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Previous: LINDNER INVESTMENTS, 485APOS, 1996-02-22 |
Next: L B VARIABLE ANNUITY ACCOUNT I, 24F-2NT, 1996-02-22 |
<PAGE> 1
7711 Carondelet Avenue, Suite 700
LINDNER Saint Louis, Missouri 63105
F U N D S (314) 727-5305
ADVISED BY RYBACK MANAGEMENT CORPORATION(sm) Fax: (314) 727-9306
- -------------------------------------------------------------------------------
Lindner Growth Fund * Lindner Dividend Fund * Lindner Utility Fund *
Lindner/Ryback Small-Cap Fund * Lindner Bulwark Fund * Lindner
International Fund
<TABLE>
- ----------------------------------------------------------------
SEMI-ANNUAL REPORT
<CAPTION>
Table of Contents
<S> <C>
Statement of Assets & Liabilities p. 1
LINDNER GROWTH FUND
*Letter from the Fund Managers p. 3
*Schedules of Investments and Net Assets p. 4
LINDNER DIVIDEND FUND
*Letter from the Fund Manager p. 9
*Schedules of Investments and Net Assets p. 10
LINDNER UTILITY FUND
*Letter from the Fund Manager p. 16
*Schedules of Investments and Net Assets p. 17
LINDNER/RYBACK SMALL-CAP FUND
*Letter from the Fund Manager p. 19
*Schedules of Investments and Net Assets p. 20
LINDNER BULWARK FUND
*Letter from the Fund Managers p. 21
*Schedules of Investments and Net Assets p. 22
LINDNER INTERNATIONAL FUND
*Letter from the Fund Managers p. 24
*Schedules of Investments and Net Assets p. 25
Statement of Operations p. 26
Statement of Changes in Net Assets p. 28
Notes to Financial Statements p. 30
Financial Highlights p. 37
- ----------------------------------------------------------------
</TABLE>
========================================
- ----------------------------------------
To Shareholders as of February 12, 1996:
Enclosed with your semi-annual report, you should find something
a little extra included in this mailing. As we in St. Louis await
the return of green leaves and warmer temperatures, it occurred
to us that we could symbolically share this hope for renewed
growth with all our shareholders across the country.
The Lindner Funds teamed up with the Burpee Seed Company to
produce a packet of Sweet Basil seeds. While the analogies between
seeds and investing are obvious enough, we thought our shareholders
might enjoy the Lindner Funds' version of "gardening" growth.
We hope you enjoy and make use of this limited edition item.
<PAGE> 2
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<CAPTION>
Lindner Growth Fund Lindner Dividend Fund Lindner Utility Fund
<S> <C> <C> <C>
ASSETS
Investment securities, at value:
Unaffiliated issuers (identified cost of $824,167,933,
$1,974,804,503, and $19,615,902, respectively) $1,026,620,188 $2,051,435,171 $22,268,145
Affiliated issuers (identified cost $313,111,713,
$14,276,737 and 0, respectively) (Note 6) 383,146,742 16,267,963 --
Cash 724,125 3,818,500 180,938
Receivables:
Investments sold - long 3,150,761 1,047,149 213,401
Dividends and interest 3,073,737 28,288,587 168,050
Fund shares sold 774,898 2,080,432 5,946
Investments sold - short -- -- --
Deposits with brokers for securities sold short -- -- --
Unamortized organizational expense (Note 4) -- -- 17,715
Receivable for expenses reimbursed by advisor -- -- --
Other assets 17,328 10,778 966
------------------- --------------------- -------------------
Total assets 1,417,507,779 2,102,948,580 22,855,161
------------------- --------------------- -------------------
LIABILITIES
Accounts payable and accrued liabilities:
Investment securities purchased 1,784,818 2,062,963 122,924
Investments sold short, at value -- -- --
Fund shares redeemed 1,399,829 1,704,586 3,653
Distribution to shareholders (Note 5) 4,537,847 8,053,940 14,295
Other liabilities:
Management fee (Note 3) 1,601,154 2,500,672 11,828
Organizational expense (Note 4) -- -- 21,584
Other 303,101 106,459 3,780
------------------- --------------------- -------------------
Total liabilities 9,626,749 14,428,620 178,064
------------------- --------------------- -------------------
Net Assets $1,407,881,030 $2,088,519,960 $22,677,097
=================== ===================== ===================
Net assets consist of:
Capital (par value and additional paid-in-capital) $1,095,151,327 $1,994,313,224 $22,500,409
Undistributed net investment income (loss) 631,454 3,855,832 12,608
Accumulated net realized gain (loss) on investments
and foreign currency transactions 39,604,256 11,726,247 (2,474,374)
Net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities in foreign currency 272,493,993 78,624,657 2,638,454
------------------- --------------------- -------------------
Net Assets Applicable
to Outstanding Shares $1,407,881,030 $2,088,519,960 $22,677,097
=================== ===================== ===================
Shares of beneficial interest, $.01 par value
Unlimited shares authorized
Outstanding 60,593,865 77,473,490 1,855,150
=================== ===================== ===================
Net Asset Value Per Share $23.23 $26.96 $12.22
=================== ===================== ===================
UNAUDITED
<PAGE> 3
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
Lindner/Ryback Lindner
Small-Cap Fund Lindner Bulwark Fund International Fund
<S> <C> <C> <C>
ASSETS
Investment securities, at value:
Unaffiliated issuers (identified cost of $6,469,262,
$18,604,922 and $449,400, respectively) $6,355,919 $21,572,986 $422,127
Affiliated issuers -- -- --
Cash 46,710 88,261 56,197
Receivables:
Investments sold - long -- -- --
Dividends and interest 6,090 79,722 283
Fund shares sold -- 2,607 --
Investments sold - short -- 4,269,948 --
Deposits with brokers for securities sold short -- 3,890,829 --
Unamortized organizational expense (Note 4) 17,786 38,917 28,670
Receivable for expenses reimbursed by advisor -- -- 10,216
Other assets 1,816 12,404 283
------------------- --------------------- -------------------
Total assets 6,428,321 29,955,674 517,776
------------------- --------------------- -------------------
LIABILITIES
Accounts payable and accrued liabilities:
Investment securities purchased -- 42,090 --
Investments sold short, at value (proceeds 0,
$4,269,948 and 0, respectively) -- 4,129,213 --
Fund shares redeemed 48,568 749,628 --
Distribution to shareholders (Note 5) -- 33,515 --
Other liabilities:
Management fee (Note 3) 3,705 21,118 364
Organizational expense (Note 4) 19,640 41,887 28,711
Other 1,193 2,082 1,122
------------------- --------------------- -------------------
Total liabilities 73,106 5,019,533 30,197
------------------- --------------------- -------------------
Net Assets $6,355,215 $24,936,141 $487,579
=================== ===================== ===================
Net assets consist of:
Capital (par value and additional paid-in-capital) $6,670,693 $32,080,500 $519,198
Undistributed net investment income (loss) (40,735) 17,327 388
Accumulated net realized gain (loss) on investments
and foreign currency transactions (161,400) (10,270,485) (4,734)
Net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities in foreign currency (113,343) 3,108,799 (27,273)
------------------- --------------------- -------------------
Net Assets Applicable
to Outstanding Shares $6,355,215 $24,936,141 $487,579
=================== ===================== ===================
Shares of beneficial interest, $.01 par value
Unlimited shares authorized
Outstanding 1,331,737 3,956,401 58,782
=================== ===================== ===================
Net Asset Value Per Share $4.77 $6.30 $8.29
=================== ===================== ===================
UNAUDITED
</TABLE>
<PAGE> 4
LINDNER GROWTH FUND
February 12, 1996
Dear Fellow Shareholders:
For the 12 months ended December 31, 1995, the Lindner Growth Fund's total
return was 19.9% compared to the S&P 500 total return of 37.6%. This marked
the best year for the stock market since 1958. During the past 50 years, the
S&P 500 gained more than 30% a year on only eight occasions -- three of which
occurred since 1985.
The average annual return from stocks for the last 20 years is 14.5%. The
Growth Fund posted an average annual return of 20.02% for the same period.
Stocks averaged a return of 10.5% a year over the last 70 years. The
dividend yield on the S&P 500 is currently 2.25% and the price to book value
is nearly 4 to 1. These are valuation levels well above any recorded in the
20th century. By sharing this information, it is not our intention to
discourage people from investing in stocks, but rather, to place the current
stock market into some historical perspective.
The Growth Fund has an excellent historical record in down markets, however,
there is no guarantee this will happen in the future. In light of current
market levels, it currently has 13% of its assets in short term treasury
bills and continues to hold large positions in companies engaged in mining
and energy. Historically these sectors are considered defensive in down
markets. As always, we continue to purchase and hold securities we believe
to be undervalued, regardless of overall market prices.
Respectfully submitted,
Eric E. Ryback Larry Callahan Robert A. Lange
President Portfolio Manager Portfolio Manager
<PAGE> 5
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Common Stocks (82.20%)
Aerospace/Defense (4.58%)
Alliant Techsystems, Inc. <Fa>,<F*> 850,000 $43,031,250
Allied Research Corporation <Fa>,<F*> 424,620 1,698,480
Lockheed Martin Corporation 249,390 19,701,810
-----------------
$64,431,450
-----------------
Business Services (1.80%)
Autoinfo, Inc. <Fa>,<F*> 713,000 $2,406,375
National Data Corporation 387,950 9,601,763
Scientific Software-Intercomp, Inc. <Fa>,<F*> 820,000 2,460,000
Tripos, Inc. <Fa>,<F*> 274,500 2,333,250
Valassis Communications, Inc. <F*> 410,000 7,175,000
Wave Technologies International, Inc. <Fa>,<F*> 240,000 1,380,000
-----------------
$25,356,388
-----------------
Chemicals and Allied Products (1.33%)
Solvay & Cie S.A. <Ff> 32,000 $17,369,499
Sterling Chemicals, Inc. <F*> 171,900 1,396,687
-----------------
$18,766,186
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Computers and Electronic Equipment (4.26%)
Analogic Corporation <F*> 94,000 $1,739,000
Banctec, Inc. <F*> 418,546 7,743,100
Comsat Corporation 234,000 4,358,250
GTI Corporation <F*> 363,300 6,448,575
Gradco Systems, Inc. <Fa>,<F*> 699,000 1,616,438
Metricom, Inc. <Fa>,<F*> 1,316,500 17,937,313
Micronics Computers, Inc. <Fa>,<F*> 1,370,700 4,797,450
Micropolis Corporation <Fa>,<F*> 1,519,800 5,699,250
Vertex Communications Corporation <Fa>,<F*> 420,000 7,087,500
Windmere Corporation 349,200 2,488,051
-----------------
$59,914,927
-----------------
Construction and Real Estate (2.17%)
Butler Manufacturing Company <Fa> 510,891 $20,052,472
Puerto Rican Cement Company <Fa> 315,300 10,444,313
-----------------
$30,496,785
-----------------
See Notes to Financial Statements
<PAGE> 6
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Energy (11.70%)
Archer Resources Ltd. - Rule 144A <Ff>,<F*> 500,000 $1,833,113
Archer Resources Ltd. <Ff>,<F*> 500,000 1,833,113
Atwood Oceanics, Inc. <Fa>,<F*> 456,100 11,516,525
B J Services Company <F*> 200,000 5,800,000
Baker Hughes, Inc. 600,000 14,625,000
Harken Energy Corporation <F*> 1,058,900 1,853,075
Hornbeck Offshore Services, Inc. <F*> 300,000 5,887,500
ICO Inc. 75,000 365,625
Lasmo plc-ADR <F*> 3,900,000 31,200,000
Nabors Industries, Inc. <F*> 650,000 7,231,250
Pennzoil Company 50,000 2,112,500
Phillips Petroleum Company 600,000 20,475,000
Rowan Companies, Inc. <F*> 1,600,000 15,800,000
USX-Marathon Group 600,000 11,700,000
Union Pacific Resources Group, Inc. <F*> 125,000 3,171,875
Weatherford Enterra, Inc. <F*> 459,216 13,259,862
Williams Companies 366,937 16,099,361
-----------------
$164,763,799
-----------------
Environmental Services (1.57%)
Chempower, Inc. <Fa>, <F*> 650,000 $2,437,500
EMCON <F*> 406,000 1,624,000
Tanknology Environmental, Inc. <Fa>,<F*> 1,415,100 2,564,869
USA Waste Services, Inc. <F*> 821,400 15,503,925
-----------------
$22,130,294
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Financial Services (16.09%)
Acordia, Inc. <Fa> 1,354,300 $40,459,713
Bancfirst Corporation <Fa> 328,200 6,112,725
Brooklyn Bancorp, Inc. <Fa>,<F*> 640,000 26,080,000
CPB, Inc. 84,939 2,718,048
Central Reserve Life Corporation 200,000 1,925,000
Community Financial Corporation <Fa> 118,000 1,947,000
Fidelity Federal Bank FSB, Class A <Fa>,<F*> 3,171,546 7,036,868
First of America Bank Corporation 152,300 6,758,312
Hilb, Rogal and Hamilton Company <Fa> 825,000 11,034,375
Independent Insurance Group, Inc. 516,000 14,061,000
International Bancshares Corporation 282,236 11,501,117
John Nuveen and Company, Inc. 593,900 14,699,025
Mid-South Insurance Company <Fa> 536,318 8,178,850
National Insurance Group <Fa>,<F*> 466,800 2,625,750
Norwest Corporation 271,056 8,944,847
Old Republic International Corporation 612,500 21,743,750
Physicians Insurance Company of Ohio <F*> 189,000 6,000,750
Riggs National Corporation <F*> 410,000 5,330,000
River Forest Bancorp, Inc. 659,958 16,828,929
Sterling Financial Corporation <F*> 270,000 3,712,500
Stewart Information Services Corporation <Fa> 409,950 8,813,925
-----------------
$226,512,484
-----------------
Food and Beverage (1.43%)
Savannah Foods & Industries, Inc. 532,000 $6,061,737
The Morningstar Group, Inc. <Fa>,<F*> 1,201,700 9,613,600
United Grain Growers Ltd. <Fa>,<Ff> 800,000 4,472,797
-----------------
$20,148,134
-----------------
See Notes to Financial Statements
<PAGE> 7
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Healthcare (2.74%)
Allied Healthcare Products, Inc. <F*> 183,400 $2,934,400
Comprehensive Care Corporation <Fa),<F*> 15,900 137,138
Comprehensive Care Corporation - Rule 144A <Fa),<F*> 250,000 2,156,250
Creative Biomolecules, Inc. <F*> 577,500 4,042,500
Cytogen Corporation <Fa),<F*> 1,716,000 9,009,000
Gyogyszergyarszolgaltatasi Resz. (Egis) <Ff> 63,997 1,421,538
Health Images, Inc. <Fa) 1,077,700 7,813,325
Laboratory Corporation of America Holdings -
Warrants, expiring April 28, 2000 <F*> 97,848 67,270
Maxicare Health Plan, Inc. <F*> 225,000 6,046,875
Unilab Corporation <F*> 1,850,500 4,973,219
-----------------
$38,601,515
-----------------
Industrial Products and Services (1.58%)
Devlieg Bullard, Inc. <F*> 390,000 $877,500
Durakon Industries, Inc. <Fa>,<F*> 374,900 4,686,250
Lufkin Industries 114,600 2,592,825
Meridian Technologies, Inc. <Ff>,<F*> 890,400 3,672,459
MFRI, Inc. <Fa>,<F*> 341,000 2,131,250
Mitsubishi Heavy Industries, Ltd. <Ff> 400,000 3,191,469
Nycor, Inc. <F*> 35,000 179,375
Nycor, Inc., Class A <F*> 59,000 287,625
Quixote Corporation <Fa) 600,000 4,650,000
-----------------
$22,268,753
-----------------
Investments (3.36%)
Dundee Bancorp, Inc. <Ff>,<F*> 727,400 $7,333,737
Minorco-ADR 1,360,000 38,930,000
Triton Group Ltd. <Fa>,<F*> 2,045,300 1,022,650
-----------------
$47,286,387
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Leisure/Entertainment (1.83%)
Hasbro, Inc. 400,000 $12,400,000
International Speedway Corporation 27,782 6,764,917
Sotheby's Holdings, Inc. 467,600 6,663,300
-----------------
$25,828,217
-----------------
Metals Processing (1.65%)
Asturiana De Zinc, S.A. <Ff>,<F*> 382,859 $3,035,761
Birmingham Steel Corporation 430,550 6,404,431
Geneva Steel Company <F*> 816,100 5,610,687
Handy & Harman 200,000 3,300,000
Laclede Steel Company <F*> 76,800 576,000
Reliance Steel & Aluminum Co. <F*> 36,600 759,450
Republic Engineered Steels, Inc. <F*> 750,000 3,468,750
-----------------
$23,155,079
-----------------
Mining (7.19%)
Anvil Range Mining <Fa>,<Ff>,<F*> 1,085,000 $4,872,874
Bema Gold Corporation <Ff>,<F*> 2,286,700 4,443,287
Bema Gold Corporation -
Warrants, expiring September 6, 1996 <Ff>,<F*> 212,500 0
Case Pomeroy & Company, Inc. 1,263 1,562,962
Case Pomeroy & Company, Inc., Class B 340 420,750
Dayton Mining Corporation <Fa>,<Ff>,<F*> 2,112,000 8,904,531
FirstMiss Gold, Inc. <F*> 35,000 778,750
Hemlo Gold Mines, Inc. <Ff> 1,725,000 16,171,875
See Notes to Financial Statements
<PAGE> 8
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Mining (con't)
Homestake Mining Company 885,250 $13,832,030
Kinross Gold Corporation <Ff),<F*> 800,000 6,100,000
Pegasus Gold, Inc. <Ff) 517,700 7,183,088
Placer Dome, Inc. <Ff) 600,000 14,475,000
Santa Elina Gold Corporation-Rule 144A <Ff),<F*> 950,000 1,079,703
TVX Gold, Inc. <Ff),<F*> 800,000 5,700,000
Uranium Resources, Inc. <Fa>,<F*> 811,525 4,463,388
Wharf Resources, Ltd. <Fa>,<Ff) 1,712,600 11,301,804
-----------------
$101,290,042
-----------------
Real Estate Investment Trust (0.74%)
RPS Realty Trust <Fa> 2,240,100 $10,360,463
-----------------
Retail Trade (5.32%)
Charming Shoppes, Inc. <Fa> 6,950,000 $19,981,250
Cole National Corporation, Class A <F*> 434,300 6,025,913
Dart Group Corporation, Class A 58,363 5,456,941
Duckwall-Alco Stores, Inc. <F*> 100,000 1,025,000
Genesco, Inc. <F*> 265,100 927,850
Handleman Company 1,500,000 8,625,000
Neostar Retail Group, Inc. <F*> 200,000 1,475,000
Noodle Kidoodle, Inc.,
(formerly Greenman Bros., Inc.) <Fa>,<F*> 293,100 3,956,850
Spaghetti Warehouse, Inc. <F*> 230,300 1,151,500
Younkers, Inc. <F*> 275,000 6,978,125
Zale Corporation <F*> 1,200,000 19,350,000
-----------------
$74,953,429
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Transportation (5.98%)
Antofagasta Holdings P.L.C. <Ff> 950,000 $4,380,531
International Shipholding Corporation 152,450 3,163,338
Kirby Corporation <F*> 400,000 6,500,000
London & Overseas Freighters Ltd - ADR <Fa> 405,500 4,739,281
MTL, Inc. <Fa>,<F*> 337,500 4,725,000
OMI, Inc. <Fa>,<F*> 2,214,900 14,396,850
Oglebay Norton Company 96,372 3,589,857
Overseas Shipholding Group, Inc. 781,300 14,844,700
Pacific Basin Bulk Shipping Ltd. <F*> 150,000 1,725,000
Pacific Basin Bulk Shipping Ltd. -
Warrants, expiring September 30, 1999 <F*> 150,000 131,250
Southern Pacific Rail Corporation <F*> 897,700 21,544,800
Wah Kwong Shipping Holdings Ltd. <Ff> 3,060,759 4,393,775
-----------------
$84,134,382
-----------------
Utilities (3.24%)
Czech Power Company <Ff>,<F*> 250,110 $9,026,842
Huaneng Power International - ADR <F*> 427,700 6,148,187
Noram Energy Corporation 3,437,300 30,506,037
-----------------
$45,681,066
-----------------
Miscellaneous (3.64%) $51,216,568
-----------------
Total Common Stocks (Cost $886,265,717) $1,157,296,438
-----------------
See Notes to Financial Statements
<PAGE> 9
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<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 (3.69%)
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
-----------------
Financial Services (0.25%)
Beal Financial Corporation, 12.75%, due 2000 3,425,000 $3,459,250
-----------------
Industrial Products and Services (0.54%)
The Toro Company, 11%, due 2017 3,425,000 $7,632,625
-----------------
Paper, Printing and Publishing (0.17%)
VIS Capital, 12.375%, due 1998 2,380,000 $2,418,675
-----------------
Transportation (2.52%)
Greyhound Lines, Inc., 10% Sr. Notes, due 2001 28,898,000 $26,586,160
Southern Pacific Transportation Company,
8.2%, due 2001 8,845,000 8,878,169
-----------------
$35,464,329
-----------------
Total Non-Convertible Bonds (Cost $52,880,385) $51,988,626
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Convertible Bonds (0.71%)
Apparel and Other Textile Products (0.07%)
Suave Shoe Corporation, 5%, due 1997 $929,000 $929,000
-----------------
Mining (0.64%)
Dayton Mining Corporation, 7%, due 1999 <Ff> 3,500,000 $6,507,550
Golden Shamrock Mines Ltd.,
7%, due 2000 - Rule 144A <Ff> 3,305,000 2,478,750
-----------------
$8,986,300
-----------------
Total Convertible Bonds (Cost $7,574,645) $9,915,300
-----------------
U.S. Treasury Bills (13.54%)
Maturing 01-04-96 to 02-15-96
(Cost $190,448,898) $191,100,000 $190,566,566
-----------------
Total Investments (Cost $1,137,279,646) $1,409,766,930
Excess of Other Liabilities over Assets (0.14%) ($1,885,900)
------------------- -----------------
Net Assets 100.00% $1,407,881,030
=================== =================
<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>
<PAGE> 10
LINDNER DIVIDEND FUND
February 12, 1996
Dear Fellow Shareholders:
The Dividend Fund completed calendar year 1995 with a total return of 21.55%
which compares to the S&P 500 total return of 37.6% -- the best year for the
stock market since 1958. During the same time period, the yield on the
30-year treasury bond declined from 7.44% to 6.23%. As a consequence of its
interest rate sensitivity, the fund reacts more favorably as rates decline.
I am pleased to report that, as of this writing, the average portfolio yield
is 6.9%, which compares very favorably to the one year treasury bill rate of
4.79%.
The percentage of cash decreased from 12.7% at June 30, 1995, to 7.4%, as of
this letter. The Dividend Fund deployed the cash into defensive and
undervalued common stocks such as Hormel Foods Corporation, J.M. Smucker
Company, Charming Shoppes, John Nuveen Company and Baker Hughes, Inc.
The largest industry held is the Utility sector which increased to 19% from
15% of total assets on June 30, 1995. The remaining industries of Energy,
Financial Services, Transportation and Telecommunications all remained
unchanged in their percentage of weighting to total assets.
With the stock market attaining repeated new highs, the Dividend Fund is
currently beginning to raise cash again by selling selected stocks whose
prices have exceeded the point where we still consider them values.
As a point of interest, the February 12th issue of Forbes magazine rated your
Lindner Dividend Fund as the number one "Best Buy" stock fund for calendar
year 1995. In its comparison, the magazine favors funds that achieve solid
returns without charging exorbitant fees and exposing shareholder savings to
excessive risk. Every August since 1992, Forbes has had a similar "Best Buy"
ranking that comprises a larger sampling of stock mutual funds. Except for
1993, when it was closed to new investors, your Lindner Dividend Fund has
placed first every year in the "Best Buy" stock fund ranking since Forbes
introduced the category.
Thank you for your continued involvement with the Dividend Fund. We will
make every effort to try to provide you with a steady source of income
without putting your investment in the path of undue risk.
Respectfully submitted,
Eric E. Ryback
President
<PAGE> 11
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Common Stocks (35.78%)
Computer and Electronic Equipment (0.36%)
Metricom Inc. <F*> 440,000 $5,995,000
Micropolis Corporation <F*> 400,000 1,500,000
-----------------
$7,495,000
-----------------
Energy (1.33%)
Atlantic Richfield Company 250,000 $27,687,500
-----------------
Energy Service (0.93%)
Baker Hughes, Inc. 800,000 $19,500,000
-----------------
Financial Services (2.67%)
American Bank of Connecticut <Fa> 130,000 $3,542,500
Community Bank - Warrants,
expiring June 27, 1999 <F*> 85,000 223,125
First of America Bank Corporation 304,000 13,490,000
John Nuveen and Company, Inc. 538,400 13,325,400
Republic New York Corporation 400,000 24,850,000
TeleBanc Financial Corporation - Warrants,
expiring May 1, 2004 <F*> 150,000 375,000
-----------------
$55,806,025
-----------------
Food (0.99%)
Hormel Foods Corporation 360,700 $8,882,237
J.M. Smucker Company 611,700 11,775,225
-----------------
$20,657,462
-----------------
Investments (1.60%)
Minorco, ADR 1,168,200 $33,439,725
-----------------
Leisure and Entertainment (1.13%)
A. T. Cross Company, Class A 518,500 $7,842,312
Jostens, Inc. 650,000 15,762,500
-----------------
$23,604,812
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Mining (0.46%)
North Flinders Mines Ltd. <Ff> 768,900 $4,295,499
Uranium Resources, Inc. <Fa>,<F*> 500,000 2,750,000
Uranium Resources, Inc. - Rule 144A <Fa>,<F*> 339,000 1,864,500
Uranium Resources, Inc. - Warrants,
expiring May 31, 1998 - Rule 144A <Fa>,<F*> 625,000 781,250
-----------------
$9,691,249
-----------------
Paper, Printing and Publishing (0.16%)
P. H. Glatfelter Company 199,400 $3,414,725
-----------------
Real Estate Investment Trusts (0.94%)
Commercial Assets, Inc. 297,800 $1,675,125
Hospitality Properties Trust <F*> 400,000 10,700,000
Pimco Commercial Mortgage Securities <Fa> 592,300 7,329,713
-----------------
$19,704,838
-----------------
Retail Trade (0.54%)
Charming Shoppes, Inc. 2,908,800 $8,362,800
Handleman Company 501,800 2,885,350
-----------------
$11,248,150
-----------------
Telecommunications (4.95%)
Comsat Corporation 739,800 $13,778,775
GTE Corporation 600,000 26,400,000
Koninkllijke PTT Nederland NV - Rule 144A <Ff> 540,000 19,639,426
MCI Communications Corporation 1,025,000 26,778,125
Pacific Telesis Group 500,000 16,812,500
-----------------
$103,408,826
-----------------
See Notes to Financial Statements
<PAGE> 12
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Telecommunications Equipment (0.93%) 500,000 $19,437,500
Nokia Corporation - ADR -----------------
Transportation (0.35%)
Anangel-American Shipholdings Ltd. 649,900 $7,230,138
-----------------
Utilities (Gas, Electric & Water) (14.87%)
DQE, Inc. 450,000 $13,837,500
Entergy Corporation 420,000 12,285,000
Espoon Sahko - ADR - Rule 144A 248,000 3,596,000
General Public Utilities Corporation 400,000 13,600,000
Hawaiian Electric Utilities, Inc. 427,700 16,573,375
Idaho Power Company 322,100 9,663,000
Illinova Corporation 520,000 15,600,000
MidAmerican Energy Company
(formerly Iowa-Illinois Electric Co.) 929,922 15,576,193
NIPSCO Industries, Inc. 440,400 16,845,300
New York State Electric & Gas Corporation 500,000 12,937,500
NorAm Energy Corporation 3,722,000 33,032,750
Northeast Utilities 500,000 12,187,500
Ohio Edison Company 650,000 15,275,000
PacifiCorp 538,500 11,443,125
Portland General Corporation 626,500 18,246,813
Public Service Enterprise Group, Inc. 500,000 15,312,500
Sierra Pacific Resources 492,200 11,505,175
Texas Utilities Company 610,000 25,086,250
The Southern Company 500,000 12,312,500
Western Resources, Inc. 325,000 10,846,875
Wisconsin Energy 486,600 14,902,125
-----------------
$310,664,481
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Miscellaneous (3.57%) $74,358,375
-----------------
Total Common Stocks (Cost $660,428,865) $747,348,806
-----------------
Preferred Stocks (25.79%)
Computer and Electronic Equipment (1.42%)
The Titan Corporation, $1.00 convertible 71,400 $874,650
Unisys Corporation, $3.75 convertible 1,071,000 28,783,125
-----------------
$29,657,775
-----------------
Construction and Real Estate (0.63%)
LSB Industries, Inc., $3.25 convertible 237,500 $7,956,250
Nycor, Inc., $1.70 convertible 311,200 5,290,400
-----------------
$13,246,650
-----------------
Drugs and Beauty Aids (0.66%)
Foxmeyer Healthcare Corporation, $5.00 convertible 252,031 $13,735,689
-----------------
See Notes to Financial Statements
<PAGE> 13
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Energy (8.88%)
Cliffs Drilling Company, $2.3125 convertible 305,500 $8,401,250
ICO, Inc., $1.6875 convertible 310,000 6,510,000
Lasmo PLC , Series A , 10% 492,600 11,883,975
Maxus Energy Corporation, $4.00 convertible 252,300 10,975,050
Maxus Energy Corporation, 10% 200,000 5,175,000
McDermott International, Inc., $2.20 convertible 235,500 6,682,313
McDermott International, Inc., 5% convertible - Rule 144A 275,000 11,275,000
Occidental Petroleum Corporation,
$3.875 convertible - Rule 144A 600,000 33,300,000
Reading & Bates Corporation, 6.5% convertible 215,900 9,715,500
Santa Fe Energy Resources, Inc., 7%, convertible 738,300 14,119,988
Tejas Gas Corporation, $2.49 349,700 9,179,625
Tejas Gas Corporation, 5.25% convertible 164,300 7,804,250
Western Gas Resources, Inc., $2.65 convertible 484,400 16,954,000
The Williams Companies, Inc.,
7% convertible - Rule 144A 225,000 16,621,875
Valero Energy Corporation, 6.25% convertible 328,850 16,935,775
-----------------
$185,533,601
-----------------
Environmental Services (0.35%)
Environmental Systems, Series A, $1.75 459,582 $7,267,140
-----------------
Financial Services (3.83%)
Alexander & Alexander Services, Inc.,
$3.625 convertible - Rule 144A 270,000 $13,500,000
California Federal Bank, 10.625% 70,000 7,660,625
Community Bank, Series B, 13% 196,500 5,084,438
Credit Lyonnais Capital S.C.A., 9.5% - Rule 144A 600,000 15,015,600
Integon Corporation, $3.875 convertible 190,000 11,400,000
Riggs National Corporation, Series B, 10.75% 750,000 21,000,000
River Bank America, Series A, 15% 85,000 2,103,750
Santander Overseas Bank, Inc., $2.66 160,000 4,320,000
-----------------
$80,084,313
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Food (0.84%)
Flagstar Companies, Inc., $2.25 convertible 1,679,000 $17,419,625
-----------------
Leisure and Entertainment (1.91%)
AMC Entertainment, Inc., 7% convertible 977,300 $39,824,975
-----------------
Metals Processing (1.83%)
Armco Inc., $3.625 convertible 206,900 $10,293,275
Dofasco, Inc., $2.60 convertible (f) 671,100 15,992,631
USX Corporation, 6.5% convertible 252,000 12,001,500
-----------------
$38,287,406
-----------------
Mining (1.12%)
Freeport-McMoran Copper & Gold Inc.,
Series C, variable rate 288,100 $8,751,037
Pittston Company, $3.125 convertible - Rule 144A 402,500 14,691,250
-----------------
$23,442,287
-----------------
Paper, Printing and Publishing (0.55%)
James River Corporation, $3.50 convertible 247,100 $11,459,263
-----------------
Real Estate Investment Trusts (0.68%)
Prime Retail, Inc., $2.125 convertible 510,000 $9,052,500
Prime Retail, Inc., $2.625 260,000 5,070,000
-----------------
$14,122,500
-----------------
Transportation (1.59%)
Sea Containers Ltd., $4.00 convertible 293,900 $12,858,125
Sea Containers Ltd., $4.125 convertible 50,600 2,793,120
U.S. Air Group, Inc., $4.375 convertible 427,900 17,597,387
-----------------
$33,248,632
-----------------
See Notes to Financial Statements
<PAGE> 14
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Utilities (Gas, Electric & Water) (.76%)
Cleveland Electric Illuminating Company,
Series S, 9% 16,000 $14,640,000
Texas-New Mexico Power Company, 4.65% 16,300 1,238,800
-----------------
$15,878,800
-----------------
Miscellaneous (0.74%) $15,466,875
-----------------
Total Preferred Stocks (Cost $552,833,536) $538,675,631
-----------------
Non-Convertible Bonds (25.13%)
Aerospace/Defense (1.22%)
Alliant Techsystems, Inc.,
11.75%, due 2003 $10,000,000 $11,087,500
Teledyne, Inc., 10%, due 2004 14,020,000 14,440,600
-----------------
$25,528,100
-----------------
Apparel & Other Textile Products (0.74%)
Hartmarx Corporation, 10.875%, due 2002 15,555,000 $15,438,337
-----------------
Computer and Electronic Equipment (0.80%)
Dell Computer Corporation, 11%, due 2000 15,000,000 $16,612,500
-----------------
Construction and Real Estate (1.90%)
Avatar Holdings, Inc., 9%, due 2000 3,683,000 $3,489,642
Congoleum Corporation, 9%, due 2001 13,700,000 13,289,000
Four Seasons Hotel, Inc., 9.125%, due 2000 - Rule 144A 13,100,000 13,034,500
Kaufman & Broad Home Corporation, 9.375%, due 2003 10,000,000 9,962,500
-----------------
$39,775,642
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Energy (0.61%)
Energy Ventures, Inc., 10.25% due 2004 $4,950,000 $5,234,625
Maxus Energy Corporation, 9.875%, due 2002 3,000,000 3,022,500
Tuboscope Vetco International Corporation,
10.75%, due 2003 4,400,000 4,460,500
-----------------
$12,717,625
-----------------
Financial Services (2.90%)
Beal Financial Corporation, 12.75%, due 2000 27,500,000 $27,775,000
Riggs National Corporation, floating rate, due 1996 <Ff> 2,340,000 2,328,300
Roosevelt Financial Group, Inc., 9.5%, due 2002 4,000,000 4,010,000
TeleBanc Financial Corporation, 11.5%, due 2004 7,500,000 6,712,500
WSFS Financial Corporation,
11%, due 2005 19,150,000 19,724,500
-----------------
$60,550,300
-----------------
Food (0.84%)
Flagstar Companies, Inc., 10.75%, due 2001 15,000,000 $13,725,000
Flagstar Companies, Inc., 11.375%, due 2003 5,000,000 3,825,000
-----------------
$17,550,000
-----------------
Healthcare (0.43%)
Tenet Healthcare Corporation, 8.92%, due 1996 1,400,000 $1,400,000
Tenet Healthcare Corporation, 8.94%, due 1996 4,000,000 4,000,000
Tenet Healthcare Corporation, 8.97%, due 1996 3,480,000 3,480,000
-----------------
$8,880,000
-----------------
Industrial Products and Services (2.19%)
Fruehauf Trailer Corporation, 14.75%, due 2002 27,540,000 $26,989,200
Rohr, Inc., Senior Notes 11.625%, due 2003 3,850,000 4,167,625
The Toro Company, 11%, due 2017 13,700,000 14,624,750
-----------------
$45,781,575
-----------------
See Notes to Financial Statements
<PAGE> 15
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<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 (1.48%)
Marvel III Holdings, Inc., 9.125%, due 1998 $25,725,000 $25,210,500
Tyco Toys, Inc., 10.125%, due 2002 6,250,000 5,648,438
-----------------
$30,858,938
-----------------
Metals Processing (1.93%)
Armco Inc., 9.2%, due 2000 11,940,000 $12,104,175
Geneva Steel, 11.25%, due 2001 19,385,000 16,089,550
Northwestern Steel & Wire Company, 9.5%, due 2000 12,250,000 12,035,625
-----------------
$40,229,350
-----------------
Mining (1.25%)
Kaiser Aluminum & Chemical Corporation,
9.875%, due 2002 25,500,000 $26,137,500
-----------------
Paper, Printing and Publishing (0.87%)
United States Banknote Corporation,
10.375%, due 2002 5,000,000 $3,475,000
VIS Capital, 12.375%, due 1998 9,118,000 9,266,168
Valassis Communications, Inc.,
9.375%, due 1999 5,000,000 5,343,750
-----------------
$18,084,918
-----------------
Retail Trade (0.30%)
Phar-Mor, Inc., 11.72%, due 2002 6,900,000 $6,279,000
-----------------
Telecommunications (0.73%)
Heartland Wireless Communications, Inc.,
13%, due 2002 - Rule 144A 1,000,000 $1,035,000
Outlet Communications, Inc., 10.875%, due 2003 13,025,000 14,213,531
-----------------
$15,248,531
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Transportation (4.62%)
Greyhound Lines, Inc., 10%, due 2001 $33,150,000 $30,499,124
International Shipholding Corporation, 9%, due 2003 2,000,000 1,995,000
OMI Corporation, 10.25%, due 2003 18,500,000 16,557,500
Southern Pacific Rail Corporation, 9.375%, due 2005 16,000,000 17,460,000
Southern Pacific Transportation Company,
8.2%, due 2001 6,476,000 6,500,285
Transportacion Maritima Mexicana, S.A. de C.V.,
9.25%, due 2003 26,100,000 23,555,250
-----------------
$96,567,159
-----------------
Utilities (2.03%)
Del Norte Funding Corporation, 11.25%, due 2014 2,500,000 $1,712,500
El Paso Electric Company, 10.75%, due 2013 6,400,000 4,384,000
Gascart, 9%, due 1998 - Rule 144A 26,040,000 25,291,350
Public Service Company of New Mexico,
10.3%, due 2014 4,600,000 4,795,500
Texas-New Mexico Power Company, 9.25%, due 2000 6,000,000 6,262,500
-----------------
$42,445,850
-----------------
Miscellaneous (0.29%) $6,104,344
-----------------
Total Non-Convertible Bonds (Cost $519,709,402) $524,789,669
-----------------
See Notes to Financial Statements
<PAGE> 16
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Convertible Bonds (6.02%)
Business Services (0.09%)
Trans-Lux Corporation, 9%, due 2005 $1,719,000 $1,813,545
-----------------
Chemicals and Allied Products (0.36%)
Hexcel Corporation, 7%,
Subordinated Debentures, due 2011 8,919,000 $7,581,150
-----------------
Computer and Electronic Equipment (1.55%)
Atari Corporation, 5.25%, due 2002 13,676,000 $6,427,720
Micropolis Corporation, 10%, due 1998 - Rule 144A 20,000,000 20,000,000
Micropolis Corporation, 6%, due 2012 5,850,000 2,881,125
Recognition International, Inc., 7.25%, due 2011 3,400,000 3,068,500
-----------------
$32,377,345
-----------------
Energy (0.62%)
Ashland Oil, Inc., 6.75%, due 2014 12,000,000 $12,030,000
Lone Star Technologies, Inc., 8% Eurobond, due 2002<Ff> 1,280,000 998,400
-----------------
$13,028,400
-----------------
Environmental Services (0.29%)
US Filter Corporation, 6%, due 2005 - Rule 144A 5,200,000 $6,006,000
-----------------
Industrial Products and Services (0.73%)
Cooper Industries, Inc., 7.05%, due 2015 14,755,000 $15,252,981
-----------------
Leisure and Entertainment (0.32%)
Savoy Pictures Entertainment, Inc., 7%, due 2003 8,071,000 $6,658,575
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Mining (0.39%)
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 5,495,625
-----------------
$8,120,625
-----------------
Retail Trade (0.58%)
Michael Stores, Inc., 5.75%, due 2003 15,457,000 $12,211,030
-----------------
Telecommunications Equipment (0.84%)
General Instrument Corporation, 5%, due 2000 16,000,000 $17,600,000
-----------------
Miscellaneous (0.25%) $5,115,164
-----------------
Total Convertible Bonds (Cost $125,070,717) $125,764,815
-----------------
U.S. Treasury Bills (6.28%)
Maturing 01-04-96 to 02-08-96
(Cost $131,038,720) $131,400,000 $131,124,213
-----------------
Total Investments (Cost $1,989,081,240) 99.00% $2,067,703,134
Excess of Other Assets over Liabilities 1.00% $20,816,826
------------------- -----------------
Net Assets 100.00% $2,088,519,960
=================== =================
<FN>
<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>
<PAGE> 17
LINDNER UTILITY FUND
February 12, 1996
Dear Fellow Shareholders:
The Lindner Utility Fund completed 1995 with a total return of 23.89%
compared to the New York Stock Exchange Utility Index's 33.96% total return
for the same period. As of this letter, the Utility Fund is up 7.2%
year-to-date, compared to the New York Stock Exchange Utility Index's 4.30%
year-to-date return.
The net assets for the Utility Fund as of December 31, 1995, were $22.7
million, up from $17 million at June 30, 1995. Currently, its largest
industry sector is Utilities (gas, electric and water) at 38% of the
portfolio which is down from 52% at June 30, 1995. We sold a few utilities
that reached our sell target and deployed the cash into the
telecommunications industry, increasing that industry's weighting to 28%.
The energy sector weighting remained the same at 21% of the portfolio.
The largest single security holding continues to be Uranium Resources, a
non-income producing security. Their operations involve mining uranium for
the nuclear utility industry. We added another uranium mining company called
Energy Resources of Australia Ltd. Combined, these two companies represent
4.85% of the total portfolio. Our analysis indicates that the potential for
these companies, and the industry as a whole, is very strong. We make this
judgment 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 Utility Fund's ability to invest in
these types of companies, the lower portfolio yield of 3.85% will be offset
with a potential for greater capital appreciation. This will be a key factor
to its performance against future rising interest rates. As always, we are
appreciative of your support during the past calendar year.
Respectfully submitted,
Eric E. Ryback
President
<PAGE> 18
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Utility Fund
- --------------------
Common Stocks (75.02%)
Energy (13.01%)
McDermott International Inc. 25,000 $550,000
Tejas Power Corporation 52,000 474,500
USX-Dehli Group 77,000 798,875
Union Pacific Resources Group Inc. 18,000 456,750
-----------------
$2,280,125
-----------------
Mining (4.85%)
Energy Resources of Australia Ltd. <Ff> 195,700 $669,657
Uranium Resources, Inc. <F*> 200,000 1,100,000
-----------------
$1,769,657
-----------------
Telecommunications (15.69%)
Alltel Corporation 15,000 $442,500
C-TEC Corporation <F*> 19,000 589,000
GTE Corporation 10,000 440,000
General Communication, Inc., Class A <F*> 55,100 282,388
Lincoln Telecommunications Company 15,000 316,875
MCI Communications Corporation 25,000 653,125
US West Communications Group 10,000 357,500
-----------------
$3,081,388
-----------------
Telecommunications Equipment (8.90%)
AFC Cable Systems, Inc. <F*> 34,000 $467,500
Metricom, Inc. <F*> 35,000 476,875
Nokia Corporation - ADR 25,000 971,875
Ortel Corporation 51,500 579,375
-----------------
$2,495,625
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Utilities (Gas, Electric & Water) (27.74%)
DQE, Inc. 15,450 $475,088
FPL Group, Inc. 10,000 463,750
Idaho Power Company 15,000 450,000
Illinova Corporation 10,000 300,000
NorAm Energy Corporation 105,000 931,875
Ohio Edison Company 18,000 423,000
Panhandle Eastern Corporation 20,000 557,500
Portland General Corporation 14,000 407,750
Public Service Enterprise Group Inc. 15,000 459,375
Rochester Gas and Electric Company 8,000 181,000
Texas Utilities Company 20,000 822,500
The Southern Company 15,000 369,375
The United Illuminating Company 12,000 448,500
-----------------
$6,289,713
-----------------
Miscellaneous (4.83%) $1,096,024
-----------------
Total Common Stocks (Cost $14,735,546) $17,012,532
-----------------
See Notes to Financial Statements
<PAGE> 19
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Utility Fund
- --------------------
Preferred Stocks (12.30%)
Energy (7.88%)
Maxus Energy, 10% 15,000 $388,125
Santa Fe Energy Resources, 7% convertible 26,000 497,250
Valero Energy Corporation, 6.25% convertible 9,000 463,500
Western Gas Resources, Inc., $2.625 12,500 437,500
-----------------
$1,786,375
-----------------
Utilities (Gas, Electric & Water) (4.42%)
Central Maine Power Company, $4.75 11,096 $582,540
Central Maine Power Company, $5.25 7,500 419,062
-----------------
$1,001,602
-----------------
Total Preferred Stocks (Cost $2,469,468) $2,787,977
-----------------
<FN>
<F*> Non-income producing
<Ff> Denotes security primarily traded in foreign markets
ADR American Depository Receipts
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Non-Convertible Bonds (6.12%)
Utilities (Gas, Electric & Water)
Gascart S.A., 9%, due 1998 - Rule 144A $1,000,000 $971,250
Public Service Company of New Mexico,
10.3%, due 2014 400,000 417,000
-----------------
$1,388,250
-----------------
Total Non-Convertible Bonds (Cost $1,384,761) $1,388,250
-----------------
Convertible Bonds (3.88%)
Telecommunications Equipment
General Instrument Corporation, 5%, due 2000 $800,000 $880,000
-----------------
Total Convertible Bonds (Cost $826,771) $880,000
-----------------
U. S. Treasury Bills (0.88%)
Maturing 01-11-96 to 02-08-96
(Cost $199,356) $200,000 $199,386
-----------------
Total Investments (Cost $19,615,902) 98.20% $22,268,145
Excess of Other Assets over Liabilities 1.80% $408,952
------------------- -----------------
Net Assets 100.00% $22,677,097
=================== =================
See Notes to Financial Statements
</TABLE>
<PAGE> 20
LINDNER/RYBACK SMALL-CAP FUND
February 12, 1996
Dear Fellow Shareholders:
The Lindner/Ryback Small-Cap Fund ended 1995 with a total return of 8.86%
which lagged the Russell 2000 Index of Small-Capitalization stocks 26.2%
total return during the same period. The Small-Cap Fund gave back
approximately 10% during the last quarter due to a select few holdings that
dragged the performance down. Those holdings have been eliminated. Its
limited number of securities that individually held larger portions of the
total portfolio affected 1995 returns as well. As of June 30, 1995, there
were 21 stocks in the portfolio. Currently, the Fund holds 36 stocks with
its total assets remaining at a comparable level.
Having sold the under performing securities, while increasing
diversification, the Small-Cap Fund is up 6.50% in 1996 versus the Russell
2000's, 1.47%. We are cautiously confident that the comparison will
continue.
On a personal note, I would like to introduce our new portfolio manager for
the Small-Cap Fund, Donald Wang, who joined us on January 8, 1996. He comes
to us from Spare, Kaplan & Bischel in San Francisco. While there, Don was a
member of two pension portfolio management teams, one of which oversaw three
small- to mid-cap portfolios. From this point forward, my involvement with
the Small-Cap Fund will take on a supervisory role as co-manager.
Respectfully submitted,
Eric E. Ryback
President
<PAGE> 21
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<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 (100.00%)
Banking (14.52%)
First Bell Bancorp, Inc.<F*> 20,000 $267,500
Monterey Bay Bancorp, Inc.<F*> 20,000 232,500
Pennfed Financial Services, Inc.<F*> 10,000 147,500
Teche Holding Company<F*> 20,000 275,000
-----------------
$922,500
-----------------
Computers and Electronic Equipment (4.61%)
Metricom, Inc.<F*> 13,500 $183,938
Southern Electronics Corporation<F*> 23,000 109,250
-----------------
$293,188
-----------------
Energy (11.75%)
Berry Petroleum Company, Class A 25,000 $253,125
NorAm Energy Corporation 30,000 266,250
Tuboscope Vetco International, Inc.<F*> 40,000 227,500
-----------------
$746,875
-----------------
Financial Services (9.22%)
National Insurance Group<F*> 25,000 $140,625
Quaker City Bancorp, Inc.<F*> 20,000 277,500
Sho-Me Financial Corporation<F*> 11,000 167,750
-----------------
$585,875
-----------------
Food and Beverage (3.88%)
Flagstar Companies, Inc.<F*> 79,000 $246,875
-----------------
Healthcare (6.11%)
Span America Medical Systems, Inc. 45,000 $270,000
Unilab Corporation 44,000 118,250
-----------------
$388,250
-----------------
<FN>
<F*> Non-income producing
ADR American Depository Receipts
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Industrial Products and Services (14.97%)
Brenco Inc. 23,000 $235,750
MFRI, Inc.<F*> 34,000 212,500
Strattec Security Corporation <F*> 16,000 288,000
Varlen Corporation 10,000 215,000
-----------------
$951,250
-----------------
Insurance (12.12%)
Acceptance Insurance Companies, Inc.<F*> 26,500 $394,187
John Alden Financial Corporation 18,000 375,750
-----------------
$769,937
-----------------
Mining (4.33%)
Uranium Resources, Inc.<F*> 50,000 $275,000
-----------------
Retail Trade (4.52%)
Charming Shoppes, Inc. 100,000 $287,500
-----------------
Telecommunications (1.90%)
General Communication, Inc., Class A<F*> 23,600 $120,950
-----------------
Telecommunications Equipment (8.58%)
Intelect Communications System, Inc.<F*> 55,000 $308,719
Ortel Corporation 21,000 236,250
-----------------
$544,969
-----------------
Miscellaneous (3.50%) $222,750
-----------------
Total Common Stocks (Cost $6,469,262) $6,355,919
-----------------
Total Investments 100.00% $6,355,919
Excess of Other Liabilities over Assets 0.00% (704)
------------------- -----------------
Net Assets 100.00% $6,355,215
=================== =================
See Notes to Financial Statements
</TABLE>
<PAGE> 22
LINDNER BULWARK FUND
February 12, 1996
Dear Fellow Shareholders:
For the year ended December 31, 1995, the Lindner Bulwark Fund's total return
was -11%. Since the last report to shareholders, the stock market has
continued to be the beneficiary of huge inflows of cash from households and
pension funds. Clearly the preference of investors for financial assets -
stocks and bonds - has not yet run its course. However, since late 1995,
tangible evidence has arisen that indicates investors have begun to include
precious metals as an investment alternative. In addition, it appears that
monetary authorities in Japan, Europe, and the U.S. have started to move in
favor of economic growth versus inflation fighting. Even the smallest change
in policy towards stimulation can have large effects on market perception.
The Bulwark Fund started off 1996 well. As of this letter, it is up 18.57%.
We believe that the environment for which the Bulwark Fund was intended may
in fact be approaching. In our attempts to do the best job possible for
shareholders, we have added Bob Buettner as a portfolio manager to aid our
efforts in the extremely research-intensive area of short-selling. Bob has
been with the Lindner Funds since mid-1994. We sincerely appreciate the
support of our shareholders.
Respectfully submitted,
Eric E. Ryback Larry Callahan
President Portfolio Manager
<PAGE> 23
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Lindner Bulwark Fund
- --------------------
Common Stocks (47.25%)
Business Services (6.35%)
Autoinfo, Inc. <F*> 187,850 $633,994
Scientific Software Intercomp, Inc. <F*> 316,000 948,000
-----------------
$1,581,994
-----------------
Computer and Electronic Equipment (2.50%)
Gradco Systems, Inc. <F*> 270,000 $624,375
-----------------
Energy (7.84%)
ERC Industries, Inc. <F*> 277,500 $268,828
Maynard Oil Company <F*> 66,000 445,500
Norex America, Inc. <F*> 83,400 1,042,500
Tuboscope Vetco International <F*> 35,000 199,062
-----------------
$1,955,890
-----------------
Financial Services (2.75%)
National Insurance Group 122,000 $686,250
-----------------
Investments (1.09%)
Triton Group Ltd. <F*> 542,900 $271,450
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Mining (20.93%)
Acacia Resources Ltd. <Ff>,<F*> 138,069 $248,551
Bema Gold Corporation <Ff>,<F*> 570,000 1,107,567
Dayton Mining Corporation <Ff>,<F*> 400,000 1,686,464
FirstMiss Gold Corporation <F*> 45,000 1,001,250
Homestake Mining Company 13,500 210,938
Pegasus Gold Inc. 10,000 138,750
TVX Gold, Inc. <Ff>,<F*> 50,000 356,250
Uranium Resources Inc. - Warrants,
expiring May 31, 1998 - Rule 144A 375,000 468,750
-----------------
$5,218,520
-----------------
Telecommunications (5.46%)
Metricom, Inc. <F*> 100,000 $1,362,500
-----------------
Miscellaneous (0.33%) $81,584
-----------------
Total Common Stocks ($9,529,969) $11,782,563
-----------------
Convertible Bonds (17.68%)
Healthcare (10.33%)
Comprehensive Care Corporation., 12.5%,
Senior Secured, due 1997 - Rule 144A $2,000,000 $2,575,800
-----------------
Mining (7.35%)
Uranium Resources Inc., 6.5%, Senior Secured,
due 1998 - Rule 144A 1,500,000 $1,831,875
-----------------
Total Convertible Bonds (Cost $4,407,675) $4,407,675
-----------------
See Notes to Financial Statements
<PAGE> 24
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
Lindner Bulwark Fund
- --------------------
Call Options (3.40%) Contracts
-------------------
<S> <C> <C>
Gold Call Options
December 1996 405 75,000 $847,500
-----------------
Total Call Options (Cost $1,057,500) $847,500
=================
Put Options (1.35%)
S&P 100 Index Put Option
January 1996 585 550 $336,875
-----------------
Total Put Options (Cost $321,032) $336,875
=================
U. S. Treasury Bills (16.83%)
Maturing 01-04-96 to 01-11-96
(Cost $4,196,421) <Fd> 4,200,000 $4,198,373
-----------------
Total Investments 86.51% $21,572,986
Cash Deposit with broker for securities sold short 15.60% $3,890,829
Receivable from brokers for securities sold short 17.12% $4,269,948
Securities Sold Short -16.55% ($4,129,213)
Excess of Other Liabilities over Assets -2.68% ($668,409)
------------------- -----------------
Net Assets 100.00% $24,936,141
=================== =================
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Schedule of Securities Sold Short
ATC Environmental, Inc. 15,000 $176,250
Adflex Solutions, Inc. 8,000 214,000
Alternative Resources Corporation 8,000 242,000
American Power Conversion Corporation 25,000 237,500
Aseco Corporation 5,500 90,750
Bell & Howell Holdings Company 3,000 84,000
Cellstar Corporation 7,500 195,000
CompUSA, Inc. 3,000 93,375
Dave & Buster's, Inc. 3,000 36,375
Dollar General Corporation 5,000 103,750
Fleming Companies, Inc. 11,000 226,875
Irvine Sensors Corporation 23,900 149,375
The MacNeal-Schwendler Corporation 25,000 400,000
Mylex Corporation 7,500 143,438
Oxford Resources Corporation, Class A 17,500 393,750
Reptron Electronics, Inc. 17,000 259,250
Safeskin Corporation 8,000 136,000
Todhunter International, Inc. 33,100 256,525
Trend Lines, Inc. 5,000 50,000
US Delivery Systems, Inc. 5,000 145,000
Xpedite Systems, Inc. 20,000 310,000
Zitel Corporation 15,500 186,000
-----------------
Total Schedule of Securities Sold Short $4,129,213
=================
<FN>
<F*> Non-income producing
<Fa> Denotes security is affiliated (See Note 6)
<Fd> $1,200,000 on deposit with custodian bank for securities sold short
<Ff> Denotes security primarily traded in foreign markets
See Notes to Financial Statements
</TABLE>
<PAGE> 25
LINDNER INTERNATIONAL FUND
February 12, 1996
Dear Fellow Shareholders:
Last year was an inauspicious start for the International Fund as it declined
7.37% in contrast to the 9.4% gain of the Morgan Stanley Europe, Asia and Far
East (EAFE) Index. However, the situation appears to have set the stage to
make international investing a worthwhile venture.
Last year's under performance by most markets outside of the United States
put them into a position where stocks are now cheaper outside the U.S. than
in it. We are mindful of the fact that the direction of most internationally
traded stocks will depend on the direction of the U.S. economy and stock
market. We think more growth can be anticipated outside of the U.S. and that
this is an opportunity waiting to be exploited. Thus far in 1996, the
International Fund's asset inflows have been healthy, resulting in a 31.8%
cash position. We are trying to find and buy new ideas as judiciously as
possible. In the current calendar year, the International Fund has
appreciated 5.8% as opposed to 0.3% for the EAFE Index. We will endeavor to
see that this growth continues.
Respectfully submitted,
Eric E. Ryback Robert A. Lange
President Portfolio Manager
<PAGE> 26
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - December 31, 1995
(UNAUDITED)
<CAPTION>
Number of Shares -
Country Principal Amount
Name of Issuer and Title of Issue of Origin of Bonds Value
- ------------------------------------------------------------------------------------ -----------------
<S> <C> <C> <C>
Lindner International Fund
- --------------------------
Common Stocks (66.08%)
Construction & Real Estate (2.00%)
Ekran Berhard Malaysia 4,000 $9,768
-----------------
Diversified Industrial (5.93%)
Alcatel Alsthom Compagnie Generale d'Electricite France 150 $12,949
Mitsubishi Heavy Industries, Ltd. Japan 2,000 15,957
-----------------
$28,906
-----------------
Energy (6.44%)
Archer Resources, Ltd. (*) Canada 3,900 $14,298
Eni Spa - ADR (*) Italy 500 17,125
-----------------
$31,423
-----------------
Financial Services (9.51%)
Banco Industrial Colombiano S.A. - ADS Columbia 1,100 $18,012
Banco Wiese Limited - Sponsored ADS Peru 2,300 14,375
Sphere Drake Holdings, Ltd. United States 1,000 14,000
-----------------
$46,387
-----------------
Food & Beverage (2.70%)
Foster's Brewing Group, Ltd. <F*> Australia 8,000 $13,152
-----------------
Leisure & Entertainment (3.34%)
Matsushita Electric Industrial Co., Ltd. Japan 1,000 $16,287
-----------------
Metals Processing (2.44%)
Austuriana De Zinc, S.A. <F*> Spain 1,500 $11,894
-----------------
Mining (9.60%)
Dayton Mining Corporation <F*> Canada 3,500 $14,757
Goldcorp Inc., Class A Canada 1,300 15,371
Golden Shamrock Mines, Ltd. <F*> Australia 27,000 16,670
-----------------
$46,798
-----------------
Transportation (8.14%)
Baltic International USA, Inc. <F*> United States 8,000 $14,000
Teekay Shipping Corporation United States 600 14,175
Wah Kwong Shipping Holdings Ltd. Hong Kong 8,000 11,484
-----------------
$39,659
-----------------
<CAPTION>
Number of Shares -
Country Principal Amount
Name of Issuer and Title of Issue of Origin of Bonds Value
- ------------------------------------------------------------------------------------ -----------------
<S> <C> <C> <C>
Utilities (11.86%)
Czech Power Company <F*> Czech Republic 400 $14,437
Korea Electric Power Corporation - ADR South Korea 650 17,387
SPT Telecom AS <F*> Czech Republic 175 16,511
Telecomunicacoes Brasileiras (Telebras)
Sponsored ADS Brazil 200 9,475
-----------------
$57,810
-----------------
Miscellaneous (4.12%) $20,069
-----------------
Total Common Stocks (Cost $349,462) $322,153
-----------------
U.S. Treasury Bills (20.50%)
U. S. Treasury Bills, maturing
01-04-96 (Cost $99,938) $100,000 $99,974
-----------------
Total Investments (Cost $449,400) 86.58% $422,127
Excess of Other Assets over Liabilities 13.42% $65,452
------------------- -----------------
Net Assets 100.00% $487,579
=================== =================
<FN>
<F*> Non-income producing
ADR (ADS) American Depositary Receipt or Shares
See Notes to Financial Statements
</TABLE>
<PAGE> 27
<TABLE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1995
<CAPTION>
Lindner Growth Fund Lindner Dividend Fund Lindner Utility Fund
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of $97,157,
$281,072, and $1,276, respectively) $5,726,865 $36,619,406 $282,054
Affiliated issuers (Non-controlled)(net of withholding
taxes of $34,937 for Lindner Growth Fund) 1,900,801 464,917 --
Amortization 5,603,083 7,402,776 12,161
Interest 2,452,040 29,473,605 56,540
------------------- --------------------- -------------------
Total income 15,682,789 73,960,704 350,755
------------------- --------------------- -------------------
Expenses:
Management fees (Note 3) 3,074,090 5,006,278 63,428
Registration and regulatory fees 31,519 13,041 17,018
Dividend expense - short sales -- -- --
Professional fees 97,448 132,814 3,786
Custodian fees 167,481 98,370 1,931
Transfer agent fees (Note 3) 295,968 408,106 6,567
Organizational expense (Note 4) -- -- --
Other expenses 297,314 421,296 1,848
Expenses reimbursed by advisor -- -- --
------------------- --------------------- -------------------
Total expenses 3,963,820 6,079,905 97,852
Fees paid indirectly (Note 7) (33,830) (48,308) (963)
------------------- --------------------- -------------------
Net expenses 3,929,990 6,031,597 96,889
------------------- --------------------- -------------------
Net investment income/(loss) 11,752,799 67,929,107 253,866
------------------- --------------------- -------------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments of unaffiliated issuers 40,006,334 34,112,949 756,493
Net realized gain (loss) on investments of
affiliated issuers (Non-controlled) 42,702,696 -- --
Net realized gain (loss) on securities sold short 3,843,653 -- --
Net realized loss on option transactions -- -- --
Net realized gain (loss) on foreign currency transactions 32,094 1,451 (139)
------------------- --------------------- -------------------
Net realized gain (loss) on investments and
foreign currency transactions 86,584,777 34,114,400 756,354
------------------- --------------------- -------------------
Change in unrealized appreciation (depreciation) on investments 3,903,274 50,650,901 1,574,893
Net unrealized depreciation on securities sold short -- -- --
Net unrealized depreciation on options -- -- --
Net unrealized appreciation
on translation of assets and liabilities in foreign currencies 6,709 2,763 --
------------------- --------------------- -------------------
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currencies 3,909,983 50,653,664 1,574,893
------------------- --------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $102,247,559 $152,697,171 $2,585,113
=================== ===================== ===================
UNAUDITED
<PAGE> 28
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1995
Lindner/Ryback Lindner
Small Cap Fund Lindner Bulwark Fund International Fund
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of $0,
$788, and $66 respectively) $29,263 $10,712 $939
Affiliated issuers (Non-controlled) -- -- --
Amortization 15,770 173,393 4,251
Interest 4,936 691,747 25
------------------- --------------------- -------------------
Total income 49,969 875,852 5,215
------------------- --------------------- -------------------
Expenses:
Management fees (Note 3) 27,737 220,960 1,948
Registration and regulatory fees 10,556 11,814 11,271
Dividend expense - short sales -- 13,253 --
Professional fees 6,239 5,203 115
Custodian fees 650 2,060 858
Transfer agent fees (Note 3) 2,441 8,537 220
Organizational expense (Note 4) 2,950 6,389 7,238
Other expenses 3,061 16,509 598
Expenses reimbursed by advisor -- -- (17,394)
------------------- --------------------- -------------------
Total expenses 53,634 284,725 4,854
Fees paid indirectly (Note 7) (533) (3,949) (34)
------------------- --------------------- -------------------
Net expenses 53,101 280,776 4,820
------------------- --------------------- -------------------
Net investment income/(loss) (3,132) 595,076 395
------------------- --------------------- -------------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments of unaffiliated issuers (197,793) 3,712,427 (4,728)
Net realized gain (loss) on investments of
affiliated issuers (Non-controlled) -- (104,907) --
Net realized gain (loss) on securities sold short -- (1,003,908) --
Net realized loss on option transactions -- (7,610,210) --
Net realized gain (loss) on foreign currency transactions -- -- (6)
------------------- --------------------- -------------------
Net realized gain (loss) on investments and
foreign currency transactions (197,793) (5,006,598) (4,734)
------------------- --------------------- -------------------
Change in unrealized appreciation (depreciation) on investments 13,917 554,154 (27,253)
Net unrealized depreciation on securities sold short -- 140,735 --
Net unrealized depreciation on options -- (194,157) --
Net unrealized appreciation
on translation of assets and liabilities in foreign currencies -- -- --
------------------- --------------------- -------------------
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currencies 13,917 500,732 (27,253)
------------------- --------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($187,008) ($3,910,790) ($31,592)
=================== ===================== ===================
UNAUDITED
</TABLE>
<PAGE> 29
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1995
AND THE PERIODS ENDED JUNE 30, 1995 (NOTE 1)
<CAPTION>
Lindner Growth Fund Lindner Dividend Fund
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1995 1995 1995<F1>
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $11,752,799 $28,303,040 $67,929,107 $44,123,695
Net realized gain (loss) on investments and
foreign currency transactions 86,584,777 47,112,125 34,114,400 10,919,872
Net increase (decrease) in unrealized appreciation on
investments and translation of assets and liabilities in
foreign currencies 3,909,983 124,803,151 50,653,664 86,204,403
-------------- -------------- -------------- --------------
Net Increase (Decrease) in Net Assets $102,247,559 $200,218,316 $152,697,171 $141,247,970
-------------- -------------- -------------- --------------
Distributions to Shareholders:
From net investment income ($27,563,982) ($23,561,644) ($65,066,095) ($67,994,198)
From net realized gain on investments and
foreign currency transactions (78,995,233) (125,942,313) (17,445,479) --
-------------- -------------- -------------- --------------
Net decrease in net assets from distributions to shareholders ($106,559,215) ($149,503,957) ($82,511,574) ($67,994,198)
-------------- -------------- -------------- --------------
Fund Share Transactions:
Proceeds from reinvestment of distributions $98,230,172 $138,345,819 $68,262,814 $55,907,544
Proceeds from shares sold $29,280,002 $118,861,028 $213,742,717 $176,759,977
Payments for shares redeemed ($161,501,762) ($389,351,975) ($166,591,637) ($100,356,355)
-------------- -------------- -------------- --------------
Net Increase (Decrease) in Fund Share Transactions (33,991,588) (132,145,128) 115,413,894 132,311,166
-------------- -------------- -------------- --------------
Total Increase (Decrease) in Net Assets ($38,303,244) ($81,430,769) $185,599,491 $205,564,938
Net Assets at the Beginning of the Period $1,446,184,274 $1,527,615,043 $1,902,920,469 $1,697,355,531
-------------- -------------- -------------- --------------
Net Assets at the End of the Period $1,407,881,030 $1,446,184,274 $2,088,519,960 $1,902,920,469
============== ============== ============== ==============
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $631,454 $16,314,935 $3,855,832 $994,513
============== ============== ============== ==============
Transactions in shares of the Funds:
Reinvestment of Distributions 4,158,017 6,503,664 2,531,632 2,187,838
Shares Sold 1,176,994 5,420,277 7,928,544 6,927,983
-------------- -------------- -------------- --------------
5,335,011 11,923,941 10,460,176 9,115,821
Shares Redeemed (6,717,758) (18,079,101) (6,188,608) (3,911,108)
-------------- -------------- -------------- --------------
Net Increase (Decrease) $ (1,382,747) $ (6,155,160) $ 4,271,568 $ 5,204,713
============== ============== ============== ==============
<FN>
<F1> For the four month period ended June 30, 1995
UNAUDITED
<PAGE> 30
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1995
AND THE PERIODS ENDED JUNE 30, 1995 (NOTE 1)
<CAPTION> Lindner/Ryback
Lindner Utility Fund Small-Cap Fund
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1995 1995 1995
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $253,866 $909,850 ($3,132) ($37,605)
Net realized gain (loss) on investments and
foreign currency transactions 756,354 (2,822,760) (197,793) 1,018,341
Net increase (decrease) in unrealized appreciation on
investments and translation of assets and liabilities in
foreign currencies 1,574,893 1,734,278 13,917 30,028
-------------- -------------- -------------- --------------
Net Increase (Decrease) in Net Assets $2,585,113 ($178,632) ($187,008) $1,010,764
-------------- -------------- -------------- --------------
Distributions to Shareholders:
From net investment income ($302,150) ($886,844) -- (14,351)
From net realized gain on investments and
foreign currency transactions -- (368,297) ($981,949) ($1,529)
-------------- -------------- -------------- --------------
Net decrease in net assets from distributions to shareholders ($302,150) ($1,255,141) (981,949) (15,880)
-------------- -------------- -------------- --------------
Fund Share Transactions:
Proceeds from reinvestment of distributions $268,273 $1,172,469 $784,089 $14,722
Proceeds from shares sold $6,095,700 $44,438,413 $1,816,389 $4,636,155
Payments for shares redeemed ($3,537,687) ($37,682,913) ($2,943,661) ($3,058,641)
-------------- -------------- -------------- --------------
Net Increase (Decrease) in Fund Share Transactions 2,826,286 7,927,969 (343,183) 1,592,236
-------------- -------------- -------------- --------------
Total Increase (Decrease) in Net Assets $5,109,249 $6,494,196 ($1,512,140) $2,587,120
Net Assets at the Beginning of the Period $17,581,637 $11,087,441 7,867,355 5,280,235
-------------- -------------- -------------- --------------
Net Assets at the End of the Period $22,690,886 $17,581,637 $6,355,215 $7,867,355
============== ============== ============== ==============
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $12,608 $60,491 ($40,735) ($37,602)
============== ============== ============== ==============
Transactions in shares of the Funds:
Reinvestment of Distributions 22,380 113,023 149,350 3,073
Shares Sold 518,848 4,187,054 335,402 923,220
-------------- -------------- -------------- --------------
541,228 4,300,077 484,752 935,293
Shares Redeemed (317,941) (3,775,212) (592,645) (598,742)
-------------- -------------- -------------- --------------
Net Increase (Decrease) $ 223,287 $ 524,865 $ (107,893) $ 336,551
============== ============== ============== ==============
UNAUDITED
<PAGE> 31
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1995
AND THE PERIODS ENDED JUNE 30, 1995 (NOTE 1)
Lindner Bulwark Fund Lindner International Fund
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1995 1995 1995<F2>
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $595,076 $1,606,276 395 $2,117
Net realized gain (loss) on investments and
foreign currency transactions (5,006,598) (4,899,864) (4,734) 11
Net increase (decrease) in unrealized appreciation on
investments and translation of assets and liabilities in
foreign currencies 500,732 2,274,177 (27,253) (20)
-------------- -------------- -------------- --------------
Net Increase (Decrease) in Net Assets ($3,910,790) ($1,016,411) ($31,592) $2,108
-------------- -------------- -------------- --------------
Distributions to Shareholders:
From net investment income ($1,664,244) ($555,280) (2,124) --
From net realized gain on investments and
foreign currency transactions $0 ($367,185) (11) --
-------------- -------------- -------------- --------------
Net decrease in net assets from distributions to shareholders ($1,664,244) ($922,465) (2,135) --
-------------- -------------- -------------- --------------
Fund Share Transactions:
Proceeds from reinvestment of distributions $1,543,443 $853,934 $2,053 --
Proceeds from shares sold $5,277,907 $88,553,973 $307,114 $306,141
Payments for shares redeemed ($41,360,645) ($53,849,280) ($82,987) ($13,123)
-------------- -------------- -------------- --------------
Net Increase (Decrease) in Fund Share Transactions (34,539,295) 35,558,627 226,180 293,018
-------------- -------------- -------------- --------------
Total Increase (Decrease) in Net Assets ($40,114,329) $33,619,751 $192,453 $295,126
Net Assets at the Beginning of the Period 65,050,470 31,430,719 $295,126 $0
-------------- -------------- -------------- --------------
Net Assets at the End of the Period $24,936,141 $65,050,470 $487,579 $295,126
============== ============== ============== ==============
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $17,327 $1,087,070 $388 $2,117
============== ============== ============== ==============
Transactions in shares of the Funds:
Reinvestment of Distributions 231,734 115,983 235 --
Shares Sold 769,341 12,271,902 35,634 33,898
-------------- -------------- -------------- --------------
1,001,075 12,387,885 35,869 33,898
Shares Redeemed (6,223,980) (7,595,219) (9,544) (1,442)
-------------- -------------- -------------- --------------
Net Increase (Decrease) ($5,222,905) $4,792,666 $26,325 $32,456
============== ============== ============== ==============
<FN>
<F2> Operations commenced on January 1, 1995
UNAUDITED
</TABLE>
<PAGE> 32
- ------------------------------------------------------------------------------
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-end 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.
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 financial information included herein is unaudited; however,
such information reflects all adjustments (consisting solely of
normal recurring adjustments) that are, in the opinion of
management of the Funds, necessary for a fair statement of the
results of operations, financial position and changes in net
assets for the interim period presented.
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.
<PAGE> 33
- ------------------------------------------------------------------------------
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
For the six months ended December 31, 1995, aggregate purchases
and sales of investment securities, other than options,
securities sold short, and short-term obligations were as
follows:
<TABLE>
--------------------------------------------------------------------
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
LINDNER GROWTH FUND $222,468,807 $328,971,983
LINDNER DIVIDEND FUND 431,454,286 246,677,572
LINDNER UTILITY FUND 10,719,018 7,994,102
LINDNER/RYBACK
SMALL-CAP FUND 4,607,590 3,596,206
LINDNER BULWARK FUND 3,569,557 33,457,665
LINDNER INTERNATIONAL FUND 365,652 11,466
--------------------------------------------------------------------
</TABLE>
For the six months ended December 31, 1995, aggregate purchases
and sales of U.S. Government securities were as follows:
<TABLE>
--------------------------------------------------------------------
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
LINDNER GROWTH FUND $559,485,796 $585,477,750
LINDNER DIVIDEND FUND 497,837,807 608,259,782
LINDNER UTILITY FUND 6,860,534 6,670,578
LINDNER/RYBACK
SMALL-CAP FUND 5,271,177 6,379,836
LINDNER BULWARK FUND 41,090,231 43,985,975
LINDNER INTERNATIONAL FUND 796,483 899,403
--------------------------------------------------------------------
</TABLE>
For the six months ended December 31, 1995, aggregate purchases and
sales of options in the Lindner Bulwark Fund were $7,345,160 and
$3,443,016, respectively.
For the six months ended December 31, 1995, the cost of investments
purchased to cover short sales and the proceeds from investments
sold short in the Bulwark Fund were $19,963,822 and $7,789,372,
respectively. The cost of investments purchased to cover short
sales and the proceeds from investments sold short in the Lindner
Growth Fund were $4,801,613 and $8,645,266 respectively.
<PAGE> 34
- ------------------------------------------------------------------------------
Lindner Investments
- ------------------------------------------------------------------------------
2. Investment Transactions (continued)
On December 31, 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:
<TABLE>
-----------------------------------------------------------------------------------------------
<CAPTION>
Appreciation (Depreciation) Net Federal Tax Cost
------------ -------------- --- ----------------
<S> <C> <C> <C> <C>
LINDNER GROWTH FUND $330,683,139 ($58,156,277) $272,526,862 $1,137,240,068
LINDNER DIVIDEND FUND 173,808,228 (94,870,497) 78,937,731 1,988,764,279
LINDNER UTILITY FUND 2,811,684 (159,441) 2,652,244 19,615,902
LINDNER/RYBACK
SMALL-CAP FUND 616,809 (730,152) (113,343) 6,469,262
LINDNER BULWARK FUND 3,784,892 (676,093) 3,108,799 14,334,975
LINDNER INTERNATIONAL FUND 9,376 (36,649) (27,273) 449,400
-----------------------------------------------------------------------------------------------
</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 six months ended December 31, 1995, the Lindner
Growth Fund under performed the S&P. Accordingly, the basic
Advisor's fee of $3,794,548 was reduced by a performance penalty
of .1% of average net assets, or $720,458. This resulted in a net
Advisor's fee of $3,074,090.
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 Funds, 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 net 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 six months ended December 31, 1995,
the Advisor reimbursed Lindner International Fund $17,394.
<PAGE> 35
- ------------------------------------------------------------------------------
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. During the six
months ended December 31, 1995, the following transfer agent
fees were paid to Ryback Management Corporation: Lindner Growth
Fund ($264,965), Lindner Dividend Fund ($351,181), Lindner
Utility Fund ($6,366), Lindner/Ryback Small-Cap Fund ($2,357),
Lindner Bulwark Fund ($8,281), and Lindner International Fund
($217).
Certain officers and directors of the Funds are affiliates of
Ryback Management Corporation.
4. Organizational Expense
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:
<TABLE>
--------------------------------------------------------------------------
<CAPTION>
Original Accumulated 1996
Expense Amortization Expense
------- ------------ -------
<S> <C> <C> <C>
LINDNER UTILITY FUND $32,377 $14,662 $3,274
LINDNER/RYBACK
SMALL-CAP FUND 28,057 10,271 2,950
LINDNER BULWARK FUND 62,831 23,914 6,389
LINDNER INTERNATIONAL FUND 35,889 7,219 7,238
--------------------------------------------------------------------------
</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 December 31, 1995, distributions to shareholders were recorded
for Lindner Growth Fund, Lindner Dividend Fund, Lindner Utility
Fund, and Lindner Bulwark Fund. On December 29, 1995, the
following funds declared the following distributions payable on
January 12, 1996:
<TABLE>
--------------------------------------------------------------------------------------------
<CAPTION>
Income Short Term Capital Gain Long Term Capital Gain
------ ----------------------- ----------------------
<S> <C> <C> <C>
LINDNER GROWTH FUND $0.20 $0.118 $0.70
LINDNER DIVIDEND FUND $0.48 $0.033 $0.197
LINDNER UTILITY FUND $0.07
LINDNER BULWARK FUND $0.155
--------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 36
- ------------------------------------------------------------------------------
Lindner Investments
- ------------------------------------------------------------------------------
6. Transactions with Affiliates
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 six months ended December 31, 1995 with "affiliated
companies" as defined by the Investment Company Act of 1940:
<TABLE>
<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. $ 40,728,075 $ 2,283,690 $ 40,459,713 $ 483,426
Alliant Techsystems, Inc. 35,487,500 43,031,250
Allied Research Corporation 1,592,325 1,698,480
Anvil Range Mining 4,003,494 329,766 4,872,874
Atwood Oceanics, Inc. 9,332,313 $ 1,403,688 11,516,525 $ 1,297,288
Autoinfo, Inc. 2,239,266 2,406,375
Bancfirst Corporation 5,005,050 6,112,725 45,948
Bard (C.R.), Inc. (formerly
MedChem Products, Inc.) 5,999,550 4,134,625 0 569,207
Brooklyn Bancorp, Inc. # 1,781,250 26,080,000
Butler Manufacturing Company 15,749,001 593,225 20,052,472 108,218 1,473,250
Charming Shoppes, Inc. # 12,624,075 19,981,250
Chempower, Inc. 2,437,500 2,437,500
Community Financial Corporation 1,740,500 1,947,000 24,780
Comprehensive Care Corporation
Common stock 0 942,213 137,138
Common stock - Rule 144A # 810,000 2,156,250
Cytogen Corporation 0 8,344,537 9,009,000
Dayton Mining Corporation 5,473,868 2,155,161 8,904,531
Durakon Industries, Inc. 5,756,875 43,706 4,686,250 (11,761)
Fidelity Federal Bank FSB Class A 0 6,343,092 7,036,868
Gradco Systems, Inc. 1,316,100 601,806 1,616,438
Hadco Corporation 17,810,500 5,714,385 0 14,610,793
Health Images, Inc. 6,638,888 63,782 71,363 7,813,325 48,413 43,909
Hilb, Rogal and Hamilton Company 10,312,500 11,034,375 239,250
</TABLE>
<PAGE> 37
<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
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lindner Growth Fund <F1>
- ------------------------
Period Ended June 30,
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
Six months ended December 31,
1995 $23.33 $0.21 $1.50 $1.71 $0.47 $1.34 $1.81
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner Dividend Fund <F2>
- --------------------------
Period Ended February 28,
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
Six months ended December 31,
1995 $26.00 $0.91 $1.15 $2.06 $0.87 $0.23 $1.10
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner Utility Fund <F3>
- -------------------------
Period Ended June 30,
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
Six months ended December 31,
1995 $10.77 $0.16 $1.48 $1.64 $0.19 $0.00 $0.19
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner/Ryback
Small-Cap Fund <F5>
- ----------------------
Period Ended June 30,
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
Six months ended December 31,
1995 $5.46 $0.00 ($0.08) ($0.08) $0.00 $0.61 $0.61
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner Bulwark Fund <F4>
- -------------------------
Period Ended June 30,
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
Six months ended December 31,
1995 $7.09 $0.19 ($0.67) ($0.48) $0.31 $0.00 $0.31
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner International Fund (F6)
- -------------------------------
Period Ended June 30,
1995 $9.00 $0.07 $0.02 $0.09 $0.00 $0.00 $0.00
Six months ended December 31,
1995 $9.09 ($0.01) ($0.74) ($0.75) $0.05 $0.00 $0.05
- -------------------------------------------------------------------------------------------------------------------------------
<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.
<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.
<F9> Expense ratio for periods after September 1, 1995, are computed using
gross expenses which include fees reduced in connection with specific
agreements.
UNAUDITED
<PAGE> 38
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio Average End of
End of Total to Average Average Turnover Commission Period
Period Return<F7> Net Assets Net Assets Rate Rates (in Millions)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lindner Growth Fund <F1>
- ------------------------
Period Ended June 30,
1987 $19.15 22.69% 0.89% 4.56% 39.33% $406
1988 $17.74 7.49% 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
Six months ended December 31,
1995 $23.23 7.35% 0.28%<F9> 0.82% 16.99% $0.0371 $1,408
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner Dividend Fund <F2>
- --------------------------
Period Ended February 28,
1987 $24.49 22.20% 1.00% 7.43% 56.04% $66
1988 $21.19 -0.51% 1.04% 7.43% 16.52% $52
1989 $23.17 16.21% 0.97% 7.57% 2.30% $97
1990 $22.69 7.48% 0.87% 8.90% 5.47% $142
1991 $21.56 3.84% 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
Six months ended December 31,
1995 $26.96 7.97% 0.30%<F9> 3.39% 13.57% $0.0555 $2,089
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner Utility Fund (3)
- ------------------------
Period Ended June 30,
1994 $10.02 0.39% 1.30% 0.76% 44.95% $11
1995 $10.77 12.51% 1.04% 3.02% 190.70% $18
Six months ended December 31,
1995 $12.22 15.27% 0.53%<F9> 1.38% 42.62% $0.0355 $23
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner/Ryback
Small-Cap Fund <F5>
- ----------------------
Period Ended June 30,
1994 $4.79 -4.20% 0.96% 0.52% 5.03% $5
1995 $5.46 14.32% 1.65% -0.57% 158.62% $8
Six months ended December 31,
1995 $4.77 -2.50% 0.68%<F9> -0.04% 49.01% $0.0470 $6
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Lindner Bulwark Fund <F4>
- -------------------------
Period Ended June 30,
1994 $7.17 2.43% 0.66% 0.26% 0.89% $31
1995 $7.09 0.10% 1.27% 2.45% 34.98% $65
Six months ended December 31,
1995 $6.30 -6.98% 0.64%<F9> 1.35% 19.82% $0.0302 $25
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Lindner International Fund <F6>
- -------------------------------
Period Ended June 30,
1995 $9.09 1.00% 1.26% 1.02% 0.00% $0.3
Six months ended December 31,
1995 $8.29 -8.29% 1.22%<F9> 0.10% 6.42% $0.0236 $0.4
- -------------------------------------------------------------------------------------------------------------------------------
<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.
<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.
<F9> Expense ratio for periods after September 1, 1995, are computed using
gross expenses which include fees reduced in connection with specific
agreements.
UNAUDITED
</TABLE>
<PAGE> 39
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LINDNER INVESTMENTS
7711 Carondelet Avenue, Suite 700
St. Louis, Missouri 63105
(314) 727-5305
FAX: (314) 727-9306
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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=========================================
LINDNER
F U N D S
ADVISED BY RYBACK MANAGEMENT CORPORATION.
LINDNER
F U N D S
ADVISED BY RYBACK MANAGEMENT CORPORATION.
Lindner
Growth
Fund
Lindner
Dividend
Fund
Lindner
Utility
Fund
Lindner/Ryback
Small-Cap
Fund
Lindner
Bulwark
Fund
Lindner
International
Fund
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