<PAGE>
EXECUTIVE INVESTORS TRUST
SUPPLEMENTAL DATED DECEMBER 2, 1997
TO PROSPECTUS DATED APRIL 30, 1997
1. The following should be added to the end of the second paragraph on page 1
and the first paragraph under "Investment Objectives and Policies-Blue Chip
Fund" on page 6:
It is the Fund's policy to remain relatively fully invested in equity securities
under all market conditions rather than to attempt to time the market by
maintaining large cash or fixed-income securities positions when market declines
are anticipated. The Fund is appropriate for investors who are comfortable with
a fully invested stock portfolio.
2. The following table is part of the "Financial Highlights" on pages 4 and 5:
<TABLE>
<CAPTION>
Average Average
Amount of Monthly Monthly Average
Debt Amount of Debt Number of Amount of
Outstanding Outstanding Shares Debt Per
at During the Outstanding Share
Insured Tax End of Period During the During the
Exempt Fund Period Period Period
- ----------- ----------- -------------- ----------- ----------
<S> <C> <C> <C> <C>
7/26/90* to 12/31/90. . . . $239,223 $39,871 52,282 $0.76
1991. . . . . . . . . . . . - 32,701 200,690 0.16
1992. . . . . . . . . . . . - - 410,953 -
1993. . . . . . . . . . . . - 18,126 582,792 0.03
1994. . . . . . . . . . . . - - 771,907 -
1995. . . . . . . . . . . . - 73,200 879,202 0.08
1996. . . . . . . . . . . . - 4,009 1,081,638 -
</TABLE>
*Commencement of operations
3. The following should be added to "Purchase of Shares-Waivers of Sales
Charges:"
Sales charges do not apply to any purchase by an FIC Representative, or by the
spouse, children, grandchildren, parent or grandparent of any such person.
EIT797
