EXECUTIVE INVESTORS TRUST
SUPPLEMENT DATED JANUARY 10, 2000 TO THE
PROSPECTUS DATED APRIL 30, 1999
1. 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. The
Executive High Yield Fund and the Executive Blue Chip Fund is currently
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 until the mergers occur. There can,
of course, be no assurance that the reorganizations will be approved by
shareholders.
2. The Fund Management section beginning on page 20 is amended as follows:
All references to Dennis T. Fitzpatrick as Portfolio Manager of the
Blue Chip Fund are changed to Co-Portfolio Manager. Add Andrew Wedeck
as Co-Portfolio Manager of the Blue Chip Fund. From April 1999 to
November 1999, Mr. Wedeck was a Research Analyst at Cramer Rosenthal
McGlynn. From April 1998 to March 1999, Mr. Wedeck was a personal
money management consultant for family members. From 1995 to March
1998, Mr. Wedeck was an Equity Analyst at Stechler & Company. All
references to George V. Ganter as Portfolio Manager of the High Yield
Fund are deleted. Add Nancy Jones as Portfolio Manager of 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.
EITP0100
