FIRST INVESTORS HIGH YIELD FUND
SUPPLEMENT DATED JANUARY 10, 2000 TO THE
PROSPECTUS DATED FEBRUARY 19, 1999
1. The Prospectus is amended by deleting the second paragraph of the section
captioned "Who Manages the High Yield Fund?" on page 10 and replacing it with
the following:
As of January 1, 2000, Nancy W. Jones serves as Portfolio Manager of
the Fund. Ms. Jones manages certain other First Investors Funds. Ms.
Jones joined FIMCO in 1983 as Director of Research in the High Yield
Department.
2. The Prospectus is amended by adding the following to the end of the
section captioned "Who Manages the High Yield Fund ?" on page 10 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.
The High Yield Fund is currently closed to new investors. Existing
High Yield Fund shareholders will be permitted to continue making
additional investments in the fund 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.
<PAGE>
TAXABLE BOND FUNDS
GOVERNMENT
INVESTMENT GRADE
FUND FOR INCOME
HIGH YIELD
SUPPLEMENT DATED JANUARY 10, 2000 TO THE
PROSPECTUS DATED FEBRUARY 19, 1999
1. The Prospectus is amended by deleting the third and fourth paragraphs of the
section captioned "Fund Management" on page 25 and replacing them with the
following:
Nancy W. Jones serves as Portfolio Manager of the Fund For Income
and, as of January 1, 2000, the High Yield Fund. Ms. Jones manages
certain other First Investors Funds. Ms. Jones joined FIMCO in 1983
as Director of Research in the High Yield Department.
As of January 1, 2000, George V. Ganter serves as Co-Portfolio
Manager of the Investment Grade Fund. Mr. Ganter also serves as
Portfolio Manager of another First Investors Fund. Mr. Ganter joined
FIMCO in 1985 as a Senior Investment Analyst.
2. 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. The High
Yield Fund is currently closed to new investors. Existing High Yield Fund
shareholders will be permitted to continue making additional investments
in the fund 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.
