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Previous: LINDNER INVESTMENTS, NSAR-B, 1995-08-25 |
Next: KEMPER DEFINED FUNDS SERIES 37, 497J, 1995-08-25 |
<PAGE> 1
LINDNER
FUNDS
ADVISED BY RYBACK MANAGEMENT CORPORATION(sm)
ANNUAL REPORT
June 30, 1995
. Lindner Growth Fund
. Lindner Dividend Fund
. Lindner Utility Fund
. Lindner/Ryback Small-Cap Fund
. Lindner Bulwark Fund
. Lindner International Fund
<PAGE> 2
7711 Carondelet Avenue, Suite 700
LINDNER Saint Louis, Missouri 63105
FUNDS (314) 727-5305
ADVISED BY RYBACK MANAGEMENT CORPORATION Fax: (314) 727-9306
-------------------------------------------------------------------------------
Lindner Growth Fund * Lindner Dividend Fund * Lindner Utility Fund * Lindner/
Ryback Small-Cap Fund * Lindner Bulwark Fund * Lindner International Fund
This year's annual report serves as another stage in the evolution of the
Lindner Funds. In it you will notice several changes resulting from different
activities that transpired during the past fiscal year. This report is the
first time all six of our funds appear in one combined annual report. Your
approval of the Lindner Funds' reorganization into one trust authorized this
change. Consolidation of these financial statements should result in printing
cost reductions over the long term.
A second feature of our annual report is the introduction of the Lindner
Funds' new logo. We spent months of self-evaluation and introspection,
considering who we are and what we represent to our shareholders. After
reviewing many possibilities, we decided on the illustration of a devoted
farmer sowing his seeds in anticipation of a bountiful harvest. The logo is
designed in a woodcut style, first used in the mid-17th century, and its
rich, green color symbolizes the robust growth the farmer expects to yield.
We strongly identify with this image of growth through a disciplined work
ethic. In the case of the Lindner Funds, the image of discipline relates to
our value-oriented investment style. We are delighted with this new corporate
identity, and we believe that it will further set us apart from our peers.
As we unveil our new identity, we also are launching our first informational
brochure. Up to this point in time, very little has been written about the
Lindner Funds from our viewpoint. Anything written about us has come mostly
from external sources. We felt it was time to present ourselves from within,
and this first brochure is an attempt to accomplish that goal.
As previously mentioned, the reorganization of the Lindner Funds has already
garnered many benefits by conserving expenses and economizing operations.
With all six funds now on the same fiscal year, the need for separate Board
Meetings for our Dividend Fund no longer exists. The old structure required
an unconventional Board Meeting schedule, resulting in five or six meetings a
year. With the reorganization, Board of Trustees meetings will be consolidated
to a more standard, quarterly basis. The new meeting schedule will affect
upcoming dividend payout dates for the Lindner Growth, Small-Cap, and Bulwark
Funds. Rather than the former payable date in late-August, dividends will be
paid in mid-October. There will not be an August dividend. Again, this
adjustment takes place as a result of a change in the Board of Trustees meeting
schedule. It is in these meetings that dividend payouts are determined. The
first meeting in this new schedule will take place in late-September.
Respectfully submitted,
/s/ Eric E. Ryback
Eric E. Ryback
President
<PAGE> 3
TABLE OF CONTENTS
Statement of Assets & Liabilities p. 2
LINDNER GROWTH FUND
*Portfolio Manager's Letter p. 4
*Schedules of Investments and Net Assets p. 5
LINDNER DIVIDEND FUND
*Portfolio Manager's Letter p. 10
*Schedules of Investments and Net Assets p. 11
LINDNER UTILITY FUND
*Portfolio Manager's Letter p. 17
*Schedules of Investments and Net Assets p. 18
LINDNER/RYBACK SMALL-CAP FUND
*Portfolio Manager's Letter p. 20
*Schedules of Investments and Net Assets p. 21
LINDNER BULWARK FUND
*Portfolio Manager's Letter p. 22
*Schedules of Investments and Net Assets p. 23
LINDNER INTERNATIONAL FUND
*Portfolio Manager's Letter p. 26
*Schedules of Investments and Net Assets p. 27
Statement of Operations p. 28
Statement of Changes in Net Assets p. 30
Notes to Financial Statements p. 32
Financial Highlights p. 39
Auditor's Report p. 40
<PAGE> 4
<TABLE>
Lindner Investments
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995
<CAPTION>
Lindner Lindner
Growth Fund Dividend Fund
-------------- --------------
<S> <C> <C>
Assets
Investment securities, at value:
Unaffiliated issuers (identified cost of $879,354,425,
$1,862,899,440, $15,932,374, $6,748,560, $51,236,110,
and $198,611, respectively) $1,063,802,650 $1,890,576,817
Affiliated issuers (identified cost $307,901,603,
$10,145,599, $1,432,172, respectively) (Note 6) 391,923,931 10,437,113
Cash 633,148 1,849,075
Receivables:
Investments sold - long (Note 3) 5,390,769 765,000
Dividends and interest 3,897,263 24,945,200
Fund shares sold 554,505 1,897,280
Investments sold - short -- --
Deposits with brokers for securities sold short -- --
Unamortized organizational expense (Note 4) -- --
Receivable for expenses reimbursed by advisor -- --
Other assets 40,374 41,687
-------------- --------------
Total assets 1,466,242,640 1,930,512,172
-------------- --------------
Liabilities
Accounts payable and accrued liabilities:
Investment securities purchased (Note 3) 17,907,930 19,766,206
Investments sold short, at value (proceeds $15,440,491) -- --
Fund shares redeemed 203,403 652,564
Distribution to shareholders (Note 5) -- 6,206,083
Other liabilities:
Management fee (Note 3) 1,787,090 797,841
Organizational expense (Note 4) -- --
Other 159,943 169,009
-------------- --------------
Total liabilities 20,058,366 27,591,703
-------------- --------------
Net Assets $1,446,184,274 $1,902,920,469
============== ==============
Net assets consist of:
Capital (par value and additional paid-in capital) $1,129,142,915 $1,878,899,330
Undistributed net investment income (loss) 16,314,935 994,513
Accumulated net realized gain (loss) on investments
and foreign currency transactions 32,142,414 (4,944,367)
Net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities in foreign currency 268,584,010 27,970,993
-------------- --------------
Net Assets Applicable
to Outstanding Shares $1,446,184,274 $1,902,920,469
============== ==============
Shares of beneficial interest, $.01 par value
Unlimited shares authorized
Outstanding 61,976,612 73,201,922
============== ==============
Net Asset Value Per Share $23.33 $26.00
============== ==============
See Notes to Financial Statements
2
<PAGE> 5
Lindner Investments
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995
<CAPTION>
Lindner/
Lindner Ryback Lindner Lindner
Utility Small-Cap Bulwark International
Fund Fund Fund Fund
----------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Assets
Investment securities, at value:
Unaffiliated issuers (identified cost of $879,354,425,
$1,862,899,440, $15,932,374, $6,748,560, $51,236,110,
and $198,611, respectively) $17,009,577 $6,621,300 $53,831,610 $198,591
Affiliated issuers (identified cost $307,901,603,
$10,145,599, $1,432,172, respectively) (Note 6) -- -- 1,349,998 --
Cash 20,866 89,088 209,376 96,776
Receivables:
Investments sold - long (Note 3) 590,735 1,142,500 -- --
Dividends and interest 122,185 -- 245,082 --
Fund shares sold 71,259 21,881 13,075 --
Investments sold - short -- -- 15,905,538 --
Deposits with brokers for securities sold short -- -- 9,809,726 --
Unamortized organizational expense (Note 4) 21,007 20,751 45,306 32,280
Receivable for expenses reimbursed by advisor -- -- -- 3,786
Other assets 1,640 453 2,592 8
----------- ---------- ----------- --------
Total assets 17,837,269 7,895,973 81,412,303 331,441
----------- ---------- ----------- --------
Liabilities
Accounts payable and accrued liabilities:
Investment securities purchased (Note 3) 14,394 -- 231,678 --
Investments sold short, at value (proceeds $15,440,491) -- -- 15,850,077 --
Fund shares redeemed 174,855 -- 159,326 --
Distribution to shareholders (Note 5) 24,973 -- -- --
Other liabilities:
Management fee (Note 3) 10,333 4,481 53,920 246
Organizational expense (Note 4) 24,668 22,445 47,871 35,889
Other 6,409 1,692 18,961 180
----------- ---------- ----------- --------
Total liabilities 255,632 28,618 16,361,833 36,315
----------- ---------- ----------- --------
Net Assets $17,581,637 $7,867,355 $65,050,470 $295,126
=========== ========== =========== ========
Net assets consist of:
Capital (par value and additional paid-in capital) $19,674,121 $7,013,876 $66,619,795 $293,018
Undistributed net investment income (loss) 60,491 (37,602) 1,087,070 2,117
Accumulated net realized gain (loss) on investments
and foreign currency transactions (3,230,325) 1,018,341 (5,264,462) 11
Net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities in foreign currency 1,077,350 (127,260) 2,608,067 (20)
----------- ---------- ----------- --------
Net Assets Applicable
to Outstanding Shares $17,581,637 $7,867,355 $65,050,470 $295,126
=========== ========== =========== ========
Shares of beneficial interest, $.01 par value
Unlimited shares authorized
Outstanding 1,631,862 1,439,629 9,179,307 32,456
=========== ========== =========== ========
Net Asset Value Per Share $10.77 $5.46 $7.09 $9.09
=========== ========== =========== ========
See Notes to Financial Statements
</TABLE>
3
<PAGE> 6
LINDNER GROWTH FUND
August 15, 1995
Dear Shareholders:
For the year ended June 30, 1995, the Lindner Growth Fund's total
return was 14.9% versus the S & P 500 total return of 26.1%
Clearly the Fund failed to stay abreast of a market which has
been a one-way street upward since late 1994. A huge amount of
the gain in the stock market has come from the semiconductor,
computer and communication areas or more generally, the
technology sector. The Fund's exposure to this area was small
and our relative performance suffered because of it. Technology
companies are characterized by high price-to-earnings ratios,
short product cycles and extreme volatility in stock prices. We
have owned and will continue to own stocks in the technology area
when they are available at a reasonable price, and will sell them
when we believe they are fully valued, just as we would any other
stock. The Fund has continued to adjust the portfolio to
changing market conditions and one result was the realization of
gains, especially in the technology area. Poorly performing
investments were sold to offset these gains wherever possible.
The current composition of the Fund reflects our belief that the
economy will continue to grow, inflation has not been abolished,
and monetary stability -- namely a steady value for the U.S.
dollar -- has not been achieved. The Fund's relatively large
cash position of 12.5% and its holdings in companies involved in
energy and precious metals should help support the Fund in the
event of any negative surprises with regard to inflation and/or
the value of the U.S. dollar. More importantly, the Lindner
Growth Fund will continue to seek low-priced, out of favor
companies with potential for significant growth while avoiding
high priced, high profile stocks which provide very little room
for disappointment and whose fall is often as meteoric as their
rise. There are many ways to make money in the stock market.
Our approach has not been the hottest fashion lately but it never
goes out of style.
We would like to thank the shareholders for approving the
reorganization of the Funds which will enable us to provide
better service with lower operating expenses. Once again we
appreciate your investment in the Fund and intend to improve upon
the returns we deliver.
Respectfully submitted,
/s/ Eric E. Ryback /s/ Robert A. Lange /s/ Larry Callahan
Eric E. Ryback Robert A. Lange Larry Callahan
President Portfolio Manager Portfolio Manager
4
<PAGE> 7
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Growth Fund
-------------------
Common Stocks (81.17%)
Aerospace/Defense (3.65%)
Alliant Techsystems, Inc. <Fa>,<F*> 850,000 $35,487,500
Allied Research Corporation <Fa>,<F*> 424,620 1,592,325
Lockheed Martin Corporation 249,390 15,742,744
----------------------
$52,822,569
----------------------
Apparel and Other Textile Products (0.09%)
Laws International Holdings Limited <Ff> 7,604,000 $1,326,708
----------------------
Business Services (2.20%)
Autoinfo, Inc. <Fa>,<F*> 713,000 $2,239,266
Control Data Systems, Inc. <F*> 545,000 4,905,000
National Data Corporation 443,250 10,250,156
Tanknology Environmental, Inc. <Fa>,<F*> 920,700 2,129,119
Tripos, Inc. <Fa>,<F*> 278,500 1,740,625
Valassis Communications, Inc. <F*> 515,200 8,629,600
Wave Technologies International, Inc. <Fa>,<F*> 240,000 1,980,000
----------------------
$31,873,766
----------------------
Chemicals and Allied Products (1.48%)
Solvay & Cie S.A. <Ff> 35,000 $19,371,060
Sterling Chemicals, Inc. <F*> 171,900 1,998,338
----------------------
$21,369,398
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Computers and Electronic Equipment (6.39%)
Comsat Corporation 234,000 $4,592,250
Digital Equipment Corporation <F*> 400,000 16,300,000
GTI Corporation <F*> 379,100 7,297,675
Gradco Systems, Inc. <Fa>,<F*> 438,700 1,316,100
Hadco Corporation <Fa>,<F*> 716,000 17,810,500
Metricom, Inc. <Fa>,<F*> 1,307,000 19,605,000
Micronics Computers, Inc. <Fa>,<F*> 1,100,000 4,537,500
Micropolis Corporation <Fa>,<F*> 1,507,300 7,913,325
Pulse Engineering, Inc. <Fa>,<F*> 455,268 3,471,419
Recognition International, Inc. <F*> 409,400 3,735,775
Vertex Communication Corporation <Fa>,<F*> 420,000 5,775,000
----------------------
$92,354,544
----------------------
Construction and Real Estate (2.12%)
Asland SA <Ff> 300,000 $5,339,004
Butler Manufacturing Company <Fa>,<F*> 379,494 15,749,001
Puerto Rican Cement Company <Fa> 315,300 9,616,650
----------------------
$30,704,655
----------------------
See Notes to Financial Statements
5
<PAGE> 8
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Growth Fund
-------------------
Energy (12.96%)
Atwood Oceanics, Inc. <Fa>,<F*> 581,000 $9,332,313
B J Services Company <F*> 420,400 9,564,100
Enterra Corporation <F*> 232,800 4,888,800
Hornbeck Offshore Services, Inc. <F*> 300,000 4,725,000
Lasmo plc-ADR <F*> 3,900,000 32,175,000
Nabors Industries, Inc. <F*> 901,800 7,439,850
Pennzoil Company 119,000 5,607,875
Phillips Petroleum Company 600,000 20,025,000
Rowan Companies, Inc. <F*> 2,166,900 17,606,063
Tidewater, Inc. 1,100,000 27,637,500
USX-Marathon Group 600,000 11,850,000
Wainoco Oil Corporation <Fa>,<F*> 2,330,000 9,611,250
Weatherford International, Incorporated <F*> 525,000 6,628,125
Williams Companies 366,937 12,796,928
YPF Sociedad Anonima-ADR 400,000 7,550,000
----------------------
$187,437,804
----------------------
Environmental Services (2.37%)
Chambers Development Company, Inc., Class A <Fa>,<F*> 4,709,600 $30,318,050
Chempower, Inc. <Fa>,<F*> 650,000 2,437,500
EMCON <F*> 335,000 1,465,625
----------------------
$34,221,175
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Financial Services (13.34%)
Acordia, Inc. <Fa> 1,267,800 $40,728,075
Bancfirst Corporation <Fa> 328,200 5,005,050
Banco Popular Espanol SA <Ff> 36,000 5,351,392
Brooklyn Bancorp, Inc. <F*> 590,000 19,912,500
CPB, Inc. 84,939 2,165,945
Central Reserve Life Corporation 200,000 1,625,000
Community Financial Corporation <Fa> 118,000 1,740,500
First of America Bank Corporation 152,300 5,654,138
Hilb Rogal and Hamilton Company <Fa> 825,000 10,312,500
Independent Insurance Group, Inc. 516,000 7,611,000
International Bancshares Corporation 259,492 10,379,690
Mid-South Insurance Company <Fa> 536,318 5,899,498
National Insurance Group <Fa> 377,800 2,644,600
Norwest Corporation 271,056 7,792,860
Old Republic International Corporation 912,500 23,839,062
Physicians Insurance Company of Ohio <Fa>,<F*> 339,000 3,559,500
Portsmouth Bancshares, Inc. <Fa> 506,831 6,208,680
Riggs National Corporation <F*> 410,000 4,048,750
River Forest Bancorp, Inc. 329,979 13,364,150
Skandinaviska Enskilda <Ff> 500,000 2,595,583
Sterling Financial Corporation <Fa>,<F*> 338,150 4,480,488
Stewart Information Services Corporation <Fa> 409,950 8,045,269
----------------------
$192,964,230
----------------------
Food and Beverage (1.19%)
The Morningstar Group, Inc. <Fa> 1,176,700 $8,531,075
Savannah Foods & Industries, Inc. 404,200 4,446,200
United Grain Growers Limited <Fa>,<Ff> 800,000 4,221,866
----------------------
$17,199,141
----------------------
See Notes to Financial Statements
6
<PAGE> 9
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Growth Fund
-------------------
Healthcare (2.78%)
Allied Healthcare Products, Inc. <F*> 242,900 $3,947,125
Chinoin Pharmaceuticals <Ff> 1,500 454,324
Comprehensive Care - Rule 144A <F*> 100,000 725,000
Continental Medical Systems <F*> 200,000 1,925,000
Health Images, Inc. <Fa> 1,083,900 6,638,888
Laboratory Corporation of America Holdings <F*> 432,000 5,724,000
Laboratory Corporation of America Holdings -
Warrants, expiring April 28, 2000 <F*> 97,848 146,772
Maxicare Health Plan, Inc. <Fa>,<F*> 941,976 14,600,628
Medchem Products, Inc. <Fa>,<F*> 695,600 5,999,550
----------------------
$40,161,287
----------------------
Industrial Products and Services (2.33%)
Bremmer Vulkan Verbund AG <Ff>,<F*> 200,000 $11,559,858
Devlieg Bullard, Inc.<F*> 430,000 591,250
Durakon Industries, Inc. <Fa>,<F*> 377,500 5,756,875
KONE Corporation <Ff> 18,650 2,101,531
Lufkin Industries 114,600 2,148,750
Meridian Technologies Inc. <Ff>,<F*> 890,400 4,131,824
Midwestco Filter Resources, Inc. <Fa>,<F*> 341,000 1,832,875
Mosaid Technologies, Inc. <Fa>,<F*>,<Ff> 467,900 5,534,557
----------------------
$33,657,520
----------------------
Investments (3.05%)
Baltic Republics Fund Limited - Rule 144A <Ff>,<F*> 8,500 $850,000
Dundee Bancorp, Inc. <Ff>,<F*> 727,400 6,419,948
Minorco-ADR 1,360,000 33,660,000
Triton Group Ltd. <Fa>,<F*> 1,393,900 3,136,275
----------------------
$44,066,223
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Leisure/Entertainment (1.90%)
Airtours <Ff> 1,000,000 $6,459,825
International Speedway Corporation 27,782 4,472,902
Polaroid Corporation 250,000 10,187,500
Sotheby's Holdings, Inc. 467,600 6,371,050
----------------------
$27,491,277
----------------------
Metals Processing (2.23%)
Asturiana De Zinc, S.A. <Ff> 291,882 $2,784,076
Birmingham Steel Corporation 430,550 7,965,175
Dofasco, Inc. <Ff> 500,000 6,278,206
Geneva Steel Company <F*> 826,400 6,817,800
Laclede Steel Company <Fa>,<F*> 319,500 3,834,000
Republic Engineered Steel <F*> 595,100 4,612,025
----------------------
$32,291,282
----------------------
Mining (6.78%)
Anvil Range Mining <Fa>,<Ff>,<F*> 1,000,000 $4,003,494
Dayton Mining <Fa>,<Ff>,<F*> 1,600,000 5,473,868
Dayton Mining - Warrants
expiring November 3, 1995 - Rule 144A <F*>,<Ff> 300,000 76,430
Golden Shamrock - Warrants
expiring September 1, 1995 - Rule 144A <F*>,<Ff> 3,305 3,668,550
Hemlo Gold Mines, Inc. <Ff> 1,725,000 18,328,125
Homestake Mining Company 883,750 14,581,875
Kinross Gold Corporation <Ff>,<F*> 800,000 6,000,000
Pegasus Gold, Inc. <Ff> 489,500 4,956,188
Placer Dome, Inc. <Ff> 600,000 15,675,000
Santa Elina Gold Corporation-Rule 144A <Ff>,<F*> 950,000 1,313,874
TVX Gold, Inc. <Ff>,<F*> 800,000 5,800,000
Uranium Resources, Inc. <Fa>,<F*> 821,525 4,107,625
Wharf Resources Ltd. <Fa>,<Ff> 1,712,600 14,128,950
----------------------
$98,113,979
----------------------
See Notes to Financial Statements
7
<PAGE> 10
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Growth Fund
-------------------
Real Estate Investment Trust (0.38%)
RPS Realty Trust 1,210,500 $5,447,250
----------------------
Retail Trade (3.68%)
Charming Shoppes 2,762,500 $14,503,125
Dart Group Corporation, Class A 57,563 4,856,878
Duckwall-Alco Stores, Inc. <F*> 100,000 925,000
Fotex RT. <Ff> 2,114,000 3,094,898
Genesco, Inc. <F*> 468,200 1,463,125
Greenman Brothers, Inc. <Fa>,<F*> 327,300 2,925,244
Younkers, Inc. <F*> 275,000 4,726,562
Zale Corporation <F*> 1,537,400 20,754,900
----------------------
$53,249,732
----------------------
Transportation (5.68%)
Antofagasta Holdings P.L.C. <Ff> 950,000 $4,942,721
Helicopter Service A/S <Ff> 519,000 6,734,793
International Shipholding Corporation <Fa> 270,500 5,646,688
Kirby Corporation <F*> 400,000 6,350,000
Leif Hough & Company, A/S <Ff> 391,300 5,299,846
London & Overseas Freighters Limited-ADR <Fa> 405,500 4,992,719
MTL Inc. <Fa>,<F*> 337,500 4,598,438
OMI, Inc. <Fa>,<F*> 2,214,900 14,673,713
Oglebay Norton Company 96,372 3,300,741
Overseas Shipholding Group, Inc. 781,300 16,211,975
Pacific Basin Bulk Shipping 150,000 2,193,750
Wah Kwong Shipping Holdings Limited <Ff> 2,760,759 4,745,473
Worldway Corporation <F*> 251,900 2,393,050
----------------------
$82,083,907
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Utilities (3.17%)
Entergy Corporation 260,474 $6,283,935
Huaneng Power International - ADR <F*> 397,700 7,307,737
Noram Energy Corporation 3,437,300 22,342,450
Southwest Gas Corporation 700,000 9,975,000
----------------------
$45,909,122
----------------------
Miscellaneous (3.40%) $49,180,346
----------------------
Total Common Stocks (Cost $910,576,818) $1,173,925,915
----------------------
Preferred Stocks (1.04%)
Financial Services (0.47%)
Glendale Federal Bank, Series E, $2.1875 convertible 200,800 $6,827,200
----------------------
Utilities (0.57%)
RWE Aktiengesellschaft DM 50 <Ff> 30,000 $8,245,069
----------------------
Total Preferred Stocks (Cost $10,425,138) $15,072,269
----------------------
See Notes to Financial Statements
8
<PAGE> 11
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Growth Fund
-------------------
Non-Convertible Bonds (3.18%)
Energy (0.21%)
Huntway Partners L.P., 4%, due 2008 - Rule 144A $8,606,717 $774,605
Huntway Partners L.P., 8%, due 2000 - Rule 144A 3,444,834 2,239,142
----------------------
$3,013,747
----------------------
Industrial Products and Services (0.53%)
The Toro Company, 11%, due 2017 7,150,000 $7,668,375
----------------------
Paper, Printing and Publishing (0.17%)
VIS Capital, 12.375%, due 1998 2,380,000 $2,406,775
----------------------
Transportation (2.28%)
Greyhound Lines, Inc., 10% Sr. Notes, due 2001 26,048,000 $22,629,200
Southern Pacific Transportation Company
8.2% due 2001 10,345,000 10,293,275
----------------------
$32,922,475
----------------------
Total Non-Convertible Bonds (Cost $47,539,198) $46,011,372
----------------------
Convertible Bonds (.61%)
Apparel and Other Textile Products (0.06%)
Suave Shoe Corporation, 5%, due 1997 929,000 $929,000
----------------------
Energy (0.18%)
Wainoco Oil Corporation, 7.75%, due 2004 2,950,000 $2,632,875
----------------------
Mining (0.36%)
Dayton Mining, 7%, due 1999 <Ff> 3,500,000 $5,250,000
----------------------
Total Convertible Bonds (Cost $3,470,404) $8,811,875
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
U.S. Treasury Bills (14.65%)
Maturing 07-06-95 to 12-14-95
(Cost $211,744,470) $213,400,000 $211,905,150
----------------------
Total Investments (Cost $1,187,256,028) 100.65% $1,455,726,581
Excess of Other Liabilities over Assets ( .65%) ($9,542,307)
------------------- ----------------------
Net Assets 100.00% $1,446,184,274
=================== ======================
<FN>
<F*> Non-income producing
<Fa> Denotes security is affiliated (See Note 6)
<Ff> Denotes security primarily traded in foreign markets
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
9
<PAGE> 12
LINDNER DIVIDEND FUND
August 15, 1995
Dear Shareholders:
The Fund has just completed an abbreviated year ending June 30,
1995, which began March 1, 1995, due to the recent merger of the
Lindner Dividend Fund into Lindner Investments.
The return for the abbreviated period was 8.12%. During the same
time period, the 30 year treasury bond rate declined from 7.44%
to 6.62%. As a consequence of its interest rate sensitivity, the
Fund reacts more favorably as rates decline. I am pleased to
report that the average portfolio yield is 7.3%, which compares
very favorably to the 1-year treasury bill rate of 5.3%.
The percentage of cash on March 1, 1995, was 6% and steadily
increased to 12.7%. The large increase results from selling out
of selected convertible preferred securities, as well as the more
defensive position the Fund is taking as the stock market
continues to reach new heights.
The largest industry in the Fund is the Utilities sector,
representing 15% of total assets followed by Energy 14.1%,
Financial services 8.4%, Transportation 7.5% and
Telecommunications 6.6%. With continued legislation toward
deregulation, there exists tremendous opportunity for
consolidation within the utility industry. This situation
translates into utilities buying other utilities. The Fund is
well positioned to take advantage of this event.
If you were not aware, a recent article in Mutual Funds magazine,
regarding bear markets and their impact on mutual funds, ranked
the Lindner Dividend Fund 13th overall out of 677 stock funds.
The Fund posted a 9.2 safety rating out of a possible ten. The
report listed only one other fund whose safety rating ranked
higher than the Lindner Dividend Fund.
Thank you for your continued interest in the Fund.
Respectfully Submitted,
/s/ Eric E. Ryback
Eric E. Ryback
President
10
<PAGE> 13
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Dividend Fund
---------------------
Common Stocks (28.00%)
Energy (3.51%)
Atlantic Richfield Company 250,000 $27,437,500
Ensco International, Inc. 180,000 2,857,500
Pennzoil Company 250,000 11,781,250
TransCanada Pipelines Limited <Ff> 1,009,000 13,495,375
USX-Marathon Group 180,000 3,555,000
Westcoast Energy, Inc. <Ff> 513,600 7,575,600
----------------------
$66,702,225
----------------------
Financial Services (0.77%)
American Bank of Connecticut <Fa> 130,000 $2,811,250
Community Bank - Warrants
expiring June 27, 1999 <F*> 85,000 170,000
First of America Bank Corporation 304,000 11,286,000
TeleBanc Financial Corporation - Warrants,
expiring May 1, 2004 <F*> 150,000 300,000
----------------------
$14,567,250
----------------------
Food (0.05%)
Flagstar Companies <F*> 185,000 $1,040,625
----------------------
Industrial Products and Services (0.03%)
Gilbert Associates, Inc. 38,350 $498,550
----------------------
Investments (1.52%)
Minorco - ADR 1,168,200 $28,912,950
----------------------
Leisure and Entertainment (1.30%)
A. T. Cross Company, Class A 518,500 $7,712,687
Jostens, Inc. 800,000 17,000,000
----------------------
$24,712,687
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Mining (0.24%)
North Flinders Mines Limited <Ff> 768,900 $4,224,126
Uranium Resources, Inc. <F*> 56,000 280,001
Uranium Resources, Inc. - Warrants,
expiring May 31, 1998 - Rule 144A <F*> 1,125,000 0
----------------------
$4,504,127
----------------------
Paper, Printing and Publishg (0.59%)
P. H. Glatfelter Company 558,200 $11,233,775
----------------------
Real Estate Investment Trusts (0.50%)
Commercial Assets, Inc. 297,800 $1,898,475
Pimco Commercial Mortgage Securities <Fa> 592,300 7,625,863
----------------------
$9,524,338
----------------------
Retail Trade (0.17%)
Strawbridge & Clothier, Class A 160,800 $3,216,000
----------------------
Telecommunications (4.99%)
Ameritech Corporation 235,000 $10,340,000
Bell Atlantic Corporation 200,000 11,200,000
BellSouth Corporation 129,000 8,191,500
Comsat Corporation 739,800 14,518,575
GTE Corporation 600,000 20,475,000
Koninkllijke PTT Nederland NV - Rule 144A <Ff> 540,000 19,398,904
MCI Communications Corporation 495,000 10,890,000
----------------------
$95,013,979
----------------------
See Notes to Financial Statements
11
<PAGE> 14
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Dividend Fund
---------------------
Transportation (0.47%)
Anangel-American Shipholdings Limited 649,900 $9,017,362
----------------------
Utilities (11.89%)
DQE, Inc. 450,000 $10,575,000
Entergy Corporation 420,000 10,132,500
Espoon Sahko - ADR - Rule 144A 248,000 2,932,600
General Public Utilities Corporation 400,000 11,900,000
Hawaiian Electric Utilities, Inc. 427,700 15,557,587
Idaho Power Company 322,100 8,133,025
Illinova Corporation 520,000 13,195,000
Iowa-Illinois Gas and Electric Company 632,600 13,838,125
NIPSCO Industries, Inc. 240,400 8,173,600
New York State Electric & Gas Corporation 500,000 11,687,500
NorAm Energy Corporation 3,413,800 22,189,700
Northeast Utilities 500,000 11,250,000
PacifiCorp 538,500 10,096,875
Portland General Corporation 626,500 13,861,313
Sierra Pacific Resources 492,200 10,705,350
The Southern Company 500,000 11,187,500
Southwest Gas Corporation 296,600 4,226,550
Telefonos de Mexico S. A. De C. V. - ADR 440,000 13,035,000
Western Gas Resources, Inc. 325,000 10,034,375
Wisconsin Energy 486,600 13,624,800
----------------------
$226,336,400
----------------------
Miscellaneous (1.97%) $37,569,511
----------------------
Total Common Stocks (Cost $500,481,103) $532,849,779
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Preferred Stocks (31.57%)
Computer and Electronic Equipment (1.63%)
The Titan Corporation, $1.00 convertible 71,400 $861,263
Unisys Corporation, 3.75% convertible 700,000 30,100,000
----------------------
$30,961,263
----------------------
Construction and Real Estate (0.59%)
LSB Industries, Inc., $3.25 convertible 187,500 $6,960,938
Nycor, Inc., $1.70 convertible 286,400 4,296,000
----------------------
$11,256,938
----------------------
Drugs and Beauty Aids (0.71%)
Foxmeyer Healthcare Corporation, $5.00 convertible 252,031 $13,452,155
----------------------
Energy (7.60%)
Cliffs Drilling Company, $2.3125 convertible 299,500 $8,498,313
Lasmo PLC , Series A , 10% 492,600 11,760,825
Maxus Energy Corporation $4.00 convertible 252,300 10,218,150
Maxus Energy Corporation, 10% 200,000 4,750,000
McDermott International, Inc., $2.20 convertible 235,500 6,829,500
McDermott International, Inc., 5.75%
convertible - Rule 144A 195,000 8,677,500
Noble Drilling Corporation, $1.50 convertible 20,600 489,250
Occidental Petroleum Corporation,
$3.875 convertible - Rule 144A 600,000 34,275,000
Reading & Bates Corporation, 6.5% convertible 468,825 13,361,513
Tejas Gas Corporation, $2.49 349,700 9,267,050
Tejas Gas Corporation, 5.25% convertible 164,300 7,455,113
Valero Energy Corporation, 6.25% convertible 328,850 15,127,100
The Williams Companies, Inc.,
7% convertible - Rule 144A 225,000 13,879,687
----------------------
$144,589,001
----------------------
See Notes to Financial Statements
12
<PAGE> 15
</TABLE>
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Dividend Fund
---------------------
Environmental Services (0.41%)
Environmental Systems, Series A, $1.75 447,632 $7,833,560
----------------------
Financial Services (5.60%)
Alexander & Alexander Services, Inc.,
$3.625 convertible - Rule 144A 270,000 $13,500,000
California Federal Bank, 10.625% 70,000 7,542,500
Capital Bancorporation, Inc., Series C, 9.75% 24,800 496,000
Community Bank, Series B, 13% 196,500 4,765,125
Credit Lyonnais Capital S.C.A., 9.5% - Rule 144A 600,000 14,100,000
Glendale Federal Bank, F.S.B., 8.75% convertible 301,200 10,240,800
Integon Corporation, $3.875 convertible 333,500 17,383,688
Pacific Crest Capital, Inc., 8.75% convertible 57,000 969,000
Republic New York Corporation, $ 3.375 convertible 202,300 11,682,825
Riggs National Corporation, Series B, 10.75% 750,000 19,500,000
River Bank America, Series A, 15% - Rule 144A 85,000 2,040,000
Santander Overseas Bank, Inc., $2.66 160,000 4,320,000
----------------------
$106,539,938
----------------------
Food (1.64%)
Flagstar Companies, Inc., 2.25% convertible 1,600,000 $31,200,000
----------------------
Industrial Products and Services (0.30%)
The BFGoodrich Company, $3.50 convertible 113,600 $5,793,600
----------------------
Leisure and Entertainment (1.59%)
AMC Entertainment, Inc., 7% convertible 1,088,000 $30,192,000
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Metals Processing (2.02%)
Armco Inc., $2.10 convertible 2,700 $62,100
Armco Inc., $3.625 convertible 206,900 10,836,387
Dofasco, Inc., $2.60 convertible <Ff> 671,100 15,509,845
USX Corporation, 6.5% convertible 252,000 11,970,000
----------------------
$38,378,332
----------------------
Mining (1.18%)
Freeport-McMoran Copper & Gold Inc.,
Series C variable rate 288,100 $9,615,337
Pittston Company, $3.125 convertible - Rule 144A 402,500 12,880,000
----------------------
$22,495,337
----------------------
Paper, Printing and Publishing (0.62%)
James River Corporation, $3.375 convertible 15,000 $671,250
James River Corporation, $3.50 convertible 247,100 11,057,725
----------------------
$11,728,975
----------------------
Real Estate Investment Trusts (0.76%)
Prime Retail, Inc., $2.125 convertible 510,000 $9,498,750
Prime Retail, Inc., $2.625 260,000 4,875,000
----------------------
$14,373,750
----------------------
Telecommunications (0.95%)
Mobile Telecommunication Technologies Corp.,
$2.25 convertible - Rule 144A 478,600 $18,067,150
----------------------
Transportation (1.65%)
Sea Containers Ltd, $4.00 convertible 293,900 $13,372,450
Sea Containers Ltd, $4.125 convertible 50,600 2,783,000
U.S. Air Group, Inc. $4.375 convertible 402,900 15,310,200
----------------------
$31,465,650
----------------------
See Notes to Financial Statements
</TABLE>
13
<PAGE> 16
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Dividend Fund
---------------------
Utilities (3.43%)
Cleveland Electric Illuminating Company, Series S, 9% 16,000 $13,840,000
Public Service Company of New Mexico, 8.48% 64,000 5,824,000
Public Service Company of New Mexico, 8.75% 151,543 15,457,386
Public Service Company of New Mexico, 8.8% 64,681 6,112,355
RWE Aktiengesellschaft, DM 50 <Ff> 50,000 13,741,781
Western Gas Resources, Inc., $2.625 convertible 292,900 10,251,500
----------------------
$65,227,022
----------------------
Miscellaneous (0.90%) $17,119,388
----------------------
Total Preferred Stocks (Cost $598,886,682) $600,674,059
----------------------
Non-Convertible Bonds (23.95%)
Aerospace/Defense (1.31%)
Alliant Techsystems, Inc., 11.75% ,due 2003 - Rule 144A $10,000,000 $10,687,500
Teledyne, Inc., 10%, due 2004 14,020,000 14,265,350
----------------------
$24,952,850
----------------------
Apparel & Other Textile Products (0.81%)
Hartmarx Corporation, 10.875%, due 2002 15,555,000 $15,360,563
----------------------
Computer and Electronic Equipment (0.87%)
Dell Computer Corporation, 11%, due 2000 15,000,000 $16,650,000
----------------------
Construction and Real Estate (2.09%)
Avatar Holdings, Inc., 9%, due 2000 3,683,000 $3,443,605
Congoleum Corporation, 9%, due 2001 13,700,000 13,631,500
Four Seasons Hotel, Inc., 9.125%, due 2000 - Rule 144A 13,100,000 12,854,375
Kaufman & Broad Home Corporation, 9.375%, due 2003 10,000,000 9,750,000
----------------------
$39,679,480
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Energy (0.65%)
Energy Ventures, Inc., 10.25%, due 2004 $4,950,000 $5,011,875
Maxus Energy Corporation, 9.875%, due 2002 3,000,000 2,891,250
Tuboscope Vetco International Corporation,
10.75%, due 2003 4,400,000 4,416,500
----------------------
$12,319,625
----------------------
Financial Services (1.68%)
Riggs National Corporation, floating rate, due 1996 <Ff> 2,340,000 $2,316,600
Roosevelt Financial Group, Inc., 9.5%, due 2002 4,000,000 4,055,000
TeleBanc Financial Corporation, 11.5% due 2004 7,500,000 6,525,000
WSFS Financial Corporation,
11%, due 2005 - Rule 144A 19,150,000 19,054,250
----------------------
$31,950,850
----------------------
Food (0.95%)
Flagstar Companies, Inc., 10.75%, due 2001 15,000,000 $14,137,500
Flagstar Companies, Inc., 11.375%, due 2003 5,000,000 3,937,500
----------------------
$18,075,000
----------------------
Healthcare (0.47%)
Tenet Healthcare Corp., 8.92%, due 1996 1,400,000 $1,400,000
Tenet Healthcare Corp., 8.94%, due 1996 4,000,000 4,000,000
Tenet Healthcare Corp., 8.97%, due 1996 3,480,000 3,480,000
----------------------
$8,880,000
----------------------
Industrial Products and Services (1.72%)
Fruehauf Trailer Corporation 14.75%,
due 2002 - Rule 144A 14,040,000 $14,004,900
Rohr, Inc., Senior Notes 11.625%, due 2003 3,850,000 4,047,312
The Toro Company, 11%, due 2017 13,700,000 14,693,250
----------------------
$32,745,462
----------------------
See Notes to Financial Statements
</TABLE>
14
<PAGE> 17
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Dividend Fund
---------------------
Leisure and Entertainment (1.57%)
Marvel III Holdings, Inc., 9.125%, due 1998 $25,725,000 $24,052,875
Tyco Toys, Inc., 10.125%, due 2002 6,250,000 5,812,500
----------------------
$29,865,375
----------------------
Metals Processing (1.99%)
Armco Inc., 9.2%, due 2000 13,304,000 $13,553,450
Geneva Steel, 11.25%, due 2001 16,000,000 12,800,000
Northwestern Steel & Wire Company, 9.5%, due 2001 12,250,000 11,499,687
----------------------
$37,853,137
----------------------
Mining (1.31%)
Kaiser Aluminum & Chemical Corporation,
9.875%, due 2002 25,500,000 $24,958,125
----------------------
Paper, Printing and Publishing (0.97%)
United States Banknote Corporation, 10.375%, due 2002 5,000,000 $4,068,750
VIS Capital, 12.375%, due 1998 9,118,000 9,220,577
Valassis Communications (Inserts), Inc.,
9.375% , due 1999 5,000,000 5,262,500
----------------------
$18,551,827
----------------------
Telecommunications (0.76%)
Heartland Wireless Communications, Inc.,
13%, due 2002 - Rule 144A 1,000,000 $1,065,000
Outlet Communications, Inc., 10.875%, due 2003 13,025,000 13,318,062
----------------------
$14,383,062
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Transportation (4.77%)
Greyhound Lines, Inc., 10%, due 2001 $33,150,000 $28,799,062
International Shipholding Corporation 9%, due 2003 2,000,000 1,945,000
OMI Corporation, 10.25%, due 2003 18,500,000 15,563,125
Southern Pacific Rail Corporation, 9.375%, due 2005 16,000,000 16,440,000
Southern Pacific Transportation Company,
8.2% due 2001 7,506,000 7,468,470
Transportacion Maritima Mexicana, S.A. de C.V.,
9.25%, due 2003 26,100,000 20,553,750
----------------------
$90,769,407
----------------------
Utilities (1.73%)
Del Norte Funding Corporation, 11.25%, due 2014 2,500,000 $1,350,000
El Paso Electric Company, 10.75%, due 2013 6,400,000 3,456,000
Gascart, 9%, due 1999 - Rule 144A 23,400,000 21,820,500
Texas-New Mexico Power Company, 9.25%, due 2000 6,000,000 6,232,500
----------------------
$32,859,000
----------------------
Miscellaneous (0.31%) $5,978,719
----------------------
Total Non-Convertible Bonds (Cost $536,673,176) $455,832,482
----------------------
See Notes to Financial Statements
</TABLE>
15
<PAGE> 18
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Dividend Fund
---------------------
Convertible Bonds (3.92%)
Business Services (0.37%)
Mickelberry Corporation, 8%, due 2002 $5,536,000 $5,259,200
Trans-Lux Corporation, 9%, due 2005 1,719,000 1,787,760
----------------------
$7,046,960
----------------------
Computer and Electronic Equipment (0.74%)
Atari Corporation, 5.25%, due 2002 12,299,000 $5,965,015
Micropolis Corporation, 6%, due 2012 5,850,000 3,312,562
Seagate Technology, Inc., 6.75%, due 2012 4,000,000 4,230,000
Telxon Corporation, 7.5%, due 2012 600,000 622,500
----------------------
$14,130,077
----------------------
Energy (0.68%)
Ashland Oil, Inc., 6.75%, due 2014 12,000,000 $11,902,500
Lone Star Technologies, Inc., 8% Eurobond, due 2002 <Ff> 1,280,000 998,400
----------------------
$12,900,900
----------------------
Industrial Products and Services (0.81%)
Cooper Industries, Inc., 7.05%, due 2015 14,755,000 $15,437,419
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Mining (0.41%)
Atlas Corporation 9%, due 1998 - Rule 144A $3,500,000 $2,625,000
Uranium Resources, Inc., 6.5%, due 1998 - Rule 144A 4,500,000 5,113,125
----------------------
$7,738,125
----------------------
Miscellaneous (0.91%) $17,393,645
----------------------
Total Convertible Bonds (Cost $74,376,584) $74,647,126
----------------------
U.S. Treasury Bills (12.46%)
Maturing 07-06-95 to 09-14-95
(Cost $237,004,077) $238,700,000 $237,010,484
----------------------
Total Investments (Cost $1,873,045,039) 99.90% $1,901,013,930
Excess of Other Assets over Liabilities 0.10% $1,906,539
----------------------- ----------------------
Net Assets 100.00% $1,902,920,469
======================= ======================
<FN>
<F#> Bond in default
<Fa> Denotes security is affiliated (See Note 6)
<Ff> Denotes security primarily traded in foreign markets
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
16
<PAGE> 19
LINDNER UTILITY FUND
August 15, 1995
Dear Shareholders:
The Lindner Utility Fund completed its first full fiscal year
with a total return of 12.51%. This compares favorably to the
New York Stock Exchange Utility Index's return during the same
period of 10.66%. The Fund received its initial funding on
October 4, 1993, and at June 30, 1994, had $11 million in net
assets. By June 30, 1995, net assets grew to $17 million.
At the beginning of the fiscal year, the largest industry sector
was telecommunications representing 30% of the portfolio. At
June 30, 1995, this sector was reduced to 11% and Utilities (gas,
electric and water) dominated the total portfolio with a 52%.
The shift to a strong representation in Utilities occurred during
the November-December time period when interest rates had peaked
and began to decline. Historically, when interest rates decline,
utility stocks act very positively.
During this same period the portfolio's foreign securities, which
represented 28.2% of the portfolio, was reduced to a current
16.36%. This was a protective reaction to the dramatic decline
in the Mexican peso and stock market which happened to occur at
the same time.
We also reduced the number of industry sectors from 7 to 5,
eliminating Computer Communication Equipment and Engineering and
Construction. The Fund's ability to expand the definition of
utilities allows it to diversify into non-income producing
service companies, thereby lowering its yield. During the course
of the year, we eliminated many of these securities and have
raised the yield of the portfolio to over 4%.
The largest single security holding is a company called Uranium
Resource, a non-income-producing security. Their operation mines
uranium for the nuclear utility industry. We feel the potential
for this company and industry is very strong. We make this
judgement based on our research that shows the 20 year cycle of
uranium prices is coming off an all time low, coupled with a
favorable supply/demand imbalance throughout the world. With the
Fund's ability to invest in these types of companies, the lower
portfolio yield will be off-set with a potential for greater
capital appreciation, a key factor to the Fund's future
performance against rising interest rates. Thank you for your
patience during the past fiscal year.
Respectfully submitted,
/s/ Eric E. Ryback
Eric E. Ryback
President
17
<PAGE> 20
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Utility Fund
---------------------
Common Stocks (67.62%)
Communication Equipment (4.94%)
Cable Design Technologies, Inc. <F*> 16,000 $344,000
Metricom, Inc. <F*> 35,000 525,000
----------------------
$869,000
----------------------
Energy (10.20%)
Tide West Oil Co. <F*> 25,500 $293,250
Uranium Resources, Inc. <F*> 300,000 1,500,000
----------------------
$1,793,250
----------------------
Telecommunications (10.90%)
C-TEC Corporation <F*> 19,000 $477,375
GTE Corporation 10,000 341,250
Lincoln Telecommunications Company 15,000 236,250
MCI Communications 19,000 418,000
Telefonos De Mexico S. A. De C. V. - ADR 15,000 444,375
----------------------
$1,917,250
----------------------
Telecommunications Equipment (1.72%)
Executone Info Systems <F*> 110,000 $302,500
----------------------
Utilities (Gas, Electric & Water) (35.79%)
The Coastal Corporation 15,000 $455,625
DQE, Inc. 15,450 363,075
Electridad Caracas <Ff> 245,360 256,292
FPL Group, Inc. 10,000 386,250
Hawaii Electric Industries, Inc. 10,000 363,750
Huaneng Power International-ADR <F*> 40,000 735,000
Idaho Power Company 15,000 378,750
Illinova Corporation 12,000 304,500
NorAm Energy Corporation 100,000 650,000
Utilities (Continued)
Panhandle Eastern Corporation 20,000 487,500
Portland General Corporation 14,000 309,750
Providence Energy 20,000 305,000
The Southern Company 15,000 335,625
TransCanada Pipelines Limited <Ff> 19,000 254,125
Westcoast Energy, Inc. <Ff> 29,000 427,750
Wisconsin Energy Corporation 10,000 280,000
----------------------
$6,292,992
----------------------
Miscellaneous (4.06%) $714,400
----------------------
Total Common Stocks (Cost $11,367,759) $11,889,392
----------------------
Preferred Stocks (24.12%)
Energy (12.11%)
Maxus Energy, 10% 15,000 $356,250
North Coast, Inc., 10% convertible 29,000 253,750
Santa Fe Energy Resources, 7% convertible 24,000 438,000
Valero Energy Corporation, 6.25% convertible 14,000 644,000
Western Gas Resources, Inc., $2.625 convertible 12,500 437,500
----------------------
$2,129,500
----------------------
Utilities (Gas, Electric & Water) (12.01%)
Central Maine Power Company, $4.75 11,096 $527,060
Central Maine Power Company, $5.25 7,500 393,750
Texas-New Mexico Power Company, Series B
4.65%, 14,000 1,190,000
----------------------
$2,110,810
----------------------
Total Preferred Stocks (Cost $3,649,062) $4,240,310
----------------------
See Notes to Financial Statements
</TABLE>
18
<PAGE> 21
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Utility Fund
---------------------
Bonds (5.00%)
Energy (0.76%)
Wainoco Oil Corporation, 7.75%,
convertible due 2004 $150,000 $133,875
----------------------
Utilities (Gas, Electric & Water)(4.24%)
Gascart S.A., 9%, due 1999 - Rule 144A 800,000 $746,000
----------------------
Total Bonds (Cost $915,554) $879,875
----------------------
Total Investments (Cost $15,932,374) 96.75% $17,009,577
Excess of Other Assets over Liabilities 3.25% $572,060
----------------------- ----------------------
Net Assets 100.00% $17,581,637
======================= ======================
<FN>
<F*> Non-income producing
<Ff> Denotes security primarily traded in foreign markets
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
19
<PAGE> 22
LINDNER/RYBACK SMALL-CAP FUND
August 15, 1995
Dear Shareholders:
The Lindner/Ryback Small-Cap Fund completed its first full fiscal
year with a total return of 14.32% which lagged the Russell 2000
Index of Small-Capitalization stocks' 18.32% total return during
the same period.
The Fund received its initial funding on January 24, 1994, and by
June 30, 1994, it held $5.2 million in assets. Currently the
Fund has $8.1 million. The Fund's percentage of cash has
declined during the past year, starting on June 30, 1994 at 41%
and ending the fiscal year at 14%. Currently the Fund's cash
stands at 17%. We have grown more cautious as the stock market
continues to reach record levels.
During the year, the fund reduced the number of industry holdings
from 17 to 11, eliminating sectors that we felt would be most
affected by an economic slow down -- such as Construction and
Real Estate, Aerospace/Defense and Transportation. The remaining
industry sectors all increased in assets with the Financial
Services, Telecommunications and Industrial Products & Service
sectors having the most dramatic rise. The five largest security
holdings are as follows: Uranium Resource, Flagstar Companies,
Noram Energy, IBS Financial Corporation, and Venture Stores.
Each company represents a different industry sector which
reflects the value approach we apply in our standard selection.
We do not concentrate on any single industry group.
Diversification is influenced by uncovering value at a discount.
Since the beginning of the calendar year 1995, the S&P 500 Index
has outperformed the Russell 2000 Index by 6%. We feel that the
small capitalization stocks will eventually make up the
difference. The portfolio is well positioned to take advantage
of this situation when such a move occurs. If this gap is
narrowed, we would have a tendency to raise the cash level of the
portfolio by selling into the rally. Thank you for your patience
during the past fiscal year.
Respectfully submitted,
/s/ Eric E. Ryback
Eric E. Ryback
President
20
<PAGE> 23
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner/Ryback Small-Cap Fund
-----------------------------
Common Stocks (70.27%)
Computers and Electronic Equipment (15.55%)
Automated Security Holdings-ADR <F*> 158,000 $237,000
Inacom Corporation <F*> 21,000 270,375
Metricom, Inc. <F*> 13,500 202,500
Micronics Computers, Inc. <F*> 50,000 206,250
Micropolis Corporation <F*> 30,000 157,500
Quixote Corporation 12,000 150,000
----------------------
$1,223,625
----------------------
Energy (7.25%)
Alamco, Inc. <F*> 30,000 $232,500
NorAm Energy Corporation 52,000 338,000
----------------------
$570,500
----------------------
Financial Services (13.24%)
IBS Financial Corporation 24,000 $330,000
International Bancshares Corporation 3,463 138,500
National Insurance Group 25,000 175,000
Quaker City Bancorp, Inc. <F*> 20,000 230,000
Sho-Me Financial Corporation <F*> 11,000 167,750
----------------------
$1,041,250
----------------------
Food and Beverage (5.65%)
Flagstar Companies, Inc. <F*> 79,000 $444,375
----------------------
Healthcare (2.43%)
Span America Medical Systems, Inc. 45,000 $191,250
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Industrial Products and Services (2.32%)
Midwestco Filter Resources, Inc. <F*> 34,000 182,750
----------------------
Mining (6.8%)
Uranium Resources, Inc. <F*> 107,000 $535,000
----------------------
Retail Trade (7.83%)
Venture Stores, Inc. 30,000 296,250
Windmere Corporation 20,000 165,000
----------------------
$461,250
----------------------
Telecommunications (7.39%)
Executone Info Systems <F*> 76,000 $209,000
General Communication, Inc., Class A <F*> 72,000 288,000
----------------------
$497,000
----------------------
Miscellaneous (4.85%) $381,225
----------------------
Total Common Stocks (Cost $5,655,378) $5,528,225
----------------------
U.S. Treasury Bills (13.89%)
Maturing 08-10-95 to 08-24-95 (Cost $1,093,182) 1,100,000 $1,093,075
----------------------
Total Investments (Cost $6,748,560) 84.16% $6,621,300
Excess of Other Assets over Liabilities 15.84% $1,246,055
---------------------- ----------------------
Net Assets 100.00% $7,867,355
====================== ======================
<FN>
<F*> Non-income producing
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
21
<PAGE> 24
LINDNER BULWARK FUND
August 15, 1995
Dear Shareholders:
The Lindner Bulwark Fund finished the year ended June 30, 1995,
with a total return of .1%, a highly unsatisfactory result. The
first thing to do in this situation is to identify one's mistakes
and then learn from them. The Bulwark Fund remained overly
weighted in short sales and put options throughout the early part
of the year and failed to recognize the potential for a
significant turnaround in the stock market. In late 1994, nearly
60% of investment advisors in the Investor's Intelligence Survey
were bearish, and fears escalated in light of Mexico and Orange
County. The Mexican crisis reached the level of requiring
government intervention, and the subsequent injection of
liquidity reinvigorated the market for financial assets. The
U.S. assistance to Mexico and concerted central bank purchases of
the U.S. dollar continued to sustain the markets through the
first half of 1995. The lesson is when people are pessimistic
and events reach crisis proportions, one should not underestimate
the potential for governmental intervention.
We believe that the rise since late 1994 is not the beginning of
a new bull market like 1982 or 1991. On the contrary, we
consider this to be the final stages of a bull market that has
reached historical levels of overvaluation. We base this
conclusion on objective measures such as a dividend yield of 2%
on the Standard & Poor's Industrials Index. Market analysts have
turned solidly bullish and financial magazines and television
shows have saturated the public consciousness. All the
ingredients are in place for an eye-opening lesson in the risks
as well as rewards of stock market investing.
Respectfully submitted,
/s/ Eric E. Ryback /s/ Larry Callahan
Eric E. Ryback Larry Callahan
President Portfolio Manager
22
<PAGE> 25
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Bulwark Fund
--------------------
Common Stocks (58.61%)
Business Services (4.91%)
Autoinfo, Inc. <Fa>,<F*> 429,850 $1,349,998
Tanknology Environmental, Inc. <F*> 432,400 999,925
Tripos, Inc. <F*> 135,000 843,750
----------------------
$3,193,673
----------------------
Computer and Electronic Equipment (6.62%)
Gradco Systems, Inc. <F*> 270,000 $810,000
Micronics Computers, Inc. <F*> 255,700 1,054,762
Micropolis Corporation <F*> 465,500 2,443,875
----------------------
$4,308,637
----------------------
Construction (0.09%)
American Biltrite, Inc. 2,500 $60,312
----------------------
Energy (6.75%)
Coastwide Energy Services, Inc. <F*> 19,000 $111,625
ERC Industries, Inc. <F*> 237,500 178,125
Helmerich & Payne, Inc. 20,000 590,000
Maynard Oil Company <F*> 65,000 373,750
Norex America, Inc. <F*> 83,400 917,400
Rowan Companies, Inc <F*> 100,000 812,500
Tidewater, Inc. 30,000 753,750
Tuboscope Vetco International <F*> 25,000 159,375
Varco International, Inc. <F*> 60,000 495,000
----------------------
$4,391,525
----------------------
Financial Services (1.55%)
National Insurance Group <Fa> 144,200 $1,009,400
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Healthcare (2.01%)
Cytogen Corporation <F*> 262,000 $1,146,250
Health Images, Inc. 26,500 162,312
----------------------
$1,308,562
----------------------
Environmental Services (1.28%)
EMCON <F*> 190,000 $831,250
----------------------
Investments (1.88%)
Triton Group Ltd. <F*> 542,900 $1,221,525
----------------------
Mining (20.13%)
Acacia Resources Ltd. <F*>,<Ff> 540,000 $949,316
American Barrick Gold <Ff> 48,700 1,229,676
Ashanti Goldfields Co. Ltd. GDR <F*> 40,000 930,000
Bema Gold Corporation <F*>,<Ff> 700,000 1,400,000
Case, Pomeroy & Company, Inc., Class A 1,238 1,491,790
Case, Pomeroy & Company, Inc., Class B 340 409,700
Dayton Mining Common <Ff>,<F*> 491,800 1,682,530
Dayton Mining - Warrants, 50,000 12,738
expiring November 3, 1995 - Rule 144A <Ff>,<F*>
FirstMiss Gold, Inc. <F*> 10,000 200,000
Hemlo Gold Mines, Inc. <Ff> 9,800 104,126
MK Gold Company <F*> 248,000 868,000
Minorco - ADR 2,000 49,500
North Flinders Mines, Ltd. <Ff> 140,000 769,121
Placer Dome, Inc. <Ff> 70,000 1,828,750
TVX Gold, Inc. <Ff>,<F*> 150,000 1,087,500
Uranium Resources, Inc. - Warrants,
expiring May 31, 1998 - Rule 144A <F*> 375,000 0
Wharf Resources Ltd. <Ff> 10,000 82,500
----------------------
$13,095,247
----------------------
See Notes to Financial Statements
</TABLE>
23
<PAGE> 26
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Bulwark Fund
--------------------
Real Estate Investment Trusts (REITS) (4.22%)
Landsing Pacific Fund <F*> 263,100 $855,075
MIP Properties, Inc. <F*> 22,800 49,876
RPS Realty Trust <F*> 409,400 1,842,300
----------------------
$2,747,251
----------------------
Retail Trade (1.56%)
Greenman Brothers, Inc. <F*> 113,700 $1,016,194
----------------------
Telecommunications (7.37%)
Metricom, Inc. <F*> 319,800 $4,797,000
----------------------
Miscellaneous (0.23%) $148,500
----------------------
Total Common Stocks (Cost $34,451,133) $38,129,076
----------------------
Preferred Stocks (0.86%)
Energy (0.86%)
Reading & Bates Corporation, 6.5% convertible 19,700 $561,450
----------------------
Total Preferred Stocks (Cost $464,132) $561,450
----------------------
Non-Convertible Bonds (3.94%)
Transportation (3.94%)
Greyhound Lines, Inc., 10% Senior Notes, Due 2001 $2,950,000 $2,562,813
----------------------
Total Non-Convertible Bonds ($2,206,004) $2,562,813
----------------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Convertible Bonds (6.00%)
Healthcare (3.38%)
Comprehensive Care Corp., 12.5% Senior Secured,
due 1997 - Rule 144A $2,000,000 $2,197,500
----------------------
Mining (2.62%)
Uranium Resources, Inc., 6.5% Senior Secured,
due 1998 - Rule 144A 1,500,000 $1,704,375
----------------------
Total Convertible Bonds (Cost $3,500,000) $3,901,875
----------------------
Put Options (4.72%) Contracts
---------
S&P 500 Index Put Options (4.29%)
December 1995 500 910 $455,000
September 1995 500 3,800 712,500
September 1995 540 2,000 1,625,000
----------------------
$2,792,500
----------------------
Individual Put Options (0.42%)
Stryker Corporation, September 1995 40 1,000 $275,000
----------------------
Total Put Options (Cost $5,086,598) $3,067,500
----------------------
U.S. Treasury Bills (10.70%)
Maturing 07-06-95 to 08-24-95
(Cost $6,960,415) <Fd> 7,000,000 $6,958,894
----------------------
See Notes to Financial Statements
</TABLE>
24
<PAGE> 27
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner Bulwark Fund
--------------------
Total Investments (Cost $52,668,281) 84.83% $55,181,608
Cash Deposit with broker for securities sold short 15.08% $9,809,726
Receivable from brokers for securities sold short 24.45% $15,905,538
Securities Sold Short (See Schedule of Securities Sold Short) (23.59%) ($15,345,750)
Excess of Other Liabilities over Assets (0.77%) ($500,652)
----------------------
Net Assets 100.00% $65,050,470
====================== ======================
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Schedule of Securities Sold Short
Actava Group, Inc. 22,100 $290,063
Apogee, Inc. 30,000 562,500
Authentic Fitness Corporation 21,300 356,775
Celadon Group Inc. 20,000 305,000
Cellstar Corporation 22,500 525,937
Centocor, Inc. 50,000 715,625
Colonial Data Technologies Corporation 10,000 188,750
Eljer Industries, Inc. 113,300 580,663
EMC Corporation 30,000 727,500
Heart Technology, Inc. 40,000 775,000
Irvine Sensors Corporation 191,000 1,444,437
Levitz Furniture Inc. 30,000 210,000
The Macneal Schwendler Corporation 25,000 350,000
Microdyne Corporation 20,000 387,500
Net-Com On-Line Communication Services, Inc. 10,000 255,000
Network Peripherals,Inc. 40,000 872,500
Oxford Resources Corporation Class A 90,500 1,606,375
Reptron Electronics, Inc. 20,000 317,500
Syquest Technology, Inc. 20,000 257,500
Todhunter International, Inc. 47,000 434,750
United States Surgical Corporation 40,000 835,000
Ventritex, Inc. 71,000 1,198,125
Xpedite Systems, Inc. 82,000 1,148,000
Zitel Corporation 90,000 1,001,250
----------------------
Total Schedule of Securities Sold Short $15,345,750
----------------------
<FN>
<F*> Non-income producing
<F#> Bond in default
<Fa> Denotes security is affiliated (See Note 6)
<Fd> $5,300,000 on deposit with custodian bank for securities sold short
<Ff> Denotes security primarily traded in foreign markets
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
25
<PAGE> 28
LINDNER INTERNATIONAL FUND
August 15, 1995
Dear Shareholders:
In the six month period ended June 30, 1995, the Lindner
International Fund produced a return of 1.6% versus 1.9% for the
Morgan Stanley EAFE Index. The Fund was in its formative stage
and thus held U.S. Treasury Bills while it waited the arrival of
more investment funds.
At this writing, a large juxtaposition exists. By many
standards, the United States stock indices are at an all time
high valuation. By these same measures, many foreign markets are
at the low end of their trading ranges. It appears to us that
this difference can be exploited.
At different times in the past we have shut down our funds or
closed them to new investments when we thought risks were high
and values were scarce. On the other hand, we have created new
funds when we detected opportunity and good valuations.
The Fund is currently 36% invested and has purchased shares in
gold mining, shipping, construction, steel and telecommunications
equipment companies.
Respectfully submitted,
/s/ Eric E. Ryback /s/ Robert A. Lange
Eric E. Ryback Robert A. Lange
President Portfolio Manager
26
<PAGE> 29
<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
---------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1995
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
------------------------------------------------------- ----------------------- ----------------------
<S> <C> <C>
Lindner International Fund
--------------------------
U.S. Treasury Bills (67.29%)
Maturing 08-10-95 to 08-24-95
(Cost $198,611) 200,000 $198,591
----------------------
Total Investments (Cost $198,611) 67.29% $198,591
Excess of Other Assets over Liabilities 32.71% $96,535
---------------------- ----------------------
Net Assets 100.00% $295,126
====================== ======================
See Notes to Financial Statements
</TABLE>
27
<PAGE> 30
<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED JUNE 30, 1995 (NOTE 1)
<CAPTION>
Lindner Growth Fund Lindner Dividend Fund<F1>
------------------- -------------------------
<S> <C> <C>
Investment Income
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of $639,071,
$341,076, $11,852, $2, $4,032, and $0 respectively) $17,013,409 $25,564,745
Affiliated issuers (Non-controlled)(net of withholding
taxes of $47,362 for Lindner Growth Fund) 2,868,232 307,913
Amortization 9,530,122 5,140,842
Interest 6,983,751 16,835,158
------------ ------------
Total income 36,395,514 47,848,658
------------ ------------
Expenses:
Management fees (Note 3) 6,453,586 3,096,798
Registration and regulatory fees 100,456 89,801
Dividend expense - short sales -- --
Professional fees 78,843 57,078
Custodian fees 391,505 31,491
Transfer agent fees (Note 3) 538,229 293,916
Organizational expense (Note 4) -- --
Other expenses 529,855 155,879
Expenses reimbursed by advisor -- --
------------ ------------
Total expenses 8,092,474 3,724,963
------------ ------------
Net investment income/(loss) 28,303,040 44,123,695
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments of unaffiliated issuers 29,870,078 10,921,564
Net realized gain on investments of affiliated issuers (Non-controlled) 14,222,448 --
Net realized gain (loss) on securities sold short 2,992,411 --
Net realized loss on option transactions -- --
Net realized gain (loss) on foreign currency transactions 27,188 (1,692)
------------ ------------
Net realized gain (loss) on investments and
foreign currency transactions 47,112,125 10,919,872
------------ ------------
Change in unrealized appreciation (depreciation) on investments 124,689,694 86,204,403
Net unrealized depreciation on securities sold short -- --
Net unrealized depreciation on options -- --
Net unrealized appreciation on translation of assets and
liabilities in foreign currencies 113,457 --
------------ ------------
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currencies 124,803,151 86,204,403
------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $200,218,316 $141,247,970
============ ============
<FN>
<F1> The information is presented for the four month period then ended. (See Note 1)
<F2> Operations commenced on January 1, 1995
See Notes to Financial Statements
</TABLE>
28
<PAGE> 31
<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED JUNE 30, 1995 (NOTE 1)
<CAPTION>
Lindner Lindner/Ryback Lindner Lindner
Utility Small-Cap Bulwark International
Fund Fund Fund Fund<F2>
------- -------------- ------- -------------
<S> <C> <C> <C> <C>
Investment Income
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of $639,071,
$341,076, $11,852, $2, $4,032, and $0 respectively) $997,125 $33,417 $468,715 --
Affiliated issuers (Non-controlled)(net of withholding
taxes of $47,362 for Lindner Growth Fund) -- -- 6,200 --
Amortization 141,894 37,700 691,433 $4,737
Interest 83,779 103 1,278,560 --
---------- ---------- ----------- ------
Total income 1,222,798 71,220 2,444,908 4,737
---------- ---------- ----------- ------
Expenses:
Management fees (Note 3) 206,377 46,111 653,096 1,108
Registration and regulatory fees 25,390 20,324 45,096 1,246
Dividend expense - short sales -- -- 39,234 --
Professional fees 25,720 19,241 25,734 46
Custodian fees 15,528 2,768 7,895 3
Transfer agent fees (Note 3) 14,341 5,547 23,045 121
Organizational expense (Note 4) 6,530 5,884 12,672 3,609
Other expenses 19,062 8,950 28,860 273
Expenses reimbursed by advisor -- -- -- (3,786)
---------- ---------- ----------- ------
Total expenses 312,948 108,825 835,632 2,620
---------- ---------- ----------- ------
Net investment income/(loss) 909,850 (37,605) 1,609,276 2,117
---------- ---------- ----------- ------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments of unaffiliated issuers (2,934,623) 984,481 2,810,756 11
Net realized gain on investments of affiliated issuers (Non-controlled) -- -- 1,335,069 --
Net realized gain (loss) on securities sold short -- -- (2,412,399) --
Net realized loss on option transactions -- -- (6,594,583) --
Net realized gain (loss) on foreign currency transactions 111,863 33,860 (38,707) --
---------- ---------- ----------- ------
Net realized gain (loss) on investments and
foreign currency transactions (2,822,760) 1,018,341 (4,899,864) 11
---------- ---------- ----------- ------
Change in unrealized appreciation (depreciation) on investments 1,734,130 30,028 4,388,016 (20)
Net unrealized depreciation on securities sold short -- -- (94,741) --
Net unrealized depreciation on options -- -- (2,019,098) --
Net unrealized appreciation on translation of assets and
liabilities in foreign currencies 148 -- -- --
---------- ---------- ----------- ------
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currencies 1,734,278 30,028 2,274,177 (20)
---------- ---------- ----------- ------
Net Increase (Decrease) in Net Assets
Resulting from Operations ($178,632) $1,010,764 ($1,016,411) $2,108
========== ========== =========== ======
See Notes to Financial Statements
</TABLE>
29
<PAGE> 32
<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS ENDED JUNE 30, 1995 (NOTE 1)
AND THE PERIODS ENDED JUNE 30, 1994
<CAPTION>
Lindner Growth Fund Lindner Dividend Fund
------------------------------- -------------------------------
JUNE 30, JUNE 30, JUNE 30, FEBRUARY 28,
1995 1994 1995<F1> 1995<F2>
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $28,303,040 $24,732,623 $44,123,695 $125,040,469
Net realized gain (loss) on investments and
foreign currency transactions 47,112,125 137,787,890 10,919,872 (8,667,148)
Net increase (decrease) in unrealized appreciation on
investments and translation of assets and liabilities in
foreign currencies 124,803,151 (106,628,649) 86,204,403 (122,119,350)
-------------- -------------- -------------- --------------
Net Increase (Decrease) in Net Assets $200,218,316 $55,891,864 $141,247,970 ($5,746,029)
-------------- -------------- -------------- --------------
Distributions to Shareholders:
From net investment income ($23,561,644) ($27,340,879) ($67,994,198) ($119,029,811)
From net realized gain on investments and
foreign currency transactions (125,942,313) (32,639,690) -- (33,188,945)
-------------- -------------- -------------- --------------
Net decrease in net assets from distributions to shareholders ($149,503,957) ($59,980,569) ($67,994,198) ($152,218,756)
-------------- -------------- -------------- --------------
Fund Share Transactions:
Proceeds from reinvestment of distributions $138,345,819 $55,702,488 $55,907,544 $128,453,349
Proceeds from shares sold $118,861,028 $350,025,910 $176,759,977 $562,988,777
Payments for shares redeemed ($389,351,975) ($151,867,094) ($100,356,355) ($368,620,763)
-------------- -------------- -------------- --------------
Net Increase (Decrease) in Fund Share Transactions (132,145,128) 253,861,304 132,311,166 322,821,363
-------------- -------------- -------------- --------------
Total Increase (Decrease) in Net Assets ($81,430,769) $249,772,599 $205,564,938 $164,856,578
Net Assets at the Beginning of the Period $1,527,615,043 $1,277,842,444 $1,697,355,531 $1,532,498,953
-------------- -------------- -------------- --------------
Net Assets at the End of the Period $1,446,184,274 $1,527,615,043 $1,902,920,469 $1,697,355,531
============== ============== ============== ==============
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $16,314,935 $11,680,620 $994,513 $24,864,906
============== ============== ============== ==============
Transactions in shares of the Funds:
Reinvestment of Distributions 6,503,664 2,426,366 2,187,838 5,122,396
Shares Sold 5,420,277 14,966,030 6,927,983 21,895,885
-------------- -------------- -------------- --------------
11,923,941 17,392,396 9,115,821 27,018,281
Shares Redeemed (18,079,101) (6,499,499) (3,911,108) (14,490,561)
-------------- -------------- -------------- --------------
Net Increase (Decrease) (6,155,160) 10,892,897 5,204,713 12,527,720
============== ============== ============== ==============
<FN>
<F1> The information is presented for the four month period then ended. (See Note 1)
<F2> Information presented is for year ended February 28, 1995. (See Note 1)
<F3> Operations commenced on October 4, 1993.
<F4> Operations commenced on January 24, 1994.
<F5> Shares issued to the shareholders of the Investments Advisor at $10.00 per share
on August 30, 1993, as initial capitalization of the Fund.
<F6> Operations commenced on February 11, 1994.
<F7> Operations commenced on January 1, 1995.
</TABLE>
30
<PAGE> 33
<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS ENDED JUNE 30, 1995 (NOTE 1)
AND THE PERIODS ENDED JUNE 30, 1994
<CAPTION>
Lindner/Ryback
Lindner Utility Fund Small-Cap Fund
----------------------------- ----------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1994<F3> 1995 1994<F4>
------------ ----------- ----------- ----------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $909,850 $58,881 ($37,605) $14,354
Net realized gain (loss) on investments and
foreign currency transactions (2,822,760) (39,670) 1,018,341 1,529
Net increase (decrease) in unrealized appreciation on
investments and translation of assets and liabilities in
foreign currencies 1,734,278 (656,928) 30,028 (157,288)
------------ ----------- ----------- ----------
Net Increase (Decrease) in Net Assets ($178,632) ($637,717) $1,010,764 ($141,405)
------------ ----------- ----------- ----------
Distributions to Shareholders:
From net investment income ($886,844) ($20,994) (14,351) --
From net realized gain on investments and
foreign currency transactions (368,297) -- ($1,529) --
------------ ----------- ----------- ----------
Net decrease in net assets from distributions to shareholders ($1,255,141) ($20,994) (15,880) --
------------ ----------- ----------- ----------
Fund Share Transactions:
Proceeds from reinvestment of distributions $1,172,469 $18,363 $14,722 --
Proceeds from shares sold $44,438,413 $13,274,140 $4,636,155 $5,497,851
Payments for shares redeemed ($37,682,913) ($1,646,351) ($3,058,641) ($76,211)
------------ ----------- ----------- ----------
Net Increase (Decrease) in Fund Share Transactions 7,927,969 11,646,152 1,592,236 5,421,640
------------ ----------- ----------- ----------
Total Increase (Decrease) in Net Assets $6,494,196 $10,987,441 $2,587,120 $5,280,235
Net Assets at the Beginning of the Period $11,087,441 $100,000<F5> 5,280,235 --
------------ ----------- ----------- ----------
Net Assets at the End of the Period $17,581,637 $11,087,441 $7,867,355 $5,280,235
============ =========== =========== ==========
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $60,491 $37,887 ($37,602) $14,354
============ =========== =========== ==========
Transactions in shares of the Funds:
Reinvestment of Distributions 113,023 1,778 3,073 --
Shares Sold 4,187,054 1,264,582 932,220 1,118,888
------------ ----------- ----------- ----------
4,300,077 1,266,360 935,293 1,118,888
Shares Redeemed (3,775,212) (169,363) (598,742) (15,810)
------------ ----------- ----------- ----------
Net Increase (Decrease) 524,865 1,096,997 336,551 1,103,078
============ =========== =========== ==========
<CAPTION> Lindner
International
Lindner Bulwark Fund Fund
----------------------------- -------------
JUNE 30, JUNE 30, JUNE 30,
1995 1994<F6> 1995<F7>
------------ ----------- --------
<S> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $1,609,276 $33,070 $2,117
Net realized gain (loss) on investments and
foreign currency transactions (4,899,864) 2,591 11
Net increase (decrease) in unrealized appreciation on
investments and translation of assets and liabilities in
foreign currencies 2,274,177 333,890 (20)
------------ ----------- --------
Net Increase (Decrease) in Net Assets ($1,016,411) $369,551 $2,108
------------ ----------- --------
Distributions to Shareholders:
From net investment income ($555,280) -- --
From net realized gain on investments and
foreign currency transactions ($367,185) -- --
------------ ----------- --------
Net decrease in net assets from distributions to shareholders ($922,465) -- --
------------ ----------- --------
Fund Share Transactions:
Proceeds from reinvestment of distributions $853,934 -- --
Proceeds from shares sold $88,553,973 $32,846,986 $306,141
Payments for shares redeemed ($53,849,280) ($1,785,818) ($13,123)
------------ ----------- --------
Net Increase (Decrease) in Fund Share Transactions 35,558,627 31,061,168 293,018
------------ ----------- --------
Total Increase (Decrease) in Net Assets $33,619,751 $31,430,719 $295,126
Net Assets at the Beginning of the Period 31,430,719 -- $0
------------ ----------- --------
Net Assets at the End of the Period $65,050,470 $31,430,719 $295,126
============ =========== ========
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $1,087,070 $33,070 $2,117
============ =========== ========
Transactions in shares of the Funds:
Reinvestment of Distributions 115,983 -- --
Shares Sold 12,271,902 4,637,134 33,898
------------ ----------- --------
12,387,885 4,637,134 33,898
Shares Redeemed (7,595,219) (250,493) (1,442)
------------ ----------- --------
Net Increase (Decrease) 4,792,666 4,386,641 32,456
============ =========== ========
</TABLE>
31
<PAGE> 34
LINDNER INVESTMENTS
NOTES TO FINANCIAL STATEMENTS
1. Organization and Significant Accounting Policies
Lindner Investments, a Massachusetts business trust (the
"Funds"), is registered under the Investment Company Act of
1940, as amended, as an open-ended management investment
company. Six series of shares are currently issued:
(1)Lindner Growth Fund, (2) Lindner Dividend Fund, (3)
Lindner Utility Fund, (4) Lindner/Ryback Small-Cap Fund,
(5) Lindner Bulwark Fund, and (6) Lindner International
Fund whose operations commenced on January 1, 1995.
On June 30, 1995, pursuant to a reorganization approved by
a majority of shareholders on June 29, 1995, the Lindner
Growth Fund and the Lindner Dividend Fund series of the
Trust succeeded to all of the assets and liabilities of
Lindner Fund, Inc. and Lindner Dividend Fund, Inc.,
respectively. The reorganization resulted in Lindner
Dividend Fund series having a short reporting period for
the four months ended June 30, 1995.
The following is a summary of significant accounting
policies followed by the Funds.
Security Valuation
Investments in securities traded on a national securities
exchange or in the NASDAQ Stock Market are valued at the
last reported sales price as of the close of the New York
Stock Exchange; securities traded in the over-the-counter
market and listed securities for which no sale was reported
on the day are valued at the mean between the last reported
bid and asked prices. The value of foreign securities is
converted into U.S. dollars at the rate of exchange
prevailing on the valuation date. When market quotes are
not readily available, such securities are valued at fair
value as determined in good faith by the Board of
Directors.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S.
dollars as follows: (1) the foreign currency market value
of investment securities is translated at the current
exchange rates; and (2) purchases, sales, income, and
expenses are translated at the rate of exchange prevailing
on the respective dates of such transactions.
Reported net realized foreign currency gains or losses
arise from currency gains or losses realized between the
trade and settlement dates on securities transactions, the
difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Funds' books, and
the U.S. dollar equivalent of the amounts actually received
or paid. Net unrealized foreign currency gains or losses
arise from changes in the value of assets and liabilities
other than investments in securities, resulting from
changes in the exchange rate.
Income Taxes
It is the Funds' policy to comply with the requirements of
the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable
income to its shareholders. Therefore, no federal income
tax provision is required.
Short Sales
The Lindner Bulwark series may invest in short sales of
securities in order to profit from declines in stock
prices. When a Fund engages in a short sale, an amount
equal to the proceeds received by the Fund is reflected as
an asset and equivalent liability. The amount of the
liability is subsequently marked to market to reflect the
market value of the short sale. The Fund maintains a
segregated account of securities and cash as collateral for
the short sales. The Fund is exposed to market risk based
on the amount, if any, that the market value of the stock
exceeds the proceeds received.
32
<PAGE> 35
LINDNER INVESTMENTS
1. Organization and Significant Accounting Policies (continued)
Other
The Funds follow industry practice and record security
transactions on the trade date. Dividend income is
recognized on the ex-dividend date, except that certain
dividends from foreign securities are recorded as soon as
the Funds are informed of the ex-dividend date. Interest
income is recognized on an accrual basis. Dividend and
interest income is recorded net of foreign taxes where
recovery of such taxes is not assured. Premiums and
discounts, if any, on securities purchases are amortized
over the life of the respective securities. Distributions
to shareholders are recorded on the ex-dividend date.
2. Investment Transactions
<TABLE>
For the periods ended June 30, 1995, aggregate purchases
and sales of investment securities, other than options,
securities sold short, and short-term obligations were
as follows:
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
LINDNER GROWTH FUND $337,070,943 $692,736,135
LINDNER DIVIDEND FUND 184,292,386 177,083,981
LINDNER UTILITY FUND 56,005,041 48,578,291
LINDNER/RYBACK
SMALL-CAP FUND 10,389,082 9,150,053
LINDNER BULWARK FUND 59,260,093 46,382,116
LINDNER INTERNATIONAL FUND 0 0
</TABLE>
<TABLE>
For the periods ended June 30, 1995, aggregate purchases
and sales of U.S. Government securities were as follows:
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
LINDNER GROWTH FUND $674,142,632 $576,534,569
LINDNER DIVIDEND FUND 353,076,361 218,502,531
LINDNER UTILITY FUND 49,207,409 $46,637,754
LINDNER/RYBACK
SMALL-CAP FUND 9,099,516 10,229,375
LINDNER BULWARK FUND 91,165,164 96,901,575
LINDNER INTERNATIONAL FUND 593,566 399,703
</TABLE>
For the periods ended June 30, 1995, aggregate purchases
and sales of options in the Lindner Bulwark Fund were
$15,863,731 and $5,918,840, respectively.
For the periods ended June 30, 1995, the cost of
investments purchased to cover short sales and the proceeds
from investments sold short in the Bulwark Fund were
$40,167,653 and $27,139,561, respectively. The cost of
investments purchased to cover short sales and the proceeds
from investments sold short in the Lindner Growth Fund were
$2,739,999 and $3,923,152 respectively.
33
<PAGE> 36
LINDNER INVESTMENTS
2. Investment Transactions (continued)
<TABLE>
On June 30, 1995, the composition of unrealized
appreciation and (depreciation) of investment securities
based on the aggregate cost of investments for federal
income tax purposes was as follows:
<CAPTION>
Appreciation (Depreciation) Net Federal Tax Cost
------------ -------------- ------------ ----------------
<S> <C> <C> <C> <C>
LINDNER GROWTH FUND $301,779,291 ($37,123,831) $264,655,460 $1,187,226,746
LINDNER DIVIDEND FUND 85,479,907 (57,726,899) 27,753,008 1,873,207,180
LINDNER UTILITY FUND 1,568,889 ( 491,686) 1,077,203 15,932,374
LINDNER/RYBACK
SMALL-CAP FUND 819,601 (633,911) 185,690 6,748,560
LINDNER BULWARK FUND 5,526,543 (3,013,217) 2,513,326 52,668,281
LINDNER INTERNATIONAL FUND 8 (28) (20) 198,611
</TABLE>
3. Fees and Other Transactions with Affiliates
The management fee for Lindner Growth Fund series is
payable to Ryback Management (the "Advisor") (before
reimbursement of expenses to the Funds, if any) at the
annual rate of .7% of average net assets up to $50
million, .6% of the next $350 million and .5% of the
excess over $400 million. Depending on Lindner Growth
Fund's performance compared to the S&P 500 Composite
Index, the fee may be increased or decreased by up to
.2%. For the year ended June 30, 1995, the Lindner
Growth Fund under performed the S&P. Accordingly, the
basic Advisor's fee of $7,955,298 was reduced by a
performance penalty of .1% of average net assets, or
$1,501,442. This resulted in a net Advisor's fee of
$6,453,856.
The management fee for Lindner Dividend Fund series is
payable quarterly to the Advisor (before reimbursement of
expenses to the Funds, if any) at the annual rate of .7%
of average net assets up to $50 million, .6% of the next
$150 million and .5% of the excess over $200 million.
The management fee is payable monthly to the Advisor by
Lindner Utility Fund and Lindner/Ryback Small-Cap Fund
according to the following annual percentage rate of
daily net asset values of each of the Funds averaged
monthly (before reimbursement of expenses to the Funds,
if any): .7% on the first $50,000,000, .6% on the next
$150,000,000 and .5% of the excess of $200,000,000.
The management fee from Lindner Bulwark Fund and Lindner
International Fund is payable monthly to the Advisor at
the annual percentage rate of 1% of daily net asset
values of each of the Funds averaged monthly (before
reimbursement of expenses to the Fund, if any).
Annual operating and management expenses for the Lindner
Growth Fund and Lindner Dividend Fund, excluding taxes
and interest, may not exceed 1.5% of the first $30
million of average new assets plus 1% of average net
assets in excess of $30 million of the respective funds.
Annual operating and management expenses for the Lindner
Utility Fund, Lindner/Ryback Small-Cap Fund, Lindner
Bulwark Fund, and Lindner International Fund, excluding
taxes and interest, may not exceed the most stringent
limitation imposed by state law on expense limitations in
a state in which the Funds' shares are qualified for
sale. For the year ended June 30, 1995, the Advisor
reimbursed Lindner International Fund $3,786.
The Lindner/Ryback Small-Cap Fund sold $1,142,500 of
securities to the Lindner Growth Fund as of June 30,
1995. Accordingly, amounts related to this transaction
are included in receivables for investments sold - long
and payable for investment securities purchased on the
respective funds' statement of assets and liabilities as
of June 30, 1995.
34
<PAGE> 37
LINDNER INVESTMENTS
3. Fees and Other Transactions with Affiliates (continued)
Ryback Management Corporation, acting as stock transfer
agent and dividend disbursing agent for the Funds, is
compensated at a rate of 75 cents per shareholder account
per month. Through January 31, 1995, Lindner Growth Fund
compensated Ryback Management Corporation monthly at the
lesser of (1) fifty cents per shareholder account, or (2)
an amount determined by multiplying the ratio of the
Lindner Growth Fund's net assets to the total assets
under management by the Advisor by the sum of the
salaries, employment taxes, and fringe benefits of the
Advisor's employees engaged predominately in processing
transactions in Fund shares plus the expenses associated
with the computer system used to maintain the Fund's
shareholder records. During the periods ended June 30,
1995, the following transfer agent fees were paid to
Ryback Management Corporation: Lindner Growth Fund
($465,913), Lindner Dividend Fund ($243,118), Lindner
Utility Fund ($13,094), Lindner/Ryback Small-Cap Fund
($4,049), Lindner Bulwark Fund ($22,261), and Lindner
International Fund ($122).
Certain officers and directors of the Funds are
affiliates of Ryback Management Corporation.
4. Organizational Expense
<TABLE>
The following is a schedule of expenses in connection
with the organization and registration of the Funds which
are being amortized and reimbursed to the Advisor on a
straight line basis over a period of five years:
<CAPTION>
Original Accumulated 1995
Expense Amortization Expense
------- ------------ -------
<S> <C> <C> <C>
LINDNER UTILITY FUND $32,377 $11,370 $6,530
LINDNER/RYBACK
SMALL-CAP FUND 28,057 7,306 5,884
LINDNER BULWARK FUND 62,831 17,525 12,672
LINDNER INTERNATIONAL FUND 35,889 3,609 3,609
</TABLE>
Any redemption by the shareholders of the Advisor of their
initial investment in Lindner Utility Fund of $100,000 will
reduce the reimbursement by a pro rata portion of any of
the then unamortized expenses.
5. Distributions to shareholders
On June 30, 1995, distributions to shareholders were
recorded for Lindner Dividend Fund and Lindner Utility
Fund. Lindner Dividend Fund declared a $0.48 income
dividend and Lindner Utility Fund declared a $.17 income
dividend to shareholders of record on June 29, 1995,
which is payable on July 17, 1995.
35
<PAGE> 38
LINDNER INVESTMENTS
6. Transactions with Affiliates
<TABLE>
Issuers of whose voting stock the Funds own more than 5% but less
than 25% are classified as "affiliates (Non-controlled").
Following is an analysis of transactions for the periods ended
June 30, 1995 with "affiliated companies" as defined by the
Investment Company Act of 1940:
<CAPTION>
Gain(Loss)
Realized
Dividend on Sale
Security Name Activity Income of Shares
----------------------------------------- --------------------------------------------------------- ----------- -------------
Value at Purchases, Sales, Value
Beginning of Additions Reductions at End of
Period at Cost at Cost Period
------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
LINDNER GROWTH FUND
Acordia, Inc. $ 31,179,900 $ 4,054,980 $ 40,728,075 $ 796,788
Aero Systems Engineering, Inc. 279,125 $ 654,500 0 $ (525,090)
Alliant Techsystems, Inc. 20,300,000 5,857,500 35,487,500
Allied Research Corporation 1,778,096 1,592,325
Ameribanc Investors Group 7,076,250 4,780,244 0 4,654,756
American Pacific Corporation 9,348,594 8,690,347 0 (5,988,235)
Analysis & Technology 1,945,314 1,234,733 0 24,573 352,036
Anvil Range Mining 0 5,625,002 4,003,494
Applied Carbon Technology 998,438 6,100,688 0 (6,033,238)
Atlantic Coast Airlines, Inc. 1,660,000 1,452,500 0 (650,455)
Atwood Oceanics, Inc. 7,407,750 9,332,313
Autoinfo, Inc. 0 1,722,565 2,239,266
BNH Bancshares, Inc. 1,812,500 2,238,000 0 (425,500)
Bancfirst Corporation 0 632,250 5,005,050 80,414
Butler Manufacturing Company 8,823,236 15,749,001 170,772
Chambers Development Company, Inc., Class 10,280,813 62,867 30,318,050
Chempower, Inc. 2,050,313 153,437 2,437,500
Community Financial Corporation 1,386,500 1,740,500 43,660
Crosscom Corporation 4,579,000 44,375 4,870,125 0 642,275
Dayton Mining 2,966,071 5,473,868
Durakon Industries, Inc. 0 6,592,951 5,756,875
Eagle Food Centers, Inc. 4,002,000 7,327,836 0 (6,577,461)
Electromagnetic Sciences, Inc. 4,301,000 3,460,035 0 2,310,291
Gradco Systems, Inc. 0 1,764,769 1,316,100
Greenman Brothers, Inc. 2,093,500 64,652 2,925,244
Hadco Corporation 6,207,500 2,051,785 17,810,500 3,633,077
Haven Bancorp 5,355,000 4,047,500 0 915,000
Health Images, Inc. 5,126,550 191,579 6,638,888 84,128
Hilb Rogal and Hamilton Company 9,800,000 312,898 10,312,500 432,000
i-Stat Corporation 11,189,625 1,610,462 14,197,489 0 6,519,392
36
<PAGE> 39
LINDNER INVESTMENTS
<CAPTION>
Gain(Loss)
Realized
Dividend on Sale
Security Name Activity Income of Shares
----------------------------------------- --------------------------------------------------------- ----------- -------------
Value at Purchases, Sales, Value
Beginning of Additions Reductions at End of
Period at Cost at Cost Period
------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
LINDNER GROWTH FUND (CONTINUED)
Independent Bank of
Arizona Incorporated $ 14,639,500 $ 15,418,938 $ 0 $ (361,893)
Intellicorp 2,432,062 4,113,053 0 (2,006,854)
International Shipholding Corporation 5,410,000 5,646,688 $ 54,100
Laclede Steel Company 4,233,375 3,834,000
London & Overseas Freighters Limited - ADR 5,677,000 4,992,719 50,688
Maxicare Health Plan, Inc. <F#> 4,175,565 6,129,465 14,600,628 407,913
MedChem Products, Inc. 3,217,150 5,999,550
Metricom, Inc. 15,750,000 $ 4,760,625 19,605,000
Micronics Computers, Inc. 4,675,000 4,537,500
Micropolis Corporation 8,323,800 1,015,000 7,913,325
Mid-South Insurance Company 4,952,981 5,899,498 135,602
Midwesco Filter Resources, Inc. 0 2,198,125 1,832,875
The Morningstar Group 0 4,637,100 8,531,075
Mosaid Technologies, Inc. 0 3,089,168 5,534,557
MTL Inc. 0 2,087,813 4,598,438
NAI Technologies, Inc. 1,470,300 2,158,408 0 (1,231,254)
National Insurance Group 0 2,557,762 2,644,600
Network Equipment Technologies, Inc. 8,257,575 9,256,769 0 8,269,813
Nority International Group Limited 1,809,638 2,900,095 0 (2,184,476)
Norwest Corporation (formerly Golden Banks
of Colorado) 4,295,781 <F##> 68,187
OMI, Inc. 12,209,400 14,673,713
Parallan Computers 2,871,000 4,450,105 0 (240,230)
Physicians Insurance Company of Ohio 1,803,000 3,559,500
Portsmouth Bancshares, Inc. 5,403,722 6,208,680 375,155
Providential Corporation 2,982,237 3,101,228 0 (919,103)
Puerto Rican Cement Company 9,025,462 9,616,650 201,792
Pulse Engineering, Inc. 2,617,791 3,471,419
Radius Inc. 4,982,250 5,546,185 0 (1,653,935)
River Bank America 3,600,000 3,600,000 0 (350,000)
Sterling Financial Corporation 3,031,000 1,068,125 4,480,488
Stewart Information Services Corporation 7,430,344 8,045,269 81,990
Tanknology Environmental, Inc. 0 1,791,681 2,129,119
Trimedyne, Inc. 3,707,125 8,149,348 0 (6,143,316)
Tripos, Inc. 0 1,243,730 1,740,625
Triton Group Ltd. 0 2,806,493 3,136,275
United Grain Growers Limited 4,629,965 4,221,866 123,322
Uranium Resources, Inc. 2,786,984 1,414,900 606,158 4,107,625 (358,168)
VLSI Technology, Inc. 35,313,750 20,039,125 0 24,897,750
Vans, Inc. 3,365,042 7,175,768 0 (2,730,647)
37
<PAGE> 40
LINDNER INVESTMENTS
<CAPTION>
Gain(Loss)
Realized
Dividend on Sale
Security Name Activity Income of Shares
----------------------------------------- --------------------------------------------------------- ----------- -------------
Value at Purchases, Sales, Value
Beginning of Additions Reductions at End of
Period at Cost at Cost Period
------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
LINDNER GROWTH FUND (CONTINUED)
Vertex Communications Corporation $ 5,040,000 $ 5,775,000
Wainoco Oil Corporation 11,067,500 9,611,250
Wave Technologies International, Inc. 0 $ 1,626,625 1,980,000
Wharf Resources, Ltd. 15,572,725 6,769,314 14,128,950 $ 145,061 $
------------- ------------ ------------- ------------- ----------- ------------
$ 384,530,534 $ 69,932,313 $ 153,750,427 $ 391,923,931 $ 2,868,232 $ 14,222,448
============= ============ ============= ============= =========== ============
LINDNER DIVIDEND FUND
American Bank of Connecticut $ 2,746,250 $ 2,811,250 $ 85,800
Pimco Commercial Mortgage Securities 7,033,562 7,625,863 222,113
------------- ----------- ------------- ------------- ----------- ------------
$ 9,779,812 $ 0 $ 0 $ 10,437,113 $ 307,913 $
============= =========== ============= ============= =========== ============
LINDNER BULWARK FUND
Autoinfo, Inc. <F#> $ 946,698 $ 1,349,998
Gradco Systems, Inc. 1,182,688 $ 923,000 <F##> $ 6,200 $ 420,719
National Insurance Group 2,214,786 2,192,000 <F##> 680,750
Tripos, Inc. 1,093,738 734,225 <F##> 233,600
------------- ----------- ------------- -------------- ----------- ------------
$ 0 $ 5,437,910 $ 3,849,225 $ 1,349,998 $ 6,200 $ 1,335,069
============= =========== ============= ============== =========== ============
<FN>
<F#> - At June 30, 1994, was not affiliated.
<F##> - At June 30, 1995, was not affiliated.
</TABLE>
38
<PAGE> 41
<TABLE>
Financial Highlights
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<CAPTION>
INCOME (LOSS) FROM INVESTMENT OPERATIONS DISTRIBUTIONS
------------------------------------------------------ -----------------------------------------------
Net Realized Distributions
and from Net
Net Asset Unrealized Total Dividends Realized
Value, Net Gains from from Net Gains from
Beginning Investment (Losses) on Investment Investment Investment Total
of Period Income Investments Operations Income Transactions Distributions
--------------------------------------------------------------------------------------------------------------------------
Lindner Growth Fund <F1>
------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1986 $19.00 $1.26 $1.88 $3.14 $0.11 $0.87 $0.98
1987 $21.16 $0.89 $2.68 $3.57 $1.49 $4.09 $5.58
1988 $19.15 $0.66 $0.52 $1.18 $0.98 $1.61 $2.59
1989 $17.74 $0.85 $1.94 $2.79 $0.69 $0.18 $0.87
1990 $19.66 $0.85 $0.66 $1.51 $0.91 $0.84 $1.75
1991 $19.42 $0.75 ($0.88) ($0.13) $0.86 $0.71 $1.57
1992 $17.72 $0.57 $2.47 $3.04 $0.66 $0.00 $0.66
1993 <F8> $20.10 $0.50 $2.40 $2.90 $0.53 $0.15 $0.68
1994 $22.32 $0.38 $0.71 $1.09 $0.46 $0.53 $0.99
1995 $22.42 $0.43 $2.66 $3.09 $0.34 $1.84 $2.18
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner Dividend Fund <F2>
--------------------------
Period Ended February 28,
<S> <C> <C> <C> <C> <C> <C> <C>
1986 $22.88 $1.90 $1.92 $3.82 $1.79 $0.01 $1.80
1987 $24.90 $1.85 $3.17 $5.02 $2.17 $3.26 $5.43
1988 $24.49 $1.68 ($1.95) ($0.27) $1.87 $1.16 $3.03
1989 $21.19 $1.71 $1.65 $3.36 $1.32 $0.06 $1.38
1990 $23.17 $2.02 ($0.30) $1.72 $2.19 $0.01 $2.20
1991 $22.69 $1.92 ($1.17) $0.75 $1.86 $0.02 $1.88
1992 $21.56 $2.15 $2.55 $4.70 $1.99 $0.00 $1.99
1993 <F8> $24.27 $1.72 $2.98 $4.70 $1.86 $0.10 $1.96
1994 $27.01 $1.88 $1.06 $2.94 $1.74 $0.58 $2.32
1995 $27.63 $1.93 ($2.13) ($0.20) $1.90 $0.57 $2.47
Period Ended
June 30, 1995 $24.96 $0.95 $1.05 $2.00 $0.96 $0.00 $0.96
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner Utility Fund <F3>
-------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $10.00 $0.05 ($0.01) $0.04 $0.02 $0.00 $0.02
1995 $10.02 $0.39 $0.84 $1.23 $0.39 $0.09 $0.48
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner/Ryback
Small-Cap Fund<F5>
---------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $5.00 $0.01 ($0.22) ($0.21) $0.00 $0.00 $0.00
1995 $4.79 ($0.03) $0.71 $0.68 $0.01 $0.00 $0.01
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner Bulwark Fund <F4>
-------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $7.00 $0.01 $0.16 $0.17 $0.00 $0.00 $0.00
1995 $7.17 $0.11 ($0.10) $0.01 $0.05 $0.04 $0.09
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner International Fund <F6>
-------------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1995 $9.00 $0.07 $0.02 $0.09 $0.00 $0.00 $0.00
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period
Period Return<F7> Net Assets Net Assets Rate (In Millions)
--------------------------------------------------------------------------------------------------------------------------
Lindner Growth Fund <F1>
------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1986 $21.16 17.42% 0.58% 5.83% 32.52% $391
1987 $19.15 22.69% 0.89% 4.56% 39.33% $406
1988 $17.74 7.48% 1.07% 3.76% 20.93% $404
1989 $19.66 16.51% 0.92% 4.93% 17.81% $535
1990 $19.42 7.89% 0.74% 4.84% 19.24% $716
1991 $17.72 -0.23% 0.83% 4.64% 12.96% $783
1992 $20.10 17.58% 0.80% 3.05% 11.37% $978
1993 <F8> $22.32 14.87% 0.80% 2.52% 18.71% $1,278
1994 $22.42 4.83% 0.65% 1.69% 37.92% $1,528
1995 $23.33 14.89% 0.54% 1.89% 24.63% $1,446
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner Dividend Fund <F2>
--------------------------
Period Ended February 28,
<S> <C> <C> <C> <C> <C> <C>
1986 $24.90 17.46% 0.95% 8.08% 26.39% $67
1987 $24.49 22.20% 1.00% 7.43% 56.04% $66
1988 $21.19 -0.29% 1.04% 7.43% 16.52% $52
1989 $23.17 16.26% 0.97% 7.57% 2.30% $97
1990 $22.69 7.48% 0.87% 8.90% 5.47% $142
1991 $21.56 3.85% 0.87% 8.98% 3.36% $163
1992 $24.27 22.91% 0.80% 9.75% 24.01% $266
1993 <F8> $27.01 20.28% 0.74% 7.10% 13.50% $1,016
1994 $27.63 11.19% 0.64% 7.01% 43.20% $1,532
1995 $24.96 -0.44% 0.61% 7.76% 29.79% $1,697
Period Ended
June 30, 1995 $26.00 8.12% 0.21% 2.43% 11.00% $1,903
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner Utility Fund <F3>
-------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1994 $10.02 0.39% 1.30% 0.76% 44.95% $11
1995 $10.77 12.51% 1.04% 3.02% 190.70% $18
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner/Ryback
Small-Cap Fund<F5>
---------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1994 $4.79 -4.20% 0.96% 0.52% 5.03% $5
1995 $5.46 14.32% 1.65% -0.57% 158.62% $8
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner Bulwark Fund <F4>
-------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1994 $7.17 2.43% 0.66% 0.26% 0.89% $31
1995 $7.09 0.10% 1.27% 2.45% 34.98% $65
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Lindner International Fund <F6>
-------------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1995 $9.09 1.00% 1.26% 1.02% 0.00% $0.3
--------------------------------------------------------------------------------------------------------------------------
<FN>
<F1> Historical performance information is for Lindner Fund, Inc. (LGFI), the
predecessor of the Lindner Growth Fund series of the Trust. The Lindner
Growth Fund series of the Trust succeeded to all of the assets and liabilities
of LGFI on June 30, 1995, pursuant to a reorganization approved by the
shareholders of LGFI on June 29, 1995.
<F2> Historical performance information is for Lindner Dividend Fund, Inc.
(LDFI), the predecessor of the Lindner Dividend Fund series of the Trust. The
Lindner Dividend Fund series of the Trust succeeded to all of the assets and
liabilities of LDFI on June 30, 1995, pursuant to a reorganization approved by
the shareholders of LDFI on June 29, 1995. Financial highlight information is
for the four month period ended June 30, 1995
<F3> Operations commenced on October 4, 1993.
<F4> Operations commenced on January 24, 1994.
<F5> Operations commenced on February 11, 1994.
<F6> Operations commenced on January 1, 1995.
<F7> Total return for periods of less than one year are not annualized. Total
return is the percentage increase in value for a period, assuming initial
investment at the net asset value on the day before the start of the period
and assuming all dividends and distributions were reinvested and a redemption at
the net asset value on the last day of the period.
<F8> On January 29, 1993, Lindner Growth Fund and Lindner Dividend Fund changed
financial advisors to Ryback Management Corporation from Lindner Management
Corporation.
</TABLE>
39
<PAGE> 42
INDEPENDENT AUDITORS' REPORT
Lindner Growth Fund,
Lindner Dividend Fund,
Lindner Utility Fund,
Lindner/Ryback Small-Cap Fund
Lindner Bulwark Fund,
and Lindner International Fund
To the Trustees and Shareholders of Lindner Investments:
We have audited the accompanying statements of assets and liabilities of the
Lindner Growth Fund, the Lindner Dividend Fund, the Lindner Utility Fund, the
Lindner/Ryback Small-Cap Fund, the Lindner Bulwark Fund, and the Lindner
International Fund, including the schedules of investments, as of June 30,
1995, and the related statements of operations for the period then ended, the
statement of changes in net assets for the periods ended June 30, 1995 and
1994 (February 28, 1995 for the Lindner Dividend Fund only), and the
financial highlights for the periods then ended. These financial statements
and financial highlights are the responsibility of the Funds' management.
Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for each
of the years in the eight year period ended June 30, 1993 of the Lindner
Growth Fund (formally the Lindner Fund, Inc.) and for each of the years in
the eight year period ended February 28, 1993 of the Lindner Dividend Fund
were audited by other auditors, whose reports, dated August 9, 1993 and April
5, 1993 (April 15 as to certain distributions), respectively, expressed an
unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of June 30, 1995 by corresponding with the Funds'
custodians and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Funds at June
30, 1995, and the results of their operations, the changes in their net
assets, and the financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
St. Louis, Missouri
August 18, 1995
40
<PAGE> 43
LINDNER INVESTMENTS
7711 Carondelet Avenue, Suite 700
St. Louis, Missouri 63105
(314) 727-5305
BOARD OF TRUSTEES
Robert L. Byman
Terence P. Fitzgerald
Marc P. Hartstein
Peter S. Horos
Donald J. Murphy
Dennis P. Nash
Eric E. Ryback
Doug T. Valassis
INVESTMENT ADVISER
Ryback Management Corporation
CUSTODIANS
Star Bank, N.A.
The Chase Manhattan Bank, N.A.
COUNSEL
Dykema Gossett PLLC
INDEPENDENT AUDITORS
Deloitte & Touche LLP
TRANSFER AGENT
Ryback Management Corporation
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