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[LINDQUIST & VENNUM PLLP LETTERHEAD]
September 16, 1998
Securities and Exchange Commission VIA EDGAR
Branch of Filings and Reports ---------
450 Fifth Street
Washington, DC 20549
Re: GENERAL SECURITIES INCORPORATED ("GENERAL SECURITIES")
- RULE 497(e) FILING
- File No. 2-77092
Ladies and Gentlemen:
Enclosed for filing is a Supplement, dated September 16, 1998, to the
Prospectus and Statement of Additional Information of General Securities, dated
March 31, 1998, pursuant to Rule 497(e). Please call Sari K.M. Laitinen at (612)
371-2436 with any questions you may have.
Very truly yours,
LINDQUIST & VENNUM P.L.L.P.
/s/ Sari Laitinen
Sari K.M. Laitinen
Enclosure
cc: Craig H. Robinson
John R. Houston
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GENERAL SECURITIES, INCORPORATED
SUPPLEMENT
Dated September 16, 1998
TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 31, 1998
MANAGEMENT OF THE FUND
The current Prospectus and Statement of Additional Information of the Fund
indicates that the portfolio is managed by a team lead by John P. Robinson and
including Winfield S. Holland, Craig H. Robinson and Mark D. Billeadeau. On
August 28, 1998, John P. Robinson died and on May 7, 1998, Mr. Holland resigned
his employment with the Investment Advisor and the Fund. Consequently, the
Fund's portfolio is currently managed by Craig H. Robinson and Mark D.
Billeadeau. Craig H. Robinson has been elected President of the Fund and of
Robinson Capital Management, Inc., the Investment Advisor ("Robinson Capital").
The Board of Directors has been expanded during the past year to include
Arnold M. Weimerskirch, Vice President for Corporate Quality at Honeywell Inc.,
Gary D. Floss, Director of Customer-Focused Quality at Medtronic, Inc. and Craig
H. Robinson, currently President of the Fund and Robinson Capital.
As a result of John P. Robinson's death, there has occurred a technical
"change of control" in Robinson Capital under federal regulations, although the
Fund's and Robinson Capital's operations have not changed, and are not expected
to change. This change of control has caused the Fund's Investment Advisory
Agreement and Management Agreement to terminate. Pending approval by the Fund's
shareholders, the Board has recommended and approved the continuation of
Robinson Capital as the Fund's Investment Advisor and Administrator under terms
identical to those in the current Investment Advisory and Management Agreements.
The Fund's Board of Directors will call a Special Meeting of Shareholders to
approve those agreements.
