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Item 1.
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Reports to Stockholders
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The Annual Report to Shareholders follows
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This report is for the information of the shareholders of the Funds. It is the policy of each Fund described in this report to mail only one copy of a Fund’s prospectus, annual report, semi-annual report and proxy statements to all shareholders who share the same mailing address and share the same last name and have invested in a Fund covered by the same document. You are deemed to consent to this policy unless you specifically revoke this policy and request that separate copies of such documents be mailed to you. In such case, you will begin to receive your own copies within 30 days after our receipt of the revocation. You may request that separate copies of these disclosure documents be mailed to you by writing to us at: Administrative Data Management Corp., Raritan Plaza I, Edison, NJ 08837-3620 or calling us at 1-800-423-4026.
The views expressed in the portfolio manager’s letter reflect those views of the Director of Fixed Income of First Investors Management Company, Inc. through the end of the period covered. Any such views are subject to change at any time based upon market or other conditions and we disclaim any responsibility to update such views. These views may not be relied on as investment advice.
You may obtain a free prospectus for any of the Funds by contacting your representative, calling 1-800-423-4026, writing to us at the following address: First Investors Corporation, 40 Wall Street, New York, NY 10005, or by visiting our website at
www.firstinvestors.com
. You should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The prospectus contains this and other information about the Fund, and should be read carefully before investing.
An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is possible to lose money by investing in any of the Funds. Past performance is no guarantee of future results.
A Statement of Additional Information (“SAI”) for any of the Funds may also be obtained, without charge, upon request by calling 1-800-423-4026, writing to us at our address or by visiting our website listed above. The SAI contains more detailed information about the Funds, including information about their Trustees.
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Portfolio Manager’s Letter
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FIRST INVESTORS TAX EXEMPT INCOME FUND
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FIRST INVESTORS TAX EXEMPT OPPORTUNITIES FUND
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FIRST INVESTORS SINGLE STATE TAX EXEMPT FUNDS
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California, Connecticut, Massachusetts, Michigan, Minnesota, New Jersey,
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New York, North Carolina, Ohio, Oregon, Pennsylvania and Virginia
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Dear Investor:
This is the annual report for the First Investors Tax Exempt Funds for the year ended December 31, 2013. The principal objective of each of the Funds is to seek a high level of interest income that is exempt from federal income tax, including the alternative minimum tax, as well as state income tax in the case of the single state Funds. One of the Funds, the Tax Exempt Opportunities Fund, has a secondary objective of seeking total return.
For 2013, the broad U.S. bond market returned –2.2%, according to Bank of America Merrill Lynch (“BofA Merrill Lynch”), its worst year since 1994. The market’s performance resulted from a substantial increase in long-term interest rates from historically low levels caused by the Federal Reserve’s (the “Fed’s”) decision to begin to taper — or slow—its bond-buying program due to an improved economic outlook.
In particular, the housing market rebounded strongly during the year and the unemployment rate fell from 7.9% to 6.7%. The benchmark ten-year Treasury-note yield rose from 1.76% to 3.03%, ending 2013 at its highest level in two-and-a-half years. In contrast, short-term interest rates remained very low due to the Fed’s commitment to maintain the federal funds rate close to zero. Consequently, the two-year Treasury note yield moved from 0.25% to 0.38% year-over-year.
The municipal bond market had a challenging year, returning –2.9%. Long-term municipal bonds, in particular, where the First Investors Tax Exempt Funds typically invest, were down 6%.
Three headwinds impacted the market in 2013. First, interest rates in general increased substantially, prompting the decline in the municipal bond market. Second, municipal bond mutual funds had record net-redemptions of almost $60 billion as investors reacted to rising interest rates and falling bond and bond fund prices. Faced with redemptions, fund managers were forced to sell bonds, which put additional pressure on the market.
Lastly, the municipal bond market faced two high-profile credit stories that weighed on investors’ sentiment.
First, the City of Detroit filed for bankruptcy, the largest municipal bankruptcy filing in U.S. history. The Michigan Fund, while not holding any Detroit general obligation bonds, was adversely affected by Detroit’s bankruptcy filing through its holdings of secured debt issued by authorities related to Detroit, such as water and sewer bonds.
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Portfolio Manager’s Letter
(continued)
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FIRST INVESTORS TAX EXEMPT INCOME FUND
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FIRST INVESTORS TAX EXEMPT OPPORTUNITIES FUND
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FIRST INVESTORS SINGLE STATE TAX EXEMPT FUNDS
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California, Connecticut, Massachusetts, Michigan, Minnesota, New Jersey,
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New York, North Carolina, Ohio, Oregon, Pennsylvania and Virginia
|
Second, bonds issued by the Commonwealth of Puerto Rico and its agencies, which are widely held because their interest is exempt from both federal and state taxes, came under substantial pressure. During the second half of the year, Puerto Rico’s municipal bonds traded at distressed levels as investors became concerned about the ability of the Commonwealth to service its considerable debt.
The table below sets forth the total return performance for 2013 of each Fund on a net asset value basis (“NAV”). Total return takes into account not only dividends and distributions paid for the year, but also the change in each Fund’s NAV that occurred during the year.
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Institutional
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Class A
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Class B
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Advisor Class
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Class
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Fund
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Total Return
|
Total Return
|
Total Return
|
Total Return
|
———
|
——————
|
——————
|
——————
|
——————
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Tax Exempt Income Fund
|
–3.18%
|
–3.96%
|
–4.97%
|
–4.68%
|
Tax Exempt Opportunities Fund
|
–4.97%
|
–5.65%
|
–6.78%
|
–6.49%
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California Tax Exempt Fund
|
–2.91%
|
–3.63%
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–4.89%
|
–4.58%
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Connecticut Tax Exempt Fund
|
–4.16%
|
–4.85%
|
–5.43%
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–5.07%
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Massachusetts Tax Exempt Fund
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–4.49%
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–5.13%
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–5.93%
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–5.69%
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Michigan Tax Exempt Fund
|
–5.81%
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–6.47%
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–6.48%
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–6.32%
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Minnesota Tax Exempt Fund
|
–3.07%
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–3.84%
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–4.35%
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–4.12%
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New Jersey Tax Exempt Fund
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–4.31%
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–5.11%
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–6.09%
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–5.72%
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New York Tax Exempt Fund
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–3.78%
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–4.52%
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–5.40%
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–5.06%
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North Carolina Tax Exempt Fund
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–4.30%
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–4.96%
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–5.42%
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–5.28%
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Ohio Tax Exempt Fund
|
–3.92%
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–4.63%
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–5.59%
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–5.35%
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Oregon Tax Exempt Fund
|
–5.08%
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–5.83%
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–6.74%
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–6.39%
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Pennsylvania Tax Exempt Fund
|
–3.77%
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–4.56%
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–5.41%
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–5.26%
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Virginia Tax Exempt Fund
|
–4.38%
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–5.06%
|
–6.03%
|
–5.59%
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The returns of the First Investors Tax Exempt Funds generally underperformed their benchmark, the BofA Merrill Lynch U.S. Municipal Master Index, after adjusting for expenses. The primary reason for the underperformance was that the Funds typically invest in long-term municipal bonds, which fell more than the broad market. The underperformance of long-term bonds occurred because the municipal bond yield curve steepened—longer-term interest rates rose more than shorter-term interest rates—and because longer-term bonds are typically more sensitive to changes in interest rates than shorter-term bonds.
Notwithstanding the Funds’ underperformance versus their benchmark, twelve of First Investors’ fourteen tax-exempt funds outperformed their respective Lipper peer groups. The primary reason for this outperformance was the higher credit quality
bias of the First Investors Funds. In particular, the Funds had minimal exposure to BBB-rated and below investment grade bonds, whose returns were substantially below the broad market. The two Funds that underperformed their Lipper peer groups, the Tax Exempt Opportunities and Oregon Funds, had relatively longer durations (i.e., greater interest rate risk).
Despite the decline in the municipal bond market, the Funds provided a consistently high level of tax-exempt income to shareholders. Management of the Funds focused on taking advantage of higher market interest rates to increase each Fund’s yield. As well, the Funds generally remained fully invested throughout the review period in order to provide as high a level of tax-exempt income as possible, particularly given the negligible returns available on cash investments.
Thank you for placing your trust in First Investors. As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
Clark D. Wagner
Portfolio Manager and
Director of Fixed Income, First Investors Management Company, Inc.
January 31, 2014
Understanding Your Fund’s Expenses
FIRST INVESTORS TAX EXEMPT FUNDS
As a mutual fund shareholder, you incur two types of costs: (1) transaction costs, including a sales charge (load) on purchase payments (on Class A shares only) and a contingent deferred sales charge on redemptions (on Class B shares only); and (2) ongoing costs, including advisory fees; distribution and service fees (12b-1) (on Class A and Class B shares only); and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 in each Fund at the beginning of the period, July 1, 2013, and held for the entire six-month period ended December 31, 2013. The calculations assume that no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
Actual Expenses Example:
These amounts help you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To estimate the expenses you paid on your account during this period, simply divide your ending account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period”.
Hypothetical Expenses Example:
These amounts provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios for Class A, Class B, Advisor Class and Institutional Class shares, and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transaction costs, such as front-end or contingent deferred sales charges (loads). Therefore, the hypothetical expense example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Fund Expenses
(unaudited)
TAX EXEMPT INCOME FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
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Annualized
|
Beginning
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Ending
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Expenses Paid
|
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Expense
|
Account Value
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Account Value
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During Period
|
Expense Example
|
Ratio
|
(7/1/13)
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(12/31/13)
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(7/1/13–12/31/13)*
|
Class A Shares
|
0.97%
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Actual
|
|
$1,000.00
|
$ 999.51
|
$4.89
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Hypothetical**
|
|
$1,000.00
|
$1,020.32
|
$4.94
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Class B Shares
|
1.73%
|
|
|
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Actual
|
|
$1,000.00
|
$ 995.91
|
$8.70
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Hypothetical**
|
|
$1,000.00
|
$1,016.49
|
$8.79
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Advisor Class Shares
|
0.82%
|
|
|
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Actual
|
|
$1,000.00
|
$ 997.45
|
$4.13
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Hypothetical**
|
|
$1,000.00
|
$1,021.08
|
$4.18
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Institutional Class Shares
|
0.67%
|
|
|
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Actual
|
|
$1,000.00
|
$ 999.51
|
$3.38
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Hypothetical**
|
|
$1,000.00
|
$1,021.83
|
$3.41
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*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
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the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
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period are net of expenses waived and/or assumed.
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**
|
Assumed rate of return of 5% before expenses.
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Portfolio Composition
TOP TEN STATES
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
TAX EXEMPT INCOME FUND
Comparison of change in value of $10,000 investment in the First Investors Tax Exempt Income Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
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Average Annual Total Returns*
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Advisor
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Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
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One Year
|
(3.18%)
|
(3.96%)
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N/A
|
N/A
|
Five Years
|
4.95%
|
4.19%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.48%
|
2.89%
|
(4.97%)
|
(4.68%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
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One Year
|
(8.78%)
|
(7.68%)
|
N/A
|
N/A
|
Five Years
|
3.70%
|
3.85%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.86%
|
2.89%
|
(4.97%)
|
(4.68%)
|
S.E.C. 30-Day Yield***
|
2.96%
|
2.39%
|
2.75%
|
3.19%
|
The graph compares a $10,000 investment in the First Investors Tax Exempt Income Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year). The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.82%), 3.66% and 2.80%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.92%. The Class B
“S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (7.72%), 3.82% and 2.83%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.34%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.62%) and the S.E.C. 30-Day Yield for December 2013 would have been .39%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (7.60%) and the S.E.C. 30-Day Yield for December 2013 would have been 3.01%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
TAX EXEMPT INCOME FUND
December 31, 2013
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Principal
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Amount
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Security
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Value
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MUNICIPAL BONDS—98.5%
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Alabama—.8%
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|
$ 5,000M
|
|
Mobile Public Edl. Bldg. Auth. Rev. 5% 3/1/2033
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|
|
$
5,110,850
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|
Alaska—.5%
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|
|
|
|
|
3,200M
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|
Alaska State Housing Fin. Corp. St. Cap. Proj. 5% 12/1/2027
|
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|
|
|
3,429,856
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|
Arizona—2.9%
|
|
|
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|
|
5,000M
|
|
Arizona Health Facs. Auth. Rev. 6% 1/1/2027
|
|
|
|
|
5,541,550
|
7,015M
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|
Arizona State Trans. Brd. Hwy. Rev. 5% 7/1/2029
|
|
|
|
|
7,567,431
|
5,000M
|
|
Salt River Proj. Agric. Impt. & Pwr. Dist. Elec. Sys. Rev.
|
|
|
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|
|
5% 1/1/2033
|
|
|
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|
5,218,450
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|
|
18,327,431
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|
Arkansas—.8%
|
|
|
|
|
|
5,000M
|
|
Pulaski County Children’s Hosp. Rev. 5.5% 3/1/2039
|
|
|
|
|
5,310,450
|
|
|
California—4.2%
|
|
|
|
|
|
5,000M
|
|
California Health Facs. Fing. Auth. Rev. 5.125% 7/1/2031
|
|
|
|
|
5,071,700
|
|
|
California State General Obligation:
|
|
|
|
|
|
5,000M
|
|
5.25% 9/1/2030
|
|
|
|
|
5,417,450
|
5,000M
|
|
5% 11/1/2030
|
|
|
|
|
5,310,950
|
5,000M
|
|
California Statewide Cmntys. Dev. Auth. Rev. 5.125% 7/1/2024
|
|
|
|
|
5,500,950
|
5,000M
|
|
Los Angeles Community College Dist. GO 5% 8/1/2027
|
|
|
|
|
5,395,750
|
|
|
|
|
|
|
|
26,696,800
|
|
|
Colorado—.9%
|
|
|
|
|
|
5,000M
|
|
Colorado Health Facs. Auth. Rev. 5.5% 7/1/2034
|
|
|
|
|
5,426,850
|
|
|
District of Columbia—1.8%
|
|
|
|
|
|
5,000M
|
|
District of Columbia GO 6% 6/1/2021
|
|
|
|
|
6,140,050
|
5,000M
|
|
District of Columbia Rev. 5.5% 8/15/2028
|
|
|
|
|
5,220,300
|
|
|
|
|
|
|
|
11,360,350
|
|
|
Florida—10.7%
|
|
|
|
|
|
5,000M
|
|
Broward County Airport Sys. Rev. 5.375% 10/1/2029
|
|
|
|
|
5,363,000
|
5,000M
|
|
Duval County School Board COP 5.25% 7/1/2035
|
|
|
|
|
5,151,450
|
4,110M
|
|
Florida Housing Fin. Corp. Rev. 5% 1/1/2026
|
|
|
|
|
4,423,552
|
5,500M
|
|
Florida State Board of Education GO 5.5% 6/1/2038
|
|
|
|
|
6,090,975
|
5,000M
|
|
Florida State Mun. Pwr. Agy. Elec. Rev. 5.5% 10/1/2028
|
|
|
|
|
5,480,200
|
5,000M
|
|
Manatee County School Board COP 5.625% 7/1/2031
|
|
|
|
|
5,308,950
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Principal
|
|
|
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|
Amount
|
|
Security
|
|
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Value
|
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|
Florida
(continued)
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|
|
|
$ 5,000M
|
|
Miami-Dade County Prof. Sports Franchise Fac. Tax. Rev.
|
|
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|
|
|
|
|
5.375% 10/1/2028
|
|
|
|
|
$
5,328,550
|
5,000M
|
|
Miami-Dade County Pub. Facs. 5.5% 6/1/2029
|
|
|
|
|
5,241,450
|
5,000M
|
|
Miami-Dade County School Board COP 5.375% 2/1/2034
|
|
|
|
|
5,187,400
|
5,000M
|
|
Miami-Dade County Spl. Oblig. 5% 4/1/2029
|
|
|
|
|
5,188,750
|
5,000M
|
|
Miami-Dade County Water & Sewer Rev. 5.125% 10/1/2025
|
|
|
|
|
5,473,400
|
5,000M
|
|
Orange County School Board COP 5.5% 8/1/2034
|
|
|
|
|
5,320,350
|
5,000M
|
|
Port St. Lucie Utility Rev. 5% 9/1/2029
|
|
|
|
|
5,262,200
|
|
|
|
|
|
|
|
68,820,227
|
|
|
Georgia—5.4%
|
|
|
|
|
|
5,000M
|
|
Atlanta Airport Revenue 5.25% 1/1/2030
|
|
|
|
|
5,296,900
|
|
|
Atlanta Water & Wastewater Revenue:
|
|
|
|
|
|
9,040M
|
|
5.5% 11/1/2019
|
|
|
|
|
10,742,142
|
5,000M
|
|
5.25% 11/1/2034
|
|
|
|
|
5,190,200
|
7,500M
|
|
Georgia State Environmental Loan Acquisition Corp.
|
|
|
|
|
|
|
|
5.125% 3/15/2031
|
|
|
|
|
7,930,650
|
5,000M
|
|
JPMorgan Chase Putters 8.064% 1/1/2016 (a)
|
|
|
|
|
5,335,200
|
|
|
|
|
|
|
|
34,495,092
|
|
|
Illinois—11.3%
|
|
|
|
|
|
|
|
Chicago Board of Education Lease Certificates:
|
|
|
|
|
|
5,000M
|
|
6% 1/1/2016
|
|
|
|
|
5,450,000
|
26,000M
|
|
6% 1/1/2020
|
|
|
|
|
28,755,480
|
5,000M
|
|
Chicago O’Hare Intl. Airport Rev. 6.5% 1/1/2041
|
|
|
|
|
5,582,100
|
|
|
Illinois Finance Auth. Revenue:
|
|
|
|
|
|
5,000M
|
|
Alexian Rmkt. 5.25% 1/1/2022
|
|
|
|
|
5,383,350
|
5,000M
|
|
Children’s Mem. Hosp. 5.25% 8/15/2033
|
|
|
|
|
5,025,150
|
7,000M
|
|
Northwestern Mem. Hosp. 5.75% 8/15/2030
|
|
|
|
|
7,695,590
|
5,000M
|
|
Metropolitan Pier & Exposition Auth. Rev. 5% 6/15/2042
|
|
|
|
|
5,013,550
|
4,000M
|
|
Regional Transportation Auth. 7.75% 6/1/2019
|
|
|
|
|
4,752,960
|
5,000M
|
|
Springfield Electric Rev. 5% 3/1/2027
|
|
|
|
|
5,036,050
|
|
|
|
|
|
|
|
72,694,230
|
Portfolio of Investments
(continued)
TAX EXEMPT INCOME FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Indiana—4.8%
|
|
|
|
|
|
$10,000M
|
|
Franklin Township Multi-School Bldg. Corp. Rev. 5% 1/15/2035
|
|
|
|
|
$ 10,367,800
|
7,540M
|
|
Greater Clark County Sch. Bldg. First Mtg. Rev. 5.25% 7/15/2026
|
|
|
|
|
8,372,265
|
3,025M
|
|
Indiana State Hsg. & Cmnty. Dev. Auth. Mtg. Rev.
|
|
|
|
|
|
|
|
6.125% 7/1/2029
|
|
|
|
|
3,169,686
|
8,330M
|
|
Indianapolis Gas Util. Rev. 5.25% 8/15/2025
|
|
|
|
|
8,823,386
|
|
|
|
|
|
|
|
30,733,137
|
|
|
Kentucky—1.8%
|
|
|
|
|
|
5,000M
|
|
Kentucky Eco. Dev. Fin. Auth. Rev. 5.75% 12/1/2028
|
|
|
|
|
5,144,750
|
|
|
Kentucky St. Turnpike Auth. Eco. Dev. Road Revenue:
|
|
|
|
|
|
3,000M
|
|
5% 7/1/2029
|
|
|
|
|
3,299,910
|
3,000M
|
|
5% 7/1/2030
|
|
|
|
|
3,287,340
|
|
|
|
|
|
|
|
11,732,000
|
|
|
Louisiana—1.1%
|
|
|
|
|
|
10,250M
|
|
Regional Trans. Auth. Zero Coupon 12/1/2021
|
|
|
|
|
6,997,163
|
|
|
Maine—.5%
|
|
|
|
|
|
2,910M
|
|
Maine Edl. Ln. Auth. Student Ln. Rev. 5.875% 12/1/2039
|
|
|
|
|
3,057,537
|
|
|
Massachusetts—2.3%
|
|
|
|
|
|
3,590M
|
|
Massachusetts Edl. Fin. Auth. Loan Rev. 5.25% 1/1/2028
|
|
|
|
|
3,739,775
|
5,000M
|
|
Massachusetts St. Health & Edl. Facs. Auth Rev. 5% 7/1/2034
|
|
|
|
|
5,096,200
|
5,185M
|
|
Massachusetts St. Wtr. Res. Auth. ROLS 9.429% 2/1/2016 (a)
|
|
|
|
|
5,700,700
|
|
|
|
|
|
|
|
14,536,675
|
|
|
Michigan—5.1%
|
|
|
|
|
|
5,000M
|
|
Detroit Swr. Disp. Rev. 7.5% 7/1/2033
|
|
|
|
|
5,318,900
|
5,000M
|
|
Detroit Water Supply Sys. Rev. 6.25% 7/1/2036
|
|
|
|
|
5,054,550
|
10,000M
|
|
Michigan State Grant Antic. Bds. 5.25% 9/15/2025
|
|
|
|
|
10,788,500
|
5,000M
|
|
Michigan State Hosp. Fin. Auth. 6.25% 12/1/2028
|
|
|
|
|
5,662,600
|
4,500M
|
|
Monroe County Economic Dev. Corp. 6.95% 9/1/2022
|
|
|
|
|
5,600,115
|
|
|
|
|
|
|
|
32,424,665
|
|
|
Missouri—.8%
|
|
|
|
|
|
5,000M
|
|
Missouri State Health & Educ. Facs. Auth. Rev. 5.5% 11/15/2028
|
|
|
|
|
5,386,800
|
|
|
Montana—.4%
|
|
|
|
|
|
2,445M
|
|
Montana State Brd. Hsg. Single Family Prog. 5.45% 12/1/2033
|
|
|
|
|
2,519,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Nevada—.8%
|
|
|
|
|
|
$ 5,000M
|
|
Clark Cnty Passenger Facs. Chrg. McCarran Arpt. Rev.
|
|
|
|
|
|
|
|
5% 7/1/2030
|
|
|
|
|
$
5,164,700
|
|
|
New Jersey—1.6%
|
|
|
|
|
|
5,000M
|
|
New Jersey State Higher Educ. Assist. Student Ln. Rev.
|
|
|
|
|
|
|
|
5.625% 6/1/2030
|
|
|
|
|
5,277,350
|
5,000M
|
|
New Jersey State Turnpike Auth. Rev. 5% 1/1/2030
|
|
|
|
|
5,283,450
|
|
|
|
|
|
|
|
10,560,800
|
|
|
New Mexico—1.7%
|
|
|
|
|
|
5,000M
|
|
Grant County Dept. of Health 5.25% 7/1/2031
|
|
|
|
|
5,338,200
|
5,000M
|
|
University of New Mexico Univ. Rev. ROLS 9.573% 6/1/2014 (a)
|
|
|
|
|
5,358,600
|
|
|
|
|
|
|
|
10,696,800
|
|
|
New York—9.9%
|
|
|
|
|
|
22,000M
|
|
New York City Municipal Water Fin. Auth. Rev. 6% 6/15/2021
|
|
|
|
|
27,471,840
|
|
|
New York State Dorm. Auth. Revenue:
|
|
|
|
|
|
3,950M
|
|
Cornell University 5% 7/1/2040
|
|
|
|
|
4,104,682
|
10,000M
|
|
New York University 5.75% 7/1/2027
|
|
|
|
|
11,857,900
|
5,000M
|
|
State University 5.875% 5/15/2017
|
|
|
|
|
5,587,550
|
5,000M
|
|
New York State Thruway Hwy. & Brdg. Tr. Fd. Auth. 5% 4/1/2021
|
|
|
|
|
5,385,350
|
7,780M
|
|
Port Authority of New York & New Jersey Drivers
|
|
|
|
|
|
|
|
7.912% 8/15/2015 (a)
|
|
|
|
|
9,275,939
|
|
|
|
|
|
|
|
63,683,261
|
|
|
North Carolina—.8%
|
|
|
|
|
|
5,000M
|
|
Charlotte-Mecklenburg Hospital Auth. Health Care Rev.
|
|
|
|
|
|
|
|
5.25% 1/15/2034
|
|
|
|
|
5,228,500
|
|
|
Ohio—3.4%
|
|
|
|
|
|
5,000M
|
|
American Mun. Pwr. Rev. 5.25% 2/15/2026
|
|
|
|
|
5,339,500
|
5,285M
|
|
Jefferson County GO 5.75% 12/1/2019
|
|
|
|
|
5,951,122
|
5,000M
|
|
Ohio State Hospital Facility Health Rev. 5.5% 1/1/2034
|
|
|
|
|
5,281,200
|
|
|
Ohio State Housing Fin. Agy. Residential Mtg. Revenue:
|
|
|
|
|
|
1,875M
|
|
6.125% 9/1/2028
|
|
|
|
|
1,973,381
|
3,270M
|
|
5.85% 9/1/2033
|
|
|
|
|
3,509,887
|
|
|
|
|
|
|
|
22,055,090
|
Portfolio of Investments
(continued)
TAX EXEMPT INCOME FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Pennsylvania—3.3%
|
|
|
|
|
|
$ 5,000M
|
|
Allegheny County Port Authority Special Rev. 5% 3/1/2025
|
|
|
|
|
$
5,374,850
|
5,000M
|
|
Penn. St. Economic Dev. Auth. Rev. 5% 3/1/2034
|
|
|
|
|
5,080,100
|
5,000M
|
|
Philadelphia GO 7.125% 7/15/2038
|
|
|
|
|
5,519,900
|
5,000M
|
|
Philadelphia Water & Wastewater Rev. 5% 11/1/2028
|
|
|
|
|
5,330,400
|
|
|
|
|
|
|
|
21,305,250
|
|
|
Puerto Rico—1.3%
|
|
|
|
|
|
5,000M
|
|
Puerto Rico Commonwealth GO 5.25% 7/1/2024
|
|
|
|
|
4,692,450
|
5,000M
|
|
Puerto Rico Sales Tax Fin. Rev. 5.25% 8/1/2040
|
|
|
|
|
3,925,450
|
|
|
|
|
|
|
|
8,617,900
|
|
|
Rhode Island—1.2%
|
|
|
|
|
|
7,000M
|
|
Convention Center Auth. Rev. 5.25% 5/15/2025
|
|
|
|
|
7,675,010
|
|
|
South Carolina—.8%
|
|
|
|
|
|
5,000M
|
|
Piedmont Municipal Power Agency Electric Rev. 5.75% 1/1/2034
|
|
|
|
|
5,420,600
|
|
|
Texas—9.4%
|
|
|
|
|
|
5,000M
|
|
Dallas County Util. & Reclamation Dist. GO 5.375% 2/15/2029
|
|
|
|
|
5,201,450
|
5,000M
|
|
Hitchcock Ind. School District GO 5.25% 2/15/2030
|
|
|
|
|
5,389,500
|
|
|
Houston Utilities Systems Revenue:
|
|
|
|
|
|
5,000M
|
|
Util. Sys. Rev. 5.125% 11/15/2032
|
|
|
|
|
5,324,850
|
5,000M
|
|
Wtr. And Swr. Rev. 5% 11/15/2027
|
|
|
|
|
5,428,400
|
6,035M
|
|
Houston Water Conv. Sys. COP 6.25% 12/15/2015
|
|
|
|
|
6,463,364
|
5,000M
|
|
JP Morgan Chase Putters 7.914% 2/1/2030 (a)
|
|
|
|
|
5,541,700
|
5,000M
|
|
Medina Valley Indpt. School District GO ROLS
|
|
|
|
|
|
|
|
9.413% 8/15/2015 (a)
|
|
|
|
|
5,665,400
|
10,000M
|
|
North Texas Twy. Auth. Rev. 5.125% 1/1/2028
|
|
|
|
|
10,412,400
|
5,000M
|
|
San Antonio Airport Sys. Rev. 5.25% 7/1/2035
|
|
|
|
|
5,223,650
|
5,000M
|
|
Waco Ind. School District GO 5.25% 8/15/2030
|
|
|
|
|
5,428,050
|
|
|
|
|
|
|
|
60,078,764
|
|
|
Utah—.1%
|
|
|
|
|
|
455M
|
|
Provo Electric System Rev. 10.375% 9/15/2015
|
|
|
|
|
497,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Washington—3.9%
|
|
|
|
|
|
|
|
Washington State Health Care Facs. Auth. Revenue:
|
|
|
|
|
$ 5,000M
|
|
Catholic Health Initiatives 6.375% 10/1/2033
|
|
|
|
|
$ 5,580,250
|
7,000M
|
|
Providence Health 5.25% 10/1/2033
|
|
|
|
|
7,354,550
|
|
|
Washington State ROLS:
|
|
|
|
|
|
5,000M
|
|
9.397% 7/1/2014 (a)
|
|
|
|
|
5,709,900
|
5,500M
|
|
9.397% 7/1/2016 (a)
|
|
|
|
|
6,510,790
|
|
|
|
|
|
|
|
25,155,490
|
|
|
West Virginia—.7%
|
|
|
|
|
|
4,500M
|
|
West Virginia State Hospital Fin. Auth. Hosp. Rev. 5.375% 6/1/2028
|
|
|
|
4,730,625
|
|
|
Wisconsin—3.5%
|
|
|
|
|
|
12,000M
|
|
Superior Wisconsin Ltd. Oblig. Rev. 6.9% 8/1/2021
|
|
|
|
14,843,520
|
6,905M
|
|
Wisconsin State General Rev. 5.75% 5/1/2033
|
|
|
|
|
7,595,776
|
|
|
|
|
|
|
|
22,439,296
|
Total Value of Municipal Bonds
(cost $584,067,115)
|
98.5
|
%
|
|
|
632,369,413
|
Other Assets, Less Liabilities
|
1.5
|
|
|
|
9,688,158
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$642,057,571
|
|
|
(a)
|
Inverse floating rate securities (see Note 1F). Interest rates are determined and reset periodically
|
|
and are the rates in effect at December 31, 2013.
|
Summary of Abbreviations:
|
|
COP
|
Certificate of Participation
|
GO
|
General Obligation
|
ROLS
|
Reset Option Longs
|
|
|
See notes to financial statements
|
13
|
Fund Expenses
(unaudited)
TAX EXEMPT OPPORTUNITIES FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.02%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 994.86
|
$5.13
|
Hypothetical**
|
|
$1,000.00
|
$1,020.07
|
$5.19
|
Class B Shares
|
1.76%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 991.55
|
$8.83
|
Hypothetical**
|
|
$1,000.00
|
$1,016.34
|
$8.94
|
Advisor Class Shares
|
0.85%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 993.60
|
$4.27
|
Hypothetical**
|
|
$1,000.00
|
$1,020.93
|
$4.33
|
Institutional Class Shares
|
0.70%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 996.10
|
$3.52
|
Hypothetical**
|
|
$1,000.00
|
$1,021.68
|
$3.57
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN STATES
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
TAX EXEMPT OPPORTUNITIES FUND
Comparison of change in value of $10,000 investment in the First Investors Tax Exempt Opportunities Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(4.97%)
|
(5.65%)
|
N/A
|
N/A
|
Five Years
|
5.83%
|
5.10%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
4.34%
|
3.74%
|
(6.78%)
|
(6.49%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(10.45%)
|
(9.33%)
|
N/A
|
N/A
|
Five Years
|
4.58%
|
4.77%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.73%
|
3.74%
|
(6.78%)
|
(6.49%)
|
S.E.C. 30-Day Yield***
|
2.90%
|
2.34%
|
2.66%
|
3.23%
|
The graph compares a $10,000 investment in the First Investors Tax Exempt Opportunities Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
Cumulative Performance Information
(unaudited) (continued)
TAX EXEMPT OPPORTUNITIES FUND
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (10.50%), 4.53% and 3.60%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.85%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.38%), 4.73% and 3.61%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.29%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (10.53%) and the S.E.C. 30-Day Yield for December 2013 would have been .26%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.45%) and the S.E.C. 30-Day Yield for December 2013 would have been 3.07%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
TAX EXEMPT OPPORTUNITIES FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—98.7%
|
|
|
|
|
|
|
|
Alabama—1.5%
|
|
|
|
|
|
$1,000M
|
|
Alabama State University Rev. 5.25% 9/1/2034
|
|
|
|
|
$
1,027,020
|
2,500M
|
|
Birmingham Spl. Care Facs. Fing. Auth. Rev. 6% 6/1/2039
|
|
|
|
|
2,788,800
|
|
|
|
|
|
|
|
3,815,820
|
|
|
Alaska—1.3%
|
|
|
|
|
|
3,000M
|
|
Matanuska-Susitna Boro Lease Rev. 6% 9/1/2028
|
|
|
|
|
3,504,810
|
|
|
Arizona—3.5%
|
|
|
|
|
|
1,250M
|
|
Arizona Brd. Regents University Sys. Rev. 6% 7/1/2027
|
|
|
|
|
1,429,400
|
5,000M
|
|
Arizona State Trans. Brd. Hwy. Rev. 5% 7/1/2029
|
|
|
|
|
5,393,750
|
2,000M
|
|
Rio Nuevo Multipurpose Facs. Rev. 6.625% 7/15/2025
|
|
|
|
|
2,376,540
|
|
|
|
|
|
|
|
9,199,690
|
|
|
California—4.0%
|
|
|
|
|
|
1,100M
|
|
Alhambra Unified Sch. District GO 5.25% 8/1/2028
|
|
|
|
|
1,178,386
|
5,000M
|
|
California State GO 5% 4/1/2037
|
|
|
|
|
5,118,650
|
3,000M
|
|
California State Public Works Lease Rev. 5% 9/1/2034
|
|
|
|
|
3,054,720
|
1,000M
|
|
San Diego County 5% 5/1/2033
|
|
|
|
|
1,066,080
|
|
|
|
|
|
|
|
10,417,836
|
|
|
Colorado—2.0%
|
|
|
|
|
|
5,000M
|
|
Colorado Health Facs. Auth. Rev. 5.25% 2/1/2031
|
|
|
|
|
5,120,000
|
|
|
Connecticut—.4%
|
|
|
|
|
|
1,000M
|
|
South Cent. Regl. Wtr. Sys. Auth. Rev. 5.25% 8/1/2030
|
|
|
|
|
1,074,120
|
|
|
District of Columbia—1.2%
|
|
|
|
|
|
3,000M
|
|
Metropolitan Washington, D.C. Airport Auth. Sys. Rev. 5% 10/1/2029
|
3,182,940
|
|
|
Florida—10.9%
|
|
|
|
|
|
5,000M
|
|
Broward County Airport Sys. Rev. 5.25% 10/1/2030
|
|
|
|
|
5,305,150
|
|
|
Broward County Sch. Brd. Certificates of Participation:
|
|
|
|
|
|
1,000M
|
|
5.125% 7/1/2026
|
|
|
|
|
1,059,360
|
1,000M
|
|
5.25% 7/1/2027
|
|
|
|
|
1,057,130
|
1,375M
|
|
Deltona Util. Sys. Rev. 5.25% 10/1/2029
|
|
|
|
|
1,483,735
|
5,000M
|
|
Florida State Municipal Power Agy. Rev. 5% 10/1/2028
|
|
|
|
|
5,279,150
|
3,535M
|
|
Fort Pierce Capital Impt. Rev. 5.875% 9/1/2028
|
|
|
|
|
3,994,621
|
5,000M
|
|
Orlando & Orange County Expwy. Auth. Rev. 5% 7/1/2028
|
|
|
|
|
5,237,050
|
5,000M
|
|
Tampa-Hillsborough County 5% 7/1/2037
|
|
|
|
|
5,041,350
|
|
|
|
|
|
|
|
28,457,546
|
Portfolio of Investments
(continued)
TAX EXEMPT OPPORTUNITIES FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Georgia—7.4%
|
|
|
|
|
|
$5,000M
|
|
Atlanta Airport Rev. 5.25% 1/1/2030
|
|
|
|
|
$
5,272,150
|
3,400M
|
|
Atlanta Water & Wastewater Rev. 6.25% 11/1/2034
|
|
|
|
|
3,863,964
|
2,500M
|
|
Bibb County Dev. Auth. Rev. 5.75% 7/1/2040
|
|
|
|
|
2,643,275
|
1,500M
|
|
Cobb County Dev. Auth. Rev. 5.75% 7/15/2039
|
|
|
|
|
1,645,305
|
1,000M
|
|
Georgia Municipal Association, Inc. COP 5.125% 12/1/2021
|
|
|
|
|
1,001,210
|
2,500M
|
|
Georgia St. Environmental Loan Acquisition Corp.
|
|
|
|
|
|
|
|
5.125% 3/15/2031
|
|
|
|
|
2,643,550
|
2,000M
|
|
Medical Ctr. Hospital Auth. Rev. 6.5% 8/1/2038
|
|
|
|
|
2,143,820
|
|
|
|
|
|
|
|
19,213,274
|
|
|
Hawaii—1.0%
|
|
|
|
|
|
2,500M
|
|
Hawaii State Harbor Sys. Rev. 5.25% 7/1/2030
|
|
|
|
|
2,669,950
|
|
|
Illinois—6.4%
|
|
|
|
|
|
|
|
Chicago O’Hare Intl. Airport Revenue:
|
|
|
|
|
|
5,000M
|
|
5% 1/1/2027
|
|
|
|
|
5,269,850
|
5,000M
|
|
6.5% 1/1/2041
|
|
|
|
|
5,582,100
|
2,500M
|
|
Illinois State Fin. Auth. Rev. 5% 12/1/2030
|
|
|
|
|
2,577,350
|
2,000M
|
|
Illinois State GO 5.5% 7/10/2027
|
|
|
|
|
2,108,160
|
1,000M
|
|
Illinois State Sales Tax Rev. 6% 6/15/2026
|
|
|
|
|
1,210,930
|
|
|
|
|
|
|
|
16,748,390
|
|
|
Indiana—1.0%
|
|
|
|
|
|
|
|
Tri-Creek Middle School Bldg. Corp. Revenue:
|
|
|
|
|
|
1,500M
|
|
5.25% 7/15/2028
|
|
|
|
|
1,572,315
|
1,000M
|
|
5.25% 7/15/2029
|
|
|
|
|
1,044,220
|
|
|
|
|
|
|
|
2,616,535
|
|
|
Louisiana—3.3%
|
|
|
|
|
|
1,500M
|
|
Louisiana State Citizens Ppty. Rev. 6.125% 6/1/2025
|
|
|
|
|
1,708,020
|
3,000M
|
|
Louisiana State GO 5% 9/1/2028
|
|
|
|
|
3,266,310
|
1,000M
|
|
New Orleans Aviation Brd. Rev. 6% 1/1/2023
|
|
|
|
|
1,124,500
|
2,310M
|
|
New Orleans Sewer Svc. Rev. 6.25% 6/1/2029
|
|
|
|
|
2,545,412
|
|
|
|
|
|
|
|
8,644,242
|
|
|
Massachusetts—4.8%
|
|
|
|
|
|
|
|
Massachusetts State General Obligation:
|
|
|
|
|
|
4,500M
|
|
5% 12/1/2031 (a)
|
|
|
|
|
4,846,950
|
7,250M
|
|
5% 8/1/2035
|
|
|
|
|
7,623,085
|
|
|
|
|
|
|
|
12,470,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Michigan—3.1%
|
|
|
|
|
|
$5,000M
|
|
Lansing Brd. Wtr. & Lt. Utility Sys. Rev. 5.5% 7/1/2041
|
|
|
|
|
$
5,292,450
|
1,900M
|
|
Michigan Mun. Bd. Auth. Rev. 5% 5/1/2023
|
|
|
|
|
1,797,381
|
1,000M
|
|
Michigan State Bldg. Auth. Rev. 5% 10/15/2029
|
|
|
|
|
1,037,140
|
|
|
|
|
|
|
|
8,126,971
|
|
|
Minnesota—1.0%
|
|
|
|
|
|
2,305M
|
|
Minnesota State Gen. Fund Rev. 5% 3/1/2025
|
|
|
|
|
2,599,901
|
|
|
Mississippi—4.1%
|
|
|
|
|
|
|
|
Mississippi Dev. Bk. Spl. Obligation:
|
|
|
|
|
|
|
|
Jackson Cnty. Ltd. Tax Revenue:
|
|
|
|
|
|
2,660M
|
|
5.375% 7/1/2029
|
|
|
|
|
2,820,105
|
2,000M
|
|
5.625% 7/1/2039
|
|
|
|
|
2,097,640
|
1,000M
|
|
Jackson Wtr. & Swr. Sys. Proj. 6.75% 12/1/2030
|
|
|
|
|
1,211,380
|
3,250M
|
|
Mississippi State Cap. Impt. Projs. GO 5% 10/1/2036
|
|
|
|
|
3,426,865
|
1,000M
|
|
Mississippi State Univ. Educ. Bldg. Corp. 5% 8/1/2030
|
|
|
|
|
1,073,980
|
|
|
|
|
|
|
|
10,629,970
|
|
|
Missouri—.8%
|
|
|
|
|
|
1,000M
|
|
Bi-State Dev. Agy. 5% 10/1/2028
|
|
|
|
|
1,067,010
|
1,000M
|
|
St. Louis Mun. Fin. Corp. Lease Rev. 5.625% 7/15/2030
|
|
|
|
|
1,036,480
|
|
|
|
|
|
|
|
2,103,490
|
|
|
Nebraska—1.2%
|
|
|
|
|
|
|
|
Nebraska St. Public Pwr. Dist. Revenue:
|
|
|
|
|
|
2,000M
|
|
5% 1/1/2031
|
|
|
|
|
2,128,740
|
1,000M
|
|
5% 1/1/2032
|
|
|
|
|
1,058,060
|
|
|
|
|
|
|
|
3,186,800
|
|
|
New Jersey—1.6%
|
|
|
|
|
|
4,000M
|
|
New Jersey State Trans. Trust Fd. Auth. Trans. Sys. Rev.
|
|
|
|
|
|
|
|
5.5% 12/15/2038
|
|
|
|
|
4,276,880
|
Portfolio of Investments
(continued)
TAX EXEMPT OPPORTUNITIES FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
New York—6.7%
|
|
|
|
|
|
$4,050M
|
|
Nassau County GO 5% 4/1/2031
|
|
|
|
|
$
4,217,022
|
5,000M
|
|
New York City Trans. Fin. Auth. 5% 7/15/2037
|
|
|
|
|
5,168,350
|
|
|
New York State Dorm. Auth. Revenue:
|
|
|
|
|
|
|
|
St. Personal Inc. Tax Revenue:
|
|
|
|
|
|
1,000M
|
|
5% 2/15/2034
|
|
|
|
|
1,048,210
|
5,000M
|
|
5% 3/15/2034
|
|
|
|
|
5,243,050
|
1,775M
|
|
State University Edl. Facs. 5% 5/15/2029
|
|
|
|
|
1,900,155
|
|
|
|
|
|
|
|
17,576,787
|
|
|
North Carolina—1.2%
|
|
|
|
|
|
3,000M
|
|
North Carolina Tpk. Auth. Rev. 5.75% 1/1/2039
|
|
|
|
|
3,204,960
|
|
|
Ohio—3.7%
|
|
|
|
|
|
2,000M
|
|
American Mun. Pwr. Rev. 5% 2/15/2024
|
|
|
|
|
2,141,080
|
1,000M
|
|
Hamilton Cnty. Sales Tax 5% 12/1/2032
|
|
|
|
|
1,017,970
|
1,135M
|
|
Ohio State Bldg. Auth. State Facs. Rev. 5.25% 4/1/2031
|
|
|
|
|
1,210,943
|
5,000M
|
|
University of Cincinnati 5% 6/1/2028
|
|
|
|
|
5,364,300
|
|
|
|
|
|
|
|
9,734,293
|
|
|
Pennsylvania—8.0%
|
|
|
|
|
|
5,000M
|
|
Allegheny County Port. Auth. Spl. Rev. 5.25% 3/1/2024
|
|
|
|
|
5,510,800
|
2,500M
|
|
Beaver County GO 5.55% 11/15/2031
|
|
|
|
|
2,716,075
|
1,000M
|
|
Pennsylvania State Econ. Dev. Fing. Auth. Rev. 5.25% 1/1/2044
|
|
|
|
|
989,570
|
1,500M
|
|
Pennsylvania State Higher Edl. Facs. Auth. Rev. 5.25% 8/15/2025
|
|
|
|
|
1,653,930
|
1,470M
|
|
Pittsburgh Wtr. & Swr. Auth. 5% 9/1/2029
|
|
|
|
|
1,542,295
|
4,000M
|
|
State Pub. Sch. Bldg. Auth. Rev. 5% 2/15/2032
|
|
|
|
|
4,122,480
|
|
|
West Mifflin Area School Dist. General Obligations:
|
|
|
|
|
|
2,910M
|
|
5.375% 4/1/2027
|
|
|
|
|
3,199,487
|
1,000M
|
|
5.375% 4/1/2028
|
|
|
|
|
1,080,570
|
|
|
|
|
|
|
|
20,815,207
|
|
|
Puerto Rico—.5%
|
|
|
|
|
|
1,500M
|
|
Puerto Rico Commonwealth GO 5.25% 7/1/2024
|
|
|
|
|
1,407,735
|
|
|
Rhode Island—2.4%
|
|
|
|
|
|
|
|
Rhode Island Hlth. & Edl. Bldg. Corporation:
|
|
|
|
|
|
|
|
Pub. Schs. Fing. Program:
|
|
|
|
|
|
3,250M
|
|
5.25% 5/15/2029
|
|
|
|
|
3,449,322
|
1,400M
|
|
5% 5/15/2034
|
|
|
|
|
1,370,152
|
1,415M
|
|
University of Rhode Island 5.25% 9/15/2029
|
|
|
|
|
1,499,900
|
|
|
|
|
|
|
|
6,319,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
South Carolina—.8%
|
|
|
|
|
|
$2,000M
|
|
South Carolina State Pub. Svc. Auth. Rev. 5% 1/1/2033
|
|
|
|
$
2,052,420
|
|
|
South Dakota—.6%
|
|
|
|
|
|
1,500M
|
|
South Dakota State Hlth. & Edl. Fac. Auth. Rev. 5.125% 8/1/2028
|
|
|
|
1,573,440
|
|
|
Texas—10.8%
|
|
|
|
|
|
5,000M
|
|
Dallas-Fort Worth Intl. Arpt. Rev. 5.25% 11/1/2030
|
|
|
|
5,307,250
|
5,000M
|
|
Harris County Hlth. Facs. Thermal Util. Rev. 5% 11/15/2032
|
|
|
|
5,148,350
|
2,000M
|
|
Harris County Met. Transit Auth. Sales & Use Tax Rev.
|
|
|
|
|
|
|
5% 11/1/2036
|
|
|
|
|
2,088,100
|
5,000M
|
|
Houston Utility System Rev. 5.25% 11/15/2031
|
|
|
|
|
5,402,300
|
3,000M
|
|
North Texas Tollway Auth. Rev. 5% 9/1/2031
|
|
|
|
|
3,173,910
|
1,250M
|
|
Parker County GO 5% 2/15/2029
|
|
|
|
|
1,335,363
|
2,000M
|
|
Sinton Indep. Sch. Dist. GO 5% 8/15/2038
|
|
|
|
|
2,131,040
|
3,500M
|
|
Socorro Independent School Dist. GO 5% 8/15/2033
|
|
|
|
3,763,550
|
|
|
|
|
|
|
|
28,349,863
|
|
|
Utah—.5%
|
|
|
|
|
|
1,300M
|
|
Utah Infrastructure Agy. Tele. & Franchise Tax Rev.
|
|
|
|
|
|
|
5.5% 10/15/2030
|
|
|
|
|
1,401,348
|
|
|
Washington—3.0%
|
|
|
|
|
|
2,500M
|
|
Washington State GO 5% 8/1/2033
|
|
|
|
|
2,668,800
|
5,000M
|
|
Washington State Health Care Facs. Auth. Rev. 5.25% 10/1/2033
|
|
|
|
5,253,250
|
|
|
|
|
|
|
|
7,922,050
|
Total Value of Municipal Bonds
(cost $248,089,186)
|
98.7
|
%
|
|
|
258,416,677
|
Other Assets, Less Liabilities
|
1.3
|
|
|
|
3,373,946
|
Net Assets
|
|
|
100.0
|
%
|
|
$261,790,623
|
|
|
(a)
|
A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1E).
|
Summary of Abbreviations:
|
|
COP
|
Certificate of Participation
|
GO
|
General Obligation
|
|
|
See notes to financial statements
|
21
|
Fund Expenses
(unaudited)
CALIFORNIA TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.00%
|
|
|
|
Actual
|
|
$1,000.00
|
$1,009.52
|
$5.07
|
Hypothetical**
|
|
$1,000.00
|
$1,020.17
|
$5.09
|
Class B Shares
|
1.81%
|
|
|
|
Actual
|
|
$1,000.00
|
$1,005.27
|
$9.15
|
Hypothetical**
|
|
$1,000.00
|
$1,016.09
|
$9.20
|
Advisor Class Shares
|
0.85%
|
|
|
|
Actual
|
|
$1,000.00
|
$1,007.02
|
$4.30
|
Hypothetical**
|
|
$1,000.00
|
$1,020.93
|
$4.33
|
Institutional Class Shares
|
0.70%
|
|
|
|
Actual
|
|
$1,000.00
|
$1,010.31
|
$3.55
|
Hypothetical**
|
|
$1,000.00
|
$1,021.68
|
$3.57
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN SECTORS
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
CALIFORNIA TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors California Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(2.91%)
|
(3.63%)
|
N/A
|
N/A
|
Five Years
|
5.83%
|
5.09%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.86%
|
3.27%
|
(4.89%)
|
(4.58%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(8.48%)
|
(7.38%)
|
N/A
|
N/A
|
Five Years
|
4.58%
|
4.76%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.25%
|
3.27%
|
(4.89%)
|
(4.58%)
|
S.E.C. 30-Day Yield***
|
2.46%
|
1.79%
|
2.27%
|
3.01%
|
The graph compares a $10,000 investment in the First Investors California Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
Cumulative Performance Information
(unaudited) (continued)
CALIFORNIA TAX EXEMPT FUND
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.54%), 4.53% and 3.12%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.39%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (7.44%), 4.71% and 3.12%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.72%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.61%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (7.50%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.77%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
CALIFORNIA TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—99.1%
|
|
|
|
|
|
|
|
Airport—7.1%
|
|
|
|
|
|
$1,000M
|
|
Los Angeles Dept. of Airports Rev. 5.25% 5/15/2033
|
|
|
|
|
$ 1,039,970
|
1,000M
|
|
Sacramento County Airport Sys. Rev. 5.5% 7/1/2034
|
|
|
|
|
1,094,590
|
1,000M
|
|
San Francisco City & County Airport Rev. 5.25% 5/1/2025
|
|
|
|
|
1,139,990
|
|
|
|
|
|
|
|
3,274,550
|
|
|
Education—5.6%
|
|
|
|
|
|
500M
|
|
California Educ. Facs. Auth. Rev. (Harvey Mudd College)
|
|
|
|
|
|
|
|
5.25% 12/1/2031
|
|
|
|
|
532,950
|
|
|
California State Public Works Lease Revenue:
|
|
|
|
|
|
1,000M
|
|
5% 9/1/2030
|
|
|
|
|
1,044,370
|
1,000M
|
|
5% 9/1/2033
|
|
|
|
|
1,021,090
|
|
|
|
|
|
|
|
2,598,410
|
|
|
Electric—5.9%
|
|
|
|
|
|
500M
|
|
Anaheim Public Fing. Auth. Rev. 5% 10/1/2031
|
|
|
|
|
526,345
|
1,000M
|
|
Imperial Irrigation District Elec. Rev. 6.25% 11/1/2031
|
|
|
|
|
1,116,210
|
1,000M
|
|
Tuolumne Wind Proj. Auth. 5.625% 1/1/2029
|
|
|
|
|
1,107,040
|
|
|
|
|
|
|
|
2,749,595
|
|
|
General Obligation—20.6%
|
|
|
|
|
|
1,000M
|
|
Alhambra Unified School District 5.25% 8/1/2028
|
|
|
|
|
1,071,260
|
500M
|
|
Alvord Unified School District 5.25% 8/1/2030
|
|
|
|
|
529,310
|
1,000M
|
|
Centinela Valley Union School District 5% 8/1/2031
|
|
|
|
|
1,038,300
|
1,000M
|
|
Chico Unified School District 5% 8/1/2026
|
|
|
|
|
1,082,170
|
1,000M
|
|
College of the Sequoias 5.25% 8/1/2029
|
|
|
|
|
1,051,230
|
1,000M
|
|
Corona-Norco Unified School District 5.125% 8/1/2029
|
|
|
|
|
1,064,960
|
650M
|
|
Jefferson Unified High Sch. District 6.25% 2/1/2016
|
|
|
|
|
725,433
|
1,000M
|
|
Lake Tahoe Unified School District 5.375% 8/1/2029
|
|
|
|
|
1,075,410
|
750M
|
|
Natomas Unified School District 5.95% 9/1/2021
|
|
|
|
|
856,327
|
1,000M
|
|
West Contra Costa Unified School District 5.25% 8/1/2032
|
|
|
|
|
1,067,550
|
|
|
|
|
|
|
|
9,561,950
|
Portfolio of Investments
(continued)
CALIFORNIA TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Health Care—9.4%
|
|
|
|
|
|
|
|
California Health Facs. Fin. Auth. Revenue:
|
|
|
|
|
|
$1,000M
|
|
Children’s Hospital Los Angeles 5.125% 7/1/2031
|
|
|
|
|
$ 1,014,340
|
1,000M
|
|
Providence Health Services 6.5% 10/1/2033
|
|
|
|
|
1,139,680
|
500M
|
|
Stanford Hospital 5.25% 11/15/2031
|
|
|
|
|
521,630
|
|
|
California Statewide Communities Dev. Auth. Revenue:
|
|
|
|
|
|
1,000M
|
|
St. Joseph’s 5.125% 7/1/2024
|
|
|
|
|
1,100,190
|
500M
|
|
Sutter Health 5.5% 8/15/2026
|
|
|
|
|
556,175
|
|
|
|
|
|
|
|
4,332,015
|
|
|
Lease—7.5%
|
|
|
|
|
|
|
|
California State Public Works Lease Revenue:
|
|
|
|
|
|
500M
|
|
5% 12/1/2029
|
|
|
|
|
521,895
|
1,000M
|
|
5.5% 11/1/2030
|
|
|
|
|
1,091,150
|
1,000M
|
|
Los Angeles Mun. Impt. Corp. Lease Rev. 5.5% 4/1/2028
|
|
|
|
|
1,099,130
|
700M
|
|
San Mateo Joint Powers Auth. Lease Rev. 6.5% 7/1/2015
|
|
|
|
|
739,249
|
|
|
|
|
|
|
|
3,451,424
|
|
|
Other Revenue—1.2%
|
|
|
|
|
|
500M
|
|
Sacramento Area Flood Control Agency 5.5% 10/1/2028
|
|
|
|
|
544,755
|
|
|
Other Tax—8.3%
|
|
|
|
|
|
620M
|
|
Long Beach Fing. Auth. Rev. 6% 11/1/2017
|
|
|
|
|
658,483
|
1,000M
|
|
Riverside County Trans. Commission Sales Tax Rev.
|
|
|
|
|
|
|
|
5% 6/1/2032
|
|
|
|
|
1,056,070
|
1,000M
|
|
San Joaquin County Trans. Auth. Sales Tax 5.75% 3/1/2028
|
|
|
|
|
1,118,620
|
1,000M
|
|
West Contra Costa Healthcare 5.375% 7/1/2024
|
|
|
|
|
1,005,190
|
|
|
|
|
|
|
|
3,838,363
|
|
|
Pre-Refunded/Escrowed-to-Maturity—7.8%
|
|
|
|
|
|
|
|
California State Public Works Lease Revenue:
|
|
|
|
|
|
1,000M
|
|
5% 4/1/2019 (a)
|
|
|
|
|
1,183,830
|
1,000M
|
|
5% 3/1/2023 (a)
|
|
|
|
|
1,189,850
|
1,000M
|
|
San Bernardino Cmnty. College District 6.5% 8/1/2018 (a)
|
|
|
|
|
1,242,380
|
|
|
|
|
|
|
|
3,616,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
State General Obligation—6.7%
|
|
|
|
|
|
|
|
California State Various Purpose:
|
|
|
|
|
|
$1,000M
|
|
5% 9/1/2031
|
|
|
|
|
$ 1,055,640
|
2,000M
|
|
5% 4/1/2037
|
|
|
|
|
2,047,460
|
|
|
|
|
|
|
|
3,103,100
|
|
|
Toll & Turnpike—2.2%
|
|
|
|
|
|
1,000M
|
|
Bay Area Toll Auth. Toll Bridge Rev. 5% 4/1/2032
|
|
|
|
|
1,043,580
|
|
|
Transportation—2.4%
|
|
|
|
|
|
1,080M
|
|
San Francisco Muni. Transportation Agy. Rev. 5% 3/1/2032
|
|
|
|
1,130,879
|
|
|
Water/Sewer—14.4%
|
|
|
|
|
|
750M
|
|
Bakersfield Wastewater Rev. 5% 9/15/2028
|
|
|
|
|
788,288
|
1,000M
|
|
El Dorado Irrigation District 6.25% 8/1/2029
|
|
|
|
|
1,026,520
|
1,000M
|
|
Los Angeles Wastewater System Rev. 5% 6/1/2027
|
|
|
|
|
1,097,190
|
500M
|
|
Metropolitan Water District So. Cal. 5% 7/1/2029
|
|
|
|
|
549,635
|
1,000M
|
|
Mojave Water Agency 5.5% 6/1/2029
|
|
|
|
|
1,073,370
|
1,000M
|
|
San Diego County Water Authority 5% 5/1/2033
|
|
|
|
|
1,066,080
|
1,000M
|
|
San Francisco City & Cnty. Pub. Util. Commission 5% 11/1/2035
|
|
|
|
1,049,960
|
|
|
|
|
|
|
|
6,651,043
|
Total Value of Municipal Bonds
(cost $43,200,425)
|
99.1
|
%
|
|
|
45,895,724
|
Other Assets, Less Liabilities
|
.9
|
|
|
|
402,081
|
Net Assets
|
100.0
|
%
|
|
|
$46,297,805
|
|
|
(a)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
See notes to financial statements
|
27
|
Fund Expenses
(unaudited)
CONNECTICUT TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.01%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 989.72
|
$5.07
|
Hypothetical**
|
|
$1,000.00
|
$1,020.12
|
$5.14
|
Class B Shares
|
1.76%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 986.05
|
$8.81
|
Hypothetical**
|
|
$1,000.00
|
$1,016.34
|
$8.94
|
Advisor Class Shares
|
0.87%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 988.20
|
$4.36
|
Hypothetical**
|
|
$1,000.00
|
$1,020.82
|
$4.43
|
Institutional Class Shares
|
0.72%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 991.24
|
$3.61
|
Hypothetical**
|
|
$1,000.00
|
$1,021.58
|
$3.67
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
BY SECTOR
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
CONNECTICUT TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors Connecticut Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(4.16%)
|
(4.85%)
|
N/A
|
N/A
|
Five Years
|
4.99%
|
4.24%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.57%
|
2.97%
|
(5.43%)
|
(5.07%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(9.68%)
|
(8.56%)
|
N/A
|
N/A
|
Five Years
|
3.76%
|
3.89%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.95%
|
2.97%
|
(5.43%)
|
(5.07%)
|
S.E.C. 30-Day Yield***
|
2.18%
|
1.58%
|
1.99%
|
2.37%
|
The graph compares a $10,000 investment in the First Investors Connecticut Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes
.
Cumulative Performance Information
(unaudited) (continued)
CONNECTICUT TAX EXEMPT FUND
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.74%), 3.71% and 2.83%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.11%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.62%), 3.85% and 2.84%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.51%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.14%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (7.97%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.30%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
CONNECTICUT TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—98.9%
|
|
|
|
|
|
|
|
Appropriation—15.6%
|
|
|
|
|
|
$1,000M
|
|
Capital City Econ. Dev. Auth. Pkg. & Energy Fee Rev.
|
|
|
|
|
|
|
|
5.75% 6/15/2034
|
|
|
|
|
$ 1,098,000
|
|
|
Connecticut State Hlth. & Educ. Facs. Auth. Revenue:
|
|
|
|
|
|
1,000M
|
|
Child Care Facilities Program 6% 7/1/2038
|
|
|
|
|
1,060,280
|
1,000M
|
|
State Supported Child Care 5% 7/1/2028
|
|
|
|
|
1,050,360
|
1,750M
|
|
Connecticut State Hsg. Fin. Auth. 5% 6/15/2024
|
|
|
|
|
1,932,088
|
|
|
|
|
|
|
|
5,140,728
|
|
|
Education—22.3%
|
|
|
|
|
|
|
|
Connecticut St. Hlth. & Educ. Facs. Auth. Revenue:
|
|
|
|
|
|
1,000M
|
|
Loomis Chafee School 5% 7/1/2030
|
|
|
|
|
1,030,220
|
1,000M
|
|
Quinnipiac University 5.75% 7/1/2033
|
|
|
|
|
1,098,830
|
1,000M
|
|
Salisbury School 5% 7/1/2028
|
|
|
|
|
1,060,670
|
1,000M
|
|
Trinity College 5% 7/1/2019
|
|
|
|
|
1,022,980
|
1,000M
|
|
Wesleyan University 5% 7/1/2035
|
|
|
|
|
1,049,150
|
1,000M
|
|
Westminster School 5% 7/1/2037
|
|
|
|
|
1,006,470
|
1,000M
|
|
University of Connecticut University Rev. 4.75% 2/15/2029
|
|
|
|
|
1,055,710
|
|
|
|
|
|
|
|
7,324,030
|
|
|
Electric—1.6%
|
|
|
|
|
|
500M
|
|
Connecticut St. Transmission Muni. Elec. Energy Rev.
|
|
|
|
|
|
|
|
5% 1/1/2030
|
|
|
|
|
530,780
|
|
|
General Obligation—14.4%
|
|
|
|
|
|
1,000M
|
|
Bridgeport 5% 12/1/2023
|
|
|
|
|
1,095,630
|
1,000M
|
|
Hartford 5% 4/1/2031
|
|
|
|
|
1,045,040
|
1,500M
|
|
New Haven 5% 3/1/2026
|
|
|
|
|
1,564,950
|
1,000M
|
|
Waterbury 5% 12/1/2032
|
|
|
|
|
1,039,610
|
|
|
|
|
|
|
|
4,745,230
|
|
|
Health Care—12.1%
|
|
|
|
|
|
|
|
Connecticut St. Hlth. & Educ. Facs. Auth. Revenue:
|
|
|
|
|
|
500M
|
|
Lawrence & Memorial Hospital 5% 7/1/2031
|
|
|
|
|
513,365
|
|
|
Middlesex Hospital:
|
|
|
|
|
|
350M
|
|
5% 7/1/2026
|
|
|
|
|
365,452
|
460M
|
|
5% 7/1/2027
|
|
|
|
|
476,132
|
500M
|
|
Stamford Hospital 5% 7/1/2030
|
|
|
|
|
507,060
|
Portfolio of Investments
(continued)
CONNECTICUT TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Health Care
(continued)
|
|
|
|
|
|
$1,000M
|
|
William W. Backus Hospital 5% 7/1/2025
|
|
|
|
|
$ 1,050,270
|
|
|
Yale-New Haven Hospital:
|
|
|
|
|
|
500M
|
|
5% 7/1/2026
|
|
|
|
|
521,400
|
500M
|
|
5.25% 7/1/2030
|
|
|
|
|
531,055
|
|
|
|
|
|
|
|
3,964,734
|
|
|
Lease—1.4%
|
|
|
|
|
|
500M
|
|
Puerto Rico Pub. Bldgs. Auth. Rev. 6% 7/1/2028
|
|
|
|
|
448,205
|
|
|
Other Tax—6.6%
|
|
|
|
|
|
|
|
Connecticut State Special Tax Obligation Rev. Trans. Infrastructure:
|
|
|
|
|
1,000M
|
|
5% 11/1/2025
|
|
|
|
|
1,102,860
|
1,000M
|
|
5% 8/1/2027
|
|
|
|
|
1,077,820
|
|
|
|
|
|
|
|
2,180,680
|
|
|
Pre-Refunded/Escrowed-to-Maturity—10.1%
|
|
|
|
|
|
|
Connecticut State Hlth. & Educ. Facs. Auth. Revenue:
|
|
|
|
|
1,000M
|
|
Children’s Medical Center 5% 7/1/2014 (a)
|
|
|
|
|
1,023,490
|
1,000M
|
|
Renbrook School 5% 7/1/2017 (a)
|
|
|
|
|
1,144,490
|
1,050M
|
|
South Windsor 5% 2/15/2016 (a)
|
|
|
|
|
1,150,443
|
|
|
|
|
|
|
|
3,318,423
|
|
|
State General Obligation—3.2%
|
|
|
|
|
|
1,000M
|
|
Connecticut State 5% 11/1/2031
|
|
|
|
|
1,065,240
|
|
|
Water/Sewer—11.6%
|
|
|
|
|
|
1,000M
|
|
Hartford Cnty. Met. Dist. Clean Wtr. Proj. 5% 4/1/2036
|
|
|
|
1,048,830
|
1,000M
|
|
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Rev.
|
|
|
|
|
|
|
5% 7/1/2025
|
|
|
|
|
896,280
|
1,000M
|
|
South Central Connecticut Regl. Wtr. Auth. Rev. 5.25% 8/1/2029
|
|
|
|
1,072,950
|
750M
|
|
Stamford Water Pollution Control Sys. Rev. 5.5% 8/15/2038
|
|
|
|
808,620
|
|
|
|
|
|
|
|
3,826,680
|
Total Value of Municipal Bonds
(cost $31,219,159)
|
98.9
|
%
|
|
|
32,544,730
|
Other Assets, Less Liabilities
|
1.1
|
|
|
|
348,330
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$32,893,060
|
|
|
(a)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
32
|
See notes to financial statements
|
Fund Expenses
(unaudited)
MASSACHUSETTS TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.09%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 998.72
|
$5.49
|
Hypothetical**
|
|
$1,000.00
|
$1,019.72
|
$5.55
|
Class B Shares
|
1.81%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 995.35
|
$9.10
|
Hypothetical**
|
|
$1,000.00
|
$1,016.09
|
$9.20
|
Advisor Class Shares
|
0.94%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 996.99
|
$4.73
|
Hypothetical**
|
|
$1,000.00
|
$1,020.47
|
$4.79
|
Institutional Class Shares
|
0.79%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 998.73
|
$3.98
|
Hypothetical**
|
|
$1,000.00
|
$1,021.23
|
$4.02
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN SECTORS
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
MASSACHUSETTS TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors Massachusetts Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(4.49%)
|
(5.13%)
|
N/A
|
N/A
|
Five Years
|
5.19%
|
4.44%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.40%
|
2.81%
|
(5.93%)
|
(5.69%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(9.99%)
|
(8.82%)
|
N/A
|
N/A
|
Five Years
|
3.94%
|
4.10%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.79%
|
2.81%
|
(5.93%)
|
(5.69%)
|
S.E.C. 30-Day Yield***
|
2.56%
|
2.00%
|
2.44%
|
2.69%
|
The graph compares a $10,000 investment in the First Investors Massachusetts Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (10.05%), 3.89% and 2.61%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.49%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.87%), 4.06% and 2.64%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.93%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.66%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.63%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.47%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
MASSACHUSETTS TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—99.1%
|
|
|
|
|
|
|
|
Airport—2.4%
|
|
|
|
|
|
$ 500M
|
|
Massachusetts State Port Auth. Airport Rev. 5% 7/1/2030
|
|
|
|
|
$
536,475
|
|
|
Education—31.7%
|
|
|
|
|
|
670M
|
|
Massachusetts Edl. Fing. Auth. Ed. Ln. Revenue 6% 1/1/2028
|
|
|
|
|
717,175
|
1,000M
|
|
Massachusetts State College Building Auth. 5% 5/1/2035
|
|
|
|
|
1,058,450
|
|
|
Massachusetts State Dev. Fin. Agy. Revenue:
|
|
|
|
|
|
1,000M
|
|
Boston University 5.6% 10/1/2035
|
|
|
|
|
1,114,660
|
1,000M
|
|
Lesley University 5.25% 7/1/2033
|
|
|
|
|
1,047,940
|
|
|
Massachusetts State Hlth. & Educ. Facs. Auth. Revenue:
|
|
|
|
|
|
1,000M
|
|
Berklee College of Music 5% 10/1/2037
|
|
|
|
|
1,017,730
|
1,000M
|
|
Harvard University 5.5% 11/15/2036
|
|
|
|
|
1,108,020
|
1,000M
|
|
University of Massachusetts Bldg. Auth. Proj. Rev. 5% 11/1/2039
|
|
|
|
|
1,041,230
|
|
|
|
|
|
|
|
7,105,205
|
|
|
General Obligation—8.0%
|
|
|
|
|
|
500M
|
|
Quincy 5% 12/1/2028
|
|
|
|
|
539,360
|
1,000M
|
|
Revere Mun. Purpose Loan 5% 4/1/2033
|
|
|
|
|
1,027,320
|
215M
|
|
Worcester 5.5% 8/15/2017
|
|
|
|
|
215,907
|
|
|
|
|
|
|
|
1,782,587
|
|
|
Health Care—4.8%
|
|
|
|
|
|
1,000M
|
|
Massachusetts State Hlth. & Educ. Facs. Auth. Rev. 5.375% 2/1/2027
|
1,070,730
|
|
|
Housing—4.6%
|
|
|
|
|
|
1,000M
|
|
Massachusetts State Hsg. Fin. Agy. Rev. 5.25% 12/1/2035
|
|
|
|
|
1,027,890
|
|
|
Other Revenue—5.0%
|
|
|
|
|
|
1,000M
|
|
Massachusetts Bay Trans. Auth. Rev. 5% 7/1/2028
|
|
|
|
|
1,109,380
|
|
|
Other Tax—18.8%
|
|
|
|
|
|
1,000M
|
|
Massachusetts State Dev. Fin. Agy. Rev. 5.75% 9/1/2025
|
|
|
|
|
1,160,750
|
1,500M
|
|
Massachusetts State Sch. Bldg. Auth. Sales Tax Rev. 5% 10/15/2032
|
1,602,555
|
1,000M
|
|
Massachusetts State Trans. Accelerated Brdg. Prog. 5% 6/1/2036
|
|
|
|
|
1,063,600
|
500M
|
|
Puerto Rico Sales Tax Fing. Rev. 5.25% 8/1/2040
|
|
|
|
|
392,545
|
|
|
|
|
|
|
|
4,219,450
|
|
|
Pre-Refunded/Escrowed-to-Maturity—1.3%
|
|
|
|
|
|
285M
|
|
University of Massachusetts Bldg. Auth. Rev. 6.875% 5/1/2014
|
|
|
|
|
290,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
State General Obligation—5.4%
|
|
|
|
|
|
$1,000M
|
|
Massachusetts State 5.5% 8/1/2030
|
|
|
|
|
$ 1,197,410
|
|
|
Toll & Turnpike—4.6%
|
|
|
|
|
|
1,000M
|
|
Massachusetts State Dept. of Trans. 5% 1/1/2035
|
|
|
|
|
1,038,820
|
|
|
Water/Sewer—12.5%
|
|
|
|
|
|
500M
|
|
Boston Water & Sewer Commission Rev. 5% 11/1/2030
|
|
|
|
548,575
|
1,000M
|
|
Massachusetts State Water Res. Auth. 5% 8/1/2031
|
|
|
|
1,084,980
|
1,000M
|
|
Springfield Water & Sewer Comm. Rev. 5.75% 10/15/2025
|
|
|
|
1,171,100
|
|
|
|
|
|
|
|
2,804,655
|
Total Value of Municipal Bonds
(cost $20,981,549)
|
99.1
|
%
|
|
|
22,183,567
|
Other Assets, Less Liabilities
|
.9
|
|
|
|
212,578
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$22,396,145
|
|
|
See notes to financial statements
|
37
|
Fund Expenses
(unaudited)
MICHIGAN TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.08%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 988.50
|
$5.41
|
Hypothetical**
|
|
$1,000.00
|
$1,019.77
|
$5.50
|
Class B Shares
|
1.82%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 985.78
|
$9.11
|
Hypothetical**
|
|
$1,000.00
|
$1,016.04
|
$9.25
|
Advisor Class Shares
|
0.93%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 987.64
|
$4.66
|
Hypothetical**
|
|
$1,000.00
|
$1,020.52
|
$4.74
|
Institutional Class Shares
|
0.78%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 989.32
|
$3.91
|
Hypothetical**
|
|
$1,000.00
|
$1,021.28
|
$3.97
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
BY SECTOR
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
MICHIGAN TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors Michigan Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(5.81%)
|
(6.47%)
|
N/A
|
N/A
|
Five Years
|
4.67%
|
3.94%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.30%
|
2.70%
|
(6.48%)
|
(6.32%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(11.20%)
|
(10.10%)
|
N/A
|
N/A
|
Five Years
|
3.43%
|
3.59%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.69%
|
2.70%
|
(6.48%)
|
(6.32%)
|
S.E.C. 30-Day Yield***
|
2.96%
|
2.35%
|
2.83%
|
3.35%
|
The graph compares a $10,000 investment in the First Investors Michigan Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
Cumulative Performance Information
(unaudited) (continued)
MICHIGAN TAX EXEMPT FUND
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (11.25%), 3.37% and 2.56%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.89%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (10.16%), 3.55% and 2.57%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.28%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (10.23%) and the S.E.C. 30-Day Yield for December 2013 would have been .37%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.27%) and the S.E.C. 30-Day Yield for December 2013 would have been 3.13%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
MICHIGAN TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—99.0%
|
|
|
|
|
|
|
|
Education—7.7%
|
|
|
|
|
|
$1,000M
|
|
Ferris State University Revenue 5% 10/1/2028
|
|
|
|
|
$ 1,033,740
|
500M
|
|
Western Michigan University 5.25% 11/15/2033
|
|
|
|
|
517,500
|
|
|
|
|
|
|
|
1,551,240
|
|
|
Electric—8.3%
|
|
|
|
|
|
500M
|
|
Monroe County Economic Dev. Corp. 6.95% 9/1/2022
|
|
|
|
|
622,235
|
1,000M
|
|
Wyandotte Electric Rev. 5.25% 10/1/2028
|
|
|
|
|
1,043,320
|
|
|
|
|
|
|
|
1,665,555
|
|
|
General Obligation—27.4%
|
|
|
|
|
|
1,000M
|
|
Genesee County Sewer Disp. Sys. 5% 11/1/2025
|
|
|
|
|
1,035,710
|
1,000M
|
|
Goodrich Area School District 5.5% 5/1/2032
|
|
|
|
|
1,059,250
|
770M
|
|
Montrose Township School District 6.2% 5/1/2017
|
|
|
|
|
834,857
|
500M
|
|
Northview Public School District 5% 5/1/2041
|
|
|
|
|
505,100
|
1,000M
|
|
Troy City School District 5% 5/1/2026
|
|
|
|
|
1,064,160
|
1,000M
|
|
Wayne Charter County Capital Improvement 5% 2/1/2030
|
|
|
|
|
1,008,030
|
|
|
|
|
|
|
|
5,507,107
|
|
|
Health Care—10.8%
|
|
|
|
|
|
1,000M
|
|
Kent Hosp. Fin. Auth. Rev. 5% 11/15/2029
|
|
|
|
|
1,034,800
|
1,000M
|
|
Michigan St. Hosp. Fin. Auth. Rev. 6.25% 12/1/2028
|
|
|
|
|
1,132,520
|
|
|
|
|
|
|
|
2,167,320
|
|
|
Lease—5.4%
|
|
|
|
|
|
1,000M
|
|
Michigan St. Building Auth. Revenue 5.25% 10/15/2025
|
|
|
|
|
1,079,350
|
|
|
Other Tax—10.6%
|
|
|
|
|
|
500M
|
|
Detroit Distributable State Aid 5% 11/1/2030
|
|
|
|
|
479,095
|
1,000M
|
|
Michigan Municipal Bond Auth. Revenue 5% 10/1/2029
|
|
|
|
|
1,061,930
|
750M
|
|
Puerto Rico Sales Tax Fing. Rev. 5.25% 8/1/2040
|
|
|
|
|
588,817
|
|
|
|
|
|
|
|
2,129,842
|
|
|
State General Obligation—5.5%
|
|
|
|
|
|
1,000M
|
|
Michigan State 5% 11/1/2022
|
|
|
|
|
1,094,570
|
Portfolio of Investments
(continued)
MICHIGAN TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Water/Sewer—23.3%
|
|
|
|
|
|
$1,000M
|
|
Detroit Sewer Disposal Revenue 7.5% 7/1/2033
|
|
|
|
|
$ 1,063,780
|
|
|
Detroit Water Supply System Revenue:
|
|
|
|
|
|
1,000M
|
|
6.5% 7/1/2015
|
|
|
|
|
1,012,790
|
1,000M
|
|
5.5% 7/1/2027
|
|
|
|
|
1,024,170
|
1,000M
|
|
Grand Rapids Water Supply 5% 1/1/2029
|
|
|
|
|
1,062,130
|
500M
|
|
Saginaw Water Supply Sys. Rev. 5% 7/1/2031
|
|
|
|
|
513,305
|
|
|
|
|
|
|
|
4,676,175
|
Total Value of Municipal Bonds
(cost $19,129,430)
|
99.0
|
%
|
|
|
19,871,159
|
Other Assets, Less Liabilities
|
1.0
|
|
|
|
198,701
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$20,069,860
|
|
|
42
|
See notes to financial statements
|
Fund Expenses
(unaudited)
MINNESOTA TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.11%
|
|
|
|
Actual
|
|
$1,000.00
|
$1,004.18
|
$5.61
|
Hypothetical**
|
|
$1,000.00
|
$1,019.61
|
$5.65
|
Class B Shares
|
1.93%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 999.31
|
$9.73
|
Hypothetical**
|
|
$1,000.00
|
$1,015.48
|
$9.80
|
Advisor Class Shares
|
0.97%
|
|
|
|
Actual
|
|
$1,000.00
|
$1,002.52
|
$4.90
|
Hypothetical**
|
|
$1,000.00
|
$1,020.32
|
$4.94
|
Institutional Class Shares
|
0.82%
|
|
|
|
Actual
|
|
$1,000.00
|
$1,004.17
|
$4.14
|
Hypothetical**
|
|
$1,000.00
|
$1,021.08
|
$4.18
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN SECTORS
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
MINNESOTA TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors Minnesota Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(3.07%)
|
(3.84%)
|
N/A
|
N/A
|
Five Years
|
4.88%
|
4.12%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.75%
|
3.16%
|
(4.35%)
|
(4.12%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(8.67%)
|
(7.58%)
|
N/A
|
N/A
|
Five Years
|
3.64%
|
3.78%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.14%
|
3.16%
|
(4.35%)
|
(4.12%)
|
S.E.C. 30-Day Yield***
|
1.88%
|
1.19%
|
1.73%
|
2.09%
|
The graph compares a $10,000 investment in the First Investors Minnesota Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.72%), 3.59% and 2.89%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.81%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (7.64%), 3.74% and 2.90%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.11%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.03%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (6.95%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.06%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
MINNESOTA TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—98.3%
|
|
|
|
|
|
|
|
Airport—2.6%
|
|
|
|
|
|
$
500M
|
|
Minneapolis & St. Paul Met. Arpts. Comm. Arprt. Revenue
|
|
|
|
|
|
|
|
5% 1/1/2026
|
|
|
|
|
$
537,370
|
|
|
Appropriation—5.2%
|
|
|
|
|
|
1,000M
|
|
Minnesota St. Gen. Fund Rev. 5% 3/1/2029
|
|
|
|
|
1,092,330
|
|
|
Education—12.8%
|
|
|
|
|
|
750M
|
|
Minnesota State Colleges & Univ. Rev. 5% 10/1/2031
|
|
|
|
|
802,605
|
|
|
Minnesota State Higher Ed. Facs. Auth. Revenue:
|
|
|
|
|
|
500M
|
|
Carleton College 5% 1/1/2028
|
|
|
|
|
535,480
|
250M
|
|
Gustavus Adolfus College 5% 10/1/2031
|
|
|
|
|
262,320
|
500M
|
|
Macalester College 5% 6/1/2035
|
|
|
|
|
530,940
|
250M
|
|
University of St. Thomas 5.25% 4/1/2039
|
|
|
|
|
258,025
|
250M
|
|
University of Minnesota 5.25% 12/1/2030
|
|
|
|
|
280,103
|
|
|
|
|
|
|
|
2,669,473
|
|
|
Electric—9.0%
|
|
|
|
|
|
250M
|
|
Minnesota St. Municipal Pwr. Agy. Elec. Rev. 5.25% 10/1/2035
|
|
|
|
|
261,977
|
|
|
Northern Minnesota Municipal Pwr. Agy. Elec. Sys. Revenue:
|
|
|
|
|
|
500M
|
|
5% 1/1/2021
|
|
|
|
|
558,205
|
500M
|
|
5% 1/1/2026
|
|
|
|
|
540,445
|
500M
|
|
Southern Minnesota Municipal Pwr. Agy. Supply Sys.
|
|
|
|
|
|
|
|
Rev. 5.25% 1/1/2030
|
|
|
|
|
525,760
|
|
|
|
|
|
|
|
1,886,387
|
|
|
General Obligation—25.9%
|
|
|
|
|
|
500M
|
|
Bemidji 5% 2/1/2028
|
|
|
|
|
537,235
|
500M
|
|
Dakota Cnty. Cmnty. Dev. Agy. 5% 1/1/2026
|
|
|
|
|
534,020
|
700M
|
|
Fairmont Ind. Sch. Dist. #2752, 5% 2/1/2026
|
|
|
|
|
760,914
|
500M
|
|
Fergus Falls Ind. Sch. Dist. #544, 5% 1/1/2024
|
|
|
|
|
557,185
|
500M
|
|
Hennepin County 5% 12/1/2025
|
|
|
|
|
554,215
|
750M
|
|
Kasson & Mantorville Ind. Sch. Dist. #204, 5% 2/1/2024
|
|
|
|
|
827,258
|
500M
|
|
New Brighton 5% 2/1/2032
|
|
|
|
|
526,060
|
500M
|
|
Scott County 5% 12/1/2023
|
|
|
|
|
555,290
|
500M
|
|
St. Louis County 5% 12/1/2023
|
|
|
|
|
555,290
|
|
|
|
|
|
|
|
5,407,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Health Care—16.4%
|
|
|
|
|
|
|
|
Minneapolis Health Care Sys. Revenue:
|
|
|
|
|
|
$ 500M
|
|
5.5% 5/15/2017
|
|
|
|
|
$
504,350
|
500M
|
|
6.5% 11/15/2038
|
|
|
|
|
569,185
|
750M
|
|
Minnesota St. Agric. & Econ. Dev. Brd. Rev. Health Care
|
|
|
|
|
|
|
|
5% 2/15/2030
|
|
|
|
|
770,438
|
|
|
St. Cloud Health Care Revenue:
|
|
|
|
|
|
250M
|
|
5.125% 5/1/2030
|
|
|
|
|
263,012
|
500M
|
|
5.375% 5/1/2031
|
|
|
|
|
526,560
|
750M
|
|
St. Paul Hsg. & Redev. Auth. Health Care Rev. 5.25% 11/15/2029
|
|
|
|
|
783,225
|
|
|
|
|
|
|
|
3,416,770
|
|
|
Housing—5.7%
|
|
|
|
|
|
|
|
Minnesota State Housing Finance Agency:
|
|
|
|
|
|
160M
|
|
Multi-Family Hsg. 5.05% 7/1/2034
|
|
|
|
|
168,811
|
|
|
Rental Hsg. Revenue:
|
|
|
|
|
|
250M
|
|
5% 8/1/2030
|
|
|
|
|
255,757
|
300M
|
|
5.05% 8/1/2031
|
|
|
|
|
305,970
|
220M
|
|
5% 8/1/2033
|
|
|
|
|
221,489
|
230M
|
|
Single-Family Hsg. Rev. 5.9% 7/1/2028
|
|
|
|
|
239,545
|
|
|
|
|
|
|
|
1,191,572
|
|
|
Lease—5.5%
|
|
|
|
|
|
600M
|
|
Blue Earth Cnty. Econ. Dev. Lease Rev. 5% 12/1/2027
|
|
|
|
|
621,168
|
250M
|
|
Minnesota State Housing Finance Agency
|
|
|
|
|
|
|
|
(Nonprofit Hsg. Rev.) 5% 8/1/2031
|
|
|
|
|
260,393
|
250M
|
|
Minnetonka Indpt. Sch. Dist. #276, 5% 3/1/2029
|
|
|
|
|
266,112
|
|
|
|
|
|
|
|
1,147,673
|
|
|
Other Tax—6.9%
|
|
|
|
|
|
300M
|
|
Minneapolis Dev. Rev. Ltd. Tax Supported 6.25% 12/1/2030
|
|
|
|
|
337,914
|
1,000M
|
|
Minnesota State 911 Rev. 5% 6/1/2024
|
|
|
|
|
1,112,360
|
|
|
|
|
|
|
|
1,450,274
|
|
|
Pre-Refunded/Escrowed-to-Maturity—4.2%
|
|
|
|
|
|
500M
|
|
Crow Wing County Jail 5% 2/1/2015 (a)
|
|
|
|
|
525,865
|
300M
|
|
University of Minnesota 5.75% 7/1/2017
|
|
|
|
|
351,777
|
|
|
|
|
|
|
|
877,642
|
Portfolio of Investments
(continued)
MINNESOTA TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
State General Obligation—4.1%
|
|
|
|
|
|
$ 500M
|
|
Minnesota State 5% 6/1/2022
|
|
|
|
|
$ 570,900
|
250M
|
|
Minnesota State Highway 5% 8/1/2026
|
|
|
|
|
274,595
|
|
|
|
|
|
|
|
845,495
|
Total Value of Municipal Bonds
(cost $19,142,115)
|
98.3
|
%
|
|
|
20,522,453
|
Other Assets, Less Liabilities
|
1.7
|
|
|
|
348,572
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$20,871,025
|
|
|
(a)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
48
|
See notes to financial statements
|
Fund Expenses
(unaudited)
NEW JERSEY TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
0.99%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 988.90
|
$4.96
|
Hypothetical**
|
|
$1,000.00
|
$1,020.22
|
$5.04
|
Class B Shares
|
1.78%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 983.90
|
$8.90
|
Hypothetical**
|
|
$1,000.00
|
$1,016.24
|
$9.05
|
Advisor Class Shares
|
0.84%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 986.57
|
$4.21
|
Hypothetical**
|
|
$1,000.00
|
$1,020.98
|
$4.28
|
Institutional Class Shares
|
0.69%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 988.90
|
$3.46
|
Hypothetical**
|
|
$1,000.00
|
$1,021.73
|
$3.52
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN SECTORS
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
NEW JERSEY TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors New Jersey Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(4.31%)
|
(5.11%)
|
N/A
|
N/A
|
Five Years
|
4.99%
|
4.23%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.52%
|
2.92%
|
(6.09%)
|
(5.72%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(9.78%)
|
(8.79%)
|
N/A
|
N/A
|
Five Years
|
3.76%
|
3.89%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.91%
|
2.92%
|
(6.09%)
|
(5.72%)
|
S.E.C. 30-Day Yield***
|
2.54%
|
1.91%
|
2.34%
|
2.71%
|
The graph compares a $10,000 investment in the First Investors New Jersey Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.84%), 3.70% and 2.82%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.47%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.85%), 3.85% and 2.83%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.84%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.81%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.63%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.62%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
NEW JERSEY TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—98.8%
|
|
|
|
|
|
|
|
Appropriation—15.9%
|
|
|
|
|
|
$1,000M
|
|
Garden St. Preservation Tr. Open Space & Farmland
|
|
|
|
|
|
|
|
5.75% 11/1/2028
|
|
|
|
|
$ 1,192,690
|
1,000M
|
|
New Jersey Economic Dev. Auth. Rev. 5.5% 12/15/2029
|
|
|
|
|
1,076,400
|
|
|
New Jersey State Health Care Facs. Fing. Authority Rev.
|
|
|
|
|
|
|
|
Hospital Asset Transformation Program:
|
|
|
|
|
|
1,000M
|
|
5% 10/1/2028
|
|
|
|
|
1,055,830
|
1,000M
|
|
5.75% 10/1/2031
|
|
|
|
|
1,109,200
|
|
|
New Jersey St. Trans. Tr. Fd. Auth. Trans. Sys. Revenue:
|
|
|
|
|
|
1,000M
|
|
5.5% 12/15/2020
|
|
|
|
|
1,173,190
|
1,000M
|
|
5.25% 6/15/2036
|
|
|
|
|
1,036,780
|
1,000M
|
|
5.5% 12/15/2038
|
|
|
|
|
1,069,220
|
|
|
|
|
|
|
|
7,713,310
|
|
|
Education—13.2%
|
|
|
|
|
|
1,000M
|
|
New Jersey Economic Dev. Auth. Rev. 5% 6/15/2030
|
|
|
|
|
1,086,280
|
|
|
New Jersey Educational Facilities Auth. Revenue:
|
|
|
|
|
|
1,000M
|
|
New Jersey City University 5% 7/1/2028
|
|
|
|
|
1,051,910
|
1,000M
|
|
Princeton University 5% 7/1/2034
|
|
|
|
|
1,080,640
|
|
|
Rowan University:
|
|
|
|
|
|
1,000M
|
|
5% 7/1/2025
|
|
|
|
|
1,083,210
|
1,000M
|
|
5% 7/1/2026
|
|
|
|
|
1,075,970
|
1,000M
|
|
New Jersey State Higher Education Assistance Auth. Loan Rev.
|
|
|
|
|
|
|
|
5.625% 6/1/2030
|
|
|
|
|
1,055,470
|
|
|
|
|
|
|
|
6,433,480
|
|
|
General Obligation—21.8%
|
|
|
|
|
|
1,750M
|
|
Atlantic City Board of Education 6.1% 12/1/2015
|
|
|
|
|
1,915,725
|
1,000M
|
|
Bayonne 5.25% 7/1/2027
|
|
|
|
|
1,064,720
|
1,000M
|
|
Cumberland County Impt. Auth. Rev. Solid Waste Sys.
|
|
|
|
|
|
|
|
5.125% 1/1/2025
|
|
|
|
|
1,093,740
|
1,000M
|
|
Elizabeth 5.25% 4/15/2027
|
|
|
|
|
1,081,860
|
1,000M
|
|
Essex County Impt. Authority Rev. 5.5% 10/1/2027
|
|
|
|
|
1,160,860
|
1,000M
|
|
Hudson County Impt. Authority Pkg. Rev. 5.125% 1/1/2034
|
|
|
|
|
1,044,080
|
1,000M
|
|
Jersey City 5% 1/15/2026
|
|
|
|
|
1,061,950
|
1,000M
|
|
Middlesex County Impt. Auth. Lease Rev. 5% 12/15/2025
|
|
|
|
|
1,080,650
|
1,000M
|
|
Monmouth County Impt. Auth. Rev. 5% 1/15/2029
|
|
|
|
|
1,094,810
|
|
|
|
|
|
|
|
10,598,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Health Care—6.4%
|
|
|
|
|
|
|
|
New Jersey State Health Care Facs. Fing. Authority Revenue:
|
|
|
|
|
|
$2,000M
|
|
Hackensack Univ. Med. Ctr. 5.25% 1/1/2031
|
|
|
|
|
$ 2,075,460
|
1,000M
|
|
Virtua Health 5.5% 7/1/2038
|
|
|
|
|
1,028,380
|
|
|
|
|
|
|
|
3,103,840
|
|
|
Housing—7.3%
|
|
|
|
|
|
1,235M
|
|
New Jersey State Hsg. & Mtg. Fin. Agy. Rev.
|
|
|
|
|
|
|
|
6.375% 10/1/2028
|
|
|
|
|
1,297,269
|
2,000M
|
|
Newark Hsg. Auth. Rev. (South Ward Police Facility)
|
|
|
|
|
|
|
|
6.75% 12/1/2038
|
|
|
|
|
2,268,560
|
|
|
|
|
|
|
|
3,565,829
|
|
|
Industrial Development Revenue/Pollution Control
|
|
|
|
|
|
|
|
Revenue—4.1%
|
|
|
|
|
|
1,665M
|
|
Cape May County Indl. Poll. Cntl. Fin. Auth. 6.8% 3/1/2021
|
|
|
|
|
2,016,415
|
|
|
Lease—6.7%
|
|
|
|
|
|
1,000M
|
|
Hudson County Impt. Authority Lease Rev. 5.375% 10/1/2024
|
|
|
|
|
1,141,420
|
|
|
New Jersey State Equip. Lease Purchase Revenue:
|
|
|
|
|
|
1,000M
|
|
5.25% 6/15/2027
|
|
|
|
|
1,062,770
|
1,000M
|
|
5.25% 6/15/2028
|
|
|
|
|
1,056,190
|
|
|
|
|
|
|
|
3,260,380
|
|
|
Other Revenue—1.9%
|
|
|
|
|
|
840M
|
|
New Jersey Environmental Infrastructure Trust 5% 9/1/2027
|
|
|
|
|
940,708
|
|
|
Other Tax—1.9%
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Fing. Revenue:
|
|
|
|
|
|
1,000M
|
|
5.75% 8/1/2037
|
|
|
|
|
740,280
|
250M
|
|
5.25% 8/1/2040
|
|
|
|
|
196,272
|
|
|
|
|
|
|
|
936,552
|
|
|
Pre-Refunded/Escrowed-to-Maturity—6.8%
|
|
|
|
|
|
1,455M
|
|
Atlantic County Impt. Auth. Lux. Tax 7.4% 7/1/2016
|
|
|
|
|
1,598,172
|
1,000M
|
|
Cape May County Bridge Commission 5% 6/1/2015 (a)
|
|
|
|
|
1,067,230
|
80M
|
|
New Jersey Environmental Infrastructure Trust 5% 9/1/2018 (a)
|
|
|
|
|
94,118
|
530M
|
|
New Jersey State Health Care Facs. Fing. Authority Rev.
|
|
|
|
|
|
|
|
(General Hospital Center at Passaic) 6% 7/1/2014
|
|
|
|
|
545,534
|
|
|
|
|
|
|
|
3,305,054
|
Portfolio of Investments
(continued)
NEW JERSEY TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
State General Obligation—1.9%
|
|
|
|
|
|
$1,000M
|
|
Puerto Rico Commonwealth 6% 7/1/2028
|
|
|
|
|
$ 896,410
|
|
|
Toll & Turnpike—6.5%
|
|
|
|
|
|
1,000M
|
|
Delaware River Port Authority of Pennsylvania & New Jersey
|
|
|
|
|
|
|
5% 1/1/2030
|
|
|
|
|
1,055,580
|
|
|
New Jersey St. Turnpike Auth. Revenue:
|
|
|
|
|
|
1,000M
|
|
5% 1/1/2029
|
|
|
|
|
1,062,530
|
1,000M
|
|
5% 1/1/2031
|
|
|
|
|
1,045,280
|
|
|
|
|
|
|
|
3,163,390
|
|
|
Transportation—4.4%
|
|
|
|
|
|
|
|
Port Authority of New York & New Jersey :
|
|
|
|
|
|
1,000M
|
|
5% 10/15/2031
|
|
|
|
|
1,077,610
|
1,000M
|
|
5% 12/1/2032
|
|
|
|
|
1,075,230
|
|
|
|
|
|
|
|
2,152,840
|
Total Value of Municipal Bonds
(cost $45,298,500)
|
98.8
|
%
|
|
|
48,086,603
|
Other Assets, Less Liabilities
|
1.2
|
|
|
|
583,246
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$48,669,849
|
|
|
(a)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
54
|
See notes to financial statements
|
Fund Expenses
(unaudited)
NEW YORK TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
0.95%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 996.05
|
$4.78
|
Hypothetical**
|
|
$1,000.00
|
$1,020.42
|
$4.84
|
Class B Shares
|
1.69%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 991.75
|
$8.48
|
Hypothetical**
|
|
$1,000.00
|
$1,016.69
|
$8.59
|
Advisor Class Shares
|
0.80%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 993.95
|
$4.02
|
Hypothetical**
|
|
$1,000.00
|
$1,021.18
|
$4.08
|
Institutional Class Shares
|
0.65%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 996.76
|
$3.27
|
Hypothetical**
|
|
$1,000.00
|
$1,021.93
|
$3.31
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN SECTORS
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
NEW YORK TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors New York Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(3.78%)
|
(4.52%)
|
N/A
|
N/A
|
Five Years
|
4.96%
|
4.21%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.42%
|
2.83%
|
(5.40%)
|
(5.06%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(9.32%)
|
(8.23%)
|
N/A
|
N/A
|
Five Years
|
3.72%
|
3.87%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.81%
|
2.83%
|
(5.40%)
|
(5.06%)
|
S.E.C. 30-Day Yield***
|
2.64%
|
2.10%
|
2.35%
|
2.89%
|
The graph compares a $10,000 investment in the First Investors New York Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.38%), 3.67% and 2.75%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.57%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.29%), 3.83% and 2.76%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.02%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.11%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (7.93%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.80%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
NEW YORK TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—98.4%
|
|
|
|
|
|
|
|
Appropriation—8.0%
|
|
|
|
|
|
$2,000M
|
|
Hudson Yards Infra. Corp. Rev. 5.75% 2/15/2047
|
|
|
|
|
$
2,127,540
|
1,000M
|
|
New York City Transitional Fin. Auth. Bldg. Aid Rev.
|
|
|
|
|
|
|
|
5% 7/15/2033
|
|
|
|
|
1,050,300
|
|
|
New York State Dormitory Authority Revenue:
|
|
|
|
|
|
3,000M
|
|
City University 6% 7/1/2020
|
|
|
|
|
3,553,380
|
1,000M
|
|
Mental Health Services 5% 2/15/2033
|
|
|
|
|
1,027,320
|
1,500M
|
|
State University 5.25% 5/15/2021
|
|
|
|
|
1,752,900
|
2,600M
|
|
Syracuse Indl. Dev. Agy. Sch. Fac. Rev. 5% 5/1/2027
|
|
|
|
|
2,783,040
|
|
|
|
|
|
|
|
12,294,480
|
|
|
Education—13.9%
|
|
|
|
|
|
500M
|
|
Albany Indl. Dev. Agy. Civic Fac. Rev. 5.5% 5/1/2032
|
|
|
|
|
529,025
|
1,000M
|
|
Canton Capital Resource Corp. Student Hsg. Fac. Rev.
|
|
|
|
|
|
|
|
5% 5/1/2030
|
|
|
|
|
1,044,590
|
|
|
New York State Dormitory Authority Revenue:
|
|
|
|
|
|
2,350M
|
|
Colgate University 6% 7/1/2021
|
|
|
|
|
2,773,658
|
3,000M
|
|
Cornell University 5% 7/1/2040
|
|
|
|
|
3,117,480
|
1,000M
|
|
Fordham University 5% 7/1/2028
|
|
|
|
|
1,073,630
|
|
|
New York University:
|
|
|
|
|
|
1,610M
|
|
6% 7/1/2018
|
|
|
|
|
1,946,764
|
2,000M
|
|
5% 7/1/2030
|
|
|
|
|
2,174,920
|
1,000M
|
|
5% 7/1/2037
|
|
|
|
|
1,047,760
|
1,200M
|
|
Pratt Institute 5% 7/1/2034
|
|
|
|
|
1,230,708
|
500M
|
|
Skidmore College 5% 7/1/2027
|
|
|
|
|
534,465
|
1,000M
|
|
St. John’s University 5% 7/1/2024
|
|
|
|
|
1,070,170
|
3,500M
|
|
The New School 5.5% 7/1/2043
|
|
|
|
|
3,657,255
|
1,000M
|
|
Onondaga Cnty. Cultural Resource Rev. 5% 12/1/2030
|
|
|
|
|
1,073,540
|
|
|
|
|
|
|
|
21,273,965
|
|
|
Electric—3.6%
|
|
|
|
|
|
5,000M
|
|
Long Island Power Auth. Elec. Rev. 5.5% 5/1/2033
|
|
|
|
|
5,483,300
|
|
|
General Obligation—16.2%
|
|
|
|
|
|
5,000M
|
|
Erie County Indl. Dev. Agy. 5.75% 5/1/2026
|
|
|
|
|
5,647,850
|
1,000M
|
|
Monroe County 5% 6/1/2029
|
|
|
|
|
1,050,720
|
4,465M
|
|
Nassau County 5% 10/1/2029
|
|
|
|
|
4,687,402
|
435M
|
|
New York City 5.75% 8/1/2018
|
|
|
|
|
439,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
General Obligation
(continued)
|
|
|
|
|
|
|
|
New York State Dormitory Authority Revenue:
|
|
|
|
|
|
$5,520M
|
|
Albany Public Library 5% 7/1/2030
|
|
|
|
|
$
5,608,485
|
1,000M
|
|
Master Boces Program 5% 8/15/2028
|
|
|
|
|
1,058,120
|
|
|
School Districts Financing Program:
|
|
|
|
|
|
1,000M
|
|
Albany 5% 10/1/2031
|
|
|
|
|
1,045,630
|
3,400M
|
|
Croton Hudson 5.625% 10/1/2029
|
|
|
|
|
3,690,156
|
1,540M
|
|
Niagara Falls Public Improvement 7.5% 3/1/2015
|
|
|
|
|
1,650,695
|
|
|
|
|
|
|
|
24,878,630
|
|
|
Health Care—2.2%
|
|
|
|
|
|
625M
|
|
Dutchess Cnty. Indl. Dev. Agy. Civic Fac. Rev.
|
|
|
|
|
|
|
|
5.5% 4/1/2030
|
|
|
|
|
658,575
|
|
|
New York State Dormitory Authority Revenue:
|
|
|
|
|
|
|
|
NYSARC:
|
|
|
|
|
|
1,140M
|
|
5% 7/1/2025
|
|
|
|
|
1,232,123
|
500M
|
|
6% 7/1/2036
|
|
|
|
|
522,445
|
1,000M
|
|
United Cerebral Palsy 5.125% 7/1/2021
|
|
|
|
|
1,000,800
|
|
|
|
|
|
|
|
3,413,943
|
|
|
Housing—2.0%
|
|
|
|
|
|
1,000M
|
|
Buffalo & Erie Cnty. Indl. Dev. Corp. Rev. 6% 10/1/2031
|
|
|
|
|
1,108,130
|
1,840M
|
|
New York City Hsg. Dev. Corp. Rev.
|
|
|
|
|
|
|
|
(Multi-Family Hsg. Rev.) 5% 11/1/2026
|
|
|
|
|
1,929,001
|
|
|
|
|
|
|
|
3,037,131
|
|
|
Lease—3.5%
|
|
|
|
|
|
|
|
New York City Indl. Dev. Agy. Revenue:
|
|
|
|
|
|
1,250M
|
|
Queens Baseball Stadium Pilot 6.125% 1/1/2029
|
|
|
|
|
1,358,238
|
1,000M
|
|
Yankee Stadium Pilot 7% 3/1/2049
|
|
|
|
|
1,137,800
|
2,500M
|
|
New York State Dormitory Authority Rev.
|
|
|
|
|
|
|
|
(Court Facs. Lease) 5.5% 5/15/2027
|
|
|
|
|
2,900,175
|
|
|
|
|
|
|
|
5,396,213
|
|
|
Other Revenue—2.2%
|
|
|
|
|
|
3,000M
|
|
Nassau Cnty. Swr. & Storm Wtr. Fin. Auth. 5.375% 11/1/2028
|
|
|
|
|
3,341,070
|
Portfolio of Investments
(continued)
NEW YORK TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Other Tax—19.0%
|
|
|
|
|
|
$5,000M
|
|
JPMorgan Chase Putters 7.904% 12/15/2024 (a)
|
|
|
|
|
$
5,966,100
|
1,500M
|
|
Metropolitan Trans. Auth. Dedicated Tax Fund Rev.
|
|
|
|
|
|
|
|
5% 11/15/2029
|
|
|
|
|
1,615,680
|
|
|
New York City Transitional Fin. Auth. Revenue:
|
|
|
|
|
|
2,500M
|
|
5% 2/1/2028
|
|
|
|
|
2,689,525
|
1,000M
|
|
5% 11/1/2033
|
|
|
|
|
1,057,380
|
2,500M
|
|
5% 11/1/2038
|
|
|
|
|
2,606,750
|
|
|
New York State Dormitory Authority Rev.
|
|
|
|
|
|
|
|
Personal Income Tax Revenue:
|
|
|
|
|
|
2,500M
|
|
5% 3/15/2026
|
|
|
|
|
2,795,550
|
1,000M
|
|
5% 3/15/2032
|
|
|
|
|
1,057,830
|
1,990M
|
|
5% 3/15/2035
|
|
|
|
|
2,082,535
|
3,000M
|
|
5.75% 3/15/2036
|
|
|
|
|
3,362,460
|
2,000M
|
|
New York State Urban Corp. Dev. Corp. Rev. 5% 12/15/2027
|
|
|
|
|
2,181,020
|
5,000M
|
|
Puerto Rico Sales Tax Fing. Rev. 5.75% 8/1/2037
|
|
|
|
|
3,701,400
|
|
|
|
|
|
|
|
29,116,230
|
|
|
Pre-Refunded/Escrowed-to-Maturity—4.9%
|
|
|
|
|
|
1,000M
|
|
New York City Hsg. Dev. Corp. Rev. 5% 7/1/2015 (b)
|
|
|
|
|
1,070,520
|
|
|
New York State Dormitory Authority Revenue:
|
|
|
|
|
|
330M
|
|
Judicial Facs. Lease 7.375% 7/1/2016
|
|
|
|
|
362,393
|
500M
|
|
New York-Presbyterian Hospital 5.25% 8/15/2014 (b)
|
|
|
|
|
515,795
|
5,000M
|
|
Suffolk County Water Auth. Rev. 6% 6/1/2017
|
|
|
|
|
5,613,700
|
|
|
|
|
|
|
|
7,562,408
|
|
|
Toll & Turnpike—4.5%
|
|
|
|
|
|
5,000M
|
|
New York State Thruway Auth. 5% 1/1/2026
|
|
|
|
|
5,295,500
|
1,500M
|
|
Triborough Bridge & Tunnel Auth. Rev. 5% 11/15/2027
|
|
|
|
|
1,633,350
|
|
|
|
|
|
|
|
6,928,850
|
|
|
Transportation—13.0%
|
|
|
|
|
|
|
|
Metropolitan Trans. Auth. New York Revenue:
|
|
|
|
|
|
5,000M
|
|
5.25% 11/15/2022
|
|
|
|
|
5,020,500
|
5,000M
|
|
5% 11/15/2029
|
|
|
|
|
5,248,450
|
1,000M
|
|
5% 11/15/2031
|
|
|
|
|
1,025,200
|
3,110M
|
|
New York State Thruway Authority Rev.
|
|
|
|
|
|
|
|
Highway & Bridge Tr. Fd. Auth. 5% 4/1/2027
|
|
|
|
|
3,341,385
|
5,000M
|
|
Port Authority of New York & New Jersey 5% 10/15/2031
|
|
|
|
|
5,388,050
|
|
|
|
|
|
|
|
20,023,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Water/Sewer—5.4%
|
|
|
|
|
|
|
|
New York City Muni. Wtr. Fin. Auth. Revenue:
|
|
|
|
|
|
$2,750M
|
|
6% 6/15/2021
|
|
|
|
|
$ 3,433,980
|
1,000M
|
|
5% 6/15/2029
|
|
|
|
|
1,079,310
|
2,000M
|
|
5% 6/15/2032
|
|
|
|
|
2,126,480
|
1,500M
|
|
Upper Mohawk Valley Regl. Fin. Auth. 6.25% 4/1/2029
|
|
|
|
1,711,740
|
|
|
|
|
|
|
|
8,351,510
|
Total Value of Municipal Bonds
(cost $141,873,910)
|
98.4
|
%
|
|
|
151,101,315
|
Excess of Liabilities Over Other Assets
|
1.6
|
|
|
|
2,436,803
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$153,538,118
|
|
|
(a)
|
Inverse floating rate securities (see Note 1F). Interest rates are determined and reset periodically
|
|
and are the rates in effect at December 31, 2013.
|
(b)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
See notes to financial statements
|
61
|
Fund Expenses
(unaudited)
NORTH CAROLINA TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.02%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 993.44
|
$5.13
|
Hypothetical**
|
|
$1,000.00
|
$1,020.07
|
$5.19
|
Class B Shares
|
1.76%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 989.89
|
$8.83
|
Hypothetical**
|
|
$1,000.00
|
$1,016.34
|
$8.94
|
Advisor Class Shares
|
0.88%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 992.69
|
$4.42
|
Hypothetical**
|
|
$1,000.00
|
$1,020.77
|
$4.48
|
Institutional Class Shares
|
0.73%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 993.47
|
$3.67
|
Hypothetical**
|
|
$1,000.00
|
$1,021.53
|
$3.72
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
BY SECTOR
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
NORTH CAROLINA TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors North Carolina Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(4.30%)
|
(4.96%)
|
N/A
|
N/A
|
Five Years
|
5.10%
|
4.36%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.76%
|
3.17%
|
(5.42%)
|
(5.28%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(9.81%)
|
(8.66%)
|
N/A
|
N/A
|
Five Years
|
3.87%
|
4.02%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.14%
|
3.17%
|
(5.42%)
|
(5.28%)
|
S.E.C. 30-Day Yield***
|
2.34%
|
1.76%
|
2.16%
|
2.66%
|
The graph compares a $10,000 investment in the First Investors North Carolina Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
Cumulative Performance Information
(unaudited) (continued)
NORTH CAROLINA TAX EXEMPT FUND
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.87%), 3.81% and 2.96%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.27%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.72%), 3.98% and 2.98%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.69%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.12%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.18%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.47%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
NORTH CAROLINA TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—99.9%
|
|
|
|
|
|
|
|
Combined Utility—9.1%
|
|
|
|
|
|
$1,000M
|
|
Concord Utilities Sys. Rev. 5% 12/1/2027
|
|
|
|
|
$ 1,067,600
|
1,000M
|
|
Raleigh Comb. Enterprise Sys. Rev. 5% 3/1/2030
|
|
|
|
|
1,091,660
|
|
|
|
|
|
|
|
2,159,260
|
|
|
Education—4.6%
|
|
|
|
|
|
1,000M
|
|
University of North Carolina Sys. Pool Rev. 5% 10/1/2025
|
|
|
|
|
1,078,280
|
|
|
Electric—4.6%
|
|
|
|
|
|
1,000M
|
|
North Carolina Eastern Municipal Power Agency Rev.
|
|
|
|
|
|
|
|
6% 1/1/2019
|
|
|
|
|
1,092,520
|
|
|
General Obligation—4.8%
|
|
|
|
|
|
1,000M
|
|
Charlotte 5% 7/1/2027
|
|
|
|
|
1,134,190
|
|
|
Health Care—15.5%
|
|
|
|
|
|
1,000M
|
|
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev.
|
|
|
|
|
|
|
|
5.25% 1/15/2034
|
|
|
|
|
1,045,700
|
1,000M
|
|
Nash Health Care Sys. Rev. 5.5% 11/1/2026
|
|
|
|
|
1,065,720
|
1,000M
|
|
New Hanover Cnty. Hosp. Rev. 5% 10/1/2027
|
|
|
|
|
1,042,240
|
500M
|
|
North Carolina State Medical Care Commission Hlth. Facs. Rev.
|
|
|
|
|
|
|
|
5% 10/1/2031
|
|
|
|
|
509,725
|
|
|
|
|
|
|
|
3,663,385
|
|
|
Lease—29.5%
|
|
|
|
|
|
|
|
Cabarrus County:
|
|
|
|
|
|
1,000M
|
|
5.25% 6/1/2027
|
|
|
|
|
1,104,910
|
1,000M
|
|
5% 1/1/2029
|
|
|
|
|
1,077,100
|
1,000M
|
|
Charlotte 5% 6/1/2029
|
|
|
|
|
1,047,240
|
1,000M
|
|
Durham County 5% 6/1/2027
|
|
|
|
|
1,088,280
|
500M
|
|
Harnett County 5% 6/1/2027
|
|
|
|
|
523,210
|
1,000M
|
|
Monroe 5.5% 3/1/2034
|
|
|
|
|
1,039,500
|
1,000M
|
|
Salisbury 5.625% 3/1/2026
|
|
|
|
|
1,085,500
|
|
|
|
|
|
|
|
6,965,740
|
|
|
Other Tax—3.1%
|
|
|
|
|
|
1,000M
|
|
Puerto Rico Sales Tax Fing. Rev. 5.75% 8/1/2037
|
|
|
|
|
740,280
|
Portfolio of Investments
(continued)
NORTH CAROLINA TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Pre-Refunded/Escrowed-to-Maturity—11.5%
|
|
|
|
|
$ 475M
|
|
Brunswick County Enterprise Sys. Rev. 5.25% 4/1/2014 (a)
|
|
|
|
$ 481,066
|
1,000M
|
|
Lincoln County 5.5% 6/1/2018 (a)
|
|
|
|
|
1,192,820
|
1,000M
|
|
North Carolina State Medical Care Commission Hlth. Facs. Rev.
|
|
|
|
|
|
|
5.625% 10/1/2014 (a)
|
|
|
|
|
1,040,900
|
|
|
|
|
|
|
|
2,714,786
|
|
|
Toll & Turnpike—4.6%
|
|
|
|
|
|
1,000M
|
|
North Carolina Tpk. Auth. Rev. 5.375% 1/1/2026
|
|
|
|
|
1,084,370
|
|
|
Water/Sewer—12.6%
|
|
|
|
|
|
1,000M
|
|
Buncombe County Enterprise Sys. Rev. 5% 7/1/2034
|
|
|
|
1,068,010
|
|
|
Dare County Utilities Sys. Revenue:
|
|
|
|
|
|
320M
|
|
5% 2/1/2030
|
|
|
|
|
341,593
|
465M
|
|
5% 2/1/2031
|
|
|
|
|
493,421
|
1,000M
|
|
Oak Island Enterprise Sys. Wastewater Rev. 6% 6/1/2034
|
|
|
|
1,072,840
|
|
|
|
|
|
|
|
2,975,864
|
Total Market Value of Municipal Bonds
(cost $22,265,844)
|
99.9
|
%
|
|
|
23,608,675
|
Other Assets, Less Liabilities
|
.1
|
|
|
|
25,696
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$23,634,371
|
|
|
(a)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
66
|
See notes to financial statements
|
Fund Expenses
(unaudited)
OHIO TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.05%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 992.00
|
$5.27
|
Hypothetical**
|
|
$1,000.00
|
$1,019.92
|
$5.35
|
Class B Shares
|
1.91%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 988.59
|
$9.57
|
Hypothetical**
|
|
$1,000.00
|
$1,015.58
|
$9.70
|
Advisor Class Shares
|
0.90%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 991.17
|
$4.52
|
Hypothetical**
|
|
$1,000.00
|
$1,020.67
|
$4.58
|
Institutional Class Shares
|
0.75%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 992.81
|
$3.77
|
Hypothetical**
|
|
$1,000.00
|
$1,021.43
|
$3.82
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN SECTORS
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
OHIO TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors Ohio Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(3.92%)
|
(4.63%)
|
N/A
|
N/A
|
Five Years
|
4.41%
|
3.67%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.39%
|
2.80%
|
(5.59%)
|
(5.35%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(9.42%)
|
(8.33%)
|
N/A
|
N/A
|
Five Years
|
3.18%
|
3.33%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.78%
|
2.80%
|
(5.59%)
|
(5.35%)
|
S.E.C. 30-Day Yield***
|
2.38%
|
1.68%
|
2.22%
|
2.62%
|
The graph compares a $10,000 investment in the First Investors Ohio Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.48%), 3.13% and 2.59%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.31%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.39%), 3.28% and 2.60%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.60%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.29%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.21%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.58%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
OHIO TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—97.3%
|
|
|
|
|
|
|
|
Education—13.8%
|
|
|
|
|
|
$ 500M
|
|
Ohio St. Higher Educational Fac. Rev. (Univ. Dayton Proj.)
|
|
|
|
|
|
|
|
5.375% 12/1/2030
|
|
|
|
|
$
534,005
|
1,000M
|
|
University of Akron Gen. Rcpts. 5% 1/1/2028
|
|
|
|
|
1,049,070
|
330M
|
|
University of Cincinnati 5% 6/1/2036
|
|
|
|
|
343,071
|
1,000M
|
|
Youngstown State University General Receipts 5.25% 12/15/2029
|
|
|
|
|
1,046,730
|
|
|
|
|
|
|
|
2,972,876
|
|
|
Electric—2.4%
|
|
|
|
|
|
500M
|
|
American Mun. Power Rev. (Prairie State Energy Campus)
|
|
|
|
|
|
|
|
5.375% 2/15/2028
|
|
|
|
|
531,060
|
|
|
General Obligation—43.9%
|
|
|
|
|
|
385M
|
|
Adams County Valley Local School District 7% 12/1/2015
|
|
|
|
|
416,116
|
500M
|
|
Avon Local School District 6.5% 12/1/2015
|
|
|
|
|
541,735
|
1,000M
|
|
Beavercreek County School District 5% 12/1/2029
|
|
|
|
|
1,071,870
|
195M
|
|
Beavercreek Local School District 6.6% 12/1/2015
|
|
|
|
|
210,194
|
1,000M
|
|
Cleveland Municipal School District 5.25% 12/1/2023
|
|
|
|
|
1,021,330
|
1,000M
|
|
Columbus 5% 8/15/2029
|
|
|
|
|
1,112,970
|
500M
|
|
Dayton Ohio Met. Library 5% 12/1/2029
|
|
|
|
|
540,675
|
1,000M
|
|
Franklin County 5% 12/1/2031
|
|
|
|
|
1,064,680
|
570M
|
|
Jefferson County Jail Construction 5.75% 12/1/2019
|
|
|
|
|
641,843
|
|
|
Richland County Correctional Facs. Improvement:
|
|
|
|
|
|
400M
|
|
6% 12/1/2028
|
|
|
|
|
433,900
|
250M
|
|
6.125% 12/1/2033
|
|
|
|
|
267,275
|
1,000M
|
|
St. Mary’s City School District 5% 12/1/2025
|
|
|
|
|
1,055,790
|
1,000M
|
|
Wapakoneta City School District 5% 12/1/2025
|
|
|
|
|
1,099,820
|
|
|
|
|
|
|
|
9,478,198
|
|
|
Health Care—9.8%
|
|
|
|
|
|
1,000M
|
|
Montgomery County Rev. 5.5% 5/1/2034
|
|
|
|
|
1,087,610
|
1,000M
|
|
Ohio St. Higher Educational Fac. Rev. 5.25% 1/1/2033
|
|
|
|
|
1,029,020
|
|
|
|
|
|
|
|
2,116,630
|
|
|
Housing—2.3%
|
|
|
|
|
|
|
|
Ohio State Hsg. Fin. Agy. Residential Mtg. Revenue:
|
|
|
|
|
|
350M
|
|
6.125% 9/1/2028
|
|
|
|
|
368,364
|
120M
|
|
5.45% 9/1/2033
|
|
|
|
|
124,238
|
|
|
|
|
|
|
|
492,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Lease—4.9%
|
|
|
|
|
|
$1,000M
|
|
Ohio State Capital Facs. Lease Rev. 5% 4/1/2027
|
|
|
|
|
$ 1,061,370
|
|
|
Other Revenue—4.8%
|
|
|
|
|
|
1,000M
|
|
Summit County Port Auth. Rev. 5.375% 12/1/2030
|
|
|
|
1,041,520
|
|
|
Other Tax—3.5%
|
|
|
|
|
|
1,000M
|
|
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. 6% 8/1/2039
|
|
|
|
750,680
|
|
|
State General Obligation—5.2%
|
|
|
|
|
|
1,000M
|
|
Ohio State 5.375% 9/1/2028
|
|
|
|
|
1,115,300
|
|
|
Toll & Turnpike—2.0%
|
|
|
|
|
|
400M
|
|
Ohio State Turnpike Commission 5% 2/15/2028
|
|
|
|
|
426,208
|
|
|
Water/Sewer—4.7%
|
|
|
|
|
|
1,000M
|
|
Toledo Waterworks Rev. 5% 11/15/2038
|
|
|
|
|
1,027,060
|
Total Value of Municipal Bonds
(cost $20,163,022)
|
97.3
|
%
|
|
|
21,013,504
|
Other Assets, Less Liabilities
|
2.7
|
|
|
|
577,909
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$21,591,413
|
|
|
See notes to financial statements
|
71
|
Fund Expenses
(unaudited)
OREGON TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.00%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 986.94
|
$5.01
|
Hypothetical**
|
|
$1,000.00
|
$1,020.17
|
$5.09
|
Class B Shares
|
1.79%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 982.56
|
$8.94
|
Hypothetical**
|
|
$1,000.00
|
$1,016.19
|
$9.10
|
Advisor Class Shares
|
0.84%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 984.68
|
$4.20
|
Hypothetical**
|
|
$1,000.00
|
$1,020.98
|
$4.28
|
Institutional Class Shares
|
0.69%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 987.69
|
$3.46
|
Hypothetical**
|
|
$1,000.00
|
$1,021.73
|
$3.52
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN SECTORS
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
OREGON TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors Oregon Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(5.08%)
|
(5.83%)
|
N/A
|
N/A
|
Five Years
|
5.01%
|
4.26%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.56%
|
2.96%
|
(6.74%)
|
(6.39%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(10.54%)
|
(9.50%)
|
N/A
|
N/A
|
Five Years
|
3.77%
|
3.92%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.95%
|
2.96%
|
(6.74%)
|
(6.39%)
|
S.E.C. 30-Day Yield***
|
2.13%
|
1.48%
|
1.90%
|
2.28%
|
The graph compares a $10,000 investment in the First Investors Oregon Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
Cumulative Performance Information
(unaudited) (continued)
OREGON TAX EXEMPT FUND
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (10.60%), 3.71% and 2.81%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.06%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.56%), 3.88% and 2.81%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.41%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (10.49%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.33%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.09%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
OREGON TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—97.4%
|
|
|
|
|
|
|
|
Airport—2.2%
|
|
|
|
|
|
$1,000M
|
|
Port of Portland Airport Rev. 5% 7/1/2029
|
|
|
|
|
$ 1,029,560
|
|
|
Education—2.2%
|
|
|
|
|
|
1,000M
|
|
Oregon State Facs. Auth. Rev. (Reed College) 5% 7/1/2029
|
|
|
|
|
1,073,300
|
|
|
Electric—4.3%
|
|
|
|
|
|
2,000M
|
|
Eugene Electric Util. Rev. 5% 8/1/2038
|
|
|
|
|
2,086,400
|
|
|
General Obligation—36.8%
|
|
|
|
|
|
|
|
Beaverton School District #48J:
|
|
|
|
|
|
750M
|
|
5% 6/1/2031
|
|
|
|
|
813,097
|
1,500M
|
|
5.125% 6/1/2036
|
|
|
|
|
1,616,055
|
1,000M
|
|
Central Oregon Community College District 5% 6/15/2030
|
|
|
|
|
1,095,060
|
1,000M
|
|
Chemeketa Community College District 5% 6/15/2025
|
|
|
|
|
1,120,640
|
1,000M
|
|
Clackamas Community College District 5% 5/1/2024
|
|
|
|
|
1,093,950
|
1,000M
|
|
Clackamas County School District #7J, 5.25% 6/1/2021
|
|
|
|
|
1,197,090
|
|
|
Clackamas & Washington Cntys. Sch. District #3:
|
|
|
|
|
|
500M
|
|
5% 6/15/2030
|
|
|
|
|
546,220
|
500M
|
|
5% 6/15/2032
|
|
|
|
|
547,050
|
|
|
Jackson County School District #549C:
|
|
|
|
|
|
1,000M
|
|
5% 12/15/2027
|
|
|
|
|
1,094,550
|
1,000M
|
|
5% 6/15/2030
|
|
|
|
|
1,077,110
|
1,000M
|
|
Linn County School District #55, 5.5% 6/15/2027
|
|
|
|
|
1,206,780
|
1,000M
|
|
Multnomah County School District #3, 5% 6/30/2035
|
|
|
|
|
1,052,330
|
1,225M
|
|
Newport Zero Coupon 6/1/2029
|
|
|
|
|
617,792
|
1,000M
|
|
Polk Marion & Benton Cntys. School District #13J, 5% 6/15/2027
|
|
|
|
|
1,092,840
|
500M
|
|
Redmond Terminal Expansion Project 5% 6/1/2034
|
|
|
|
|
513,575
|
1,500M
|
|
Salem 5% 6/1/2028
|
|
|
|
|
1,625,970
|
600M
|
|
Washington and Clackamas Counties School District #23,
|
|
|
|
|
|
|
|
5.25% 6/1/2016
|
|
|
|
|
668,550
|
1,000M
|
|
Washington Cnty. School District #15 Zero Coupon 6/15/2023
|
|
|
|
|
731,720
|
|
|
|
|
|
|
|
17,710,379
|
Portfolio of Investments
(continued)
OREGON TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Health Care—8.6%
|
|
|
|
|
|
$1,000M
|
|
Deschutes County Hosp. Facs. Rev. 5.375% 1/1/2035
|
|
|
|
|
$ 1,012,180
|
1,000M
|
|
Medford Hosp. Facs. Auth. Rev. 5.5% 8/15/2028
|
|
|
|
|
1,079,150
|
500M
|
|
Oregon State Facs. Auth. Rev. 5% 3/15/2030
|
|
|
|
|
509,170
|
1,500M
|
|
Oregon State Health Sciences Univ. Rev. 5% 7/1/2032
|
|
|
|
|
1,560,015
|
|
|
|
|
|
|
|
4,160,515
|
|
|
Housing—1.1%
|
|
|
|
|
|
505M
|
|
Oregon State Hsg. & Cmnty. Svcs. Dept. Mtg. Rev. 5.35% 7/1/2030
|
|
|
|
|
538,077
|
|
|
Industrial Development Revenue/Pollution Control
|
|
|
|
|
|
|
|
Revenue—1.1%
|
|
|
|
|
|
500M
|
|
Port Morrow Pollution Ctl. Rev. 5% 5/1/2033
|
|
|
|
|
517,635
|
|
|
Lease—2.8%
|
|
|
|
|
|
|
|
Puerto Rico Pub. Bldgs. Auth. Govt. Facs. Revenue:
|
|
|
|
|
|
1,000M
|
|
5.25% 7/1/2027
|
|
|
|
|
910,130
|
500M
|
|
6% 7/1/2028
|
|
|
|
|
448,205
|
|
|
|
|
|
|
|
1,358,335
|
|
|
Other Tax—11.0%
|
|
|
|
|
|
1,465M
|
|
Medford Revenue Limited Tax 5% 7/15/2035
|
|
|
|
|
1,541,004
|
1,000M
|
|
Oregon State Admin. Svcs. Lottery Rev. 5% 4/1/2026
|
|
|
|
|
1,111,950
|
|
|
Oregon State Department Trans. Hwy. User Tax Revenue:
|
|
|
|
|
|
1,000M
|
|
5% 11/15/2028
|
|
|
|
|
1,074,760
|
1,000M
|
|
5% 11/15/2031
|
|
|
|
|
1,071,610
|
500M
|
|
Portland Urban Renewal & Redevelopment 5.25% 6/15/2030
|
|
|
|
|
517,750
|
|
|
|
|
|
|
|
5,317,074
|
|
|
Pre-Refunded/Escrowed-to-Maturity—7.1%
|
|
|
|
|
|
1,000M
|
|
Deschutes & Jefferson Cntys. School Dist. #2J, 6% 6/15/2018 (a)
|
|
|
|
|
1,215,720
|
1,000M
|
|
Tillamook & Yamhill Counties School Dist. #101,
|
|
|
|
|
|
|
|
5% 6/15/2015 (a)
|
|
|
|
|
1,068,680
|
1,000M
|
|
Yamhill County School Dist. #40, 5% 6/15/2017 (a)
|
|
|
|
|
1,146,720
|
|
|
|
|
|
|
|
3,431,120
|
|
|
State General Obligation—4.2%
|
|
|
|
|
|
1,000M
|
|
Oregon State 5% 8/1/2036
|
|
|
|
|
1,071,520
|
1,000M
|
|
Puerto Rico Commonwealth 5.375% 7/1/2025
|
|
|
|
|
935,990
|
|
|
|
|
|
|
|
2,007,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Water/Sewer—16.0%
|
|
|
|
|
|
$ 750M
|
|
Lane Cnty. Met. Wastewater 5.25% 11/1/2028
|
|
|
|
|
$ 813,937
|
|
|
Portland Sewer System Revenue:
|
|
|
|
|
|
1,000M
|
|
4.75% 6/15/2025
|
|
|
|
|
1,081,920
|
1,000M
|
|
5% 6/15/2027
|
|
|
|
|
1,070,810
|
500M
|
|
Portland Water Sys. Rev. 5% 5/1/2034
|
|
|
|
|
530,500
|
1,000M
|
|
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Rev.
|
|
|
|
|
|
|
5% 7/1/2028
|
|
|
|
|
870,710
|
1,000M
|
|
Sunrise Water Authority Water Rev. 5.25% 3/1/2024
|
|
|
|
1,007,660
|
2,195M
|
|
Tigard Water Sys. Rev. 5% 8/1/2031
|
|
|
|
|
2,326,876
|
|
|
|
|
|
|
|
7,702,413
|
Total Value of Municipal Bonds
(cost $44,434,569)
|
97.4
|
%
|
|
|
46,932,318
|
Other Assets, Less Liabilities
|
2.6
|
|
|
|
1,235,003
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$48,167,321
|
|
|
(a)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
See notes to financial statements
|
77
|
Fund Expenses
(unaudited)
PENNSYLVANIA TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.01%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 996.48
|
$5.08
|
Hypothetical**
|
|
$1,000.00
|
$1,020.12
|
$5.14
|
Class B Shares
|
1.87%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 992.29
|
$9.39
|
Hypothetical**
|
|
$1,000.00
|
$1,015.78
|
$9.50
|
Advisor Class Shares
|
0.86%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 995.72
|
$4.33
|
Hypothetical**
|
|
$1,000.00
|
$1,020.87
|
$4.38
|
Institutional Class Shares
|
0.71%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 997.24
|
$3.57
|
Hypothetical**
|
|
$1,000.00
|
$1,021.63
|
$3.62
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
BY SECTOR
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
PENNSYLVANIA TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors Pennsylvania Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(3.77%)
|
(4.56%)
|
N/A
|
N/A
|
Five Years
|
5.08%
|
4.32%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.71%
|
3.10%
|
(5.41%)
|
(5.26%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(9.31%)
|
(8.26%)
|
N/A
|
N/A
|
Five Years
|
3.83%
|
3.98%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.09%
|
3.10%
|
(5.41%)
|
(5.26%)
|
S.E.C. 30-Day Yield***
|
2.59%
|
1.94%
|
2.43%
|
2.86%
|
The graph compares a $10,000 investment in the First Investors Pennsylvania Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
Cumulative Performance Information
(unaudited) (continued)
PENNSYLVANIA TAX EXEMPT FUND
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.37%), 3.78% and 2.98%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.52%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.32%), 3.93% and 2.99%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.86%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.13%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.15%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.80%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
PENNSYLVANIA TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—99.2%
|
|
|
|
|
|
|
|
Airport—3.1%
|
|
|
|
|
|
$1,000M
|
|
Philadelphia Airport Rev. 5.375% 6/15/2029
|
|
|
|
|
$ 1,093,030
|
|
|
Appropriation—2.9%
|
|
|
|
|
|
1,000M
|
|
Commonwealth Financing Auth. Rev. 5% 6/1/2031
|
|
|
|
|
1,024,240
|
|
|
Education—6.0%
|
|
|
|
|
|
1,000M
|
|
Northampton Cnty. Auth. Rev. 5.5% 11/15/2033
|
|
|
|
|
1,063,370
|
500M
|
|
Pennsylvania St. Higher Ed. Facs. Auth. Rev. 5% 4/1/2035
|
|
|
|
|
512,875
|
500M
|
|
State Pub. Sch. Bldg. 5.5% 3/1/2031
|
|
|
|
|
530,305
|
|
|
|
|
|
|
|
2,106,550
|
|
|
General Obligation—39.6%
|
|
|
|
|
|
1,000M
|
|
Beaver County 5.55% 11/15/2031
|
|
|
|
|
1,086,430
|
1,000M
|
|
Centennial Bucks County School District 5.125% 12/15/2032
|
|
|
|
|
1,104,540
|
1,000M
|
|
Daniel Boone Area School District 5% 8/15/2029
|
|
|
|
|
1,043,190
|
1,000M
|
|
East Stroudsburg Area School District 5% 9/1/2029
|
|
|
|
|
1,054,580
|
1,000M
|
|
Easton Area School District 5.2% 4/1/2028
|
|
|
|
|
1,078,380
|
1,000M
|
|
Erie Parking Auth. Facs. Rev. 5.2% 9/1/2035
|
|
|
|
|
1,043,970
|
1,000M
|
|
Methacton School District 6.375% 3/1/2024
|
|
|
|
|
1,179,740
|
1,000M
|
|
Penn Delco School District 5% 6/1/2034
|
|
|
|
|
1,045,030
|
1,000M
|
|
Philadelphia 7% 7/15/2028
|
|
|
|
|
1,112,580
|
1,000M
|
|
Philadelphia School District 6% 9/1/2038
|
|
|
|
|
1,065,900
|
1,000M
|
|
Reading 6.25% 11/1/2033
|
|
|
|
|
1,064,020
|
1,000M
|
|
Scranton School District 5% 7/15/2027
|
|
|
|
|
1,032,770
|
1,000M
|
|
West Mifflin Area School District 5.375% 4/1/2028
|
|
|
|
|
1,080,570
|
|
|
|
|
|
|
|
13,991,700
|
|
|
Health Care—16.8%
|
|
|
|
|
|
1,000M
|
|
Allegheny County Hosp. Dev. Auth. Rev. 5.375% 8/15/2029
|
|
|
|
|
1,076,760
|
1,000M
|
|
Central Bradford Progress Auth. Hosp. Rev. 5.5% 12/1/2031
|
|
|
|
|
1,054,360
|
1,000M
|
|
Geisinger Auth. Hlth. Systems Rev. 5.125% 6/1/2034
|
|
|
|
|
1,018,640
|
1,000M
|
|
Penn. St. Higher Educ. Facs. Auth. Hlth. Rev. 5.5% 8/15/2018
|
|
|
|
|
1,179,220
|
500M
|
|
Philadelphia Hosp. & Higher Educ. Facs. Rev. 5% 7/1/2032
|
|
|
|
|
518,180
|
1,000M
|
|
Southcentral Gen. Auth. Rev. 6% 6/1/2025
|
|
|
|
|
1,096,710
|
|
|
|
|
|
|
|
5,943,870
|
Portfolio of Investments
(continued)
PENNSYLVANIA TAX EXEMPT FUND
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Other Tax—6.6%
|
|
|
|
|
|
$1,000M
|
|
Allegheny County Port. Auth. Spl. Rev. 5.25% 3/1/2024
|
|
|
|
$ 1,102,160
|
500M
|
|
Pittsburgh & Allegheny Cnty. Regl. Asset Dist. 5% 2/1/2031
|
|
|
|
518,415
|
1,000M
|
|
Puerto Rico Sales Tax Fing. Corp. Rev. 5.75% 8/1/2037
|
|
|
|
740,280
|
|
|
|
|
|
|
|
2,360,855
|
|
|
Pre-Refunded/Escrowed-to-Maturity—1.8%
|
|
|
|
|
|
615M
|
|
Boyertown Area School District 5% 4/1/2015 (a)
|
|
|
|
|
651,673
|
|
|
Toll & Turnpike—9.1%
|
|
|
|
|
|
|
|
Pennsylvania State Turnpike Comm. Tpk. Revenue:
|
|
|
|
|
1,000M
|
|
6% 6/1/2028
|
|
|
|
|
1,122,910
|
1,000M
|
|
5% 6/1/2029
|
|
|
|
|
1,031,030
|
1,000M
|
|
5% 12/1/2030
|
|
|
|
|
1,047,880
|
|
|
|
|
|
|
|
3,201,820
|
|
|
Water/Sewer—13.3%
|
|
|
|
|
|
1,000M
|
|
Bucks County Water & Sewer Auth. Rev. 5% 12/1/2035
|
|
|
|
1,029,400
|
1,000M
|
|
Erie Water Auth. Rev. 5% 12/1/2031
|
|
|
|
|
1,037,780
|
500M
|
|
North Penn Water Auth. Rev. 5% 11/1/2032
|
|
|
|
|
517,990
|
1,000M
|
|
Philadelphia Water & Wastewater Rev. 5% 11/1/2028
|
|
|
|
1,066,080
|
1,000M
|
|
Scranton Sewer Auth. Rev. 5.25% 12/1/2031
|
|
|
|
|
1,037,310
|
|
|
|
|
|
|
|
4,688,560
|
Total Value of Municipal Bonds
(cost $33,030,361)
|
99.2
|
%
|
|
|
35,062,298
|
Other Assets, Less Liabilities
|
.8
|
|
|
|
290,508
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$35,352,806
|
|
|
(a)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
82
|
See notes to financial statements
|
Fund Expenses
(unaudited)
VIRGINIA TAX EXEMPT FUND
The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.
|
|
|
|
|
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense
|
Account Value
|
Account Value
|
During Period
|
Expense Example
|
Ratio
|
(7/1/13)
|
(12/31/13)
|
(7/1/13–12/31/13)*
|
Class A Shares
|
1.01%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 989.21
|
$5.06
|
Hypothetical**
|
|
$1,000.00
|
$1,020.12
|
$5.14
|
Class B Shares
|
1.81%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 985.60
|
$9.06
|
Hypothetical**
|
|
$1,000.00
|
$1,016.09
|
$9.20
|
Advisor Class Shares
|
0.86%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 986.90
|
$4.31
|
Hypothetical**
|
|
$1,000.00
|
$1,020.87
|
$4.38
|
Institutional Class Shares
|
0.71%
|
|
|
|
Actual
|
|
$1,000.00
|
$ 990.75
|
$3.56
|
Hypothetical**
|
|
$1,000.00
|
$1,021.63
|
$3.62
|
|
|
*
|
Expenses are equal to the annualized expense ratio, multiplied by the average account value over
|
|
the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid during the
|
|
period are net of expenses waived and/or assumed.
|
**
|
Assumed rate of return of 5% before expenses.
|
Portfolio Composition
TOP TEN SECTORS
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2013, and are based on the total value of investments.
Cumulative Performance Information
(unaudited)
VIRGINIA TAX EXEMPT FUND
Comparison of change in value of $10,000 investment in the First Investors Virginia Tax Exempt Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch Municipal Securities Master Index.
|
|
|
|
|
|
|
Average Annual Total Returns*
|
|
|
|
|
Advisor
|
Institutional
|
N.A.V. Only
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(4.38%)
|
(5.06%)
|
N/A
|
N/A
|
Five Years
|
4.51%
|
3.76%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
3.34%
|
2.75%
|
(6.03%)
|
(5.59%)
|
|
|
|
Advisor
|
Institutional
|
S.E.C. Standardized
|
Class A
|
Class B
|
Class
|
Class
|
One Year
|
(9.90%)
|
(8.76%)
|
N/A
|
N/A
|
Five Years
|
3.28%
|
3.41%
|
N/A
|
N/A
|
Ten Years, Since Inception**
|
2.73%
|
2.75%
|
(6.03%)
|
(5.59%)
|
S.E.C. 30-Day Yield***
|
2.27%
|
1.62%
|
2.06%
|
2.70%
|
The graph compares a $10,000 investment in the First Investors Virginia Tax Exempt Fund (Class A shares) beginning 12/31/03 with a theoretical investment in the BofA Merrill Lynch Municipal Securities Master Index (the “Index”). The Index is a total return performance benchmark for the investment grade tax exempt bond market. The Index does not reflect fees and expenses or cost of insurance of bonds associated with the active management of a mutual fund portfolio. It is not possible to invest directly in this Index. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.
Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.
* Average Annual Total Return figures (for the periods ended 12/31/13) include the reinvestment of all distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A “S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B “S.E.C. Standardized” returns shown are adjusted for the applicable deferred sales charge (maximum of 4% in the first year).
The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (9.96%), 3.23% and 2.61%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 2.20%. The Class B “S.E.C. Standardized” Average Annual Total Returns for One Year, Five Years and Ten Years would have been (8.82%), 3.37% and 2.63%, respectively, and the S.E.C. 30-Day Yield for December 2013 would have been 1.54%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (9.75%) and the S.E.C. 30-Day Yield for December 2013 would have been 0%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (8.53%) and the S.E.C. 30-Day Yield for December 2013 would have been 2.48%.
Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from First Investors Management Company, Inc.
** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 5/1/2013 (commencement of operations).
*** The S.E.C. 30-Day Yield shown is for December 2013.
Portfolio of Investments
VIRGINIA TAX EXEMPT FUND
December 31, 2013
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|
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|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
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|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
MUNICIPAL BONDS—97.3%
|
|
|
|
|
|
|
|
Airport—5.4%
|
|
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|
|
$1,000M
|
|
Capital Regional Airport Rev. 5% 7/1/2024
|
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|
$ 1,061,100
|
1,000M
|
|
Metropolitan Washington, D.C. Airport Auth. Sys. Rev.
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|
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5% 10/1/2026
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|
1,095,230
|
|
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|
|
|
|
|
2,156,330
|
|
|
Appropriation—2.7%
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|
|
|
|
|
|
|
Arlington Cnty. Indl. Dev. Auth. Revenue:
|
|
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|
|
500M
|
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5% 2/15/2029
|
|
|
|
|
534,170
|
500M
|
|
5% 2/15/2030
|
|
|
|
|
527,445
|
|
|
|
|
|
|
|
1,061,615
|
|
|
Combined Utility—3.9%
|
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|
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|
|
|
Richmond Public Util. Revenue:
|
|
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500M
|
|
5% 1/15/2038
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|
|
|
|
529,435
|
1,000M
|
|
5% 1/15/2040
|
|
|
|
|
1,033,220
|
|
|
|
|
|
|
|
1,562,655
|
|
|
Education—5.4%
|
|
|
|
|
|
500M
|
|
Prince William Cnty. Indl. Dev. Auth. 5.5% 9/1/2034
|
|
|
|
|
525,795
|
350M
|
|
University of Virginia University Rev. 5% 6/1/2037
|
|
|
|
|
364,046
|
1,070M
|
|
Virginia College Bldg. Auth. Rev. 5% 9/1/2023
|
|
|
|
|
1,240,162
|
|
|
|
|
|
|
|
2,130,003
|
|
|
General Obligation—24.6%
|
|
|
|
|
|
1,000M
|
|
Danville 5% 8/1/2029
|
|
|
|
|
1,106,960
|
500M
|
|
Hanover Cnty. 5.25% 1/15/2031
|
|
|
|
|
550,235
|
1,000M
|
|
Hopewell 5.875% 7/15/2034
|
|
|
|
|
1,172,420
|
1,000M
|
|
Norfolk 5% 8/1/2034
|
|
|
|
|
1,069,060
|
1,000M
|
|
Portsmouth 5% 2/1/2035
|
|
|
|
|
1,061,410
|
500M
|
|
Powhatan Cnty. 5% 1/15/2032
|
|
|
|
|
517,060
|
1,000M
|
|
Suffolk 5% 6/1/2028
|
|
|
|
|
1,091,470
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|
|
Virginia State Public School Authority Revenue:
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|
|
|
|
|
1,000M
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5% 8/1/2026
|
|
|
|
|
1,102,860
|
1,000M
|
|
5% 8/1/2028
|
|
|
|
|
1,110,120
|
1,000M
|
|
Waynesboro 5% 1/15/2034
|
|
|
|
|
1,014,770
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|
|
|
|
|
|
|
9,796,365
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Health Care—5.3%
|
|
|
|
|
|
$1,000M
|
|
Fairfax Cnty. Indl. Dev. Auth. Rev. 5.25% 5/15/2026
|
|
|
|
|
$ 1,074,980
|
1,000M
|
|
Norfolk Econ. Dev. Auth. Hlth. Care Facs. Rev. 5% 11/1/2036
|
|
|
|
|
1,019,250
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|
|
|
|
|
|
|
2,094,230
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|
|
Lease—17.9%
|
|
|
|
|
|
135M
|
|
Bedford Cnty. Econ. Dev. Auth. Public Facs. Rev. 5.25% 5/1/2031
|
|
|
|
142,281
|
1,000M
|
|
Fairfax Cnty. Econ Dev. Auth. Rev. 5% 3/1/2029
|
|
|
|
|
1,066,210
|
1,000M
|
|
New Kent Cnty. Econ. Dev. Auth. Lease Rev. 5% 2/1/2024
|
|
|
|
|
1,088,910
|
1,000M
|
|
Roanoke Cnty. Econ. Dev. Auth. Lease Rev. 5% 10/15/2027
|
|
|
|
|
1,067,100
|
775M
|
|
Stafford Cnty. Indl. Dev. Auth. Rev. 5.25% 8/1/2031
|
|
|
|
|
783,905
|
1,765M
|
|
Virginia St. Cmnwlth. Trans. Rev. 5% 5/15/2029
|
|
|
|
|
1,931,492
|
1,000M
|
|
Washington Cnty. Indl. Dev. Auth. Lease Rev. 5.25% 8/1/2030
|
|
|
|
|
1,058,630
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|
|
|
|
|
|
|
7,138,528
|
|
|
Other Revenue—5.3%
|
|
|
|
|
|
|
|
Virginia St. Res. Auth. Infrastructure Revenue:
|
|
|
|
|
|
1,000M
|
|
5% 11/1/2029
|
|
|
|
|
1,077,390
|
1,000M
|
|
5% 11/1/2033
|
|
|
|
|
1,051,620
|
|
|
|
|
|
|
|
2,129,010
|
|
|
Other Tax—2.9%
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Fing. Revenue:
|
|
|
|
|
|
1,000M
|
|
6% 8/1/2039
|
|
|
|
|
750,680
|
500M
|
|
5.25% 8/1/2040
|
|
|
|
|
392,545
|
|
|
|
|
|
|
|
1,143,225
|
|
|
Pre-Refunded/Escrowed-to-Maturity—7.6%
|
|
|
|
|
|
865M
|
|
Bedford Cnty. Econ. Dev. Auth. Public Facs. Rev. 5.25% 5/1/2016 (a)
|
|
|
|
961,655
|
1,000M
|
|
Roanoke Indl. Dev. Auth. Hosp. Rev. Proj. 6.125% 7/1/2017
|
|
|
|
|
1,111,040
|
225M
|
|
Stafford County Indl. Dev. Auth. Rev. 5.25% 8/1/2016 (a)
|
|
|
|
|
252,045
|
650M
|
|
University of Virginia University Rev. 5% 6/1/2015 (a)
|
|
|
|
|
693,407
|
|
|
|
|
|
|
|
3,018,147
|
Portfolio of Investments
(continued)
VIRGINIA TAX EXEMPT FUND
December 31, 2013
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
Security
|
|
|
|
|
Value
|
|
|
Transportation—2.7%
|
|
|
|
|
|
$1,000M
|
|
Washington, D.C. Met. Area Trans. Auth. Rev. 5.25% 7/1/2029
|
|
|
|
$ 1,079,960
|
|
|
Water/Sewer—13.6%
|
|
|
|
|
|
1,000M
|
|
Fairfax Cnty. Water Auth. Rev. 5% 4/1/2028
|
|
|
|
|
1,117,070
|
1,000M
|
|
Hampton Roads Sanitation Dist. Wastewater Rev. 5% 4/1/2033
|
|
|
|
1,050,560
|
500M
|
|
Hopewell Swr. Sys. Rev. 5% 7/15/2033
|
|
|
|
|
520,040
|
1,000M
|
|
Norfolk Water Rev. 5% 11/1/2037
|
|
|
|
|
1,046,770
|
700M
|
|
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Rev.
|
|
|
|
|
|
|
5% 7/1/2028
|
|
|
|
|
609,497
|
1,000M
|
|
Upper Occoquan Sewer Auth. Rev. 5% 7/1/2024
|
|
|
|
|
1,070,520
|
|
|
|
|
|
|
|
5,414,457
|
Total Value of Municipal Bonds
(cost $37,367,671)
|
97.3
|
%
|
|
|
38,724,525
|
Other Assets, Less Liabilities
|
2.7
|
|
|
|
1,068,332
|
Net Assets
|
|
|
100.0
|
%
|
|
|
$39,792,857
|
|
|
(a)
|
Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
|
|
|
88
|
See notes to financial statements
|
|
This page left intentionally blank.
|
Statements of Assets and Liabilities
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
TAX EXEMPT
|
|
|
TAX EXEMPT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
|
|
|
OPPORTUNITIES
|
|
|
CALIFORNIA
|
|
|
CONNECTICUT
|
|
|
MASSACHUSETTS
|
|
|
MICHIGAN
|
|
|
MINNESOTA
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At identified cost
|
|
$
|
584,067,115
|
|
$
|
248,089,186
|
|
$
|
43,200,425
|
|
$
|
31,219,159
|
|
$
|
20,981,549
|
|
$
|
19,129,430
|
|
$
|
19,142,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At value (Note 1A)
|
|
$
|
632,369,413
|
|
$
|
258,416,677
|
|
$
|
45,895,724
|
|
$
|
32,544,730
|
|
$
|
22,183,567
|
|
$
|
19,871,159
|
|
$
|
20,522,453
|
|
Cash
|
|
|
31,676
|
|
|
4,827,978
|
|
|
56,640
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104,149
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
11,239,254
|
|
|
3,986,671
|
|
|
679,813
|
|
|
583,510
|
|
|
320,791
|
|
|
300,627
|
|
|
287,997
|
|
Shares sold
|
|
|
375,842
|
|
|
222,752
|
|
|
21,068
|
|
|
58,484
|
|
|
7,098
|
|
|
22,608
|
|
|
749
|
|
Other assets
|
|
|
31,523
|
|
|
13,095
|
|
|
2,256
|
|
|
1,471
|
|
|
1,022
|
|
|
940
|
|
|
1,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
644,047,708
|
|
|
267,467,173
|
|
|
46,655,501
|
|
|
33,188,195
|
|
|
22,512,478
|
|
|
20,195,334
|
|
|
20,916,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243,874
|
|
|
16,815
|
|
|
6,639
|
|
|
—
|
|
Payables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities purchased
|
|
|
—
|
|
|
4,862,745
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Dividends payable
|
|
|
520,071
|
|
|
122,891
|
|
|
36,743
|
|
|
18,477
|
|
|
13,937
|
|
|
14,593
|
|
|
12,312
|
|
Shares redeemed
|
|
|
1,050,436
|
|
|
512,722
|
|
|
281,154
|
|
|
694
|
|
|
62,693
|
|
|
80,413
|
|
|
7,777
|
|
Accrued advisory fees
|
|
|
310,279
|
|
|
127,080
|
|
|
21,688
|
|
|
15,334
|
|
|
10,489
|
|
|
9,393
|
|
|
9,720
|
|
Accrued shareholder servicing costs
|
|
|
25,466
|
|
|
14,749
|
|
|
1,948
|
|
|
1,217
|
|
|
1,120
|
|
|
929
|
|
|
799
|
|
Accrued expenses
|
|
|
83,885
|
|
|
36,363
|
|
|
16,163
|
|
|
15,539
|
|
|
11,279
|
|
|
13,507
|
|
|
14,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
1,990,137
|
|
|
5,676,550
|
|
|
357,696
|
|
|
295,135
|
|
|
116,333
|
|
|
125,474
|
|
|
45,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
642,057,571
|
|
$
|
261,790,623
|
|
$
|
46,297,805
|
|
$
|
32,893,060
|
|
$
|
22,396,145
|
|
$
|
20,069,860
|
|
$
|
20,871,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital paid in
|
|
$
|
602,132,355
|
|
$
|
258,926,038
|
|
$
|
45,142,275
|
|
$
|
32,127,592
|
|
$
|
21,651,701
|
|
$
|
19,325,213
|
|
$
|
19,789,066
|
|
Undistributed net investment income
|
|
|
684,424
|
|
|
547,492
|
|
|
76,739
|
|
|
19,960
|
|
|
102
|
|
|
27,105
|
|
|
2,405
|
|
Accumulated net realized loss on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and futures transactions
|
|
|
(9,061,506
|
)
|
|
(8,010,398
|
)
|
|
(1,616,508
|
)
|
|
(580,063
|
)
|
|
(457,676
|
)
|
|
(24,187
|
)
|
|
(300,784
|
)
|
Net unrealized appreciation in value of investments
|
|
|
48,302,298
|
|
|
10,327,491
|
|
|
2,695,299
|
|
|
1,325,571
|
|
|
1,202,018
|
|
|
741,729
|
|
|
1,380,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
642,057,571
|
|
$
|
261,790,623
|
|
$
|
46,297,805
|
|
$
|
32,893,060
|
|
$
|
22,396,145
|
|
$
|
20,069,860
|
|
$
|
20,871,025
|
|
Statements of Assets and Liabilities
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
TAX EXEMPT
|
|
TAX EXEMPT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
|
|
OPPORTUNITIES
|
|
CALIFORNIA
|
|
CONNECTICUT
|
|
MASSACHUSETTS
|
|
MICHIGAN
|
|
MINNESOTA
|
|
Net Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
640,624,704
|
|
$
|
258,897,689
|
|
$
|
46,230,758
|
|
$
|
32,099,697
|
|
$
|
22,163,811
|
|
$
|
19,867,300
|
|
$
|
20,801,705
|
|
Class B
|
|
$
|
1,430,963
|
|
$
|
2,891,067
|
|
$
|
65,142
|
|
$
|
791,469
|
|
$
|
230,450
|
|
$
|
200,687
|
|
$
|
67,404
|
|
Advisor Class
|
|
$
|
950
|
|
$
|
932
|
|
$
|
951
|
|
$
|
945
|
|
$
|
940
|
|
$
|
936
|
|
$
|
957
|
|
Institutional Class
|
|
$
|
954
|
|
$
|
935
|
|
$
|
954
|
|
$
|
949
|
|
$
|
944
|
|
$
|
937
|
|
$
|
959
|
|
|
|
Shares of beneficial interest outstanding
(Note 2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
67,008,017
|
|
|
16,373,553
|
|
|
3,796,085
|
|
|
2,463,582
|
|
|
1,931,224
|
|
|
1,700,726
|
|
|
1,723,437
|
|
Class B
|
|
|
149,998
|
|
|
183,346
|
|
|
5,359
|
|
|
60,822
|
|
|
20,113
|
|
|
17,217
|
|
|
5,601
|
|
Advisor Class
|
|
|
100
|
|
|
59
|
|
|
78
|
|
|
73
|
|
|
82
|
|
|
80
|
|
|
79
|
|
Institutional Class
|
|
|
100
|
|
|
59
|
|
|
78
|
|
|
73
|
|
|
82
|
|
|
80
|
|
|
79
|
|
|
|
Net asset value and redemption price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per share – Class A
|
|
|
|
$
|
9.56
|
|
|
|
$
|
15.81
|
|
|
|
$
|
12.18
|
|
|
|
$
|
13.03
|
|
|
|
$
|
11.48
|
|
|
|
$
|
11.68
|
|
|
|
$
|
12.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum offering price per share – Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Net asset value/.9425)*
|
|
|
|
$
|
10.14
|
|
|
|
$
|
16.77
|
|
|
|
$
|
12.92
|
|
|
|
$
|
13.82
|
|
|
|
$
|
12.18
|
|
|
|
$
|
12.39
|
|
|
|
$
|
12.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B
|
|
|
|
$
|
9.54
|
|
|
|
$
|
15.77
|
|
|
|
$
|
12.16
|
|
|
|
$
|
13.01
|
|
|
|
$
|
11.46
|
|
|
|
$
|
11.66
|
|
|
|
$
|
12.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisor Class
|
|
|
|
$
|
9.54
|
|
|
|
$
|
15.79
|
|
|
|
$
|
12.16
|
|
|
|
$
|
13.01
|
|
|
|
$
|
11.46
|
|
|
|
$
|
11.67
|
|
|
|
$
|
12.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class
|
|
|
|
$
|
9.57
|
|
|
|
$
|
15.84
|
|
|
|
$
|
12.20
|
|
|
|
$
|
13.06
|
|
|
|
$
|
11.49
|
|
|
|
$
|
11.69
|
|
|
|
$
|
12.08
|
|
*On purchases of $100,000 or more, the sales charge is reduced.
|
|
|
92
|
See notes to financial statements
|
93
|
Statements of Assets and Liabilities
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW JERSEY
|
|
|
NEW YORK
|
|
|
NORTH CAROLINA
|
|
|
OHIO
|
|
|
OREGON
|
|
|
PENNSYLVANIA
|
|
|
VIRGINIA
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At identified cost
|
|
$
|
45,298,500
|
|
$
|
141,873,910
|
|
$
|
22,265,844
|
|
$
|
20,163,022
|
|
$
|
44,434,569
|
|
$
|
33,030,361
|
|
$
|
37,367,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At value (Note 1A)
|
|
$
|
48,086,603
|
|
$
|
151,101,315
|
|
$
|
23,608,675
|
|
$
|
21,013,504
|
|
$
|
46,932,318
|
|
$
|
35,062,298
|
|
$
|
38,724,525
|
|
Cash
|
|
|
—
|
|
|
804,964
|
|
|
—
|
|
|
396,025
|
|
|
832,673
|
|
|
49,177
|
|
|
520,677
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
695,120
|
|
|
2,050,208
|
|
|
330,512
|
|
|
218,694
|
|
|
468,310
|
|
|
394,404
|
|
|
619,353
|
|
Shares sold
|
|
|
740
|
|
|
40,182
|
|
|
1,356
|
|
|
—
|
|
|
16,155
|
|
|
13,322
|
|
|
1,392
|
|
Other assets
|
|
|
2,384
|
|
|
7,713
|
|
|
1,164
|
|
|
1,032
|
|
|
2,450
|
|
|
1,635
|
|
|
1,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
48,784,847
|
|
|
154,004,382
|
|
|
23,941,707
|
|
|
21,629,255
|
|
|
48,251,906
|
|
|
35,520,836
|
|
|
39,867,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft
|
|
|
7,303
|
|
|
—
|
|
|
147,075
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Payables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends payable
|
|
|
36,397
|
|
|
120,889
|
|
|
17,545
|
|
|
12,771
|
|
|
23,839
|
|
|
46,026
|
|
|
38,916
|
|
Shares redeemed
|
|
|
29,201
|
|
|
239,897
|
|
|
116,701
|
|
|
125
|
|
|
19,351
|
|
|
87,809
|
|
|
—
|
|
Accrued advisory fees
|
|
|
22,711
|
|
|
71,504
|
|
|
11,141
|
|
|
10,043
|
|
|
22,340
|
|
|
16,753
|
|
|
18,388
|
|
Accrued shareholder servicing costs
|
|
|
1,934
|
|
|
6,383
|
|
|
782
|
|
|
827
|
|
|
2,311
|
|
|
1,383
|
|
|
1,625
|
|
Accrued expenses
|
|
|
17,452
|
|
|
27,591
|
|
|
14,092
|
|
|
14,076
|
|
|
16,744
|
|
|
16,059
|
|
|
16,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
114,998
|
|
|
466,264
|
|
|
307,336
|
|
|
37,842
|
|
|
84,585
|
|
|
168,030
|
|
|
74,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
48,669,849
|
|
$
|
153,538,118
|
|
$
|
23,634,371
|
|
$
|
21,591,413
|
|
$
|
48,167,321
|
|
$
|
35,352,806
|
|
$
|
39,792,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital paid in
|
|
$
|
46,649,931
|
|
$
|
147,560,971
|
|
$
|
22,628,041
|
|
$
|
21,021,435
|
|
$
|
47,161,936
|
|
$
|
33,479,926
|
|
$
|
39,522,343
|
|
Undistributed net investment income
|
|
|
204
|
|
|
118,878
|
|
|
11,873
|
|
|
17,761
|
|
|
30,760
|
|
|
24,854
|
|
|
17,816
|
|
Accumulated net realized loss on investments
|
|
|
(768,389
|
)
|
|
(3,369,136
|
)
|
|
(348,374
|
)
|
|
(298,265
|
)
|
|
(1,523,124
|
)
|
|
(183,911
|
)
|
|
(1,104,156
|
)
|
Net unrealized appreciation in value of investments
|
|
|
2,788,103
|
|
|
9,227,405
|
|
|
1,342,831
|
|
|
850,482
|
|
|
2,497,749
|
|
|
2,031,937
|
|
|
1,356,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
48,669,849
|
|
$
|
153,538,118
|
|
$
|
23,634,371
|
|
$
|
21,591,413
|
|
$
|
48,167,321
|
|
$
|
35,352,806
|
|
$
|
39,792,857
|
|
Statements of Assets and Liabilities
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
|
|
NEW JERSEY
|
|
|
NEW YORK
|
|
|
NORTH CAROLINA
|
|
|
OHIO
|
|
|
OREGON
|
|
|
PENNSYLVANIA
|
|
|
VIRGINIA
|
|
Net Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
48,022,870
|
|
$
|
152,201,458
|
|
$
|
23,348,880
|
|
$
|
21,506,205
|
|
$
|
47,715,763
|
|
$
|
35,056,049
|
|
$
|
39,637,771
|
|
Class B
|
|
$
|
645,096
|
|
$
|
1,334,763
|
|
$
|
283,596
|
|
$
|
83,318
|
|
$
|
449,689
|
|
$
|
294,863
|
|
$
|
153,202
|
|
Advisor Class
|
|
$
|
939
|
|
$
|
947
|
|
$
|
946
|
|
$
|
944
|
|
$
|
932
|
|
$
|
946
|
|
$
|
939
|
|
Institutional Class
|
|
$
|
944
|
|
$
|
950
|
|
$
|
949
|
|
$
|
946
|
|
$
|
937
|
|
$
|
948
|
|
$
|
945
|
|
|
|
Shares of beneficial interest outstanding
(Note 2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
3,812,658
|
|
|
10,780,478
|
|
|
1,757,052
|
|
|
1,782,656
|
|
|
3,643,620
|
|
|
2,742,821
|
|
|
3,123,372
|
|
Class B
|
|
|
51,346
|
|
|
94,639
|
|
|
21,347
|
|
|
6,922
|
|
|
34,432
|
|
|
23,124
|
|
|
12,114
|
|
Advisor Class
|
|
|
75
|
|
|
67
|
|
|
71
|
|
|
78
|
|
|
71
|
|
|
74
|
|
|
74
|
|
Institutional Class
|
|
|
75
|
|
|
67
|
|
|
71
|
|
|
78
|
|
|
71
|
|
|
74
|
|
|
74
|
|
|
|
Net asset value and redemption price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per share – Class A
|
|
|
|
$
|
12.60
|
|
|
|
$
|
14.12
|
|
|
|
$
|
13.29
|
|
|
|
$
|
12.06
|
|
|
|
$
|
13.10
|
|
|
|
$
|
12.78
|
|
|
|
$
|
12.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum offering price per share – Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Net asset value/.9425)*
|
|
|
|
$
|
13.37
|
|
|
|
$
|
14.98
|
|
|
|
$
|
14.10
|
|
|
|
$
|
12.80
|
|
|
|
$
|
13.90
|
|
|
|
$
|
13.56
|
|
|
|
$
|
13.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B
|
|
|
|
$
|
12.56
|
|
|
|
$
|
14.10
|
|
|
|
$
|
13.29
|
|
|
|
$
|
12.04
|
|
|
|
$
|
13.06
|
|
|
|
$
|
12.75
|
|
|
|
$
|
12.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisor Class
|
|
|
|
$
|
12.57
|
|
|
|
$
|
14.09
|
|
|
|
$
|
13.28
|
|
|
|
$
|
12.04
|
|
|
|
$
|
13.07
|
|
|
|
$
|
12.77
|
|
|
|
$
|
12.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class
|
|
|
|
$
|
12.62
|
|
|
|
$
|
14.14
|
|
|
|
$
|
13.30
|
|
|
|
$
|
12.07
|
|
|
|
$
|
13.12
|
|
|
|
$
|
12.79
|
|
|
|
$
|
12.72
|
|
*On purchases of $100,000 or more, the sales charge is reduced.
|
|
|
96
|
See notes to financial statements
|
97
|
Statements of Operations
FIRST INVESTORS TAX EXEMPT FUNDS
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
TAX EXEMPT
|
|
|
TAX EXEMPT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
|
|
|
OPPORTUNITIES
|
|
|
CALIFORNIA
|
|
|
CONNECTICUT
|
|
|
MASSACHUSETTS
|
|
|
MICHIGAN
|
|
|
MINNESOTA
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
34,112,925
|
|
$
|
12,267,155
|
|
$
|
2,141,041
|
|
$
|
1,555,786
|
|
$
|
1,068,320
|
|
$
|
1,052,524
|
|
$
|
1,017,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses (Notes 1 and 5):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees
|
|
|
4,077,594
|
|
|
1,721,830
|
|
|
291,307
|
|
|
210,374
|
|
|
146,948
|
|
|
133,043
|
|
|
138,193
|
|
Distribution plan expenses – Class A
|
|
|
2,052,704
|
|
|
850,359
|
|
|
145,258
|
|
|
102,826
|
|
|
72,643
|
|
|
65,844
|
|
|
68,879
|
|
Distribution plan expenses – Class B
|
|
|
15,563
|
|
|
35,174
|
|
|
1,306
|
|
|
7,856
|
|
|
2,757
|
|
|
2,246
|
|
|
713
|
|
Shareholder servicing costs – Class A
|
|
|
366,760
|
|
|
212,176
|
|
|
28,855
|
|
|
17,090
|
|
|
15,853
|
|
|
13,574
|
|
|
11,726
|
|
Shareholder servicing costs – Class B
|
|
|
1,418
|
|
|
3,592
|
|
|
150
|
|
|
655
|
|
|
226
|
|
|
212
|
|
|
102
|
|
Shareholder servicing costs – Advisor Class
|
|
|
27
|
|
|
27
|
|
|
27
|
|
|
27
|
|
|
27
|
|
|
27
|
|
|
27
|
|
Shareholder servicing costs – Institutional Class
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
Professional fees
|
|
|
124,133
|
|
|
50,558
|
|
|
17,211
|
|
|
16,006
|
|
|
13,968
|
|
|
13,760
|
|
|
18,586
|
|
Registration fees
|
|
|
69,000
|
|
|
71,796
|
|
|
2,916
|
|
|
2,769
|
|
|
9,210
|
|
|
4,665
|
|
|
1,976
|
|
Custodian fees
|
|
|
42,281
|
|
|
32,482
|
|
|
7,042
|
|
|
5,393
|
|
|
4,509
|
|
|
3,510
|
|
|
4,371
|
|
Reports to shareholders
|
|
|
29,546
|
|
|
13,037
|
|
|
2,701
|
|
|
2,314
|
|
|
2,066
|
|
|
2,205
|
|
|
2,122
|
|
Trustees’ fees
|
|
|
35,222
|
|
|
14,708
|
|
|
2,456
|
|
|
1,797
|
|
|
1,263
|
|
|
1,144
|
|
|
1,190
|
|
Other expenses
|
|
|
94,032
|
|
|
46,881
|
|
|
16,919
|
|
|
13,956
|
|
|
9,529
|
|
|
10,530
|
|
|
14,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
6,908,299
|
|
|
3,052,639
|
|
|
516,167
|
|
|
381,082
|
|
|
279,018
|
|
|
250,779
|
|
|
262,317
|
|
Less: Expenses waived
|
|
|
(305,779
|
)
|
|
(143,527
|
)
|
|
(29,896
|
)
|
|
(21,534
|
)
|
|
(15,040
|
)
|
|
(13,583
|
)
|
|
(14,122
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
|
6,602,520
|
|
|
2,909,112
|
|
|
486,271
|
|
|
359,548
|
|
|
263,978
|
|
|
237,196
|
|
|
248,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
27,510,405
|
|
|
9,358,043
|
|
|
1,654,770
|
|
|
1,196,238
|
|
|
804,342
|
|
|
815,328
|
|
|
768,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) on Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and Futures Contracts
(Note 4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(3,720,628
|
)
|
|
(8,015,908
|
)
|
|
(1,227,958
|
)
|
|
(580,063
|
)
|
|
(457,676
|
)
|
|
(24,187
|
)
|
|
(158,901
|
)
|
Futures contracts (Note 1F)
|
|
|
—
|
|
|
5,510
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net realized loss on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and futures transactions
|
|
|
(3,720,628
|
)
|
|
(8,010,398
|
)
|
|
(1,227,958
|
)
|
|
(580,063
|
)
|
|
(457,676
|
)
|
|
(24,187
|
)
|
|
(158,901
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized depreciation of investments
|
|
|
(46,725,511
|
)
|
|
(16,925,809
|
)
|
|
(1,924,149
|
)
|
|
(2,162,584
|
)
|
|
(1,514,789
|
)
|
|
(2,161,714
|
)
|
|
(1,339,034
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss on investments and futures
|
|
|
(50,446,139
|
)
|
|
(24,936,207
|
)
|
|
(3,152,107
|
)
|
|
(2,742,647
|
)
|
|
(1,972,465
|
)
|
|
(2,185,901
|
)
|
|
(1,497,935
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Decrease in Net Assets Resulting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from Operations
|
|
$
|
(22,935,734
|
)
|
$
|
(15,578,164
|
)
|
$
|
(1,497,337
|
)
|
$
|
(1,546,409
|
)
|
$
|
(1,168,123
|
)
|
$
|
(1,370,573
|
)
|
$
|
(728,948
|
)
|
|
|
|
98
|
See notes to financial statements
|
99
|
Statements of Operations
FIRST INVESTORS TAX EXEMPT FUNDS
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW JERSEY
|
|
|
NEW YORK
|
|
NORTH CAROLINA
|
|
|
OHIO
|
|
|
OREGON
|
|
PENNSYLVANIA
|
|
|
VIRGINIA
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
2,519,316
|
|
$
|
7,570,664
|
|
$
|
1,208,291
|
|
$
|
1,061,316
|
|
$
|
2,239,015
|
|
$
|
1,836,970
|
|
$
|
1,749,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses (Notes 1 and 5):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees
|
|
|
321,420
|
|
|
986,313
|
|
|
155,729
|
|
|
137,682
|
|
|
313,051
|
|
|
232,664
|
|
|
242,889
|
|
Distribution plan expenses – Class A
|
|
|
158,509
|
|
|
488,831
|
|
|
76,785
|
|
|
68,415
|
|
|
155,018
|
|
|
115,191
|
|
|
120,822
|
|
Distribution plan expenses – Class B
|
|
|
7,325
|
|
|
14,406
|
|
|
3,583
|
|
|
1,409
|
|
|
4,965
|
|
|
3,790
|
|
|
2,063
|
|
Shareholder servicing costs – Class A
|
|
|
28,356
|
|
|
92,239
|
|
|
10,848
|
|
|
12,221
|
|
|
32,840
|
|
|
20,179
|
|
|
21,627
|
|
Shareholder servicing costs – Class B
|
|
|
794
|
|
|
1,166
|
|
|
279
|
|
|
192
|
|
|
591
|
|
|
567
|
|
|
251
|
|
Shareholder servicing costs – Advisor Class
|
|
|
27
|
|
|
27
|
|
|
27
|
|
|
27
|
|
|
27
|
|
|
27
|
|
|
27
|
|
Shareholder servicing costs – Institutional Class
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
Professional fees
|
|
|
18,654
|
|
|
34,705
|
|
|
14,109
|
|
|
13,810
|
|
|
17,719
|
|
|
16,353
|
|
|
16,491
|
|
Registration fees
|
|
|
1,977
|
|
|
3,966
|
|
|
1,976
|
|
|
1,976
|
|
|
2,117
|
|
|
2,076
|
|
|
1,976
|
|
Custodian fees
|
|
|
7,287
|
|
|
14,344
|
|
|
3,954
|
|
|
4,190
|
|
|
8,083
|
|
|
5,558
|
|
|
5,425
|
|
Reports to shareholders
|
|
|
3,125
|
|
|
6,819
|
|
|
2,138
|
|
|
2,044
|
|
|
3,196
|
|
|
2,627
|
|
|
2,650
|
|
Trustees’ fees
|
|
|
2,765
|
|
|
8,431
|
|
|
1,335
|
|
|
1,180
|
|
|
2,676
|
|
|
1,989
|
|
|
2,060
|
|
Other expenses
|
|
|
16,665
|
|
|
32,403
|
|
|
11,429
|
|
|
11,696
|
|
|
17,692
|
|
|
14,958
|
|
|
15,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
566,923
|
|
|
1,683,669
|
|
|
282,211
|
|
|
254,861
|
|
|
557,994
|
|
|
415,998
|
|
|
431,684
|
|
Less: Expenses waived
|
|
|
(32,787
|
)
|
|
(100,695
|
)
|
|
(15,950
|
)
|
|
(14,100
|
)
|
|
(31,952
|
)
|
|
(23,802
|
)
|
|
(24,909
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
|
534,136
|
|
|
1,582,974
|
|
|
266,261
|
|
|
240,761
|
|
|
526,042
|
|
|
392,196
|
|
|
406,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
1,985,180
|
|
|
5,987,690
|
|
|
942,030
|
|
|
820,555
|
|
|
1,712,973
|
|
|
1,444,774
|
|
|
1,342,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
(Note 4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized loss on investments
|
|
|
(768,389
|
)
|
|
(1,827,240
|
)
|
|
(300,091
|
)
|
|
(297,641
|
)
|
|
(1,393,640
|
)
|
|
(183,911
|
)
|
|
(694,462
|
)
|
Net unrealized depreciation of investments
|
|
|
(3,685,161
|
)
|
|
(10,706,164
|
)
|
|
(1,825,082
|
)
|
|
(1,451,172
|
)
|
|
(3,153,958
|
)
|
|
(2,786,241
|
)
|
|
(2,492,375
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss on investments
|
|
|
(4,453,550
|
)
|
|
(12,533,404
|
)
|
|
(2,125,173
|
)
|
|
(1,748,813
|
)
|
|
(4,547,598
|
)
|
|
(2,970,152
|
)
|
|
(3,186,837
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Decrease in Net Assets Resulting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from Operations
|
|
$
|
(2,468,370
|
)
|
$
|
(6,545,714
|
)
|
$
|
(1,183,143
|
)
|
$
|
(928,258
|
)
|
$
|
(2,834,625
|
)
|
$
|
(1,525,378
|
)
|
$
|
(1,844,222
|
)
|
|
|
|
100
|
See notes to financial statements
|
101
|
Statements of Changes in Net Assets
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
TAX EXEMPT INCOME
|
|
TAX EXEMPT OPPORTUNITIES
|
|
CALIFORNIA
|
|
CONNECTICUT
|
|
Year Ended December 31
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Increase (Decrease) in Net Assets From Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
27,510,405
|
|
$
|
28,751,213
|
|
$
|
9,358,043
|
|
$
|
8,314,409
|
|
$
|
1,654,770
|
|
$
|
1,439,878
|
|
$
|
1,196,238
|
|
$
|
1,206,474
|
|
Net realized gain (loss) on investments, futures and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
swap agreements
|
|
|
(3,720,628
|
)
|
|
(1,264,407
|
)
|
|
(8,010,398
|
)
|
|
4,066,304
|
|
|
(1,227,958
|
)
|
|
45,842
|
|
|
(580,063
|
)
|
|
300,333
|
|
Net unrealized appreciation (depreciation) of investments
|
|
|
(46,725,511
|
)
|
|
23,166,341
|
|
|
(16,925,809
|
)
|
|
9,059,891
|
|
|
(1,924,149
|
)
|
|
1,736,494
|
|
|
(2,162,584
|
)
|
|
781,586
|
|
|
Net increase (decrease) in net assets resulting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from operations
|
|
|
(22,935,734
|
)
|
|
50,653,147
|
|
|
(15,578,164
|
)
|
|
21,440,604
|
|
|
(1,497,337
|
)
|
|
3,222,214
|
|
|
(1,546,409
|
)
|
|
2,288,393
|
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income – Class A
|
|
|
(26,859,808
|
)
|
|
(28,973,049
|
)
|
|
(8,750,480
|
)
|
|
(8,285,690
|
)
|
|
(1,576,909
|
)
|
|
(1,447,188
|
)
|
|
(1,173,369
|
)
|
|
(1,188,749
|
)
|
Net investment income – Class B
|
|
|
(50,288
|
)
|
|
(58,665
|
)
|
|
(85,950
|
)
|
|
(111,021
|
)
|
|
(3,365
|
)
|
|
(7,641
|
)
|
|
(21,302
|
)
|
|
(19,591
|
)
|
Net investment income – Advisor Class
|
|
|
(25
|
)
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
Net investment income – Institutional Class
|
|
|
(25
|
)
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
Net realized gains – Class A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(934,796
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(232,990
|
)
|
Net realized gains – Class B
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,425
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,956
|
)
|
|
Total distributions
|
|
|
(26,910,146
|
)
|
|
(29,031,714
|
)
|
|
(8,836,470
|
)
|
|
(9,344,932
|
)
|
|
(1,580,316
|
)
|
|
(1,454,829
|
)
|
|
(1,194,715
|
)
|
|
(1,446,286
|
)
|
|
Trust Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
28,986,045
|
|
|
35,957,620
|
|
|
39,831,240
|
|
|
81,699,878
|
|
|
8,294,121
|
|
|
14,591,889
|
|
|
2,379,756
|
|
|
5,148,805
|
|
Reinvestment of distributions
|
|
|
20,308,996
|
|
|
21,814,242
|
|
|
7,253,443
|
|
|
7,634,790
|
|
|
1,109,045
|
|
|
1,031,681
|
|
|
957,702
|
|
|
1,146,197
|
|
Cost of shares redeemed
|
|
|
(82,195,236
|
)
|
|
(62,959,233
|
)
|
|
(58,866,220
|
)
|
|
(28,395,505
|
)
|
|
(7,916,324
|
)
|
|
(5,196,049
|
)
|
|
(4,513,657
|
)
|
|
(5,834,917
|
)
|
|
|
|
|
(32,900,195
|
)
|
|
(5,187,371
|
)
|
|
(11,781,537
|
)
|
|
60,939,163
|
|
|
1,486,842
|
|
|
10,427,521
|
|
|
(1,176,199
|
)
|
|
460,085
|
|
Class B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
210,896
|
|
|
170,845
|
|
|
231,966
|
|
|
628,565
|
|
|
6,600
|
|
|
76,600
|
|
|
116,298
|
|
|
100,933
|
|
Reinvestment of distributions
|
|
|
41,583
|
|
|
47,070
|
|
|
61,184
|
|
|
84,646
|
|
|
2,297
|
|
|
5,664
|
|
|
17,013
|
|
|
22,312
|
|
Cost of shares redeemed
|
|
|
(316,561
|
)
|
|
(819,833
|
)
|
|
(1,312,306
|
)
|
|
(1,162,762
|
)
|
|
(211,955
|
)
|
|
(84,518
|
)
|
|
(46,089
|
)
|
|
(64,296
|
)
|
|
|
|
|
(64,082
|
)
|
|
(601,918
|
)
|
|
(1,019,156
|
)
|
|
(449,551
|
)
|
|
(203,058
|
)
|
|
(2,254
|
)
|
|
87,222
|
|
|
58,949
|
|
|
Advisor Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
Reinvestment of dividends
|
|
|
25
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
22
|
|
|
—
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
1,025
|
|
|
—
|
|
|
1,020
|
|
|
—
|
|
|
1,021
|
|
|
—
|
|
|
1,022
|
|
|
—
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
Reinvestment of dividends
|
|
|
25
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
22
|
|
|
—
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
1,025
|
|
|
—
|
|
|
1,020
|
|
|
—
|
|
|
1,021
|
|
|
—
|
|
|
1,022
|
|
|
—
|
|
|
Net increase (decrease) from trust share transactions
|
|
|
(32,962,227
|
)
|
|
(5,789,289
|
)
|
|
(12,798,653
|
)
|
|
60,489,612
|
|
|
1,285,826
|
|
|
10,425,267
|
|
|
(1,086,933
|
)
|
|
519,034
|
|
|
Net increase (decrease) in net assets
|
|
|
(82,808,107
|
)
|
|
15,832,144
|
|
|
(37,213,287
|
)
|
|
72,585,284
|
|
|
(1,791,827
|
)
|
|
12,192,652
|
|
|
(3,828,057
|
)
|
|
1,361,141
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
724,865,678
|
|
|
709,033,534
|
|
|
299,003,910
|
|
|
226,418,626
|
|
|
48,089,632
|
|
|
35,896,980
|
|
|
36,721,117
|
|
|
35,359,976
|
|
|
End of year †
|
|
$
|
642,057,571
|
|
$
|
724,865,678
|
|
$
|
261,790,623
|
|
$
|
299,003,910
|
|
$
|
46,297,805
|
|
$
|
48,089,632
|
|
$
|
32,893,060
|
|
$
|
36,721,117
|
|
|
†Includes undistributed net investment income of
|
|
$
|
684,424
|
|
$
|
84,165
|
|
$
|
547,492
|
|
$
|
25,919
|
|
$
|
76,739
|
|
$
|
2,285
|
|
$
|
19,960
|
|
$
|
18,429
|
|
Statements of Changes in Net Assets
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
TAX EXEMPT INCOME
|
|
TAX EXEMPT OPPORTUNITIES
|
|
CALIFORNIA
|
|
CONNECTICUT
|
|
Year Ended December 31
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Trust Shares Issued and Redeemed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
2,934,023
|
|
|
3,513,659
|
|
|
2,396,430
|
|
|
4,799,382
|
|
|
654,632
|
|
|
1,134,639
|
|
|
176,618
|
|
|
365,628
|
|
Issued for distributions reinvested
|
|
|
2,056,417
|
|
|
2,130,069
|
|
|
443,086
|
|
|
447,978
|
|
|
88,938
|
|
|
80,253
|
|
|
71,028
|
|
|
81,265
|
|
Redeemed
|
|
|
(8,385,561
|
)
|
|
(6,171,530
|
)
|
|
(3,640,962
|
)
|
|
(1,670,436
|
)
|
|
(637,723
|
)
|
|
(405,450
|
)
|
|
(339,852
|
)
|
|
(413,590
|
)
|
|
Net increase (decrease) in Class A trust shares outstanding
|
|
|
(3,395,121
|
)
|
|
(527,802
|
)
|
|
(801,446
|
)
|
|
3,576,924
|
|
|
105,847
|
|
|
809,442
|
|
|
(92,206
|
)
|
|
33,303
|
|
|
Class B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
21,211
|
|
|
16,662
|
|
|
14,118
|
|
|
37,056
|
|
|
529
|
|
|
5,979
|
|
|
8,515
|
|
|
7,167
|
|
Issued for distributions reinvested
|
|
|
4,220
|
|
|
4,606
|
|
|
3,732
|
|
|
4,974
|
|
|
183
|
|
|
441
|
|
|
1,262
|
|
|
1,584
|
|
Redeemed
|
|
|
(32,408
|
)
|
|
(80,998
|
)
|
|
(80,833
|
)
|
|
(69,049
|
)
|
|
(16,868
|
)
|
|
(6,626
|
)
|
|
(3,336
|
)
|
|
(4,529
|
)
|
|
Net increase (decrease) in Class B trust shares outstanding
|
|
|
(6,977
|
)
|
|
(59,730
|
)
|
|
(62,983
|
)
|
|
(27,019
|
)
|
|
(16,156
|
)
|
|
(206
|
)
|
|
6,441
|
|
|
4,222
|
|
|
Advisor Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
97
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
71
|
|
|
—
|
|
Issued for dividends reinvested
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net increase in Advisor Class trust shares outstanding
|
|
|
100
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
97
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
71
|
|
|
—
|
|
Issued for dividends reinvested
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net increase in Institutional Class trust shares outstanding
|
|
|
100
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
|
|
104
|
See notes to financial statements
|
105
|
Statements of Changes in Net Assets
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
MASSACHUSETTS
|
|
MICHIGAN
|
|
MINNESOTA
|
|
NEW JERSEY
|
|
Year Ended December 31
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Increase (Decrease) in Net Assets From Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
804,342
|
|
$
|
872,806
|
|
$
|
815,328
|
|
$
|
828,690
|
|
$
|
768,987
|
|
$
|
812,186
|
|
$
|
1,985,180
|
|
$
|
2,045,862
|
|
Net realized gain (loss) on investments and swap agreements
|
|
|
(457,676
|
)
|
|
391,523
|
|
|
(24,187
|
)
|
|
64,622
|
|
|
(158,901
|
)
|
|
(11,592
|
)
|
|
(768,389
|
)
|
|
275,300
|
|
Net unrealized appreciation (depreciation) of investments
|
|
|
(1,514,789
|
)
|
|
488,288
|
|
|
(2,161,714
|
)
|
|
743,943
|
|
|
(1,339,034
|
)
|
|
751,306
|
|
|
(3,685,161
|
)
|
|
1,225,307
|
|
|
Net increase (decrease) in net assets resulting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from operations
|
|
|
(1,168,123
|
)
|
|
1,752,617
|
|
|
(1,370,573
|
)
|
|
1,637,255
|
|
|
(728,948
|
)
|
|
1,551,900
|
|
|
(2,468,370
|
)
|
|
3,546,469
|
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income – Class A
|
|
|
(829,469
|
)
|
|
(861,151
|
)
|
|
(795,534
|
)
|
|
(813,880
|
)
|
|
(775,326
|
)
|
|
(830,458
|
)
|
|
(1,974,470
|
)
|
|
(2,103,164
|
)
|
Net investment income – Class B
|
|
|
(7,632
|
)
|
|
(10,635
|
)
|
|
(6,600
|
)
|
|
(7,284
|
)
|
|
(1,966
|
)
|
|
(1,987
|
)
|
|
(22,444
|
)
|
|
(24,088
|
)
|
Net investment income – Advisor Class
|
|
|
(22
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
Net investment income – Institutional Class
|
|
|
(22
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
Net realized gains – Class A
|
|
|
—
|
|
|
(136,670
|
)
|
|
—
|
|
|
(60,394
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(105,812
|
)
|
Net realized gains – Class B
|
|
|
—
|
|
|
(1,790
|
)
|
|
—
|
|
|
(682
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,520
|
)
|
|
Total distributions
|
|
|
(837,145
|
)
|
|
(1,010,246
|
)
|
|
(802,180
|
)
|
|
(882,240
|
)
|
|
(777,336
|
)
|
|
(832,445
|
)
|
|
(1,996,962
|
)
|
|
(2,234,584
|
)
|
|
Trust Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,612,884
|
|
|
1,831,019
|
|
|
1,112,112
|
|
|
2,357,310
|
|
|
1,504,516
|
|
|
1,815,183
|
|
|
4,269,414
|
|
|
5,023,219
|
|
Reinvestment of distributions
|
|
|
652,560
|
|
|
798,206
|
|
|
611,130
|
|
|
651,306
|
|
|
617,112
|
|
|
645,454
|
|
|
1,482,982
|
|
|
1,590,223
|
|
Cost of shares redeemed
|
|
|
(3,922,054
|
)
|
|
(2,747,648
|
)
|
|
(3,158,869
|
)
|
|
(2,641,738
|
)
|
|
(4,397,034
|
)
|
|
(2,170,268
|
)
|
|
(9,996,175
|
)
|
|
(4,709,739
|
)
|
|
|
|
|
(1,656,610
|
)
|
|
(118,423
|
)
|
|
(1,435,627
|
)
|
|
366,878
|
|
|
(2,275,406
|
)
|
|
290,369
|
|
|
(4,243,779
|
)
|
|
1,903,703
|
|
Class B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
12,565
|
|
|
18,500
|
|
|
—
|
|
|
15,804
|
|
|
—
|
|
|
20,000
|
|
|
84,295
|
|
|
250,610
|
|
Reinvestment of distributions
|
|
|
5,491
|
|
|
9,763
|
|
|
5,344
|
|
|
6,627
|
|
|
1,965
|
|
|
1,987
|
|
|
15,997
|
|
|
20,414
|
|
Cost of shares redeemed
|
|
|
(101,657
|
)
|
|
(121,001
|
)
|
|
(41,120
|
)
|
|
(26,265
|
)
|
|
(8,867
|
)
|
|
(12,233
|
)
|
|
(205,302
|
)
|
|
(253,553
|
)
|
|
|
|
|
(83,601
|
)
|
|
(92,738
|
)
|
|
(35,776
|
)
|
|
(3,834
|
)
|
|
(6,902
|
)
|
|
9,754
|
|
|
(105,010
|
)
|
|
17,471
|
|
|
Advisor Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
Reinvestment of dividends
|
|
|
22
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
24
|
|
|
—
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
1,022
|
|
|
—
|
|
|
1,023
|
|
|
—
|
|
|
1,022
|
|
|
—
|
|
|
1,024
|
|
|
—
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
Reinvestment of dividends
|
|
|
22
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
24
|
|
|
—
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
1,022
|
|
|
—
|
|
|
1,023
|
|
|
—
|
|
|
1,022
|
|
|
—
|
|
|
1,024
|
|
|
—
|
|
|
Net increase (decrease) from trust share transactions
|
|
|
(1,738,167
|
)
|
|
(211,161
|
)
|
|
(1,469,357
|
)
|
|
363,044
|
|
|
(2,280,264
|
)
|
|
300,123
|
|
|
(4,346,741
|
)
|
|
1,921,174
|
|
|
Net increase (decrease) in net assets
|
|
|
(3,743,435
|
)
|
|
531,210
|
|
|
(3,642,110
|
)
|
|
1,118,059
|
|
|
(3,786,548
|
)
|
|
1,019,578
|
|
|
(8,812,073
|
)
|
|
3,233,059
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
26,139,580
|
|
|
25,608,370
|
|
|
23,711,970
|
|
|
22,593,911
|
|
|
24,657,573
|
|
|
23,637,995
|
|
|
57,481,922
|
|
|
54,248,863
|
|
|
End of year †
|
|
$
|
22,396,145
|
|
$
|
26,139,580
|
|
$
|
20,069,860
|
|
$
|
23,711,970
|
|
$
|
20,871,025
|
|
$
|
24,657,573
|
|
$
|
48,669,849
|
|
$
|
57,481,922
|
|
|
†Includes undistributed net investment income of
|
|
$
|
102
|
|
$
|
32,905
|
|
$
|
27,105
|
|
$
|
10,411
|
|
$
|
2,405
|
|
$
|
10,754
|
|
$
|
204
|
|
$
|
11,986
|
|
Statements of Changes in Net Assets
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
MASSACHUSETTS
|
|
MICHIGAN
|
|
MINNESOTA
|
|
NEW JERSEY
|
|
Year Ended December 31
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Trust Shares Issued and Redeemed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
133,922
|
|
|
146,754
|
|
|
88,623
|
|
|
183,977
|
|
|
120,285
|
|
|
142,623
|
|
|
326,158
|
|
|
367,093
|
|
Issued for distributions reinvested
|
|
|
54,988
|
|
|
64,074
|
|
|
50,221
|
|
|
50,800
|
|
|
49,726
|
|
|
50,328
|
|
|
113,322
|
|
|
115,962
|
|
Redeemed
|
|
|
(332,568
|
)
|
|
(220,973
|
)
|
|
(262,001
|
)
|
|
(205,532
|
)
|
|
(354,934
|
)
|
|
(170,479
|
)
|
|
(771,308
|
)
|
|
(344,064
|
)
|
|
Net increase (decrease) in Class A trust shares outstanding
|
|
|
(143,658
|
)
|
|
(10,145
|
)
|
|
(123,157
|
)
|
|
29,245
|
|
|
(184,923
|
)
|
|
22,472
|
|
|
(331,828
|
)
|
|
138,991
|
|
|
Class B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
1,058
|
|
|
1,488
|
|
|
—
|
|
|
1,234
|
|
|
—
|
|
|
1,566
|
|
|
6,435
|
|
|
18,250
|
|
Issued for distributions reinvested
|
|
|
461
|
|
|
785
|
|
|
440
|
|
|
517
|
|
|
159
|
|
|
155
|
|
|
1,221
|
|
|
1,491
|
|
Redeemed
|
|
|
(8,557
|
)
|
|
(9,727
|
)
|
|
(3,358
|
)
|
|
(2,059
|
)
|
|
(704
|
)
|
|
(966
|
)
|
|
(15,832
|
)
|
|
(18,601
|
)
|
|
Net increase (decrease) in Class B trust shares outstanding
|
|
|
(7,038
|
)
|
|
(7,454
|
)
|
|
(2,918
|
)
|
|
(308
|
)
|
|
(545
|
)
|
|
755
|
|
|
(8,176
|
)
|
|
1,140
|
|
|
Advisor Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
80
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
73
|
|
|
—
|
|
Issued for dividends reinvested
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net increase in Advisor Class trust shares outstanding
|
|
|
82
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
80
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
73
|
|
|
—
|
|
Issued for dividends reinvested
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net increase in Institutional Class trust shares outstanding
|
|
|
82
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
|
|
108
|
See notes to financial statements
|
109
|
Statements of Changes in Net Assets
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
NEW YORK
|
|
NORTH CAROLINA
|
|
OHIO
|
|
|
|
|
|
|
|
Year Ended December 31
|
|
2013
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
Increase (Decrease) in Net Assets From Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
5,987,690
|
|
$
|
6,159,664
|
|
$
|
942,030
|
|
$
|
941,346
|
|
$
|
820,555
|
|
$
|
863,360
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments and swap agreements
|
|
|
(1,827,240
|
)
|
|
(89,300
|
)
|
|
(300,091
|
)
|
|
56,133
|
|
|
(297,641
|
)
|
|
146,344
|
|
|
|
|
|
|
|
Net unrealized appreciation (depreciation) of investments
|
|
|
(10,706,164
|
)
|
|
4,561,397
|
|
|
(1,825,082
|
)
|
|
695,945
|
|
|
(1,451,172
|
)
|
|
462,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from operations
|
|
|
(6,545,714
|
)
|
|
10,631,761
|
|
|
(1,183,143
|
)
|
|
1,693,424
|
|
|
(928,258
|
)
|
|
1,471,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income – Class A
|
|
|
(5,832,384
|
)
|
|
(6,278,795
|
)
|
|
(926,442
|
)
|
|
(955,258
|
)
|
|
(799,611
|
)
|
|
(862,457
|
)
|
|
|
|
|
|
|
Net investment income – Class B
|
|
|
(41,426
|
)
|
|
(40,412
|
)
|
|
(10,452
|
)
|
|
(13,749
|
)
|
|
(3,988
|
)
|
|
(6,404
|
)
|
|
|
|
|
|
|
Net investment income – Advisor Class
|
|
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
|
|
|
|
|
Net investment income – Institutional Class
|
|
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
|
|
|
|
|
Net realized gains – Class A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,213
|
)
|
|
|
|
|
|
|
Net realized gains – Class B
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(104
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(5,873,856
|
)
|
|
(6,319,207
|
)
|
|
(936,940
|
)
|
|
(969,007
|
)
|
|
(803,645
|
)
|
|
(882,178
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
10,740,572
|
|
|
14,824,233
|
|
|
1,268,460
|
|
|
2,246,326
|
|
|
943,681
|
|
|
1,550,517
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
|
4,278,035
|
|
|
4,499,328
|
|
|
705,087
|
|
|
736,104
|
|
|
636,575
|
|
|
679,499
|
|
|
|
|
|
|
|
Cost of shares redeemed
|
|
|
(21,951,857
|
)
|
|
(11,683,117
|
)
|
|
(3,574,143
|
)
|
|
(1,984,562
|
)
|
|
(2,485,559
|
)
|
|
(1,836,415
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,933,250
|
)
|
|
7,640,444
|
|
|
(1,600,596
|
)
|
|
997,868
|
|
|
(905,303
|
)
|
|
393,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
103,258
|
|
|
745,074
|
|
|
—
|
|
|
76,216
|
|
|
11,200
|
|
|
1,200
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
|
37,859
|
|
|
37,397
|
|
|
7,816
|
|
|
9,079
|
|
|
3,621
|
|
|
5,928
|
|
|
|
|
|
|
|
Cost of shares redeemed
|
|
|
(337,487
|
)
|
|
(298,608
|
)
|
|
(116,977
|
)
|
|
(193,806
|
)
|
|
(109,944
|
)
|
|
(68,188
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(196,370
|
)
|
|
483,863
|
|
|
(109,161
|
)
|
|
(108,511
|
)
|
|
(95,123
|
)
|
|
(61,060
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisor Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
|
|
|
|
|
Reinvestment of dividends
|
|
|
23
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
|
|
|
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,023
|
|
|
—
|
|
|
1,023
|
|
|
—
|
|
|
1,023
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
|
|
|
|
|
Reinvestment of dividends
|
|
|
23
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
|
|
|
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,023
|
|
|
—
|
|
|
1,023
|
|
|
—
|
|
|
1,023
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from trust share transactions
|
|
|
(7,127,574
|
)
|
|
8,124,307
|
|
|
(1,707,711
|
)
|
|
889,357
|
|
|
(998,380
|
)
|
|
332,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
|
(19,547,144
|
)
|
|
12,436,861
|
|
|
(3,827,794
|
)
|
|
1,613,774
|
|
|
(2,730,283
|
)
|
|
922,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
173,085,262
|
|
|
160,648,401
|
|
|
27,462,165
|
|
|
25,848,391
|
|
|
24,321,696
|
|
|
23,399,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year †
|
|
$
|
153,538,118
|
|
$
|
173,085,262
|
|
$
|
23,634,371
|
|
$
|
27,462,165
|
|
$
|
21,591,413
|
|
$
|
24,321,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
†Includes undistributed net investment income of
|
|
$
|
118,878
|
|
$
|
5,044
|
|
$
|
11,873
|
|
$
|
6,783
|
|
$
|
17,761
|
|
$
|
232
|
|
|
|
|
|
|
|
Statements of Changes in Net Assets
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
NEW YORK
|
|
NORTH CAROLINA
|
|
OHIO
|
|
|
|
|
|
|
|
Year Ended December 31
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
Trust Shares Issued and Redeemed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
731,951
|
|
|
975,131
|
|
|
91,175
|
|
|
155,685
|
|
|
75,109
|
|
|
119,382
|
|
|
|
|
|
|
|
Issued for distributions reinvested
|
|
|
293,068
|
|
|
295,684
|
|
|
51,178
|
|
|
51,204
|
|
|
50,952
|
|
|
52,214
|
|
|
|
|
|
|
|
Redeemed
|
|
|
(1,513,902
|
)
|
|
(768,477
|
)
|
|
(262,975
|
)
|
|
(138,171
|
)
|
|
(199,208
|
)
|
|
(141,304
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in Class A trust shares outstanding
|
|
|
(488,883
|
)
|
|
502,338
|
|
|
(120,622
|
)
|
|
68,718
|
|
|
(73,147
|
)
|
|
30,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
7,121
|
|
|
49,132
|
|
|
—
|
|
|
5,359
|
|
|
859
|
|
|
92
|
|
|
|
|
|
|
|
Issued for distributions reinvested
|
|
|
2,590
|
|
|
2,458
|
|
|
565
|
|
|
631
|
|
|
287
|
|
|
456
|
|
|
|
|
|
|
|
Redeemed
|
|
|
(22,804
|
)
|
|
(19,719
|
)
|
|
(8,634
|
)
|
|
(13,539
|
)
|
|
(8,818
|
)
|
|
(5,260
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in Class B trust shares outstanding
|
|
|
(13,093
|
)
|
|
31,871
|
|
|
(8,069
|
)
|
|
(7,549
|
)
|
|
(7,672
|
)
|
|
(4,712
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisor Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
65
|
|
|
—
|
|
|
69
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
|
|
|
|
|
Issued for dividends reinvested
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
|
|
|
|
|
Redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in Advisor Class trust shares outstanding
|
|
|
67
|
|
|
—
|
|
|
71
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
65
|
|
|
—
|
|
|
69
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
|
|
|
|
|
Issued for dividends reinvested
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
|
|
|
|
|
Redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in Institutional Class trust shares outstanding
|
|
|
67
|
|
|
—
|
|
|
71
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
112
|
See notes to financial statements
|
113
|
Statements of Changes in Net Assets
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
OREGON
|
|
PENNSYLVANIA
|
|
VIRGINIA
|
|
|
|
|
|
|
|
Year Ended December 31
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
Increase (Decrease) in Net Assets From Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
1,712,973
|
|
$
|
1,650,962
|
|
$
|
1,444,774
|
|
$
|
1,456,198
|
|
$
|
1,342,615
|
|
$
|
1,315,222
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments and swap agreements
|
|
|
(1,393,640
|
)
|
|
86,075
|
|
|
(183,911
|
)
|
|
56,568
|
|
|
(694,462
|
)
|
|
(25,058
|
)
|
|
|
|
|
|
|
Net unrealized appreciation (depreciation) of investments
|
|
|
(3,153,958
|
)
|
|
1,447,064
|
|
|
(2,786,241
|
)
|
|
1,369,107
|
|
|
(2,492,375
|
)
|
|
957,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from operations
|
|
|
(2,834,625
|
)
|
|
3,184,101
|
|
|
(1,525,378
|
)
|
|
2,881,873
|
|
|
(1,844,222
|
)
|
|
2,247,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income – Class A
|
|
|
(1,683,159
|
)
|
|
(1,629,688
|
)
|
|
(1,411,634
|
)
|
|
(1,510,371
|
)
|
|
(1,335,336
|
)
|
|
(1,335,195
|
)
|
|
|
|
|
|
|
Net investment income – Class B
|
|
|
(12,718
|
)
|
|
(14,709
|
)
|
|
(11,453
|
)
|
|
(16,101
|
)
|
|
(5,405
|
)
|
|
(10,392
|
)
|
|
|
|
|
|
|
Net investment income – Advisor Class
|
|
|
(21
|
)
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
|
|
|
|
|
Net investment income – Institutional Class
|
|
|
(21
|
)
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
|
|
|
|
|
Net realized gains – Class A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44,778
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Net realized gains – Class B
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(488
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(1,695,919
|
)
|
|
(1,644,397
|
)
|
|
(1,423,135
|
)
|
|
(1,571,738
|
)
|
|
(1,340,783
|
)
|
|
(1,345,587
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
5,595,178
|
|
|
8,738,158
|
|
|
2,181,071
|
|
|
4,036,975
|
|
|
6,034,187
|
|
|
5,651,397
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
|
1,363,789
|
|
|
1,312,469
|
|
|
852,061
|
|
|
930,168
|
|
|
887,378
|
|
|
909,624
|
|
|
|
|
|
|
|
Cost of shares redeemed
|
|
|
(8,632,925
|
)
|
|
(4,644,846
|
)
|
|
(5,267,603
|
)
|
|
(3,652,053
|
)
|
|
(5,284,001
|
)
|
|
(2,531,054
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,673,958
|
)
|
|
5,405,781
|
|
|
(2,234,471
|
)
|
|
1,315,090
|
|
|
1,637,564
|
|
|
4,029,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
6,409
|
|
|
2,972
|
|
|
15,595
|
|
|
74,609
|
|
|
2,400
|
|
|
5,695
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
|
12,390
|
|
|
13,833
|
|
|
9,287
|
|
|
14,235
|
|
|
4,703
|
|
|
7,492
|
|
|
|
|
|
|
|
Cost of shares redeemed
|
|
|
(91,034
|
)
|
|
(106,032
|
)
|
|
(138,560
|
)
|
|
(248,486
|
)
|
|
(125,737
|
)
|
|
(152,266
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(72,235
|
)
|
|
(89,227
|
)
|
|
(113,678
|
)
|
|
(159,642
|
)
|
|
(118,634
|
)
|
|
(139,079
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisor Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
|
|
|
|
|
Reinvestment of dividends
|
|
|
21
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
|
|
|
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,021
|
|
|
—
|
|
|
1,024
|
|
|
—
|
|
|
1,021
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
|
|
|
|
|
Reinvestment of dividends
|
|
|
21
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
|
|
|
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,021
|
|
|
—
|
|
|
1,024
|
|
|
—
|
|
|
1,021
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from trust share transactions
|
|
|
(1,744,151
|
)
|
|
5,316,554
|
|
|
(2,346,101
|
)
|
|
1,155,448
|
|
|
1,520,972
|
|
|
3,890,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
|
(6,274,695
|
)
|
|
6,856,258
|
|
|
(5,294,614
|
)
|
|
2,465,583
|
|
|
(1,664,033
|
)
|
|
4,793,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
54,442,016
|
|
|
47,585,758
|
|
|
40,647,420
|
|
|
38,181,837
|
|
|
41,456,890
|
|
|
36,663,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year †
|
|
$
|
48,167,321
|
|
$
|
54,442,016
|
|
$
|
35,352,806
|
|
$
|
40,647,420
|
|
$
|
39,792,857
|
|
$
|
41,456,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
†Includes undistributed net investment income of
|
|
$
|
30,760
|
|
$
|
13,706
|
|
$
|
24,854
|
|
$
|
3,215
|
|
$
|
17,816
|
|
$
|
15,984
|
|
|
|
|
|
|
|
Statements of Changes in Net Assets
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
OREGON
|
|
PENNSYLVANIA
|
|
VIRGINIA
|
|
|
|
|
|
|
|
Year Ended December 31
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
Trust Shares Issued and Redeemed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
407,430
|
|
|
613,716
|
|
|
163,922
|
|
|
294,570
|
|
|
457,618
|
|
|
413,792
|
|
|
|
|
|
|
|
Issued for distributions reinvested
|
|
|
100,218
|
|
|
91,918
|
|
|
64,463
|
|
|
67,772
|
|
|
67,370
|
|
|
66,409
|
|
|
|
|
|
|
|
Redeemed
|
|
|
(642,539
|
)
|
|
(325,472
|
)
|
|
(403,046
|
)
|
|
(266,494
|
)
|
|
(402,525
|
)
|
|
(185,045
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in Class A trust shares outstanding
|
|
|
(134,891
|
)
|
|
380,162
|
|
|
(174,661
|
)
|
|
95,848
|
|
|
122,463
|
|
|
295,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
480
|
|
|
207
|
|
|
1,177
|
|
|
5,464
|
|
|
182
|
|
|
417
|
|
|
|
|
|
|
|
Issued for distributions reinvested
|
|
|
912
|
|
|
971
|
|
|
702
|
|
|
1,039
|
|
|
357
|
|
|
549
|
|
|
|
|
|
|
|
Redeemed
|
|
|
(6,553
|
)
|
|
(7,505
|
)
|
|
(10,547
|
)
|
|
(18,256
|
)
|
|
(9,472
|
)
|
|
(11,099
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in Class B trust shares outstanding
|
|
|
(5,161
|
)
|
|
(6,327
|
)
|
|
(8,668
|
)
|
|
(11,753
|
)
|
|
(8,933
|
)
|
|
(10,133
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisor Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
70
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
|
|
|
|
|
Issued for dividends reinvested
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
|
|
|
|
|
Redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in Advisor Class trust shares outstanding
|
|
|
71
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold
|
|
|
70
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
|
|
|
|
|
Issued for dividends reinvested
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
|
|
|
|
|
Redeemed
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in Institutional Class trust shares outstanding
|
|
|
71
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
116
|
See notes to financial statements
|
117
|
Notes to Financial Statements
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
1. Significant Accounting Policies
—First Investors Tax Exempt Funds, a Delaware statutory trust (“the Trust”), is registered under the Investment Company Act of 1940 (“the 1940 Act”) as a diversified, open-end management investment company. The Trust operates as a series fund, issuing shares of beneficial interest in the Tax Exempt Income Fund, Tax Exempt Opportunities Fund and the Single State Tax Exempt Funds, comprising the California, Connecticut, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania and Virginia Funds (each a “Fund”, collectively, the “Funds”). The Trust’s Board of Trustees (“the Board”) has approved changes recommended by management to the policies of certain Funds. Specifically, effective May 26, 2009, for the Connecticut, Massachusetts, Michigan, Minnesota, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania and Virginia Funds and effective February 1, 2010, for Tax Exempt Income Fund, Tax Exempt Opportunities Fund, California and New York Funds, the policy of investing in insured securities was eliminated and the name of each Fund was changed to remove the word “Insured”. Prior to September 4, 2012, Tax Exempt Income Fund was known as Tax Exempt Fund and Tax Exempt Opportunities Fund was known as Tax Exempt Fund II. Each Fund accounts separately for its assets, liabilities and operations. The investment objective of each Fund is as follows:
Tax Exempt Income Fund
seeks a high level of interest income that is exempt from federal income tax and is not a tax preference item for purposes of the federal alternative minimum tax (“AMT”).
Tax Exempt Opportunities Fund
seeks a high level of interest income that is exempt from federal income tax and is not a tax preference item for purposes of the AMT and, secondarily, total return.
Single State Tax Exempt Funds
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 municipal securities in which the 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 Board. The pricing service considers security type, rating, market condition and yield data, as well as market quotations and prices provided by market makers. If prices are not available or determined to be unreliable, the securities are valued at fair value as determined in good faith pursuant to procedures adopted by the Board.
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, the Funds may 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.
In accordance with Accounting Standards Codification 820 “Fair Value Measurements and Disclosures” (“ASC 820”), investments held by the Funds are carried at “fair value”. As defined by ASC 820, fair value is the price that a fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs are used in determining the value of the Funds’ investments.
In addition to defining fair value, ASC 820 established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
Level 1 — Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.
Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
Municipal bonds are categorized in Level 2 to the extent that the inputs are observable and timely, otherwise they would be categorized as Level 3. Short-term tax exempt investments are categorized in Level 2.
The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary, by category of Level, of inputs used to value the Funds’ investments as of December 31, 2013:
Notes to Financial Statements
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Investments in Municipal Bonds*
|
|
|
|
|
|
|
Tax Exempt Income
|
|
—
|
|
$632,369,413
|
|
—
|
Tax Exempt Opportunities
|
|
—
|
|
258,416,677
|
|
—
|
California
|
|
—
|
|
45,895,724
|
|
—
|
Connecticut
|
|
—
|
|
32,544,730
|
|
—
|
Massachusetts
|
|
—
|
|
22,183,567
|
|
—
|
Michigan
|
|
—
|
|
19,871,159
|
|
—
|
Minnesota
|
|
—
|
|
20,522,453
|
|
—
|
New Jersey
|
|
—
|
|
48,086,603
|
|
—
|
New York
|
|
—
|
|
151,101,315
|
|
—
|
North Carolina
|
|
—
|
|
23,608,675
|
|
—
|
Ohio
|
|
—
|
|
21,013,504
|
|
—
|
Oregon
|
|
—
|
|
46,932,318
|
|
—
|
Pennsylvania
|
|
—
|
|
35,062,298
|
|
—
|
Virginia
|
|
—
|
|
38,724,525
|
|
—
|
*The Portfolio of Investments provides information on the industry categorization for the portfolio.
There were no transfers into or from Level 1 or Level 2 by the Funds during the year ended December 31, 2013. Transfers, if any, between Levels are recognized at the end of the reporting period.
B. Federal Income Taxes—No provision has been made for federal income taxes on net income or capital gains since it is the policy of each Fund to continue to comply with the special provisions of the Internal Revenue Code applicable to investment companies, and to make sufficient distributions of income and capital gains (in excess of any available capital loss carryovers) to relieve it from all, or substantially all, such taxes. At December 31, 2013, capital loss carryovers were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Capital Loss
|
|
Not Subject
|
|
|
|
|
Carryovers Expire
|
|
to Expiration
|
Fund
|
|
Total
|
|
2015
|
|
2017
|
|
Short-Term
|
|
Long-Term
|
Tax Exempt Income
|
|
$8,311,602
|
$
|
—
|
$
|
—
|
|
$7,419,423
|
|
$892,179
|
Tax Exempt Opportunities
|
|
6,504,141
|
|
—
|
|
—
|
|
6,504,141
|
|
—
|
California
|
|
1,287,923
|
|
—
|
|
—
|
|
1,014,340
|
|
273,583
|
Connecticut
|
|
348,743
|
|
—
|
|
—
|
|
154,484
|
|
194,259
|
Massachusetts
|
|
457,411
|
|
—
|
|
—
|
|
388,022
|
|
69,389
|
Michigan
|
|
24,187
|
|
—
|
|
—
|
|
—
|
|
24,187
|
Minnesota
|
|
300,784
|
|
24,765
|
|
—
|
|
260,544
|
|
15,475
|
New Jersey
|
|
287,854
|
|
—
|
|
—
|
|
213,959
|
|
73,895
|
New York
|
|
3,172,219
|
|
—
|
|
634,149
|
|
1,917,762
|
|
620,308
|
North Carolina
|
|
210,719
|
|
—
|
|
—
|
|
172,109
|
|
38,610
|
Ohio
|
|
262,402
|
|
—
|
|
—
|
|
221,733
|
|
40,669
|
Oregon
|
|
1,320,037
|
|
—
|
|
—
|
|
654,116
|
|
665,921
|
Pennsylvania
|
|
156,793
|
|
—
|
|
—
|
|
35,746
|
|
121,047
|
Virginia
|
|
973,653
|
|
—
|
|
289,554
|
|
453,189
|
|
230,910
|
As a result of the passage of the Regulated Investment Company Modernization Act of 2010 (“Modernization Act of 2010”), losses incurred in this fiscal year and beyond retain their character as short-term or long-term, have no expiration date and are utilized prior to capital loss carryovers occurring prior to the enactment of the Modernization Act of 2010.
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2010–2012, or expected to be taken in the Funds’ 2013 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, New York State and New York City; however, the Funds are not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
C. Distributions to Shareholders—Dividends from net investment income of the 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, post-October losses and net operating losses.
Notes to Financial Statements
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
D. Expense Allocation/Class Allocation—Expenses directly charged or attributable to a Fund or Class are paid from the assets of that Fund or Class, respectively. General expenses of the Trust are allocated among and charged to the assets of each Fund in the Trust 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. Other—Security transactions are generally accounted for on the first business day following the date the securities are purchased or sold, except for financial reporting purposes, which is trade date. Investments in securities issued on a when-issued or delayed delivery basis are generally reflected in the assets of the Funds on the first business day following the date the securities are purchased and the Funds segregate assets for these transactions. Cost is determined, and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Interest income is earned from settlement date and recorded on the accrual basis. Bond premiums and discounts on securities are accreted or amortized using the interest method. Interest income on zero coupon bonds is accrued daily at the effective interest rate. Estimated expenses are accrued daily. The Bank of New York Mellon, custodian of the Funds, may provide credits against custodian charges based on uninvested cash balances of the Funds. For the year ended December 31, 2013, the Funds did not receive any credits.
F. Derivatives—The Funds may invest in derivatives such as futures contracts, options on futures contracts (“options”), inverse floating rate securities (“inverse floaters”), interest rate swap agreements (“swap agreements”) and Municipal Market Data rate locks (“MMD Rate Locks”) to increase income, hedge against changes in interest rates or enhance potential return.
The Funds may enter into interest rate futures contracts on U.S. Treasury obligations and options thereon that are traded on a U.S. exchange. An interest rate futures contract provides for the future sale by one party and the purchase by another party of a specified amount of a particular financial instrument (debt security) at a specified price, date, time and place. Such investments may be used for the purpose of hedging against changes in the value of a Fund’s portfolio securities due to anticipated changes in interest rates and market conditions. A public market exists for interest rate futures contracts covering a number of debt securities, including long-term U.S. Treasury Bonds, 10-year U.S. Treasury Notes and three-month U.S. Treasury Bills. No price is paid upon entering into futures contracts. Instead, upon entering into a futures contract, the Funds are required to deposit with their custodian in a segregated
account in the name of the futures broker through which the transaction is effected an amount of cash or U.S. Government securities generally equal to 3–5% or less of the contract value. This amount is known as “initial margin.”
An option on an interest rate futures contract generally gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract at a specified exercise price at any time prior to the expiration date of the option. The Funds may purchase put and call options on interest rate futures contracts on U.S. Treasury obligations which are traded on a U.S. exchange as a hedge against changes in interest rates, and may enter into closing transactions with respect to such options to terminate existing positions. There is no guarantee such closing transactions can be effected. When writing a call or put option on a futures contract, margin also must be deposited in accordance with applicable exchange rules. Initial margin on futures contracts is in the nature of a performance bond or good-faith deposit that is returned to a Fund upon termination of the transaction, assuming all obligations have been satisfied. Under certain circumstances, such as periods of high volatility, a Fund may be required by an exchange to increase the level of its initial margin payment. Subsequent payments, called “variation margin,” to and from the broker, are made on a daily basis as the value of the futures position varies, a process known as “marking to market.” Variation margin does not involve borrowing to finance the futures transactions, but rather represents a daily settlement of a Fund’s obligation to or from a clearing organization. A Fund is also obligated to make initial and variation margin payments when it writes options on futures contracts.
To the extent that a Fund participates in the futures or options markets, it will incur investment risks and transaction costs to which it would not be subject absent the use of these strategies. The use of these strategies involves certain special risks, including: (1) dependence on the ability of the Funds’ adviser, First Investors Management Company, Inc. (“FIMCO”) to predict correctly movements in the direction of interest rates and securities prices; (2) imperfect correlation between the price of futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (3) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (4) the leverage (if any) that is created by investing in the option or futures contract; and (5) the possible absence of a liquid secondary market for any particular instrument at any time. If FIMCO’s prediction of movements in the direction of the securities and interest rate markets is inaccurate, the adverse consequences to that Fund may leave it in a worse position than if such strategies were not used. At December 31, 2013, the Funds had no outstanding investments in futures contracts or options.
Notes to Financial Statements
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
Inverse floaters are securities on which the rate of interest varies inversely with interest rates on other securities or the value of an index. For example, an inverse floater may pay interest at a rate that increases as a specified interest rate index decreases but decreases as that index increases. The secondary market for inverse floaters may be limited and they may be illiquid. The market values of such securities generally are more volatile than the market values of ordinary fixed rate obligations. The interest rates on inverse floaters may be significantly reduced, even to zero, if interest rates rise.
The Funds may enter into transactions in which they transfer fixed rate bonds to trusts in exchange for cash and residual interests in the trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The inverse floating rate securities issued in connection with the trusts give the Funds the right (1) to cause the holders of the floating rate notes to be tendered at par and (2) to transfer the fixed rate bond from the trusts to the Funds, thereby collapsing the trusts. The Funds account for these transactions as secured borrowings, with the fixed rate bonds remaining in the Funds’ investment assets, and the related floating rate notes reflected as Fund liabilities under the caption “floating rate notes issued” in the Statements of Assets and Liabilities. The notes issued by the trusts have interest rates that generally reset weekly, and the floating rate note holders have the option to tender their notes to the trusts for redemption at par at each reset date. Expenses of the trusts, including interest paid to holders of the floating rate notes, are included in the Statements of Operations. For the year ended December 31, 2013, the Funds had no investments in inverse floaters that were acquired through exchanges with trusts.
Interest rate swap transactions are agreements between two parties to exchange interest payments on a designated amount of two different securities for a designated period of time. For example, two parties may agree to exchange interest payments on variable and fixed rate instruments. The Funds may enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its bond portfolio. Swap agreements are marked-to-market daily based on valuations provided by a pricing service and changes in value, if any, are recorded as unrealized appreciation or depreciation in the Statements of Operations. Gains or losses are realized upon early termination of the swap agreements. Risks may exceed the amounts shown in the Statements of Assets and Liabilities. These risks include failure of the counterparty to perform under the contract’s terms and the possible lack of liquidity with respect to the swap agreements. For the year ended December 31, 2013, the Funds had no investments in swap agreements.
An MMD Rate Lock permits a Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase
in the price of securities to be purchased at a later date. MMD Rate Locks may be used for hedging purposes. There is no payment made or received at inception of the MMD Rate Lock. The net amount of the excess, if any, of a Fund’s obligations over its entitlements with respect to an MMD Rate Lock will be accrued on a daily basis and an amount of liquid assets that have an aggregate net asset value at least equal to the accrued excess will be maintained in a separate account by the Fund. In entering into MMD Rate Locks, there is a risk that municipal yields will move in the direction opposite the direction anticipated by a Fund. The use of MMD Rate Locks is a highly specialized activity that involves investment techniques and risks different than those associated with ordinary portfolio securities transactions. If the other party to an MMD Rate Lock defaults, a Fund’s risk of loss consists of the amount of payments that the Fund contractually is entitled to receive. For the year ended December 31, 2013, the Funds had no investments in MMD Rate Locks.
For the year ended December 31, 2013, the effect of derivative instruments in the Statements of Operations is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
Gain on
|
Fund
|
|
|
|
Futures Contracts
|
Tax Exempt Opportunities
|
|
|
|
|
|
|
$5,510
|
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
— The Trust is authorized to issue an unlimited number of shares of beneficial interest without par value. The Trust consists of the Funds listed on the cover page, each of which is a separate and distinct series of the Trust. Each Fund has designated four classes of shares, Class A, Class B, Advisor Class and Institutional Class shares (each, a “Class”). Institutional Class and Advisor Class shares are new classes that have been added to the Trust and were available for sale to the public in May 2013 and October 2013, respectively. Not all classes of shares of each Fund may be available in all jurisdictions. Each share of each Class has an equal beneficial interest in the assets, has identical voting, dividend, liquidation and other rights and is subject to the same terms and conditions. Expenses allocated to a Class may be borne solely by that Class as determined by the Trustees and a Class may have exclusive voting rights with respect to matters affecting only that Class. The shares sold by the Funds have a public offering price that reflects different sales charges and expense levels.
Notes to Financial Statements
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
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. There are no sales charges or distribution plan fees associated with the purchase of Advisor Class and Institutional Class shares. 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.
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. Since each Single State Tax Exempt Fund generally invests in the municipal securities of a particular state, each of these Funds is vulnerable to events in that particular state that could reduce the value of municipal securities issued within the state, including erosion of taxes or other revenues supporting debt obligations, failure of the revenue generated to meet levels sufficient to satisfy debt obligations, state budget deficits and other related financial difficulties.
4. Security Transactions
—For the year ended December 31, 2013, purchases and sales of municipal securities, other than short-term municipal notes, were as follows:
|
|
|
|
|
|
|
Cost of
|
|
Proceeds
|
Fund
|
|
Purchases
|
|
of Sales
|
Tax Exempt Income
|
|
$ 79,664,238
|
|
$107,268,305
|
Tax Exempt Opportunities
|
|
238,121,394
|
|
249,576,631
|
California
|
|
29,023,123
|
|
26,446,815
|
Connecticut
|
|
8,034,369
|
|
9,000,811
|
Massachusetts
|
|
12,459,853
|
|
12,926,440
|
Michigan
|
|
3,600,783
|
|
4,558,823
|
Minnesota
|
|
5,515,395
|
|
7,763,601
|
New Jersey
|
|
15,530,987
|
|
19,807,648
|
New York
|
|
72,526,471
|
|
78,902,866
|
North Carolina
|
|
6,171,494
|
|
7,565,200
|
Ohio
|
|
15,511,689
|
|
16,745,706
|
Oregon
|
|
22,247,378
|
|
24,064,835
|
Pennsylvania
|
|
15,720,756
|
|
17,653,236
|
Virginia
|
|
16,538,139
|
|
15,276,441
|
At December 31, 2013, aggregate cost and net unrealized appreciation of securities for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
Net
|
|
|
Aggregate
|
|
Unrealized
|
|
Unrealized
|
|
Unrealized
|
Fund
|
|
Cost
|
|
Appreciation
|
|
Depreciation
|
|
Appreciation
|
Tax Exempt Income
|
|
$584,067,115
|
|
$51,167,889
|
|
$2,865,591
|
|
$48,302,298
|
Tax Exempt Opportunities
|
|
248,089,186
|
|
11,991,742
|
|
1,664,251
|
|
10,327,491
|
California
|
|
43,200,425
|
|
2,754,803
|
|
59,504
|
|
2,695,299
|
Connecticut
|
|
31,219,159
|
|
1,577,889
|
|
252,318
|
|
1,325,571
|
Massachusetts
|
|
20,981,549
|
|
1,202,018
|
|
—
|
|
1,202,018
|
Michigan
|
|
19,129,430
|
|
1,020,452
|
|
278,723
|
|
741,729
|
Minnesota
|
|
19,142,115
|
|
1,380,338
|
|
—
|
|
1,380,338
|
New Jersey
|
|
45,298,500
|
|
3,201,884
|
|
413,781
|
|
2,788,103
|
New York
|
|
141,873,910
|
|
10,551,385
|
|
1,323,980
|
|
9,227,405
|
North Carolina
|
|
22,265,844
|
|
1,559,121
|
|
216,290
|
|
1,342,831
|
Ohio
|
|
20,163,022
|
|
1,088,133
|
|
237,651
|
|
850,482
|
Oregon
|
|
44,434,569
|
|
2,805,739
|
|
307,990
|
|
2,497,749
|
Pennsylvania
|
|
33,030,361
|
|
2,248,227
|
|
216,290
|
|
2,031,937
|
Virginia
|
|
37,367,671
|
|
1,872,502
|
|
515,648
|
|
1,356,854
|
5. Advisory Fee and Other Transactions With Affiliates
—Certain officers of the Trust are officers of the Trust’s investment adviser, First Investors Management Company, Inc. (“FIMCO”), its underwriter, First Investors Corporation (“FIC”) and/or its transfer agent, Administrative Data Management Corp. (“ADM”). Trustees of the Trust who are not officers or directors of FIMCO or its affiliates are remunerated by the Funds. For the year ended December 31, 2013, total trustees fees accrued by the Funds amounted to $78,216.
The Investment Advisory Agreements provide as compensation to FIMCO for each Fund, an annual fee, payable monthly, at the rate of .60% on the first $500 million of the average daily net assets of each Fund, declining by .02% on each $500 million thereafter, down to .54% on average daily net assets over $1.5 billion. For the year ended December 31, 2013, FIMCO has voluntarily waived advisory fees in excess of .55% for the Tax Exempt Income and Tax Exempt Opportunities Funds. For the periods January 1, 2013 through May 31, 2013 and June 1, 2013 through December 31, 2013, FIMCO has voluntarily waived advisory fees in excess of .55% and .53%, respectively, for each of the Single State Tax Exempt Funds. For the year ended December 31, 2013, advisory fees accrued by the Funds to FIMCO were $9,109,037 of which $787,097 was waived as noted above.
Notes to Financial Statements
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
For the year ended December 31, 2013, FIC, as underwriter, received $2,965,307 in commissions from the sale of shares of the Funds after allowing $231,631 to other dealers.
ADM has entered into an agreement with the Funds to limit the transfer agency expenses for Advisor Class and Institutional Class shares to the extent that transfer agency expenses exceed .20% and .05%, respectively, of the Advisor Class and Institutional Class shares average daily net assets. The agreement expires on May 1, 2014. ADM can be reimbursed by each Class within three years after the date the expense limitation has been made by ADM, provided that such repayment does not cause the transfer agency expenses of Advisor Class and Institutional Class shares to exceed the foregoing limits. The expense limitation may be terminated or amended prior to May 1, 2014, only with the approval of the Board. For the year ended December 31, 2013, shareholder servicing costs included $811,188 in transfer agent fees accrued to ADM by all classes of which $579 was waived as noted above.
Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act, each Fund is authorized to pay FIC a fee up to .30% of the average daily net assets of the Class A shares and up to 1% of the average daily net assets of the Class B shares, on an 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 year ended December 31, 2013, total distribution plan fees accrued to FIC by the Funds amounted to $4,645,240.
6. Tax Components of Capital and Distributions to Shareholders
—The tax character of distributions declared for the years ended December 31, 2013 and December 31, 2012 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2013
|
|
Year Ended December 31, 2012
|
|
|
Distributions Declared from
|
|
|
|
Distributions Declared from
|
|
|
|
|
|
|
|
|
Long-Term
|
|
|
|
|
|
|
|
Long-Term
|
|
|
|
|
Tax-Exempt
|
|
Ordinary
|
|
Capital
|
|
|
|
Tax-Exempt
|
|
Ordinary
|
|
Capital
|
|
|
Fund
|
|
Income
|
|
Income
|
|
Gain
|
|
Total
|
|
Income
|
|
Income
|
|
Gain
|
|
Total
|
|
Tax Exempt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
$26,854,132
|
|
$56,014
|
|
$ —
|
|
$26,910,146
|
|
$28,998,821
|
|
$ 32,893
|
|
$ —
|
|
$29,031,714
|
Tax Exempt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opportunities
|
|
8,823,759
|
|
12,711
|
|
—
|
|
8,836,470
|
|
8,388,021
|
|
396,550
|
|
560,361
|
|
9,344,932
|
California
|
|
1,579,361
|
|
955
|
|
—
|
|
1,580,316
|
|
1,453,914
|
|
915
|
|
—
|
|
1,454,829
|
Connecticut
|
|
1,193,897
|
|
818
|
|
—
|
|
1,194,715
|
|
1,208,128
|
|
11,091
|
|
227,067
|
|
1,446,286
|
Massachusetts
|
|
836,793
|
|
352
|
|
—
|
|
837,145
|
|
871,595
|
|
191
|
|
138,460
|
|
1,010,246
|
Michigan
|
|
796,579
|
|
2,055
|
|
3,546
|
|
802,180
|
|
819,801
|
|
1,363
|
|
61,076
|
|
882,240
|
Minnesota
|
|
777,223
|
|
113
|
|
—
|
|
777,336
|
|
832,349
|
|
96
|
|
—
|
|
832,445
|
New Jersey
|
|
1,996,432
|
|
530
|
|
—
|
|
1,996,962
|
|
2,126,789
|
|
24,084
|
|
83,711
|
|
2,234,584
|
New York
|
|
5,861,393
|
|
12,463
|
|
—
|
|
5,873,856
|
|
6,312,965
|
|
6,242
|
|
—
|
|
6,319,207
|
North Carolina
|
|
936,462
|
|
478
|
|
—
|
|
936,940
|
|
968,518
|
|
489
|
|
—
|
|
969,007
|
Ohio
|
|
801,975
|
|
1,670
|
|
—
|
|
803,645
|
|
867,688
|
|
14,490
|
|
—
|
|
882,178
|
Oregon
|
|
1,693,502
|
|
2,417
|
|
—
|
|
1,695,919
|
|
1,641,816
|
|
2,581
|
|
—
|
|
1,644,397
|
Pennsylvania
|
|
1,422,035
|
|
1,100
|
|
—
|
|
1,423,135
|
|
1,523,034
|
|
13,541
|
|
35,163
|
|
1,571,738
|
Virginia
|
|
1,333,983
|
|
6,800
|
|
—
|
|
1,340,783
|
|
1,343,705
|
|
1,882
|
|
—
|
|
1,345,587
|
As of December 31, 2013, the components of distributable earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
|
|
Capital
|
|
Other
|
|
|
|
Total
|
|
|
|
Ordinary
|
|
Loss
|
|
Accumulated
|
|
Unrealized
|
|
Distributable
|
|
Fund
|
|
Income
|
|
Carryover
|
|
Losses
|
*
|
Appreciation
|
|
Earnings
|
**
|
Tax Exempt Income
|
|
$684,424
|
|
$(8,311,602)
|
|
$ (749,904)
|
|
$48,302,298
|
|
$39,925,216
|
|
Tax Exempt Opportunities
|
|
547,492
|
|
(6,504,141)
|
|
(1,506,257)
|
|
10,327,491
|
|
2,864,585
|
|
California
|
|
76,739
|
|
(1,287,923)
|
|
(328,585)
|
|
2,695,299
|
|
1,155,530
|
|
Connecticut
|
|
19,960
|
|
(348,743)
|
|
(231,320)
|
|
1,325,571
|
|
765,468
|
|
Massachusetts
|
|
102
|
|
(457,411)
|
|
(265)
|
|
1,202,018
|
|
744,444
|
|
Michigan
|
|
27,105
|
|
(24,187)
|
|
—
|
|
741,729
|
|
744,647
|
|
Minnesota
|
|
2,405
|
|
(300,784)
|
|
—
|
|
1,380,338
|
|
1,081,959
|
|
New Jersey
|
|
204
|
|
(287,854)
|
|
(480,535)
|
|
2,788,103
|
|
2,019,918
|
|
New York
|
|
118,878
|
|
(3,172,219)
|
|
(196,917)
|
|
9,227,405
|
|
5,977,147
|
|
North Carolina
|
|
11,873
|
|
(210,719)
|
|
(137,655)
|
|
1,342,831
|
|
1,006,330
|
|
Ohio
|
|
17,761
|
|
(262,402)
|
|
(35,863)
|
|
850,482
|
|
569,978
|
|
Oregon
|
|
30,760
|
|
(1,320,037)
|
|
(203,087)
|
|
2,497,749
|
|
1,005,385
|
|
Pennsylvania
|
|
24,854
|
|
(156,793)
|
|
(27,118)
|
|
2,031,937
|
|
1,872,880
|
|
Virginia
|
|
17,816
|
|
(973,653)
|
|
(130,503)
|
|
1,356,854
|
|
270,514
|
|
*Other accumulated losses consist of late loss deferrals and post-October loss deferrals, which will be utilized on the first day of the Funds’ next fiscal year.
**Differences between book distributable earnings and tax distributable earnings consist primarily of post-October losses and amortization of bond premium and discounts.
Notes to Financial Statements
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
December 31, 2013
For the year ended December 31, 2013, the following reclassifications were made to reflect permanent differences between book reporting and tax reporting:
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
Undistributed
|
|
Net Realized
|
|
Net Investment
|
|
Losses on
|
Fund
|
Income
|
|
Investments
|
|
Connecticut
|
$
|
8
|
|
$
|
(8)
|
Michigan
|
|
3,546
|
|
|
(3,546)
|
Ohio
|
|
619
|
|
|
(619)
|
7. Subsequent Events
—Subsequent events occurring after December 31, 2013, have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events to report that would have a material impact on the Funds’ financial statements.
|
This page left intentionally blank.
|
Financial Highlights
FIRST INVESTORS TAX EXEMPT FUNDS
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 year ended December 31, except as otherwise indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P E R S H A R E D A T A
|
|
|
|
|
|
|
|
|
|
|
R A T I O S / S U P P L E M E N T A L D A T A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average Net
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
from
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average
|
|
Assets Before Expenses
|
|
|
|
|
|
|
Net Asset
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
|
|
|
|
|
|
|
|
Net Assets
**
|
|
Waived or Assumed
|
|
|
|
|
|
|
Value,
|
|
Net
|
|
and Unrealized
|
|
|
Total from
|
|
|
Net
|
|
Net
|
|
|
|
Value,
|
|
|
|
|
Net Assets
|
|
Net Expenses
|
|
Expenses
|
|
Net
|
|
|
|
Net
|
|
Portfolio
|
|
|
|
|
Beginning
|
|
Investment
|
|
Gain (Loss) on
|
|
|
Investment
|
|
|
Investment
|
|
Realized
|
|
Total
|
|
End of
|
|
Total
|
|
|
End of Year
|
|
After Fee
|
|
Before Fee
|
|
Investment
|
|
|
|
Investment
|
|
Turnover
|
|
|
|
|
of Year
|
|
Income
|
|
Investments
|
|
|
Operations
|
|
|
Income
|
|
Gain
|
|
Distributions
|
|
Year
|
|
Return
|
*
|
|
(in thousands)
|
|
Credits
|
|
Credits
|
(a)
|
Income
|
|
Expenses
|
|
Income
|
|
Rate
|
|
TAX EXEMPT INCOME FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
$
9.28
|
$
.423
|
$
.523
|
|
$
.946
|
|
$
.426
|
$
—
|
$
.426
|
$
9.80
|
|
10.36
|
%
|
$
715,079
|
|
.96
|
%
|
.96
|
%
|
4.40
|
%
|
1.02
|
%
|
4.34
|
%
|
26
|
%
|
2010
|
|
|
9.80
|
|
.424
|
|
(.346
|
)
|
|
.078
|
|
|
.426
|
|
.012
|
|
.438
|
|
9.44
|
|
.71
|
|
|
686,589
|
|
.96
|
|
.96
|
|
4.30
|
|
1.00
|
|
4.26
|
|
18
|
|
2011
|
|
|
9.44
|
|
.421
|
|
.530
|
|
|
.951
|
|
|
.421
|
|
—
|
|
.421
|
|
9.97
|
|
10.32
|
|
|
706,877
|
|
.96
|
|
.96
|
|
4.37
|
|
1.01
|
|
4.32
|
|
15
|
|
2012
|
|
|
9.97
|
|
.408
|
|
.304
|
|
|
.712
|
|
|
.412
|
|
—
|
|
.412
|
|
10.27
|
|
7.23
|
|
|
723,256
|
|
.95
|
|
.96
|
|
3.99
|
|
1.00
|
|
3.94
|
|
10
|
|
2013
|
|
|
10.27
|
|
.398
|
|
(.719
|
)
|
|
(.321
|
)
|
|
.389
|
|
—
|
|
.389
|
|
9.56
|
|
(3.18
|
)
|
|
640,625
|
|
.96
|
|
.96
|
|
4.01
|
|
1.00
|
|
3.97
|
|
12
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
9.27
|
|
.359
|
|
.507
|
|
|
.866
|
|
|
.356
|
|
—
|
|
.356
|
|
9.78
|
|
9.47
|
|
|
6,338
|
|
1.66
|
|
1.66
|
|
3.70
|
|
1.72
|
|
3.64
|
|
26
|
|
2010
|
|
|
9.78
|
|
.364
|
|
(.346
|
)
|
|
.018
|
|
|
.356
|
|
.012
|
|
.368
|
|
9.43
|
|
.11
|
|
|
4,081
|
|
1.66
|
|
1.66
|
|
3.60
|
|
1.70
|
|
3.56
|
|
18
|
|
2011
|
|
|
9.43
|
|
.382
|
|
.490
|
|
|
.872
|
|
|
.352
|
|
—
|
|
.352
|
|
9.95
|
|
9.43
|
|
|
2,157
|
|
1.66
|
|
1.66
|
|
3.67
|
|
1.71
|
|
3.62
|
|
15
|
|
2012
|
|
|
9.95
|
|
.358
|
|
.294
|
|
|
.652
|
|
|
.342
|
|
—
|
|
.342
|
|
10.26
|
|
6.62
|
|
|
1,610
|
|
1.65
|
|
1.66
|
|
3.29
|
|
1.70
|
|
3.24
|
|
10
|
|
2013
|
|
|
10.26
|
|
.327
|
|
(.728
|
)
|
|
(.401
|
)
|
|
.319
|
|
—
|
|
.319
|
|
9.54
|
|
(3.96
|
)
|
|
1,431
|
|
1.70
|
|
1.70
|
|
3.28
|
|
1.74
|
|
3.24
|
|
12
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
10.31
|
|
.241
|
|
(.753
|
)
|
|
(.512
|
)
|
|
.258
|
|
—
|
|
.258
|
|
9.54
|
|
(4.97
|
)
|
|
1
|
|
.81
|
|
.81
|
|
4.16
|
|
.85
|
|
4.12
|
|
12
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
10.31
|
|
.280
|
|
(.762
|
)
|
|
(.482
|
)
|
|
.258
|
|
—
|
|
.258
|
|
9.57
|
|
(4.68
|
)
|
|
1
|
|
.66
|
|
.66
|
|
4.31
|
|
.70
|
|
4.27
|
|
12
|
|
TAX EXEMPT OPPORTUNITIES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
$
14.54
|
$
.597
|
$
1.414
|
|
$
2.011
|
|
$
.591
|
$
—
|
$
.591
|
$
15.96
|
|
14.02
|
%
|
$
174,905
|
|
1.00
|
%
|
1.00
|
%
|
3.89
|
%
|
1.07
|
%
|
3.82
|
%
|
110
|
%
|
2010
|
|
|
15.96
|
|
.604
|
|
(.483
|
)
|
|
.121
|
|
|
.616
|
|
.285
|
|
.901
|
|
15.18
|
|
.67
|
|
|
192,875
|
|
1.01
|
|
1.01
|
|
3.75
|
|
1.06
|
|
3.70
|
|
107
|
|
2011
|
|
|
15.18
|
|
.604
|
|
1.143
|
|
|
1.747
|
|
|
.607
|
|
—
|
|
.607
|
|
16.32
|
|
11.76
|
|
|
221,961
|
|
1.01
|
|
1.01
|
|
3.87
|
|
1.06
|
|
3.82
|
|
91
|
|
2012
|
|
|
16.32
|
|
.541
|
|
.901
|
|
|
1.442
|
|
|
.547
|
|
.055
|
|
.602
|
|
17.16
|
|
8.92
|
|
|
294,784
|
|
1.00
|
|
1.00
|
|
3.17
|
|
1.05
|
|
3.12
|
|
90
|
|
2013
|
|
|
17.16
|
|
.539
|
|
(1.381
|
)
|
|
(.842
|
)
|
|
.508
|
|
—
|
|
.508
|
|
15.81
|
|
(4.97
|
)
|
|
258,898
|
|
1.01
|
|
1.01
|
|
3.27
|
|
1.06
|
|
3.22
|
|
84
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
14.54
|
|
.498
|
|
1.410
|
|
|
1.908
|
|
|
.488
|
|
—
|
|
.488
|
|
15.96
|
|
13.27
|
|
|
8,436
|
|
1.70
|
|
1.70
|
|
3.19
|
|
1.77
|
|
3.12
|
|
110
|
|
2010
|
|
|
15.96
|
|
.511
|
|
(.503
|
)
|
|
.008
|
|
|
.513
|
|
.285
|
|
.798
|
|
15.17
|
|
(.04
|
)
|
|
5,860
|
|
1.71
|
|
1.71
|
|
3.05
|
|
1.76
|
|
3.00
|
|
107
|
|
2011
|
|
|
15.17
|
|
.515
|
|
1.127
|
|
|
1.642
|
|
|
.502
|
|
—
|
|
.502
|
|
16.31
|
|
11.03
|
|
|
4,458
|
|
1.71
|
|
1.71
|
|
3.17
|
|
1.76
|
|
3.12
|
|
91
|
|
2012
|
|
|
16.31
|
|
.428
|
|
.888
|
|
|
1.316
|
|
|
.441
|
|
.055
|
|
.496
|
|
17.13
|
|
8.14
|
|
|
4,220
|
|
1.70
|
|
1.70
|
|
2.47
|
|
1.75
|
|
2.42
|
|
90
|
|
2013
|
|
|
17.13
|
|
.437
|
|
(1.395
|
)
|
|
(.958
|
)
|
|
.402
|
|
—
|
|
.402
|
|
15.77
|
|
(5.65
|
)
|
|
2,891
|
|
1.73
|
|
1.73
|
|
2.53
|
|
1.78
|
|
2.48
|
|
84
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
17.30
|
|
.338
|
|
(1.510
|
)
|
|
(1.172
|
)
|
|
.338
|
|
—
|
|
.338
|
|
15.79
|
|
(6.78
|
)
|
|
1
|
|
.84
|
|
.84
|
|
3.44
|
|
.89
|
|
3.39
|
|
84
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
17.30
|
|
.385
|
|
(1.507
|
)
|
|
(1.122
|
)
|
|
.338
|
|
—
|
|
.338
|
|
15.84
|
|
(6.49
|
)
|
|
1
|
|
.69
|
|
.69
|
|
3.59
|
|
.74
|
|
3.54
|
|
84
|
|
Financial Highlights
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P E R S H A R E D A T A
|
|
|
|
|
|
|
|
|
|
|
R A T I O S / S U P P L E M E N T A L D A T A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average Net
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
from
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average
|
|
Assets Before Expenses
|
|
|
|
|
|
|
Net Asset
|
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
|
|
|
|
|
|
|
Net Assets**
|
|
Waived or Assumed
|
|
|
|
|
|
|
Value,
|
|
Net
|
|
|
and Unrealized
|
|
|
Total from
|
|
|
Net
|
|
Net
|
|
|
|
Value,
|
|
|
|
|
Net Assets
|
|
Net Expenses
|
|
Expenses
|
|
Net
|
|
|
|
Net
|
|
Portfolio
|
|
|
|
|
Beginning
|
|
Investment
|
|
|
Gain (Loss) on
|
|
|
Investment
|
|
|
Investment
|
|
Realized
|
|
Total
|
|
End of
|
|
Total
|
|
|
End of Year
|
|
After Fee
|
|
Before Fee
|
|
Investment
|
|
|
|
Investment
|
|
Turnover
|
|
|
|
|
of Year
|
|
Income
|
|
|
Investments
|
|
|
Operations
|
|
|
Income
|
|
Gain
|
|
Distributions
|
|
Year
|
|
Return
|
*
|
|
(in thousands)
|
|
Credits
|
|
Credits
|
(a)
|
Income
|
|
Expenses
|
|
Income
|
|
Rate
|
|
SINGLE STATE TAX EXEMPT FUNDS
|
|
CALIFORNIA FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
$
11.09
|
$
.475
|
|
$
1.015
|
|
$
1.490
|
|
$
.480
|
$
—
|
$
.480
|
$
12.10
|
|
13.62
|
%
|
$
29,206
|
|
1.01
|
%
|
1.01
|
%
|
4.04
|
%
|
1.08
|
%
|
3.97
|
%
|
60
|
%
|
2010
|
|
|
12.10
|
|
.479
|
|
|
(.408
|
)
|
|
.071
|
|
|
.480
|
|
.021
|
|
.501
|
|
11.67
|
|
.50
|
|
|
31,423
|
|
1.03
|
|
1.03
|
|
3.94
|
|
1.08
|
|
3.89
|
|
42
|
|
2011
|
|
|
11.67
|
|
.476
|
|
|
.704
|
|
|
1.180
|
|
|
.480
|
|
—
|
|
.480
|
|
12.37
|
|
10.35
|
|
|
35,628
|
|
1.04
|
|
1.04
|
|
4.00
|
|
1.09
|
|
3.95
|
|
20
|
|
2012
|
|
|
12.37
|
|
.449
|
|
|
.595
|
|
|
1.044
|
|
|
.454
|
|
—
|
|
.454
|
|
12.96
|
|
8.53
|
|
|
47,811
|
|
1.01
|
|
1.01
|
|
3.49
|
|
1.06
|
|
3.44
|
|
26
|
|
2013
|
|
|
12.96
|
|
.426
|
^
|
|
(.798
|
)
|
|
(.372
|
)
|
|
.408
|
|
—
|
|
.408
|
|
12.18
|
|
(2.91
|
)
|
|
46,231
|
|
1.00
|
|
1.00
|
|
3.41
|
|
1.06
|
|
3.35
|
|
56
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
11.09
|
|
.392
|
|
|
1.025
|
|
|
1.417
|
|
|
.397
|
|
—
|
|
.397
|
|
12.11
|
|
12.92
|
|
|
1,089
|
|
1.71
|
|
1.71
|
|
3.34
|
|
1.78
|
|
3.27
|
|
60
|
|
2010
|
|
|
12.11
|
|
.426
|
|
|
(.438
|
)
|
|
(.012
|
)
|
|
.397
|
|
.021
|
|
.418
|
|
11.68
|
|
(.18
|
)
|
|
675
|
|
1.73
|
|
1.73
|
|
3.24
|
|
1.78
|
|
3.19
|
|
42
|
|
2011
|
|
|
11.68
|
|
.537
|
|
|
.550
|
|
|
1.087
|
|
|
.397
|
|
—
|
|
.397
|
|
12.37
|
|
9.49
|
|
|
269
|
|
1.74
|
|
1.74
|
|
3.30
|
|
1.79
|
|
3.25
|
|
20
|
|
2012
|
|
|
12.37
|
|
.362
|
|
|
.589
|
|
|
.951
|
|
|
.371
|
|
—
|
|
.371
|
|
12.95
|
|
7.75
|
|
|
279
|
|
1.71
|
|
1.71
|
|
2.79
|
|
1.76
|
|
2.74
|
|
26
|
|
2013
|
|
|
12.95
|
|
.326
|
^
|
|
(.791
|
)
|
|
(.465
|
)
|
|
.325
|
|
—
|
|
.325
|
|
12.16
|
|
(3.63
|
)
|
|
65
|
|
1.75
|
|
1.75
|
|
2.60
|
|
1.81
|
|
2.54
|
|
56
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
13.07
|
|
.265
|
^
|
|
(.905
|
)
|
|
(.640
|
)
|
|
.270
|
|
—
|
|
.270
|
|
12.16
|
|
(4.89
|
)
|
|
1
|
|
.85
|
|
.85
|
|
3.56
|
|
.91
|
|
3.50
|
|
56
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
13.07
|
|
.311
|
^
|
|
(.911
|
)
|
|
(.600
|
)
|
|
.270
|
|
—
|
|
.270
|
|
12.20
|
|
(4.58
|
)
|
|
1
|
|
.70
|
|
.70
|
|
3.71
|
|
.76
|
|
3.65
|
|
56
|
|
CONNECTICUT FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
$
12.33
|
$
.505
|
|
$
1.062
|
|
$
1.567
|
|
$
.507
|
$
—
|
$
.507
|
$
13.39
|
|
12.88
|
%
|
$
36,229
|
|
1.01
|
%
|
1.01
|
%
|
3.87
|
%
|
1.08
|
%
|
3.80
|
%
|
20
|
%
|
2010
|
|
|
13.39
|
|
.502
|
|
|
(.465
|
)
|
|
.037
|
|
|
.507
|
|
—
|
|
.507
|
|
12.92
|
|
.20
|
|
|
33,912
|
|
1.02
|
|
1.02
|
|
3.74
|
|
1.07
|
|
3.69
|
|
15
|
|
2011
|
|
|
12.92
|
|
.500
|
|
|
.822
|
|
|
1.322
|
|
|
.502
|
|
—
|
|
.502
|
|
13.74
|
|
10.45
|
|
|
34,671
|
|
1.02
|
|
1.02
|
|
3.78
|
|
1.07
|
|
3.73
|
|
30
|
|
2012
|
|
|
13.74
|
|
.472
|
|
|
.423
|
|
|
.895
|
|
|
.473
|
|
.092
|
|
.565
|
|
14.07
|
|
6.58
|
|
|
35,957
|
|
1.00
|
|
1.00
|
|
3.35
|
|
1.05
|
|
3.30
|
|
24
|
|
2013
|
|
|
14.07
|
|
.464
|
|
|
(1.041
|
)
|
|
(.577
|
)
|
|
.463
|
|
—
|
|
.463
|
|
13.03
|
|
(4.16
|
)
|
|
32,100
|
|
1.01
|
|
1.01
|
|
3.43
|
|
1.07
|
|
3.37
|
|
23
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
12.32
|
|
.415
|
|
|
1.048
|
|
|
1.463
|
|
|
.413
|
|
—
|
|
.413
|
|
13.37
|
|
12.00
|
|
|
1,557
|
|
1.71
|
|
1.71
|
|
3.17
|
|
1.78
|
|
3.10
|
|
20
|
|
2010
|
|
|
13.37
|
|
.411
|
|
|
(.470
|
)
|
|
(.059
|
)
|
|
.411
|
|
—
|
|
.411
|
|
12.90
|
|
(.52
|
)
|
|
888
|
|
1.72
|
|
1.72
|
|
3.04
|
|
1.77
|
|
2.99
|
|
15
|
|
2011
|
|
|
12.90
|
|
.411
|
|
|
.823
|
|
|
1.234
|
|
|
.404
|
|
—
|
|
.404
|
|
13.73
|
|
9.73
|
|
|
689
|
|
1.72
|
|
1.72
|
|
3.08
|
|
1.77
|
|
3.03
|
|
30
|
|
2012
|
|
|
13.73
|
|
.372
|
|
|
.416
|
|
|
.788
|
|
|
.376
|
|
.092
|
|
.468
|
|
14.05
|
|
5.78
|
|
|
764
|
|
1.70
|
|
1.70
|
|
2.65
|
|
1.75
|
|
2.60
|
|
24
|
|
2013
|
|
|
14.05
|
|
.364
|
|
|
(1.038
|
)
|
|
(.674
|
)
|
|
.366
|
|
—
|
|
.366
|
|
13.01
|
|
(4.85
|
)
|
|
791
|
|
1.74
|
|
1.74
|
|
2.70
|
|
1.80
|
|
2.64
|
|
23
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
14.08
|
|
.283
|
|
|
(1.045
|
)
|
|
(.762
|
)
|
|
.308
|
|
—
|
|
.308
|
|
13.01
|
|
(5.43
|
)
|
|
1
|
|
.87
|
|
.87
|
|
3.57
|
|
.93
|
|
3.51
|
|
23
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
14.08
|
|
.337
|
|
|
(1.049
|
)
|
|
(.712
|
)
|
|
.308
|
|
—
|
|
.308
|
|
13.06
|
|
(5.07
|
)
|
|
1
|
|
.72
|
|
.72
|
|
3.72
|
|
.78
|
|
3.66
|
|
23
|
|
|
|
Financial Highlights
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P E R S H A R E D A T A
|
|
|
|
|
|
|
|
|
|
|
R A T I O S / S U P P L E M E N T A L D A T A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average Net
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
from
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average
|
|
Assets Before Expenses
|
|
|
|
|
|
|
Net Asset
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
|
|
|
|
|
|
|
Net Assets**
|
|
Waived or Assumed
|
|
|
|
|
|
|
Value,
|
|
Net
|
|
and Unrealized
|
|
|
Total from
|
|
|
Net
|
|
Net
|
|
|
|
Value,
|
|
|
|
|
Net Assets
|
|
Net Expenses
|
|
Expenses
|
|
Net
|
|
|
|
Net
|
|
Portfolio
|
|
|
|
|
Beginning
|
|
Investment
|
|
Gain (Loss) on
|
|
|
Investment
|
|
|
Investment
|
|
Realized
|
|
Total
|
|
End of
|
|
Total
|
|
|
End of Year
|
|
After Fee
|
|
Before Fee
|
|
Investment
|
|
|
|
Investment
|
|
Turnover
|
|
|
|
|
of Year
|
|
Income
|
|
Investments
|
|
|
Operations
|
|
|
Income
|
|
Gain
|
|
Distributions
|
|
Year
|
|
Return
|
*
|
|
(in thousands)
|
|
Credits
|
|
Credits
|
(a)
|
Income
|
|
Expenses
|
|
Income
|
|
Rate
|
|
MASSACHUSETTS FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
$
10.77
|
|
$.453
|
$
.921
|
|
$
1.374
|
|
$
.444
|
|
$ —
|
|
$.444
|
|
$11.70
|
|
12.94
|
%
|
|
$24,776
|
|
1.03
|
%
|
1.03
|
%
|
3.97
|
%
|
1.10
|
%
|
3.90
|
%
|
42
|
%
|
2010
|
|
|
11.70
|
|
.456
|
|
(.406
|
)
|
|
.050
|
|
|
.450
|
|
—
|
|
.450
|
|
11.30
|
|
.35
|
|
|
24,258
|
|
1.05
|
|
1.05
|
|
3.88
|
|
1.10
|
|
3.83
|
|
20
|
|
2011
|
|
|
11.30
|
|
.446
|
|
.786
|
|
|
1.232
|
|
|
.452
|
|
—
|
|
.452
|
|
12.08
|
|
11.15
|
|
|
25,190
|
|
1.05
|
|
1.05
|
|
3.84
|
|
1.10
|
|
3.79
|
|
37
|
|
2012
|
|
|
12.08
|
|
.418
|
|
.426
|
|
|
.844
|
|
|
.418
|
|
.066
|
|
.484
|
|
12.44
|
|
7.05
|
|
|
25,802
|
|
1.04
|
|
1.04
|
|
3.36
|
|
1.09
|
|
3.31
|
|
44
|
|
2013
|
|
|
12.44
|
|
.392
|
|
(.944
|
)
|
|
(.552
|
)
|
|
.408
|
|
—
|
|
.408
|
|
11.48
|
|
(4.49
|
)
|
|
22,164
|
|
1.07
|
|
1.07
|
|
3.29
|
|
1.13
|
|
3.23
|
|
52
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
10.78
|
|
.388
|
|
.907
|
|
|
1.295
|
|
|
.365
|
|
—
|
|
.365
|
|
11.71
|
|
12.15
|
|
|
1,177
|
|
1.73
|
|
1.73
|
|
3.27
|
|
1.80
|
|
3.20
|
|
42
|
|
2010
|
|
|
11.71
|
|
.412
|
|
(.450
|
)
|
|
(.038
|
)
|
|
.372
|
|
—
|
|
.372
|
|
11.30
|
|
(.41
|
)
|
|
697
|
|
1.75
|
|
1.75
|
|
3.18
|
|
1.80
|
|
3.13
|
|
20
|
|
2011
|
|
|
11.30
|
|
.441
|
|
.713
|
|
|
1.154
|
|
|
.374
|
|
—
|
|
.374
|
|
12.08
|
|
10.40
|
|
|
418
|
|
1.75
|
|
1.75
|
|
3.14
|
|
1.80
|
|
3.09
|
|
37
|
|
2012
|
|
|
12.08
|
|
.374
|
|
.372
|
|
|
.746
|
|
|
.340
|
|
.066
|
|
.406
|
|
12.42
|
|
6.22
|
|
|
337
|
|
1.74
|
|
1.74
|
|
2.66
|
|
1.79
|
|
2.61
|
|
44
|
|
2013
|
|
|
12.42
|
|
.373
|
|
(1.003
|
)
|
|
(.630
|
)
|
|
.330
|
|
—
|
|
.330
|
|
11.46
|
|
(5.13
|
)
|
|
230
|
|
1.79
|
|
1.79
|
|
2.57
|
|
1.85
|
|
2.51
|
|
52
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
12.47
|
|
.243
|
|
(.982
|
)
|
|
(.739
|
)
|
|
.271
|
|
—
|
|
.271
|
|
11.46
|
|
(5.93
|
)
|
|
1
|
|
.91
|
|
.91
|
|
3.45
|
|
.97
|
|
3.39
|
|
52
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
12.47
|
|
.275
|
|
(.984
|
)
|
|
(.709
|
)
|
|
.271
|
|
—
|
|
.271
|
|
11.49
|
|
(5.69
|
)
|
|
1
|
|
.76
|
|
.76
|
|
3.60
|
|
.82
|
|
3.54
|
|
52
|
|
MICHIGAN FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
$
11.43
|
|
$.480
|
$
.696
|
|
$
1.176
|
|
$
.486
|
|
$ —
|
|
$.486
|
|
$12.12
|
|
10.46
|
%
|
|
$27,142
|
|
1.03
|
%
|
1.03
|
%
|
4.04
|
%
|
1.10
|
%
|
3.97
|
%
|
31
|
%
|
2010
|
|
|
12.12
|
|
.479
|
|
(.340
|
)
|
|
.139
|
|
|
.486
|
|
.123
|
|
.609
|
|
11.65
|
|
1.07
|
|
|
25,111
|
|
1.04
|
|
1.04
|
|
3.92
|
|
1.09
|
|
3.87
|
|
36
|
|
2011
|
|
|
11.65
|
|
.474
|
|
.826
|
|
|
1.300
|
|
|
.477
|
|
.023
|
|
.500
|
|
12.45
|
|
11.40
|
|
|
22,340
|
|
1.07
|
|
1.07
|
|
3.96
|
|
1.12
|
|
3.91
|
|
25
|
|
2012
|
|
|
12.45
|
|
.452
|
|
.439
|
|
|
.891
|
|
|
.448
|
|
.033
|
|
.481
|
|
12.86
|
|
7.24
|
|
|
23,453
|
|
1.05
|
|
1.05
|
|
3.54
|
|
1.10
|
|
3.49
|
|
28
|
|
2013
|
|
|
12.86
|
|
.451
|
|
(1.188
|
)
|
|
(.737
|
)
|
|
.443
|
|
—
|
|
.443
|
|
11.68
|
|
(5.81
|
)
|
|
19,867
|
|
1.06
|
|
1.06
|
|
3.69
|
|
1.12
|
|
3.63
|
|
17
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
11.42
|
|
.406
|
|
.686
|
|
|
1.092
|
|
|
.402
|
|
—
|
|
.402
|
|
12.11
|
|
9.69
|
|
|
823
|
|
1.73
|
|
1.73
|
|
3.34
|
|
1.80
|
|
3.27
|
|
31
|
|
2010
|
|
|
12.11
|
|
.399
|
|
(.344
|
)
|
|
.055
|
|
|
.402
|
|
.123
|
|
.525
|
|
11.64
|
|
.38
|
|
|
504
|
|
1.74
|
|
1.74
|
|
3.22
|
|
1.79
|
|
3.17
|
|
36
|
|
2011
|
|
|
11.64
|
|
.401
|
|
.805
|
|
|
1.206
|
|
|
.393
|
|
.023
|
|
.416
|
|
12.43
|
|
10.55
|
|
|
254
|
|
1.77
|
|
1.77
|
|
3.26
|
|
1.82
|
|
3.21
|
|
25
|
|
2012
|
|
|
12.43
|
|
.362
|
|
.445
|
|
|
.807
|
|
|
.364
|
|
.033
|
|
.397
|
|
12.84
|
|
6.55
|
|
|
259
|
|
1.75
|
|
1.75
|
|
2.84
|
|
1.80
|
|
2.79
|
|
28
|
|
2013
|
|
|
12.84
|
|
.363
|
|
(1.184
|
)
|
|
(.821
|
)
|
|
.359
|
|
—
|
|
.359
|
|
11.66
|
|
(6.47
|
)
|
|
201
|
|
1.80
|
|
1.80
|
|
2.95
|
|
1.86
|
|
2.89
|
|
17
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
12.79
|
|
.291
|
|
(1.118
|
)
|
|
(.827
|
)
|
|
.293
|
|
—
|
|
.293
|
|
11.67
|
|
(6.48
|
)
|
|
1
|
|
.90
|
|
.90
|
|
3.85
|
|
.96
|
|
3.79
|
|
17
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
(b)
|
|
12.79
|
|
.308
|
|
(1.115
|
)
|
|
(.807
|
)
|
|
.293
|
|
—
|
|
.293
|
|
11.69
|
|
(6.32
|
)
|
|
1
|
|
.75
|
|
.75
|
|
4.00
|
|
.81
|
|
3.94
|
|
17
|
|
|
|
Financial Highlights
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P E R S H A R E D A T A
|
|
|
|
|
|
|
|
|
|
|
R A T I O S / S U P P L E M E N T A L D A T A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average Net
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
from
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average
|
|
Assets Before Expenses
|
|
|
|
|
|
|
Net Asset
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
|
|
|
|
|
|
|
Net Assets**
|
|
Waived or Assumed
|
|
|
|
|
|
|
Value,
|
|
Net
|
|
and Unrealized
|
|
|
Total from
|
|
|
Net
|
|
Net
|
|
|
|
Value,
|
|
|
|
|
Net Assets
|
|
Net Expenses
|
|
Expenses
|
|
Net
|
|
|
|
Net
|
|
Portfolio
|
|
|
|
|
Beginning
|
|
Investment
|
|
Gain (Loss) on
|
|
|
Investment
|
|
|
Investment
|
|
Realized
|
|
Total
|
|
End of
|
|
Total
|
|
|
End of Year
|
|
After Fee
|
|
Before Fee
|
|
Investment
|
|
|
|
Investment
|
|
Turnover
|
|
|
|
|
of Year
|
|
Income
|
|
Investments
|
|
|
Operations
|
|
|
Income
|
|
Gain
|
|
Distributions
|
|
Year
|
|
Return
|
*
|
|
(in thousands)
|
|
Credits
|
|
Credits
|
(a)
|
Income
|
|
Expenses
|
|
Income
|
|
Rate
|
|
MINNESOTA FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
$11.34
|
|
$.426
|
|
$ .712
|
|
|
$1.138
|
|
|
$.418
|
|
—
|
|
$.418
|
|
$12.06
|
|
10.16
|
%
|
|
$21,211
|
|
1.05
|
%
|
1.05
|
%
|
3.60
|
%
|
1.12
|
%
|
3.53
|
%
|
22
|
%
|
2010
|
|
|
12.06
|
|
.440
|
|
(.356
|
)
|
|
.084
|
|
|
.434
|
|
—
|
|
.434
|
|
11.71
|
|
.63
|
|
|
21,784
|
|
1.05
|
|
1.05
|
|
3.63
|
|
1.10
|
|
3.58
|
|
30
|
|
2011
|
|
|
11.71
|
|
.441
|
|
.793
|
|
|
1.234
|
|
|
.444
|
|
—
|
|
.444
|
|
12.50
|
|
10.74
|
|
|
23,571
|
|
1.04
|
|
1.04
|
|
3.66
|
|
1.09
|
|
3.61
|
|
11
|
|
2012
|
|
|
12.50
|
|
.429
|
|
.391
|
|
|
.820
|
|
|
.440
|
|
—
|
|
.440
|
|
12.88
|
|
6.63
|
|
|
24,579
|
|
1.03
|
|
1.03
|
|
3.35
|
|
1.08
|
|
3.30
|
|
5
|
|
2013
|
|
|
12.88
|
|
.416
|
|
(.806
|
)
|
|
(.390
|
)
|
|
.420
|
|
—
|
|
.420
|
|
12.07
|
|
(3.07
|
)
|
|
20,802
|
|
1.08
|
|
1.08
|
|
3.34
|
|
1.14
|
|
3.28
|
|
24
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
11.35
|
|
.354
|
|
.695
|
|
|
1.049
|
|
|
.339
|
|
—
|
|
.339
|
|
12.06
|
|
9.33
|
|
|
276
|
|
1.75
|
|
1.75
|
|
2.90
|
|
1.82
|
|
2.83
|
|
22
|
|
2010
|
|
|
12.06
|
|
.412
|
|
(.406
|
)
|
|
.006
|
|
|
.356
|
|
—
|
|
.356
|
|
11.71
|
|
(.02
|
)
|
|
144
|
|
1.75
|
|
1.75
|
|
2.93
|
|
1.80
|
|
2.88
|
|
30
|
|
2011
|
|
|
11.71
|
|
.504
|
|
.642
|
|
|
1.146
|
|
|
.366
|
|
—
|
|
.366
|
|
12.49
|
|
9.94
|
|
|
67
|
|
1.74
|
|
1.74
|
|
2.96
|
|
1.79
|
|
2.91
|
|
11
|
|
2012
|
|
|
12.49
|
|
.311
|
|
.421
|
|
|
.732
|
|
|
.362
|
|
—
|
|
.362
|
|
12.86
|
|
5.91
|
|
|
79
|
|
1.73
|
|
1.73
|
|
2.65
|
|
1.78
|
|
2.60
|
|
5
|
|
2013
|
|
|
12.86
|
|
.336
|
|
(.824
|
)
|
|
(.488
|
)
|
|
.342
|
|
—
|
|
.342
|
|
12.03
|
|
(3.84
|
)
|
|
67
|
|
1.87
|
|
1.87
|
|
2.55
|
|
1.93
|
|
2.49
|
|
24
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
12.89
|
|
.261
|
|
(.822
|
)
|
|
(.561
|
)
|
|
.279
|
|
—
|
|
.279
|
|
12.05
|
|
(4.35
|
)
|
|
1
|
|
.93
|
|
.93
|
|
3.49
|
|
.99
|
|
3.43
|
|
24
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
12.89
|
|
.287
|
|
(.818
|
)
|
|
(.531
|
)
|
|
.279
|
|
—
|
|
.279
|
|
12.08
|
|
(4.12
|
)
|
|
1
|
|
.78
|
|
.78
|
|
3.64
|
|
.84
|
|
3.58
|
|
24
|
|
NEW JERSEY FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
$12.02
|
|
$.508
|
|
$ .990
|
|
|
$1.498
|
|
|
$.498
|
|
$ —
|
|
$.498
|
|
$13.02
|
|
12.63
|
%
|
|
$52,592
|
|
.99
|
%
|
.99
|
%
|
4.00
|
%
|
1.06
|
%
|
3.93
|
%
|
40
|
%
|
2010
|
|
|
13.02
|
|
.521
|
|
(.453
|
)
|
|
.068
|
|
|
.518
|
|
—
|
|
.518
|
|
12.57
|
|
.44
|
|
|
52,542
|
|
.99
|
|
.99
|
|
3.99
|
|
1.04
|
|
3.94
|
|
21
|
|
2011
|
|
|
12.57
|
|
.523
|
|
.779
|
|
|
1.302
|
|
|
.522
|
|
—
|
|
.522
|
|
13.35
|
|
10.60
|
|
|
53,470
|
|
.99
|
|
.99
|
|
4.07
|
|
1.04
|
|
4.02
|
|
12
|
|
2012
|
|
|
13.35
|
|
.497
|
|
.366
|
|
|
.863
|
|
|
.517
|
|
.026
|
|
.543
|
|
13.67
|
|
6.52
|
|
|
56,669
|
|
.98
|
|
.98
|
|
3.63
|
|
1.03
|
|
3.58
|
|
24
|
|
2013
|
|
|
13.67
|
|
.488
|
|
(1.067
|
)
|
|
(.579
|
)
|
|
.491
|
|
—
|
|
.491
|
|
12.60
|
|
(4.31
|
)
|
|
48,023
|
|
.99
|
|
.99
|
|
3.72
|
|
1.05
|
|
3.66
|
|
29
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
12.01
|
|
.437
|
|
.982
|
|
|
1.419
|
|
|
.409
|
|
—
|
|
.409
|
|
13.02
|
|
11.94
|
|
|
1,727
|
|
1.69
|
|
1.69
|
|
3.30
|
|
1.76
|
|
3.23
|
|
40
|
|
2010
|
|
|
13.02
|
|
.448
|
|
(.479
|
)
|
|
(.031
|
)
|
|
.429
|
|
—
|
|
.429
|
|
12.56
|
|
(.31
|
)
|
|
1,285
|
|
1.69
|
|
1.69
|
|
3.29
|
|
1.74
|
|
3.24
|
|
21
|
|
2011
|
|
|
12.56
|
|
.490
|
|
.723
|
|
|
1.213
|
|
|
.433
|
|
—
|
|
.433
|
|
13.34
|
|
9.85
|
|
|
779
|
|
1.69
|
|
1.69
|
|
3.37
|
|
1.74
|
|
3.32
|
|
12
|
|
2012
|
|
|
13.34
|
|
.398
|
|
.366
|
|
|
.764
|
|
|
.428
|
|
.026
|
|
.454
|
|
13.65
|
|
5.77
|
|
|
813
|
|
1.68
|
|
1.68
|
|
2.93
|
|
1.73
|
|
2.88
|
|
24
|
|
2013
|
|
|
13.65
|
|
.403
|
|
(1.091
|
)
|
|
(.688
|
)
|
|
.402
|
|
—
|
|
.402
|
|
12.56
|
|
(5.11
|
)
|
|
645
|
|
1.74
|
|
1.74
|
|
2.96
|
|
1.80
|
|
2.90
|
|
29
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
13.73
|
|
.293
|
|
(1.127
|
)
|
|
(.834
|
)
|
|
.326
|
|
—
|
|
.326
|
|
12.57
|
|
(6.09
|
)
|
|
1
|
|
.84
|
|
.84
|
|
3.87
|
|
.90
|
|
3.81
|
|
29
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
13.73
|
|
.342
|
|
(1.126
|
)
|
|
(.784
|
)
|
|
.326
|
|
—
|
|
.326
|
|
12.62
|
|
(5.72
|
)
|
|
1
|
|
.69
|
|
.69
|
|
4.02
|
|
.75
|
|
3.96
|
|
29
|
|
|
|
Financial Highlights
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P E R S H A R E D A T A
|
|
|
|
|
|
|
|
|
|
|
R A T I O S / S U P P L E M E N T A L D A T A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average Net
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
from
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average
|
|
Assets Before Expenses
|
|
|
|
|
|
|
Net Asset
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
|
|
|
|
|
|
|
Net Assets**
|
|
Waived or Assumed
|
|
|
|
|
|
|
Value,
|
|
Net
|
|
and Unrealized
|
|
|
Total from
|
|
|
Net
|
|
Net
|
|
|
|
Value,
|
|
|
|
|
Net Assets
|
|
Net Expenses
|
|
Expenses
|
|
Net
|
|
|
|
Net
|
|
Portfolio
|
|
|
|
|
Beginning
|
|
Investment
|
|
Gain (Loss) on
|
|
|
Investment
|
|
|
Investment
|
|
Realized
|
|
Total
|
|
End of
|
|
Total
|
|
|
End of Year
|
|
After Fee
|
|
Before Fee
|
|
Investment
|
|
|
|
Investment
|
|
Turnover
|
|
|
|
|
of Year
|
|
Income
|
|
Investments
|
|
|
Operations
|
|
|
Income
|
|
Gain
|
|
Distributions
|
|
Year
|
|
Return
|
*
|
|
(in thousands)
|
|
Credits
|
|
Credits
|
(a)
|
Income
|
|
Expenses
|
|
Income
|
|
Rate
|
|
NEW YORK FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
$13.45
|
|
$.578
|
|
$ .949
|
|
|
$1.527
|
|
|
$.567
|
|
—
|
|
$.567
|
|
$14.41
|
|
11.52
|
%
|
|
$149,941
|
|
.96
|
%
|
.96
|
%
|
4.10
|
%
|
1.03
|
%
|
4.03
|
%
|
38
|
%
|
2010
|
|
|
14.41
|
|
.576
|
|
(.450
|
)
|
|
.126
|
|
|
.576
|
|
—
|
|
.576
|
|
13.96
|
|
.79
|
|
|
149,798
|
|
.97
|
|
.97
|
|
3.97
|
|
1.02
|
|
3.92
|
|
29
|
|
2011
|
|
|
13.96
|
|
.579
|
|
.860
|
|
|
1.439
|
|
|
.579
|
|
—
|
|
.579
|
|
14.82
|
|
10.54
|
|
|
159,525
|
|
.97
|
|
.97
|
|
4.05
|
|
1.02
|
|
4.00
|
|
25
|
|
2012
|
|
|
14.82
|
|
.556
|
|
.405
|
|
|
.961
|
|
|
.571
|
|
—
|
|
.571
|
|
15.21
|
|
6.55
|
|
|
171,448
|
|
.96
|
|
.97
|
|
3.66
|
|
1.02
|
|
3.61
|
|
26
|
|
2013
|
|
|
15.21
|
|
.535
|
|
(1.101
|
)
|
|
(.566
|
)
|
|
.524
|
|
—
|
|
.524
|
|
14.12
|
|
(3.78
|
)
|
|
152,201
|
|
.96
|
|
.96
|
|
3.65
|
|
1.02
|
|
3.59
|
|
45
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
13.44
|
|
.481
|
|
.944
|
|
|
1.425
|
|
|
.465
|
|
—
|
|
.465
|
|
14.40
|
|
10.73
|
|
|
2,382
|
|
1.66
|
|
1.66
|
|
3.40
|
|
1.73
|
|
3.33
|
|
38
|
|
2010
|
|
|
14.40
|
|
.481
|
|
(.447
|
)
|
|
.034
|
|
|
.474
|
|
—
|
|
.474
|
|
13.96
|
|
.16
|
|
|
1,453
|
|
1.67
|
|
1.67
|
|
3.27
|
|
1.72
|
|
3.22
|
|
29
|
|
2011
|
|
|
13.96
|
|
.487
|
|
.840
|
|
|
1.327
|
|
|
.477
|
|
—
|
|
.477
|
|
14.81
|
|
9.68
|
|
|
1,123
|
|
1.67
|
|
1.67
|
|
3.35
|
|
1.72
|
|
3.30
|
|
25
|
|
2012
|
|
|
14.81
|
|
.445
|
|
.414
|
|
|
.859
|
|
|
.469
|
|
—
|
|
.469
|
|
15.20
|
|
5.84
|
|
|
1,638
|
|
1.66
|
|
1.67
|
|
2.96
|
|
1.72
|
|
2.91
|
|
26
|
|
2013
|
|
|
15.20
|
|
.428
|
|
(1.107
|
)
|
|
(.679
|
)
|
|
.421
|
|
—
|
|
.421
|
|
14.10
|
|
(4.52
|
)
|
|
1,335
|
|
1.68
|
|
1.68
|
|
2.92
|
|
1.74
|
|
2.86
|
|
45
|
|
Advisor Class
|
|
2013(b)
|
|
|
15.26
|
|
.329
|
|
(1.151
|
)
|
|
(.822
|
)
|
|
.348
|
|
—
|
|
.348
|
|
14.09
|
|
(5.40
|
)
|
|
1
|
|
.81
|
|
.81
|
|
3.80
|
|
.87
|
|
3.74
|
|
45
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
15.26
|
|
.384
|
|
(1.156
|
)
|
|
(.772
|
)
|
|
.348
|
|
—
|
|
.348
|
|
14.14
|
|
(5.06
|
)
|
|
1
|
|
.66
|
|
.66
|
|
3.95
|
|
.72
|
|
3.89
|
|
45
|
|
NORTH CAROLINA FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
$12.52
|
|
$.513
|
|
$1.001
|
|
|
$1.514
|
|
|
$.514
|
|
$ —
|
|
$.514
|
|
$13.52
|
|
12.28
|
%
|
|
$ 24,580
|
|
1.02
|
%
|
1.02
|
%
|
3.90
|
%
|
1.09
|
%
|
3.83
|
%
|
71
|
%
|
2010
|
|
|
13.52
|
|
.520
|
|
(.408
|
)
|
|
.112
|
|
|
.519
|
|
.013
|
|
.532
|
|
13.10
|
|
.74
|
|
|
23,224
|
|
1.03
|
|
1.03
|
|
3.80
|
|
1.08
|
|
3.75
|
|
18
|
|
2011
|
|
|
13.10
|
|
.524
|
|
.898
|
|
|
1.422
|
|
|
.522
|
|
—
|
|
.522
|
|
14.00
|
|
11.08
|
|
|
25,331
|
|
1.02
|
|
1.02
|
|
3.89
|
|
1.07
|
|
3.84
|
|
21
|
|
2012
|
|
|
14.00
|
|
.503
|
|
.415
|
|
|
.918
|
|
|
.518
|
|
—
|
|
.518
|
|
14.40
|
|
6.63
|
|
|
27,039
|
|
1.01
|
|
1.01
|
|
3.51
|
|
1.06
|
|
3.46
|
|
24
|
|
2013
|
|
|
14.40
|
|
.504
|
|
(1.114
|
)
|
|
(.610
|
)
|
|
.500
|
|
—
|
|
.500
|
|
13.29
|
|
(4.30
|
)
|
|
23,349
|
|
1.02
|
|
1.02
|
|
3.64
|
|
1.08
|
|
3.58
|
|
24
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
12.52
|
|
.421
|
|
1.007
|
|
|
1.428
|
|
|
.418
|
|
—
|
|
.418
|
|
13.53
|
|
11.55
|
|
|
2,217
|
|
1.72
|
|
1.72
|
|
3.20
|
|
1.79
|
|
3.13
|
|
71
|
|
2010
|
|
|
13.53
|
|
.428
|
|
(.422
|
)
|
|
.006
|
|
|
.423
|
|
.013
|
|
.436
|
|
13.10
|
|
(.04
|
)
|
|
1,212
|
|
1.73
|
|
1.73
|
|
3.10
|
|
1.78
|
|
3.05
|
|
18
|
|
2011
|
|
|
13.10
|
|
.448
|
|
.888
|
|
|
1.336
|
|
|
.426
|
|
—
|
|
.426
|
|
14.01
|
|
10.37
|
|
|
518
|
|
1.72
|
|
1.72
|
|
3.19
|
|
1.77
|
|
3.14
|
|
21
|
|
2012
|
|
|
14.01
|
|
.410
|
|
.402
|
|
|
.812
|
|
|
.422
|
|
—
|
|
.422
|
|
14.40
|
|
5.84
|
|
|
424
|
|
1.71
|
|
1.71
|
|
2.81
|
|
1.76
|
|
2.76
|
|
24
|
|
2013
|
|
|
14.40
|
|
.407
|
|
(1.113
|
)
|
|
(.706
|
)
|
|
.404
|
|
—
|
|
.404
|
|
13.29
|
|
(4.96
|
)
|
|
284
|
|
1.75
|
|
1.75
|
|
2.89
|
|
1.81
|
|
2.83
|
|
24
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
14.39
|
|
.326
|
|
(1.104
|
)
|
|
(.778
|
)
|
|
.332
|
|
—
|
|
.332
|
|
13.28
|
|
(5.42
|
)
|
|
1
|
|
.88
|
|
.88
|
|
3.78
|
|
.94
|
|
3.72
|
|
24
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
14.39
|
|
.343
|
|
(1.101
|
)
|
|
(.758
|
)
|
|
.332
|
|
—
|
|
.332
|
|
13.30
|
|
(5.28
|
)
|
|
1
|
|
.73
|
|
.73
|
|
3.93
|
|
.79
|
|
3.87
|
|
24
|
|
|
|
Financial Highlights
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P E R S H A R E D A T A
|
|
|
|
|
|
|
|
|
|
|
R A T I O S / S U P P L E M E N T A L D A T A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average Net
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
from
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average
|
|
Assets Before Expenses
|
|
|
|
|
|
|
Net Asset
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
|
|
|
|
|
|
|
Net Assets**
|
|
Waived or Assumed
|
|
|
|
|
|
|
Value,
|
|
Net
|
|
and Unrealized
|
|
|
Total from
|
|
|
Net
|
|
Net
|
|
|
|
Value,
|
|
|
|
|
Net Assets
|
|
Net Expenses
|
|
Expenses
|
|
Net
|
|
|
|
Net
|
|
Portfolio
|
|
|
|
|
Beginning
|
|
Investment
|
|
Gain (Loss) on
|
|
|
Investment
|
|
|
Investment
|
|
Realized
|
|
Total
|
|
End of
|
|
Total
|
|
|
End of Year
|
|
After Fee
|
|
Before Fee
|
|
Investment
|
|
|
|
Investment
|
|
Turnover
|
|
|
|
|
of Year
|
|
Income
|
|
Investments
|
|
|
Operations
|
|
|
Income
|
|
Gain
|
|
Distributions
|
|
Year
|
|
Return
|
*
|
|
(in thousands)
|
|
Credits
|
|
Credits
|
(a)
|
Income
|
|
Expenses
|
|
Income
|
|
Rate
|
|
OHIO FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
$11.80
|
|
$.483
|
|
$ .719
|
|
|
$1.202
|
|
|
$.484
|
|
$.048
|
|
$.532
|
|
$12.47
|
|
10.33
|
%
|
|
$22,635
|
|
1.03
|
%
|
1.03
|
%
|
3.93
|
%
|
1.10
|
%
|
3.86
|
%
|
42
|
%
|
2010
|
|
|
12.47
|
|
.484
|
|
(.369
|
)
|
|
.115
|
|
|
.488
|
|
.017
|
|
.505
|
|
12.08
|
|
.84
|
|
|
23,079
|
|
1.04
|
|
1.04
|
|
3.85
|
|
1.09
|
|
3.80
|
|
30
|
|
2011
|
|
|
12.08
|
|
.486
|
|
.599
|
|
|
1.085
|
|
|
.485
|
|
—
|
|
.485
|
|
12.68
|
|
9.18
|
|
|
23,155
|
|
1.04
|
|
1.04
|
|
3.95
|
|
1.09
|
|
3.90
|
|
35
|
|
2012
|
|
|
12.68
|
|
.464
|
|
.330
|
|
|
.794
|
|
|
.467
|
|
.007
|
|
.474
|
|
13.00
|
|
6.32
|
|
|
24,132
|
|
1.03
|
|
1.03
|
|
3.57
|
|
1.08
|
|
3.52
|
|
28
|
|
2013
|
|
|
13.00
|
|
.449
|
|
(.949
|
)
|
|
(.500
|
)
|
|
.440
|
|
—
|
|
.440
|
|
12.06
|
|
(3.92
|
)
|
|
21,506
|
|
1.04
|
|
1.04
|
|
3.58
|
|
1.10
|
|
3.52
|
|
69
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
11.81
|
|
.402
|
|
.717
|
|
|
1.119
|
|
|
.401
|
|
.048
|
|
.449
|
|
12.48
|
|
9.58
|
|
|
1,106
|
|
1.73
|
|
1.73
|
|
3.23
|
|
1.80
|
|
3.16
|
|
42
|
|
2010
|
|
|
12.48
|
|
.406
|
|
(.374
|
)
|
|
.032
|
|
|
.405
|
|
.017
|
|
.422
|
|
12.09
|
|
.18
|
|
|
566
|
|
1.74
|
|
1.74
|
|
3.15
|
|
1.79
|
|
3.10
|
|
30
|
|
2011
|
|
|
12.09
|
|
.422
|
|
.570
|
|
|
.992
|
|
|
.402
|
|
—
|
|
.402
|
|
12.68
|
|
8.36
|
|
|
245
|
|
1.74
|
|
1.74
|
|
3.25
|
|
1.79
|
|
3.20
|
|
35
|
|
2012
|
|
|
12.68
|
|
.382
|
|
.319
|
|
|
.701
|
|
|
.384
|
|
.007
|
|
.391
|
|
12.99
|
|
5.57
|
|
|
190
|
|
1.73
|
|
1.73
|
|
2.87
|
|
1.78
|
|
2.82
|
|
28
|
|
2013
|
|
|
12.99
|
|
.361
|
|
(.954
|
)
|
|
(.593
|
)
|
|
.357
|
|
—
|
|
.357
|
|
12.04
|
|
(4.63
|
)
|
|
83
|
|
1.82
|
|
1.82
|
|
2.77
|
|
1.88
|
|
2.71
|
|
69
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
13.06
|
|
.279
|
|
(1.007
|
)
|
|
(.728
|
)
|
|
.292
|
|
—
|
|
.292
|
|
12.04
|
|
(5.59
|
)
|
|
1
|
|
.89
|
|
.89
|
|
3.73
|
|
.95
|
|
3.67
|
|
69
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
13.06
|
|
.305
|
|
(1.003
|
)
|
|
(.698
|
)
|
|
.292
|
|
—
|
|
.292
|
|
12.07
|
|
(5.35
|
)
|
|
1
|
|
.74
|
|
.74
|
|
3.88
|
|
.80
|
|
3.82
|
|
69
|
|
OREGON FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
$12.23
|
|
$.482
|
|
$ 1.079
|
|
|
$1.561
|
|
|
$.481
|
|
$ —
|
|
$.481
|
|
$13.31
|
|
12.91
|
%
|
|
$39,182
|
|
1.01
|
%
|
1.01
|
%
|
3.71
|
%
|
1.08
|
%
|
3.64
|
%
|
35
|
%
|
2010
|
|
|
13.31
|
|
.485
|
|
(.397
|
)
|
|
.088
|
|
|
.487
|
|
.021
|
|
.508
|
|
12.89
|
|
.58
|
|
|
42,724
|
|
1.02
|
|
1.02
|
|
3.61
|
|
1.07
|
|
3.56
|
|
16
|
|
2011
|
|
|
12.89
|
|
.483
|
|
.935
|
|
|
1.418
|
|
|
.488
|
|
—
|
|
.488
|
|
13.82
|
|
11.24
|
|
|
46,952
|
|
1.01
|
|
1.01
|
|
3.65
|
|
1.06
|
|
3.60
|
|
26
|
|
2012
|
|
|
13.82
|
|
.455
|
|
.439
|
|
|
.894
|
|
|
.454
|
|
—
|
|
.454
|
|
14.26
|
|
6.51
|
|
|
53,879
|
|
1.00
|
|
1.00
|
|
3.19
|
|
1.05
|
|
3.14
|
|
14
|
|
2013
|
|
|
14.26
|
|
.450
|
|
(1.165
|
)
|
|
(.715
|
)
|
|
.445
|
|
—
|
|
.445
|
|
13.10
|
|
(5.08
|
)
|
|
47,716
|
|
1.00
|
|
1.00
|
|
3.29
|
|
1.06
|
|
3.23
|
|
43
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
12.21
|
|
.392
|
|
1.076
|
|
|
1.468
|
|
|
.388
|
|
—
|
|
.388
|
|
13.29
|
|
12.14
|
|
|
1,413
|
|
1.71
|
|
1.71
|
|
3.01
|
|
1.78
|
|
2.94
|
|
35
|
|
2010
|
|
|
13.29
|
|
.393
|
|
(.397
|
)
|
|
(.004
|
)
|
|
.395
|
|
.021
|
|
.416
|
|
12.87
|
|
(.11
|
)
|
|
967
|
|
1.72
|
|
1.72
|
|
2.91
|
|
1.77
|
|
2.86
|
|
16
|
|
2011
|
|
|
12.87
|
|
.392
|
|
.924
|
|
|
1.316
|
|
|
.396
|
|
—
|
|
.396
|
|
13.79
|
|
10.39
|
|
|
633
|
|
1.71
|
|
1.71
|
|
2.95
|
|
1.76
|
|
2.90
|
|
26
|
|
2012
|
|
|
13.79
|
|
.355
|
|
.443
|
|
|
.798
|
|
|
.358
|
|
—
|
|
.358
|
|
14.23
|
|
5.81
|
|
|
563
|
|
1.70
|
|
1.70
|
|
2.49
|
|
1.75
|
|
2.44
|
|
14
|
|
2013
|
|
|
14.23
|
|
.345
|
|
(1.166
|
)
|
|
(.821
|
)
|
|
.349
|
|
—
|
|
.349
|
|
13.06
|
|
(5.83
|
)
|
|
450
|
|
1.76
|
|
1.76
|
|
2.54
|
|
1.82
|
|
2.48
|
|
43
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
14.33
|
|
.276
|
|
(1.240
|
)
|
|
(.964
|
)
|
|
.296
|
|
—
|
|
.296
|
|
13.07
|
|
(6.74
|
)
|
|
1
|
|
.84
|
|
.84
|
|
3.45
|
|
.90
|
|
3.39
|
|
43
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
14.33
|
|
.323
|
|
(1.237
|
)
|
|
(.914
|
)
|
|
.296
|
|
—
|
|
.296
|
|
13.12
|
|
(6.39
|
)
|
|
1
|
|
.69
|
|
.69
|
|
3.60
|
|
.75
|
|
3.54
|
|
43
|
|
|
|
Financial Highlights
(continued)
FIRST INVESTORS TAX EXEMPT FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P E R S H A R E D A T A
|
|
|
|
|
|
|
|
|
|
|
R A T I O S / S U P P L E M E N T A L D A T A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average Net
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
from
|
|
|
|
|
|
|
|
|
|
|
Ratio to Average
|
|
Assets Before Expenses
|
|
|
|
|
|
|
Net Asset
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
|
|
|
|
|
|
|
Net Assets**
|
|
Waived or Assumed
|
|
|
|
|
|
|
Value,
|
|
Net
|
|
and Unrealized
|
|
|
Total from
|
|
|
Net
|
|
Net
|
|
|
|
Value,
|
|
|
|
|
Net Assets
|
|
Net Expenses
|
|
Expenses
|
|
Net
|
|
|
|
Net
|
|
Portfolio
|
|
|
|
|
Beginning
|
|
Investment
|
|
Gain (Loss) on
|
|
|
Investment
|
|
|
Investment
|
|
Realized
|
|
Total
|
|
End of
|
|
Total
|
|
|
End of Year
|
|
After Fee
|
|
Before Fee
|
|
Investment
|
|
|
|
Investment
|
|
Turnover
|
|
|
|
|
of Year
|
|
Income
|
|
Investments
|
|
|
Operations
|
|
|
Income
|
|
Gain
|
|
Distributions
|
|
Year
|
|
Return*
|
|
|
(in thousands)
|
|
Credits
|
|
Credits
|
(a)
|
Income
|
|
Expenses
|
|
Income
|
|
Rate
|
|
PENNSYLVANIA FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
$12.24
|
|
$.525
|
|
$ .743
|
|
|
$1.268
|
|
|
$.518
|
|
$—
|
|
$.518
|
|
$12.99
|
|
10.50
|
%
|
|
$41,046
|
|
1.00
|
%
|
1.00
|
%
|
4.11
|
%
|
1.07
|
%
|
4.04
|
%
|
56
|
%
|
2010
|
|
|
12.99
|
|
.533
|
|
(.364
|
)
|
|
.169
|
|
|
.531
|
|
.068
|
|
.599
|
|
12.56
|
|
1.24
|
|
|
38,601
|
|
1.01
|
|
1.01
|
|
4.07
|
|
1.06
|
|
4.02
|
|
46
|
|
2011
|
|
|
12.56
|
|
.534
|
|
.772
|
|
|
1.306
|
|
|
.536
|
|
—
|
|
.536
|
|
13.33
|
|
10.64
|
|
|
37,602
|
|
1.01
|
|
1.01
|
|
4.14
|
|
1.06
|
|
4.09
|
|
34
|
|
2012
|
|
|
13.33
|
|
.505
|
|
.490
|
|
|
.995
|
|
|
.530
|
|
.015
|
|
.545
|
|
13.78
|
|
7.56
|
|
|
40,210
|
|
1.01
|
|
1.01
|
|
3.69
|
|
1.06
|
|
3.64
|
|
33
|
|
2013
|
|
|
13.78
|
|
.496
|
|
(1.008
|
)
|
|
(.512
|
)
|
|
.488
|
|
—
|
|
.488
|
|
12.78
|
|
(3.77
|
)
|
|
35,056
|
|
1.00
|
|
1.00
|
|
3.74
|
|
1.07
|
|
3.67
|
|
41
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
12.25
|
|
.465
|
|
.706
|
|
|
1.171
|
|
|
.431
|
|
—
|
|
.431
|
|
12.99
|
|
9.67
|
|
|
1,413
|
|
1.70
|
|
1.70
|
|
3.41
|
|
1.77
|
|
3.34
|
|
56
|
|
2010
|
|
|
12.99
|
|
.479
|
|
(.398
|
)
|
|
.081
|
|
|
.443
|
|
.068
|
|
.511
|
|
12.56
|
|
.56
|
|
|
961
|
|
1.71
|
|
1.71
|
|
3.37
|
|
1.76
|
|
3.32
|
|
46
|
|
2011
|
|
|
12.56
|
|
.536
|
|
.673
|
|
|
1.209
|
|
|
.449
|
|
—
|
|
.449
|
|
13.32
|
|
9.81
|
|
|
580
|
|
1.71
|
|
1.71
|
|
3.44
|
|
1.76
|
|
3.39
|
|
34
|
|
2012
|
|
|
13.32
|
|
.484
|
|
.423
|
|
|
.907
|
|
|
.442
|
|
.015
|
|
.457
|
|
13.77
|
|
6.88
|
|
|
438
|
|
1.71
|
|
1.71
|
|
2.99
|
|
1.76
|
|
2.94
|
|
33
|
|
2013
|
|
|
13.77
|
|
.423
|
|
(1.043
|
)
|
|
(.620
|
)
|
|
.400
|
|
—
|
|
.400
|
|
12.75
|
|
(4.56
|
)
|
|
295
|
|
1.80
|
|
1.80
|
|
2.93
|
|
1.87
|
|
2.86
|
|
41
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
13.84
|
|
.313
|
|
(1.060
|
)
|
|
(.747
|
)
|
|
.323
|
|
—
|
|
.323
|
|
12.77
|
|
(5.41
|
)
|
|
1
|
|
.85
|
|
.85
|
|
3.89
|
|
.92
|
|
3.82
|
|
41
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
13.84
|
|
.339
|
|
(1.066
|
)
|
|
(.727
|
)
|
|
.323
|
|
—
|
|
.323
|
|
12.79
|
|
(5.26
|
)
|
|
1
|
|
.70
|
|
.70
|
|
4.04
|
|
.77
|
|
3.97
|
|
41
|
|
VIRGINIA FUND
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
$12.19
|
|
$.482
|
|
$ .770
|
|
|
$1.252
|
|
|
$.482
|
|
—
|
|
$.482
|
|
$12.96
|
|
10.42
|
%
|
|
$33,321
|
|
1.02
|
%
|
1.02
|
%
|
3.80
|
%
|
1.09
|
%
|
3.73
|
%
|
25
|
%
|
2010
|
|
|
12.96
|
|
.496
|
|
(.327
|
)
|
|
.169
|
|
|
.489
|
|
—
|
|
.489
|
|
12.64
|
|
1.25
|
|
|
34,516
|
|
1.02
|
|
1.02
|
|
3.81
|
|
1.07
|
|
3.76
|
|
24
|
|
2011
|
|
|
12.64
|
|
.493
|
|
.759
|
|
|
1.252
|
|
|
.492
|
|
—
|
|
.492
|
|
13.40
|
|
10.11
|
|
|
36,247
|
|
1.01
|
|
1.01
|
|
3.80
|
|
1.06
|
|
3.75
|
|
34
|
|
2012
|
|
|
13.40
|
|
.453
|
|
.332
|
|
|
.785
|
|
|
.465
|
|
—
|
|
.465
|
|
13.72
|
|
5.92
|
|
|
41,169
|
|
1.01
|
|
1.01
|
|
3.32
|
|
1.06
|
|
3.27
|
|
19
|
|
2013
|
|
|
13.72
|
|
.438
|
|
(1.030
|
)
|
|
(.592
|
)
|
|
.438
|
|
—
|
|
.438
|
|
12.69
|
|
(4.38
|
)
|
|
39,638
|
|
1.00
|
|
1.00
|
|
3.32
|
|
1.06
|
|
3.26
|
|
38
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
12.17
|
|
.395
|
|
.758
|
|
|
1.153
|
|
|
.393
|
|
—
|
|
.393
|
|
12.93
|
|
9.59
|
|
|
1,176
|
|
1.72
|
|
1.72
|
|
3.10
|
|
1.79
|
|
3.03
|
|
25
|
|
2010
|
|
|
12.93
|
|
.419
|
|
(.342
|
)
|
|
.077
|
|
|
.397
|
|
—
|
|
.397
|
|
12.61
|
|
.54
|
|
|
541
|
|
1.72
|
|
1.72
|
|
3.11
|
|
1.77
|
|
3.06
|
|
24
|
|
2011
|
|
|
12.61
|
|
.414
|
|
.746
|
|
|
1.160
|
|
|
.400
|
|
—
|
|
.400
|
|
13.37
|
|
9.35
|
|
|
417
|
|
1.71
|
|
1.71
|
|
3.10
|
|
1.76
|
|
3.05
|
|
34
|
|
2012
|
|
|
13.37
|
|
.374
|
|
.309
|
|
|
.683
|
|
|
.373
|
|
—
|
|
.373
|
|
13.68
|
|
5.15
|
|
|
288
|
|
1.71
|
|
1.71
|
|
2.62
|
|
1.76
|
|
2.57
|
|
19
|
|
2013
|
|
|
13.68
|
|
.368
|
|
(1.052
|
)
|
|
(.684
|
)
|
|
.346
|
|
—
|
|
.346
|
|
12.65
|
|
(5.06
|
)
|
|
153
|
|
1.77
|
|
1.77
|
|
2.54
|
|
1.83
|
|
2.48
|
|
38
|
|
Advisor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
13.78
|
|
.259
|
|
(1.088
|
)
|
|
(.829
|
)
|
|
.291
|
|
—
|
|
.291
|
|
12.66
|
|
(6.03
|
)
|
|
1
|
|
.85
|
|
.85
|
|
3.47
|
|
.91
|
|
3.41
|
|
38
|
|
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(b)
|
|
|
13.78
|
|
.321
|
|
(1.090
|
)
|
|
(.769
|
)
|
|
.291
|
|
—
|
|
.291
|
|
12.72
|
|
(5.59
|
)
|
|
1
|
|
.70
|
|
.70
|
|
3.62
|
|
.76
|
|
3.56
|
|
38
|
|
|
|
* Calculated without sales charges
** Net of expenses waived or assumed by the investment adviser (Note 5)
(a) The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from
brokerage service arrangements (Note 1E).
(b) For the period May 1, 2013 (commencement of operations) to December 31, 2013.
^ Based on average shares outstanding during the year.
|
|
|
144
|
See notes to financial statements
|
145
|
Report of Independent Registered Public
Accounting Firm
To the Shareholders and Board of Trustees of
First Investors Tax Exempt Funds
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Tax Exempt Income Fund, Tax Exempt Opportunities Fund, and the twelve Funds comprising the Single State Tax Exempt Funds, as of December 31, 2013, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. 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. The Funds are not required to have nor were we engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ control over financial reporting. Accordingly, we express no such opinion. 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 December 31, 2013, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Tax Exempt Income Fund, Tax Exempt Opportunities Fund, and the twelve Funds comprising the Single State Tax Exempt Funds, as of December 31, 2013, and the results of their operations for the year then ended, changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period the ended, in conformity with accounting principles generally accepted in the United States of America.
Philadelphia, Pennsylvania
February 27, 2014
FIRST INVESTORS TAX EXEMPT FUNDS
Trustees and Officers
*
|
|
|
|
|
|
|
|
|
|
|
Length of
|
|
|
|
|
|
|
Time Served
|
Number of
|
Other
|
|
|
|
Position(s)
|
(including with
|
Portfolios in
|
Trusteeships/
|
Name, Year of Birth
|
|
|
Held with
|
Predecessor
|
Fund Complex
|
Directorships
|
and Address
|
|
|
Funds
|
Funds)
|
Overseen
|
Held
|
———————
|
|
|
————
|
————
|
—————
|
———
|
|
|
|
DISINTERESTED TRUSTEES
|
|
|
|
Susan E. Artmann (1954)
|
|
|
Trustee
|
Since 11/1/12
|
41
|
None
|
c/o First Investors
|
|
|
|
|
|
|
Legal Department
|
|
|
|
|
|
|
40 Wall Street
|
|
|
|
|
|
|
New York, NY 10005
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
Retired. Executive Vice President and Chief Financial Officer of HSBC Insurance North America
|
|
(2012-September 2013); Executive Vice President and President (2008-2011) and Chief Financial Officer (2000-2008)
|
of HSBC Taxpayer Financial Services.
|
|
|
|
|
|
Mary J. Barneby (1952)
|
|
|
Trustee
|
Since 11/1/12
|
41
|
None
|
c/o First Investors
|
|
|
|
|
|
|
Legal Department
|
|
|
|
|
|
|
40 Wall Street
|
|
|
|
|
|
|
New York, NY 10005
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
Chief Executive Officer, Girl Scouts of Connecticut (since October 2012); Executive Director of UBS Financial
|
Services, Inc. and Head of Stamford Private Wealth Office (2002-2012).
|
|
|
|
|
Charles R. Barton, III (1965)
|
|
|
Trustee
|
Since 1/1/06
|
41
|
None
|
c/o First Investors
|
|
|
|
|
|
|
Legal Department
|
|
|
|
|
|
|
40 Wall Street
|
|
|
|
|
|
|
New York, NY 10005
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
Chief Operating Officer (since 2007), Board Director (since 1989, currently Ex-Officio) and Trustee (since 1994)
|
of The Barton Group/Barton Mines Corporation (mining and industrial abrasives distribution); President of Noe
|
Pierson Corporation (land holding and management services provider) (since 2004).
|
|
|
|
Arthur M. Scutro, Jr. (1941)
|
|
|
Trustee and
|
Trustee since
|
41
|
None
|
c/o First Investors
|
|
|
Chairman
|
1/1/06 and
|
|
|
Legal Department
|
|
|
|
Chairman since
|
|
|
40 Wall Street
|
|
|
|
1/1/13
|
|
|
New York, NY 10005
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
None/Retired
|
|
|
|
|
|
|
FIRST INVESTORS TAX EXEMPT FUNDS
Trustees and Officers
*
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
Other
|
|
|
|
Position
|
|
Portfolios in
|
Trusteeships/
|
Name, Year of Birth
|
|
|
Held with
|
Length of
|
Fund Complex
|
Directorships
|
and Address
|
|
|
Funds
|
Time Served
|
Overseen
|
Held
|
———————
|
|
|
————
|
————————
|
—————
|
———
|
|
|
|
|
DISINTERESTED TRUSTEES
(continued)
|
|
|
|
Mark R. Ward (1952)
|
|
|
Trustee
|
Since 1/1/10
|
41
|
None
|
c/o First Investors
|
|
|
|
|
|
|
Legal Department
|
|
|
|
|
|
|
40 Wall Street
|
|
|
|
|
|
|
New York, NY 10005
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
Self-employed, consultant (since 2008).
|
|
|
|
*Each Trustee serves for an indefinite term with the Funds, until his/her successor is elected.
|
|
|
|
|
|
|
|
|
|
|
Length of
|
|
|
|
|
|
|
Time Served
|
Number of
|
Other
|
|
|
|
Position
|
(including with
|
Portfolios in
|
Trusteeships/
|
Name, Year of Birth
|
|
|
Held with
|
Predecessor
|
Fund Complex
|
Directorships
|
and Address
|
|
|
Funds
|
Funds)
|
Overseen
|
Held
|
———————
|
|
|
————
|
————
|
—————
|
———
|
|
|
OFFICERS WHO ARE NOT TRUSTEES
|
|
|
|
|
Derek Burke (1963)
|
|
|
President
|
Since 2012
|
N/A
|
None
|
c/o First Investors
|
|
|
|
|
|
|
Management Company, Inc.
|
|
|
|
|
|
|
Raritan Plaza I
|
|
|
|
|
|
|
Edison, NJ 08837
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
Director (since 2012) and President (since 2011) of First Investors Management Company, Inc., and Admin-
|
istrative Data Management Corp.; Board of Managers and Chief Executive Officer of First Investors Advisory
|
Services, LLC (since 2012); Consultant, Burke Consulting (2010-2011); UBS - Managing Director, Co-Head of
|
Investment Solutions (2009-2010) and Managing Director, Head of Institutional, Retirement and Fund Services
|
(2004-2009).
|
|
|
|
|
|
|
|
|
Joseph I. Benedek (1957)
|
|
|
Treasurer
|
Since 1988
|
N/A
|
None
|
c/o First Investors
|
|
|
|
|
|
|
Management Company, Inc.
|
|
|
|
|
|
|
Raritan Plaza I
|
|
|
|
|
|
|
Edison, NJ 08837
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
Treasurer of First Investors Management Company, Inc.
|
|
|
|
|
|
Mary Carty (1950)
|
|
|
Secretary
|
Since 2010
|
N/A
|
None
|
c/o First Investors
|
|
|
|
|
|
|
Legal Department
|
|
|
|
|
|
|
40 Wall Street
|
|
|
|
|
|
|
New York, NY 10005
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
General Counsel of First Investors Management Company, Inc. and various affiliated companies since
|
December 2012; Assistant Counsel of First Investors Management Company, Inc., (2010-2012). Special
|
Counsel and Associate at Willkie Farr & Gallagher LLP (1998-2009).
|
|
|
FIRST INVESTORS TAX EXEMPT FUNDS
Trustees and Officers
*
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
Other
|
|
|
|
Position
|
|
Portfolios in
|
Trusteeships/
|
Name, Year of Birth
|
|
|
Held with
|
Length of
|
Fund Complex
|
Directorships
|
and Address
|
|
|
Funds
|
Time Served
|
Overseen
|
Held
|
———————
|
|
|
————
|
————————
|
—————
|
———
|
|
|
OFFICERS WHO ARE NOT TRUSTEES
(continued)
|
|
|
|
Marc S. Milgram (1957)
|
|
|
Chief
|
Since 2010
|
N/A
|
None
|
c/o First Investors
|
|
|
Compliance
|
|
|
|
Legal Department
|
|
|
Officer
|
|
|
|
40 Wall Street
|
|
|
|
|
|
|
New York, NY 10005
|
|
|
|
|
|
|
|
|
|
|
Principal Occupation During Past 5 Years:
|
|
|
|
Investment Compliance Manager of First Investors Management Company, Inc., (2009-2010); First Investors
|
Federal Savings Bank, President (2000-2011), Treasurer (1987-2011) and Director (2004-2011); First Investors
|
Corporation, Vice President (2008-2009); Administrative Data Management Corp., Vice President (2008-2009).
|
FIRST INVESTORS TAX EXEMPT FUNDS
|
Shareholder Information
|
|
|
|
Investment Adviser
|
First Investors Management
|
Company, Inc.
|
40 Wall Street
|
New York, NY 10005
|
|
Underwriter
|
First Investors Corporation
|
40 Wall Street
|
New York, NY 10005
|
|
Custodian
|
The Bank of New York Mellon
|
One Wall Street
|
New York, NY 10286
|
|
Transfer Agent
|
Administrative Data Management Corp.
|
Raritan Plaza I – 8th Floor
|
Edison, NJ 08837-3620
|
|
Independent Registered Public
|
Accounting Firm
|
Tait, Weller & Baker LLP
|
1818 Market Street
|
Philadelphia, PA 19103
|
|
Legal Counsel
|
K&L Gates LLP
|
1601 K Street, N.W.
|
Washington, D.C. 20006
|
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 Securities and Exchange Commission’s (“SEC”) internet website at
http://www.sec.gov
. In addition, information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available, without charge, upon request in writing or by calling 1-800-423-4026 and on the SEC’s internet website at
http://www.sec.gov
.
The Funds file their complete schedule of portfolio holdings with the SEC on Form N-Q, for the first and third quarters of each fiscal year. The Funds’ Form N-Q is available on the SEC’s website at
http://www.sec.gov
; and may also be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The schedule of portfolio holdings is also available, without charge, upon request in writing or by calling 1-800-423-4026.