LINDNER INVESTMENTS
SUPPLEMENT, dated December 22, 1998, to Prospectus and Statement of
Additional Information, dated September 30, 1998:
1. At a special meeting of the shareholders of the Lindner Growth Fund
held on Tuesday, December 22, 1998, the shareholders approved an amendment
to the Advisory and Service Contact between Ryback Management Corporation
and Lindner Investments, dated June 28, 1995, relating to the Lindner Growth
Fund, which changed the stock index used to evaluate the performance of the
Adviser from the Standard & Poor's Composite 500 Stock Index to the Russell
2000 Index.
2. At special shareholder meetings held on December 17 and December 22,
1998, shareholders of the Lindner Dividend Fund, Lindner Growth Fund,
Lindner Utility Fund, Lindner/Ryback Small-Cap Fund, Lindner Bulwark Fund
and Lindner International Fund approved amendments to the Agency Agreements
with Ryback Management Corporation providing for transfer agent services to
each Fund, which amendments increased the annual fee payable to Ryback
Management for transfer agent services to $11.00 per shareholder account,
effective as of December 1, 1998.
3. At special shareholder meetings held on December 17 and December 22,
1998, shareholders of the Lindner Dividend Fund, Lindner Growth Fund,
Lindner Utility Fund, Lindner/Ryback Small-Cap Fund, Lindner Bulwark Fund,
Lindner International Fund and Lindner High-Yield Bond Fund approved
amendments to the fundamental investment policy regarding borrowing to
permit each Fund to borrow amounts up to 33-1/3% of its total assets for any
purpose, including the making of investments, and to pledge its assets to
secure repayment of such borrowings. As an operating policy, the Board of
Trustees of the Lindner Investments has presently determined to limit the
amount of such permitted borrowings to not more than 5% of a Fund's total
assets. The Board of Trustees may increase or decrease this limitation on
borrowings at any time without further approval by the shareholders of a
Fund.
4. At a special shareholder meeting held on December 17, 1998,
shareholders of the Lindner Bulwark Fund approved changes to the investment
objective of that Fund, amendments to certain of its investment policies and
a change in the Fund's sub-classification to classify it as a "diversified"
mutual fund. These changes are intended to permit this Fund to be managed
as a "market neutral" mutual fund, which means that it will seek long-term
capital appreciation in both bull and bear markets while maintaining minimal
portfolio exposure to general equity markets by always having both long and
short positions in equity securities. On December 17, 1998, following the
approvals by the shareholders of this Fund, the Board of Trustees of Lindner
Investments approved a change in the name of this Fund to "Lindner Market
Neutral Fund". The changes in investment objective, investment policies and
sub-classification, and the change in the name of the Fund, will take effect
at the time that the new Prospectus for Lindner Investments, which will
describe all of these changes, has become effective. This is anticipated to
occur on or about March 10, 1999. Until that date, the Lindner Bulwark Fund
will continue to be managed under its current investment objective and
policies.
5. At special shareholder meetings held on December 17 and December 22,
1998, shareholders of the Lindner Dividend Fund, Lindner Growth Fund,
Lindner Utility Fund, Lindner/Ryback Small-Cap Fund, Lindner Bulwark Fund
and Lindner International Fund approved the elimination of the fundamental
investment policy that prohibited such Funds from investing in companies for
the purpose of exercising control. Accordingly, any of such Funds may take
actions to influence the management of companies in which the Fund has made
an investment.
6. At special shareholder meetings held on December 17 and December 22,
1998, shareholders of the Lindner Dividend Fund, Lindner Growth Fund,
Lindner Utility Fund, Lindner/Ryback Small-Cap Fund, Lindner Bulwark Fund,
Lindner International Fund and Lindner High-Yield Bond Fund approved
changing the investment policies of such Funds regarding (a) purchasing
securities on margin, (b) short sales and (c) purchasing and writing of put
and call options from "fundamental" to "non-fundamental", which means that
the Board of Trustees may make changes in such policies without further
approval by the shareholders of the Fund affected thereby.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
