UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------
FORM N-CSR
--------
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBERS 811-3690; 811-5690; 811-2923;
811-4927; 811-4623; 811-3843
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
FIRST INVESTORS SERIES FUND
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
EXECUTIVE INVESTORS TRUST
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
(Exact name of registrant as specified in charter)
95 Wall Street
New York, NY 10005
(Address of principal executive offices) (Zip code)
Joseph I. Benedek
First Investors Management Company, Inc.
581 Main Street
Woodbridge, NJ 07095
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, 2004
DATE OF REPORTING PERIOD: JUNE 30, 2004
Item 1. Reports to Stockholders
The Semi-Annual Report to Stockholders follows
First Investors Logo
The words "TAX EXEMPT FUNDS" in a rectangular blue box
across the top of the page.
TAX-EXEMPT MONEY MARKET
INSURED INTERMEDIATE TAX EXEMPT
INSURED TAX EXEMPT
INSURED TAX EXEMPT II
SINGLE STATE INSURED TAX FREE
ARIZONA MINNESOTA
CALIFORNIA MISSOURI
COLORADO NEW JERSEY
CONNECTICUT NEW YORK
FLORIDA NORTH CAROLINA
GEORGIA OHIO
MARYLAND OREGON
MASSACHUSETTS PENNSYLVANIA
MICHIGAN VIRGINIA
SEMI-ANNUAL REPORT
June 30, 2004
Portfolio of Investments
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL INVESTMENTS--100.0%
Alabama--2.9%
$500M Mobile Industrial Dev. Board Facs. Rev. Bonds,
VR, 1.05% (CO; Kimberly-Clark Corp.) $500,000 $292
- ----------------------------------------------------------------------------------------------------------------------
Arizona--1.7%
300M Casa Grande Industrial Dev. Auth. Multi-Family Hsg.
Rev. Bonds, VR, 1.11% (Fannie Mae Liquidity Fac.) 300,000 175
- ----------------------------------------------------------------------------------------------------------------------
California--1.4%
250M San Diego Redev. Agency Sub-Tax Allocation Bonds
Centre City, 2 1/2%, 9/1/2004 (MBIA Ins.) 250,529 145
- ----------------------------------------------------------------------------------------------------------------------
Colorado--4.1%
700M Colorado Hsg. & Fin. Auth. Rev. Bonds, VR, 1.06%
(Fannie Mae Collateral Agreement) 700,000 409
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--1.8%
300M District of Columbia Rev. Bonds National Academy
of Science, 4%, 1/1/2005 (AMBAC Ins.) 304,401 178
- ----------------------------------------------------------------------------------------------------------------------
Florida--9.3%
600M Hillsborough County Aviation Auth. Rev., VR, 1.1%
(LOC; General Electric Capital Corp.) 600,000 350
250M Orange County School Board, COP, 4.65%, 8/1/2004
(AMBAC Ins.) 250,768 146
475M Tampa Occupational Lic. Tax Rev. Bonds, 3 1/2%,
10/1/2004 (FGIC Ins.) 477,910 279
250M Venice Health Facs. Rev. Bonds Venice Hosp., 5.6%,
12/1/2004* (U.S. Govt. Securities) 259,632 152
- ----------------------------------------------------------------------------------------------------------------------
1,588,310 927
- ----------------------------------------------------------------------------------------------------------------------
Georgia--9.7%
600M Fulton County Hsg. Auth. Multi-Family Hsg. Rev.,
VR, 1.06% (LOC; Fannie Mae) 600,000 350
255M Georgia Municipal Association Leasing Prog., COP, 2%,
7/1/2004 (MBIA Ins.) 255,000 148
400M Roswell Housing Auth. Multi-Family, VR, 1.08%
(Fannie Mae Liquidity Fac.) 400,000 234
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Georgia (continued)
$400M Whitfield County Residential Care Facs. Auth. Rev.
Bonds,VR, 1.08% (LOC; First Union) $400,000 $234
- ----------------------------------------------------------------------------------------------------------------------
1,655,000 966
- ----------------------------------------------------------------------------------------------------------------------
Illinois--5.8%
1,000M Illinois Educ. Facs. Auth. Rev. Bonds, VR, 1.05%
(LOC; Northern Trust Co.) 1,000,000 584
- ----------------------------------------------------------------------------------------------------------------------
Indiana--5.4%
900M Indianapolis School Building Corp. Rev. Bonds, 6.1%,
7/15/2004* (U.S. Govt. Securities) 919,735 537
- ----------------------------------------------------------------------------------------------------------------------
Kentucky--7.0%
700M Fort Mitchell Kentucky League of Cities Funding Lease
Prog. Rev. Bonds, VR, 1.1% (LOC; U.S. Bank, NA) 700,000 409
500M Newport League of Cities Lease Rev. Bonds, VR, 1.1%
(LOC; U.S. Bank, NA) 500,000 292
- ----------------------------------------------------------------------------------------------------------------------
1,200,000 701
- ----------------------------------------------------------------------------------------------------------------------
Maine--1.9%
320M University of Maine System Rev. Bonds, 4%, 3/1/2005
(FSA Ins.) 325,508 190
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--3.0%
200M Massachusetts State GO Bonds, 6 3/4%, 11/1/2004*
(U.S. Govt. Securities) (FGIC Ins.) 205,604 120
300M Massachusetts State Water Resource Auth. Rev. Bonds,
6%, 8/1/2004* (U.S. Govt. Securities) (MBIA Ins.) 305,754 179
- ----------------------------------------------------------------------------------------------------------------------
511,358 299
- ----------------------------------------------------------------------------------------------------------------------
Nebraska--2.6%
Nebraska Public Power District Rev. Bonds Power
Supply System:
100M Series "A", 5%, 1/1/2005* (U.S. Govt. Securities)
(MBIA Ins.) 102,780 60
230M Series "A", 5 1/4%, 1/1/2005* (U.S. Govt. Securities)
(MBIA Ins.) 236,879 138
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Nebraska (continued)
Nebraska Public Power District Rev. Bonds Power
Supply System (continued):
$100M Series "C", 5%, 7/1/2004* (U.S. Govt. Securities)
(MBIA Ins.) $101,000 $59
- ----------------------------------------------------------------------------------------------------------------------
440,659 257
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--5.9%
305M Franklin Township Somerset Cnty. GO Bonds,
1 5/8%, 11/1/2004 (FSA Ins.) 305,327 178
700M New Jersey Health Care Facs. Fing. Auth. Rev. Bonds,
VR, 1.07% (LOC; JPMorgan Chase & Co.) 700,000 409
- ----------------------------------------------------------------------------------------------------------------------
1,005,327 587
- ----------------------------------------------------------------------------------------------------------------------
New York--4.7%
350M New York City GO Bonds, 7.3%, 8/15//2004*
(U.S. Govt. Securities) 356,204 208
450M New York GO Bonds, VR, 1.04% (LOC; JPMorgan
Chase & Co.) 450,000 263
- ----------------------------------------------------------------------------------------------------------------------
806,204 471
- ----------------------------------------------------------------------------------------------------------------------
Ohio--8.6%
800M Lucas County Facs. Improvement Rev. Bonds,
VR, 1.08% (LOC; Fifth Third Bank) 800,000 467
668M Warren County Health Care Facs. Rev. Bonds,
VR, 1.11% (LOC; Fifth Third Bank) 668,000 390
- ----------------------------------------------------------------------------------------------------------------------
1,468,000 857
- ----------------------------------------------------------------------------------------------------------------------
Oregon--2.4%
260M Washington County Clean Water Serv. Sewer Rev.
2%, 10/1/2004 (MBIA Ins.) 260,460 152
150M Washington County Unified Sewer Agy. Sewer Rev.
Bonds, 5.8%, 10/1/2004* (U.S. Govt. Securities)
(AMBAC Ins.) 151,801 89
- ----------------------------------------------------------------------------------------------------------------------
412,261 241
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--3.5%
600M Delaware County Industrial Dev. Auth. Airport Facs.
Rev., VR, 1% (CO; United Parcel Service, Inc.) 600,000 351
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Texas--5.2%
$600M Round Rock Transmission Sys. Dev. Corp. Sales Tax
Rev., 4%, 8/15/2004 (FGIC Ins.) $602,214 $352
285M Tarrant County Housing Rev. Bonds, VR, 1.06%
(Fannie Mae Collateral Agreement) 285,000 166
- ----------------------------------------------------------------------------------------------------------------------
887,214 518
- ----------------------------------------------------------------------------------------------------------------------
Virginia--2.3%
400M Alexandria Industrial Dev. Auth. Rev. Bonds,
VR, 1.08% (LOC; Bank of America) 400,000 234
- ----------------------------------------------------------------------------------------------------------------------
Washington--5.6%
200M Lake Tapps Parkway Properties Special Rev. Bonds,
VR, 1.12% (LOC; U.S. Bank, NA) 200,000 117
290M Seattle Housing Auth. Rev. Bonds Pioneer Human
Svcs. Proj., VR, 1.13% (LOC; U.S. Bank, NA) 290,000 169
185M Snohomish County School Dist. No. 016 Arlington
GO Bonds, 2%, 12/1/2004 (FSA Ins.) 185,730 108
280M Yakima Water & Sewer Rev. Bonds, 2%, 11/1/2004
(FGIC Ins.) 280,808 164
- ----------------------------------------------------------------------------------------------------------------------
956,538 558
- ----------------------------------------------------------------------------------------------------------------------
Wisconsin--3.5%
600M Wisconsin State Health & Educ. Facs. Auth. Rev. Bonds,
VR, 1.04% (LOC; Bank One) 600,000 350
- ----------------------------------------------------------------------------------------------------------------------
Wyoming--1.7%
300M Lincoln County Pollution Cntl. Rev. Bonds,
VR, 1% (CO; ExxonMobil Corp.) 300,000 175
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $17,131,044)+ 100.0% 17,131,044 10,002
Excess of Liabilities Over Other Assets .0 (4,004) (2)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $17,127,040 $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, 2004. 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 maturing 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 Certificate 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
Portfolio of Investments
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.4%
Alabama--4.7%
$1,000M Auburn University General Fee Rev. 3% 6/1/2007 $1,011,250 $142
1,000M Birmingham Series "A" 5 1/2% 4/1/2013 1,112,500 157
1,145M Jefferson County School Warrants GO 5% 4/1/2009 1,235,169 174
- ----------------------------------------------------------------------------------------------------------------------
3,358,919 473
- ----------------------------------------------------------------------------------------------------------------------
Alaska--.8%
500M Alaska Intl. Airport Rev. Series "B" 5 3/4% 10/1/2015 549,375 77
- ----------------------------------------------------------------------------------------------------------------------
Arizona--6.0%
1,000M Salt River Project Agric. Impt. & Pwr. Dist.
5% 12/1/2008 1,077,500 152
1,000M Tucson Airport Auth. 4% 6/1/2008 1,040,000 147
University of Arizona COP Series "A":
1,000M 4 1/8% 6/1/2007 1,043,750 147
1,000M 5 1/4% 6/1/2009 1,095,000 154
- ----------------------------------------------------------------------------------------------------------------------
4,256,250 600
- ----------------------------------------------------------------------------------------------------------------------
Arkansas--3.0%
1,000M Beaver Water District Benton & Washington Counties
Water Rev. 4% 11/15/2009 1,033,750 146
1,000M University of Arkansas Various Facs.
(Fayetteville Campus) 5% 12/1/2008 1,083,750 153
- ----------------------------------------------------------------------------------------------------------------------
2,117,500 299
- ----------------------------------------------------------------------------------------------------------------------
California--3.0%
1,000M California State Dept. Wtr. Pwr. Supply Rev.
5 1/4% 5/1/2010 1,098,750 154
1,000M Santa Clara Valley Trans. Measure "A" 5 1/2% 10/2/06** 1,070,000 150
- ----------------------------------------------------------------------------------------------------------------------
2,168,750 304
- ----------------------------------------------------------------------------------------------------------------------
Colorado--1.5%
1,000M Pueblo County School Dist. #60 GO (Pueblo)
5% 12/15/2010 1,083,750 153
- ----------------------------------------------------------------------------------------------------------------------
Connecticut--7.8%
Connecticut State General Obligations:
1,000M Series "C" 5% 12/15/2007 1,075,000 151
1,000M Series "C" 5% 4/1/2012 1,083,750 153
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Connecticut (continued)
$1,200M Connecticut State Special Tax Oblig. 5% 10/1/2007 $1,287,000 $181
1,000M New Haven Series "A" GO 4% 11/1/2007 1,043,750 147
1,000M Waterbury GO 4 1/2% 2/1/2006 1,035,000 146
- ----------------------------------------------------------------------------------------------------------------------
5,524,500 778
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--1.5%
1,000M District of Columbia COP 5 1/4% 1/1/2010 1,085,000 153
- ----------------------------------------------------------------------------------------------------------------------
Florida--5.9%
2,200M Collier County Gas Tax Rev. 5% 6/1/2012 2,381,500 335
700M Florida State Municipal Power Agy. Rev. (Stanton Proj.)
5 1/2% 10/1/2011 781,375 110
1,000M Tampa Solid Waste Sys. Rev. Series "A" 4.3% 10/1/2007 1,047,500 148
- ----------------------------------------------------------------------------------------------------------------------
4,210,375 593
- ----------------------------------------------------------------------------------------------------------------------
Georgia--1.5%
1,000M Athens Housing Auth. Lease Rev.
(Univ. of Georgia-East Campus) 4% 12/1/2009 1,036,250 146
- ----------------------------------------------------------------------------------------------------------------------
Hawaii--1.5%
1,000M Maui County GO 5% 9/1/2007 1,071,250 151
- ----------------------------------------------------------------------------------------------------------------------
Illinois--2.9%
1,000M Chicago O'Hare Intl. Airport Rev. Series "E"
3 1/2% 1/1/2006 1,017,500 143
1,000M Illinois State Unemployment Rev. Series "A"
5% 12/15/2007 (when-issued) 1,071,250 151
- ----------------------------------------------------------------------------------------------------------------------
2,088,750 294
- ----------------------------------------------------------------------------------------------------------------------
Indiana--3.2%
100M Boone County Hosp. Assoc. 5% 1/15/2011 106,875 15
1,000M Indiana State Office Building 5 3/8% 7/1/2013* 1,110,000 156
1,000M New Albany Floyd County Sch. Bldg. Corp.
5 3/4% 7/15/2020 1,090,000 153
- ----------------------------------------------------------------------------------------------------------------------
2,306,875 324
- ----------------------------------------------------------------------------------------------------------------------
Iowa--1.5%
1,000M Iowa Financial Auth. Correctional Fac. 4 1/2% 6/15/2009 1,056,250 149
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Kansas--1.6%
$1,060M Pottawatomie County School Dist. #320
4% 9/1/2008 $1,102,400 $155
- ----------------------------------------------------------------------------------------------------------------------
Kentucky--2.7%
1,000M Kentucky Asset/Liability Community Gen. Fund Rev.
Series "A" 5% 7/15/2009 1,082,500 153
725M Kentucky State Property & Buildings Rev. Series "A"
(Proj. # 69) 5 1/4% 8/1/2010 795,687 112
- ----------------------------------------------------------------------------------------------------------------------
1,878,187 265
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--5.5%
1,000M Lafayette Pub. Pwr. Auth. Elec. Rev. Series "A"
5% 11/1/2006 1,061,250 149
1,145M Louisiana Hsg. Fin. Agy. Mtg. Rev. (Section 8)
1.95% 6/1/2006 1,132,119 159
1,000M Louisiana Pub. Facs. Auth. Rev. 4 1/2% 10/15/2010 1,047,500 148
640M New Orleans GO 5 1/8% 12/1/2010 693,600 98
- ----------------------------------------------------------------------------------------------------------------------
3,934,469 554
- ----------------------------------------------------------------------------------------------------------------------
Maine--1.5%
1,000M Maine Municipal Bond Bank Series "A" 4 3/4% 11/1/2006 1,055,000 149
- ----------------------------------------------------------------------------------------------------------------------
Michigan--6.4%
1,000M Brighton Area School District GO Zero Coupon
5/1/2005 (prerefunded at $49.325)* 486,270 69
1,285M Michigan Municipal Bond Auth. 5% 5/1/2014 1,381,375 195
1,000M Michigan State Bldg. Auth. Rev. Series "I" 5% 10/1/2007 1,070,000 151
1,000M South Central Power Supply Systems Rev. 5% 11/1/2010 1,082,500 152
500M Wayne Charter County Airport Rev. Series "C"
5% 12/1/2012 534,375 75
- ----------------------------------------------------------------------------------------------------------------------
4,554,520 642
- ----------------------------------------------------------------------------------------------------------------------
Mississippi--1.5%
1,000M Gulfport GO 5% 3/1/2010 1,077,500 152
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--4.5%
Jersey City General Obligations:
1,000M General Improvement Series "B" 4% 9/1/2006 1,038,750 146
1,000M School Improvement Series "B" 5% 3/1/2010 1,083,750 153
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
New Jersey (continued)
$1,000M New Jersey Econ. Dev. Sch. Facs. Series "C"
5% 6/15/2011 $1,082,500 $152
- ----------------------------------------------------------------------------------------------------------------------
3,205,000 451
- ----------------------------------------------------------------------------------------------------------------------
New York--8.5%
1,000M Erie County Indl. Dev. Agy. Sch. Fac. Rev.
(City of Buffalo Proj.) 4% 5/1/2006 1,032,500 145
1,000M Metropolitan Transit Auth. Rev. Series "A"
5 1/2% 11/15/2015 1,098,750 155
150M New York City GO 5 1/2% 8/1/2012 166,875 24
New York State Dormitory Auth. Revenue:
1,000M School District Financing Series "E" 5% 10/1/2010 1,086,250 153
1,000M Student Hsg. Corp. 5% 7/1/2010 1,083,750 153
1,455M New York State Thwy. Auth. Series "A" 5% 6/15/2011 1,555,031 219
- ----------------------------------------------------------------------------------------------------------------------
6,023,156 849
- ----------------------------------------------------------------------------------------------------------------------
Ohio--3.9%
1,000M Cincinnati City School District GO 4% 12/1/2007 1,040,000 147
Ohio State Bldg. Auth. Facilities Revenue:
1,000M 5 1/2% 10/1/2008 1,095,000 154
585M 5 1/4% 10/1/2010 640,575 90
- ----------------------------------------------------------------------------------------------------------------------
2,775,575 391
- ----------------------------------------------------------------------------------------------------------------------
Oklahoma--.4%
250M Grady County Indl. Dev. Auth. Rev. 5 3/8% 11/1/2009 276,250 39
- ----------------------------------------------------------------------------------------------------------------------
Oregon--3.1%
1,000M Oregon State Facs. Auth. Rev. (Willamette Univ.)
Series "A" 5% 10/1/2011 1,087,500 153
1,000M Yamhill County School District #029J (Newburg)
GO 5% 6/15/2010 1,086,250 153
- ----------------------------------------------------------------------------------------------------------------------
2,173,750 306
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--4.1%
1,000M Pennsylvania State 5% 7/1/2014 1,071,250 151
Philadelphia Auth. Indl. Dev. Lease Revenue:
500M 5 1/4% 10/1/2009 547,500 77
150M 5 1/4% 10/1/2010 164,250 23
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania (continued)
$1,000M Philadelphia Muni. Auth. Rev. Series "B" 5 1/4%
11/15/2011 $1,101,250 $155
- ----------------------------------------------------------------------------------------------------------------------
2,884,250 406
- ----------------------------------------------------------------------------------------------------------------------
Puerto Rico--3.0%
1,000M Puerto Rico Hwy. & Trans. Auth. Series "AA"
5% 7/1/2010** 1,080,000 152
1,000M Puerto Rico Pub. Bldg. Auth. Series "K"
4% 7/1/2007** 1,036,250 146
- ----------------------------------------------------------------------------------------------------------------------
2,116,250 298
- ----------------------------------------------------------------------------------------------------------------------
Texas--1.5%
1,000M San Antonio Hotel Occupancy Rev. Series "B" 5%
8/15/2008** 1,073,750 151
- ----------------------------------------------------------------------------------------------------------------------
Virginia--3.4%
1,110M Loudoun Cnty. Indl. Dev. Auth. Public Safety Fac.
Lease Rev. Series "A" 5% 12/15/2009 1,208,513 170
1,120M Southwest Regl. Jail Authority 4 1/2% 9/1/2009 1,184,400 167
- ----------------------------------------------------------------------------------------------------------------------
2,392,913 337
- ----------------------------------------------------------------------------------------------------------------------
West Virginia--1.5%
1,000M West Virginia State Sch. Bldg. Auth. 5% 1/1/2010
(when-issued) 1,075,000 152
- ----------------------------------------------------------------------------------------------------------------------
Wisconsin--1.5%
1,000M Wisconsin State Petroleum Ins. Fee Rev. Series "1"
5% 7/1/2011 1,078,750 152
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $70,500,056) 70,590,514 9,943
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--6.2%
Adjustable Rate Notes***
$400M Missouri State Hlth. & Educ. Facs.
(Washington Univ.) 1.05% $400,000 $56
1,000M New York City GO Series "B" 1.05% 1,000,000 141
1,270M Schuylkill Cnty. NY Rev. (Northeastern Pwr.) 1.08% 1,270,000 179
1,750M University of Michigan Rev. 1.08% 1,750,000 246
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt
Investments (cost $4,420,000) 4,420,000 622
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $74,920,056) 105.6% 75,010,514 10,565
Excess of Liabilities Over Other Assets (5.6) (4,016,149) (565)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $70,994,365 $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 4.02% with Citibank, N.A. 5/5/2014 $3,500M $(34,420)
======================================================================================================================
* 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 rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rates shown are the rates in effect at June 30,
2004.
Summary of Abbreviations:
COP Certificate of Participation
GO General Obligation
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.0%
Alabama--.8%
$5,835M Alabama Water Pollution Control Auth.
6% 8/15/2014 $6,520,613 $79
- ----------------------------------------------------------------------------------------------------------------------
Alaska--.8%
1,500M Alaska Intl. Airport Rev. Series "B" 5 3/4% 10/1/2015 1,648,125 20
5,000M North Slope Boro GO Zero Coupon 6/30/2005 4,916,500 59
- ----------------------------------------------------------------------------------------------------------------------
6,564,625 79
- ----------------------------------------------------------------------------------------------------------------------
Arizona--2.0%
8,550M Arizona State Municipal Fing. Prog. COP
7.7% 8/1/2010 10,174,500 123
2,500M Arizona State University COP Research Infrastructure
Projs. 5% 9/1/2030 (when-issued) 2,482,275 30
1,000M Glendale Water & Sewer Rev. 5% 7/1/2021 1,026,250 12
1,000M Maricopa County University Sch. Dist. #89 Series"B"
(Sch. Impt. Proj. of 2002) 5% 7/1/2023 1,008,750 12
Phoenix Civic Improvement Corp. Water Sys. Revenue:
1,000M 5 1/2% 7/1/2019 1,078,750 13
1,000M 5 1/2% 7/1/2020 1,073,750 13
- ----------------------------------------------------------------------------------------------------------------------
16,844,275 203
- ----------------------------------------------------------------------------------------------------------------------
California--3.3%
5,500M California State Dept. Water Resource Pwr. Supply
Rev. Series "A" 5 3/8% 5/1/2018 5,891,875 71
2,000M Colton Joint Unified School Dist. GO Series "A"
5 3/8% 8/1/2026 2,067,500 25
10,000M Los Angeles Community College Dist. GO Series "A"
5 1/2% 8/1/2021 10,600,000 128
3,500M Los Angeles University School Dist. Series "A"
5 1/4% 7/1/2019 3,696,875 44
5,265M Oakland Unified School Dist. Alameda Cnty. GO
5 1/4% 8/1/2020 5,508,506 66
- ----------------------------------------------------------------------------------------------------------------------
27,764,756 334
- ----------------------------------------------------------------------------------------------------------------------
Colorado--.3%
2,000M Denver City & County Airport Rev. 5 1/2% 11/15/2016 2,162,500 26
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Connecticut--2.5%
$9,890M Connecticut State GO Series "C" 5% 4/1/2023 $10,013,625 $121
9,000M Connecticut State Spl. Tax Oblig. Rev. Trans.
Infrastructure 6 1/8% 9/1/2012 10,383,750 125
- ----------------------------------------------------------------------------------------------------------------------
20,397,375 246
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--.7%
Washington DC General Obligations:
5,000M Series "B" 6% 6/1/2021 5,781,250 70
5M Series "E" 6% 6/1/2012 5,114 --
- ----------------------------------------------------------------------------------------------------------------------
5,786,364 70
- ----------------------------------------------------------------------------------------------------------------------
Florida--.9%
5,490M Port Orange Capital Impt. Rev. 5% 10/1/2035 5,407,650 65
1,395M West Coast Regl. Wtr. Supply Rev. 10.4% 10/1/2010* 1,810,012 22
- ----------------------------------------------------------------------------------------------------------------------
7,217,662 87
- ----------------------------------------------------------------------------------------------------------------------
Georgia--12.1%
15,000M Atlanta Airport Rev. Series "A" 5 1/2% 1/1/2010* 16,743,750 202
9,040M Atlanta Water & Wastewater Rev. Series "A"
5 1/2% 11/1/2019 10,068,300 121
2,540M Fulton County Dev. Auth. Rev. Klaus Parking &
Family Hsg. Projs. (Georgia Tech. Facs.)
5 1/4% 11/1/2021 2,663,825 32
6,160M Fulton County Water & Sewer Rev. 6 3/8% 1/1/2014 7,122,500 86
Metropolitan Atlanta Rapid Transit Authority:
7,500M 6 3/4% 7/1/2004* 7,650,000 92
20,450M 6 1/4% 7/1/2011 23,670,875 285
28,305M 6% 7/1/2013 32,763,038 394
- ----------------------------------------------------------------------------------------------------------------------
100,682,288 1,212
- ----------------------------------------------------------------------------------------------------------------------
Hawaii--1.6%
Hawaii State General Obligations:
5,500M 6% 10/1/2009 6,215,000 75
6,000M 6% 10/1/2010 6,847,500 82
- ----------------------------------------------------------------------------------------------------------------------
13,062,500 157
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Illinois--19.9%
Chicago Board of Education Lease Certificates of
Participation Series "A":
$5,000M 6% 1/1/2016 $5,750,000 $69
36,200M 6% 1/1/2020 41,087,000 495
Chicago General Obligations:
7,000M 6% 7/1/2005* 7,441,560 90
16,660M 6 1/8% 7/1/2005* 17,731,071 213
Chicago O'Hare International Airport Revenue:
14,570M 6 3/8% 1/1/2012 15,180,774 183
10,000M 6 3/8% 1/1/2015 10,419,200 125
16,750M Illinois Development Fin. Auth. Poll. Cntl. Rev.
6 3/4% 3/1/2015 17,617,315 212
Illinois Development Fin. Auth. Revenue
(Rockford School #205):
5,000M 6.6% 2/1/2010 5,781,250 70
3,000M 6.65% 2/1/2011 3,510,000 42
Illinois State First Series General Obligations:
5,250M 6 1/8% 1/1/2010* 5,985,000 72
4,500M 5 1/2% 2/1/2016 4,882,500 59
8,000M 5 1/2% 5/1/2017 8,560,000 103
12,000M 5 1/2% 5/1/2018 12,810,000 154
3,000M Metro Pier & Exposition Auth. (McCormick Place
Expansion) Series "B" 5 1/2% 6/15/2016 3,300,000 40
4,000M Regional Transportation Auth. 7 3/4% 6/1/2019 5,195,000 63
- ----------------------------------------------------------------------------------------------------------------------
165,250,670 1,990
- ----------------------------------------------------------------------------------------------------------------------
Indiana--.8%
5,515M Indiana State Office Building Commission Facs. Rev.
New Castle Correctional Fac. 5 1/2% 7/1/2012* 6,190,588 75
- ----------------------------------------------------------------------------------------------------------------------
Kansas--.3%
2,475M Wyandotte County Unified Sch. Dist. #500 GO
5% 9/1/2020 2,543,063 31
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--.6%
12,850M Regional Trans. Auth. Zero Coupon 12/1/2021 5,123,938 62
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--4.8%
10,025M Boston Water & Sewer Rev. 5 3/4% 11/1/2013 11,378,375 137
1,490M Massachusetts Housing Fin. Agy. 6% 12/1/2012 1,547,737 19
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts (continued)
$3,000M Massachusetts State Construction Loan GO Series "B"
5 1/2% 3/1/2012* $3,322,500 $40
20,550M Massachusetts State GO 6% 8/1/2009 23,272,875 280
- ----------------------------------------------------------------------------------------------------------------------
39,521,487 476
- ----------------------------------------------------------------------------------------------------------------------
Michigan--2.7%
5,000M Detroit Sewer Disposal Rev. Series "A" 5% 7/1/2020 5,131,250 62
10,000M Michigan State Environmental Protection Prog. GO
6 1/4% 11/1/2012 11,425,000 138
4,500M Monroe County Economic Dev. Corp.
(Detroit Edison Co.) 6.95% 9/1/2022 5,670,000 68
- ----------------------------------------------------------------------------------------------------------------------
22,226,250 268
- ----------------------------------------------------------------------------------------------------------------------
Minnesota--1.6%
Minneapolis & St. Paul Metro Airports Comm.
Airport Rev. Series "C":
3,380M 5 1/2% 1/1/2017 3,629,275 43
3,315M 5 1/2% 1/1/2018 3,547,050 43
5,770M 5 1/2% 1/1/2019 6,137,838 74
- ----------------------------------------------------------------------------------------------------------------------
13,314,163 160
- ----------------------------------------------------------------------------------------------------------------------
Missouri--3.8%
Missouri State Health & Educ. Facs. Authority
BJC Health System Series "A":
6,840M 6 3/4% 5/15/2010 8,037,000 97
10,175M 6 3/4% 5/15/2011 12,095,531 145
St. Louis Missouri Airport Rev. Series "A":
4,135M 5 5/8% 7/1/2017 4,470,969 54
3,620M 5 5/8% 7/1/2018 3,896,025 47
3,030M 5 5/8% 7/1/2019 3,253,463 39
- ----------------------------------------------------------------------------------------------------------------------
31,752,988 382
- ----------------------------------------------------------------------------------------------------------------------
Nevada--4.4%
Clark County Nevada Bond Bank General Obligations:
8,195M 5 1/2% 6/1/2017 8,778,894 106
8,645M 5 1/2% 6/1/2018 9,228,537 111
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Nevada (continued)
Las Vegas New Convention & Visitors Auth. Revenue:
$3,500M 5 3/4% 7/1/2015 $3,867,500 $46
2,500M 5 3/4% 7/1/2017 2,753,125 33
Truckee Meadows Nevada Water Authority:
6,115M 5 1/2% 7/1/2017 6,573,625 79
2,605M 5 1/2% 7/1/2018 2,793,863 34
2,500M 5 1/2% 7/1/2019 2,665,625 32
- ----------------------------------------------------------------------------------------------------------------------
36,661,169 441
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--1.6%
2,200M New Jersey State Educ. Facs. Auth. Rev. Public
Library PJ Grant 5 1/2% 9/1/2018 2,376,000 28
10,000M New Jersey State Trans. Corp. COP Fed. Trans.
Admin. Grants Series "A" 5 3/4% 9/15/2009* 11,187,500 135
- ----------------------------------------------------------------------------------------------------------------------
13,563,500 163
- ----------------------------------------------------------------------------------------------------------------------
New Mexico--1.3%
10,000M New Mexico Fin. Auth. State Trans. Rev. Series "A"
5 1/4% 6/15/2021 10,550,000 127
- ----------------------------------------------------------------------------------------------------------------------
New York--8.4%
New York City General Obligations:
5,000M Series "C" 5 1/2% 3/15/2015 5,443,750 66
3,275M Series "G" 5 5/8% 8/1/2020 3,541,094 43
22,250M New York City Municipal Water Fin. Auth. Rev.
6% 6/15/2021 25,782,188 311
New York State Dorm. Auth. Rev. New York University:
5,000M 5 7/8% 5/15/2017 5,762,500 69
10,000M Series "A" 5 3/4% 7/1/2027 11,162,500 134
5,950M New York State Housing Fin. Agy. Rev. 5 7/8% 11/1/2010 6,344,187 76
5,780M New York State Thruway Auth. Series "A" 5% 4/1/2019 6,011,200 72
5,000M Suffolk County Judicial Facs. Agy. (John P. Cohalan
Complex) 5 3/4% 10/15/2013 5,581,250 67
- ----------------------------------------------------------------------------------------------------------------------
69,628,669 838
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
North Carolina--2.4%
North Carolina Municipal Power Agency
(Catawba Electric):
$8,950M 6% 1/1/2010 $10,091,125 $121
8,945M 6% 1/1/2011 10,197,300 123
- ----------------------------------------------------------------------------------------------------------------------
20,288,425 244
- ----------------------------------------------------------------------------------------------------------------------
North Dakota--1.5%
10,500M Mercer County Pollution Control Rev.
(Basin Elec. Pwr. Coop.) 7.2% 6/30/2013 12,665,625 153
- ----------------------------------------------------------------------------------------------------------------------
Ohio--1.1%
2,000M Cleveland Municipal School Dist. 5% 12/1/2027
(when-issued) 1,980,000 24
6,000M Jefferson County Jail Construction GO
5 3/4% 12/1/2019 6,855,000 82
- ----------------------------------------------------------------------------------------------------------------------
8,835,000 106
- ----------------------------------------------------------------------------------------------------------------------
Oklahoma--.7%
5,540M Oklahoma State Ind. Dev. Auth. (Intregris Hlth. Sys.)
6% 8/15/2017 6,107,850 74
- ----------------------------------------------------------------------------------------------------------------------
Oregon--.7%
Portland Urban Renewal & Redev. South Park
Blocks Series "A":
2,695M 5 3/4% 6/15/2015 2,998,188 36
2,630M 5 3/4% 6/15/2016 2,922,587 35
- ----------------------------------------------------------------------------------------------------------------------
5,920,775 71
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--3.3%
3,000M Allegheny County Sanitation Auth. Sewer Rev.
5 1/2% 12/1/2030 3,105,000 37
5,000M Pennsylvania State GO 6 3/4% 11/15/2004* 5,173,500 62
4,925M Philadelphia Housing Auth. Capital Fund Prog.
Rev. Series "A" 5 1/2% 12/1/2019 5,349,781 65
12,050M Pittsburgh Water & Sewer Auth. Rev. 6 1/2% 9/1/2013 14,083,438 170
- ----------------------------------------------------------------------------------------------------------------------
27,711,719 334
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Rhode Island--.5%
$4,000M Rhode Island State Construction Capital Dev. GO
Series "A" 5 1/2% 7/15/2018 $4,315,000 $52
- ----------------------------------------------------------------------------------------------------------------------
South Dakota--.5%
3,855M South Dakota Hlth. & Educ. Facs. Auth.
(McKennan Hosp.) 7 5/8% 1/1/2008* 4,466,981 54
- ----------------------------------------------------------------------------------------------------------------------
Tennessee--.5%
3,500M Memphis-Shelby County Sports Auth. Rev.
(Memphis Arena Proj.) Series "A" 5 1/2% 11/1/2016 3,867,500 46
- ----------------------------------------------------------------------------------------------------------------------
Texas--8.0%
16,000M Austin Texas Utilities Systems Rev. 6% 11/15/2013 18,280,000 220
5,000M Bexar County Health Facs. (Baptist Memorial Hosp.)
6 3/4% 8/15/2004* 5,130,000 62
Harris County Toll Road Senior Liens General
Obligations Series "A":
11,065M 6 1/2% 8/15/2012 13,056,700 157
7,305M 6 1/2% 8/15/2013 8,665,556 104
Houston Water Conveyance System Certificates
of Participation:
2,250M 6 1/4% 12/15/2012 2,624,062 32
4,705M 6 1/4% 12/15/2013 5,516,613 67
4,950M 6 1/4% 12/15/2014 5,816,250 70
6,035M 6 1/4% 12/15/2015 7,083,581 85
- ----------------------------------------------------------------------------------------------------------------------
66,172,762 797
- ----------------------------------------------------------------------------------------------------------------------
Utah--.3%
1,765M Provo Utah Electric System Rev. 10 3/8% 9/15/2015 2,437,906 29
- ----------------------------------------------------------------------------------------------------------------------
Virginia--.4%
3,310M Norfolk Airport Auth. Rev. Series "A" 5% 7/1/2022 3,330,687 40
- ----------------------------------------------------------------------------------------------------------------------
Washington--2.1%
Snohomish County Washington Ltd. Tax
General Obligations:
7,975M 5 1/2% 12/1/2017 8,583,093 103
8,410M 5 1/2% 12/1/2018 9,019,725 109
- ----------------------------------------------------------------------------------------------------------------------
17,602,818 212
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Wisconsin--1.8%
$12,000M Superior Wisconsin Ltd. Oblig. Rev. (Midwest Energy)
6.9% 8/1/2021 $14,970,000 $180
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $747,745,526) 99.0% 822,022,491 9,898
Other Assets, Less Liabilities 1.0 8,500,111 102
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $830,522,602 $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 4.02% with Citibank, N.A. 5/5/2014 $42,400M $(416,971)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.1374% with Citibank, N.A. 5/13/2014 42,800M (952,680)
- --------------------------------------------------------------------------------------------------------------------
$85,200M $(1,369,651)
====================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
Summary of Abbreviations:
COP Certificate of Participation
GO General Obligation
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.1%
Alabama--.3%
$250M Coffee County Public Bldg. Auth. 6.1% 9/1/2006* $275,625 $30
- ----------------------------------------------------------------------------------------------------------------------
Alaska--1.2%
1,000M Alaska Intl. Airport Rev. Series "B" 5 3/4% 10/1/2015 1,098,750 120
- ----------------------------------------------------------------------------------------------------------------------
Arizona--4.5%
1,000M Arizona State Trans. Brd. Hwy. Rev. 5 1/4% 7/1/2020 1,048,750 114
1,745M Casa Grande Excise Tax 5% 4/1/2020 1,806,075 197
250M Maricopa County Ind. Dev. Hosp. Facs. Rev.
(Samaritan Hlth. Svcs.) 7% 12/1/2016 309,062 34
1,000M Oro Valley Muni. Ppty. Water & Sewer 5% 7/1/2023 1,015,000 111
- ----------------------------------------------------------------------------------------------------------------------
4,178,887 456
- ----------------------------------------------------------------------------------------------------------------------
California--8.9%
3,000M California State Dept. Water Res. Supply Rev. Series "A"
5 3/8% 5/1/2018 3,213,750 351
1,330M Grant Junction Unified High Sch. Dist. GO
5 1/4% 8/1/2021 1,389,850 152
690M Jefferson High Sch. Dist. GO (San Mateo Cnty.)
6 1/4% 2/1/2017 818,512 89
500M San Francisco City & County Redev. Agy.
(Moscone Ctr.) 6 3/4% 7/1/2015 510,000 56
1,000M Santa Clara Electric Rev. 5 1/4% 7/1/2019 1,056,250 115
1,110M Stockton Public Fing. Auth. Leasing Rev.
(Parking & Capital Proj.) 5 1/4% 9/1/2022 1,148,850 125
- ----------------------------------------------------------------------------------------------------------------------
8,137,212 888
- ----------------------------------------------------------------------------------------------------------------------
Colorado--4.0%
1,500M Adams & Arapahoe Cntys. Jnt. Sch. Dist. #28J Aurora
GO Series "A" 5 1/8% 12/1/2021 1,556,250 170
1,000M Fremont Custer & El Paso Cntys. Sch. Dist. #RE-2
Fremont GO 5 1/4% 12/1/2020 1,057,500 115
1,000M Lafayette Water Rev. 5 1/4% 12/1/2023 1,036,250 113
- ----------------------------------------------------------------------------------------------------------------------
3,650,000 398
- ----------------------------------------------------------------------------------------------------------------------
Connecticut--1.5%
1,425M West Haven GO 5% 7/1/2023 (when-issued)+ 1,431,170 156
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
District of Columbia--2.1%
$1,885M Metropolitan Washington DC Airport Auth. Sys.
Rev. 5 1/4% 10/1/2019 $1,969,825 $215
- ----------------------------------------------------------------------------------------------------------------------
Florida--6.4%
335M Cocoa Water & Sewer Rev. 5 3/4% 10/1/2007* 371,012 40
1,365M Florida St. Govt. Lehigh Utility System Rev.
5% 10/1/2020 1,405,950 153
1,045M Port St. Lucie Util. Sys. Rev. 5% 9/1/2022 1,065,900 116
1,275M Sarasota County Util. Sys. Rev. 5 1/4% 10/1/2020 1,343,531 147
1,580M Tampa Util. Tax & Spl. Rev. 5 1/4% 10/1/2021 1,647,150 180
- ----------------------------------------------------------------------------------------------------------------------
5,833,543 636
- ----------------------------------------------------------------------------------------------------------------------
Georgia--2.3%
1,000M Fulton Cnty. Dev. Auth. Rev. Klaus Parking &
Family Hsg. Projs. (Georgia Tech. Facs.)
5 1/4% 11/1/2021 1,048,750 115
1,000M Georgia Municipal Association, Inc. COP
(City Court Atlanta Proj.) 5 1/8% 12/1/2021 1,030,000 112
- ----------------------------------------------------------------------------------------------------------------------
2,078,750 227
- ----------------------------------------------------------------------------------------------------------------------
Illinois--.6%
500M Chicago GO 6% 7/1/2005* 531,540 58
- ----------------------------------------------------------------------------------------------------------------------
Indiana--4.0%
1,030M Baugo School Bldg. Corp. 5 1/2% 1/15/2019 1,104,675 120
1,105M Merrillville Multi-School Building Corp. GO
5 1/2% 7/15/2017 1,197,544 131
1,250M Zionsville Community Schools Bldg. Corp. GO
5 3/4% 7/15/2017 1,371,875 150
- ----------------------------------------------------------------------------------------------------------------------
3,674,094 401
- ----------------------------------------------------------------------------------------------------------------------
Kentucky--1.2%
1,000M Kentucky State Ppty. & Buildings Comm. Rev.
5 1/4% 8/1/2013* 1,105,000 121
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Louisiana--4.0%
$1,845M Louisiana Local Govt. Env. Facs. & Comm.
5 1/4% 10/1/2021 $1,923,412 $210
525M Louisiana Public Facs. Auth. Rev. (Dillard Univ. Proj.)
Series "A" 5 1/8% 8/1/2020 544,031 59
1,075M Louisiana St. Gas & Fuel Tax Rev. 5 3/8% 6/1/2017 1,158,312 127
- ----------------------------------------------------------------------------------------------------------------------
3,625,755 396
- ----------------------------------------------------------------------------------------------------------------------
Maine--.3%
250M Maine Municipal Bond Bank 6 1/2% 11/1/2004* 259,185 28
- ----------------------------------------------------------------------------------------------------------------------
Massachusetts--3.4%
1,000M Massachusetts Special Oblg. Tax Rev. 5 1/4% 1/1/2022 1,040,000 114
1,000M Springfield GO 5 1/4% 1/15/2022 1,038,750 113
1,000M University Bldg. Auth. Proj. Rev. 5 1/4% 11/1/2023 1,033,750 113
- ----------------------------------------------------------------------------------------------------------------------
3,112,500 340
- ----------------------------------------------------------------------------------------------------------------------
Michigan--11.9%
1,000M Detroit City School Dist. GO (School Building
& Site Impt.) 5 1/2% 5/1/2018 1,082,500 118
1,105M Grand Rapids Cmnty. College GO 5 1/4% 5/1/2021 1,151,962 126
1,000M Howell Public Schools Gen. Oblig. Zero Coupon
5/1/2006* 440,000 48
1,000M Michigan Public Pwr. Agy. Rev. (Combustion
Turbine #1 Proj.) 5 1/4% 1/1/2018 1,062,500 116
750M Milan Area School Dist. GO 5 5/8% 5/1/2010* 840,937 92
1,000M Riverview Cmnty. School Dist. GO 5% 5/1/2020 1,036,250 113
3,600M Southfield Public School Bldg. & Site Series "B"
GO 5 1/8% 5/1/2021 3,717,000 406
1,490M Wayne Charter County Airport Rev. 5 3/8% 12/1/2016 1,586,850 173
- ----------------------------------------------------------------------------------------------------------------------
10,917,999 1,192
- ----------------------------------------------------------------------------------------------------------------------
Minnesota--.5%
500M Minneapolis Special School Dist. #001, 5% 2/1/2020
(when-issued) 513,125 56
- ----------------------------------------------------------------------------------------------------------------------
Missouri--2.6%
200M Liberty Sewer System Rev. 6.15% 2/1/2015 223,250 24
1,105M Missouri State Dev. Fin. Board 5% 4/1/2020 1,134,006 124
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Missouri (continued)
$310M Springfield Pub. Bldg. Corp. Leasehold Rev.
(Springfield Rec. Proj.) Series "B" 5.85% 6/1/2014 $345,262 $38
250M St. Joseph School Dist. GO (Direct Deposit Prog.)
5 3/4% 3/1/2019 275,312 30
375M St. Louis County Pattonville R-3 School Dist. GO
(Direct Deposit Prog.) 5 3/4% 3/1/2017 414,375 45
- ----------------------------------------------------------------------------------------------------------------------
2,392,205 261
- ----------------------------------------------------------------------------------------------------------------------
Nebraska--1.1%
1,000M Municipal Energy Agency 5 1/4% 4/1/2021 1,041,250 114
- ----------------------------------------------------------------------------------------------------------------------
New Jersey--4.9%
1,000M Hudson County COP 5% 12/1/2021 1,028,750 112
New Jersey State Educ. Facs. Authority:
1,000M Ramapo College 5% 7/1/2019 1,031,250 113
2,350M Rowan University 5 1/8% 7/1/2021 2,432,250 265
- ----------------------------------------------------------------------------------------------------------------------
4,492,250 490
- ----------------------------------------------------------------------------------------------------------------------
New York--1.2%
Camden Central School District General Obligations:
725M 5 1/2% 3/15/2016 794,781 87
250M 5 1/2% 3/15/2017 273,437 30
- ----------------------------------------------------------------------------------------------------------------------
1,068,218 117
- ----------------------------------------------------------------------------------------------------------------------
North Carolina--1.3%
1,110M Buncombe Cnty. Sewer System Rev. 5% 7/1/2019 1,150,238 126
- ----------------------------------------------------------------------------------------------------------------------
Ohio--14.0%
1,880M Akron GO 5 1/4% 12/1/2020 1,978,700 216
1,255M Akron Sewer System Rev. 5 1/4% 12/1/2020 1,320,888 144
Akron-Summit Cnty. Pub. Library General Obligations:
1,000M 5% 12/1/2018 1,036,250 113
2,500M 5% 12/1/2020 2,562,500 280
1,380M Cincinnati State Tech. & Cmnty. College Gen.
Receipts 5 1/4% 10/1/2020 1,452,450 158
1,185M Fairfield County GO 5% 12/1/2022 1,202,775 131
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS INSURED TAX EXEMPT FUND II
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Ohio (continued)
$1,500M Ohio State Bldg. Auth. State Facs. 5 1/2% 4/1/2018 $1,620,000 $177
1,140M Toledo City Sch. Dist. GO 5% 12/1/2020 1,171,350 128
450M Youngstown GO 6% 12/1/2031 491,626 54
- ----------------------------------------------------------------------------------------------------------------------
12,836,539 1,401
- ----------------------------------------------------------------------------------------------------------------------
Oregon--.6%
500M Oregon State Dept. of Administrative Services
COP 5.65% 5/1/2007* 548,750 60
- ----------------------------------------------------------------------------------------------------------------------
Pennsylvania--2.2%
390M Allegheny County Port Auth. Spl. Rev. 5 1/2% 3/1/2013 428,026 47
525M Erie GO 5 3/4% 5/15/2007* 572,907 62
1,000M State Pub. Sch. Bldg. Auth. (Philadelphia Sch. Dist.)
5 1/4% 6/1/2024 1,026,250 112
- ----------------------------------------------------------------------------------------------------------------------
2,027,183 221
- ----------------------------------------------------------------------------------------------------------------------
Puerto Rico--.6%
545M Puerto Rico Indl. Tourist Educ. Med. & Env. Cntl.
Facs. 6 1/4% 7/1/2016 567,405 62
- ----------------------------------------------------------------------------------------------------------------------
South Carolina--2.3%
1,000M Greenville Hosp. Sys. Facs. Rev. 5 1/4% 5/1/2019 1,053,750 115
1,000M Hilton Head Island Rev. 5 1/8% 12/1/2022 1,030,000 112
- ----------------------------------------------------------------------------------------------------------------------
2,083,750 227
- ----------------------------------------------------------------------------------------------------------------------
Tennessee--1.4%
1,225M Blount County Pub. Bldg. Auth. 5% 6/1/2020 1,260,219 138
- ----------------------------------------------------------------------------------------------------------------------
Texas--7.5%
505M Austin Texas Utility Systems Rev. 6% 11/15/2013 576,963 63
400M Harris County Toll Road GO Senior Lien Series "A"
6 1/2% 8/15/2013 474,500 52
5,000M Houston Utility Systems Rev. 5 1/4% 5/15/2020 5,256,250 574
500M Midlothian Water District GO 5 3/8% 9/1/2016 536,877 58
- ----------------------------------------------------------------------------------------------------------------------
6,844,590 747
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Washington--1.3%
$1,090M King County Sewer Rev. 5 1/2% 1/1/2021 $1,154,037 $126
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $88,044,748) 89,859,594 9,808
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--3.3%
Adjustable Rate Notes**
2,000M Delaware Cnty. PA United Parcel Service, Inc. 1% 2,000,000 218
1,000M Moffatt Cnty. CO Pollution Control 1.08% 1,000,000 109
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $3,000,000) 3,000,000 327
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $91,044,748) 101.4% 92,859,594 10,135
Excess of Liabilities Over Other Assets (1.4) (1,235,421) (135)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $91,624,173 $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 3.88% with Citibank, N.A. 4/23/2014 $7,000M $(29,119)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 4,700M (46,221)
- ----------------------------------------------------------------------------------------------------------------------
$11,700M $(75,340)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rates shown are the rates in effect at
June 30, 2004.
+ Security valued at fair value (see Note 1A).
Summary of Abbreviations:
COP Certificate of Participation
GO General Obligation
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.8%
Education--18.7%
New York State Dormitory Authority Revenue:
City University:
$2,000M 5 3/4% 7/1/2012 $2,235,000 $121
5,955M 5 3/4% 7/1/2013 6,766,369 368
3,000M 6% 7/1/2020 3,483,750 189
2,350M Colgate University 6% 7/1/2021 2,723,063 148
1,500M Educational Facility 5 1/4% 5/15/2021 1,606,875 87
1,000M Fashion Institution of Technology 5 1/4% 7/1/2019 1,060,000 58
3,235M Master BOCES Program 5% 8/15/2023 3,267,350 178
1,610M New York University 6% 7/1/2018 1,875,650 102
1,425M NYSARC Insured Series "A" 5 1/4% 7/1/2018 1,519,406 83
2,715M Rochester Institute of Technology 5 1/4% 7/1/2018 2,877,900 156
1,000M School Districts Fing. Prog. Series "C" 5 1/4% 4/1/2021 1,041,250 57
Special Act School Districts Programs:
1,375M 6% 7/1/2012 1,555,469 84
1,460M 6% 7/1/2013 1,640,675 89
State Dormitory Facs. Series "A":
1,085M 5% 7/1/2020 1,114,838 60
1,685M 5% 7/1/2021 1,722,913 94
- ----------------------------------------------------------------------------------------------------------------------
34,490,508 1,874
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--36.7%
Buffalo:
1,040M General Improvement Series "D" 6% 12/1/2013 1,177,800 64
School District Series "B":
1,130M 5 3/8% 11/15/2016 1,218,987 66
2,360M 5 3/8% 11/15/2017 2,531,100 138
2,620M 5 3/8% 11/15/2019 2,790,300 152
1,000M School District Series "D" 5 1/2% 12/15/2015 1,091,250 59
1,000M Central Square Central School Dist. 5% 5/15/2017 1,051,250 57
Eastport South Manor Central School District:
1,250M 5% 6/15/2016 1,320,312 72
1,315M 5% 6/15/2017 1,379,106 75
1,385M 5% 6/15/2018 1,445,594 79
1,000M Ilion Central School Dist. Series "B" 5 1/2% 6/15/2015 1,108,750 60
Nassau County:
4,355M 5.7% 8/1/2004* 4,499,194 244
3,845M 6 1/2% 11/1/2004* 4,024,600 219
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
New York City:
$1,000M Series "A" 7 1/4% 3/15/2018 $1,092,500 $59
3,355M Series "B1" 6.95% 8/15/2004* 3,409,452 185
4,420M Series "C" 5 5/8% 3/15/2019 4,790,175 260
Series "E":
1,000M 6.2% 8/1/2008 1,120,000 61
2,000M 5 3/4% 8/1/2018 2,192,500 119
4,570M 5 3/4% 5/15/2024 4,907,038 267
2,500M Series "F" 5 1/4% 8/1/2014 2,687,500 146
2,885M Series "G" 5 3/4% 8/1/2018 3,162,681 172
1,680M Niagara Falls Public Improvement 7 1/2% 3/1/2015 2,163,000 118
1,395M North Syracuse Central School Dist. Series "A"
5% 6/15/2018 1,449,056 79
4,000M Puerto Rico Municipal Finance Agy. 6% 8/1/2015 4,515,000 245
1,000M Red Hook Central School Dist. 5 1/8% 6/15/2017 1,060,000 58
1,000M Rome School District 5 1/2% 6/15/2016 1,081,250 59
Shenendehowa Central School Dist. (Clifton Park):
Series "E":
585M 5% 1/1/2018 606,938 33
610M 5% 1/1/2019 629,825 34
500M Series "F" 5% 7/15/2018 520,000 28
1,775M Webster Central School District 5% 6/15/2019 1,839,343 100
Yonkers Series "A":
1,345M 5 1/8% 7/1/2016 1,427,381 78
1,900M 5 3/4% 10/1/2016 2,113,750 115
1,410M 5 1/4% 7/1/2017 1,499,888 81
1,480M 5 1/4% 7/1/2018 1,565,100 85
- ----------------------------------------------------------------------------------------------------------------------
67,470,620 3,667
- ----------------------------------------------------------------------------------------------------------------------
Health Care--4.5%
1,320M New York State Dorm. Auth. Rev. (United Cerebral
Palsy Affiliation) 5 1/8%, 7/1/2021 1,366,200 74
New York State Medical Care Facs. Agency:
1,850M Long Term Health Care 7 3/8% 11/1/2011 1,855,809 101
4,915M Mental Health Services Facs. 6 1/2% 8/15/2004* 5,041,463 274
- ----------------------------------------------------------------------------------------------------------------------
8,263,472 449
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.4%
$2,345M New York State Hsg. Fin. Agy. 6.05% 5/1/2011 $2,476,906 $135
- ----------------------------------------------------------------------------------------------------------------------
Transportation--19.4%
Metropolitan Transit Authority of New York:
1,300M Commuter Facilities Series 6 1/8% 7/1/2004* 1,319,500 72
Transit Authority Revenue:
1,000M Series "A" 5 1/2% 11/15/2015 1,098,750 60
2,500M Series "A" 5% 11/15/2020 2,575,000 140
5,000M Series "B" 5 1/4% 11/15/2022 5,193,750 282
2,725M Transit Dedicated Tax 5 1/8% 11/15/2020 2,830,594 154
New York State Thruway Auth. Hwy. & Bridge
Series "A":
1,500M 6% 4/1/2015 1,693,125 92
3,250M 5 1/4% 4/1/2017 3,457,187 188
3,500M 5 1/4% 4/1/2018 3,701,250 201
Puerto Rico Commwlth. Hwy. & Trans. Auth.
Inverse Floater:**
1,500M 8.85%, 9/15/2018 1,642,500 89
1,500M 8.85%, 9/15/2019 1,625,625 88
1,845M 8.85%, 9/15/2020 1,978,762 108
660M 8.85%, 9/15/2021 700,425 38
6,900M Triborough Bridge & Tunnel Auth. Series "Y"
6% 1/1/2012 7,840,125 426
- ----------------------------------------------------------------------------------------------------------------------
35,656,593 1,938
- ----------------------------------------------------------------------------------------------------------------------
Utilities--14.3%
New York City Municipal Water Fin. Auth. Revenue:
2,750M 6% 6/15/2021 3,186,563 173
7,000M 5 1/2% 6/15/2033 7,227,500 393
8,000M Puerto Rico Electric Power Auth. Rev. 5 3/8% 7/1/2017 8,690,000 472
6,165M Suffolk County Water Auth. Rev. 6% 6/1/2017 7,182,225 391
- ----------------------------------------------------------------------------------------------------------------------
26,286,288 1,429
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--3.8%
$2,500M Nassau County Interim Fin. Auth. 5 3/4% 11/15/2010* $2,831,250 $154
3,000M New York City Transitional Fin. Auth. 5 1/4% 8/1/2020 3,138,750 171
895M New York State Dorm. Auth. Rev. (Jud. Facs. Lease)
7 3/8% 7/1/2016 1,095,256 59
- ----------------------------------------------------------------------------------------------------------------------
7,065,256 384
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $172,508,317) 98.8% 181,709,643 9,876
Other Assets, Less Liabilities 1.2 2,284,454 124
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $183,994,097 $10,000
======================================================================================================================
Unrealized
Expiration Notional Appreciation
Interest Rate Swaps Date Amount (Depreciation)
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.672% with Citibank, N.A. 4/8/2014 $14,500M $152,789
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.88% with Citibank, N.A. 4/23/2014 9,300M (38,686)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 9,200M (90,475)
- ----------------------------------------------------------------------------------------------------------------------
$33,000M $23,628
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Inverse floating rate security (see Note 6). The interest rates are
reset weekly by the issuer. The interest rates shown are the rates in
effect at June 30, 2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.2%
Certificates of Participation--2.3%
$500M Arizona State Municipal Financing Prog.
5 3/8% 8/1/2030 $514,375 $230
- ----------------------------------------------------------------------------------------------------------------------
Education--12.7%
500M Arizona School Facilities Board Rev. 5 1/4% 7/1/2016 534,375 238
500M Arizona State University Rev. Sys. 5.65% 7/1/2014 550,625 246
1,000M Energy Mgmt. Svcs. (Arizona St. Univ. Proj.
Main Campus) 5 1/4% 7/1/2018 1,063,750 475
640M South Campus Group (Arizona St. Univ. Proj.
South Campus) 5 5/8% 9/1/2023 691,200 309
- ----------------------------------------------------------------------------------------------------------------------
2,839,950 1,268
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--25.3%
Maricopa County School District:
250M #11 (Peoria) 5 1/2% 7/1/2009* 279,062 125
1,000M #41 (Gilbert) Zero Coupon 1/1/2008 896,250 400
525M #80 (Chandler) 6 1/4% 7/1/2011 608,344 272
1,925M #89 (Dysart) 5 1/4% 7/1/2019 2,035,688 909
1,000M Phoenix Arizona Series "B" 5 3/8% 7/1/2019 1,077,500 481
500M Pima County Unified School District #6 (Marana)
5 1/4% 7/1/2010* 554,375 247
200M Santa Cruz County School District #35, 6% 7/1/2008 206,188 92
- ----------------------------------------------------------------------------------------------------------------------
5,657,407 2,526
- ----------------------------------------------------------------------------------------------------------------------
Health Care--6.5%
650M Maricopa County Ind. Dev. Auth.
(Samaritan Hlth. Svcs.) 7% 12/1/2016 803,563 359
600M Mesa Ind. Dev. Auth. (Discovery Hlth. Sys.)
5 7/8% 1/1/2016 658,500 294
- ----------------------------------------------------------------------------------------------------------------------
1,462,063 653
- ----------------------------------------------------------------------------------------------------------------------
Housing--.7%
150M Phoenix Ind. Dev. Auth. (Ventana Palms Apts.)
6.1% 10/1/2019 158,437 71
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation--3.7%
$385M Phoenix Airport Rev. 6 1/4% 7/1/2012 $394,625 $176
400M Tucson Street & Highway User Rev. 5 3/8% 7/1/2014 432,500 193
- ----------------------------------------------------------------------------------------------------------------------
827,125 369
- ----------------------------------------------------------------------------------------------------------------------
Utilities--24.1%
225M Gilbert Water & Sewer Rev. 6 1/2% 7/1/2004* 227,250 101
Mesa Utility Systems Revenue:
350M 6 1/8% 7/1/2007* 388,938 174
1,000M 5% 7/1/2019 1,061,250 474
Phoenix Arizona Civic Impt. Corp. Water
System Revenue:
250M 5 1/4% 7/1/2016 273,437 122
1,000M 5% 7/1/2018 1,040,000 464
500M 5 1/2% 7/1/2020 536,875 240
500M Phoenix Arizona Civic Wastewater Rev. 5 3/8% 7/1/2015 541,250 242
750M Pima County Sewer Rev. 5 3/8% 7/1/2014 810,938 362
500M Tucson Water Rev. 5.3% 7/1/2016 528,125 236
- ----------------------------------------------------------------------------------------------------------------------
5,408,063 2,415
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--21.9%
305M Casa Grande Excise Tax Rev. 6.1% 4/1/2005* 314,787 141
1,000M Flagstaff Arizona Municipal Facs. Corp. 5 1/4% 7/1/2020 1,055,000 471
250M Greater Arizona Dev. Auth. Series "A" 6% 8/1/2015 278,750 124
500M Maricopa County Public Finance Rev. 5 1/2% 7/1/2015 540,625 241
750M Maricopa County Stadium District Rev. 5 3/8% 6/1/2017 810,000 362
400M Sierra Vista Municipal Property Corp. Muni. Facs. Rev.
6% 1/1/2011 412,576 184
400M Surprise Municipal Property Corp. Excise Tax Rev.
5 3/8% 7/1/2009* 444,500 198
1,000M Tempe Arizona Excise Tax Rev. 5 1/4% 7/1/2020 1,053,750 471
- ----------------------------------------------------------------------------------------------------------------------
4,909,988 2,192
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $20,783,124) 97.2% 21,777,408 9,724
Other Assets, Less Liabilities 2.8 617,738 276
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,395,146 $10,000
======================================================================================================================
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
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 3.88% with Citibank, N.A. 4/23/2014 $1,100M $(4,576)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 1,100M (10,818)
- ----------------------------------------------------------------------------------------------------------------------
$2,200M $(15,394)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--95.9%
Certificates of Participation--4.8%
$500M Castaic Lake Water Agency Water Sys. Impt. Proj.
7% 8/1/2012 $607,500 $209
750M Los Angeles Real Property Prog. 5.3% 4/1/2022 791,250 273
- ----------------------------------------------------------------------------------------------------------------------
1,398,750 482
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--23.3%
1,000M Chaffey Community College District 5 1/4% 7/1/2022 1,038,750 358
500M Fontana School District 5 3/4% 5/1/2022 541,250 186
650M Jefferson High School District (San Mateo Cnty.)
6 1/4% 2/1/2016 768,625 265
1,000M Morgan Hill Unified School District 5 1/4% 8/1/2018 1,061,250 365
750M Natomas Unified School District 5.95% 9/1/2021 845,625 291
1,000M San Diego Unified School District Series "E"
5 1/4% 7/1/2024 1,030,000 355
Walnut Valley School District:
750M 6% 8/1/2012 874,688 301
500M 7.2% 2/1/2016 603,750 208
- ----------------------------------------------------------------------------------------------------------------------
6,763,938 2,329
- ----------------------------------------------------------------------------------------------------------------------
Transportation--6.3%
1,000M Port of Oakland Revenue Bonds Series "M"
5 1/4% 11/1/2020 1,051,250 362
700M Puerto Rico Commonwealth Hwy. & Trans. Auth.
Rev. 5 3/4% 7/1/2018 775,250 267
- ----------------------------------------------------------------------------------------------------------------------
1,826,500 629
- ----------------------------------------------------------------------------------------------------------------------
Utilities--35.1%
1,000M California State Dept. Water Central Proj. Series "Z"
5% 12/1/2019 1,032,500 355
1,500M California State Dept. Water Pwr. Supply Rev.
5 3/8% 5/1/2018 1,606,875 553
250M Fresno Sewer Rev. 6 1/4% 9/1/2014 293,750 101
2,650M Los Angeles Water & Power Rev. Series "B"
5 1/8% 7/1/2020 2,749,375 947
700M Puerto Rico Electric Power Auth. Rev. 5 3/8% 7/1/2017 760,375 262
1,210M San Juan Basin Auth. Rev. (Ground Wtr. Rec. Proj.)
5 1/4% 12/1/2017 1,284,112 442
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
$1,525M Semitropic Impt. Dist. Water Storage Dist.
5 1/2% 12/01/2022 $1,622,219 $559
750M South Gate Public Fin. Auth. Wtr. Rev. Series "A"
6% 10/1/2012 853,125 294
- ----------------------------------------------------------------------------------------------------------------------
10,202,331 3,513
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--26.4%
500M Barstow Redevelopment Agy. 7% 9/1/2014 616,250 212
1,000M California State Public Works Board 6 1/2% 12/1/2008 1,145,000 394
1,000M Long Beach Financing Auth. Rev. 6% 11/1/2017 1,168,750 402
1,105M Palm Springs Financing Auth. Lease Rev. Series "A"
(Convention Ctr. Proj.) 5 1/4% 11/01/2020 1,165,775 401
1,000M Rohnert Park Cmnty. Dev. Comm. Tax Alloc. Rev.
5 1/4% 8/1/2020 1,048,750 361
500M San Francisco City & County Redev. Agy.
(Moscone Ctr.) 6 3/4% 7/1/2015 510,000 176
500M San Jose Redevelopment Agy. 6% 8/1/2015 579,375 200
700M San Mateo Joint Powers Auth. Lease Rev.
6 1/2% 7/1/2015 840,875 290
500M Santa Ana Financing Auth. Lease Rev.
(Police Admin. & Hldg. Facs.) 6 1/4% 7/1/2015 590,000 203
- ----------------------------------------------------------------------------------------------------------------------
7,664,775 2,639
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $26,232,114) 27,856,294 9,592
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.4%
400M Metropolitan Wtr. Dist. So. California Waterworks
Rev. Adjustable Rate Note 1% * (cost $400,000) 400,000 138
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $26,632,114) 97.3% 28,256,294 9,730
Other Assets, Less Liabilities 2.7 784,748 270
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $29,041,042 $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 3.88% with Citibank, N.A. 4/23/2014 $3,100M $(12,896)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 1,400M (13,768)
- ----------------------------------------------------------------------------------------------------------------------
$4,500M $(26,664)
======================================================================================================================
* Interest rates on Adjustable Rate Notes are determined and reset daily by
the issuer. The interest rate shown is the rate in effect at June 30, 2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--100.3%
Certificates of Participation--4.5%
$250M Broomfield Open Space 5 1/2% 12/1/2020 $265,937 $246
200M Greeley Building Auth. 5.6% 11/1/2019 216,000 200
- ----------------------------------------------------------------------------------------------------------------------
481,937 446
- ----------------------------------------------------------------------------------------------------------------------
Education--7.6%
225M Colorado Postsecondary Educ. Facs. Auth. Rev.
(Auraria Foundation Proj.) 6% 9/1/2005* 236,250 218
200M Colorado School of Mines Auxiliary Facs. Rev.
5 1/4% 12/1/2020 210,500 195
350M University of Northern Colorado Rev. 5 1/2% 6/1/2018 377,125 349
- ----------------------------------------------------------------------------------------------------------------------
823,875 762
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--38.8%
500M Adams & Arapahoe Cntys. Jnt. Sch. Dist. #28J Aurora
Series "A" 5 1/8% 12/1/2021 518,750 480
1,000M Arapahoe County School District #6 Littleton
5 1/4% 12/1/2019 1,057,500 979
200M Arapahoe County Water & Wastewater Series "B"
5 3/4% 12/1/2019 219,250 203
150M Bayfield School District #10, 6 1/2% 6/1/2005* 156,628 145
200M Clear Creek School District #RE 1, 6 1/4% 12/1/2010* 231,750 215
200M Douglas County School District #RE 1 Series "B"
5 3/4% 12/15/2019 219,500 203
El Paso County School District:
350M #2, (Harrison) 5 1/2% 12/1/2018 377,563 349
250M #20, 5 1/4% 12/15/2017 267,500 248
200M #49, (Falcon) 5 1/2% 12/1/2013 222,500 206
350M #49, (Falcon) 5 3/4% 12/1/2015 388,937 360
250M Hyland Hills Park & Rec. Dist. 5 1/2% 12/15/2018 273,750 253
250M Pueblo County School District #70, 5 1/4% 12/1/2022 260,000 241
- ----------------------------------------------------------------------------------------------------------------------
4,193,628 3,882
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--9.1%
Colorado Health Facilities Authority:
$200M Poudre Valley Health Care 5 5/8% 12/1/2019 $215,500 $200
100M Sisters of Charity 6 1/4% 5/15/2012 115,750 107
250M Colorado Springs Hospital Rev. 6% 12/15/2015 269,375 249
350M Denver City & County Mental Health Corp.
Series "A" 5 1/2% 7/15/2015 383,250 355
- ----------------------------------------------------------------------------------------------------------------------
983,875 911
- ----------------------------------------------------------------------------------------------------------------------
Transportation--7.2%
200M Colorado Dept. Trans. Rev. Antic. Notes Series "A"
6% 6/15/2010* 229,000 212
Denver City & County Airport Revenue:
255M 5 1/2% 11/15/2016 275,719 255
250M 5 3/4% 11/15/2020 268,750 249
- ----------------------------------------------------------------------------------------------------------------------
773,469 716
- ----------------------------------------------------------------------------------------------------------------------
Utilities--15.5%
200M Boulder Water & Sewer Rev. 5.6% 12/1/2016 218,500 202
200M Broomfield Water Activity Enterprise Water Rev.
5 1/2% 12/1/2019 214,750 199
Colorado Water Resources & Power Dev. Authority
Small Water Resources Rev. Series "A":
200M 5 3/4% 11/1/2017 221,000 205
250M 5 1/4% 11/1/2021 261,563 242
400M Denver City & County Wastewater Rev. 5 1/4% 11/1/2016 430,000 398
200M Pueblo Board Waterworks Water Rev. 6% 11/1/2014 226,500 210
100M Woodland Park Wastewater Util. Rev. 6.05% 12/1/2013 102,858 95
- ----------------------------------------------------------------------------------------------------------------------
1,675,171 1,551
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--17.6%
250M Golden Sales & Use Tax Rev. 5 1/4% 12/1/2016 266,875 247
Larimer County Sales & Use Tax Revenue:
280M 5 1/4% 12/15/2016 301,000 279
400M 5 1/2% 12/15/2018 438,000 405
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
$100M Pueblo Urban Renewal Auth. Tax Increment Rev.
6.05% 12/1/2012 $101,258 $94
250M Thornton County Sales & Use Tax Rev. 5 1/4% 9/1/2015 268,125 248
500M Westminster Sales & Use Tax Rev. 5 1/4% 12/1/2021 523,125 484
- ----------------------------------------------------------------------------------------------------------------------
1,898,383 1,757
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,302,612) 100.3% 10,830,338 10,025
Excess of Liabilities Over Other Assets (.3) (27,143) (25)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,803,195 $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 3.88% with Citibank, N.A. 4/23/2014 $1,200M $(4,992)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 500M (4,917)
- ----------------------------------------------------------------------------------------------------------------------
$1,700M $(9,909)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.8%
Education--13.9%
Connecticut State Health & Educational Facilities
Authority Revenue:
$600M Choate Rosemary Hall 6.8% 7/1/2004* $606,000 $164
1,000M Fairfield University 5 5/8% 7/1/2016 1,097,500 297
200M Loomis Chafee Sch. Proj. Series "B" 6% 7/1/2004* 203,000 55
1,000M Trinity College 6 1/8% 7/1/2004* 1,020,000 276
University of Connecticut:
400M 5.4% 3/1/2016 446,000 120
1,100M 5 1/8% 2/15/2020 1,141,250 308
600M University of Connecticut Student Fees Rev. Series "A"
5 1/4% 11/15/2021 632,250 171
- ----------------------------------------------------------------------------------------------------------------------
5,146,000 1,391
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--43.1%
500M Branford 5% 5/15/2014 536,875 145
Bridgeport:
750M Series "A" 6 1/8% 7/15/2010* 868,125 235
1,000M Series "A" 5 3/8% 8/15/2019 1,058,750 286
450M Series "C" 5 3/8% 8/15/2019 473,062 128
Connecticut State:
500M Series "A" 5 1/4% 6/15/2013 552,500 149
250M Series "A" 5 3/8% 4/15/2016 269,375 73
500M Series "B" 5 3/4% 11/1/2009* 565,000 153
690M Series "E" 6% 3/15/2012 790,913 214
1,020M Series "F" 5% 10/15/2021 1,046,775 283
1,090M Cromwell 5% 6/15/2020 1,125,425 304
1,000M Glastonbury 5% 6/15/2021 1,030,000 278
800M New Britain 6% 3/1/2012 920,000 249
New Haven:
985M 6% 11/1/2009* 1,125,362 304
500M 5 1/4% 11/1/2013 541,875 147
400M 5% 11/1/2017 421,500 114
1,000M 5% 11/1/2020 1,028,750 278
Puerto Rico Commonwealth:
990M 5 1/8% 7/1/2011* 1,085,288 293
510M 5 1/8% 7/1/2030 513,825 139
650M Puerto Rico Municipal Finance Agy. 5 1/2% 8/1/2017 703,625 190
1,250M Waterbury 5% 4/1/2021 1,279,688 346
- ----------------------------------------------------------------------------------------------------------------------
15,936,713 4,308
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--15.7%
Connecticut State Health & Educational Facilities
Authority Revenue:
$450M Bridgeport Hospital 6 1/2% 7/1/2012 $451,242 $122
400M Child Care Facilities Program 5 1/2% 7/1/2019 429,500 116
1,165M Children's Medical Center Series "B" 5% 7/1/2021 1,194,125 323
700M New Britain General Hospital 6 1/8% 7/1/2014 717,500 194
1,235M Trinity College Series "H" 5% 7/1/2019 (when-issued) 1,284,400 347
Village Families & Children Series "A":
370M 5% 7/1/2015 391,275 106
385M 5% 7/1/2016 406,175 110
405M 5% 7/1/2017 425,250 115
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 520,555 140
- ----------------------------------------------------------------------------------------------------------------------
5,820,022 1,573
- ----------------------------------------------------------------------------------------------------------------------
Housing--3.5%
Connecticut State Housing Finance Authority:
750M 6% 11/15/2010 788,436 213
500M 5.85% 6/15/2030 521,875 141
- ----------------------------------------------------------------------------------------------------------------------
1,310,311 354
- ----------------------------------------------------------------------------------------------------------------------
Transportation--10.4%
Connecticut State Special Tax Obligation Revenue
Transportation Infrastructure:
250M 6 1/8% 9/1/2012 287,500 78
250M 5 3/8% 10/1/2014 270,938 73
500M 5 3/8% 7/1/2019 531,250 144
1,000M 5% 12/1/2021 1,023,750 277
Puerto Rico Commwlth. Hwy. & Trans. Auth.
Inverse Floater:**
850M 8.84%, 7/1/2020 913,750 247
750M 8.84%, 9/15/2020 804,375 217
- ----------------------------------------------------------------------------------------------------------------------
3,831,563 1,036
- ----------------------------------------------------------------------------------------------------------------------
Utilities--6.4%
Puerto Rico Electric Power Authority Revenue:
750M 5 3/8% 7/1/2017 814,687 220
250M 5 1/4% 7/1/2022 255,313 69
250M 5 1/4% 7/1/2029 260,313 70
- --------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
South Central Connecticut Regional Water Authority:
$500M 6 1/8% 8/1/2004* $506,710 $137
500M 5 1/4% 8/1/2014 541,875 147
- ----------------------------------------------------------------------------------------------------------------------
2,378,898 643
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--5.8%
545M Connecticut State Dev. Auth. Govtl. Lease Rev.
6 1/2% 6/15/2008 558,625 151
415M New Haven Air Rights Parking Facs. Rev.
5 3/8% 12/1/2015 461,169 124
1,000M Puerto Rico Public Fin. Corp. Commonwealth
Approp. Series "A" 5 1/2% 8/1/2011* 1,127,500 305
- ----------------------------------------------------------------------------------------------------------------------
2,147,294 580
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $35,156,645) 36,570,801 9,885
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.2%
Adjustable Rate Notes***
400M Connecticut State Health & Educ. Facs. 1% 400,000 108
400M Puerto Rico Commonwealth Govt. Dev. Bank 1% 400,000 108
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $800,000) 800,000 216
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $35,956,645) 101.0% 37,370,801 10,101
Excess of Liabilities Over Other Assets (1.0) (378,533) (101)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $36,992,268 $10,000
======================================================================================================================
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Unrealized
Expiration Notional Appreciation
Interest Rate Swaps Date Amount (Depreciation)
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.672% with Citibank, N.A. 4/8/2014 $1,000M $10,537
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 1,800M (17,701)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.1374% with Citibank, N.A. 5/13/2014 1,000M (22,259)
- ----------------------------------------------------------------------------------------------------------------------
$3,800M $(29,423)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Inverse floating rate security (see Note 6). The interest rates are
reset weekly by the issuer. The interest rates shown are the rates in
effect at June 30, 2004.
*** Interest rates on Adjustable Rate Notes are determined and reset
periodically by the issuer. The interest rate shown is the rate in effect
at June 30, 2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.9%
General Obligations--7.8%
$1,325M Miami-Dade County School District 5 3/8% 8/1/2015 $1,465,781 $368
1,000M Miami Homeland Defense 5 1/2% 1/1/2020 1,062,500 266
500M North Springs Improvement District 7% 10/1/2009 588,750 148
- ----------------------------------------------------------------------------------------------------------------------
3,117,031 782
- ----------------------------------------------------------------------------------------------------------------------
Health Care--4.6%
1,000M Escambia County Health Facs. Auth. Rev.
5.95% 7/1/2020 1,042,500 261
750M Puerto Rico Indl. Tourist Educ. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 780,833 196
- ----------------------------------------------------------------------------------------------------------------------
1,823,333 457
- ----------------------------------------------------------------------------------------------------------------------
Transportation--6.9%
500M Dade County Aviation Rev. Series "A" 6% 10/1/2010 533,125 134
1,000M Miami-Dade County Aviation Rev.
(Miami Int'l. Airport) 5.35% 10/1/2013 1,077,500 270
1,000M Miami-Dade County Expressway Auth. Toll Sys.
Rev. 6% 7/1/2014 1,133,750 285
- ----------------------------------------------------------------------------------------------------------------------
2,744,375 689
- ----------------------------------------------------------------------------------------------------------------------
Utilities--34.7%
775M Cocoa Water & Sewer Rev. 5 3/4% 10/1/2007* 858,312 215
1,000M Escambia County Utilities Auth. Sys. Rev.
6 1/4% 1/1/2015 1,166,250 293
1,000M Florida Keys Aqueduct Auth. Wtr. Rev. 5% 9/1/2021 1,022,500 257
1,000M Florida State Municipal Power Agy. Rev.
5 1/2% 10/1/2019 1,086,250 272
1,495M Lakeland Electric & Water Rev. 6.05% 10/1/2014 1,743,544 437
1,000M Miami Beach Stormwater Rev. 5 3/8% 9/1/2030 1,025,000 257
1,130M Palm Bay Utility Rev. 5 1/4% 10/1/2018 1,203,450 302
1,000M Plant City Utility System Rev. 6% 10/1/2015 1,162,500 292
1,210M Port St. Lucie Florida Utility Rev. 5% 9/1/2020 1,247,812 313
1,200M Sarasota County Utility System Rev. 5 1/4% 10/1/2020 1,264,500 317
1,480M Stuart Utilities Rev. 5 1/4% 10/1/2020 1,550,300 389
480M West Melbourne Water & Sewer Rev. 6 3/4% 10/1/2014 490,930 123
- ----------------------------------------------------------------------------------------------------------------------
13,821,348 3,467
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--44.9%
$1,380M DeSoto County Capital Improvement Rev.
5 1/4% 10/1/2019 $1,457,625 $366
1,000M Escambia County Sales Tax Rev. 5 1/4% 10/1/2018 1,071,250 269
Florida Municipal Loan Council Revenue:
1,160M 6% 4/1/2015 1,305,000 327
1,715M 5 1/4% 11/1/2019 1,815,756 455
1,000M 5 3/8% 11/1/2025 1,031,250 259
1,205M Highlands County Infrastructure Sales Surtax Rev.
5% 11/1/2018 1,254,706 315
1,000M Indian Trace Community Dev. Dist. 5 3/4% 5/1/2011 1,051,330 264
1,000M Jacksonville Capital Improvement (Gator Bowl Proj.)
5 7/8% 10/1/2005* 1,050,000 263
2,000M Jacksonville Sales Tax Rev. 5 3/8% 10/1/2017 2,145,000 538
Osceola County Tourist Development Tax Revenue:
1,000M 5 1/2% 10/1/2017 1,088,750 273
1,000M 5 1/2% 10/1/2018 1,087,500 273
1,000M Pasco County Sales Tax Rev. 5% 12/1/2020 1,030,000 258
1,350M Port St. Lucie Florida Sales Tax Rev. 5% 9/1/2021 1,375,313 345
1,000M Tampa Sports Auth. Sales Tax Rev. (Tampa Bay Arena)
5 3/4% 10/1/2020 1,136,250 285
- ----------------------------------------------------------------------------------------------------------------------
17,899,730 4,490
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $37,604,133) 98.9% 39,405,817 9,885
Other Assets, Less Liabilities 1.1 457,177 115
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $39,862,994 $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 3.88% with Citibank, N.A. 4/23/2014 $4,000M $(16,639)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 2,000M (19,669)
- ----------------------------------------------------------------------------------------------------------------------
$6,000M $(36,308)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.6%
Certificates of Participation--4.9%
$500M Gwinnett County Dev. Auth. Pub. Schs. Proj.
5 1/4% 1/01/2019 $528,750 $487
- ----------------------------------------------------------------------------------------------------------------------
Education--8.6%
250M Athens Dev. Auth. Hsg. & Lease Rev. (East Campus)
5 1/4% 12/1/2022 260,625 240
Fulton County Development Authority Revenue:
350M Georgia Tech Athletic Assoc. 5 1/2% 10/1/2017 382,813 353
250M Morehouse College 6 1/4% 12/1/2021 286,875 264
- ----------------------------------------------------------------------------------------------------------------------
930,313 857
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--11.9%
255M Atlanta 5 3/8% 12/1/2018 272,531 251
400M Cherokee County School District 5% 8/1/2017 420,000 387
100M Hall County School District 6.7% 12/1/2004* 104,192 96
100M Mitchell County School District 6 1/2% 3/1/2009 105,119 97
100M Peach County School District 6.4% 2/1/2005* 104,868 97
270M South Georgia Govtl. Svcs. 5% 1/01/2016 288,225 265
- ----------------------------------------------------------------------------------------------------------------------
1,294,935 1,193
- ----------------------------------------------------------------------------------------------------------------------
Health Care--14.7%
500M Cobb County Hospital Auth. Rev. 5 1/4% 4/1/2024 515,000 475
500M Fulton DeKalb Hospital Auth. Rev. 5 1/4% 1/1/2018 530,000 488
125M Puerto Rico Indl. Tourist Educ. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 130,139 120
400M Tift County Hospital Auth. Rev. 5 1/4% 12/1/2019 421,000 388
- ----------------------------------------------------------------------------------------------------------------------
1,596,139 1,471
- ----------------------------------------------------------------------------------------------------------------------
Housing--6.2%
150M Georgia State Hsg. & Fin. Auth. Rev. 5.7% 12/1/2011 155,250 143
500M Valdosta Hsg. Auth. Rev. 5 1/4% 8/01/2023 515,000 475
- ----------------------------------------------------------------------------------------------------------------------
670,250 618
- ----------------------------------------------------------------------------------------------------------------------
Utilities--37.2%
235M Atlanta Water & Wastewater Rev. 5 1/2% 11/1/2017 263,494 243
255M Brunswick Water & Sewer Rev. 6.1% 10/1/2019 300,581 277
250M Columbia County Water & Sewer Rev. 6 1/4% 6/1/2010* 288,125 266
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
$565M Fayetteville Water & Sewer Rev. 5% 11/1/2021 $579,831 $534
250M Forsyth County Water & Sewer Rev. 6 1/4% 4/1/2010* 289,375 267
250M Fulton County Water & Sewer Rev. 6 3/8% 1/1/2014 289,062 266
235M Gainesville Water & Sewer Rev. 5 1/4% 11/15/2015 252,331 233
Georgia Municipal Gas Authority Revenue:
Buford Project:
80M 6.8% 11/1/2009 82,952 76
250M 5 1/2% 11/1/2012 272,813 251
100M Warner Robins Series "B" 5.8% 1/1/2015 106,875 98
400M Gwinnett County Water & Sewer Rev. 5% 8/1/2018 417,000 384
200M Newnan Water Sewer & Light Comm. Pub. Utils.
Rev. 5% 1/1/2015 211,500 195
Puerto Rico Electric Power Authority Revenue:
400M 5 3/8% 7/1/2017 434,500 400
250M 5 1/8% 7/1/2026 253,437 234
- ----------------------------------------------------------------------------------------------------------------------
4,041,876 3,724
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--15.1%
250M Atlanta & Fulton Cntys. Rec. Auth. Rev.
5 1/4% 12/1/2016 267,188 246
300M Atlanta Dev. Auth. Rev. (Yamacraw Design Ctr. Proj.)
Series "A" 5 3/8% 1/1/2019 319,875 295
500M Cobb-Marietta Coliseum & Exhibit Hall Auth. Rev.
5 1/2% 10/1/2018 558,125 514
250M College Park Dev. Auth. Rev. (Civic Ctr. Proj.)
5 3/4% 9/1/2026 265,313 245
200M Fayette Cnty. Pub. Facs. Auth. Rev.
(Criminal Justice Ctr.) 6 1/4% 6/1/2010* 232,250 214
- ----------------------------------------------------------------------------------------------------------------------
1,642,751 1,514
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,246,279) 98.6% 10,705,014 9,864
Other Assets, Less Liabilities 1.4 147,843 136
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,852,857 $10,000
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Unrealized
Expiration Notional Appreciation
Interest Rate Swaps Date Amount (Depreciation)
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.672% with Citibank, N.A. 4/8/2014 $500M $5,269
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.88% with Citibank, N.A. 4/23/2014 1,100M (4,576)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 500M (4,918)
- ----------------------------------------------------------------------------------------------------------------------
$2,100M $(4,225)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
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 $841,875 $263
- ----------------------------------------------------------------------------------------------------------------------
Education--9.0%
750M Maryland St. Econ. Dev. Corp. Util. Infrastructure Rev.
(Univ. MD-College Park) 5 3/8% 7/1/2016 802,500 251
Morgan State University Academic & Auxiliary
Facilities Fees Revenue:
500M 6.05% 7/1/2015 571,250 178
200M 6.1% 7/1/2020 228,500 71
750M Puerto Rico Indl. Tourist Educ. Med. & Env. Cntl. Facs.
(University Plaza Proj.) Series "A" 5 5/8% 7/1/2013 830,625 259
430M St. Mary's College Rev. 5.45% 9/1/2020 462,787 145
- ----------------------------------------------------------------------------------------------------------------------
2,895,662 904
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--33.1%
1,475M Anne Arundel County 5 3/8% 3/1/2015 1,615,125 505
350M Anne Arundel County Water & Sewer 6.3% 8/1/2005* 371,004 116
1,000M Baltimore County Metropolitan District #68
5% 8/1/2012* 1,088,750 340
Baltimore Maryland:
250M 5 5/8% 10/15/2006* 274,063 86
700M 5 1/2% 10/15/2015 786,625 246
1,000M Ocean City 5% 3/1/2021 1,026,250 321
1,000M Prince Georges County 5 1/4% 12/1/2014 1,086,250 339
Puerto Rico Commonwealth:
245M 5 1/4% 7/1/2011* 270,419 84
155M 5 1/4% 7/1/2027 157,906 49
1,050M Puerto Rico Municipal Finance Agy. 5 1/2% 8/1/2017 1,136,625 355
425M Queen Anne's County School & Public Facs.
5 1/4% 1/15/2014 456,875 143
1,000M St. Mary's County Hospital 5% 10/1/2020 1,043,750 326
325M Washington County Pub. Impt. 5.8% 1/1/2005* 338,523 106
350M Wicomico County 5 1/2% 12/1/2016 381,500 119
500M Worcester County 5 5/8% 3/1/2014 554,375 173
- ----------------------------------------------------------------------------------------------------------------------
10,588,040 3,308
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--7.9%
Maryland State Health & Higher Educ. Facilities:
$500M Maryland General Hosp. 6 1/8% 7/1/2004* $510,000 $159
1,250M University of Maryland Med. Sys. 5% 7/1/2024 1,254,687 392
325M Puerto Rico Indl. Tourist Educ. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 338,361 106
350M Takoma Park Hospital Facs. (Adventist Hosp.)
6 1/2% 9/1/2012 414,312 130
- ----------------------------------------------------------------------------------------------------------------------
2,517,360 787
- ----------------------------------------------------------------------------------------------------------------------
Housing--3.7%
250M Baltimore County Mortgage Rev. (Old Orchard Apts.)
7% 7/1/2016 257,335 80
380M Maryland State Cmnty. Dev. Admin. Dept. Hsg. &
Cmnty. Dev. 5 7/8% 7/1/2016 393,775 123
500M Montgomery County Multi-Family Mortgage Rev.
6% 7/1/2020 527,500 165
- ----------------------------------------------------------------------------------------------------------------------
1,178,610 368
- ----------------------------------------------------------------------------------------------------------------------
Transportation--12.6%
1,000M Maryland State Trans. Auth. Lease Rev.
Metrorail Parking Proj. 5% 7/1/2022 1,022,500 319
Puerto Rico Comnwlth Hwy. & Trans. Auth. Revenue:
1,425M Series "G" 5 1/4% 7/1/2019 1,512,281 473
1,275M Series "Z" 6 1/4% 7/1/2014 1,510,875 472
- ----------------------------------------------------------------------------------------------------------------------
4,045,656 1,264
- ----------------------------------------------------------------------------------------------------------------------
Utilities--17.2%
Baltimore Wastewater Utilities Revenue Series "A":
500M 5 1/2% 7/1/2010* 557,500 174
200M 6% 7/1/2015 230,750 72
1,090M 5% 7/1/2020 1,124,062 351
Baltimore Water Project Revenue Series "A":
220M 6% 7/1/2010* 251,075 79
250M 5.8% 7/1/2012* 285,938 89
Puerto Rico Electric Power Auth. Revenue:
1,390M 5 3/8% 7/1/2017 1,509,887 472
1,500M 5 1/4% 7/1/2029 1,531,875 479
- ----------------------------------------------------------------------------------------------------------------------
5,491,087 1,716
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--11.8%
$1,020M Anne Arundel Cnty Spl. Oblig. National
Business Park Proj. 5 1/8% 7/1/2022 $1,053,150 $329
250M Baltimore Convention Center 5 1/2% 9/1/2014 273,438 86
250M Maryland Stadium Auth. Rev. 5 7/8% 12/15/2013 259,773 81
1,000M Puerto Rico Municipal Fin. Agy. 5 1/4% 8/1/2021 1,053,750 329
1,025M Puerto Rico Public Fin. Corp. Comwlth. Approp.
Series "A" 5 3/8% 6/1/2015 1,136,469 355
- ----------------------------------------------------------------------------------------------------------------------
3,776,580 1,180
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $29,917,283) . 31,334,870 9,790
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.6%
200M Montgomery Cnty. Hsg. Adjustable Rate Note .98% **
(cost $200,000) 200,000 62
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $30,117,283) 98.5% 31,534,870 9,852
Other Assets, Less Liabilities 1.5 473,181 148
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $32,008,051 $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 3.88% with Citibank, N.A. 4/23/2014 $4,800M $(19,967)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 1,600M (15,735)
- ----------------------------------------------------------------------------------------------------------------------
$6,400M $(35,702)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown is the rate in effect as of June 30, 2004.
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--97.3%
Education--7.7%
$1,000M Massachusetts State College Bldg. Auth. Proj.
5 1/4% 5/1/2021 $1,041,250 $355
1,000M University of Massachusetts Bldg. Auth. Rev.
6 7/8% 5/1/2014 1,225,000 417
- ----------------------------------------------------------------------------------------------------------------------
2,266,250 772
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--50.5%
1,000M Holliston 5 1/4% 4/1/2018 1,071,250 365
1,000M Lawrence 5 1/4% 3/15/2018 1,066,250 363
150M Massachusetts Series "B" 7% 7/1/2009 171,375 58
1,000M Massachusetts State Construction Loan Series "E"
5 3/8% 1/1/2013* 1,101,250 375
1,080M North Hampton 5.2% 6/15/2015 1,154,250 393
1,155M Quaboag Regional School District 5 1/2% 6/1/2017 1,250,287 426
Springfield:
1,000M 6% 10/1/2015 1,127,500 384
1,000M 5 3/8% 8/1/2017 1,075,000 366
1,000M 5 1/4% 1/15/2023 1,035,000 353
1,000M Tantasqua Regional School District 5% 8/15/2017 1,055,000 360
1,370M Westfield 5 1/2% 12/15/2017 1,486,450 507
1,040M Westford 5 1/8% 4/1/2017 1,111,500 379
1,000M Worcester 5 1/2% 8/15/2017 1,081,250 368
1,000M Westborough 5% 11/15/2019 1,036,250 353
- ----------------------------------------------------------------------------------------------------------------------
14,822,612 5,050
- ----------------------------------------------------------------------------------------------------------------------
Health Care--12.2%
1,000M Harvard Pilgrim Health Care 5 1/4% 7/1/2013 1,063,750 362
750M Massachusetts General Hospital Series "F"
6 1/4% 7/1/2012 844,688 288
Massachusetts Health & Educational Facs. Auth.
Capital Asset Program:
95M 7.35% 8/1/2008 95,390 32
40M 7.2% 7/1/2009 40,124 14
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,537,455 524
- ----------------------------------------------------------------------------------------------------------------------
3,581,407 1,220
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Housing--1.0%
$275M Massachusetts Housing Finance Agy. 6% 12/1/2012 $285,656 $97
- ----------------------------------------------------------------------------------------------------------------------
Transportation--7.6%
1,000M Massachusetts State Port Auth. Rev. Series "A"
5 3/4% 7/1/2012 1,118,750 381
1,000M Route 3 North Trans. Impt. Assoc. 5 5/8% 6/15/2010* 1,120,000 382
- ----------------------------------------------------------------------------------------------------------------------
2,238,750 763
- ----------------------------------------------------------------------------------------------------------------------
Utilities--9.3%
1,035M Boston Water & Sewer Commission Rev.
5 3/4% 11/1/2013 1,174,725 400
1,455M Holyoke Gas & Electric Dept. Rev. 5 3/8% 12/1/2018 1,553,213 529
- ----------------------------------------------------------------------------------------------------------------------
2,727,938 929
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--9.0%
1,000M Boston Convention Center Act 1997 Series "A"
5% 5/1/2017 1,045,000 356
500M Massachusetts Dev. Fin. Agy. Res. Recovery Rev.
(Semass Sys.) Series "A" 5 5/8% 1/1/2013 552,500 188
1,000M Massachusetts State Spl. Oblig. Ded. Tax. Rev.
5 1/4% 1/1/2022 1,040,000 355
- ----------------------------------------------------------------------------------------------------------------------
2,637,500 899
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $26,949,945) 28,560,113 9,730
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.2%
340M Massachusetts St. Hlth. & Educ. Facs. Auth. Rev.
Adjustable Rate Note 1.3% ** (cost $340,000) 340,000 115
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $27,289,945) 98.5% 28,900,113 9,845
Other Assets, Less Liabilities 1.5 453,565 155
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $29,353,678 $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 3.88% with Citibank, N.A. 4/23/2014 $1,500M $(6,240)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 1,400M (13,768)
- ----------------------------------------------------------------------------------------------------------------------
$2,900M $(20,008)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown is the rate in effect at June 30,
2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.0%
Education--2.6%
$1,000M Western University Revenue 5% 11/15/2019 $1,033,750 $264
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--59.7%
1,000M Detroit City School District 5 1/4% 5/1/2016 1,088,750 278
1,800M Detroit Downtown Development Series "
5 3/4% 7/15/2015 1,959,750 500
1,825M Eaton Rapids Public Schools 5 1/4% 5/1/2022 1,904,844 486
1,000M Godwin Heights Public School District 5 5/8% 5/1/2015 1,091,250 278
1,000M Grand Blanc Community School District 5 5/8% 5/1/2015 1,105,000 282
1,040M Grand Rapids Building Authority 5 3/4% 8/1/2015 1,150,500 294
1,000M Gull Lake Community School District Zero
Coupon 5/1/2013 681,250 174
1,575M Jenison Public School District 5 1/2% 5/1/2018 1,708,875 436
900M Lake Orion Community School District 7% 5/1/2005* 948,645 242
1,000M Lincoln Park School District 7% 5/1/2006* 1,098,750 280
1,000M Michigan State Environmental Protection Prog.
6 1/4% 11/1/2012 1,142,500 291
1,000M Montrose Township School District 6.2% 5/1/2017 1,172,500 299
1,200M Newaygo Public Schools 5 3/4% 5/1/2018 1,318,500 336
1,000M Plainwell Community School District 5 1/2% 5/1/2019 1,082,500 276
1,000M Portage Lake Water & Sewer Authority 6.1% 10/1/2014 1,070,000 273
1,500M Puerto Rico Municipal Finance Agency 5 3/4% 8/1/2013 1,665,000 425
1,525M Reed City Public Schools 5 1/4% 5/1/2021 1,595,531 407
1,485M West Ottawa Public School District 5 3/8% 5/1/2019 1,603,800 409
- ----------------------------------------------------------------------------------------------------------------------
23,387,945 5,966
- ----------------------------------------------------------------------------------------------------------------------
Health Care--11.1%
Michigan State Hospital Finance Authority Revenue:
1,000M Ascension Health Credit 5 3/4% 11/15/2009* 1,128,750 288
1,000M Mercy Mount Clemens 5 3/4% 5/15/2017 1,087,500 277
1,000M St. John's Hospital 6% 5/15/2008 1,025,870 262
1,000M Saginaw Hospital Fin. Auth. (Covenant Med. Ctr.)
5 5/8% 7/1/2013 1,096,250 280
- ----------------------------------------------------------------------------------------------------------------------
4,338,370 1,107
- ----------------------------------------------------------------------------------------------------------------------
Transportation--2.7%
1,000M Wayne Charter County Airport Rev. Series "C"
5 3/8% 12/1/2016 1,065,000 271
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--21.5%
Detroit Water Supply System Revenue:
$1,750M 5 1/2% 7/1/2014 $1,885,625 $481
1,275M 6 1/2% 7/1/2015 1,517,250 387
Michigan State Strategic Fund (Detroit Edison Co.):
1,750M 6.95% 5/1/2011 2,093,438 534
1,000M 7% 5/1/2021 1,257,500 321
1,000M Michigan State Trunk Line 5 1/4% 10/1/2021 1,046,250 267
500M Monroe County Economic Dev. Corp. (Detroit
Edison Co.) 6.95% 9/1/2022 630,000 160
- ----------------------------------------------------------------------------------------------------------------------
8,430,063 2,150
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--1.4%
530M Michigan Municipal Bond Auth. Rev. 6.55% 11/1/2008 549,133 140
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $35,961,102) 99.0% 38,804,261 9,898
Other Assets, Less Liabilities 1.0 398,157 102
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $39,202,418 $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 3.88% with Citibank, N.A. 4/23/2014 $3,900M $(16,224)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 1,900M (18,685)
- ----------------------------------------------------------------------------------------------------------------------
$5,800M $(34,909)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.7%
Certificates of Participation--2.8%
$400M Minneapolis Special School District #001
5.9% 2/1/2006* $424,000 $286
- ----------------------------------------------------------------------------------------------------------------------
Education--3.1%
400M University of Minnesota 5 3/4% 7/1/2017 456,000 308
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--60.0%
400M Becker Ind. School District #726, 6% 2/1/2017 449,000 303
325M Bloomington Ind. School District #271, 5 1/8% 2/1/2015 346,531 234
500M Crow Wing County Jail Series "B" 5% 2/1/2021 512,500 346
200M Delano Ind. School District #879, 5.6% 2/1/2015 220,000 149
Eagan Recreational Facilities Series "A":
480M 5% 2/1/2015 508,200 343
250M 5% 2/1/2016 263,750 178
400M Elk River Ind. School District #728, 5 1/2% 2/1/2021 425,000 287
285M Inver Grove Heights Ind. School District #199
5 3/4% 2/1/2006* 300,319 203
Lake Superior Ind. School District #381 Series "A":
465M 5% 4/1/2018 488,250 330
500M 5% 4/1/2019 522,500 353
280M Lakeville 5 1/2% 2/1/2011 293,650 198
405M Lino Lakes 5.7% 2/1/2012 434,363 293
260M Mahtomedi Ind. School District #832, 5% 2/1/2017 273,000 185
1,260M Minneapolis Special School District #001, 5% 2/1/2020
(when-issued) 1,293,075 873
400M Moorehead Ind. School District #152, 5% 4/1/2017 420,500 284
350M North St. Paul Maplewood Ind. School District #622
7.1% 2/1/2005* 361,476 244
Pequot Lakes Ind. School District #186:
250M 5% 2/1/2016 263,750 178
250M 5 1/8% 2/1/2018 263,125 178
St. Paul Ind. School District #625:
250M 5 5/8% 2/1/2015 270,625 183
400M 5% 2/1/2017 422,000 285
535M Upsala Ind. School District #487, 5% 2/1/2020 555,062 375
- ----------------------------------------------------------------------------------------------------------------------
8,886,676 6,002
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--11.4%
$200M Hibbing Health Care Facilities Rev. (Duluth Clinic)
5 1/2% 11/1/2013* $221,250 $149
500M Minneapolis Health Care Sys. Rev. (Fairview
Hlth. Svcs.) 5 1/2% 5/15/2017 545,000 368
350M Minnesota Agriculture & Econ. Dev. Brd. Rev.
(Benedictine Hlth.) 5 1/4% 2/15/2014 374,938 253
500M St. Cloud Healthcare Oblig. Group "A" 5.8% 5/1/2016 553,125 374
- ----------------------------------------------------------------------------------------------------------------------
1,694,313 1,144
- ----------------------------------------------------------------------------------------------------------------------
Housing--6.4%
Minnesota State Housing Finance Authority:
400M Rental Housing Rev. 5.9% 8/1/2015 410,556 277
110M Single-Family Mortgage Rev. 6% 1/1/2018 114,675 78
400M Minnetonka Multi-Family Housing Rev.
(Cedar Hills Proj.) 5.9% 10/20/2019 420,000 284
- ----------------------------------------------------------------------------------------------------------------------
945,231 639
- ----------------------------------------------------------------------------------------------------------------------
Transportation--5.6%
Minneapolis & St. Paul Metro Airports Comm.
800M Airport Rev. Series "A" 5% 1/1/2018 825,000 557
- ----------------------------------------------------------------------------------------------------------------------
Utilities--10.4%
400M Northern Minnesota Municipal Pwr. Agy. Elec.
Sys. Rev. 5.4% 1/1/2016 429,500 290
210M Southern Minnesota Municipal Pwr. Agy. Pwr.
Supply Sys. 5 3/4% 1/1/2018 218,400 147
Western Minnesota Municipal Power Agency:
325M 5 1/2% 1/1/2011 346,125 234
500M 5 1/2% 1/1/2015 543,125 367
- ----------------------------------------------------------------------------------------------------------------------
1,537,150 1,038
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,081,414) 14,768,370 9,974
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--1.4%
$200M Cohasset Rev. (Minnesota Pwr. & Lt. Co.)
Adjustable Rate Note 1.08% ** (cost $200,000) $200,000 $135
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $14,281,414) 101.1% 14,968,370 10,109
Excess of Liabilities Over Other Assets (1.1) (161,900) (109)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,806,470 $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 3.88% with Citibank, N.A. 4/23/2014 $300M $(1,248)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 700M (6,884)
- ----------------------------------------------------------------------------------------------------------------------
$1,000M $(8,132)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by
the issuer. The interest rate shown is the rate in effect at June 30, 2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.0%
Education--4.2%
$125M Bowling Green School District 5.85% 3/1/2020 $137,500 $127
150M Missouri Southern State College Rev. Aux. Ent.
Sys. 5.3% 4/1/2015 161,813 149
150M Missouri State Hlth. & Educ. Facs. Auth.
(Webster Univ.) 5 1/2% 4/1/2018 160,500 148
- ----------------------------------------------------------------------------------------------------------------------
459,813 424
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--31.0%
100M Belton School District #124, 6% 3/1/2018 111,750 103
400M Cass County Reorg. School District #2, 5 1/2% 3/1/2017 437,500 403
350M Clay County Pub. School District #53, 5% 3/1/2017 365,312 337
Greene County Reorg. School District #8:
200M 5 1/4% 3/1/2018 212,750 196
250M 5 1/4% 3/1/2019 264,375 244
300M Jackson County Reorg. School District #7
5 1/4% 3/1/2020 316,500 292
100M Jefferson County School District #6, 6% 3/1/2014 111,750 103
150M Kansas City Streetlight Project Series "A"
5 1/4% 2/1/2016 160,500 148
400M Maplewood Richmond Heights School District
5 1/4% 3/1/2016 427,000 394
125M St. Joseph's School District 5 3/4% 3/1/2019 137,656 127
150M St. Louis Board of Education 5 3/8% 4/1/2017 160,875 148
125M St. Louis County Pattonville School District #3
5 3/4% 3/1/2017 138,125 127
250M Washington School District 5% 3/1/2015 264,375 244
250M Wentzville School District #4, 5% 3/1/2022 254,688 235
- ----------------------------------------------------------------------------------------------------------------------
3,363,156 3,101
- ----------------------------------------------------------------------------------------------------------------------
Health Care--10.8%
400M Jackson County Spl. Oblig. (Truman Med. Ctr.)
5% 12/1/2022 407,000 375
140M Missouri State Hlth. & Educ. Facs. Auth. Series "A"
(BJC Hlth. Sys.) 6 3/4% 5/15/2011 166,425 154
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
$500M North Kansas City Hospital Rev. Series "A"
5% 11/15/2020 $510,000 $470
80M Puerto Rico Indl. Tourist Educ. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 83,289 77
- ----------------------------------------------------------------------------------------------------------------------
1,166,714 1,076
- ----------------------------------------------------------------------------------------------------------------------
Housing--.9%
90M Missouri State Housing Dev. Comm. (Ecumenical Hsg.)
5.8% 3/1/2006* 95,512 88
- ----------------------------------------------------------------------------------------------------------------------
Transportation--15.1%
400M Bi-State Dev. Agy. Met. Dist. Metrolink Cross Cnty. Proj.
Series "B" 5 1/4% 10/1/2019 423,500 391
250M Kansas City Airport Rev. Series "B" 5 1/4% 9/1/2016 263,750 243
500M Puerto Rico Commwlth. Hwy. & Trans. Auth.
Inverse Floater 8.83%, 7/1/2022** 524,375 484
St. Louis Airport Revenue:
150M 5 1/8% 7/1/2015 156,375 144
255M 5.3% 7/1/2021 264,881 244
- ----------------------------------------------------------------------------------------------------------------------
1,632,881 1,506
- ----------------------------------------------------------------------------------------------------------------------
Utilities--9.9%
250M Jefferson County Cons. Public Water Supply
5 1/4% 12/1/2016 270,625 249
80M Liberty Sewer System Rev. 6.15% 2/1/2015 89,300 82
Missouri State Environmental Impt. & Energy
Res. Auth. Water Pollution Control:
60M 5.4% 10/1/2010* 66,825 62
250M 5 1/2% 7/1/2014 277,188 256
90M 5.4% 7/1/2018 96,075 89
250M Puerto Rico Electric Power Auth. Rev. 5 3/8% 7/1/2017 271,563 250
- ----------------------------------------------------------------------------------------------------------------------
1,071,576 988
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--26.1%
100M Clay County Public Building Auth. Leasehold Rev.
5 1/8% 5/15/2014 106,625 98
250M Kansas City Municipal Assistance Corp. Rev.
Series "A" 5% 3/1/2019 258,750 239
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
$250M Missouri State Board Public Buildings
Series "A" 5% 5/1/2021 $255,625 $236
Missouri State Dev. Finance Board Infrastructure
Facilities Revenue:
500M Hartman Heritage Center Phase II 5% 4/1/2020 513,125 473
125M Midtown Redevelopment Project Series "A"
6% 4/1/2014 139,375 129
500M Missouri State Regional Convention & Sports
Complex Auth. 5 1/4% 8/15/2020 526,250 485
Springfield Public Building Corp. Leasehold Revenue:
125M Capital Improvement 5.6% 6/1/2014 136,719 126
230M Jordan Valley 5.85% 6/1/2014 260,187 240
St. Louis Municipal Finance Corp. Leasehold Revenue:
250M Carnahan Courthouse Series "A" 5% 2/15/2020 257,187 237
City Justice Center Series "A":
225M 5 1/4% 2/15/2015 243,000 224
125M 5 3/4% 2/15/2018 137,656 127
- ----------------------------------------------------------------------------------------------------------------------
2,834,499 2,614
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $10,253,452) 98.0% 10,624,151 9,797
Other Assets, Less Liabilities 2.0 220,129 203
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,844,280 $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 3.88% with Citibank, N.A. 4/23/2014 $1,000M $(4,160)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 500M (4,917)
- ----------------------------------------------------------------------------------------------------------------------
$1,500M $(9,077)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Inverse floating rate security (see Note 6). The interest rate is reset weekly
by the issuer. The interest rate shown is the rate in effect at June 30, 2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.6%
Education--19.6%
New Jersey Educational Facilities Auth. Revenue:
$2,125M College of New Jersey Series "C" 5 3/8% 7/1/2016 $2,284,375 $333
5,000M Higher Educ. Cap. Impt. Series "A" 5 1/8% 9/1/2022 5,143,750 750
1,210M Puerto Rico Indl. Tourist Educ. University Plaza
Series "A" 5 5/8% 7/1/2013 1,340,075 196
1,000M University of Medicine & Dentistry of New Jersey
Series "A" 5 3/8% 12/1/2016 1,075,000 157
University of Puerto Rico:
1,715M 5 3/4% 6/1/2017 1,901,506 277
1,500M 5 3/4% 6/1/2018 1,661,250 242
- ----------------------------------------------------------------------------------------------------------------------
13,405,956 1,955
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--13.5%
1,750M Atlantic City Board of Education 6.1% 12/1/2015 2,058,437 300
Essex County Improvement Authority
Orange County School District:
1,025M Series "A" 6.95% 7/1/2005* 1,099,148 160
1,120M Series "B" 6.95% 7/1/2005* 1,201,021 175
1,500M Jersey City Series "B" 5% 9/1/2019 1,554,375 227
1,000M Perth Amboy Board of Education 5% 7/15/2017 1,046,250 153
995M Union City 6.4% 11/1/2013 1,187,781 173
1,000M West Deptford 5 1/2% 9/1/2010* 1,117,500 163
- ----------------------------------------------------------------------------------------------------------------------
9,264,512 1,351
- ----------------------------------------------------------------------------------------------------------------------
Health Care--11.4%
New Jersey State Health Care Facilities
Financing Authority:
1,045M Bayonne Hospital 6 1/4% 7/1/2012 1,071,125 156
1,745M General Hospital Center at Passaic 6% 7/1/2014 2,015,475 294
1,000M Meridian Health System Oblig. Group 5 5/8% 7/1/2014 1,088,750 159
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,646,500 532
- ----------------------------------------------------------------------------------------------------------------------
7,821,850 1,141
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Housing--2.7%
New Jersey State Hsg. & Mtge. Fing. Agency
Regency Park Project:
$1,375M 6.05% 11/1/2017 $1,460,938 $213
365M 5.7% 5/1/2020 380,969 56
- ----------------------------------------------------------------------------------------------------------------------
1,841,907 269
- ----------------------------------------------------------------------------------------------------------------------
Transportation--19.9%
1,000M Burlington County Bridge Commission 5 1/4% 8/15/2021 1,037,500 151
Delaware River & Bay Authority:
1,000M 5 1/2% 1/1/2016 1,081,250 158
1,000M 5 1/4% 1/1/2022 1,037,500 151
1,000M Delaware River Port Auth. PA & NJ Rev. 5 3/4% 1/1/2022 1,085,000 158
1,000M New Jersey Econ. Dev. Auth. Rev. Light Rail Sys.
6% 5/1/2009* 1,125,000 164
1,000M New Jersey State Hwy. Auth. (Garden State Parkway)
6.2% 1/1/2010 1,123,750 164
1,000M Newark Hsg. Auth. Port Auth. (Newark Marine Term.)
5 1/4% 1/1/2020 1,043,750 152
4,100M Port Authority of New York & New Jersey
125th Series 5% 10/15/2018 4,258,875 621
Puerto Rico Commwlth. Hwy. & Trans. Auth.
Inverse Floater:**
1,000M 8.83% 7/1/2019 1,086,250 159
750M 8.83% 7/1/2022 786,563 115
- ----------------------------------------------------------------------------------------------------------------------
13,665,438 1,993
- ----------------------------------------------------------------------------------------------------------------------
Utilities--10.0%
1,250M Evesham Municipal Utilities Auth. Rev. 5% 7/1/2018 1,296,875 189
Passaic Valley Sewer Commission:
1,250M Series "E" 5 5/8% 12/1/2018 1,370,313 200
1,000M Series "F" 5% 12/1/2020 1,026,250 149
Puerto Rico Electric Power Authority:
1,000M Series "HH" 5 1/4% 7/1/2029 1,021,250 149
2,000M Series "II" 5 3/8% 7/1/2017 2,172,500 317
- ----------------------------------------------------------------------------------------------------------------------
6,887,188 1,004
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--21.5%
$2,900M Atlantic County Impt. Auth. Lux. Tax (Convention Ctr.)
7.4% 7/1/2016 $3,628,625 $529
1,000M Camden County Impt. Auth. Lease Rev. 5 1/8% 9/1/2019 1,041,250 152
1,665M Cape May County Indl. Poll. Cntl. Fin. Auth.
6.8% 3/1/2021 2,077,087 303
Essex County Improvement Authority:
1,000M Cogen Facs. Proj. 5 1/4% 1/1/2017 1,061,250 155
1,000M Correctional Facs. Proj. 5 1/2% 10/1/2018 1,073,750 156
1,020M Mercer County Impt. Auth. Lease Rev.
Govtl. Leasing Proj. 5% 12/15/2023 1,034,025 151
New Jersey Economic Development Authority:
2,000M Educational Testing Service 6 1/8% 5/15/2005* 2,117,140 309
1,435M Market Transition Facility 5 7/8% 7/1/2004* 1,463,700 213
1,155M Puerto Rico Municipal Finance Agency 5 1/4% 8/1/2020 1,218,525 178
- ----------------------------------------------------------------------------------------------------------------------
14,715,352 2,146
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $63,927,938) 98.6% 67,602,203 9,859
Other Assets, Less Liabilities 1.4 963,535 141
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $68,565,738 $10,000
======================================================================================================================
Unrealized
Expiration Notional Appreciation
Interest Rate Swaps Date Amount (Depreciation)
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.672% with Citibank, N.A. 4/8/2014 $3,000M $31,612
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.88% with Citibank, N.A. 4/23/2014 5,700M (23,711)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 3,500M (34,420)
- ----------------------------------------------------------------------------------------------------------------------
$12,200M $(26,519)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Inverse floating rate security (see Note 6). The interest rates are
reset weekly by the issuer. The interest rates shown are the rates in
effect at June 30, 2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--96.7%
Certificates of Participation--13.7%
$400M Carteret County 5 5/8% 6/1/2020 $431,500 $176
Harnett County:
500M 5 1/2% 12/1/2014 549,375 224
500M 5 1/8% 12/1/2023 513,750 209
1,255M Nash County Public Facs. Proj. 5 1/4% 6/1/2019 1,328,731 541
250M Pitt County 5 1/4% 4/1/2015 269,063 110
250M Randolph County 5 1/2% 6/1/2009* 278,750 113
- ----------------------------------------------------------------------------------------------------------------------
3,371,169 1,373
- ----------------------------------------------------------------------------------------------------------------------
Education--19.2%
Appalachian State University:
500M Housing & Student Ctr. 5.6% 7/15/2020 539,375 220
1,000M Series "A" 5 1/8% 5/1/2019 1,043,750 425
430M Iredell County Public Facs. School Projs. 6% 6/1/2010* 493,425 201
500M North Carolina Capital Facs. Fin. Agy.
(Meredith College) 5 1/8% 6/1/2014 533,125 217
250M North Carolina Central Univ. Housing Rev.
5.6% 11/1/2006* 270,937 111
1,000M University North Carolina Asheville Rev. 5% 6/1/2018 1,038,750 423
750M University North Carolina Sys. Pool Rev. 5 3/8% 4/1/2021 797,813 325
- ----------------------------------------------------------------------------------------------------------------------
4,717,175 1,922
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--15.7%
250M Bladen County 5.6% 5/1/2016 275,312 112
Brunswick County:
125M 5% 5/1/2017 557,500 227
500M 5 3/4% 5/1/2017 131,875 54
250M Cleveland County 5 1/2% 3/1/2012 267,188 109
750M Craven County 5% 5/1/2018 781,875 318
400M Johnston County 5% 6/1/2018 419,500 171
220M Laurinburg Sanitation Swr. 5.3% 6/1/2012 231,273 94
200M Morganton 5.7% 6/1/2005* 211,354 86
400M Onslow County 5.7% 3/1/2011 419,328 171
280M Rowan County 5.6% 4/1/2005* 294,333 120
250M Union County 5.4% 3/1/2015 272,500 111
- ----------------------------------------------------------------------------------------------------------------------
3,862,038 1,573
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--2.5%
$400M North Carolina Medical Care Community Hosp. Rev.
(Northeast Med. Ctr.) 5 3/8% 11/1/2016 $432,500 $176
175M Puerto Rico Indl. Tourist Educ. Med. & Env. Cntl. Facs.
6 1/4% 7/1/2016 182,194 74
- ----------------------------------------------------------------------------------------------------------------------
614,694 250
- ----------------------------------------------------------------------------------------------------------------------
Housing--.4%
100M North Carolina Hsg. Fin. Agy. Multi-Family Series "F"
6.6% 7/1/2017 102,749 42
- ----------------------------------------------------------------------------------------------------------------------
Transportation--5.7%
Piedmont Triad Airport Authority Revenue:
800M 5 1/2% 7/1/2013 860,000 350
500M 5 1/4% 7/1/2016 530,000 216
- ----------------------------------------------------------------------------------------------------------------------
1,390,000 566
- ----------------------------------------------------------------------------------------------------------------------
Utilities--36.7%
600M Broad River Water Auth. Water Sys. Rev. 5 3/4% 6/1/2017 665,250 271
1,080M Brunswick County Enterprise Sys. Rev. 5 1/4% 4/1/2022 1,131,300 461
250M Buncombe County Solid Waste Sys. Rev. 5.6% 3/1/2011 267,500 109
Charlotte Storm Water Fee Revenue:
250M 5.65% 6/1/2010* 282,187 115
615M 5 1/4% 6/1/2017 656,513 268
300M Durham County Enterprise Sys. Rev. 5% 6/1/2018 312,750 127
300M Fayetteville Public Works Commission Rev.
5 1/2% 3/1/2010* 336,000 137
250M Gastonia Combined Utilities Sys. Rev. 5 5/8% 5/1/2015 274,375 112
250M Greensboro Enterprise Sys. Rev. 5% 6/1/2017 260,313 106
Greenville Combined Enterprise Sys. Revenue:
250M 5 3/4% 9/1/2014 285,625 116
250M 5 1/2% 9/1/2017 270,312 110
250M 5 1/2% 9/1/2018 270,000 110
250M Kinston Enterprise Sys. Rev. 5.7% 4/1/2012 268,438 109
200M North Carolina Eastern Municipal Pwr. Agy.
5.6% 1/1/2010 216,750 88
1,000M North Carolina Municipal Pwr. Agy. Rev.
(Catawba Elec.) 5 1/4% 1/1/2018 1,058,750 431
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
$650M Puerto Rico Electric Pwr. Auth. Rev. 5 1/4% 7/1/2022 $676,812 $276
1,210M Union County Enterprise Sys. Rev. 5% 6/1/2019 1,252,350 510
500M Winston-Salem Water & Sewer Sys. Rev. 5% 6/1/2019 516,875 211
- ----------------------------------------------------------------------------------------------------------------------
9,002,100 3,667
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--2.8%
250M Cumberland Cnty. Fin. Corp. Installment Pmt. Rev.
(Detention Ctr. & Mental Hlth.) 5 5/8% 6/1/2017 269,375 110
390M Fayetteville Finance Corp. Inst. Municipal Bldg. Prog.
5.7% 2/1/2010 417,300 170
- ----------------------------------------------------------------------------------------------------------------------
686,675 280
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,692,653) 23,746,600 9,673
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--2.5%
600M University of North Carolina (Chapel Hill Rev.)
Adjustable Rate Note 1.04% ** (cost $600,000) 600,000 245
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $23,292,653) 99.2% 24,346,600 9,918
Other Assets, Less Liabilities .8 202,644 82
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $24,549,244 $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 4.02% with Citibank, N.A. 5/5/2014 $1,200M $(11,801)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.1374% with Citibank, N.A. 5/13/2014 1,200M (26,710)
- ----------------------------------------------------------------------------------------------------------------------
$2,400M $(38,511)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily
by the issuer. The interest rate shown is the rate in effect at June 30,
2004
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.4%
Education--13.5%
$1,200M Cincinnati Tech. College Gen. Receipts
5 1/4% 10/1/2020 $1,263,000 $498
1,000M Cuyahoga Cmnty. College Dist. Gen. Receipts
5% 12/1/2022 1,016,250 400
1,000M University Akron Gen. Receipts 6% 1/1/2010* 1,141,250 450
- ----------------------------------------------------------------------------------------------------------------------
3,420,500 1,348
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--67.1%
1,000M Adams County Valley Local School District
7% 12/1/2015 1,240,000 489
1,000M Akron-Summit County Public Library 5% 12/1/2018 1,036,250 408
800M Avon Local School District 6 1/2% 12/1/2015 956,000 377
1,000M Beaver Creek Local School District 6.6% 12/1/2015 1,205,000 475
425M Bedford Heights Jail Facilities 6 1/2% 12/1/2014 442,476 174
500M Brecksville-Broadview Heights City School District
6 1/2% 12/1/2016 552,500 218
1,000M Cleveland Municipal School District 5 1/4% 12/1/2023
(when-issued) 1,038,750 409
500M Clyde-Green Springs Exempted Village Local
School District 7% 12/1/2005* 540,625 213
1,000M Dublin City School District Facility Construction &
Improvement 5% 12/1/2021 1,021,250 403
1,135M Eaton City School District 5 3/8% 12/1/2018 1,230,056 485
700M Garfield Heights 6.3% 12/1/2014 727,664 287
500M Garfield Heights City School District 5% 12/15/2020 513,750 203
655M Jefferson County Jail Construction 5 3/4% 12/1/2019 748,338 295
1,000M Licking County Joint Voc. School District
5% 12/1/2020 1,025,000 404
1,300M Lorain 5 1/2% 12/1/2018 1,412,125 557
250M North Fork Local School District 5 3/4% 12/1/2018 285,000 112
500M North Royalton City School District 6% 12/1/2014 571,250 225
1,000M Oakwood City School District 5% 12/1/2020 1,027,500 405
350M Portage County 6.2% 12/1/2014 363,545 143
240M Shaker Heights City School District 7.1% 12/15/2010 269,700 106
750M Youngstown 6% 12/1/2031 819,375 323
- ----------------------------------------------------------------------------------------------------------------------
17,026,154 6,711
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--2.2%
$500M Lorain County Hosp. Rev. (Catholic Healthcare
Partners) 5 1/2% 9/1/2011 $539,375 $215
- ----------------------------------------------------------------------------------------------------------------------
Utilities--6.9%
600M Alliance Sewer System Rev. 6% 10/15/2010 619,674 244
280M Hamilton Wastewater Rev. 5.9% 10/15/2011 302,400 119
500M Mahoning Valley Sanitary District Water Rev.
5 3/4% 11/15/2018 553,750 218
250M Ohio State Water Dev. Auth. Rev. Pure Water Series "I"
7% 12/1/2009 280,000 110
- ----------------------------------------------------------------------------------------------------------------------
1,755,824 691
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
1,000M Hamilton County Sales Tax 5 3/4% 12/1/2013 1,117,500 440
1,000M New Albany Cmnty. Auth. Dev. 5 1/2% 10/1/2015 1,095,000 432
- ----------------------------------------------------------------------------------------------------------------------
2,212,500 872
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $23,558,052) 24,954,353 9,837
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.8%
200M Puerto Rico Commonwealth Govt. Dev. Bank
Adjustable Rate Note 1% ** (cost $200,000) 200,000 79
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $23,758,052) 99.2% 25,154,353 9,916
Other Assets, Less Liabilities .8 214,126 84
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $25,368,479 $10,000
======================================================================================================================
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OHIO FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
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 3.88% with Citibank, N.A. 4/23/2014 $2,600M $(10,816)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 1,300M (12,784)
- ----------------------------------------------------------------------------------------------------------------------
$3,900M $(23,600)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset
periodically by the issuer. The interest rate shown is the rate in effect
at June 30, 2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.0%
Certificates of Participation--4.2%
Oregon State Dept. of Administrative Services:
$500M 5.65% 5/1/2007* $548,750 $193
500M 5 1/4% 5/1/2017 535,625 189
100M Washington County Educ. Service Dist. 7% 6/1/2005* 104,865 37
- ----------------------------------------------------------------------------------------------------------------------
1,189,240 419
- ----------------------------------------------------------------------------------------------------------------------
Education--6.0%
200M Chemeketa Community College District 6.4% 7/1/2009 208,972 74
1,250M Oregon Health Sciences Univ. Rev. 5 1/4% 7/1/2022 1,303,125 458
200M Oregon State Hlth. & Hsg. Educ. & Cult. Facs.
(Lewis & Clark College) 6% 10/1/2013 205,974 72
- ----------------------------------------------------------------------------------------------------------------------
1,718,071 604
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--57.3%
1,000M Benton and Linn Counties School District #509J
(Corvallis) 5% 6/1/2020 1,030,000 362
300M Chemeketa Community College District 5.8% 6/1/2006* 321,000 113
1,000M Clackamas County School District #62C
(Oregon City) 5% 6/15/2020 1,032,500 363
1,000M Deschutes County 5% 12/1/2015 1,062,500 374
500M Deschutes County Administrative School District #1
(Bend) 5 1/2% 6/15/2016 540,625 190
1,055M Gresham 5 3/8% 6/1/2017 1,143,356 402
250M Jackson County School District #4 (Phoenix)
5 1/2% 6/15/2016 270,313 95
635M Jefferson County School District #509J
5 1/4% 6/15/2019 672,306 237
500M Josephine County School District (Three Rivers)
5 1/4% 6/15/2017 532,500 187
245M La Grande 5 5/8% 6/1/2011 259,700 91
200M Lane County School District #019 (Springfield)
6 1/4% 10/15/2004* 204,780 72
Linn County School District:
250M #9 (Lebanon) 6 1/8% 6/15/2010* 286,875 101
500M #055 (Sweet Home) 5 1/2% 6/15/2025 518,750 183
180M #095 (Scio) 5 3/4% 7/15/2011 191,700 68
250M Morrow County School District #1, 5 5/8% 6/15/2014 279,688 98
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
General Obligations (continued)
$250M Multnomah County School District #7 (Reynolds)
5 5/8% 6/15/2014 $274,688 $97
Polk Marion & Benton Counties School District #13J:
200M 5 1/2% 12/1/2004* 205,432 72
760M 5 5/8% 6/15/2010* 851,200 300
1,000M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,178,750 415
1,000M Salem-Keizer School District #24J 5% 6/15/2019 1,035,000 364
600M Southwestern Community College District
6.05% 6/1/2010* 685,500 241
250M Tillamook County 5.6% 1/15/2007* 269,375 95
Umatilla County School District #016R (Pendleton):
200M 6% 7/1/2004* 202,000 71
500M 5 1/4% 7/1/2014 550,000 194
520M Wasco County School District #12, 5 1/2% 6/15/2018 581,100 204
Washington and Clackamas Counties School
District #23 (Tigard):
600M 5 1/4% 6/1/2016 657,000 231
1,000M 5 3/8% 6/15/2020 1,068,750 376
Washington County School District:
170M #003JT (Hillsboro) 6% 11/1/2005* 179,350 63
200M #088J (Sherwood) 6.1% 6/1/2005* 208,124 73
- ----------------------------------------------------------------------------------------------------------------------
16,292,862 5,732
- ----------------------------------------------------------------------------------------------------------------------
Housing--.2%
50M Oregon State Hsg. & Cmnty. Svcs. Dept. Mtge. Rev.
Single-Family Mtge. Prog. 5.95% 7/1/2013 52,250 18
- ----------------------------------------------------------------------------------------------------------------------
Transportation--7.4%
500M Portland Airport Way Urban Renewal & Redev.
6% 6/15/2016 555,625 196
Puerto Rico Commonwealth Hwy. & Trans.
Auth. Revenue:
1,020M 6 1/4% 7/1/2014 1,208,700 425
300M 5 3/4% 7/1/2018 332,250 117
- ----------------------------------------------------------------------------------------------------------------------
2,096,575 738
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--16.7%
$440M Columbia River Oregon Peoples Utility District
Elec. Sys. 5.55% 12/1/2020 $471,900 $166
125M Emerald Peoples Utility Dist. 7.35% 11/1/2011 153,906 54
600M Eugene Water Utility System 5.8% 8/1/2020 658,500 232
250M Marion County Solid Waste & Electric Rev.
5 3/8% 10/1/2008 264,687 93
250M Portland Gas Tax Rev. 5 3/4% 6/1/2012 265,000 93
300M Portland Sewer System Rev. Series "A" 5 1/4% 6/1/2020 316,500 111
Puerto Rico Electric Power Authority:
500M 5 1/8% 7/1/2026 506,875 178
500M 5 1/4% 7/1/2029 510,625 180
250M Salem Water & Sewer Rev. 5 1/2% 6/1/2006* 266,250 94
1,000M Sunrise Water Authority Water Rev. 5 1/4% 3/01/2024 1,036,250 365
250M Washington County Unified Sewer Agy. 5 3/4% 10/1/2012 284,687 100
- ----------------------------------------------------------------------------------------------------------------------
4,735,180 1,666
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--6.2%
500M Oregon State Administrative Services Lottery
5 3/4% 4/1/2009* 561,250 197
Portland Urban Renewal & Redevelopment:
700M 5 3/4% 6/15/2017 775,250 273
405M 5 1/2% 6/15/2020 433,350 153
- ----------------------------------------------------------------------------------------------------------------------
1,769,850 623
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $26,651,645) 27,854,028 9,800
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.3%
100M Puerto Rico Commonwealth Govt. Dev. Bank
Adjustable Rate Note 1% ** (cost $100,000) 100,000 35
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $26,751,645) 98.3% 27,954,028 9,835
Other Assets, Less Liabilities 1.7 469,761 165
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $28,423,789 $10,000
======================================================================================================================
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
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 3.88% with Citibank, N.A. 4/23/2014 $2,900M $(12,064)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 1,400M (13,768)
- ----------------------------------------------------------------------------------------------------------------------
$4,300M $(25,832)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly
by the issuer. The interest rate shown is the rate in effect at June 30,
2004.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--99.3%
Education--13.7%
$1,000M Pennsylvania State Higher Educ. Assistance Agy.
6 1/8% 12/15/2010* $1,152,500 $247
Pennsylvania State Higher Educ. Facs. Authority:
1,410M 5 1/2% 6/15/2014 1,529,850 327
1,000M 5% 6/15/2018 1,035,000 221
State Public School Bldg. Auth. College Revenue:
1,000M Butler Cnty. Cmnty. College Proj. 5.7% 7/15/2010* 1,126,250 241
500M Delaware Cnty. Cmnty. College Proj. 5 3/4% 10/1/2016 553,750 118
1,000M Northampton Cnty. Area Series "A" 5% 3/1/2020 1,027,500 220
- ----------------------------------------------------------------------------------------------------------------------
6,424,850 1,374
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--32.6%
1,000M Adams County 5 3/8% 5/15/2011* 1,112,500 238
1,000M Ambridge Area Sch. Dist. Series "B" 5 1/8% 5/1/2023 1,017,500 217
1,000M Erie 5.7% 5/15/2007* 1,090,000 233
1,545M Garnet Valley School District 5 1/2% 4/1/2014 1,701,431 364
1,000M General McLane School District 5 3/4% 5/15/2007* 1,091,250 233
1,065M Mifflin County 5 1/2% 9/1/2020 1,135,556 243
1,365M Owen J. Roberts School District 5 1/2% 8/15/2016 1,492,969 319
1,000M Pennsbury School District 5 1/2% 1/15/2017 1,086,250 232
385M Philadelphia 6% 11/15/2014 398,902 85
Philadelphia School District:
1,180M 6% 3/1/2015 1,323,075 283
1,000M 5 1/2% 2/1/2026 1,038,750 222
1,600M Pittsburgh 5 1/2% 9/1/2014 1,748,000 374
1,000M Uniontown Area Sch. Dist. Series "A" 5 1/2% 10/1/2030 1,036,250 222
- ----------------------------------------------------------------------------------------------------------------------
15,272,433 3,265
- ----------------------------------------------------------------------------------------------------------------------
Health Care--14.0%
Allegheny County Hospital Development Authority:
1,000M Allegheny General Hospital Proj. 6.2% 9/1/2007*
Health Center--University of Pittsburgh: 1,110,000 237
1,000M 5.6% 4/1/2013 1,076,250 230
1,000M 5.65% 4/1/2014 1,076,250 230
1,000M Berks County Municipal Auth. Hosp.
(Reading Hosp. Med. Ctr.) 5.7% 10/1/2014 1,126,250 241
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
$1,000M Dauphin Cnty. Gen. Hlth. Sys. (Pinnacle Hlth. Sys.)
5 1/2% 5/15/2013 $1,071,250 $229
1,000M Pennsylvania State Higher Educ. Facs. Auth. Hlth. Svcs.
5.7% 11/15/2011 (Defaulted) (Note 1A) 1,082,500 232
- ----------------------------------------------------------------------------------------------------------------------
6,542,500 1,399
- ----------------------------------------------------------------------------------------------------------------------
Transportation--6.7%
1,620M Allegheny County Port. Auth. Spl. Rev. 5 1/4% 3/1/2020 1,692,900 362
1,375M Pennsylvania State Turnpike Commn. Tpk. Rev.
5 1/4% 12/1/2022 1,438,594 308
- ----------------------------------------------------------------------------------------------------------------------
3,131,494 670
- ----------------------------------------------------------------------------------------------------------------------
Utilities--19.8%
1,000M Allegheny County Sanitation Auth. Sewer Rev.
6 1/4% 12/1/2014 1,038,900 222
1,325M Bucks County Water & Sewer Auth. Rev.
5 3/8% 6/1/2019 1,409,469 301
1,000M Erie Sewer Authority Rev. 5 7/8% 6/1/2010* 1,132,500 242
1,000M Philadelphia Water & Wastewater Rev.
6 1/4% 8/1/2012 1,163,750 249
2,950M Pittsburgh Water & Sewer Auth. 6 1/2% 9/1/2013 3,447,813 737
1,000M Washington County Indl. Dev. Auth.
(West Penn Pwr. Co.) 6.05% 4/1/2014 1,050,720 225
- ----------------------------------------------------------------------------------------------------------------------
9,243,152 1,976
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--12.5%
400M Pennsylvania Intergovernmental Coop. Auth.
Spl. Tax Rev. 7% 6/15/2005* 420,296 90
Philadelphia Auth. Indl. Dev. Lease Revenue:
1,000M 5 1/2% 10/1/2014 1,093,750 234
1,000M 5 1/2% 10/1/2016 1,081,250 231
1,000M Philadelphia Housing Auth. Rev. Bonds Series "A"
5 1/2% 12/1/2019 1,086,250 232
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue (continued)
Philadelphia Redev. Neighborhood Transformation
Series "A":
$1,000M 5 1/2% 4/15/2016 $1,090,000 $233
1,000M 5 1/2% 4/15/2019 1,075,000 230
- ----------------------------------------------------------------------------------------------------------------------
5,846,546 1,250
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $43,283,020) 99.3% 46,460,975 9,934
Other Assets, Less Liabilities .7 309,481 66
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $46,770,456 $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 3.88% with Citibank, N.A. 4/23/2014 $2,400M $(9,984)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 2,300M (22,619)
- ----------------------------------------------------------------------------------------------------------------------
$4,700M $(32,603)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--98.1%
Education--6.9%
$575M George Mason University 6 3/8% 2/1/2005* $602,911 $145
1,100M Norfolk Redev. & Housing Auth.
(Tidewater Cmnty. College) 5 7/8% 11/1/2005* 1,179,750 285
1,000M Virginia College Building Auth. Educ. Facs. Rev.
5 1/4% 2/1/2017 1,060,000 256
- ----------------------------------------------------------------------------------------------------------------------
2,842,661 686
- ----------------------------------------------------------------------------------------------------------------------
General Obligations--28.5%
1,000M Hampton 5 3/4% 2/1/2014 1,112,500 268
1,065M Harrisonburg Public Safety & Steam Plant Series "A"
5% 7/15/2020 1,103,606 266
1,000M Lunenburg County 5 1/4% 2/1/2029 1,020,000 246
Norfolk:
1,730M 5% 7/1/2020 1,781,900 429
1,100M 5% 7/1/2021 1,128,875 272
1,000M Puerto Rico Pub. Bldgs. Auth. 6 1/4 7/1/2014 1,188,750 287
Richmond:
1,000M 5 3/8% 1/15/2015 1,082,500 261
1,000M 5 1/2% 1/15/2017 1,087,500 262
1,000M 5% 7/15/2019 1,036,250 250
1,000M Roanoke Public Impt. Series "A" 5 1/4% 10/1/2020 1,065,000 257
200M Virginia State Public School Auth. 6 1/2% 8/1/2004* 204,734 49
- ----------------------------------------------------------------------------------------------------------------------
11,811,615 2,847
- ----------------------------------------------------------------------------------------------------------------------
Health Care--9.8%
1,050M Danville Indl. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2004* 1,073,341 258
Roanoke Industrial Development Authority:
1,000M Carilion Health Sys. Series "A" 5 1/2% 7/1/2021 1,068,750 257
1,675M Roanoke Memorial Hosp. Proj. 6 1/8% 7/1/2017 1,945,094 469
- ----------------------------------------------------------------------------------------------------------------------
4,087,185 984
- ----------------------------------------------------------------------------------------------------------------------
Transportation--12.5%
Metropolitan Washington DC Airport Auth. System:
960M Series "B" 5.1% 10/1/2021 975,600 235
500M Series "B" 5 1/8% 10/1/2022 505,625 122
1,585M Norfolk Airport Auth. 5 3/8% 7/1/2015 1,699,912 410
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation (continued)
Puerto Rico Commwlth. Hwy. & Trans. Auth.
Inverse Floater:**
$1,150M 8.83% 7/1/2020 $1,236,250 $298
750M 8.83% 7/1/2022 786,563 189
- ----------------------------------------------------------------------------------------------------------------------
5,203,950 1,254
- ----------------------------------------------------------------------------------------------------------------------
Utilities--14.7%
1,165M Bristol Utility Sys. Rev. 5 3/4% 7/15/2015 1,332,469 321
1,000M Norfolk Water Rev. 5 7/8% 11/1/2015 1,068,750 258
500M Powhatan Cnty. Econ. Dev. Auth. Lease Rev.
5 1/8% 7/15/2018 528,750 127
Puerto Rico Electric Power Authority:
1,000M 5 3/8% 7/1/2017 1,086,250 262
1,000M Series "II" 5 1/4% 7/1/2022 1,041,250 251
1,000M Virginia Beach Water & Sewer Rev. 5% 10/1/2018 1,035,000 249
- ----------------------------------------------------------------------------------------------------------------------
6,092,469 1,468
- ----------------------------------------------------------------------------------------------------------------------
Other Revenue--25.7%
500M Frederick County Indl. Dev. Auth. (Govt. Complex Proj.)
6 1/2% 12/1/2004* 520,560 126
1,000M Gloucester County Indl. Dev. Auth. (Courthouse Proj.)
5 3/8% 11/1/2020 1,061,250 256
1,000M Hampton Convention Center Rev. 5 1/4% 1/15/2016 1,082,500 261
500M Henrico County Econ. Dev. Auth. (Regional Jail Proj.)
5 5/8% 11/1/2015 551,875 133
1,000M Middlesex County Indl. Dev. Auth. Lease Rev.
5 1/8% 8/1/2023 1,028,750 248
1,000M Montgomery County Indl. Dev. Auth. Series "C"
6% 1/15/2017 1,130,000 272
1,000M Richmond Redev. & Housing Auth.
(Old Manchester Projs.) 6.8% 3/1/2005* 1,055,440 254
1,000M Riverside Regional Jail Auth. Facs. Rev. 5 7/8% 7/1/2005* 1,061,859 256
Southwest Regional Jail Authority Revenue:
1,000M 5 1/8% 9/1/2021 1,026,250 247
1,020M 5 1/8% 9/1/2022 1,041,675 251
1,010M Virginia State Res. Auth. Infrastructure Rev. Series "B"
5 1/2% 5/1/2018 1,084,488 262
- ----------------------------------------------------------------------------------------------------------------------
10,644,647 2,566
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $38,912,050) 40,682,527 9,805
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT INVESTMENTS--.7%
Adjustable Rate Notes***
$200M Alexandria Redev. & Hsg. Auth. Res. Care Facs. Rev.
1.18% $200,000 $48
100M Roanoke Indl. Dev. Auth. Hosp. Rev. 1.1% 100,000 24
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments (cost $300,000) 300,000 72
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments (cost $39,212,050) 98.8% 40,982,527 9,877
Other Assets, Less Liabilities 1.2 512,015 123
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $41,494,542 $10,000
======================================================================================================================
Unrealized
Expiration Notional Appreciation
Interest Rate Swaps Date Amount (Depreciation)
- ----------------------------------------------------------------------------------------------------------------------
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.672% with Citibank, N.A. 4/8/2014 $1,000M $1,837
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 3.88% with Citibank, N.A. 4/23/2014 3,100M (12,895)
Receive quarterly a floating rate based on
the BMA Index and pay quarterly a fixed
rate equal to 4.02% with Citibank, N.A. 5/5/2014 2,100M (20,652)
- ----------------------------------------------------------------------------------------------------------------------
$6,200M $(31,710)
======================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
** Inverse floating rate security (see Note 6). The interest rates are
reset weekly by the issuer. The interest rates shown are the rates in
effect at June 30, 2004.
*** Interest rates on Adjustable Rate Notes are determined and reset
periodically by the issuer. The interest rates shown are the rates in
effect at June 30, 2004.
See notes to financial statements
This page intentionally left blank.
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2004
- ---------------------------------------------------------------------------------------------------------------------------------
INSURED
TAX-EXEMPT INTERMEDIATE INSURED INSURED
MONEY MARKET TAX EXEMPT TAX EXEMPT TAX EXEMPT II
- ---------------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 17,131,044 $ 74,920,056 $747,745,526 $ 91,044,748
============ ============ ============ ============
At value (Note 1A) $ 17,131,044 $ 75,010,514 $822,022,491 $ 92,859,594
Cash (overdraft) 164,535 263,606 (3,127,112) 158,463
Receivables:
Interest 104,316 641,515 14,045,124 1,018,508
Investment securities sold -- -- 7,545,641 667,518
Shares sold -- 34,976 240,669 156,998
Other assets 6,859 6,588 174,290 10,194
------------ ------------ ------------ ------------
Total Assets 17,406,754 75,957,199 840,901,103 94,871,275
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 260,460 4,523,446 6,959,882 2,604,108
Dividends payable 945 28,882 693,382 76,281
Shares redeemed 950 333,366 801,431 443,696
Unrealized loss on swap agreements -- 34,420 1,369,651 75,340
Accrued advisory fees 7,536 28,121 456,631 37,575
Accrued shareholder servicing costs 3,578 5,082 47,446 6,412
Accrued expenses 6,245 9,517 50,078 3,690
------------ ------------ ------------ ------------
Total Liabilities 279,714 4,962,834 10,378,501 3,247,102
------------ ------------ ------------ ------------
Net Assets $ 17,127,040 $ 70,994,365 $830,522,602 $ 91,624,173
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $ 17,127,040 $ 71,028,697 $758,617,450 $ 89,671,287
Undistributed net investment income -- 19,356 307,655 27,351
Accumulated net realized gain (loss) on investments
and swap agreements -- (109,726) (1,309,817) 186,029
Net unrealized appreciation in value of investments
and swap agreements -- 56,038 72,907,314 1,739,506
------------ ------------ ------------ ------------
Total $ 17,127,040 $ 70,994,365 $830,522,602 $ 91,624,173
============ ============ ============ ============
Net Assets:
Class A $ 17,104,333 $ 59,341,203 $826,641,321 $ 75,772,492
Class B $ 22,707 $ 11,653,162 $ 3,881,281 $ 15,851,681
Shares outstanding (Note 2):
Class A 17,104,333 9,363,662 82,444,195 5,048,316
Class B 22,707 1,835,711 387,750 1,056,566
Net asset value and redemption price per share - Class A $ 1.00+ $ 6.34 $10.03 $15.01
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* N/A $ 6.73 $10.64 $15.93
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $ 1.00 $ 6.35 $10.01 $15.00
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
+ Also maximum offering price per share.
See notes to financial statements
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2004
- -----------------------------------------------------------------------------------------------------------------------------
NEW YORK MULTI-STATE INSURED TAX FREE FUND
INSURED --------------------------------------------
TAX FREE ARIZONA CALIFORNIA COLORADO
- -----------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $172,508,317 $ 20,783,124 $ 26,632,114 $ 10,302,612
============ ============ ============ ============
At value (Note 1A) $181,709,643 $ 21,777,408 $ 28,256,294 $ 10,830,338
Cash (overdraft) (168,828) 196,608 379,890 (58,123)
Receivables:
Interest 2,851,424 417,460 448,990 63,503
Shares sold 66,859 63,184 45,733 120
Unrealized gain on swap agreements 23,628 -- -- --
Other assets 30,207 2,680 3,829 1,422
------------ ------------ ------------ ------------
Total Assets 184,512,933 22,457,340 29,134,736 10,837,260
------------ ------------ ------------ ------------
Liabilities
Payables:
Dividends payable 151,447 31,847 38,747 10,702
Shares redeemed 233,749 -- 5,000 7,011
Unrealized loss on swap agreements -- 15,394 26,664 9,909
Accrued advisory fees 99,585 7,518 10,435 282
Accrued shareholder servicing costs 11,111 965 1,302 671
Accrued expenses 22,944 6,470 11,546 5,490
------------ ------------ ------------ ------------
Total Liabilities 518,836 62,194 93,694 34,065
------------ ------------ ------------ ------------
Net Assets $183,994,097 $ 22,395,146 $ 29,041,042 $ 10,803,195
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $175,351,765 $ 21,368,218 $ 27,505,378 $ 10,297,177
Undistributed net investment income 254,108 12,222 29,636 17,766
Accumulated net realized gain (loss) on investments
and swap agreements (836,730) 35,816 (91,488) (29,565)
Net unrealized appreciation in value of investments
and swap agreements 9,224,954 978,890 1,597,516 517,817
------------ ------------ ------------ ------------
Total $183,994,097 $ 22,395,146 $ 29,041,042 $ 10,803,195
============ ============ ============ ============
Net Assets:
Class A $176,173,309 $ 19,680,324 $ 25,881,008 $ 9,440,859
Class B $ 7,820,788 $ 2,714,822 $ 3,160,034 $ 1,362,336
Shares outstanding (Note 2):
Class A 12,331,401 1,452,822 2,137,978 702,062
Class B 548,015 200,359 260,940 101,336
Net asset value and redemption price per share - Class A $14.29 $13.55 $12.11 $13.45
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $15.16 $14.38 $12.85 $14.27
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $14.27 $13.55 $12.11 $13.44
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
+ Also maximum offering price per share.
See notes to financial statements
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2004
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FLORIDA GEORGIA MARYLAND
- --------------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 35,956,645 $ 37,604,133 $ 10,246,279 $ 30,117,283
============ ============ ============ ============
At value (Note 1A) $ 37,370,801 $ 39,405,817 $ 10,705,014 $ 31,534,870
Cash (overdraft) 353,900 (11,396) 15,489 156,896
Receivables:
Interest 563,252 578,927 146,474 600,149
Shares sold 120,127 1,470 2,120 17,128
Other assets 3,997 4,134 1,013 3,451
------------ ------------ ------------ ------------
Total Assets 38,412,077 39,978,952 10,870,110 32,312,494
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 1,266,208 -- -- --
Dividends payable 33,892 58,005 9,976 41,735
Shares redeemed 72,854 1,009 -- 210,554
Unrealized loss on swap agreements 29,423 36,308 4,225 35,702
Accrued advisory fees 12,425 16,971 1,095 12,769
Accrued shareholder servicing costs 1,723 1,791 462 1,403
Accrued expenses 3,284 1,874 1,495 2,280
------------ ------------ ------------ ------------
Total Liabilities 1,419,809 115,958 17,253 304,443
------------ ------------ ------------ ------------
Net Assets $ 36,992,268 $ 39,862,994 $ 10,852,857 $ 32,008,051
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $ 35,689,391 $ 38,053,611 $ 10,369,634 $ 30,582,324
Undistributed net investment income 36,058 50,611 7,582 48,880
Accumulated net realized gain (loss) on investments
and swap agreements (117,914) (6,604) 21,131 (5,038)
Net unrealized appreciation in value of investments
and swap agreements 1,384,733 1,765,376 454,510 1,381,885
------------ ------------ ------------ ------------
Total $ 36,992,268 $ 39,862,994 $ 10,852,857 $ 32,008,051
============ ============ ============ ============
Net Assets:
Class A $ 31,722,726 $ 36,571,319 $ 9,519,248 $ 26,533,793
Class B $ 5,269,542 $ 3,291,675 $ 1,333,609 $ 5,474,258
Shares outstanding (Note 2):
Class A 2,411,396 2,731,763 711,078 1,926,948
Class B 400,947 245,730 99,701 397,326
Net asset value and redemption price per share - Class A $13.16 $13.39 $13.39 $13.77
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $13.96 $14.21 $14.21 $14.61
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $13.14 $13.40 $13.38 $13.78
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2004
- --------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------
MASSACHUSETTS MICHIGAN MINNESOTA
- --------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 27,289,945 $ 35,961,102 $ 14,281,414
============ ============ ============
At value (Note 1A) $ 28,900,113 $ 38,804,261 $ 14,968,370
Cash 205,144 45,508 266,813
Receivables:
Interest 374,529 460,748 254,005
Investment securities sold -- -- 1,351,597
Shares sold 5,826 575 94
Other assets 3,686 5,022 2,014
------------ ------------ ------------
Total Assets 29,489,298 39,316,114 16,842,893
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- 1,796,683
Dividends payable 15,067 44,579 10,578
Shares redeemed 78,340 500 215,757
Unrealized loss on swap agreements 20,008 34,909 8,132
Accrued advisory fees 10,607 16,023 2,101
Accrued shareholder servicing costs 1,614 2,342 874
Accrued expenses 9,984 15,343 2,298
------------ ------------ ------------
Total Liabilities 135,620 113,696 2,036,423
------------ ------------ ------------
Net Assets $ 29,353,678 $ 39,202,418 $ 14,806,470
============ ============ ============
Net Assets Consist of:
Capital paid in $ 27,961,631 $ 36,472,707 $ 14,231,896
Undistributed net investment income 11,402 25,191 14,712
Accumulated net realized loss on investments
and swap agreements (209,515) (103,730) (118,962)
Net unrealized appreciation in value of investments
and swap agreements 1,590,160 2,808,250 678,824
------------ ------------ ------------
Total $ 29,353,678 $ 39,202,418 $ 14,806,470
============ ============ ============
Net Assets:
Class A $ 25,805,990 $ 36,826,965 $ 13,624,088
Class B $ 3,547,688 $ 2,375,453 $ 1,182,382
Shares outstanding (Note 2):
Class A 2,185,886 2,939,086 1,153,057
Class B 300,256 189,842 99,931
Net asset value and redemption price per share - Class A $11.81 $12.53 $11.82
============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $12.53 $13.29 $12.54
============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $11.82 $12.51 $11.83
============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2004
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------------------------
MISSOURI NEW JERSEY NORTH CAROLINA OHIO
- ---------------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 10,253,452 $ 63,927,938 $ 23,292,653 $ 23,758,052
============ ============ ============ ============
At value (Note 1A) $ 10,624,151 $ 67,602,203 $ 24,346,600 $ 25,154,353
Cash (overdraft) 88,149 (37,483) 13,204 41,905
Receivables :
Interest 157,646 1,210,921 257,897 162,165
Investment securities sold -- -- -- 1,145,020
Shares sold 460 2,155 10,696 524
Other assets 1,124 7,548 2,439 3,368
------------ ------------ ------------ ------------
Total Assets 10,871,530 68,785,344 24,630,836 26,507,335
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- -- 1,031,090
Dividends payable 14,544 65,082 21,196 23,038
Shares redeemed -- 77,274 5,334 42,515
Unrealized loss on swap agreements 9,077 26,519 38,511 23,600
Accrued advisory fees 837 33,436 6,674 6,927
Accrued shareholder servicing costs 607 3,495 1,178 1,522
Accrued expenses 2,185 13,800 8,699 10,164
------------ ------------ ------------ ------------
Total Liabilities 27,250 219,606 81,592 1,138,856
------------ ------------ ------------ ------------
Net Assets $ 10,844,280 $ 68,565,738 $ 24,549,244 $ 25,368,479
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $ 10,475,085 $ 65,190,985 $ 23,570,574 $ 23,947,180
Undistributed net investment income 11,693 36,415 14,099 22,728
Accumulated net realized gain (loss) on investments
and swap agreements (4,120) (309,408) (50,865) 25,870
Net unrealized appreciation in value of investments
and swap agreements 361,622 3,647,746 1,015,436 1,372,701
------------ ------------ ------------ ------------
Total $ 10,844,280 $ 68,565,738 $ 24,549,244 $ 25,368,479
============ ============ ============ ============
Net Assets:
Class A $ 7,700,153 $ 62,039,658 $ 20,178,856 $ 21,780,663
Class B $ 3,144,127 $ 6,526,080 $ 4,370,388 $ 3,587,816
Shares outstanding (Note 2):
Class A 574,336 4,829,798 1,528,381 1,746,492
Class B 234,438 509,382 331,011 287,532
Net asset value and redemption price per share - Class A $13.41 $12.85 $13.20 $12.47
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $14.23 $13.63 $14.01 $13.23
============ ============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $13.41 $12.81 $13.20 $12.48
============ ============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statements of Assets and Liabilities
FIRST INVESTORS
June 30, 2004
- -------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------------------------------------------------------------------------------
OREGON PENNSYLVANIA VIRGINIA
- -------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $ 26,751,645 $ 43,283,020 $ 39,212,050
============ ============ ============
At value (Note 1A) $ 27,954,028 $ 46,460,975 $ 40,982,527
Cash (overdraft) 252,553 (133,209) 85,313
Receivables:
Interest 279,811 553,697 805,630
Investment securities sold -- 981,644 8,700
Shares sold 23,482 9,170 28,588
Other assets 2,798 5,027 4,573
------------ ------------ ------------
Total Assets 28,512,672 47,877,304 41,915,331
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- 968,954 --
Dividends payable 17,677 63,055 65,595
Shares redeemed 27,172 15,172 297,638
Unrealized loss on swap agreements 25,832 32,603 31,710
Accrued advisory fees 7,757 19,903 17,394
Accrued shareholder servicing costs 2,071 2,752 1,927
Accrued expenses 8,374 4,409 6,525
------------ ------------ ------------
Total Liabilities 88,883 1,106,848 420,789
------------ ------------ ------------
Net Assets $ 28,423,789 $ 46,770,456 $ 41,494,542
============ ============ ============
Net Assets Consist of:
Capital paid in $ 27,316,965 $ 43,804,032 $ 39,831,804
Undistributed net investment income 9,770 36,359 46,231
Accumulated net realized loss on investments
and swap agreements (79,497) (215,287) (122,260)
Net unrealized appreciation in value of investments
and swap agreements 1,176,551 3,145,352 1,738,767
------------ ------------ ------------
Total $ 28,423,789 $ 46,770,456 $ 41,494,542
============ ============ ============
Net Assets:
Class A $ 25,553,723 $ 43,235,000 $ 38,790,260
Class B $ 2,870,066 $ 3,535,456 $ 2,704,282
Shares outstanding (Note 2):
Class A 1,976,498 3,313,445 2,975,715
Class B 222,305 271,197 208,107
Net asset value and redemption price per share - Class A $12.93 $13.05 $13.04
============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $13.72 $13.85 $13.84
============ ============ ============
Net asset value and offering price per share - Class B
(Note 2) $12.91 $13.04 $12.99
============ ============ ============
* On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2004
- ---------------------------------------------------------------------------------------------------------------------------------
INSURED
TAX-EXEMPT INTERMEDIATE INSURED INSURED
MONEY MARKET TAX EXEMPT TAX EXEMPT TAX EXEMPT II
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 84,541 $ 1,068,674 $ 22,108,277 $ 2,151,739
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 41,002 212,229 3,065,682 480,329
Distribution plan expenses - Class A -- 73,332 1,157,060 98,834
Distribution plan expenses - Class B 52 60,389 20,676 84,991
Shareholder servicing costs 20,839 24,127 295,911 36,981
Professional fees 12,677 9,813 45,462 17,281
Registration fees 20,241 17,826 20,241 20,550
Custodian fees 2,417 5,912 39,908 5,920
Reports to shareholders 2,097 3,496 48,348 5,005
Directors/trustees' fees 316 1,353 16,740 1,862
Other expenses 4,347 17,012 109,510 19,038
------------ ------------ ------------ ------------
Total expenses 103,988 425,489 4,819,538 770,791
Less: Expenses waived or assumed (46,172) (43,374) (438,972) (225,351)
Custodian fees paid indirectly (45) (904) (3,461) (1,417)
------------ ------------ ------------ ------------
Net expenses 57,771 381,211 4,377,105 544,023
------------ ------------ ------------ ------------
Net investment income 26,770 687,463 17,731,172 1,607,716
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreenents (Note 4):
Net realized gain (loss) on investments and swap agreements -- (109,726) (1,159,936) 185,448
Net unrealized depreciation of investments
and swap agreements -- (1,747,523) (31,531,455) (2,774,836)
------------ ------------ ------------ ------------
Net loss on investments and swap agreements -- (1,857,249) (32,691,391) (2,589,388)
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets Resulting
from Operations $ 26,770 $(1,169,786) $(14,960,219) $ (981,672)
============ ============ ============ ============
See notes to financial statements
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2004
- -----------------------------------------------------------------------------------------------------------------------------
NEW YORK MULTI-STATE INSURED TAX FREE FUND
INSURED --------------------------------------------
TAX FREE ARIZONA CALIFORNIA COLORADO
- -----------------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 4,662,842 $ 562,123 $ 711,112 $ 300,275
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 708,045 88,316 112,362 47,650
Distribution plan expenses - Class A 226,011 25,754 33,176 13,981
Distribution plan expenses - Class B 40,016 14,740 17,111 7,609
Shareholder servicing costs 63,201 5,843 7,337 3,947
Professional fees 21,979 5,121 12,547 3,671
Registration fees 735 863 863 244
Custodian fees 9,015 2,633 2,869 1,792
Reports to shareholders 7,090 860 1,138 1,482
Directors/trustees' fees 3,658 461 582 255
Other expenses 29,774 7,046 7,333 6,166
------------ ------------ ------------ ------------
Total expenses 1,109,524 151,637 195,318 86,797
Less: Expenses waived or assumed (141,609) (51,823) (54,593) (42,490)
Custodian fees paid indirectly (5,629) (456) (578) (462)
------------ ------------ ------------ ------------
Net expenses 962,286 99,358 140,147 43,845
------------ ------------ ------------ ------------
Net investment income 3,700,556 462,765 570,965 256,430
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreenents (Note 4):
Net realized gain (loss) on investments and swap agreements (836,730) 35,816 (91,488) 6,355
Net unrealized depreciation of investments
and swap agreements (6,139,313) (792,699) (918,668) (423,078)
------------ ------------ ------------ ------------
Net loss on investments and swap agreements (6,976,043) (756,883) (1,010,156) (416,723)
------------ ------------ ------------ ------------
Net Decrease in Net Assets Resulting
from Operations $(3,275,487) $(294,118) $ (439,191) $(160,293)
============ ============ ============ ============
See notes to financial statements
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2004
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FLORIDA GEORGIA MARYLAND
- --------------------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 894,931 $ 967,571 $ 255,321 $ 772,089
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 138,448 153,374 41,606 121,612
Distribution plan expenses - Class A 39,169 46,968 12,109 33,499
Distribution plan expenses - Class B 27,920 16,626 7,039 28,151
Shareholder servicing costs 11,083 11,032 2,718 8,080
Professional fees 7,212 11,332 3,780 5,867
Registration fees 553 244 244 863
Custodian fees 3,176 3,591 1,427 2,655
Reports to shareholders 603 1,621 508 1,100
Directors/trustees' fees 952 788 214 625
Other expenses 11,234 8,436 5,445 10,350
------------ ------------ ------------ ------------
Total expenses 240,350 254,012 75,090 212,802
Less: Expenses waived or assumed (61,510) (56,750) (35,711) (52,852)
Custodian fees paid indirectly (1,047) (787) (825) (1,055)
------------ ------------ ------------ ------------
Net expenses 177,793 196,475 38,554 158,895
------------ ------------ ------------ ------------
Net investment income 717,138 771,096 216,767 613,194
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreenents (Note 4):
Net realized gain (loss) on investments and swap agreements (117,914) (6,604) 21,131 (5,045)
Net unrealized depreciation of investments
and swap agreements (937,109) (1,275,899) (404,353) (1,039,133)
------------ ------------ ------------ ------------
Net loss on investments and swap agreements (1,055,023) (1,282,503) (383,222) (1,044,178)
------------ ------------ ------------ ------------
Net Decrease in Net Assets Resulting from Operations $ (337,885) $ (511,407) $(166,455) $ (430,984)
============ ============ ============ ============
See notes to financial statements
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2004
- --------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- --------------------------------------------------------------------------------------------------------------
MASSACHUSETTS MICHIGAN MINNESOTA
- --------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 706,291 $ 1,027,971 $ 353,493
------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 111,486 153,000 56,537
Distribution plan expenses - Class A 32,531 48,836 17,383
Distribution plan expenses - Class B 18,526 8,656 5,849
Shareholder servicing costs 10,388 13,334 4,803
Professional fees 7,005 11,205 4,158
Registration fees 863 863 244
Custodian fees 3,052 3,734 1,843
Reports to shareholders 1,786 2,078 1,158
Directors/trustees' fees 572 797 290
Other expenses 6,649 9,777 6,654
------------ ------------ ------------
Total expenses 192,858 252,280 98,919
Less: Expenses waived or assumed (52,162) (62,118) (48,561)
Custodian fees paid indirectly (496) (119) (459)
------------ ------------ ------------
Net expenses 140,200 190,043 49,899
------------ ------------ ------------
Net investment income 566,091 837,928 303,594
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreenents (Note 4):
Net realized loss on investments and swap agreements (209,515) (103,730) (73,682)
Net unrealized depreciation of investments
and swap agreements (890,720) (1,434,213) (374,401)
------------ ------------ ------------
Net loss on investments and swap agreements (1,100,235) (1,537,943) (448,083)
------------ ------------ ------------
Net Decrease in Net Assets Resulting from Operations $ (534,144) $ (700,015) $(144,489)
============ ============ ============
See notes to financial statements
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2004
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------------------------
MISSOURI NEW JERSEY NORTH CAROLINA OHIO
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 257,324 $ 1,717,906 $ 571,074 $ 639,982
------------ ------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 41,560 261,969 91,803 99,815
Distribution plan expenses - Class A 9,935 78,794 24,809 27,931
Distribution plan expenses - Class B 15,673 34,114 23,170 21,361
Shareholder servicing costs 3,433 20,199 7,906 8,675
Professional fees 4,402 13,439 11,144 7,092
Registration fees 553 244 244 244
Custodian fees 1,300 6,356 2,718 2,429
Reports to shareholders 391 3,230 1,644 1,395
Directors/trustees' fees 214 1,347 469 517
Other expenses 6,161 11,413 8,929 7,349
------------ ------------ ------------ ------------
Total expenses 83,622 431,105 172,836 176,808
Less: Expenses waived or assumed (38,170) (73,114) (63,012) (60,730)
Custodian fees paid indirectly (463) (677) (678) (261)
------------ ------------ ------------ ------------
Net expenses 44,989 357,314 109,146 115,817
------------ ------------ ------------ ------------
Net investment income 212,335 1,360,592 461,928 524,165
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreenents (Note 4):
Net realized gain (loss) on investments and swap agreements (4,120) (309,408) (50,865) 33,799
Net unrealized depreciation of investments
and swap agreements (347,006) (2,174,881) (750,759) (1,050,102)
------------ ------------ ------------ ------------
Net loss on investments and swap agreements (351,126) (2,484,289) (801,624) (1,016,303)
------------ ------------ ------------ ------------
Net Decrease in Net Assets Resulting from Operations $(138,791) $(1,123,697) $(339,696) $ (492,138)
============ ============ ============ ============
See notes to financial statements
Statements of Operations
FIRST INVESTORS
Six Months Ended June 30, 2004
- -------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- -------------------------------------------------------------------------------------------------------------
OREGON PENNSYLVANIA VIRGINIA
- -------------------------------------------------------------------------------------------------------------
Investment Income
Interest income $ 671,569 $ 1,168,047 $ 1,070,080
------------ ------------ ------------
Expenses (Notes 1 and 5):
Advisory fees 108,335 180,004 163,730
Distribution plan expenses - Class A 32,342 55,439 51,109
Distribution plan expenses - Class B 15,078 18,248 13,873
Shareholder servicing costs 11,181 15,241 11,485
Professional fees 6,161 6,705 8,082
Registration fees 553 244 244
Custodian fees 3,196 4,597 3,778
Reports to shareholders 1,706 2,229 1,269
Directors/trustees' fees 557 929 847
Other expenses 9,603 9,700 12,868
------------ ------------ ------------
Total expenses 188,712 293,336 267,285
Less: Expenses waived or assumed (67,726) (62,951) (59,285)
Custodian fees paid indirectly (1,374) (752) (1,157)
------------ ------------ ------------
Net expenses 119,612 229,633 206,843
------------ ------------ ------------
Net investment income 551,957 938,414 863,237
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
and Swap Agreenents (Note 4):
Net realized loss on investments and swap agreements (39,799) (215,287) (122,032)
Net unrealized depreciation of investments
and swap agreements (912,432) (1,566,825) (1,471,246)
------------ ------------ ------------
Net loss on investments and swap agreements (952,231) (1,782,112) (1,593,278)
------------ ------------ ------------
Net Decrease in Net Assets Resulting from Operations $(400,274) $ (843,698) $ (730,041)
============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT INSURED INTERMEDIATE
MONEY MARKET TAX EXEMPT
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 26,770 $ 63,828 $ 687,463 $ 1,205,112
Net realized gain (loss) on investments
and swap agreements -- -- (109,726) 453,509
Net unrealized appreciation (depreciation)
of investments and swap agreements -- -- (1,747,523) 322,769
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations 26,770 63,828 (1,169,786) 1,981,390
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (26,770) (63,828) (602,015) (1,024,077)
Net investment income - Class B -- -- (78,697) (170,089)
Net realized gains - Class A -- -- -- (371,439)
Net realized gains - Class B -- -- -- (82,394)
------------ ------------ ------------ ------------
Total distributions (26,770) (63,828) (680,712) (1,647,999)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 9,661,134 17,639,056 8,499,345 35,524,204
Reinvestment of distributions 26,229 62,440 460,049 1,089,899
Cost of shares redeemed (9,485,224) (19,208,272) (5,166,381) (9,333,508)
------------ ------------ ------------ ------------
202,139 (1,506,776) 3,793,013 27,280,595
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold -- 37,069 785,230 6,039,065
Reinvestment of distributions -- -- 56,715 190,967
Cost of shares redeemed (41,197) (37,296) (1,572,670) (1,528,224)
------------ ------------ ------------ ------------
(41,197) (227) (730,725) 4,701,808
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 160,942 (1,507,003) 3,062,288 31,982,403
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 160,942 (1,507,003) 1,211,790 32,315,794
Net Assets
Beginning of period 16,966,098 18,473,101 69,782,575 37,466,781
------------ ------------ ------------ ------------
End of period+ $ 17,127,040 $ 16,966,098 $ 70,994,365 $ 69,782,575
============ ============ ============ ============
+Includes undistributed net investment income of $ -- $ -- $ 19,356 $ 12,605
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 9,661,134 17,639,056 1,309,430 5,466,490
Issued for distributions reinvested 26,229 62,440 71,326 167,657
Redeemed (9,485,224) (19,208,272) (800,875) (1,436,243)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 202,139 (1,506,776) 579,881 4,197,904
============ ============ ============ ============
Class B:
Sold -- 37,069 121,428 927,955
Issued for distributions reinvested -- -- 8,771 29,327
Redeemed (41,197) (37,296) (241,610) (234,656)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (41,197) (227) (111,411) 722,626
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
INSURED INSURED
TAX EXEMPT TAX EXEMPT II
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 17,731,172 $ 36,510,991 $ 1,607,716 $ 3,006,555
Net realized gain (loss) on investments
and swap agreements (1,159,936) 6,557,587 185,448 567,556
Net unrealized appreciation (depreciation)
of investments and swap agreements (31,531,455) (3,669,638) (2,774,836) 677,089
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (14,960,219) 39,398,940 (981,672) 4,251,200
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (17,669,372) (36,086,059) (1,359,117) (2,578,652)
Net investment income - Class B (70,751) (170,729) (225,349) (430,820)
Net realized gains - Class A -- (6,673,491) -- (466,638)
Net realized gains - Class B -- (34,695) -- (101,178)
------------ ------------ ------------ ------------
Total distributions (17,740,123) (42,964,974) (1,584,466) (3,577,288)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 5,482,009 10,457,029 10,059,990 26,796,706
Reinvestment of distributions 13,497,561 33,647,224 981,267 2,230,827
Cost of shares redeemed (42,077,527) (74,035,870) (13,462,490) (14,026,089)
------------ ------------ ------------ ------------
(23,097,957) (29,931,617) (2,421,233) 15,001,444
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 16,300 110,563 1,074,870 8,014,916
Reinvestment of distributions 49,865 160,282 164,459 397,359
Cost of shares redeemed (605,616) (1,228,694) (2,319,374) (3,895,784)
------------ ------------ ------------ ------------
(539,451) (957,849) (1,080,045) 4,516,491
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (23,637,408) (30,889,466) (3,501,278) 19,517,935
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (56,337,750) (34,455,500) (6,067,416) 20,191,847
Net Assets
Beginning of period 886,860,352 921,315,852 97,691,589 77,499,742
------------ ------------ ------------ ------------
End of period+ $830,522,602 $886,860,352 $ 91,624,173 $ 97,691,589
============ ============ ============ ============
+Includes undistributed net investment income of $ 307,655 $ 316,606 $ 27,351 $ 4,101
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 534,481 998,704 656,564 1,741,821
Issued for distributions reinvested 1,315,659 3,221,367 64,241 145,105
Redeemed (4,109,978) (7,089,791) (883,337) (915,872)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (2,259,838) (2,869,720) (162,532) 971,054
============ ============ ============ ============
Class B:
Sold 1,577 10,516 69,659 521,653
Issued for distributions reinvested 4,867 15,365 10,767 25,861
Redeemed (58,653) (117,470) (153,134) (255,276)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (52,209) (91,589) (72,708) 292,238
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK ----------------------------
INSURED TAX FREE ARIZONA
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 3,700,556 $ 7,709,027 $ 462,765 $ 937,941
Net realized gain (loss) on investments
and swap agreements (836,730) 1,592,997 35,816 152,366
Net unrealized depreciation
of investments and swap agreements (6,139,313) (1,233,282) (792,699) (10,549)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (3,275,487) 8,068,742 (294,118) 1,079,758
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (3,562,580) (7,276,283) (409,222) (861,399)
Net investment income - Class B (128,393) (296,001) (46,984) (82,595)
Net realized gains - Class A -- (1,523,133) -- (133,299)
Net realized gains - Class B -- (70,723) -- (19,163)
------------ ------------ ------------ ------------
Total distributions (3,690,973) (9,166,140) (456,206) (1,096,456)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 5,060,879 12,857,413 657,776 4,053,465
Reinvestment of distributions 2,566,652 6,427,003 237,100 601,481
Cost of shares redeemed (9,727,717) (20,297,927) (2,268,566) (3,077,363)
------------ ------------ ------------ ------------
(2,100,186) (1,013,511) (1,373,690) 1,577,583
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 259,194 1,678,552 206,867 1,129,845
Reinvestment of distributions 107,352 297,352 25,599 59,914
Cost of shares redeemed (833,354) (3,622,784) (543,342) (179,751)
------------ ------------ ------------ ------------
(466,808) (1,646,880) (310,876) 1,010,008
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (2,566,994) (2,660,391) (1,684,566) 2,587,591
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (9,533,454) (3,757,789) (2,434,890) 2,570,893
Net Assets
Beginning of period 193,527,551 197,285,340 24,830,036 22,259,143
------------ ------------ ------------ ------------
End of period+ $183,994,097 $193,527,551 $ 22,395,146 $ 24,830,036
============ ============ ============ ============
+Includes undistributed net investment income of $ 254,108 $ 244,525 $ 12,222 $ 5,663
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 346,007 862,828 47,765 288,149
Issued for distributions reinvested 175,699 431,925 17,156 42,996
Redeemed (664,123) (1,369,282) (163,634) (220,856)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (142,417) (74,529) (98,713) 110,289
============ ============ ============ ============
Class B:
Sold 17,910 112,629 14,977 80,600
Issued for distributions reinvested 7,357 20,004 1,852 4,284
Redeemed (56,722) (244,350) (39,517) (12,892)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (31,455) (111,717) (22,688) 71,992
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
CALIFORNIA COLORADO
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 570,965 $ 1,108,065 $ 256,430 $ 508,582
Net realized gain (loss) on investments
and swap agreements (91,488) 58,308 6,355 (35,920)
Net unrealized appreciation (depreciation)
of investments and swap agreements (918,668) 62,985 (423,078) 97,582
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (439,191) 1,229,358 (160,293) 570,244
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (500,562) (1,002,509) (223,322) (449,173)
Net investment income - Class B (51,278) (99,414) (24,397) (54,060)
Net realized gains - Class A -- (53,523) -- --
Net realized gains - Class B -- (6,971) -- --
------------ ------------ ------------ ------------
Total distributions (551,840) (1,162,417) (247,719) (503,233)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 2,155,928 7,226,792 849,455 3,709,395
Reinvestment of distributions 283,649 592,600 159,166 284,456
Cost of shares redeemed (2,657,935) (4,142,221) (3,162,073) (2,128,678)
------------ ------------ ------------ ------------
(218,358) 3,677,171 (2,153,452) 1,865,173
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 106,700 1,123,616 23,053 838,991
Reinvestment of distributions 21,879 43,940 14,678 37,440
Cost of shares redeemed (366,206) (187,125) (306,641) (539,623)
------------ ------------ ------------ ------------
(237,627) 980,431 (268,910) 336,808
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (455,985) 4,657,602 (2,422,362) 2,201,981
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,447,016) 4,724,543 (2,830,374) 2,268,992
Net Assets
Beginning of period 30,488,058 25,763,515 13,633,569 11,364,577
------------ ------------ ------------ ------------
End of period+ $ 29,041,042 $ 30,488,058 $ 10,803,195 $ 13,633,569
============ ============ ============ ============
+Includes undistributed net investment income of $ 29,636 $ 10,511 $ 17,766 $ 9,055
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 172,287 577,243 60,376 266,343
Issued for distributions reinvested 22,947 47,529 11,581 20,637
Redeemed (213,672) (331,438) (231,243) (154,871)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (18,438) 293,334 (159,286) 132,109
============ ============ ============ ============
Class B:
Sold 8,410 89,750 1,693 60,980
Issued for distributions reinvested 1,769 3,522 1,070 2,716
Redeemed (29,786) (14,994) (22,381) (40,073)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (19,607) 78,278 (19,618) 23,623
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------
CONNECTICUT FLORIDA
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 717,138 $ 1,421,858 $ 771,096 $ 1,484,540
Net realized gain (loss) on investments
and swap agreements (117,914) 313,456 (6,604) 181,051
Net unrealized depreciation
of investments and swap agreements (937,109) (266,655) (1,275,899) (122,571)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (337,885) 1,468,659 (511,407) 1,543,020
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (605,589) (1,220,789) (700,636) (1,376,939)
Net investment income - Class B (87,943) (194,224) (48,817) (92,085)
Net realized gains - Class A -- (263,290) -- (166,162)
Net realized gains - Class B -- (50,363) -- (14,925)
------------ ------------ ------------ ------------
Total distributions (693,532) (1,728,666) (749,453) (1,650,111)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 2,867,024 5,501,680 2,759,847 6,638,222
Reinvestment of distributions 428,832 1,121,678 387,294 927,590
Cost of shares redeemed (1,932,713) (5,039,029) (2,844,842) (4,573,440)
------------ ------------ ------------ ------------
1,363,143 1,584,329 302,299 2,992,372
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 88,083 802,524 203,012 1,466,260
Reinvestment of distributions 55,277 167,320 20,915 53,553
Cost of shares redeemed (675,676) (1,014,091) (182,245) (503,070)
------------ ------------ ------------ ------------
(532,316) (44,247) 41,682 1,016,743
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 830,827 1,540,082 343,981 4,009,115
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (200,590) 1,280,075 (916,879) 3,902,024
Net Assets
Beginning of period 37,192,858 35,912,783 40,779,873 36,877,849
------------ ------------ ------------ ------------
End of period+ $ 36,992,268 $ 37,192,858 $ 39,862,994 $ 40,779,873
============ ============ ============ ============
+Includes undistributed net investment income of $ 36,058 $ 12,452 $ 50,611 $ 28,968
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 214,158 404,653 200,224 478,243
Issued for distributions reinvested 32,043 82,582 28,365 67,067
Redeemed (143,182) (370,866) (207,808) (331,029)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 103,019 116,369 20,781 214,281
============ ============ ============ ============
Class B:
Sold 6,612 58,685 14,741 105,377
Issued for distributions reinvested 4,129 12,331 1,532 3,869
Redeemed (50,567) (74,539) (13,411) (36,599)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (39,826) (3,523) 2,862 72,647
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
GEORGIA MARYLAND
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 216,767 $ 399,934 $ 613,194 $ 1,225,541
Net realized gain (loss) on investments
and swap agreements 21,131 93,134 (5,045) 58,735
Net unrealized appreciation (depreciation)
of investments and swap agreements (404,353) (535) (1,039,133) 91,926
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (166,455) 492,533 (430,984) 1,376,202
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (194,282) (341,869) (497,105) (1,043,499)
Net investment income - Class B (22,698) (52,193) (82,692) (179,960)
Net realized gains - Class A -- (78,353) -- (47,985)
Net realized gains - Class B -- (12,793) -- (10,743)
------------ ------------ ------------ ------------
Total distributions (216,980) (485,208) (579,797) (1,282,187)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 553,863 1,866,270 2,152,816 3,235,918
Reinvestment of distributions 137,980 329,385 270,513 573,720
Cost of shares redeemed (468,246) (898,376) (1,990,455) (5,145,095)
------------ ------------ ------------ ------------
223,597 1,297,279 432,874 (1,335,457)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 106,450 346,488 49,535 1,071,127
Reinvestment of distributions 13,063 41,336 60,618 133,608
Cost of shares redeemed (303,878) (350,607) (491,797) (1,347,477)
------------ ------------ ------------ ------------
(184,365) 37,217 (381,644) (142,742)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 39,232 1,334,496 51,230 (1,478,199)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (344,203) 1,341,821 (959,551) (1,384,184)
Net Assets
Beginning of period 11,197,060 9,855,239 32,967,602 34,351,786
------------ ------------ ------------ ------------
End of period+ $ 10,852,857 $ 11,197,060 $ 32,008,051 $ 32,967,602
============ ============ ============ ============
+Includes undistributed net investment income of $ 7,582 $ 7,795 $ 48,880 $ 15,483
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 40,097 134,900 153,424 228,325
Issued for distributions reinvested 10,101 23,733 19,269 40,522
Redeemed (34,384) (64,079) (140,867) (368,412)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 15,814 94,554 31,826 (99,565)
============ ============ ============ ============
Class B:
Sold 7,837 24,966 3,494 75,779
Issued for distributions reinvested 957 2,981 4,312 9,431
Redeemed (22,057) (25,611) (34,789) (95,528)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (13,263) 2,336 (26,983) (10,318)
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------
MASSACHUSETTS MICHIGAN
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 566,091 $ 1,154,446 $ 837,928 $ 1,780,075
Net realized gain (loss) on investments
and swap agreements (209,515) 391,788 (103,730) 179,754
Net unrealized appreciation (depreciation)
of investments and swap agreements (890,720) (154,325) (1,434,213) 45,495
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (534,144) 1,391,909 (700,015) 2,005,324
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (505,765) (1,020,134) (806,100) (1,743,001)
Net investment income - Class B (57,179) (129,082) (29,363) (56,187)
Net realized gains - Class A -- (343,315) -- (173,185)
Net realized gains - Class B -- (51,586) -- (7,021)
------------ ------------ ------------ ------------
Total distributions (562,944) (1,544,117) (835,463) (1,979,394)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 1,903,998 2,226,047 1,118,280 3,784,383
Reinvestment of distributions 422,675 1,150,977 526,625 1,241,976
Cost of shares redeemed (1,373,635) (3,112,985) (4,927,209) (5,458,503)
------------ ------------ ------------ ------------
953,038 264,039 (3,282,304) (432,144)
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 150,046 1,268,406 902,607 239,462
Reinvestment of distributions 49,089 156,454 24,538 51,793
Cost of shares redeemed (396,457) (1,383,315) (177,850) (363,439)
------------ ------------ ------------ ------------
(197,322) 41,545 749,295 (72,184)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 755,716 305,584 (2,533,009) (504,328)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (341,372) 153,376 (4,068,487) (478,398)
Net Assets
Beginning of period 29,695,050 29,541,674 43,270,905 43,749,303
------------ ------------ ------------ ------------
End of period+ $ 29,353,678 $ 29,695,050 $ 39,202,418 $ 43,270,905
============ ============ ============ ============
+Includes undistributed net investment income of $ 11,402 $ 8,255 $ 25,191 $ 22,726
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 154,032 180,730 86,963 290,279
Issued for distributions reinvested 35,041 93,549 41,086 95,237
Redeemed (113,406) (252,756) (381,280) (416,854)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 75,667 21,523 (253,231) (31,338)
============ ============ ============ ============
Class B:
Sold 12,527 102,998 72,107 18,396
Issued for distributions reinvested 4,064 12,714 1,922 3,978
Redeemed (32,928) (112,541) (13,825) (27,835)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (16,337) 3,171 60,204 (5,461)
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------
MINNESOTA MISSOURI
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 303,594 $ 572,411 $ 212,335 $ 380,007
Net realized gain (loss) on investments
and swap agreements (73,682) (38,460) (4,120) 15,735
Net unrealized appreciation (depreciation)
of investments and swap agreements (374,401) 124,888 (347,006) 120,432
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (144,489) 658,839 (138,791) 516,174
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (282,820) (527,996) (157,954) (289,895)
Net investment income - Class B (19,107) (34,647) (49,883) (83,235)
Net realized gains - Class A -- -- -- (7,178)
Net realized gains - Class B -- -- -- (2,734)
------------ ------------ ------------ ------------
Total distributions (301,927) (562,643) (207,837) (383,042)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 777,952 1,826,248 364,490 1,908,687
Reinvestment of distributions 227,198 435,868 86,069 156,448
Cost of shares redeemed (816,227) (763,021) (660,814) (661,363)
------------ ------------ ------------ ------------
188,923 1,499,095 (210,255) 1,403,772
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 192,975 483,097 147,190 974,860
Reinvestment of distributions 14,545 26,281 36,767 65,066
Cost of shares redeemed (185,713) (142,542) (48,422) (63,210)
------------ ------------ ------------ ------------
21,807 366,836 135,535 976,716
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 210,730 1,865,931 (74,720) 2,380,488
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (235,686) 1,962,127 (421,348) 2,513,620
Net Assets
Beginning of period 15,042,156 13,080,029 11,265,628 8,752,008
------------ ------------ ------------ ------------
End of period+ $ 14,806,470 $ 15,042,156 $ 10,844,280 $ 11,265,628
============ ============ ============ ============
+Includes undistributed net investment income of $ 14,712 $ 13,045 $ 11,693 $ 7,195
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 64,389 150,655 26,658 139,259
Issued for distributions reinvested 18,893 35,994 6,297 11,401
Redeemed (68,548) (63,499) (48,412) (48,312)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 14,734 123,150 (15,457) 102,348
============ ============ ============ ============
Class B:
Sold 15,996 39,870 10,557 70,976
Issued for distributions reinvested 1,207 2,169 2,691 4,741
Redeemed (15,339) (11,887) (3,495) (4,623)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding 1,864 30,152 9,753 71,094
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------
NEW JERSEY NORTH CAROLINA
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,360,592 $ 2,698,733 $ 461,928 $ 893,544
Net realized gain (loss) on investments
and swap agreements (309,408) 610,409 (50,865) 186,424
Net unrealized appreciation (depreciation)
of investments and swap agreements (2,174,881) (420,147) (750,759) 65,932
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (1,123,697) 2,888,995 (339,696) 1,145,900
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (1,231,910) (2,489,572) (381,199) (755,329)
Net investment income - Class B (105,507) (221,919) (72,410) (141,646)
Net realized gains - Class A -- (549,243) -- (119,281)
Net realized gains - Class B -- (61,244) -- (27,909)
------------ ------------ ------------ ------------
Total distributions (1,337,417) (3,321,978) (453,609) (1,044,165)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 3,540,344 6,708,062 1,863,893 3,454,585
Reinvestment of distributions 826,738 2,106,255 270,002 645,667
Cost of shares redeemed (3,508,320) (10,151,256) (902,994) (3,075,075)
------------ ------------ ------------ ------------
858,762 (1,336,939) 1,230,901 1,025,177
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 324,426 1,761,616 454,646 1,249,786
Reinvestment of distributions 75,938 215,404 57,335 138,567
Cost of shares redeemed (706,312) (1,034,002) (578,178) (566,418)
------------ ------------ ------------ ------------
(305,948) 943,018 (66,197) 821,935
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 552,814 (393,921) 1,164,704 1,847,112
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,908,300) (826,904) 371,399 1,948,847
Net Assets
Beginning of period 70,474,038 71,300,942 24,177,845 22,228,998
------------ ------------ ------------ ------------
End of period+ $ 68,565,738 $ 70,474,038 $ 24,549,244 $ 24,177,845
============ ============ ============ ============
+Includes undistributed net investment income of $ 36,415 $ 13,240 $ 14,099 $ 5,780
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 267,530 501,596 137,972 254,338
Issued for distributions reinvested 63,022 157,813 20,057 47,378
Redeemed (266,768) (759,893) (67,217) (225,785)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 63,784 (100,484) 90,812 75,931
============ ============ ============ ============
Class B:
Sold 24,653 131,962 33,036 91,663
Issued for distributions reinvested 5,805 16,180 4,255 10,165
Redeemed (53,795) (77,848) (42,709) (41,544)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (23,337) 70,294 (5,418) 60,284
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
OHIO OREGON
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 524,165 $ 1,060,934 $ 551,957 $ 1,052,708
Net realized gain (loss) on investments
and swap agreements 33,799 (8,285) (39,799) (15,454)
Net unrealized appreciation (depreciation)
of investments and swap agreements (1,050,102) 150,260 (912,432) 182,459
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (492,138) 1,202,909 (400,274) 1,219,713
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (444,363) (937,879) (497,686) (948,033)
Net investment income - Class B (68,659) (117,299) (47,069) (102,136)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------ ------------ ------------ ------------
Total distributions (513,022) (1,055,178) (544,755) (1,050,169)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 612,528 3,743,644 2,675,734 5,706,209
Reinvestment of distributions 321,914 671,710 390,538 744,139
Cost of shares redeemed (1,352,001) (4,245,078) (2,391,099) (3,463,861)
------------ ------------ ------------ ------------
(417,559) 170,276 675,173 2,986,487
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 572,805 1,858,660 216,355 876,326
Reinvestment of distributions 50,470 91,475 42,529 91,159
Cost of shares redeemed (1,168,377) (277,169) (331,157) (1,090,750)
------------ ------------ ------------ ------------
(545,102) 1,672,966 (72,273) (123,265)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (962,661) 1,843,242 602,900 2,863,222
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,967,821) 1,990,973 (342,129) 3,032,766
Net Assets
Beginning of period 27,336,300 25,345,327 28,765,918 25,733,152
------------ ------------ ------------ ------------
End of period+ $ 25,368,479 $ 27,336,300 $ 28,423,789 $ 28,765,918
============ ============ ============ ============
+Includes undistributed net investment income of $ 22,728 $ 11,585 $ 9,770 $ 2,568
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 48,156 289,942 201,974 430,607
Issued for distributions reinvested 25,229 52,123 29,628 55,996
Redeemed (105,467) (332,753) (181,761) (261,724)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (32,082) 9,312 49,841 224,879
============ ============ ============ ============
Class B:
Sold 44,387 145,068 16,267 65,950
Issued for distributions reinvested 3,947 7,096 3,231 6,867
Redeemed (93,016) (21,621) (25,128) (82,901)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (44,682) 130,543 (5,630) (10,084)
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
------------------------------------------------------------
PENNSYLVANIA VIRGINIA
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 938,414 $ 1,886,390 $ 863,237 $ 1 ,764,411
Net realized gain (loss) on investments
and swap agreements (215,287) 180,082 (122,032) 270,011
Net unrealized depreciation
of investments and swap agreements (1,566,825) (144,725) (1,471,246) (53,343)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (843,698) 1,921,747 (730,041) 1,981,079
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income - Class A (879,748) (1,769,149) (825,482) (1,644,491)
Net investment income - Class B (57,650) (103,211) (46,205) (87,217)
Net realized gains - Class A -- (167,287) -- (253,174)
Net realized gains - Class B -- (13,107) -- (17,336)
------------ ------------ ------------ ------------
Total distributions (937,398) (2,052,754) (871,687) (2,002,218)
------------ ------------ ------------ ------------
Share Transactions *
Class A:
Proceeds from shares sold 2,226,129 4,337,932 2,426,276 4,298,852
Reinvestment of distributions 523,377 1,187,579 403,616 968,177
Cost of shares redeemed (3,026,502) (5,360,984) (4,297,636) (3,924,861)
------------ ------------ ------------ ------------
(276,996) 164,527 (1,467,744) 1,342,168
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 331,219 717,677 67,048 632,395
Reinvestment of distributions 36,271 73,763 32,480 79,094
Cost of shares redeemed (227,677) (496,640) (144,471) (217,664)
------------ ------------ ------------ ------------
139,813 294,800 (44,943) 493,825
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions (137,183) 459,327 (1,512,687) 1,835,993
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,918,279) 328,320 (3,114,415) 1,814,854
Net Assets
Beginning of period 48,688,735 48,360,415 44,608,957 42,794,103
------------ ------------ ------------ ------------
End of period+ $ 46,770,456 $ 48,688,735 $ 41,494,542 $ 44,608,957
============ ============ ============ ============
+Includes undistributed net investment income of $ 36,359 $ 35,343 $ 46,231 $ 54,681
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 167,816 318,712 181,322 318,211
Issued for distributions reinvested 39,246 87,678 30,293 71,552
Redeemed (228,188) (396,237) (324,391) (290,347)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding (21,126) 10,153 (112,776) 99,416
============ ============ ============ ============
Class B:
Sold 24,417 53,087 5,071 46,689
Issued for distributions reinvested 2,722 5,453 2,445 5,861
Redeemed (17,231) (37,040) (10,903) (16,277)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding 9,908 21,500 (3,387) 36,273
============ ============ ============ ============
See notes to financial statements
Notes to Financial Statements
June 30, 2004
1. Significant Accounting Policies--First Investors Tax-Exempt Money Market
Fund, Inc. ("Tax-Exempt Money Market"), First Investors Insured
Intermediate Tax Exempt Fund ("Insured Intermediate"), a series of First
Investors Series Fund ("Series Fund"), First Investors Insured Tax Exempt
Fund, Inc. ("Insured Tax Exempt"), First Investors Insured Tax Exempt Fund
II ("Insured Tax Exempt II"), a series of Executive Investors Trust, First
Investors New York Insured Tax Free Fund, Inc. ("New York Insured") and the
Arizona, California, Colorado, Connecticut, Florida, Georgia, Maryland,
Massachusetts, Michigan, Minnesota, Missouri, New Jersey, North Carolina,
Ohio, Oregon, Pennsylvania and Virginia Funds, each a series of First
Investors Multi-State Insured Tax Free Fund ("Multi-State Insured"),
(collectively, the "Funds"), are registered under the Investment Company
Act of 1940 (the "1940 Act") as diversified, open-end management investment
companies. Each Fund accounts separately for its assets, liabilities and
operations. Series Fund offers four additional series which are not
included in this report. The investment objective of each Fund is as
follows:
Tax-Exempt Money Market seeks to earn a high rate of current income that is
exempt from federal income tax, including the Alternative Minimum Tax
("AMT"), consistent with the preservation of capital and maintenance of
liquidity.
Insured Intermediate seeks a high level of interest income that is exempt
from federal income tax and is not a tax preference item for purposes of
the AMT.
Insured Tax Exempt seeks a high level of interest income that is exempt
from federal income tax and is not a tax preference item for purposes of
the AMT.
Insured Tax Exempt II seeks a high level of interest income that is exempt
from federal income tax and is not a tax preference item for purposes of
the AMT.
New York Insured and Multi-State Insured seek a high level of interest
income that is exempt from both federal and state income tax for individual
residents of a particular state and is not a tax preference item for
purposes of the AMT.
A. Security Valuation--The Tax-Exempt Money Market Fund values its portfolio
securities in accordance with the amortized cost method of valuation under
Rule 2a-7 under the 1940 Act. Amortized cost is an approximation of market
value of an instrument, whereby the difference between its acquisition cost
and value at maturity is amortized on a straight-line basis over the
remaining life of the instrument. The effect of changes in the market value
of a security as a result of fluctuating interest rates is not taken into
account and thus the amortized cost method of valuation may result in the
value of a security being higher or lower than its actual market value.
The municipal securities in which the other Funds invest are traded
primarily in the over-the-counter markets. Such securities are valued daily
based upon valuations provided by a pricing service approved by the
applicable Fund's Board of Directors/Trustees. The pricing service
considers security type, rating, market condition and yield data, as well
as market quotations and prices provided by market makers. The swap
agreements held by the Funds 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 Fund's Board of Directors/Trustees. "When-issued securities" are
reflected in the assets of the Funds as of the date the securities are
purchased. At June 30, 2004, the Insured Tax Exempt II Fund held one
security that was fair valued by its Valuation Committee with a value of
$1,431,170 representing 1.6% of the Fund's net assets.
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, 2004
At December 31, 2003, capital loss carryovers were as follows:
Year Capital Loss Carryovers Expire
------------------------------------------------------
Fund Total 2007 2008 2011
- ---- ------------ ------------ ------------ ------------
Colorado $35,920 $ -- $ -- $35,920
Minnesota 45,280 6,201 619 38,460
Ohio 8,285 -- -- 8,285
Oregon 39,698 1,814 -- 37,884
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 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, 2004, The Bank of New York, custodian for the Funds, has
provided credits in the amount of $23,102 against custodian charges based
on the uninvested cash balances of the Funds.
F. Swap Agreements--The Funds, other than the Tax-Exempt Money Market Fund,
may invest in interest rate swaps for the purpose of managing their
exposure to interest rate risk. 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 Statement of Operations. Gains or
losses are realized upon early termination of the swap agreements. Risks
may exceed the amounts shown in the Statement 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, 2004 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.
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 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 has designated 500,000,000 shares as Class A
and 500,000,000 shares as Class B. Executive Investors Trust, Multi-State
Insured and Series Fund have established an unlimited number of no par
value shares of beneficial interest for both Class A and Class B shares.
Notes to Financial Statements (continued)
June 30, 2004
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, 2004, 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 $ 33,267,212 $ 30,601,832
Insured Tax Exempt 133,690,104 154,628,973
Insured Tax Exempt II 44,711,681 45,628,920
New York Insured 29,751,298 22,504,683
Arizona 3,291,255 4,924,428
California 2,749,213 3,955,408
Colorado 496,209 2,279,040
Connecticut 10,428,269 8,990,559
Florida 2,930,326 248,065
Georgia 2,985,738 2,473,327
Maryland 3,935,162 5,222,248
Massachusetts 7,852,716 6,448,250
Michigan 4,544,771 6,883,718
Minnesota 3,623,069 2,422,738
Missouri 797,883 795,103
New Jersey 9,380,440 8,103,504
North Carolina 10,939,155 8,663,825
Ohio 3,725,354 3,232,208
Oregon 3,811,621 2,188,731
Pennsylvania 9,978,523 8,223,978
Virginia 6,910,862 5,995,033
At June 30, 2004, 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 $ 74,920,056 $ 509,012 $418,554 $ 90,458
Insured Tax Exempt 747,745,526 74,514,155 237,190 74,276,965
Insured Tax Exempt II 91,044,748 1,983,972 169,126 1,814,846
New York Insured 172,508,317 9,648,594 447,268 9,201,326
Arizona 20,783,124 1,004,366 10,082 994,284
California 26,632,114 1,624,180 -- 1,624,180
Colorado 10,302,612 531,261 3,535 527,726
Connecticut 35,956,645 1,478,327 64,171 1,414,156
Florida 37,604,133 1,914,139 112,455 1,801,684
Georgia 10,246,279 503,055 44,320 458,735
Maryland 30,117,283 1,471,865 54,278 1,417,587
Massachusetts 27,289,945 1,627,478 17,310 1,610,168
Michigan 35,961,102 2,843,849 690 2,843,159
Minnesota 14,281,414 686,956 -- 686,956
Missouri 10,253,452 397,577 26,878 370,699
New Jersey 63,927,938 3,816,994 142,729 3,674,265
North Carolina 23,292,653 1,066,886 12,939 1,053,947
Ohio 23,758,052 1,420,354 24,053 1,396,301
Oregon 26,751,645 1,311,152 108,769 1,202,383
Pennsylvania 43,283,020 3,178,993 1,038 3,177,955
Virginia 39,212,050 1,859,476 88,999 1,770,477
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, 2004, total directors/trustees fees accrued by the
Funds amounted to $34,345.
The Investment Advisory Agreements provide as compensation to FIMCO for
each Fund other than the Tax-Exempt Money Market, Insured Intermediate and
Insured Tax Exempt II, an annual fee, payable monthly, at the rate of .75%
on the first $250 million of the average daily net assets of each Fund,
declining by .03% on each $250 million thereafter, down to .66% on average
daily net assets over $750 million. The
Notes to Financial Statements (continued)
June 30, 2004
annual fee for the Tax-Exempt Money Market and Insured Intermediate is
payable monthly, at the rate of .50% and .60%, respectively, of the Fund's
average daily net assets. The annual fee for Insured Tax Exempt II is
payable monthly, at the rate of 1% on the first $200 million of the average
daily net assets of the Fund, .75% on the next $300 million, declining by
..03% on each $250 million thereafter, down to .66% on average daily net
assets over $1 billion.
For the six months ended June 30, 2004, FIMCO has voluntarily waived
advisory fees in excess of .61% for Insured Tax Exempt and .60% for New
York Insured. 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, Ohio and Oregon; .85% on Class A and 1.60% on Class B for
California, Connecticut, Maryland and Massachusetts; .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, 2004, advisory fees accrued to
FIMCO by the Funds were $6,478,894 of which $1,839,036 was waived as noted
above.
For the six months ended June 30, 2004, FIC, as underwriter, received
$1,158,350 in commissions from the sale of shares of the Funds after
allowing $369,520 to other dealers. Shareholder servicing costs included
$472,899 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, 2004, 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,
2004, total distribution plan fees accrued to FIC by the Funds amounted to
$2,638,870.
6. Inverse Floating Rate Securities--Inverse floating rate securities 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
floating rate security 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 floating rate securities may be
limited and they may be illiquid. The market value of such securities
generally are more volatile than the market values of ordinary fixed rate
obligations. The interest rates on inverse floating rate securities may be
significantly reduced, even to zero, if interest rates rise.
Financial Highlights
FIRST INVESTORS
The following table sets forth the per share operating data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
------------------------------------- -----------------------
Net Asset Net
Value Realized and
------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND
- ----------------------------
Class A
- -------
1999 $ 1.00 $.026 $ -- $ .026 $.026 $ -- .026
2000 1.00 .034 -- .034 .034 -- .034
2001 1.00 .022 -- .022 .022 -- .022
2002 1.00 .008 -- .008 .008 -- .008
2003 1.00 .003 -- .003 .003 -- .003
2004(a) 1.00 .002 -- .002 .002 -- .002
Class B
- -------
1999 1.00 .018 -- .018 .018 -- .018
2000 1.00 .026 -- .026 .026 -- .026
2001 1.00 .014 -- .014 .014 -- .014
2002 1.00 .001 -- .001 .001 -- .001
2003 1.00 -- -- -- -- -- --
2004(a) 1.00 -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
1999 $ 6.01 $.231 $(.200) $ .031 $.231 $ -- $.231
2000 5.81 .254 .319 .573 .252 .031 .283
2001 6.10 .243 .049 .292 .245 .137 .382
2002 6.01 .208 .543 .751 .208 .103 .311
2003 6.45 .150 .092 .242 .149 .043 .192
2004(a) 6.50 .067 (.161) (.094) .066 -- .066
Class B
- -------
1999 6.02 .173 (.202) (.029) .171 -- .171
2000 5.82 .208 .315 .523 .202 .031 .233
2001 6.11 .195 .050 .245 .198 .137 .335
2002 6.02 .159 .544 .703 .160 .103 .263
2003 6.46 .101 .093 .194 .101 .043 .144
2004(a) 6.51 .043 (.161) (.118) .042 -- .042
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
1999 $10.55 $.515 $(.889) $(.374) $.466 $ -- $.466
2000 9.71 .468 .656 1.124 .504 -- .504
2001 10.33 .460 (.099) .361 .470 .071 .541
2002 10.15 .446 .560 1.006 .452 .244 .696
2003 10.46 .425 .037 .462 .422 .080 .502
2004(a) 10.42 .210 (.390) (.180) .210 -- .210
Class B
- -------
1999 10.55 .431 (.877) (.446) .394 -- .394
2000 9.71 .395 .657 1.052 .432 -- .432
2001 10.33 .385 (.106) .279 .398 .071 .469
2002 10.14 .370 .564 .934 .380 .244 .624
2003 10.45 .344 .036 .380 .350 .080 .430
2004(a) 10.40 .169 (.385) (.216) .174 -- .174
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income (Loss) Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND
- ----------------------------
Class A
- -------
1999 $ 1.00 2.61 $ 16,478 .80 2.58 1.20 2.18 N/A
2000 1.00 3.43 17,553 .80 3.38 1.09 3.09 N/A
2001 1.00 2.17 20,185 .80 2.10 0.88 2.02 N/A
2002 1.00 0.81 18,409 .80 0.81 0.92 0.69 N/A
2003 1.00 .34 16,902 .75 .35 1.11 (.01) N/A
2004(a) 1.00 .16 17,104 .70+ .32+ 1.26+ (.24)+ N/A
Class B
- -------
1999 1.00 1.82 1 1.55 1.83 1.95 1.43 N/A
2000 1.00 2.66 140 1.55 2.63 1.84 2.34 N/A
2001 1.00 1.41 30 1.55 1.35 1.63 1.27 N/A
2002 1.00 0.12 64 1.48 0.13 1.60 0.01 N/A
2003 1.00 -- 64 1.10 -- 1.46 (.36) N/A
2004(a) 1.00 -- 23 1.00+ .02+ 1.56+ (.54)+ N/A
- ---------------------------------------------------------------------------------------------------------------------------
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
1999 $ 5.81 0.51 $ 8,263 .50 3.88 1.18 3.20 142
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(a) 6.34 (1.46) 59,341 .95+ 2.08+ 1.08+ 1.95+ 44
Class B
- -------
1999 5.82 (0.50) 1,154 1.50 2.88 1.88 2.50 142
2000 6.11 9.16 1,506 1.50 3.49 1.81 3.18 76
2001 6.02 4.02 2,674 1.50 3.15 1.80 2.85 134
2002 6.46 11.80 7,907 1.50 2.52 1.89 2.13 168
2003 6.51 3.02 12,680 1.60 1.53 1.84 1.29 77
2004(a) 6.35 (1.82) 11,653 1.70+ 1.33+ 1.83+ 1.20+ 44
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
1999 $ 9.71 (3.63) $ 958,668 1.12 5.03 N/A N/A 31
2000 10.33 11.93 945,502 1.09 4.69 1.12 4.66 27
2001 10.15 3.51 901,699 1.05 4.43 1.10 4.38 32
2002 10.46 10.10 915,763 1.03 4.26 1.10 4.19 29
2003 10.42 4.50 882,285 1.02 4.06 1.11 3.97 25
2004(a) 10.03 (1.76) 826,641 1.02+ 4.11+ 1.11+ 4.02+ 16
Class B
- -------
1999 9.71 (4.31) 4,290 1.85 4.30 N/A N/A 31
2000 10.33 11.12 4,368 1.82 3.96 1.85 3.93 27
2001 10.14 2.70 5,260 1.78 3.70 1.83 3.65 32
2002 10.45 9.36 5,553 1.76 3.53 1.83 3.46 29
2003 10.40 3.70 4,576 1.75 3.33 1.84 3.24 25
2004(a) 10.01 (2.10) 3,881 1.75+ 3.38+ 1.84+ 3.29+ 16
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
------------------------------------- -----------------------
Net Asset Net
Value Realized and
------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND II ++
- --------------------------
Class A
- -------
1999 $14.56 $.670 $(.940) $(.270) $.650 $.030 $ .680
2000 13.61 .668 1.120 1.788 .681 .417 1.098
2001 14.30 .591 .175 .766 .593 .143 .736
2002 14.33 .549 1.191 1.740 .548 .252 .800
2003 15.27 .526 .231 .757 .527 .090 .617
2004(a) 15.41 .265 (.403) (.138) .262 -- .262
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(a) 15.40 .208 (.406) (.198) .202 -- .202
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
1999 $14.85 $.718 $(1.249) $(.531) $.659 $ -- $.659
2000 13.66 .646 1.000 1.646 .696 -- .696
2001 14.61 .622 (.164) .458 .628 -- .628
2002 14.44 .614 .869 1.483 .610 .413 1.023
2003 14.90 .596 .042 .638 .585 .123 .708
2004(a) 14.83 .290 (.541) (.251) .289 -- .289
Class B
- -------
1999 14.85 .618 (1.250) (.632) .558 -- .558
2000 13.66 .557 .994 1.551 .601 -- .601
2001 14.61 .511 (.159) .352 .522 -- .522
2002 14.44 .500 .865 1.365 .502 .413 .915
2003 14.89 .485 .035 .520 .477 .123 .600
2004(a) 14.81 .235 (.540) (.305) .235 -- .235
- ---------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ------------
Class A
- -------
1999 $13.62 $.707 $(.955) $(.248) $.662 $ -- .662
2000 12.71 .644 .698 1.342 .692 -- .692
2001 13.36 .616 (.012) .604 .614 -- .614
2002 13.35 .574 .752 1.326 .571 .125 .696
2003 13.98 .552 .101 .653 .556 .087 .643
2004(a) 13.99 .278 (.444) (.166) .274 -- .274
Class B
- -------
1999 13.61 .603 (.948) (.345) .555 -- .555
2000 12.71 .541 .690 1.231 .591 -- .591
2001 13.35 .514 (.009) .505 .515 -- .515
2002 13.34 .470 .758 1.228 .463 .125 .588
2003 13.98 .445 .100 .545 .448 .087 .535
2004(a) 13.99 .227 (.447) (.220) .220 -- .220
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND II ++
- --------------------------
Class A
- -------
1999 $13.61 (1.92) $ 15,842 .80 4.72 1.73 3.79 205
2000 14.30 13.50 15,966 .80 4.78 1.78 3.80 167
2001 14.33 5.43 29,851 1.00 4.03 1.52 3.51 190
2002 15.27 12.34 64,728 1.00 3.67 1.47 3.20 147
2003 15.41 5.04 80,300 1.00 3.43 1.48 2.95 120
2004(a) 15.01 (.91) 75,772 1.00+ 3.48+ 1.47+ 3.01+ 48
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(a) 15.00 (1.30) 15,852 1.75+ 2.73+ 2.22+ 2.26+ 48
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
1999 $13.66 (3.67) $164,622 1.09 4.99 1.21 4.87 55
2000 14.61 12.41 167,877 1.06 4.62 1.20 4.48 20
2001 14.44 3.14 171,962 1.01 4.22 1.16 4.07 48
2002 14.90 10.45 186,992 0.99 4.11 1.14 3.96 70
2003 14.83 4.37 184,944 .99 3.99 1.14 3.84 21
2004(a) 14.29 (1.72) 176,173 1.00+ 3.95+ 1.15+ 3.80+ 12
Class B
- -------
1999 13.66 (4.34) 4,734 1.79 4.29 1.91 4.17 55
2000 14.61 11.65 4,509 1.76 3.92 1.90 3.78 20
2001 14.44 2.40 6,981 1.74 3.49 1.89 3.34 48
2002 14.89 9.59 10,293 1.74 3.36 1.89 3.21 70
2003 14.81 3.55 8,583 1.74 3.24 1.89 3.09 21
2004(a) 14.27 (2.08) 7,821 1.75+ 3.20+ 1.90+ 3.05+ 12
- ---------------------------------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ------------
Class A
- -------
1999 $12.71 $(1.88) $ 11,746 .50 5.37 1.15 4.72 62
2000 13.36 10.89 14,785 .60 5.01 1.12 4.49 42
2001 13.35 4.56 16,652 .65 4.55 1.20 4.00 36
2002 13.98 10.12 20,148 .75 4.19 1.17 3.77 28
2003 13.99 4.77 21,709 .75 3.95 1.20 3.50 43
2004(a) 13.55 (1.21) 19,680 .75+ 4.02+ 1.20+ 3.57+ 14
Class B
- -------
1999 12.71 (2.60) 508 1.30 4.57 1.95 3.92 62
2000 13.35 9.94 823 1.40 4.21 1.92 3.69 42
2001 13.34 3.80 1,485 1.40 3.80 1.95 3.25 36
2002 13.98 9.34 2,111 1.50 3.44 1.92 3.02 28
2003 13.99 3.96 3,121 1.50 3.20 1.95 2.75 43
2004(a) 13.55 (1.59) 2,715 1.50+ 3.27+ 1.95+ 2.82+ 14
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
------------------------------------- -----------------------
Net Asset Net
Value Realized and
------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
1999 $12.20 $.609 $(.952) $(.343) $.558 $.019 $.577
2000 11.28 .571 .916 1.487 .600 .157 .757
2001 12.01 .544 (.095) .449 .571 .028 .599
2002 11.86 .507 .719 1.226 .505 .111 .616
2003 12.47 .481 .063 .544 .479 .025 .504
2004(a) 12.51 .242 (.408) (.166) .234 -- .234
Class B
- -------
1999 12.19 .511 (.949) (.438) .463 .019 .482
2000 11.27 .469 .933 1.402 .505 .157 .662
2001 12.01 .456 (.097) .359 .481 .028 .509
2002 11.86 .413 .717 1.130 .409 .111 .520
2003 12.47 .387 .061 .448 .383 .025 .408
2004(a) 12.51 .196 (.410) (.214) .186 -- .186
- ---------------------------------------------------------------------------------------------------------------------------
COLORADO FUND
- -------------
Class A
- -------
1999 $13.15 $.634 $(.907) $(.273) $.637 $ -- $.637
2000 12.24 .640 .752 1.392 .642 -- .642
2001 12.99 .619 .055 .674 .620 .014 .634
2002 13.03 .575 .801 1.376 .574 .082 .656
2003 13.75 .560 .126 .686 .556 -- .556
2004(a) 13.88 .287 (.443) (.156) .274 -- .274
Class B
- -------
1999 13.15 .534 (.914) (.380) .530 -- .530
2000 12.24 .546 .740 1.286 .546 -- .546
2001 12.98 .544 .071 .615 .551 .014 .565
2002 13.03 .471 .797 1.268 .476 .082 .558
2003 13.74 .456 .122 .578 .448 -- .448
2004(a) 13.87 .235 (.445) (.210) .220 -- .220
- ---------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
- ----------------
Class A
- -------
1999 $13.36 $.651 $(.902) $(.251) $.619 $ -- $.619
2000 12.49 .615 .653 1.268 .648 -- .648
2001 13.11 .604 (.051) .553 .593 -- .593
2002 13.07 .564 .701 1.265 .577 .138 .715
2003 13.62 .536 .023 .559 .534 .115 .649
2004(a) 13.53 .267 (.379) (.112) .258 -- .258
Class B
- -------
1999 13.35 .552 (.901) (.349) .511 -- .511
2000 12.49 .515 .652 1.167 .547 -- .547
2001 13.11 .505 (.059) .446 .496 -- .496
2002 13.06 .460 .709 1.169 .481 .138 .619
2003 13.61 .434 .021 .455 .430 .115 .545
2004(a) 13.52 .217 (.387) (.170) .210 -- .210
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
1999 $11.28 (2.88) $13,383 .80 5.15 1.17 4.79 49
2000 12.01 13.56 14,765 .70 4.94 1.08 4.56 50
2001 11.86 3.78 17,449 .65 4.52 1.14 4.03 36
2002 12.47 10.53 23,240 .75 4.14 1.16 3.73 51
2003 12.51 4.45 26,977 .75 3.87 1.20 3.42 81
2004(a) 12.11 (1.35) 25,881 .85+ 3.89+ 1.21+ 3.53+ 9
Class B
- -------
1999 11.27 (3.67) 483 1.60 4.35 1.97 3.99 49
2000 12.01 12.74 692 1.50 4.14 1.88 3.76 50
2001 11.86 3.01 1,046 1.40 3.77 1.89 3.28 36
2002 12.47 9.67 2,523 1.50 3.39 1.91 2.98 51
2003 12.51 3.65 3,511 1.50 3.12 1.95 2.67 81
2004(a) 12.11 (1.73) 3,160 1.60+ 3.14+ 1.96+ 2.78+ 9
- ---------------------------------------------------------------------------------------------------------------------------
COLORADO FUND
- -------------
Class A
- -------
1999 $12.24 (2.15) $ 4,068 .47 4.99 1.28 4.18 40
2000 12.99 11.71 5,139 .50 5.14 1.29 4.35 46
2001 13.03 5.24 7,268 .50 4.70 1.15 4.05 61
2002 13.75 10.76 10,027 .60 4.28 1.27 3.61 32
2003 13.88 5.09 11,956 .60 4.07 1.29 3.38 46
2004(a) 13.45 (1.15) 9,441 .60+ 4.12+ 1.28+ 3.44+ 4
Class B
- -------
1999 12.24 (2.96) 372 1.27 4.19 2.08 3.38 40
2000 12.98 10.78 297 1.30 4.34 2.09 3.55 46
2001 13.03 4.56 419 1.25 3.95 1.90 3.30 61
2002 13.74 9.89 1,337 1.35 3.53 2.02 2.86 32
2003 13.87 4.28 1,678 1.35 3.32 2.04 2.63 46
2004(a) 13.44 (1.53) 1,362 1.35+ 3.37+ 2.03+ 2.69+ 4
- ---------------------------------------------------------------------------------------------------------------------------
CONNECTICUT FUND
- ----------------
Class A
- -------
1999 $12.49 (1.93) $17,903 .80 5.04 1.15 4.69 47
2000 13.11 10.45 19,952 .80 5.40 1.14 5.06 18
2001 13.07 4.26 22,552 .80 4.57 1.19 4.18 33
2002 13.62 9.86 29,865 .80 4.20 1.20 3.80 52
2003 13.53 4.19 31,234 .85 3.94 1.20 3.59 25
2004(a) 13.16 (.85) 31,723 .85+ 4.00+ 1.19+ 3.66+ 25
Class B
- -------
1999 12.49 (2.67) 3,205 1.60 4.24 1.95 3.89 47
2000 13.11 9.58 3,539 1.60 4.60 1.94 4.26 18
2001 13.06 3.43 3,689 1.55 3.82 1.94 3.43 33
2002 13.61 9.09 6,048 1.55 3.45 1.95 3.05 52
2003 13.52 3.40 5,959 1.60 3.19 1.95 2.84 25
2004(a) 13.14 (1.28) 5,270 1.60+ 3.25+ 1.94+ 2.91+ 25
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
------------------------------------- -----------------------
Net Asset Net
Value Realized and
------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
1999 $13.75 $.679 $(1.074) $(.395) $.625 $ -- $.625
2000 12.73 .621 .812 1.433 .672 .111 .783
2001 13.38 .592 (.028) .564 .598 .146 .744
2002 13.20 .563 .796 1.359 .558 .171 .729
2003 13.83 .531 .038 .569 .527 .062 .589
2004(a) 13.81 .261 (.427) (.166) .254 -- .254
Class B
- -------
1999 13.75 .572 (1.065) (.493) .517 -- .517
2000 12.74 .516 .808 1.324 .573 .111 .684
2001 13.38 .491 (.035) .456 .500 .146 .646
2002 13.19 .462 .801 1.263 .452 .171 .623
2003 13.83 .429 .032 .461 .419 .062 .481
2004(a) 13.81 .210 (.420) (.210) .200 -- .200
- ---------------------------------------------------------------------------------------------------------------------------
GEORGIA FUND
- ------------
Class A
- -------
1999 $13.27 $.633 $(1.025) $(.392) $.638 $ -- $.638
2000 12.24 .632 .988 1.620 .630 -- .630
2001 13.23 .619 (.027) .592 .622 -- .622
2002 13.20 .581 .823 1.404 .579 .165 .744
2003 13.86 .562 .109 .671 .557 .114 .671
2004(a) 13.86 .273 (.471) (.198) .272 -- .272
Class B
- -------
1999 13.25 .540 (1.029) (.489) .531 -- .531
2000 12.23 .524 .999 1.523 .533 -- .533
2001 13.22 .519 (.033) .486 .526 -- .526
2002 13.18 .477 .820 1.297 .472 .165 .637
2003 13.84 .460 .103 .563 .449 .114 .563
2004(a) 13.84 .223 (.465) (.242) .218 -- .218
- ---------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
- -------------
Class A
- -------
1999 $13.62 $.658 $(.994) $(.336) $.654 $ -- $.654
2000 12.63 .626 .854 1.480 .630 -- .630
2001 13.48 .605 (.077) .528 .608 -- .608
2002 13.40 .558 .773 1.331 .556 .035 .591
2003 14.14 .526 .094 .620 .525 .025 .550
2004(a) 14.21 .274 (.454) (.180) .260 -- .260
Class B
- -------
1999 13.62 .551 (.995) (.444) .546 -- .546
2000 12.63 .522 .856 1.378 .528 -- .528
2001 13.48 .504 (.080) .424 .504 -- .504
2002 13.40 .454 .769 1.223 .448 .035 .483
2003 14.14 .420 .102 .522 .417 .025 .442
2004(a) 14.22 .223 (.457) (.234) .206 -- .206
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
1999 $12.73 (2.93) $23,729 .80 5.12 1.12 4.80 68
2000 13.38 11.61 25,823 .80 4.81 1.12 4.49 59
2001 13.20 4.25 28,990 .80 4.38 1.17 4.01 73
2002 13.83 10.48 34,524 .85 4.13 1.18 3.80 42
2003 13.81 4.19 37,426 .85 3.84 1.17 3.52 37
2004(a) 13.39 (1.22) 36,571 .90+ 3.85+ 1.19+ 3.56+ 1
Class B
- -------
1999 12.74 (3.65) 789 1.60 4.32 1.92 4.00 68
2000 13.38 10.67 923 1.60 4.01 1.92 3.69 59
2001 13.19 3.42 1,356 1.55 3.63 1.92 3.26 73
2002 13.83 9.72 2,354 1.60 3.38 1.93 3.05 42
2003 13.81 3.38 3,354 1.60 3.09 1.92 2.77 37
2004(a) 13.40 (1.54) 3,292 1.65+ 3.10+ 1.94+ 2.81+ 1
- ---------------------------------------------------------------------------------------------------------------------------
GEORGIA FUND
- ------------
Class A
- -------
1999 $12.24 (3.04) $ 5,527 .48 4.99 1.19 4.28 57
2000 13.23 13.61 6,278 .50 5.03 1.10 4.43 40
2001 13.20 4.52 7,429 .50 4.64 1.13 4.01 37
2002 13.86 10.84 8,324 .60 4.20 1.25 3.55 36
2003 13.86 4.94 9,633 .60 4.05 1.26 3.39 20
2004(a) 13.39 (1.45) 9,519 .60+ 4.00+ 1.26+ 3.34+ 23
Class B
- -------
1999 12.23 (3.78) 296 1.28 4.19 1.99 3.48 57
2000 13.22 12.76 566 1.30 4.23 1.90 3.63 40
2001 13.18 3.70 729 1.25 3.89 1.88 3.26 37
2002 13.84 10.00 1,531 1.35 3.45 2.00 2.80 36
2003 13.84 4.13 1,564 1.35 3.30 2.01 2.64 20
2004(a) 13.38 (1.77) 1,334 1.35+ 3.25+ 2.01+ 2.59+ 23
- ---------------------------------------------------------------------------------------------------------------------------
MARYLAND FUND
- -------------
Class A
- -------
1999 $12.63 (2.54) $12,579 .50 5.00 1.15 4.35 44
2000 13.48 12.05 14,580 .60 4.86 1.14 4.32 35
2001 13.40 3.95 17,758 .65 4.46 1.17 3.94 33
2002 14.14 10.10 28,204 .75 4.04 1.17 3.62 35
2003 14.21 4.47 26,934 .85 3.71 1.18 3.38 27
2004(a) 13.77 (1.29) 26,534 .85+ 3.92+ 1.19+ 3.58+ 12
Class B
- -------
1999 12.63 (3.33) 2,718 1.30 4.20 1.95 3.55 44
2000 13.48 11.17 3,328 1.40 4.06 1.94 3.52 35
2001 13.40 3.16 4,474 1.40 3.71 1.92 3.19 33
2002 14.14 9.25 6,148 1.50 3.29 1.92 2.87 35
2003 14.22 3.75 6,033 1.60 2.96 1.93 2.63 27
2004(a) 13.78 (1.66) 5,474 1.60+ 3.17+ 1.94+ 2.83+ 12
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
------------------------------------- -----------------------
Net Asset Net
Value Realized and
------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
1999 $12.02 $.609 $(.887) $(.278) $.572 $ -- $.572
2000 11.17 .559 .721 1.280 .600 -- .600
2001 11.85 .538 (.050) .488 .540 .028 .568
2002 11.77 .512 .674 1.186 .513 .143 .656
2003 12.30 .484 .103 .587 .482 .165 .647
2004(a) 12.24 .235 (.431) (.196) .234 -- .234
Class B
- -------
1999 12.02 .520 (.894) (.374) .476 -- .476
2000 11.17 .466 .723 1.189 .509 -- .509
2001 11.85 .445 (.055) .390 .452 .028 .480
2002 11.76 .421 .679 1.100 .417 .143 .560
2003 12.30 .392 .099 .491 .386 .165 .551
2004(a) 12.24 .190 (.424) (.234) .186 -- .186
- ---------------------------------------------------------------------------------------------------------------------------
MICHIGAN FUND
- -------------
Class A
- -------
1999 $13.09 $.603 $(.938) $(.335) $.595 $ -- $.595
2000 12.16 .612 .683 1.295 .606 .119 .725
2001 12.73 .581 (.090) .491 .595 .006 .601
2002 12.62 .563 .668 1.231 .551 .270 .821
2003 13.03 .535 .061 .596 .541 .055 .596
2004(a) 13.03 .265 (.501) (.236) .264 -- .264
Class B
- -------
1999 13.08 .502 (.930) (.428) .492 -- .492
2000 12.16 .509 .681 1.190 .511 .119 .630
2001 12.72 .487 (.092) .395 .499 .006 .505
2002 12.61 .464 .661 1.125 .455 .270 .725
2003 13.01 .437 .063 .500 .445 .055 .500
2004(a) 13.01 .217 (.501) (.284) .216 -- .216
- ---------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
- --------------
Class A
- -------
1999 $11.75 $.597 $(.785) $(.188) $.582 $ -- $.582
2000 10.98 .581 .600 1.181 .591 -- .591
2001 11.57 .555 (.045) .510 .560 -- .560
2002 11.52 .520 .561 1.081 .521 -- .521
2003 12.08 .499 .083 .582 .492 -- .492
2004(a) 12.17 .245 (.351) (.106) .244 -- .244
Class B
- -------
1999 11.75 .499 (.781) (.282) .488 -- .488
2000 10.98 .492 .604 1.096 .506 -- .506
2001 11.57 .471 (.045) .426 .476 -- .476
2002 11.52 .433 .554 .987 .427 -- .427
2003 12.08 .407 .089 .496 .396 -- .396
2004(a) 12.18 .200 (.354) (.154) .196 -- .196
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
1999 $11.17 (2.39) $20,507 .80 5.20 1.15 4.85 32
2000 11.85 11.83 22,674 .80 4.95 1.16 4.59 38
2001 11.77 4.15 24,626 .80 4.50 1.18 4.12 45
2002 12.30 10.26 25,687 .80 4.21 1.18 3.83 21
2003 12.24 4.86 25,819 .85 3.93 1.19 3.59 21
2004(a) 11.81 (1.63) 25,806 .85+ 3.90+ 1.20+ 3.55+ 22
Class B
- -------
1999 11.17 (3.19) 1,177 1.60 4.40 1.95 4.05 32
2000 11.85 10.95 1,530 1.60 4.15 1.96 3.79 38
2001 11.76 3.30 2,771 1.55 3.75 1.93 3.37 45
2002 12.30 9.49 3,855 1.55 3.46 1.93 3.08 21
2003 12.24 4.05 3,876 1.60 3.18 1.94 2.84 21
2004(a) 11.82 (1.93) 3,548 1.60+ 3.15+ 1.95+ 2.80+ 22
- ---------------------------------------------------------------------------------------------------------------------------
MICHIGAN FUND
- -------------
Class A
- -------
1999 $12.16 (2.63) $36,506 .87 4.74 1.12 4.49 21
2000 12.73 10.96 36,367 .87 4.94 1.12 4.69 23
2001 12.62 3.89 38,797 .86 2.49 1.16 2.19 22
2002 13.03 9.93 41,992 .92 4.33 1.17 4.08 27
2003 13.03 4.66 41,585 .94 4.11 1.19 3.86 29
2004(a) 12.53 (1.84) 36,827 .90+ 4.14+ 1.22+ 3.82+ 11
Class B
- -------
1999 12.16 (3.34) 895 1.67 3.94 1.92 3.69 21
2000 12.72 10.03 1,088 1.67 4.14 1.92 3.89 23
2001 12.61 3.12 1,448 1.61 1.74 1.91 1.44 22
2002 13.01 9.05 1,758 1.67 3.58 1.92 3.33 27
2003 13.01 3.91 1,686 1.69 3.36 1.94 3.11 29
2004(a) 12.51 (2.21) 2,375 1.65+ 3.39+ 1.97+ 3.07+ 11
- ---------------------------------------------------------------------------------------------------------------------------
MINNESOTA FUND
- --------------
Class A
- -------
1999 $10.98 (1.65) $ 8,363 .50 5.26 1.25 4.51 23
2000 11.57 11.08 8,606 .50 5.21 1.15 4.56 32
2001 11.52 4.47 10,321 .50 4.77 1.15 4.12 27
2002 12.08 9.57 12,259 .60 4.40 1.26 3.74 28
2003 12.17 4.91 13,848 .60 4.14 1.30 3.44 32
2004(a) 11.82 (.89) 13,624 .60+ 4.09+ 1.26+ 3.43+ 16
Class B
- -------
1999 10.98 (2.46) 83 1.30 4.46 2.05 3.71 23
2000 11.57 10.24 96 1.30 4.41 1.95 3.76 32
2001 11.52 3.72 234 1.25 4.02 1.90 3.37 27
2002 12.08 8.71 821 1.35 3.65 2.01 2.99 28
2003 12.18 4.17 1,194 1.35 3.39 2.05 2.69 32
2004(a) 11.83 (1.28) 1,182 1.35+ 3.34+ 2.01+ 2.68+ 16
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
------------------------------------- -----------------------
Net Asset Net
Value Realized and
------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- -------------
Class A
- -------
1999 $12.97 $.650 $(.904) $(.254) $.626 $ -- $.626
2000 12.09 .618 .814 1.432 .642 -- .642
2001 12.88 .604 (.073) .531 .601 -- .601
2002 12.81 .559 .844 1.403 .563 -- .563
2003 13.65 .541 .185 .726 .534 .012 .546
2004(a) 13.83 .276 (.425) (.149) .271 -- .271
Class B
- -------
1999 12.97 .553 (.905) (.352) .518 -- .518
2000 12.10 .520 .812 1.332 .552 -- .552
2001 12.88 .503 (.068) .435 .505 -- .505
2002 12.81 .460 .847 1.307 .467 -- .467
2003 13.65 .438 .180 .618 .426 .012 .438
2004(a) 13.83 .224 (.427) (.203) .217 -- .217
- ---------------------------------------------------------------------------------------------------------------------------
NEW JERSEY FUND
- ---------------
Class A
- -------
1999 $13.31 $.653 $(.919) $(.266) $.594 $ -- $.594
2000 12.45 .609 .650 1.259 .629 -- .629
2001 13.08 .588 (.061) .527 .610 .037 .647
2002 12.96 .543 .694 1.237 .553 .264 .817
2003 13.38 .524 .038 .562 .526 .116 .642
2004(a) 13.30 .260 (.454) (.194) .256 -- .256
Class B
- -------
1999 13.29 .537 (.909) (.372) .488 -- .488
2000 12.43 .504 .649 1.153 .533 -- .533
2001 13.05 .491 (.060) .431 .514 .037 .551
2002 12.93 .445 .686 1.131 .457 .264 .721
2003 13.34 .424 .046 .470 .424 .116 .540
2004(a) 13.27 .210 (.468) (.258) .202 -- .202
- ---------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
- -------------------
Class A
- -------
1999 $12.90 $.606 $(.900) $(.294) $.596 $ -- $.596
2000 12.01 .595 .859 1.454 .604 -- .604
2001 12.86 .583 (.082) .501 .581 -- .581
2002 12.78 .541 .788 1.329 .539 -- .539
2003 13.57 .536 .145 .681 .537 .084 .621
2004(a) 13.63 .263 (.435) (.172) .258 -- .258
Class B
- -------
1999 12.90 .490 (.891) (.401) .489 -- .489
2000 12.01 .497 .867 1.364 .504 -- .504
2001 12.87 .486 (.083) .403 .483 -- .483
2002 12.79 .442 .791 1.233 .443 -- .443
2003 13.58 .434 .141 .575 .441 .084 .525
2004(a) 13.63 .213 (.433) (.220) .210 -- .210
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- -------------
Class A
- -------
1999 $12.09 (2.02) $ 2,471 .47 5.20 1.50 4.17 66
2000 12.88 12.21 3,344 .50 5.04 1.39 4.15 35
2001 12.81 4.17 4,585 .50 4.65 1.16 3.99 29
2002 13.65 11.16 6,656 .60 4.22 1.31 3.51 45
2003 13.83 5.43 8,158 .60 3.95 1.35 3.20 22
2004(a) 13.41 (1.10) 7,700 .60+ 4.05+ 1.31+ 3.34+ 7
Class B
- -------
1999 12.10 (2.78) 210 1.27 4.40 2.30 3.37 66
2000 12.88 11.30 251 1.30 4.24 2.19 3.35 35
2001 12.81 3.40 719 1.25 3.90 1.91 3.24 29
2002 13.65 10.36 2,096 1.35 3.47 2.06 2.76 45
2003 13.83 4.60 3,108 1.35 3.20 2.10 2.45 22
2004(a) 13.41 (1.49) 3,144 1.35+ 3.30+ 2.06+ 2.59+ 7
- ---------------------------------------------------------------------------------------------------------------------------
NEW JERSEY FUND
- ---------------
Class A
- -------
1999 $12.45 (2.05) $ 52,846 .97 5.02 1.12 4.87 52
2000 13.08 10.41 54,051 .97 4.80 1.12 4.65 41
2001 12.96 4.06 60,321 .96 4.47 1.16 4.27 37
2002 13.38 9.72 65,130 .96 4.06 1.16 3.86 51
2003 13.30 4.28 63,407 .96 3.90 1.16 3.70 34
2004(a) 12.85 (1.48) 62,040 .95+ 3.97+ 1.16+ 3.76+ 12
Class B
- -------
1999 12.43 (2.85) 3,338 1.77 4.22 1.92 4.07 52
2000 13.05 9.51 3,799 1.77 4.00 1.92 3.85 41
2001 12.93 3.32 4,706 1.71 3.72 1.91 3.52 37
2002 13.34 8.88 6,171 1.71 3.31 1.91 3.11 51
2003 13.27 3.59 7,067 1.71 3.15 1.91 2.95 34
2004(a) 12.81 (1.96) 6,526 1.70+ 3.22+ 1.91+ 3.01+ 12
- ---------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA FUND
- -------------------
Class A
- -------
1999 $12.01 (2.35) $ 8,978 .48 4.84 1.24 4.08 47
2000 12.86 12.45 10,723 .50 4.86 1.13 4.23 42
2001 12.78 3.94 13,316 .65 4.50 1.20 3.95 51
2002 13.57 10.58 18,479 .75 4.10 1.23 3.62 13
2003 13.63 5.11 19,592 .75 3.94 1.25 3.44 22
2004(a) 13.20 (1.29) 20,179 .75+ 3.91+ 1.27+ 3.39+ 37
Class B
- -------
1999 12.01 (3.18) 596 1.28 4.04 2.04 3.28 47
2000 12.87 11.63 1,566 1.30 4.06 1.93 3.43 42
2001 12.79 3.15 1,839 1.40 3.75 1.95 3.20 51
2002 13.58 9.78 3,750 1.50 3.35 1.98 2.87 13
2003 13.63 4.30 4,586 1.50 3.19 2.00 2.69 22
2004(a) 13.20 (1.64) 4,370 1.50+ 3.16+ 2.02+ 2.64+ 37
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
------------------------------------- -----------------------
Net Asset Net
Value Realized and
------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
1999 $12.70 $.636 $(.853) $(.217) $.603 $ -- $.603
2000 11.88 .594 .710 1.304 .636 .088 .724
2001 12.46 .567 (.067) .500 .575 .105 .680
2002 12.28 .534 .768 1.302 .531 .191 .722
2003 12.86 .520 .087 .607 .517 -- .517
2004(a) 12.95 .257 (.485) (.228) .252 -- .252
Class B
- -------
1999 12.70 .529 (.850) (.321) .499 -- .499
2000 11.88 .495 .723 1.218 .540 .088 .628
2001 12.47 .477 (.073) .404 .479 .105 .584
2002 12.29 .441 .765 1.206 .435 .191 .626
2003 12.87 .425 .086 .511 .421 -- .421
2004(a) 12.96 .211 (.487) (.276) .204 -- .204
- ---------------------------------------------------------------------------------------------------------------------------
OREGON FUND
- -----------
Class A
- -------
1999 $12.77 $.585 $(.828) $(.243) $.577 $ -- $.577
2000 11.95 .593 .689 1.282 .602 -- .602
2001 12.63 .573 (.067) .506 .566 -- .566
2002 12.57 .533 .707 1.240 .540 -- .540
2003 13.27 .524 .078 .602 .522 -- .522
2004(a) 13.35 .256 (.423) (.167) .253 -- .253
Class B
- -------
1999 12.76 .489 (.846) (.357) .473 -- .473
2000 11.93 .497 .688 1.185 .505 -- .505
2001 12.61 .477 (.057) .420 .470 -- .470
2002 12.56 .434 .700 1.134 .444 -- .444
2003 13.25 .424 .092 .516 .426 -- .426
2004(a) 13.34 .207 (.432) (.225) .205 -- .205
- ---------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
- -----------------
Class A
- -------
1999 $13.26 $.606 $(.893) $(.287) $.613 $ -- $.613
2000 12.36 .615 .740 1.355 .631 .114 .745
2001 12.97 .577 (.002) .575 .591 .074 .665
2002 12.88 .547 .810 1.357 .541 .126 .667
2003 13.57 .538 .016 .554 .534 .050 .584
2004(a) 13.54 .264 (.490) (.226) .264 -- .264
Class B
- -------
1999 13.25 .498 (.890) (.392) .508 -- .508
2000 12.35 .529 .728 1.257 .533 .114 .647
2001 12.96 .473 (.004) .469 .495 .074 .569
2002 12.86 .447 .814 1.261 .445 .126 .571
2003 13.55 .435 .024 .459 .429 .050 .479
2004(a) 13.53 .214 (.494) (.280) .210 -- .210
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
1999 $11.88 (1.77) $18,574 .80 5.15 1.17 4.78 48
2000 12.46 11.32 19,327 .80 4.92 1.15 4.57 35
2001 12.28 4.05 19,996 .80 4.51 1.18 4.13 40
2002 12.86 10.79 22,751 .75 4.20 1.19 3.76 40
2003 12.95 4.82 23,032 .75 4.02 1.20 3.57 32
2004(a) 12.47 (1.79) 21,781 .75+ 4.06+ 1.20+ 3.61+ 12
Class B
- -------
1999 11.88 (2.59) 640 1.60 4.35 1.97 3.98 48
2000 12.47 10.53 972 1.60 4.12 1.95 3.77 35
2001 12.29 3.26 1,444 1.55 3.76 1.93 3.38 40
2002 12.87 9.95 2,595 1.50 3.45 1.94 3.01 40
2003 12.96 4.04 4,304 1.50 3.27 1.95 2.82 32
2004(a) 12.48 (2.16) 3,588 1.50+ 3.31+ 1.95+ 2.86+ 12
- ---------------------------------------------------------------------------------------------------------------------------
OREGON FUND
- -----------
Class A
- -------
1999 $11.95 (1.95) $12,389 .50 4.72 1.21 4.01 33
2000 12.63 11.04 15,145 .60 4.89 1.22 4.27 37
2001 12.57 4.05 17,341 .65 4.50 1.20 3.95 37
2002 13.27 10.04 22,578 .75 4.12 1.21 3.66 32
2003 13.35 4.63 25,726 .75 3.94 1.22 3.47 4
2004(a) 12.93 (1.27) 25,554 .75+ 3.90+ 1.23+ 3.42+ 8
Class B
- -------
1999 11.93 (2.85) 1,096 1.30 3.92 2.01 3.21 33
2000 12.61 10.18 1,226 1.40 4.09 2.02 3.47 37
2001 12.56 3.35 1,584 1.40 3.75 1.95 3.20 37
2002 13.25 9.16 3,155 1.50 3.37 1.96 2.91 32
2003 13.34 3.96 3,040 1.50 3.19 1.97 2.72 4
2004(a) 12.91 (1.71) 2,870 1.50+ 3.15+ 1.98+ 2.67+ 8
- ---------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FUND
- -----------------
Class A
- -------
1999 $12.36 (2.24) $36,737 .86 4.69 1.11 4.44 36
2000 12.97 11.29 37,012 .87 4.88 1.12 4.63 40
2001 12.88 4.47 39,649 .86 4.39 1.16 4.09 35
2002 13.57 10.72 45,111 .91 4.10 1.16 3.85 23
2003 13.54 4.17 45,155 .90 3.98 1.15 3.73 12
2004(a) 13.05 (1.69) 43,235 .90+ 3.97+ 1.16+ 3.71+ 18
Class B
- -------
1999 12.35 (3.03) 1,936 1.66 3.89 1.91 3.64 36
2000 12.96 10.44 1,235 1.67 4.08 1.92 3.83 40
2001 12.86 3.64 2,562 1.61 3.64 1.91 3.34 35
2002 13.55 9.95 3,249 1.66 3.35 1.91 3.10 23
2003 13.53 3.45 3,534 1.65 3.23 1.90 2.98 12
2004(a) 13.04 (2.09) 3,535 1.65+ 3.22+ 1.91+ 2.96+ 18
- ---------------------------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
---------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
------------------------------------- -----------------------
Net Asset Net
Value Realized and
------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ---------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
1999 $13.26 $.629 $(.967) $(.338) $.612 $ -- $.612
2000 12.31 .628 .745 1.373 .636 .047 .683
2001 13.00 .579 (.059) .520 .598 .062 .660
2002 12.86 .543 .738 1.281 .536 .075 .611
2003 13.53 .550 .063 .613 .540 .083 .623
2004(a) 13.52 .268 (.478) (.210) .270 -- .270
Class B
- -------
1999 13.24 .537 (.982) (.445) .505 -- .505
2000 12.29 .538 .739 1.277 .540 .047 .587
2001 12.98 .472 (.048) .424 .502 .062 .564
2002 12.84 .439 .726 1.165 .440 .075 .515
2003 13.49 .445 .072 .517 .444 .083 .527
2004(a) 13.48 .217 (.485) (.268) .222 -- .222
- ---------------------------------------------------------------------------------------------------------------------------
* Calculated without sales charges
** Net of expenses waived or assumed 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, 2004 to June 30, 2004
See notes to financial statements.
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------- ------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
----- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
1999 $12.31 (2.62) $21,008 .80 4.90 1.17 4.53 36
2000 13.00 11.46 23,606 .80 5.01 1.15 4.66 34
2001 12.86 4.04 32,580 .80 4.44 1.17 4.07 36
2002 13.53 10.14 40,430 .85 4.10 1.17 3.78 43
2003 13.52 4.62 41,758 .91 4.06 1.16 3.81 17
2004(a) 13.04 (1.58) 38,790 .90+ 4.01+ 1.19+ 3.72+ 14
Class B
- -------
1999 12.29 (3.44) 1,059 1.60 4.10 1.97 3.73 36
2000 12.98 10.64 899 1.60 4.21 1.95 3.86 34
2001 12.84 3.29 1,465 1.55 3.69 1.92 3.32 36
2002 13.49 9.21 2,364 1.60 3.35 1.92 3.03 43
2003 13.48 3.89 2,851 1.66 3.31 1.91 3.06 17
2004(a) 12.99 (2.01) 2,704 1.65+ 3.26+ 1.94+ 2.97+ 14
- ---------------------------------------------------------------------------------------------------------------------------
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, 2004, 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, 2004, 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, 2004, 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
Philadelphia, Pennsylvania
August 2, 2004
FIRST INVESTORS TAX EXEMPT FUNDS
Directors/Trustees
- -----------------------
Robert M. Grohol
Glenn O. Head
Kathryn S. Head
Larry R. Lavoie
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- -----------------------
Kathryn S. Head
President
Clark D. Wagner
Vice President
(All Funds except Tax-Exempt Money Market Fund)
Michael J. O'Keefe
Vice President
(Tax-Exempt Money Market Fund only)
Joseph I. Benedek
Treasurer
Mark S. Spencer
Assistant Treasurer
Carol Lerner Brown
Assistant Secretary
FIRST INVESTORS TAX EXEMPT FUNDS
Shareholder Information
- -----------------------
Investment Adviser
First Investors Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
One Wall Street
New York, NY 10286
Transfer Agent
Administrative Data Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
1818 Market Street
Philadelphia, PA 19103
The Tax-Exempt Money Market Fund is a money market fund and seeks to
maintain a stable net asset value of $1.00 per share. However, there can be
no assurance that the Fund will be able to do so or achieve its investment
objective. An investment in the Fund is neither insured nor guaranteed by
the Federal Deposit Insurance Corporation (FDIC) or any other U.S.
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 1-800-423-4026 or can be viewed online or
downloaded from the EDGAR database on the SEC's internet website at
http://www.sec.gov. In addition, commencing on August 31, 2004, information
regarding how the Funds voted proxies relating to portfolio securities
during the most recent 12-month period ended June 30, will be available,
without charge, upon request by calling 1-800-423-4026 and on the SEC's
internet website at http://www.sec.gov.
NOTES
NOTES
NOTES
NOTES
Item 2. Code of Ethics
The Registrant's Board of Directors/Trustees ("Board") has
adopted a Code of Ethics that applies to the First Investors Funds'
("Funds") principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the Funds or a third party. The Code of Ethics is attached to this
report as Exhibit A.
During the period of the report, there have been no amendments to the
Code of Ethics or waivers, implicit or otherwise, from its provisions.
Item 3. Audit Committee Financial Expert
Not applicable to Semi-Annual Report
Item 4. Principal Accountant Fees and Services
Not applicable to Semi-Annual Report
Item 5. Audit Committee of Listed Registrants
Not applicable to Semi-Annual Report
Item 6. Schedule of Investments
Schedule is included as part of the report to
shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies & Procedures for
Closed-End Management Investment Companies
Not applicable to the Registrant
Item 8. Purchases of Equity Securities by Closed-End Management
Investment Companies and Affiliated Purchasers
Not applicable to the Registrant
Item 9. Submission of Matters to a Vote of Security Holders
Not applicable to the Registrant for this filing
Item 10. 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 11. Exhibits
(a) Code of Ethics - Filed herewith
(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, 2004
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, 2004