
equal to 3.661% with Citibank, N.A. 4/21/2015 3,000M (50,044)
- ----------------------------------------------------------------------------------------------------------------------
$5,100M $(96,261)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
This page intentionally left blank.
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2005
- -----------------------------------------------------------------------------------------------------------------------
INSURED
TAX-EXEMPT INTERMEDIATE INSURED INSURED
MONEY MARKET TAX EXEMPT TAX EXEMPT TAX EXEMPT II
- -----------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 13,978,988 $ 64,171,591 $716,849,862 $112,616,702
============ ============ ============ ============
At value (Note 1A) $ 13,978,988 $ 65,417,113 $806,934,765 $117,925,762
Cash 58,428 101,768 5,560,575 307,591
Receivables:
Interest 77,844 612,470 12,254,897 1,072,793
Shares sold -- 87,665 111,865 254,499
Investment securities sold -- -- -- 213,104
Other assets 6,477 7,573 170,568 10,474
------------ ------------ ------------ ------------
Total Assets 14,121,737 66,226,589 825,032,670 119,784,223
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 275,275 2,210,760 13,315,175 5,276,509
Dividends payable 1,156 27,468 634,503 88,119
Shares redeemed 10,015 171,964 1,152,060 94,996
Unrealized loss on swap agreements -- 17,450 604,862 145,632
Accrued advisory fees 1,022 21,589 398,965 44,021
Accrued shareholder servicing costs 2,821 3,310 47,840 6,743
Accrued expenses 11,751 12,155 54,860 6,353
------------ ------------ ------------ ------------
Total Liabilities 302,040 2,464,696 16,208,265 5,662,373
------------ ------------ ------------ ------------
Net Assets $ 13,819,697 $ 63,761,893 $808,824,405 $114,121,850
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $ 13,819,697 $ 62,585,812 $718,385,003 $108,098,989
Undistributed net investment income -- 108,697 494,546 45,799
Accumulated net realized gain (loss) on investments
and swap agreements -- (160,688) 464,815 813,634
Net unrealized appreciation in value of investments
and swap agreements -- 1,228,072 89,480,041 5,163,428
------------ ------------ ------------ ------------
Total $ 13,819,697 $ 63,761,893 $808,824,405 $114,121,850
============ ============ ============ ============
Net Assets:
Class A $ 13,818,618 $ 53,580,694 $805,512,998 $ 97,648,685
Class B $ 1,079 $ 10,181,199 $ 3,311,407 $ 16,473,165
Shares outstanding (Note 2):
Class A 13,818,618 8,309,430 78,575,548 6,243,716
Class B 1,079 1,576,251 323,662 1,053,493
Net asset value and redemption price per share - Class A $ 1.00+ $ 6.45 $10.25 $15.64
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* N/A $ 6.84 $10.88 $16.59
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $ 1.00 $ 6.46 $10.23 $15.64
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
+ Also maximum offering price per share.
See notes to financial statements
- ------------------------------------------------------------ ------------ --------------------------------------------
NEW YORK MULTI-STATE INSURED TAX FREE FUND
INSURED ------------------------------------------
TAX FREE ARIZONA CALIFORNIA COLORADO
- -----------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $172,060,173 $ 16,553,882 $ 26,609,352 $ 10,028,400
============ ============ ============ ============
At value (Note 1A) $187,637,890 $ 17,848,609 $ 29,108,562 $ 10,809,864
Cash 249,142 37,590 61,395 259,928
Receivables:
Interest 2,612,746 370,543 415,694 58,915
Shares sold 2,607 28,272 3,003 --
Investment securities sold -- -- -- --
Other assets 30,025 2,257 3,781 1,124
------------ ------------ ------------ ------------
Total Assets 190,532,410 18,287,271 29,592,435 11,129,831
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 7,138,493 -- -- --
Dividends payable 163,199 24,973 39,329 11,337
Shares redeemed 189,078 13,445 -- 23,152
Unrealized loss on swap agreements 436,533 20,830 56,366 8,341
Accrued advisory fees 89,972 4,648 11,183 1,082
Accrued shareholder servicing costs 9,917 787 1,430 642
Accrued expenses 26,463 5,994 7,688 5,127
------------ ------------ ------------ ------------
Total Liabilities 8,053,655 70,677 115,996 49,681
------------ ------------ ------------ ------------
Net Assets $182,478,755 $ 18,216,594 $ 29,476,439 $ 11,080,150
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $169,738,940 $ 16,723,171 $ 26,845,756 $ 10,297,299
Undistributed net investment income 23,136 8,922 27,248 14,645
Accumulated net realized gain (loss) on investments
and swap agreements (2,424,505) 210,604 160,591 (4,917)
Net unrealized appreciation in value of investments
and swap agreements 15,141,184 1,273,897 2,442,844 773,123
------------ ------------ ------------ ------------
Total $182,478,755 $ 18,216,594 $ 29,476,439 $ 11,080,150
============ ============ ============ ============
Net Assets:
Class A $175,068,810 $ 15,723,223 $ 26,424,607 $ 9,937,808
Class B $ 7,409,945 $ 2,493,371 $ 3,051,832 $ 1,142,342
Shares outstanding (Note 2):
Class A 11,984,758 1,136,673 2,102,887 720,362
Class B 507,870 180,155 242,713 82,803
Net asset value and redemption price per share - Class A $14.61 $13.83 $12.57 $13.80
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $15.50 $14.67 $13.34 $14.64
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $14.59 $13.84 $12.57 $13.80
============ ============ ============ ============
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2005
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------
CONNECTICUT FLORIDA GEORGIA MARYLAND
- -----------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 34,136,244 $ 33,874,510 $ 11,606,517 $ 29,265,654
============ ============ ============ ============
At value (Note 1A) $ 36,393,643 $ 36,556,619 $ 12,502,431 $ 31,514,168
Cash (overdraft) 225,464 74,929 (22,417) 28,603
Receivables:
Interest 635,378 503,809 181,520 608,514
Shares sold 36,121 14,497 122,443 27,799
Investment securities sold -- -- 264,506 --
Other assets 3,980 4,424 1,200 3,449
------------ ------------ ------------ ------------
Total Assets 37,294,586 37,154,278 13,049,683 32,182,533
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- 262,854 --
Dividends payable 28,535 52,686 11,328 40,153
Shares redeemed 686 81,994 105 51,179
Unrealized loss on swap agreements 52,034 75,710 31,021 97,116
Accrued advisory fees 13,238 9,135 481 11,196
Accrued shareholder servicing costs 1,629 1,662 444 1,193
Accrued expenses 6,220 3,833 4,104 4,503
------------ ------------ ------------ ------------
Total Liabilities 102,342 225,020 310,337 205,340
------------ ------------ ------------ ------------
Net Assets $ 37,192,244 $ 36,929,258 $ 12,739,346 $ 31,977,193
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $ 34,894,383 $ 34,172,926 $ 11,947,873 $ 29,883,009
Undistributed net investment income 11,588 43,242 3,163 48,315
Accumulated net realized gain (loss) on investments
and swap agreements 80,908 106,691 (76,583) (105,529)
Net unrealized appreciation in value of investments
and swap agreements 2,205,365 2,606,399 864,893 2,151,398
------------ ------------ ------------ ------------
Total $ 37,192,244 $ 36,929,258 $ 12,739,346 $ 31,977,193
============ ============ ============ ============
Net Assets:
Class A $ 32,390,848 $ 33,947,049 $ 11,455,045 $ 26,988,687
Class B $ 4,801,396 $ 2,982,209 $ 1,284,301 $ 4,988,506
Shares outstanding (Note 2):
Class A 2,396,296 2,477,690 831,426 1,919,561
Class B 355,705 217,477 93,274 354,523
Net asset value and redemption price per share - Class A $13.52 $13.70 $13.78 $14.06
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $14.34 $14.54 $14.62 $14.92
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $13.50 $13.71 $13.77 $14.07
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
- --------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------
MASSACHUSETTS MICHIGAN MINNESOTA
- --------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 24,248,064 $ 33,081,260 $ 14,055,231
============ ============ ============
At value (Note 1A) $ 26,462,112 $ 36,219,710 $ 15,057,470
Cash (overdraft) (53,064) 139,729 48,753
Receivables:
Interest 316,507 444,775 279,102
Shares sold 6,427 32,036 9,422
Investment securities sold -- -- --
Other assets 3,770 4,785 2,140
------------ ------------ ------------
Total Assets 26,735,752 36,841,035 15,396,887
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- --
Dividends payable 16,076 40,490 12,854
Shares redeemed -- 255,985 --
Unrealized loss on swap agreements 23,354 41,659 13,345
Accrued advisory fees 7,427 12,442 127
Accrued shareholder servicing costs 1,391 2,033 812
Accrued expenses 13,961 14,707 4,570
------------ ------------ ------------
Total Liabilities 62,209 367,316 31,708
------------ ------------ ------------
Net Assets $ 26,673,543 $ 36,473,719 $ 15,365,179
============ ============ ============
Net Assets Consist of:
Capital paid in $ 24,455,934 $ 32,945,878 $ 14,483,488
Undistributed net investment income 14,058 46,502 4,992
Accumulated net realized gain (loss) on investments
and swap agreements 12,857 384,548 (112,195)
Net unrealized appreciation in value of investments
and swap agreements 2,190,694 3,096,791 988,894
------------ ------------ ------------
Total $ 26,673,543 $ 36,473,719 $ 15,365,179
============ ============ ============
Net Assets:
Class A $ 23,512,315 $ 34,154,510 $ 14,588,026
Class B $ 3,161,228 $ 2,319,209 $ 777,153
Shares outstanding (Note 2):
Class A 1,935,440 2,670,853 1,209,476
Class B 259,919 181,619 64,332
Net asset value and redemption price per share - Class A $12.15 $12.79 $12.06
============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $12.89 $13.57 $12.80
============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $12.16 $12.77 $12.08
============ ============ ============
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2005
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------
MISSOURI NEW JERSEY NORTH CAROLINA OHIO
- -----------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 13,265,821 $ 65,427,314 $ 23,825,985 $ 23,741,505
============ ============ ============ ============
At value (Note 1A) $ 14,054,969 $ 70,490,596 $ 25,413,403 $ 25,825,984
Cash 134,740 21,098 390,051 57,458
Receivables:
Interest 194,779 1,251,009 274,453 173,751
Shares sold -- 1,652 162,202 763
Other assets 1,146 7,549 2,891 3,273
------------ ------------ ------------ ------------
Total Assets 14,385,634 71,771,904 26,243,000 26,061,229
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- 2,467,969 -- --
Dividends payable 21,227 60,374 18,265 25,510
Shares redeemed -- 361,527 3,898 7,000
Unrealized loss on swap agreements 25,955 147,500 27,502 21,686
Accrued advisory fees 1,353 30,211 6,228 5,226
Accrued shareholder servicing costs 537 2,962 1,419 1,455
Accrued expenses 3,182 19,252 6,398 11,346
------------ ------------ ------------ ------------
Total Liabilities 52,254 3,089,795 63,710 72,223
------------ ------------ ------------ ------------
Net Assets $ 14,333,380 $ 68,682,109 $ 26,179,290 $ 25,989,006
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $ 13,597,600 $ 63,836,181 $ 24,517,902 $ 23,977,218
Undistributed net investment income 6,439 14,723 17,796 26,211
Accumulated net realized gain (loss) on investments
and swap agreements (33,852) (84,577) 83,676 (77,216)
Net unrealized appreciation in value of investments
and swap agreements 763,193 4,915,782 1,559,916 2,062,793
------------ ------------ ------------ ------------
Total $ 14,333,380 $ 68,682,109 $ 26,179,290 $ 25,989,006
============ ============ ============ ============
Net Assets:
Class A $ 11,149,735 $ 62,379,374 $ 21,566,095 $ 22,371,713
Class B $ 3,183,645 $ 6,302,735 $ 4,613,195 $ 3,617,293
Shares outstanding (Note 2):
Class A 805,874 4,754,196 1,589,183 1,753,080
Class B 229,962 481,286 340,061 283,278
Net asset value and redemption price per share - Class A $13.84 $13.12 $13.57 $12.76
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $14.68 $13.92 $14.40 $13.54
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $13.84 $13.10 $13.57 $12.77
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
- --------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------
OREGON PENNSYLVANIA VIRGINIA
- --------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 28,160,436 $ 44,802,157 $ 31,614,864
============ ============ ============
At value (Note 1A) $ 29,887,112 $ 48,362,384 $ 34,277,661
Cash 141,837 175,562 46,234
Receivables:
Interest 274,215 538,692 650,142
Shares sold 134,110 117,981 35,030
Other assets 3,258 5,230 4,349
------------ ------------ ------------
Total Assets 30,440,532 49,199,849 35,013,416
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- --
Dividends payable 18,220 57,590 40,124
Shares redeemed 5,573 24,134 57,361
Unrealized loss on swap agreements 61,650 54,576 96,261
Accrued advisory fees 9,703 18,328 13,785
Accrued shareholder servicing costs 1,910 2,658 1,564
Accrued expenses 9,763 7,644 8,516
------------ ------------ ------------
Total Liabilities 106,819 164,930 217,611
------------ ------------ ------------
Net Assets $ 30,333,713 $ 49,034,919 $ 34,795,805
============ ============ ============
Net Assets Consist of:
Capital paid in $ 28,544,351 $ 45,076,042 $ 32,157,504
Undistributed net investment income 7,181 26,374 17,480
Accumulated net realized gain (loss) on investments
and swap agreements 117,155 426,852 54,285
Net unrealized appreciation in value of investments
and swap agreements 1,665,026 3,505,651 2,566,536
------------ ------------ ------------
Total $ 30,333,713 $ 49,034,919 $ 34,795,805
============ ============ ============
Net Assets:
Class A $ 27,653,795 $ 45,569,870 $ 32,472,386
Class B $ 2,679,918 $ 3,465,049 $ 2,323,419
Shares outstanding (Note 2):
Class A 2,089,365 3,419,818 2,433,239
Class B 202,829 260,121 174,674
Net asset value and redemption price per share - Class A $13.24 $13.33 $13.35
============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $14.05 $14.14 $14.16
============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $13.21 $13.32 $13.30
============ ============ ============
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2005
- -----------------------------------------------------------------------------------------------------------------------
INSURED
TAX-EXEMPT INTERMEDIATE INSURED INSURED
MONEY MARKET TAX EXEMPT TAX EXEMPT TAX EXEMPT II
- -----------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 144,654 $ 1,127,639 $ 20,555,762 $ 2,323,869
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 34,331 197,692 2,892,112 528,047
Distribution plan expenses - Class A -- 69,079 1,087,392 111,723
Distribution plan expenses - Class B 9 53,170 16,511 81,157
Shareholder servicing costs 16,986 20,269 258,312 41,852
Professional fees 11,459 10,403 59,800 14,349
Registration fees 20,464 17,370 19,723 20,025
Custodian fees 2,306 4,060 28,781 6,176
Reports to shareholders 3,340 4,014 39,969 6,618
Directors/trustees' fees 254 1,226 14,956 1,910
Other expenses 3,712 13,814 110,891 18,339
------------ ------------ ------------ ------------
Total expenses 92,861 391,097 4,528,447 830,196
Less: Expenses waived (43,931) (35,159) (465,778) (236,502)
Expenses paid indirectly (857) (2,973) (10,637) (4,921)
------------ ------------ ------------ ------------
Net expenses 48,073 352,965 4,052,032 588,773
------------ ------------ ------------ ------------
Net investment income 96,581 774,674 16,503,730 1,735,096
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreements (Note 4):
Net realized gain (loss) on investments and swap agreements -- (118,110) 1,610,858 813,634
Net unrealized appreciation (depreciation) of investments
and swap agreements -- 46,043 (2,033,577) 757,566
------------ ------------ ------------ ------------
Net gain (loss) on investments and swap agreements -- (72,067) (422,719) 1,571,200
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $ 96,581 $ 702,607 $ 16,081,011 $ 3,306,296
============ ============ ============ ============
See notes to financial statements
- ------------------------------------------------------------ ------------ --------------------------------------------
NEW YORK MULTI-STATE INSURED TAX FREE FUND
INSURED --------------------------------------------
TAX FREE ARIZONA CALIFORNIA COLORADO
- -------------------------------------------------------------------------- --------------------------------------------
Investment Income
Interest income $ 4,320,372 $ 450,649 $ 676,949 $ 255,732
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 683,938 70,179 108,322 40,817
Distribution plan expenses - Class A 218,732 20,304 32,319 12,188
Distribution plan expenses - Class B 36,989 12,355 15,155 5,669
Shareholder servicing costs 54,165 4,933 6,838 3,548
Professional fees 11,600 4,399 4,698 3,106
Registration fees 841 941 901 238
Custodian fees 10,006 1,765 2,382 900
Reports to shareholders 7,538 1,386 1,950 1,633
Directors/trustees' fees 3,373 351 531 200
Other expenses 31,540 5,847 6,995 5,227
------------ ------------ ------------ ------------
Total expenses 1,058,722 122,460 180,091 73,526
Less: Expenses waived (136,788) (42,258) (44,159) (35,498)
Expenses paid indirectly (7,644) (747) (1,807) (1,125)
------------ ------------ ------------ ------------
Net expenses 914,290 79,455 134,125 36,903
------------ ------------ ------------ ------------
Net investment income 3,406,082 371,194 542,824 218,829
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreements (Note 4):
Net realized gain (loss) on investments and swap agreements (275,823) 210,568 161,819 (1,439)
Net unrealized appreciation (depreciation) of investments
and swap agreements 473,534 (267,002) (43,910) (5,757)
------------ ------------ ------------ ------------
Net gain (loss) on investments and swap agreements 197,711 (56,434) 117,909 (7,196)
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $ 3,603,793 $ 314,760 $ 660,733 $ 211,633
============ ============ ============ ============
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2005
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------
CONNECTICUT FLORIDA GEORGIA MARYLAND
- -----------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 871,339 $ 901,248 $ 283,455 $ 732,474
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 137,392 141,068 46,563 118,623
Distribution plan expenses - Class A 39,752 43,117 13,932 33,183
Distribution plan expenses - Class B 24,181 15,624 6,356 25,430
Shareholder servicing costs 9,962 10,378 2,733 7,433
Professional fees 5,764 10,523 4,214 5,930
Registration fees 670 258 289 1,063
Custodian fees 2,853 3,236 1,120 2,258
Reports to shareholders 2,293 2,362 1,523 2,164
Directors/trustees' fees 727 816 230 634
Other expenses 11,955 8,597 5,671 10,416
------------ ------------ ------------ ------------
Total expenses 235,549 235,979 82,631 207,134
Less: Expenses waived (59,820) (53,317) (39,461) (51,324)
Expenses paid indirectly (1,886) (1,636) (1,156) (2,298)
------------ ------------ ------------ ------------
Net expenses 173,843 181,026 42,014 153,512
------------ ------------ ------------ ------------
Net investment income 697,496 720,222 241,441 578,962
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreements (Note 4):
Net realized gain (loss) on investments and swap agreements 90,489 106,691 (30,785) 82,694
Net unrealized appreciation (depreciation) of investments
and swap agreements (31,753) (124,464) 58,284 (16,753)
------------ ------------ ------------ ------------
Net gain (loss) on investments and swap agreements 58,736 (17,773) 27,499 65,941
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $ 756,232 $ 702,449 $ 268,940 $ 644,903
============ ============ ============ ============
See notes to financial statements
- --------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------
MASSACHUSETTS MICHIGAN MINNESOTA
- --------------------------------------------------------------------------------------------------------
Interest income $ 653,425 $ 933,060 $ 360,965
------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 104,121 139,388 57,408
Distribution plan expenses - Class A 30,510 43,611 18,078
Distribution plan expenses - Class B 16,788 11,406 4,713
Shareholder servicing costs 8,823 11,528 4,674
Professional fees 6,295 8,232 4,267
Registration fees 912 963 279
Custodian fees 2,867 2,842 1,649
Reports to shareholders 2,081 2,318 1,748
Directors/trustees' fees 662 806 336
Other expenses 8,076 8,797 7,492
------------ ------------ ------------
Total expenses 181,135 229,891 100,644
Less: Expenses waived (48,702) (52,803) (49,187)
Expenses paid indirectly (1,800) (1,248) (1,701)
------------ ------------ ------------
Net expenses 130,633 175,840 49,756
------------ ------------ ------------
Net investment income 522,792 757,220 311,209
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreements (Note 4):
Net realized gain (loss) on investments and swap agreements 293,353 384,548 43,194
Net unrealized appreciation (depreciation) of investments
and swap agreements (196,238) (392,227) (51,927)
------------ ------------ ------------
Net gain (loss) on investments and swap agreements 97,115 (7,679) (8,733)
------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $ 619,907 $ 749,541 $ 302,476
============ ============ ============
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2005
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------------
MISSOURI NEW JERSEY NORTH CAROLINA OHIO
- -----------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 279,434 $ 1,660,347 $ 599,125 $ 621,181
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 46,119 256,978 96,511 96,170
Distribution plan expenses - Class A 11,397 77,749 26,642 27,507
Distribution plan expenses - Class B 15,905 31,641 22,113 18,199
Shareholder servicing costs 3,117 17,398 7,657 8,175
Professional fees 2,609 13,282 5,377 5,379
Registration fees 630 290 288 239
Custodian fees 1,522 4,261 2,749 1,689
Reports to shareholders 1,882 3,545 2,165 2,229
Directors/trustees' fees 232 1,262 559 552
Other expenses 5,658 13,520 7,690 5,978
------------ ------------ ------------ ------------
Total expenses 89,071 419,926 171,751 166,117
Less: Expenses waived (39,140) (69,596) (56,632) (55,312)
Expenses paid indirectly (1,137) (1,089) (2,030) (988)
------------ ------------ ------------ ------------
Net expenses 48,794 349,241 113,089 109,817
------------ ------------ ------------ ------------
Net investment income 230,640 1,311,106 486,036 511,364
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreements (Note 4):
Net realized gain (loss) on investments and swap agreements 27,965 396,174 111,939 (7,677)
Net unrealized appreciation (depreciation) of investments
and swap agreements 46,961 (342,167) (32,334) (936)
------------ ------------ ------------ ------------
Net gain (loss) on investments and swap agreements 74,926 54,007 79,605 (8,613)
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $ 305,566 $ 1,365,113 $ 565,641 $ 502,751
============ ============ ============ ============
See notes to financial statements
- --------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
--------------------------------------------
OREGON PENNSYLVANIA VIRGINIA
- --------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 676,287 $ 1,173,683 $ 877,415
------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 109,839 182,391 136,587
Distribution plan expenses - Class A 33,312 56,541 42,545
Distribution plan expenses - Class B 13,204 17,023 11,928
Shareholder servicing costs 11,378 14,359 10,248
Professional fees 4,944 8,979 7,175
Registration fees 632 226 309
Custodian fees 2,888 3,116 3,031
Reports to shareholders 2,579 3,132 2,188
Directors/trustees' fees 536 1,074 788
Other expenses 8,366 10,967 11,281
------------ ------------ ------------
Total expenses 187,678 297,808 226,080
Less: Expenses waived (52,095) (63,673) (52,118)
Expenses paid indirectly (1,210) (2,502) (1,066)
------------ ------------ ------------
Net expenses 134,373 231,633 172,896
------------ ------------ ------------
Net investment income 541,914 942,050 704,519
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreements (Note 4):
Net realized gain (loss) on investments and swap agreements 309,451 665,966 232,592
Net unrealized appreciation (depreciation) of investments
and swap agreements (224,778) (641,404) (173,486)
------------ ------------ ------------
Net gain (loss) on investments and swap agreements 84,673 24,562 59,106
------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $ 626,587 $ 966,612 $ 763,625
============ ============ ============
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT INSURED INTERMEDIATE
MONEY MARKET TAX EXEMPT
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 96,581 $ 76,797 $ 774,674 $ 1,396,672
Net realized gain (loss) on investments
and swap agreements -- -- (118,110) (42,578)
Net unrealized appreciation (depreciation) of investments
and swap agreements -- -- 46,043 (621,532)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 96,581 76,797 702,607 732,562
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (96,581) (76,797) (624,640) (1,217,150)
Net investment income - Class B -- -- (79,983) (153,481)
Net realized gains - Class A -- -- -- --
Net realized gain - Class B -- -- -- --
------------ ------------ ------------ ------------
Total distributions (96,581) (76,797) (704,623) (1,370,631)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 5,733,405 15,526,220 3,180,173 12,510,318
Reinvestment of distributions 94,433 75,241 492,069 930,079
Cost of shares redeemed (5,993,856) (18,519,020) (9,610,706) (10,485,277)
------------ ------------ ------------ ------------
(166,018) (2,917,559) (5,938,464) 2,955,120
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 1 -- 227,671 1,204,621
Reinvestment of distributions 4 -- 55,302 108,582
Cost of shares redeemed (21,632) (41,197) (1,225,021) (2,768,408)
------------ ------------ ------------ ------------
(21,627) (41,197) (942,048) (1,455,205)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (187,645) (2,958,756) (6,880,512) 1,499,915
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (187,645) (2,958,756) (6,882,528) 861,846
Net Assets
Beginning of period 14,007,342 16,966,098 70,644,421 69,782,575
------------ ------------ ------------ ------------
End of period+ $ 13,819,697 $ 14,007,342 $ 63,761,893 $ 70,644,421
============ ============ ============ ============
+Includes undistributed net investment income of $ -- $ -- $ 108,697 $ 38,646
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 5,733,405 15,526,220 496,840 1,932,760
Issued for distributions reinvested 94,433 75,241 76,744 144,275
Redeemed (5,993,856) (18,519,020) (1,498,141) (1,626,829)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (166,018) (2,917,559) (924,557) 450,206
============ ============ ============ ============
Class B:
Sold 1 -- 35,398 186,548
Issued for distributions reinvested 4 -- 8,612 16,809
Redeemed (21,632) (41,197) (190,795) (427,443)
------------ ------------ ------------ ------------
Net decrease in Class B shares outstanding (21,627) (41,197) (146,785) (224,086)
============ ============ ============ ============
See notes to financial statements
- -----------------------------------------------------------------------------------------------------------------------
INSURED INSURED
TAX EXEMPT TAX EXEMPT II
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 16,503,730 $ 34,726,429 $ 1,735,096 $ 3,206,325
Net realized gain (loss) on investments
and swap agreements 1,610,858 (996,161) 813,634 747,721
Net unrealized appreciation (depreciation) of investments
and swap agreements (2,033,577) (12,925,151) 757,566 (108,480)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 16,081,011 20,805,117 3,306,296 3,845,566
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (16,207,898) (34,656,091) (1,511,370) (2,730,704)
Net investment income - Class B (54,824) (133,406) (211,566) (446,083)
Net realized gains - Class A -- -- -- (625,204)
Net realized gain - Class B -- -- -- (123,282)
------------ ------------ ------------ ------------
Total distributions (16,262,722) (34,789,497) (1,722,936) (3,925,273)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 5,498,657 10,859,209 19,570,111 21,227,156
Reinvestment of distributions 12,524,320 26,578,691 1,102,499 2,539,297
Cost of shares redeemed (36,836,840) (81,302,747) (7,930,771) (20,457,528)
------------ ------------ ------------ ------------
(18,813,863) (43,864,847) 12,741,839 3,308,925
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 45,560 129,257 765,025 2,082,638
Reinvestment of distributions 36,252 92,057 152,727 425,505
Cost of shares redeemed (356,504) (1,137,768) (1,114,394) (3,435,657)
------------ ------------ ------------ ------------
(274,692) (916,454) (196,642) (927,514)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (19,088,555) (44,781,301) 12,545,197 2,381,411
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (19,270,266) (58,765,681) 14,128,557 2,301,704
Net Assets
Beginning of period 828,094,671 886,860,352 99,993,293 97,691,589
------------ ------------ ------------ ------------
End of period+ $808,824,405 $828,094,671 $114,121,850 $ 99,993,293
============ ============ ============ ============
+ Includes undistributed net investment income of $ 494,546 $ 253,538 $ 45,799 $ 33,639
============ ============ ============ ============
* Shares Issued and Redeemed
Class A:
Sold 536,878 1,059,662 1,266,386 1,378,776
Issued for distributions reinvested 1,225,531 2,593,816 71,104 165,270
Redeemed (3,603,173) (7,941,199) (512,157) (1,336,511)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (1,840,764) (4,287,721) 825,333 207,535
============ ============ ============ ============
Class B:
Sold 4,448 12,677 49,361 134,824
Issued for distributions reinvested 3,554 8,997 9,852 27,698
Redeemed (34,919) (111,054) (72,085) (225,431)
------------ ------------ ------------ ------------
Net decrease in Class B shares outstanding (26,917) (89,380) (12,872) (62,909)
============ ============ ============ ============
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE
INSURED TAX FREE FUND
NEW YORK ---------------------------
INSURED TAX FREE ARIZONA
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 3,406,082 $ 7,235,620 $ 371,194 $ 870,885
Net realized gain (loss) on investments
and swap agreements (275,823) (2,148,682) 210,568 69,920
Net unrealized appreciation (depreciation) of investments
and swap agreements 473,534 (696,617) (267,002) (230,690)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 3,603,793 4,390,321 314,760 710,115
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (3,360,081) (7,134,342) (329,712) (779,499)
Net investment income - Class B (114,398) (254,270) (40,646) (88,963)
Net realized gains - Class A -- -- -- (61,321)
Net realized gains - Class B -- -- -- (8,649)
------------ ------------ ------------ ------------
Total distributions (3,474,479) (7,388,612) (370,358) (938,432)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 5,379,037 10,685,426 646,273 1,256,785
Reinvestment of distributions 2,363,643 5,140,818 196,641 510,877
Cost of shares redeemed (10,773,577) (19,928,188) (2,980,967) (5,368,089)
------------ ------------ ------------ ------------
(3,030,897) (4,101,944) (2,138,053) (3,600,427)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 301,925 422,722 39,100 359,824
Reinvestment of distributions 93,544 210,286 16,867 51,575
Cost of shares redeemed (602,942) (1,472,513) (79,713) (978,700)
------------ ------------ ------------ ------------
(207,473) (839,505) (23,746) (567,301)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (3,238,370) (4,941,449) (2,161,799) (4,167,728)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (3,109,056) (7,939,740) (2,217,397) (4,396,045)
Net Assets
Beginning of period 185,587,811 193,527,551 20,433,991 24,830,036
------------ ------------ ------------ ------------
End of period+ $182,478,755 $185,587,811 $ 18,216,594 $ 20,433,991
============ ============ ============ ============
+Includes undistributed net investment income of $ 23,136 $ 91,533 $ 8,922 $ 8,086
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 368,915 731,828 46,902 90,986
Issued for distributions reinvested 162,257 352,186 14,258 36,922
Redeemed (739,922) (1,364,324) (216,271) (387,659)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (208,750) (280,310) (155,111) (259,751)
============ ============ ============ ============
Class B:
Sold 20,708 29,106 2,842 25,997
Issued for distributions reinvested 6,429 14,423 1,222 3,728
Redeemed (41,449) (100,817) (5,796) (70,885)
------------ ------------ ------------ ------------
Net decrease in Class B shares outstanding (14,312) (57,288) (1,732) (41,160)
============ ============ ============ ============
See notes to financial statements
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
CALIFORNIA COLORADO
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 542,824 $ 1,118,922 $ 218,829 $ 468,854
Net realized gain (loss) on investments
and swap agreements 161,819 (1,228) (1,439) 32,443
Net unrealized appreciation (depreciation) of investments
and swap agreements (43,910) (29,430) (5,757) (162,016)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 660,733 1,088,264 211,633 339,281
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (497,656) (1,002,660) (200,352) (418,598)
Net investment income - Class B (46,637) (98,056) (18,837) (44,306)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------ ------------ ------------ ------------
Total distributions (544,293) (1,100,716) (219,189) (462,904)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 1,704,158 3,327,105 586,016 1,506,132
Reinvestment of distributions 285,862 565,902 132,807 296,650
Cost of shares redeemed (1,543,155) (4,994,575) (479,195) (3,941,044)
------------ ------------ ------------ ------------
446,865 (1,101,568) 239,628 (2,138,262)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 92,206 140,274 -- 88,035
Reinvestment of distributions 19,259 40,838 13,300 28,447
Cost of shares redeemed (118,096) (635,385) (16,243) (637,145)
------------ ------------ ------------ ------------
(6,631) (454,273) (2,943) (520,663)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 440,234 (1,555,841) 236,685 (2,658,925)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 556,674 (1,568,293) 229,129 (2,782,548)
Net Assets
Beginning of period 28,919,765 30,488,058 10,851,021 13,633,569
------------ ------------ ------------ ------------
End of period+ $ 29,476,439 $ 28,919,765 $ 11,080,150 $ 10,851,021
============ ============ ============ ============
+Includes undistributed net investment income of $ 27,248 $ 28,717 $ 14,645 $ 15,005
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 136,463 266,470 42,452 107,998
Issued for distributions reinvested 22,859 45,634 9,654 21,564
Redeemed (123,573) (401,382) (34,865) (287,789)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 35,749 (89,278) 17,241 (158,227)
============ ============ ============ ============
Class B:
Sold 7,283 11,086 -- 6,444
Issued for distributions reinvested 1,540 3,292 967 2,070
Redeemed (9,374) (51,661) (1,186) (46,446)
------------ ------------ ------------ ------------
Net decrease in Class B shares outstanding (551) (37,283) (219) (37,932)
============ ============ ============ ============
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
CONNECTICUT FLORIDA
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 697,496 $ 1,437,677 $ 720,222 $ 1,526,474
Net realized gain (loss) on investments
and swap agreements 90,489 (9,581) 106,691 109,636
Net unrealized appreciation (depreciation) of investments
and swap agreements (31,753) (84,724) (124,464) (310,411)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 756,232 1,343,372 702,449 1,325,699
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (637,373) (1,246,426) (675,106) (1,409,052)
Net investment income - Class B (79,720) (172,518) (49,281) (98,983)
Net realized gains - Class A -- -- -- (100,964)
Net realized gains - Class B -- -- -- (8,951)
------------ ------------ ------------ ------------
Total distributions (717,093) (1,418,944) (724,387) (1,617,950)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 2,109,778 4,901,311 874,300 4,221,290
Reinvestment of distributions 490,356 907,176 383,494 861,819
Cost of shares redeemed (2,375,142) (4,858,857) (3,770,799) (5,762,913)
------------ ------------ ------------ ------------
224,992 949,630 (2,513,005) (679,804)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 91,625 171,594 238,353 277,972
Reinvestment of distributions 46,285 107,188 17,205 46,816
Cost of shares redeemed (314,425) (1,241,070) (500,985) (422,978)
------------ ------------ ------------ ------------
(176,515) (962,288) (245,427) (98,190)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 48,477 (12,658) (2,758,432) (777,994)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 87,616 (88,230) (2,780,370) (1,070,245)
Net Assets
Beginning of period 37,104,628 37,192,858 39,709,628 40,779,873
------------ ------------ ------------ ------------
End of period+ $ 37,192,244 $ 37,104,628 $ 36,929,258 $ 39,709,628
============ ============ ============ ============
+Includes undistributed net investment income of $ 11,588 $ 31,185 $ 43,242 $ 47,407
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 156,380 365,009 63,989 307,140
Issued for distributions reinvested 36,375 67,574 28,045 63,002
Redeemed (176,203) (361,216) (275,053) (420,415)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 16,552 71,367 (183,019) (50,273)
============ ============ ============ ============
Class B:
Sold 6,803 12,821 17,354 20,240
Issued for distributions reinvested 3,439 7,989 1,257 3,422
Redeemed (23,423) (92,697) (36,712) (30,952)
------------ ------------ ------------ ------------
Net decrease in Class B shares outstanding (13,181) (71,887) (18,101) (7,290)
============ ============ ============ ============
See notes to financial statements
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
GEORGIA MARYLAND
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 241,441 $ 442,632 $ 578,962 $ 1,208,279
Net realized gain (loss) on investments
and swap agreements (30,785) (45,798) 82,694 (188,230)
Net unrealized appreciation (depreciation) of investments
and swap agreements 58,284 (52,254) (16,753) (252,869)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 268,940 344,580 644,903 767,180
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (224,155) (399,998) (503,856) (1,011,003)
Net investment income - Class B (20,642) (43,910) (76,738) (162,812)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------ ------------ ------------ ------------
Total distributions (244,797) (443,908) (580,594) (1,173,815)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 1,276,752 1,678,395 1,047,186 3,855,660
Reinvestment of distributions 163,014 289,352 284,461 562,666
Cost of shares redeemed (820,178) (697,758) (1,502,975) (3,913,103)
------------ ------------ ------------ ------------
619,588 1,269,989 (171,328) 505,223
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 15,643 175,836 84,047 84,479
Reinvestment of distributions 12,429 25,438 52,938 115,905
Cost of shares redeemed (42,510) (458,942) (339,874) (979,473)
------------ ------------ ------------ ------------
(14,438) (257,668) (202,889) (779,089)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 605,150 1,012,321 (374,217) (273,866)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 629,293 912,993 (309,908) (680,501)
Net Assets
Beginning of period 12,110,053 11,197,060 32,287,101 32,967,602
------------ ------------ ------------ ------------
End of period+ $ 12,739,346 $ 12,110,053 $ 31,977,193 $ 32,287,101
============ ============ ============ ============
+Includes undistributed net investment income of $ 3,163 $ 6,519 $ 48,315 $ 49,947
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 92,549 122,182 74,544 274,901
Issued for distributions reinvested 11,868 21,159 20,283 40,140
Redeemed (60,401) (51,195) (107,284) (278,145)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 44,016 92,146 (12,457) 36,896
============ ============ ============ ============
Class B:
Sold 1,135 12,893 5,971 5,975
Issued for distributions reinvested 906 1,862 3,772 8,260
Redeemed (3,091) (33,395) (24,188) (69,576)
------------ ------------ ------------ ------------
Net decrease in Class B shares outstanding (1,050) (18,640) (14,445) (55,341)
============ ============ ============ ============
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
MASSACHUSETTS MICHIGAN
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 522,792 $ 1,113,540 $ 757,220 $ 1,621,494
Net realized gain (loss) on investments
and swap agreements 293,353 (280,495) 384,548 19,726
Net unrealized appreciation (depreciation) of investments
and swap agreements (196,238) (93,949) (392,227) (753,444)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 619,907 739,096 749,541 887,776
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (464,540) (1,003,042) (684,867) (1,564,872)
Net investment income - Class B (50,945) (112,002) (36,154) (69,045)
Net realized gains - Class A -- -- -- (18,653)
Net realized gains - Class B -- -- -- (1,187)
------------ ------------ ------------ ------------
Total distributions (515,485) (1,115,044) (721,021) (1,653,757)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 983,081 2,649,815 1,597,915 2,334,422
Reinvestment of distributions 373,306 838,840 449,681 1,047,597
Cost of shares redeemed (3,261,917) (3,647,128) (3,788,062) (8,345,749)
------------ ------------ ------------ ------------
(1,905,530) (158,473) (1,740,466) (4,963,730)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 135,640 217,588 15,001 1,019,288
Reinvestment of distributions 43,434 97,412 20,115 59,859
Cost of shares redeemed (656,226) (523,826) (19,999) (449,793)
------------ ------------ ------------ ------------
(477,152) (208,826) 15,117 629,354
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (2,382,682) (367,299) (1,725,349) (4,334,376)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (2,278,260) (743,247) (1,696,829) (5,100,357)
Net Assets
Beginning of period 28,951,803 29,695,050 38,170,548 43,270,905
------------ ------------ ------------ ------------
End of period+ $ 26,673,543 $ 28,951,803 $ 36,473,719 $ 38,170,548
============ ============ ============ ============
+Includes undistributed net investment income of $ 14,058 $ 6,751 $ 46,502 $ 10,303
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 81,313 215,998 125,574 182,111
Issued for distributions reinvested 30,897 69,517 35,287 81,909
Redeemed (270,543) (301,961) (297,711) (648,634)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (158,333) (16,446) (136,850) (384,614)
============ ============ ============ ============
Class B:
Sold 11,257 18,099 1,184 81,208
Issued for distributions reinvested 3,591 8,064 1,579 4,695
Redeemed (54,125) (43,560) (1,571) (35,114)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (39,277) (17,397) 1,192 50,789
============ ============ ============ ============
See notes to financial statements
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
MINNESOTA MISSOURI
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 311,209 $ 618,874 $ 230,640 $ 425,716
Net realized gain (loss) on investments
and swap agreements 43,194 (110,109) 27,965 (61,817)
Net unrealized appreciation (depreciation) of investments
and swap agreements (51,927) (12,405) 46,961 7,604
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 302,476 496,360 305,566 371,503
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (305,279) (577,488) (184,880) (317,027)
Net investment income - Class B (16,312) (39,057) (52,357) (102,848)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------ ------------ ------------ ------------
Total distributions (321,591) (616,545) (237,237) (419,875)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 687,885 1,515,312 3,463,824 680,322
Reinvestment of distributions 238,097 460,890 93,279 172,794
Cost of shares redeemed (608,151) (1,423,828) (300,563) (1,135,071)
------------ ------------ ------------ ------------
317,831 552,374 3,256,540 (281,955)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 13,800 226,775 13,000 254,474
Reinvestment of distributions 12,715 29,562 39,359 75,436
Cost of shares redeemed (369,129) (321,605) (156,683) (152,376)
------------ ------------ ------------ ------------
(342,614) (65,268) (104,324) 177,534
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (24,783) 487,106 3,152,216 (104,421)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (43,898) 366,921 3,220,545 (152,793)
Net Assets
Beginning of period 15,409,077 15,042,156 11,112,835 11,265,628
------------ ------------ ------------ ------------
End of period+ $ 15,365,179 $ 15,409,077 $ 14,333,380 $ 11,112,835
============ ============ ============ ============
+Includes undistributed net investment income of $ 4,992 $ 15,374 $ 6,439 $ 13,036
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 57,057 125,475 252,169 49,594
Issued for distributions reinvested 19,788 38,275 6,774 12,616
Redeemed (50,485) (118,957) (21,949) (83,123)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 26,360 44,793 236,994 (20,913)
============ ============ ============ ============
Class B:
Sold 1,146 18,824 943 18,386
Issued for distributions reinvested 1,055 2,451 2,857 5,507
Redeemed (30,645) (26,566) (11,319) (11,099)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (28,444) (5,291) (7,519) 12,794
============ ============ ============ ============
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
NEW JERSEY NORTH CAROLINA
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,311,106 $ 2,695,206 $ 486,036 $ 950,901
Net realized gain (loss) on investments
and swap agreements 396,174 (480,751) 111,939 (28,263)
Net unrealized depreciation of investments
and swap agreements (342,167) (564,678) (32,334) (173,945)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,365,113 1,649,777 565,641 748,693
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income-Class A (1,236,135) (2,461,177) (417,338) (793,354)
Net investment income-Class B (99,745) (207,772) (70,860) (143,369)
------------ ------------ ------------ ------------
Total distributions (1,335,880) (2,668,949) (488,198) (936,723)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 2,231,952 6,964,472 1,696,455 3,405,548
Reinvestment of dividends 850,478 1,658,007 305,573 564,125
Cost of shares redeemed (3,963,082) (7,871,721) (1,929,875) (1,985,084)
------------ ------------ ------------ ------------
(880,652) 750,758 72,153 1,984,589
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 499,550 516,658 309,826 596,971
Reinvestment of dividends 75,304 153,682 59,259 113,630
Cost of shares redeemed (790,509) (1,126,781) (144,733) (879,663)
------------ ------------ ------------ ------------
(215,655) (456,441) 224,352 (169,062)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (1,096,307) 294,317 296,505 1,815,527
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,067,074) (724,855) 373,948 1,627,497
Net Assets
Beginning of period 69,749,183 70,474,038 25,805,342 24,177,845
------------ ------------ ------------ ------------
End of period+ $ 68,682,109 $ 69,749,183 $ 26,179,290 $ 25,805,342
============ ============ ============ ============
+Includes undistributed net investment income of $ 14,723 $ 39,497 $ 17,796 $ 19,958
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 170,937 529,174 125,197 252,131
Issued for dividends reinvested 64,987 126,513 22,601 41,877
Redeemed (302,970) (600,459) (142,827) (147,365)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (67,046) 55,228 4,971 146,643
============ ============ ============ ============
Class B:
Sold 38,178 39,340 22,893 43,587
Issued for dividends reinvested 5,767 11,758 4,384 8,432
Redeemed (60,475) (86,001) (10,698) (64,966)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (16,530) (34,903) 16,579 (12,947)
============ ============ ============ ============
See notes to financial statements
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
OHIO OREGON
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 511,364 $ 1,032,907 $ 541,914 $ 1,108,252
Net realized gain (loss) on investments
and swap agreements (7,677) (61,610) 309,451 (152,598)
Net unrealized depreciation of investments
and swap agreements (936) (359,074) (224,778) (199,179)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 502,751 612,223 626,587 756,475
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income-Class A (450,041) (890,551) (501,518) (1,013,524)
Net investment income-Class B (60,540) (128,513) (40,096) (90,415)
------------ ------------ ------------ ------------
Total distributions (510,581) (1,019,064) (541,614) (1,103,939)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 811,804 1,568,616 2,746,740 5,005,781
Reinvestment of dividends 315,365 642,361 400,748 805,670
Cost of shares redeemed (759,456) (2,914,221) (2,203,725) (4,599,232)
------------ ------------ ------------ ------------
367,713 (703,244) 943,763 1,212,219
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 250,220 661,809 123,506 258,785
Reinvestment of dividends 47,950 94,024 36,246 82,309
Cost of shares redeemed (336,499) (1,314,596) (180,278) (646,264)
------------ ------------ ------------ ------------
(38,329) (558,763) (20,526) (305,170)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 329,384 (1,262,007) 923,237 907,049
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 321,554 (1,668,848) 1,008,210 559,585
Net Assets
Beginning of period 25,667,452 27,336,300 29,325,503 28,765,918
------------ ------------ ------------ ------------
End of period+ $ 25,989,006 $ 25,667,452 $ 30,333,713 $ 29,325,503
============ ============ ============ ============
+Includes undistributed net investment income of $ 26,211 $ 25,428 $ 7,181 $ 6,881
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 63,741 123,369 208,697 378,817
Issued for dividends reinvested 24,804 50,404 30,412 61,138
Redeemed (59,643) (228,169) (166,924) (349,432)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 28,902 (54,396) 72,185 90,523
============ ============ ============ ============
Class B:
Sold 19,672 51,402 9,407 19,484
Issued for dividends reinvested 3,769 7,366 2,756 6,255
Redeemed (26,532) (104,613) (13,776) (49,232)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (3,091) (45,845) (1,613) (23,493)
============ ============ ============ ============
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
---------------------------------------------------------
PENNSYLVANIA VIRGINIA
--------------------------- ---------------------------
1/1/05 to 1/1/04 to 1/1/05 to 1/1/04 to
6/30/05 12/31/04 6/30/05 12/31/04
- -----------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 942,050 $ 1,885,568 $ 704,519 $ 1,670,534
Net realized gain (loss) on investments
and swap agreements 665,966 (239,114) 232,592 (166,527)
Net unrealized depreciation of investments
and swap agreements (641,404) (565,122) (173,486) (469,991)
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 966,612 1,081,332 763,625 1,034,016
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (896,081) (1,773,253) (687,677) (1,596,737)
Net investment income - Class B (53,526) (113,727) (39,159) (88,681)
Net realized gains - Class A -- -- -- (11,293)
Net realized gains - Class B -- -- -- (754)
------------ ------------ ------------ ------------
Total distributions (949,607) (1,886,980) (726,836) (1,697,465)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 2,076,934 5,427,673 1,053,178 3,541,235
Reinvestment of distributions 549,487 1,068,162 415,121 821,567
Cost of shares redeemed (3,040,196) (4,940,784) (4,973,083) (9,556,243)
------------ ------------ ------------ ------------
(413,775) 1,555,051 (3,504,784) (5,193,441)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 197,238 440,041 60,296 169,007
Reinvestment of distributions 34,380 71,681 31,825 66,124
Cost of shares redeemed (221,851) (527,938) (161,418) (654,101)
------------ ------------ ------------ ------------
9,767 (16,216) (69,297) (418,970)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (404,008) 1,538,835 (3,574,081) (5,612,411)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (387,003) 733,187 (3,537,292) (6,275,860)
Net Assets
Beginning of period 49,421,922 48,688,735 38,333,097 44,608,957
------------ ------------ ------------ ------------
End of period+ $ 49,034,919 $ 49,421,922 $ 34,795,805 $ 38,333,097
============ ============ ============ ============
+Includes undistributed net investment income of $ 26,374 $ 33,931 $ 17,480 $ 39,797
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 156,437 408,428 79,023 265,085
Issued for distributions reinvested 41,357 80,182 31,172 61,717
Redeemed (229,191) (371,966) (371,774) (720,475)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (31,397) 116,644 (261,579) (393,673)
============ ============ ============ ============
Class B:
Sold 14,843 32,574 4,525 12,760
Issued for distributions reinvested 2,589 5,386 2,398 4,983
Redeemed (16,693) (39,867) (12,181) (49,305)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding 739 (1,907) (5,258) (31,562)
============ ============ ============ ============
See notes to financial statements
Notes to Financial Statements
June 30, 2005
1. Significant Accounting Policies--First Investors Tax-Exempt Money Market
Fund, Inc. ("Tax-Exempt Money Market Fund"), First Investors Insured
Intermediate Tax Exempt Fund ("Insured Intermediate Fund"), a series of
First Investors Series Fund ("Series Fund"), First Investors Insured Tax
Exempt Fund, Inc. ("Insured Tax Exempt Fund"), First Investors Insured Tax
Exempt Fund II ("Insured Tax Exempt II Fund"), a series of Executive
Investors Trust, First Investors New York Insured Tax Free Fund, Inc. ("New
York Insured Fund") 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 Fund"), (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 Fund 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 Fund 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 Fund 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 Fund and Multi-State Insured Fund 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 the market value of an instrument, whereby the difference
between its acquisition cost and the market 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 valuations provided by a pricing service approved by the
applicable Fund's Board of Directors/Trustees (the "Board"). The pricing
service considers security type, rating, market condition and yield data,
as well as market quotations and prices provided by market makers. The swap
agreements held by the Funds, other than the Tax-Exempt Money Market Fund,
are valued by a pricing service. The pricing service determines prices by
calculating the market rate or new par swap rate. The difference between
the original fixed rate and the new par swap rate is the basis for
calculating the swap's value. 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 Board. "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. When an issuer has not provided insurance, the Fund will obtain
insurance from AMBAC Indemnity Corporation. 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.
Notes to Financial Statements (continued)
June 30, 2005
At December 31, 2004, capital loss carryovers were as follows:
Year Capital Loss Carryovers Expire
------------------------------------------------------
Fund Total 2007 2008 2011 2012
- ---- ------------ ------------ ------------ ------------ ------------
>
Insured Intermediate $ 42,499 $ -- $ -- $ -- $ 42,499
Insured Tax Exempt 1,146,042 -- -- -- 1,146,042
New York Insured 2,045,952 -- -- -- 2,045,952
Colorado 3,477 -- -- 3,477 --
Connecticut 9,581 -- -- -- 9,581
Georgia 45,798 -- -- -- 45,798
Maryland 188,230 -- -- -- 188,230
Massachusetts 280,495 -- -- -- 280,495
Minnesota 155,389 6,201 619 38,460 110,109
Missouri 61,817 -- -- -- 61,817
New Jersey 480,751 -- -- -- 480,751
North Carolina 28,263 -- -- -- 28,263
Ohio 69,895 -- -- 8,285 61,610
Oregon 192,296 1,814 -- 37,884 152,598
Pennsylvania 239,114 -- -- -- 239,114
Virginia 178,307 -- -- -- 178,307
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/Class Allocation--Direct expenses attributable to a
Fund are charged to and paid from the assets of that Fund. General
expenses of Multi-State Insured Fund 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,
2005, The Bank of New York, custodian for the Funds, has provided credits
in the amount of $45,927 against custodian charges based on the uninvested
cash balances of the Funds. The Funds also reduced expenses through
brokerage service arrangements. For the six months ended June 30, 2005, the
Funds' expenses were reduced by $6,531 under these arrangements.
F. Derivatives--The Funds, other than the Tax-Exempt Money Market Fund, may
invest in derivatives such as inverse floating rate securities ("inverse
floaters") and interest rate swap agreements ("swaps") for the purpose of
managing their exposure to interest rate risk. Inverse floaters are
securities on which the rate of interest varies inversely with interest
rates on other securities or the value of an index. For example, an inverse
floater may pay interest at a rate that increases as a specified interest
rate index decreases but decreases as that index increases. The secondary
market for inverse floaters may be limited and they may be illiquid. The
market values of such securities generally are more volatile than the
market values of ordinary fixed rate obligations. The interest rates on
inverse floaters may be significantly reduced, even to zero, if interest
rates rise. Interest rate swap transactions are agreements between two
parties to exchange interest payments on a designated amount of two
different securities for a designated period of time. For example, two
parties may agree to exchange interest payments on variable and fixed rate
instruments. The Funds may enter into interest rate swap transactions to
preserve a return or spread on a particular investment or portion of its
bond portfolio. Swaps are marked-to-market daily based on valuations
provided by a pricing service and changes in value, if any, are recorded as
unrealized appreciation or depreciation in the Statements of Operations.
Gains or losses are realized upon early termination of the swap agreements.
Risks may exceed the amounts shown in the Statements of Assets and
Liabilities. These risks include failure of the counterparty to perform
under the contract's terms and the possible lack of liquidity with respect
to the swap agreements. The swap agreements open as of June 30, 2005, are
presented following each Fund's Portfolio of Investments.
G. 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.
Notes to Financial Statements (continued)
June 30, 2005
2. Capital--Tax-Exempt Money Market Fund sells two classes of shares, Class
A and Class B, each without an initial sales charge. Class B shares 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 and 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 also sells two classes of shares, Class A
and Class B, each with a public offering price that reflects different
sales charges and expense levels. Class A shares are sold with an initial
sales charge of up to 5.75% of the amount invested and together with the
Class B shares are subject to distribution plan fees as described in Note
5. Class B shares are sold without an initial sales charge, but are
generally subject to a contingent deferred sales charge which declines in
steps from 4% to 0% over a six-year period. Class B shares automatically
convert into Class A shares after eight years. Realized and unrealized
gains or losses, investment income and expenses (other than distribution
plan fees) are allocated daily to each class of shares based upon the
relative proportion of net assets of each class. Of the 1,000,000,000 $.01
par value 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 $1.00 par value shares originally authorized, Insured
Tax Exempt Fund has designated 300,000,000 shares as Class A and
200,000,000 shares as Class B. Of the 1,000,000,000 $.01 par value shares
originally authorized, New York Insured Fund has designated 500,000,000
shares as Class A and 500,000,000 shares as Class B. Executive Investors
Trust, Multi-State Insured Fund and Series Fund have established an
unlimited number of no par value shares of beneficial interest for both
Class A and Class B shares.
3. Concentration of Credit Risk-- The Funds invest in debt instruments of
municipal issuers whose ability to meet their obligations may be affected
by economic developments in a state, industry or region.
4. Security Transactions--For the six months ended June 30, 2005, purchases
and sales of municipal securities, other than short-term municipal notes
and swap agreements, were as follows:
Cost of Proceeds
Fund Purchases from Sales
- ---- ------------ ------------
Insured Intermediate $ 63,959,984 $ 68,207,234
Insured Tax Exempt 118,771,659 133,478,263
Insured Tax Exempt II 74,268,880 61,892,756
New York Insured 35,370,091 35,068,397
Arizona 785,700 2,865,716
California 3,607,680 3,362,857
Colorado 517,285 100,000
Connecticut 5,895,260 6,243,089
Florida 1,319,025 4,117,585
Georgia 1,989,704 1,250,028
Maryland 3,959,082 4,721,204
Massachusetts 5,241,960 7,503,609
Michigan 3,074,237 5,478,281
Minnesota 2,643,667 2,705,277
Missouri 5,468,855 2,324,317
New Jersey 19,372,837 16,471,802
North Carolina 2,182,978 2,581,221
Ohio 2,851,480 2,738,684
Oregon 8,583,123 7,820,035
Pennsylvania 13,481,630 13,190,129
Virginia 2,487,243 5,959,133
Notes to Financial Statements (continued)
June 30, 2005
At June 30, 2005, aggregate cost and net unrealized appreciation of
securities, excluding swap agreements, for federal income tax purposes were
as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Fund Cost Appreciation Depreciation Appreciation
- ---- ------------ ------------ ------------ ------------
Insured Intermediate $ 64,171,591 $ 1,245,522 -- $ 1,245,522
Insured Tax Exempt 716,849,862 90,084,903 -- 90,084,903
Insured Tax Exempt II 112,616,702 5,309,060 -- 5,309,060
New York Insured 172,060,173 15,577,717 -- 15,577,717
Arizona 16,553,882 1,294,727 -- 1,294,727
California 26,609,352 2,499,210 -- 2,499,210
Colorado 10,028,400 781,464 -- 781,464
Connecticut 34,136,244 2,257,399 -- 2,257,399
Florida 33,874,510 2,682,109 -- 2,682,109
Georgia 11,606,517 895,914 -- 895,914
Maryland 29,265,654 2,248,514 -- 2,248,514
Massachusetts 24,248,064 2,214,048 -- 2,214,048
Michigan 33,081,260 3,138,450 -- 3,138,450
Minnesota 14,055,231 1,002,239 -- 1,002,239
Missouri 13,265,821 789,148 -- 789,148
New Jersey 65,427,314 5,063,282 -- 5,063,282
North Carolina 23,825,985 1,587,418 -- 1,587,418
Ohio 23,741,505 2,084,479 -- 2,084,479
Oregon 28,160,436 1,726,676 -- 1,726,676
Pennsylvania 44,802,157 3,560,227 -- 3,560,227
Virginia 31,614,864 2,662,797 -- 2,662,797
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, 2005, total directors/trustees fees accrued by the
Funds amounted to $32,015.
The Investment Advisory Agreements provide as compensation to FIMCO for
each Fund, other than the Tax-Exempt Money Market Fund, Insured
Intermediate Fund and Insured Tax Exempt II Fund, 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 Market
Fund and Insured Intermediate Fund is payable monthly, at the rate of .50%
and .60%, respectively, of each Fund's average daily net assets. The annual
fee for Insured Tax Exempt II Fund 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, 2005, FIMCO has voluntarily waived
advisory fees in excess of .60% for Insured Tax Exempt Fund and New York
Insured Fund. In addition, FIMCO has voluntarily waived advisory fees to
limit each of the other Fund's overall expense ratio on Class A and Class B
shares as follows: .70% on Class A and 1.45% on Class B for Tax-Exempt
Money Market; .95% on Class A and 1.70% on Class B for Insured Intermediate
and New Jersey; 1.00% on Class A and 1.75% on Class B for Insured Tax
Exempt II; .75% on Class A and 1.50% on Class B for Arizona, North Carolina
and Ohio; .85% on Class A and 1.60% on Class B for California, Connecticut,
Maryland, Massachusetts and Oregon; .60% on Class A and 1.35% on Class B
for Colorado, Georgia, Minnesota and Missouri; and .90% on Class A and
1.65% on Class B for Florida, Michigan, Pennsylvania and Virginia. For the
six months ended June 30, 2005, advisory fees accrued to FIMCO by the Funds
were $6,224,596 of which $1,783,253 was waived as noted above.
For the six months ended June 30, 2005, FIC, as underwriter, received
$1,047,220 in commissions from the sale of shares of the Funds after
allowing $282,979 to other dealers. Shareholder servicing costs included
$446,303 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. The fee consists of a distribution fee and a service fee.
The service fee is paid for the ongoing servicing of clients who are
shareholders of that Fund. For the six months ended June 30, 2005, the fees
paid under the distribution plans, other than the Tax-Exempt Money Market
Fund, were limited to .27% on Class A and 1.00% on Class B for the Insured
Tax Exempt Fund and .25% on Class A and 1.00% on Class B for each of the
remaining Funds. The distribution fees paid by Tax-Exempt Money Market Fund
were limited to .75% on Class B shares. For the six months ended June 30,
2005, total distribution plan fees accrued to FIC by the Funds amounted to
$2,505,139.
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.
- ---------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
--------------------------------------------------------------------------------------------------------------
Income from Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and 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
- -------
2000 $ 1.00 $.034 -- $ .034 $.034 -- .034
2001 1.00 .022 -- .022 .022 -- .022
2002 1.00 .008 -- .008 .008 -- .008
2003 1.00 .003 -- .003 .003 -- .003
2004 1.00 .001 -- .001 .001 -- .001
2005(a) 1.00 .007 -- .007 .007 -- .007
Class B
- -------
2000 1.00 .026 -- .026 .026 -- .026
2001 1.00 .014 -- .014 .014 -- .014
2002 1.00 .001 -- .001 .001 -- .001
2003 1.00 -- -- -- -- -- --
2004 1.00 -- -- -- -- -- --
2005(a) 1.00 .003 -- .003 .003 -- .003
- ---------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
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 6.45 .150 .092 .242 .149 .043 .192
2004 6.50 .134 (.052) .082 .132 -- .132
2005(a) 6.45 .079 (.007) .072 .072 -- .072
Class B
- -------
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 6.46 .101 .093 .194 .101 .043 .144
2004 6.51 .086 (.052) .034 .084 -- .084
2005(a) 6.46 .056 (.008) .048 .048 -- .048
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
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 10.46 .425 .037 .462 .422 .080 .502
2004 10.42 .418 (.169) .249 .419 -- .419
2005(a) 10.25 .207 (.003) .204 .204 -- .204
Class B
- -------
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 10.45 .344 .036 .380 .350 .080 .430
2004 10.40 .336 (.159) .177 .347 -- .347
2005(a) 10.23 .167 .001 .168 .168 -- .168
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
Net Asset -------------------- ----------------------
Value, Net Assets Net Net Portfolio
End of Total End of Period Investment Investment Turnover
Period Return* (in millions) Expenses Income Expenses Income (Loss) Rate
- ---------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND
- ----------------------------
Class A
- -------
2000 $ 1.00 3.43% $ 17,553 .80% 3.38% 1.09% 3.09% --
2001 1.00 2.17 20,185 .80 2.10 .88 2.02 --
2002 1.00 .81 18,409 .80 .81 .92 .69 --
2003 1.00 .34 16,902 .75 .35 1.11 (.01) --
2004 1.00 .51 13,985 .70 .49 1.24 (.05) --
2005(a) 1.00 .70 13,819 .70+ 1.40+ 1.35+ .75+ --
Class B
- -------
2000 1.00 2.66 140 1.55 2.63 1.84 2.34 --
2001 1.00 1.41 30 1.55 1.35 1.63 1.27 --
2002 1.00 .12 64 1.48 .13 1.60 .01 --
2003 1.00 -- 64 1.10 -- 1.46 (.36) --
2004 1.00 -- 23 1.19 -- 1.73 (.54) --
2005(a) 1.00 .34 1 1.45+ .65+ 2.10+ --+ --
- ---------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
2000 $ 6.10 10.11% $ 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 6.50 3.79 57,103 .85 2.28 1.09 2.04 77
2004 6.45 1.28 59,520 .95 2.08 1.05 1.98 102
2005(a) 6.45 1.13 53,581 .95+ 2.47+ 1.06+ 2.36+ 98
Class B
- -------
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 6.51 3.02 12,680 1.60 1.53 1.84 1.29 77
2004 6.46 .53 11,125 1.70 1.33 1.80 1.23 102
2005(a) 6.46 .75 10,181 1.70+ 1.72+ 1.81+ 1.61+ 98
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
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 10.42 4.50 882,285 1.02 4.06 1.11 3.97 25
2004 10.25 2.47 824,507 1.01 4.08 1.15 3.94 27
2005(a) 10.25 2.01 805,513 1.00+ 4.08+ 1.12+ 3.96+ 15
Class B
- -------
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 10.40 3.70 4,576 1.75 3.33 1.84 3.24 25
2004 10.23 1.76 3,588 1.74 3.35 1.88 3.21 27
2005(a) 10.23 1.66 3,311 1.73+ 3.35+ 1.85+ 3.23+ 15
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
--------------------------------------------------------------------------------------------------------------
Income from Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and 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 II FUND ++
- --------------------------
Class A
- -------
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 15.27 .526 .231 .757 .527 .090 .617
2004 15.41 .535 .123 .658 .531 .117 .648
2005(a) 15.42 .260 .219 .479 .259 -- .259
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 15.26 .412 .230 .642 .412 .090 .502
2004 15.40 .419 .129 .548 .411 .117 .528
2005(a) 15.42 .203 .216 .419 .199 -- .199
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
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 14.90 .596 .042 .638 .585 .123 .708
2004 14.83 .570 (.219) .351 .581 -- .581
2005(a) 14.60 .271 .015 .286 .276 -- .276
Class B
- -------
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 14.89 .485 .035 .520 .477 .123 .600
2004 14.81 .460 (.217) .243 .473 -- .473
2005(a) 14.58 .216 .016 .232 .222 -- .222
- ---------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ------------
Class A
- -------
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 13.98 .552 .101 .653 .556 .087 .643
2004 13.99 .552 (.074) .478 .550 .048 .598
2005(a) 13.87 .277 (.041) .236 .276 -- .276
Class B
- -------
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 13.98 .445 .100 .545 .448 .087 .535
2004 13.99 .449 (.079) .370 .442 .048 .490
2005(a) 13.87 .226 (.032) .194 .224 -- .224
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
Net Asset -------------------- ----------------------
Value, Net Assets Net Net Portfolio
End of Total End of Period Investment Investment Turnover
Period Return* (in millions) Expenses Income Expenses Income Rate
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT II FUND ++
- --------------------------
Class A
- -------
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 15.41 5.04 80,300 1.00 3.43 1.48 2.95 120
2004 15.42 4.36 83,555 1.00 3.47 1.46 3.01 115
2005(a) 15.64 3.13 97,649 1.00+ 3.41+ 1.46+ 2.95+ 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 15.40 4.26 17,392 1.75 2.68 2.23 2.20 120
2004 15.42 3.62 16,439 1.75 2.72 2.21 2.26 115
2005(a) 15.64 2.73 16,473 1.75+ 2.66+ 2.21+ 2.20+ 60
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
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 14.83 4.37 184,944 .99 3.99 1.14 3.84 21
2004 14.60 2.44 177,975 .98 3.88 1.13 3.73 30
2005(a) 14.61 1.98 175,069 .98+ 3.76+ 1.13+ 3.61+ 19
Class B
- -------
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 14.81 3.55 8,583 1.74 3.24 1.89 3.09 21
2004 14.58 1.69 7,613 1.73 3.13 1.88 2.98 30
2005(a) 14.59 1.60 7,410 1.73+ 3.01+ 1.88+ 2.86+ 19
- ---------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ------------
Class A
- -------
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 13.99 4.77 21,709 .75 3.95 1.20 3.50 43
2004 13.87 3.51 17,911 .75 3.96 1.18 3.53 15
2005(a) 13.83 1.72 15,723 .75+ 4.06+ 1.21+ 3.60+ 4
Class B
- -------
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 13.99 3.96 3,121 1.50 3.20 1.95 2.75 43
2004 13.87 2.71 2,523 1.50 3.21 1.93 2.78 15
2005(a) 13.84 1.42 2,493 1.50+ 3.31+ 1.96+ 2.85+ 4
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
--------------------------------------------------------------------------------------------------------------
Income from Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and 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
- -------
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 12.47 .481 .063 .544 .479 .025 .504
2004 12.51 .480 .002 .482 .472 -- .472
2005(a) 12.52 .239 .051 .290 .240 -- .240
Class B
- -------
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 12.47 .387 .061 .448 .383 .025 .408
2004 12.51 .388 (.002) .386 .376 -- .376
2005(a) 12.52 .193 .049 .242 .192 -- .192
- ---------------------------------------------------------------------------------------------------------------------------
COLORADO FUND
- -------------
Class A
- -------
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 13.75 .560 .126 .686 .556 -- .556
2004 13.88 .564 (.089) .475 .555 -- .555
2005(a) 13.80 .281 .001 .282 .282 -- .282
Class B
- -------
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 13.74 .456 .122 .578 .448 -- .448
2004 13.87 .466 (.089) .377 .447 -- .447
2005(a) 13.80 .230 (.002) .228 .228 -- .228
- ---------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
- ----------------
Class A
- -------
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 13.62 .536 .023 .559 .534 .115 .649
2004 13.53 .533 (.037) .496 .526 -- .526
2005(a) 13.50 .261 .027 .288 .268 -- .268
Class B
- -------
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 13.61 .434 .021 .455 .430 .115 .545
2004 13.52 .434 (.034) .400 .430 -- .430
2005(a) 13.49 .211 .019 .230 .220 -- .220
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
Net Asset -------------------- ----------------------
Value, Net Assets Net Net Portfolio
End of Total End of Period Investment Investment Turnover
Period Return* (in millions) Expenses Income Expenses Income Rate
- ---------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
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 12.51 4.45 26,977 .75 3.87 1.20 3.42 81
2004 12.52 3.96 25,873 .85 3.86 1.16 3.55 30
2005(a) 12.57 2.34 26,425 .85+ 3.84+ 1.17+ 3.52+ 12
Class B
- -------
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 12.51 3.65 3,511 1.50 3.12 1.95 2.67 81
2004 12.52 3.15 3,046 1.60 3.11 1.91 2.80 30
2005(a) 12.57 1.95 3,052 1.60+ 3.09+ 1.92+ 2.77+ 12
- ---------------------------------------------------------------------------------------------------------------------------
COLORADO FUND
- -------------
Class A
- -------
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 13.88 5.09 11,956 .60 4.07 1.29 3.38 46
2004 13.80 3.51 9,705 .60 4.06 1.25 3.41 7
2005(a) 13.80 2.07 9,938 .60+ 4.10+ 1.27+ 3.43+ 1
Class B
- -------
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 13.87 4.28 1,678 1.35 3.32 2.04 2.63 46
2004 13.80 2.78 1,146 1.35 3.31 2.00 2.66 7
2005(a) 13.80 1.67 1,142 1.35+ 3.35+ 2.02+ 2.68+ 1
- ---------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
- ----------------
Class A
- -------
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 13.53 4.19 31,234 .85 3.94 1.20 3.59 25
2004 13.50 3.76 32,130 .85 3.97 1.18 3.64 45
2005(a) 13.52 2.16 32,391 .85+ 3.91+ 1.19+ 3.57+ 16
Class B
- -------
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 13.52 3.40 5,959 1.60 3.19 1.95 2.84 25
2004 13.49 3.02 4,975 1.60 3.22 1.93 2.89 45
2005(a) 13.50 1.72 4,801 1.60+ 3.16+ 1.94+ 2.82+ 16
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
--------------------------------------------------------------------------------------------------------------
Income from Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and 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
- -------
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 13.83 .531 .038 .569 .527 .062 .589
2004 13.81 .523 (.068) .455 .517 .038 .555
2005(a) 13.71 .264 (.010) .254 .264 -- .264
Class B
- -------
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 13.83 .429 .032 .461 .419 .062 .481
2004 13.81 .421 (.064) .357 .409 .038 .447
2005(a) 13.72 .214 (.011) .203 .213 -- .213
- ---------------------------------------------------------------------------------------------------------------------------
GEORGIA FUND
- ------------
Class A
- -------
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 13.86 .562 .109 .671 .557 .114 .671
2004 13.86 .547 (.119) .428 .548 -- .548
2005(a) 13.74 .270 .044 .314 .274 -- .274
Class B
- -------
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 13.84 .460 .103 .563 .449 .114 .563
2004 13.84 .447 (.117) .330 .440 -- .440
2005(a) 13.73 .219 .042 .261 .221 -- .221
- ---------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
- -------------
Class A
- -------
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 14.14 .526 .094 .620 .525 .025 .550
2004 14.21 .538 (.194) .344 .524 -- .524
2005(a) 14.03 .263 .031 .294 .264 -- .264
Class B
- -------
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 14.14 .420 .102 .522 .417 .025 .442
2004 14.22 .436 (.200) .236 .416 -- .416
2005(a) 14.04 .212 .028 .240 .210 -- .210
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
Net Asset -------------------- ----------------------
Value, Net Assets Net Net Portfolio
End of Total End of Period Investment Investment Turnover
Period Return* (in millions) Expenses Income Expenses Income Rate
- ---------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
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 13.81 4.19 37,426 .85 3.84 1.17 3.52 37
2004 13.71 3.38 36,477 .90 3.81 1.16 3.55 20
2005(a) 13.70 1.87 33,947 .90+ 3.90+ 1.20+ 3.60+ 4
Class B
- -------
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 13.81 3.38 3,354 1.60 3.09 1.92 2.77 37
2004 13.72 2.64 3,232 1.65 3.06 1.91 2.80 20
2005(a) 13.71 1.49 2,982 1.65+ 3.15+ 1.95+ 2.85+ 4
- ---------------------------------------------------------------------------------------------------------------------------
GEORGIA FUND
- ------------
Class A
- -------
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 13.86 4.94 9,633 .60 4.05 1.26 3.39 20
2004 13.74 3.18 10,815 .60 4.00 1.24 3.36 32
2005(a) 13.78 2.31 11,455 .60+ 3.97+ 1.25+ 3.32+ 10
Class B
- -------
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 13.84 4.13 1,564 1.35 3.30 2.01 2.64 20
2004 13.73 2.45 1,295 1.35 3.25 1.99 2.61 32
2005(a) 13.77 1.92 1,284 1.35+ 3.22+ 2.00+ 2.57+ 10
- ---------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
- -------------
Class A
- -------
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 14.21 4.47 26,934 .85 3.71 1.18 3.38 27
2004 14.03 2.48 27,107 .85 3.83 1.18 3.50 15
2005(a) 14.06 2.11 26,989 .85+ 3.79+ 1.19+ 3.45+ 13
Class B
- -------
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 14.22 3.75 6,033 1.60 2.96 1.93 2.63 27
2004 14.04 1.70 5,180 1.60 3.08 1.93 2.75 15
2005(a) 14.07 1.72 4,989 1.60+ 3.04+ 1.94+ 2.70+ 13
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
--------------------------------------------------------------------------------------------------------------
Income from Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and 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
- -------
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 12.30 .484 .103 .587 .482 .165 .647
2004 12.24 .465 (.139) .326 .466 -- .466
2005(a) 12.10 .231 .047 .278 .228 -- .228
Class B
- -------
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 12.30 .392 .099 .491 .386 .165 .551
2004 12.24 .375 (.135) .240 .370 -- .370
2005(a) 12.11 .189 .043 .232 .182 -- .182
- ---------------------------------------------------------------------------------------------------------------------------
MICHIGAN FUND
- -------------
Class A
- -------
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 13.03 .535 .061 .596 .541 .055 .596
2004 13.03 .523 (.240) .283 .526 .007 .533
2005(a) 12.78 .261 (.003) .258 .248 -- .248
Class B
- -------
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 13.01 .437 .063 .500 .445 .055 .500
2004 13.01 .425 (.238) .187 .430 .007 .437
2005(a) 12.76 .213 (.003) .210 .200 -- .200
- ---------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
- --------------
Class A
- -------
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 12.08 .499 .083 .582 .492 -- .492
2004 12.17 .496 (.091) .405 .495 -- .495
2005(a) 12.08 .244 (.012) .232 .252 -- .252
Class B
- -------
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 12.08 .407 .089 .496 .396 -- .396
2004 12.18 .408 (.089) .319 .399 -- .399
2005(a) 12.10 .209 (.022) .187 .207 -- .207
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
Net Asset -------------------- ----------------------
Value, Net Assets Net Net Portfolio
End of Total End of Period Investment Investment Turnover
Period Return* (in millions) Expenses Income Expenses Income Rate
- ---------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
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 12.24 4.86 25,819 .85 3.93 1.19 3.59 21
2004 12.10 2.74 25,329 .85 3.85 1.19 3.51 29
2005(a) 12.15 2.32 23,512 .85+ 3.85+ 1.21+ 3.49+ 19
Class B
- -------
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 12.24 4.05 3,876 1.60 3.18 1.94 2.84 21
2004 12.11 2.01 3,623 1.60 3.10 1.94 2.76 29
2005(a) 12.16 1.93 3,161 1.60+ 3.10+ 1.96+ 2.74+ 19
- ---------------------------------------------------------------------------------------------------------------------------
MICHIGAN FUND
- -------------
Class A
- -------
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 13.03 4.66 41,585 .94 4.11 1.19 3.86 29
2004 12.78 2.25 35,869 .90 4.07 1.19 3.78 23
2005(a) 12.79 2.04 34,155 .90+ 4.12+ 1.19+ 3.83+ 8
Class B
- -------
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 13.01 3.91 1,686 1.69 3.36 1.94 3.11 29
2004 12.76 1.48 2,302 1.65 3.32 1.94 3.03 23
2005(a) 12.77 1.66 2,319 1.65+ 3.37+ 1.94+ 3.08+ 8
- ---------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
- --------------
Class A
- -------
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 12.17 4.91 13,848 .60 4.14 1.30 3.44 32
2004 12.08 3.42 14,287 .60 4.12 1.24 3.48 18
2005(a) 12.06 1.95 14,588 .60+ 4.09+ 1.25+ 3.44+ 17
Class B
- -------
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 12.18 4.17 1,194 1.35 3.39 2.05 2.69 32
2004 12.10 2.68 1,122 1.35 3.37 1.99 2.73 18
2005(a) 12.08 1.56 777 1.35+ 3.34+ 2.00+ 2.69+ 17
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
--------------------------------------------------------------------------------------------------------------
Income from Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and 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
- -------
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 13.65 .541 .185 .726 .534 .012 .546
2004 13.83 .558 (.056) .502 .552 -- .552
2005(a) 13.78 .269 .071 .340 .280 -- .280
Class B
- -------
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 13.65 .438 .180 .618 .426 .012 .438
2004 13.83 .454 (.050) .404 .444 -- .444
2005(a) 13.79 .221 .055 .276 .226 -- .226
- ---------------------------------------------------------------------------------------------------------------------------
NEW JERSEY FUND
- ---------------
Class A
- -------
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 13.38 .524 .038 .562 .526 .116 .642
2004 13.30 .518 (.184) .334 .514 -- .514
2005(a) 13.12 .253 .005 .258 .258 -- .258
Class B
- -------
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 13.34 .424 .046 .470 .424 .116 .540
2004 13.27 .418 (.192) .226 .406 -- .406
2005(a) 13.09 .203 .011 .214 .204 -- .204
- ---------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
- -------------------
Class A
- -------
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 13.57 .536 .145 .681 .537 .084 .621
2004 13.63 .530 (.108) .422 .522 -- .522
2005(a) 13.53 .263 .041 .304 .264 -- .264
Class B
- -------
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 13.58 .434 .141 .575 .441 .084 .525
2004 13.63 .429 (.103) .326 .426 -- .426
2005(a) 13.53 .213 .043 .256 .216 -- .216
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
Net Asset -------------------- ----------------------
Value, Net Assets Net Net Portfolio
End of Total End of Period Investment Investment Turnover
Period Return* (in millions) Expenses Income Expenses Income Rate
- ---------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- -------------
Class A
- -------
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 13.83 5.43 8,158 .60 3.95 1.35 3.20 22
2004 13.78 3.73 7,839 .60 4.07 1.28 3.39 7
2005(a) 13.84 2.49 11,150 .60+ 3.96+ 1.25+ 3.31+ 19
Class B
- -------
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 13.83 4.60 3,108 1.35 3.20 2.10 2.45 22
2004 13.79 2.99 3,274 1.35 3.32 2.03 2.64 7
2005(a) 13.84 2.02 3,184 1.35+ 3.21+ 2.00+ 2.56+ 19
- ---------------------------------------------------------------------------------------------------------------------------
NEW JERSEY FUND
- ---------------
Class A
- -------
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 13.30 4.28 63,407 .96 3.90 1.16 3.70 34
2004 13.12 2.59 63,235 .95 3.95 1.15 3.75 28
2005(a) 13.12 1.99 62,379 .95+ 3.89+ 1.15+ 3.69+ 24
Class B
- -------
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 13.27 3.59 7,067 1.71 3.15 1.91 2.95 34
2004 13.09 1.75 6,514 1.70 3.20 1.90 3.00 28
2005(a) 13.10 1.65 6,303 1.70+ 3.14+ 1.90+ 2.94+ 24
- ---------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
- -------------------
Class A
- -------
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 13.63 5.11 19,592 .75 3.94 1.25 3.44 22
2004 13.53 3.18 21,430 .75 3.94 1.20 3.49 59
2005(a) 13.57 2.27 21,566 .75+ 3.91+ 1.21+ 3.45+ 9
Class B
- -------
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 13.63 4.30 4,586 1.50 3.19 2.00 2.69 22
2004 13.53 2.45 4,375 1.50 3.19 1.95 2.74 59
2005(a) 13.57 1.91 4,613 1.50+ 3.16+ 1.96+ 2.70+ 9
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
--------------------------------------------------------------------------------------------------------------
Income from Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and 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
- -------
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 12.86 .520 .087 .607 .517 -- .517
2004 12.95 .517 (.187) .330 .510 -- .510
2005(a) 12.77 .258 (.010) .248 .258 -- .258
Class B
- -------
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 12.87 .425 .086 .511 .421 -- .421
2004 12.96 .422 (.198) .224 .414 -- .414
2005(a) 12.77 .211 (.001) .210 .210 -- .210
- ---------------------------------------------------------------------------------------------------------------------------
OREGON FUND
- -----------
Class A
- -------
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 13.27 .524 .078 .602 .522 -- .522
2004 13.35 .513 (.152) .361 .511 -- .511
2005(a) 13.20 .246 .040 .286 .246 -- .246
Class B
- -------
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 13.25 .424 .092 .516 .426 -- .426
2004 13.34 .414 (.159) .255 .415 -- .415
2005(a) 13.18 .197 .031 .228 .198 -- .198
- ---------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
- -----------------
Class A
- -------
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 13.57 .538 .016 .554 .534 .050 .584
2004 13.54 .527 (.219) .308 .528 -- .528
2005(a) 13.32 .259 .012 .271 .261 -- .261
Class B
- -------
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 13.55 .435 .024 .459 .429 .050 .479
2004 13.53 .427 (.227) .200 .420 -- .420
2005(a) 13.31 .209 .008 .217 .207 -- .207
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
Net Asset -------------------- ----------------------
Value, Net Assets Net Net Portfolio
End of Total End of Period Investment Investment Turnover
Period Return* (in millions) Expenses Income Expenses Income Rate
- ---------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
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 12.95 4.82 23,032 .75 4.02 1.20 3.57 32
2004 12.77 2.63 22,010 .75 4.06 1.19 3.62 24
2005(a) 12.76 1.97 22,372 .75+ 4.10+ 1.19+ 3.66+ 11
Class B
- -------
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 12.96 4.04 4,304 1.50 3.27 1.95 2.82 32
2004 12.77 1.78 3,658 1.50 3.31 1.94 2.87 24
2005(a) 12.77 1.66 3,617 1.50+ 3.35+ 1.94+ 2.91+ 11
- ---------------------------------------------------------------------------------------------------------------------------
OREGON FUND
- -----------
Class A
- -------
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 13.35 4.63 25,726 .75 3.94 1.22 3.47 4
2004 13.20 2.78 26,631 .75 3.89 1.21 3.43 15
2005(a) 13.24 2.19 27,654 .85+ 3.77+ 1.21+ 3.41+ 27
Class B
- -------
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 13.34 3.96 3,040 1.50 3.19 1.97 2.72 4
2004 13.18 1.96 2,695 1.50 3.14 1.96 2.68 15
2005(a) 13.21 1.75 2,680 1.60+ 3.02+ 1.96+ 2.66+ 27
- ---------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
- -----------------
Class A
- -------
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 13.54 4.17 45,155 .90 3.98 1.15 3.73 12
2004 13.32 2.35 45,969 .90 3.95 1.16 3.69 24
2005(a) 13.33 2.06 45,570 .90+ 3.93+ 1.18+ 3.65+ 27
Class B
- -------
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 13.53 3.45 3,534 1.65 3.23 1.90 2.98 12
2004 13.31 1.52 3,453 1.65 3.20 1.91 2.94 24
2005(a) 13.32 1.65 3,465 1.65+ 3.18+ 1.93+ 2.90+ 27
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
--------------------------------------------------------------------------------------------------------------
Income from Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and 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
- -------
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 13.53 .550 .063 .613 .540 .083 .623
2004 13.52 .538 (.173) .365 .541 .004 .545
2005(a) 13.34 .261 .017 .278 .268 -- .268
Class B
- -------
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 13.49 .445 .072 .517 .444 .083 .527
2004 13.48 .436 (.177) .259 .445 .004 .449
2005(a) 13.29 .209 .018 .227 .217 -- .217
- ---------------------------------------------------------------------------------------------------------------------------
* Calculated without sales charges
** Net of expenses waived by the investment adviser (Note 5)
+ Annualized
++ 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
(a) For the period January 1, 2005 to June 30, 2005
See notes to financial statements.
- ---------------------------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
Net Asset -------------------- ----------------------
Value, Net Assets Net Net Portfolio
End of Total End of Period Investment Investment Turnover
Period Return* (in millions) Expenses Income Expenses Income Rate
- ---------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
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 13.52 4.62 41,758 .91 4.06 1.16 3.81 17
2004 13.34 2.78 35,941 .90 4.02 1.17 3.75 23
2005(a) 13.35 2.11 32,472 .90+ 3.92+ 1.19+ 3.63+ 7
Class B
- -------
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 13.48 3.89 2,851 1.66 3.31 1.91 3.06 17
2004 13.29 1.98 2,392 1.65 3.27 1.92 3.00 23
2005(a) 13.30 1.72 2,323 1.65+ 3.17+ 1.94+ 2.88+ 7
- ---------------------------------------------------------------------------------------------------------------------------
Report of Independent Registered Public
Accounting Firm
To the Shareholders and Boards of Directors/Trustees of
First Investors Tax-Exempt Money Market Fund, Inc.
First Investors Series Fund
First Investors Insured Tax Exempt Fund, Inc.
Executive Investors Trust
First Investors New York Insured Tax Free Fund, Inc.
and First Investors Multi-State Insured Tax Free Fund
We have audited the accompanying statements 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, 2005, the related statements of operations,
the statements 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 the standards of the Public
Company Accounting Oversight Board (United States). 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, 2005, 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, 2005, and the
results of their operations, changes in their net assets, and their
financial highlights for the periods presented, in conformity with
accounting principles generally accepted in the United States of America.
Tait, Weller & Baker LLP
Philadelphia, Pennsylvania
August 2, 2005
FIRST INVESTORS TAX EXEMPT FUNDS
Directors/Trustees
- -----------------------
Robert M. Grohol
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- -----------------------
Kathryn S. Head
President
Clark D. Wagner
Vice President 1
Michael J. O'Keefe
Vice President 2
Larry R. Lavoie
Chief Compliance Officer
Joseph I. Benedek
Treasurer
Mark S. Spencer
Assistant Treasurer
Carol Lerner Brown
Assistant Secretary
- -----------------------
1 All Funds except Tax-Exempt Money Market Fund
2 Tax-Exempt Money Market Fund only
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.
Raritan Plaza I - 8th Floor
Edison, NJ 08837-3620
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
1818 Market Street
Philadelphia, PA 19103
Legal Counsel
Kirkpatrick & Lockhart
Nicholson Graham LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
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 Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
It is the Funds' practice to mail only one copy of their annual and
semi-annual reports to all family members who reside in the same household.
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.
The Statement of Additional Information includes additional information
about the Funds' directors/trustees and is available, without charge, upon
request in writing or by calling 800-423-4026.
A description of the policies and procedures that the Funds use to vote
proxies relating to a portfolio's securities is available, without charge,
upon request by calling toll free 800-423-4026 or can be viewed online or
downloaded from the EDGAR database on the Securities and Exchange
Commission's ("SEC") internet website at http://www.sec.gov. In addition,
information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30, is
available, without charge, upon request in writing or by calling
800-423-4026 and on the SEC's internet website at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the SEC
on Form N-Q for the first and third quarters of each fiscal year. The
Funds' Form N-Q is available on the SEC's website at http://www.sec.gov;
and may also be reviewed and copied at the SEC's Public Reference Room in
Washington, D.C. Information on the operation of the Public Reference Room
may be obtained by calling 800-SEC-0330. The schedule of portfolio holdings
is also available, without charge, upon request in writing or by calling
800-423-4026.
NOTES
NOTES
NOTES
NOTES
Item 2. Code of Ethics
Not applicable
Item 3. Audit Committee Financial Expert
Not applicable
Item 4. Principal Accountant Fees and Services
Not applicable
Item 5. Audit Committee of Listed Registrants
Not applicable
Item 6. Schedule of Investments
Schedule is included as part of the report to
stockholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies & Procedures for
Closed-End Management Investment Companies
Not applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicalbe
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Companies and Affiliated Purchasers
Not applicable
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedure by which shareholders
may recommend nominees to the Registrant's Board of Directors/Trustees.
Item 11. 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 12. Exhibits
(a) Code of Ethics - Previously filed on the Registrant's Form N-CSR on
September 8, 2004
(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 has 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 8, 2005
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 8, 2005