TAXABLE BOND FUNDS
Government
Investment Grade
Fund For Income
High Yield
Supplement dated November 12, 1999 to the
Prospectus dated February 19, 1999
The Prospectus is amended by adding the following to the end of the section
captioned "Fund Management" on page 25 thereof:
The Board of Directors of the First Investors High Yield Fund, Inc.
("High Yield Fund") and the First Investors Fund For Income, Inc.
("Fund For Income") has approved a plan to merge High Yield Fund into
Fund For Income in a tax free reorganization.
The Board determined that the reorganization would be in the best
interests of shareholders because, among other things: the funds are
extremely similar and combining them may reduce expenses for shareholders;
each fund invests its assets primarily in "high yield" bonds; each fund is
managed by the same investment adviser, has the same investment objective,
and follows similar investment styles in selecting high yield bonds and
other investments; and following the reorganization, the portfolio manager
of Fund For Income will manage the combined fund.
Under the plan, all of High Yield Fund's assets will be transferred to
Fund For Income in return for Fund For Income shares having an equal
value. These shares will be distributed pro rata to High Yield Fund
shareholders who will receive shares of Fund For Income in exchange for
their High Yield Fund shares. The total value of the Fund For Income
shares received by each High Yield Fund shareholder will be equal to the
total value of High Yield Fund shares held prior to the reorganization.
High Yield Fund will then be dissolved.
The reorganization is subject to a number of conditions, including
approval of the High Yield Fund shareholders and exemptive relief from the
Securities and Exchange Commission. A meeting of the shareholders of High
Yield Fund is expected to be held on or about February 25, 2000, to vote
on the reorganization. Details about the proposed reorganization will be
contained in a proxy statement and other soliciting materials which will
be mailed to High Yield Fund shareholders of record on the record date.
Due to the shareholder vote and other conditions, the reorganization will
not take place until the end of February, 2000 at the earliest. Effective
January 1, 2000, the High Yield Fund will be closed to new investors.
Existing High Yield Fund shareholders will be permitted to continue making
additional investments in the fund from January 1, 2000 until the merger
occurs. There can, of course, be no assurance that the reorganization will
be approved by shareholders or that the other conditions of the
reorganization will be satisfied.
