<PAGE>
EXECUTIVE INVESTORS TRUST
SUPPLEMENTAL DATED DECEMBER 29, 1997
TO PROSPECTUS DATED APRIL 30, 1997
1. The following should replace the first paragraph under "Management-Portfolio
Managers" on page 23:
Effective January 1, 1998, the BLUE CHIP FUND will be co-managed by Dennis T.
Fitzpatrick and Kimberly Speegle. Mr. Fitzpatrick has been co-manager of the
BLUE CHIP FUND since February 1997. Effective January 1, 1998, Mr. Fitzpatrick
and Ms. Speegle will also co-manage the Blue Chip Fund of First Investors Series
Fund, the Blue Chip Fund of First Investors Life Series Fund and the Growth &
Income Fund of First Investors Series Fund II, Inc. Mr. Fitzpatrick joined
FIMCO in October 1995 as a Large Cap Analyst. From February 1997 Mr.
Fitzpatrick has co-managed the Blue Chip Fund of First Investors Series Fund and
the Blue Chip Fund of First Investors Life Series Fund. From July 1995 to
October 1995, Mr. Fitzpatrick was a Regional Surety Manager at United States
Fidelity & Guaranty Co. and from 1988 to 1995 he was Northeast Surety Manager at
American International Group. Ms. Speegle joined FIMCO in August 1997 as an
Assistant Portfolio Manager. From March 1997 to August 1997, Ms. Speegle was an
Investment Analyst at Sage Asset Management and from 1992 to 1995 she was a
Portfolio Manager for the Clark Family.
2. 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.
3. The following table is part of the "Financial Highlights" on pages 4 and 5:
<TABLE>
<CAPTION>
Average Monthly Average Monthly
Amount of Debt Amount of Debt Number of Shares Average Amount of
Insured Tax Outstanding at Outstanding Outstanding Debt Per Share
Exempt Fund End of Period During the Period During the Period During the 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
4. 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
