TAXABLE BOND FUNDS
Government
Investment Grade
Fund For Income
High Yield
Supplement dated November 12, 1999 to the
Prospectus dated February 19, 1999
The Prospectus is amended by adding the following to the end of the section
captioned "Fund Management" on page 25 thereof:
The Board of Directors of the First Investors High Yield Fund, Inc.
("High Yield Fund") and the First Investors Fund For Income, Inc.
("Fund For Income") has approved a plan to merge High Yield Fund into
Fund For Income in a tax free reorganization.
The Board determined that the reorganization would be in the best
interests of shareholders because, among other things: the funds are
extremely similar and combining them may reduce expenses for
shareholders; each fund invests its assets primarily in "high yield"
bonds; each fund is managed by the same investment adviser, has the
same investment objective, and follows similar investment styles in
selecting high yield bonds and other investments; and following the
reorganization, the portfolio manager of Fund For Income will manage
the combined fund.
Under the plan, all of High Yield Fund's assets will be transferred to
Fund For Income in return for Fund For Income shares having an equal
value. These shares will be distributed pro rata to High Yield Fund
shareholders who will receive shares of Fund For Income in exchange for
their High Yield Fund shares. The total value of the Fund For Income
shares received by each High Yield Fund shareholder will be equal to
the total value of High Yield Fund shares held prior to the
reorganization. High Yield Fund will then be dissolved.
The reorganization is subject to a number of conditions, including
approval of the High Yield Fund shareholders and exemptive relief from
the Securities and Exchange Commission. A meeting of the shareholders
of High Yield Fund is expected to be held on or about February 25,
2000, to vote on the reorganization. Details about the proposed
reorganization will be contained in a proxy statement and other
soliciting materials which will be mailed to High Yield Fund
shareholders of record on the record date.
Due to the shareholder vote and other conditions, the reorganization
will not take place until the end of February, 2000 at the earliest.
Effective January 1, 2000, the High Yield Fund will be closed to new
investors. Existing High Yield Fund shareholders will be permitted to
continue making additional investments in the fund from January 1, 2000
until the merger occurs. There can, of course, be no assurance that the
reorganization will be approved by shareholders or that the other
conditions of the reorganization will be satisfied.
