EXECUTIVE INVESTORS TRUST
Supplement dated November 12, 1999 to the
Prospectus dated April 30, 1999
The Prospectus of Executive Investors Trust (the "Trust") is amended by adding
the following to the end of the section captioned "Fund Management" on page 20
thereof:
The Board of Trustees of the Trust has approved plans to merge the
Executive Investors Trust--High Yield Fund ("Executive High Yield Fund")
into the First Investors Fund For Income, Inc. ("Fund For Income") and the
Executive Investors Trust--Blue Chip Fund ("Executive Blue Chip Fund")
into the First Investors Series Fund--Blue Chip Fund ("First Investors
Blue Chip Fund") in tax free reorganizations.
The Board determined that the reorganizations would be in the best
interests of shareholders because, among other things, the funds being
merged are extremely similar, and combining them may reduce expenses for
shareholders. In addition, although the investment advisers of the
Executive Investors and First Investors funds are separate legal entities,
they are subsidiaries of the same holding company, they share the same
offices and staff, and they share the same research services.
Under the plans, each Executive fund will transfer its assets to the
corresponding First Investors fund in return for Class A shares of the
First Investors fund having the same value. These shares will be
distributed to the Executive fund shareholders in exchange for their
Executive fund shares. The total value of the shares received by each
Executive fund shareholder will be equal to the total value of the
Executive fund shares held immediately prior to the reorganization.
Executive High Yield Fund and Executive Blue Chip Fund will then be
dissolved.
The reorganizations are subject to a number of conditions, including
approval of Executive High Yield Fund and Executive Blue Chip Fund
shareholders. Meetings of the shareholders are expected to be held on or
about February 25, 2000, to vote on the reorganizations. The Executive
High Yield Fund shareholders will vote on the plan to reorganize their
fund into the Fund For Income. Similarly, the Executive Blue Chip Fund
shareholders will vote on the plan to reorganize their fund into First
Investors Blue Chip Fund. Details about the proposed reorganizations will
be contained in proxy statements and other soliciting materials which will
be mailed to shareholders of record on the record dates selected.
Due to the shareholder votes and other conditions, the reorganizations
will not take place until the end of February, 2000 at the earliest.
Effective January 1, 2000, the Executive High Yield Fund and the Executive
Blue Chip Fund will be closed to new investors. Existing Executive High
Yield Fund and Executive Blue Chip Fund shareholders will be permitted to
continue making additional investments in their funds from January 1, 2000
until the mergers occur. There can, of course, be no assurance that the
reorganizations will be approved by shareholders.
