EXECUTIVE INVESTORS TRUST
SUPPLEMENT DATED OCTOBER 2, 1998
TO PROSPECTUS DATED APRIL 30, 1998
1. Item No. (7) under "How to Buy Shares-Waivers of Sales Charges" on page 22
should read as follows:
(7) any purchase made during the period November 15, 1998 to February 28, 1999
with the proceeds from a redemption made after November 14, 1998 from the 3rd
Fund of First Investors U.S. Government Plus Fund;
2. The following sentence replaces the last two sentences of the last paragraph
under "Dividends and Other Distributions" on page 30:
Any subsequent dividend or other distribution will be reinvested in additional
shares at net asset value until the Fund receives new instructions.
3. The first sentence of the second paragraph under "Investment Objectives and
Policies-High Yield Fund" on page 10 is replaced with the following:
The Fund may invest in debt securities issued by foreign governments and
companies and in foreign currencies for the purpose of purchasing such
securities. However, the Fund may not invest more than 5% of its total assets in
debt securities issued by foreign governments and companies that are denominated
in foreign currencies.
4. The following paragraph is to follow the section entitled "Deep Discount
Securities" on page 14:
FOREIGN SECURITIES. Investing in foreign securities involves more risk
than investing in securities of U.S. companies. HIGH YIELD FUND currently does
not intend to hedge its foreign investments against the risk of foreign currency
fluctuations. Changes in the value of foreign currencies can therefore
significantly affect the Fund's share price. In addition, the Fund can be
affected by changes in exchange control regulations, as well as by economic and
political developments. There may be less publicly available information about
foreign companies than comparable U.S. companies; foreign companies are not
generally subject to uniform accounting, auditing and financial reporting
standards that are comparable to those applied to U.S. companies; some foreign
trading markets have substantially less volume than U.S. markets, and securities
of some foreign companies are less liquid and more volatile than securities of
comparable U.S. companies; there may be less government supervision and
regulation of foreign stock exchanges, brokers and listed companies than exist
in the United States; and there may be the possibility of expropriation or
confiscatory taxation, political or social instability or diplomatic
developments which could affect assets of the Fund held in foreign countries.
5. The following should replace the first paragraph under "Management--Portfolio
Managers" on page 27:
Effective September 18, 1998, Dennis T. Fitzpatrick is now the sole portfolio
manager of the BLUE CHIP FUND and certain other First Investors funds. Mr.
Fitzpatrick joined FIMCO in October 1995 as a Large Cap Analyst. 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.
EITP1098
