-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IWTaqgUmAeSVvdRgMtonXwVCccEPBnI2LATMV8xl3733KmLs3qKdeLzidtjvFLbY xRKOGZ1xmR7C2l52+z78lQ== 0000759696-04-000028.txt : 20040908 0000759696-04-000028.hdr.sgml : 20040908 20040908132558 ACCESSION NUMBER: 0000759696-04-000028 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20040630 FILED AS OF DATE: 20040908 DATE AS OF CHANGE: 20040908 EFFECTIVENESS DATE: 20040908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST INVESTORS NEW YORK INSURED TAX FREE FUND INC CENTRAL INDEX KEY: 0000727586 IRS NUMBER: 133198698 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03843 FILM NUMBER: 041020230 BUSINESS ADDRESS: STREET 1: 95 WALL ST CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 1-212-858-8000 MAIL ADDRESS: STREET 1: 581 MAIN STREET CITY: WOODBRIDGE STATE: NJ ZIP: 07095 FORMER COMPANY: FORMER CONFORMED NAME: FIRST INVESTORS NEW YORK TAX FREE FUND INC DATE OF NAME CHANGE: 19890227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST INVESTORS INSURED TAX EXEMPT FUND INC CENTRAL INDEX KEY: 0000315177 IRS NUMBER: 132873780 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02923 FILM NUMBER: 041020233 BUSINESS ADDRESS: STREET 1: 95 WALL ST CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 1-212-858-8000 MAIL ADDRESS: STREET 1: 581 MAIN STREET CITY: WOODBRIDGE STATE: NJ ZIP: 07095 FORMER COMPANY: FORMER CONFORMED NAME: FIRST INVESTORS TAX EXEMPT FUND INC DATE OF NAME CHANGE: 19890209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST INVESTORS TAX EXEMPT MONEY MARKET FUND INC CENTRAL INDEX KEY: 0000716792 IRS NUMBER: 133158194 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03690 FILM NUMBER: 041020229 BUSINESS ADDRESS: STREET 1: 95 WALL ST CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 1-212-858-8000 MAIL ADDRESS: STREET 1: 581 MAIN STREET CITY: WOODBRIDGE STATE: NJ ZIP: 07095 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXECUTIVE INVESTORS TRUST /MA/ CENTRAL INDEX KEY: 0000807332 IRS NUMBER: 133569790 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04927 FILM NUMBER: 041020232 BUSINESS ADDRESS: STREET 1: 95 WALL ST CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 1-212-858-8000 MAIL ADDRESS: STREET 1: 581 MAIN STREET CITY: WOODBRIDGE STATE: NJ ZIP: 07095 FORMER COMPANY: FORMER CONFORMED NAME: FIRST INVESTORS INSURED TAX EXEMPT FUND II DATE OF NAME CHANGE: 20010208 FORMER COMPANY: FORMER CONFORMED NAME: EXECUTIVE INVESTORS TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST INVESTORS SERIES FUND CENTRAL INDEX KEY: 0000842939 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05690 FILM NUMBER: 041020234 BUSINESS ADDRESS: STREET 1: 95 WALL ST CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 1-212-858-8000 MAIL ADDRESS: STREET 1: 581 MAIN STREET CITY: WOODBRIDGE STATE: NJ ZIP: 07095 FORMER COMPANY: FORMER CONFORMED NAME: FIRST INVESTORS FUND DATE OF NAME CHANGE: 19900422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST INVESTORS MULTISTATE INSURED TAX FREE FUND CENTRAL INDEX KEY: 0000810371 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04623 FILM NUMBER: 041020231 BUSINESS ADDRESS: STREET 1: 95 WALL ST CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 1-212-858-8000 MAIL ADDRESS: STREET 1: 581 MAIN STREET CITY: WOODBRIDGE STATE: NJ ZIP: 07095 N-CSRS 1 taxex0604.txt FIRST INVESTORS TAX EXEMPT FUNDS 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 - 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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 - 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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 - 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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 - 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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 - 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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 EX-99.CODE ETH 2 ethicxhbt.txt CODE OF ETHICS CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS OF THE FIRST INVESTORS FUNDS Adopted August 21, 2003 I. Purpose of the Code In accordance with Section 406 of the Sarbanes-Oxley Act of 2002, and the instructions for Form N-CSR (1), the First Investors family of mutual funds (collectively, "Funds" and individually, "Fund") have adopted this code of ethics ("Code") to govern the conduct of their principal executive officers and financial officers ("Covered Officers") (2). This Code is intended to promote: Honest and ethical conduct by the Covered Officers of the Funds, including the honest and ethical handling of actual or apparent conflicts of interest between their personal and professional relationships; Full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds; Compliance with applicable laws and governmental rules and regulations; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and Accountability for adherence to the Code. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. (1) Form N-CSR implements Section 406 of the Sarbanes-Oxley Act of 2002 insofar as it applies to mutual funds. Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so. The registrant must also (1) file with the SEC a copy of its code as an exhibit to its annual report on Form N-CSR; (2) post the text of its code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of its code and explain the manner in which such request may be made. The registrant must also disclose in its annual Form N-CSR any amendments to, or waivers (including implicit waivers) from, the provisions of the code. (2) The Covered Officers of the First Investors Funds are identified in Exhibit A to this Code. II. Conflicts of Interest A. Definition of Conflict of Interests for Purposes of this Code For purposes of this Code, a "conflict of interest" occurs when a Covered Officer's "personal interests" interfere with the interests of, or his or her service to, any of the Funds. For example, a conflict of interest would arise if a Covered Officer, directly or indirectly, were to receive improper personal benefits as a result of the Covered Officer's position with the Funds. This Code applies to all conflicts of interest between the personal interests of Covered Officers and the interests of the Funds, whether or not such conflicts of interest are prohibited by the Investment Company Act of 1940 ("1940 Act"), the Investment Advisers Act of 1940 ("Investment Advisers Act"), or the rules adopted by the SEC under these laws. For example, this Code prohibits individual transactions between Covered Officers and the Funds, notwithstanding the fact that such transactions may already be prohibited by law. This Code does not apply to conflicts of interest that arise solely because Covered Officers are employees or direct or indirect shareholders of the investment adviser of the Funds or the affiliates of the adviser. This Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on the adviser (and its affiliates) and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and the adviser (and its affiliates) and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. These conflicts are not deemed to involve the "personal interests" of Covered Officers for purposes of this Code. B. Standards of Conduct With Respect to Conflicts of Interest The following standards govern the conduct of Covered Officers with respect to any actual or apparent conflicts of interest that arise between their personal interests and the interests of the Funds. The overarching principle of each standard is that the personal interests of a Covered Officer should not be placed improperly before the interests of the Funds. Each Covered Officer must: Not engage in any personal transaction that would violate the conflict of interest provisions of the 1940 Act, the Investment Advisers Act, or the SEC's rules thereunder; Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds; Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds; and, Not use material, non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions. C. Reporting of Potential Conflicts At least annually, the Covered Officers are required to complete a Directors and Officers Questionnaire ("Questionnaire"), which contains information about potential personal conflicts of interest. These Questionnaires are required to be submitted to the Investment Compliance Manager of the Funds, who is charged with the responsibility of reviewing them for actual or potential conflicts of interest. Covered Officers are also required to report, as soon as possible, to the Investment Compliance Manager, any transactions or arrangements, not previously disclosed in their annual Questionnaires, that they reasonably believe may present a potential conflict of interest between their personal interests and the interests of the Funds. Examples of the potential conflicts that should be reported include: Serving as a Board of Director or Trustee of any public or private company; The acceptance of any gift, other than a gift of nominal value (i.e., having a value of less than $100) from any company with which the Funds has a current or prospective business dealings (other than the Funds' adviser and its affiliates); The acceptance of entertainment, other than occasional meals, tickets to sporting events, or the like that are not so frequent or extensive as to raise questions of impropriety, from any company with which the Funds has current or prospective business dealings (other than the Funds' adviser and its affiliates); Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers (other than the Funds' adviser and its affiliates); and A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest in arising from the Covered Officer's employment, such as compensation or equity ownership. The willful or knowing failure of a Covered Officer to report a potential conflict of interest in the manner set forth above shall be considered a violation of this Code. In the event that any potential conflicts of interest are reported to or otherwise are detected by the Investment Compliance Manager, he is required to inform the General Counsel. As discussed below, the General Counsel is responsible for conducting any investigation that may be necessary, interpreting the provisions of the Code, determining whether there is an actual or apparent conflict of interest and if so, making a recommendation to the Board for appropriate action. III. Compliance with Applicable Laws and Regulations It is the responsibility of each Covered Officer to promote compliance with the laws, rules and regulations that are applicable to the Funds. Each covered Officer should: Make reasonable efforts to familiarize himself or herself with the disclosure and other requirements applicable to the Funds; Not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds' directors, trustees and auditors, and to governmental regulators and self-regulatory organizations; and, To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds. IV. Certifications and Reports of Violations Each Covered Officer must: Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), certify in writing to the Investment Compliance Manager that he or she has received, read and understands the Code and any amendments thereto (Exhibit B); Annually thereafter affirm to the Investment Compliance Manager that he or she has complied with the requirements of the Code (Exhibit C); Notify the Investment Compliance Manager promptly if he or she knows of any violation of this Code; and Not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reporting potential violations of, or carrying out their responsibilities under, this Code. The Investment Compliance Manager shall promptly report to the General Counsel any evidence of a violation of this Code. V. Interpretations and Investigations The General Counsel is responsible for interpreting this Code as it applies to particular situations, investigating potential violations of the Code, reporting violations of the Code to the Board of Directors/Trustees of the Funds ("Board"), and making recommendations of any changes to the Code that he believes are necessary and appropriate. The following policies and procedures will apply in connection with investigations of any potential violations of this Code by a Covered Officer: The General Counsel will take such steps as he deems necessary and appropriate to investigate any potential violations that are reported to or that otherwise become known to him; If, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action; If the General Counsel concludes that a violation of this Code has occurred, he will report it the Board no later than its next formal meeting; Under no circumstances shall the General Counsel waive compliance with the Code if he believes that it has been violated; If the Board concurs that a violation has occurred, it will determine what action should be taken, which may include requiring a Covered Officer to disgorge any gains obtained as a result of a conflict, imposing restrictions on the Covered Officer's future activities, or recommending a suspension or dismissal of the Covered Officer; and The Board shall also have authority to waive, by majority vote, any disciplinary action for a violation of this Code in appropriate circumstances, such as for a good faith but erroneous belief that a transaction did not involve a conflict of interest covered by this Code. On at least an annual basis, the General Counsel will provide a report to the Board concerning overall compliance with the Code, any significant interpretive issues that have arisen during the year, and his suggestions for changes, if any. VI. Other Codes of Conduct and Policies and Procedures This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act. The Covered Officers are required to continue to comply with other codes of ethics, policies and procedures that apply to their conduct. However, the other codes of ethics, policies and procedures are not part of this Code. For example, Covered Officers must continue to comply with the code of ethics that has been adopted by the Funds and their adviser, and principal underwriter pursuant to Rule 17j-1 ("Rule 17j-1 Code of Ethics") as long as they are deemed to be access persons under it. However, a violation of the Rule 17j-1 Code of Ethics would not be a violation of this Code unless the conduct at issue independently violated the terms of this Code. VII. Amendments Any amendments to this Code must be approved or ratified by a majority vote of the Board. In the event that an amendment to this Code is made between formal Board meetings, it will be presented to the Board for ratification by the next formal meeting. VIII. Confidentiality All reports and records prepared or maintained pursuant to this Code will be considered privileged and confidential and shall be maintained and protected accordingly. IX. Internal Use The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or person, as to any fact, circumstance, or legal conclusion. Exhibit A COVERED OFFICERS OF THE FIRST INVESTORS FUNDS Kathryn S. Head - - President of the First Investors Funds Joseph I. Benedek - - Treasurer of the First Investors Funds Exhibit B INITIAL CERTIFICATION I hereby certify that I have received and read a copy of the Code of Ethics For Principal Executive and Financial Officers of the First Investors Funds and understand that as a "Covered Officer" I am subject to its provisions and any amendments thereto. I also understand that as a "Covered Officer" I will certify annually to the Investment Compliance Manager that I have complied with the requirements of this Code. DATED ________________ Signature _____________________________ Name (please print) ______________________ Title __________________________________ Please return to: Investment Compliance Manager FIMCO 95 Wall Street - 23rd Floor New York, New York 10005 Exhibit C ANNUAL CERTIFICATION I hereby certify that I have received and read a copy of the Code of Ethics For Principal Executive and Financial Officers of the First Investors Funds and understand that as a "Covered Officer" I am subject to its provisions and any amendments thereto. I have complied with all of the requirements of the Code including, but not limited to reporting any actual or apparent conflicts of interest or any violations of this Code to the Investment Compliance Manager. DATED ________________ Signature ______________________________ Name (please print) ______________________ Title __________________________________ Please return to: Investment Compliance Manager FIMCO 95 Wall Street - 23rd Floor New York, New York 10005 EX-99.CERT 3 tax302.txt CERTIFICATION SECTION 302 CERTIFICATIONS I, Kathryn S. Head, certify that: 1. I have reviewed this report on Form N-CSR 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 Multi-State Insured Tax Free Fund and First Investors New York Insured Tax Free Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; 4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal half-year (the Registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer(s) and I have disclosed, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. By: /S/ KATHRYN S. HEAD Kathryn S. Head President and Principal Executive Officer Date: September 8, 2004 CERTIFICATIONS I, Joseph I. Benedek, certify that: 1. I have reviewed this report on Form N-CSR 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 Multi-State Insured Tax Free Fund and First Investors New York Insured Tax Free Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; 4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal half-year (the Registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer(s) and I have disclosed, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. By: /S/ JOSEPH I. BENEDEK Joseph I. Benedek Treasurer and Principal Financial Officer Date: September 8, 2004 EX-99.906 CERT 4 tax906.txt CERTIFICATION SECTION 906 CERTIFICATION CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, Kathryn S. Head, President and Principal Executive Officer 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 Multi-State Insured Tax Free Fund and First Investors New York Insured Tax Free Fund, Inc. (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge: 1. The Registrant's periodic report on Form N-CSR 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 Multi-State Insured Tax Free Fund and First Investors New York Insured Tax Free Fund, Inc. for the six months ended June 30, 2004, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Dated: September 8, 2004 /S/ KATHRYN S. HEAD Kathryn S. Head President and Principal Executive Officer, 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. A signed original of this written statement required by Section 906 has been provided to 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 and First Investors New York Insured Tax Free Fund, Inc. and will be retained by 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 and First Investors New York Insured Tax Free Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. CERTIFICATION CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, Joseph I. Benedek, Treasurer and Principal Financial Officer of the 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 and First Investors Insured Tax Free Fund, Inc. (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge: 1. The Registrant's periodic report on Form N-CSR 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 Multi-State Insured Tax Free Fund and First Investors New York Insured Tax Free Fund, Inc. for the six months ended June 30, 2004, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Dated: September 8, 2004 /S/ JOSEPH I. BENEDEK Joseph I. Benedek Treasurer and Principal Financial Officer, 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. A signed original of this written statement required by Section 906 has been provided to 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 and First Investors New York Insured Tax Free Fund, Inc. and will be retained by 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 and First Investors New York Insured Tax Free Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----