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Previous: HIGH INCOME OPPORTUNITY FUND INC, N-30D, 1996-08-28 |
Next: COLEMAN HOLDINGS INC, 8-K/A, 1996-08-28 |
<PAGE> 1
<TABLE>
<CAPTION>
Lindner Growth Fund Lindner Dividend Fund
------------------- ---------------------
<S> <C> <C>
Assets
Investment securities, at value:
Unaffiliated issuers (identified cost of
$826,649,464, $2,107,624,425, $28,068,709,
$8,178,093, $44,831,594 and $1,098,659,
respectively) $1,057,527,952 $2,225,788,940
Affiliated issuers (identified cost $301,142,412
and $40,039,313, respectively)(Note 6) 405,328,896 52,336,987
Cash 315,950 3,557,601
Receivables:
Investments sold - long 822,988 --
Dividends and interest 2,851,825 28,945,112
Fund shares sold 10,099 1,462,568
Investments sold - short -- 2,117,790
Deposits with brokers for securities sold short -- 1,217,790
Unamortized organizational expense (Note 4) 13,241 14,507
Other assets 37,320 40,618
-------------- --------------
Total assets 1,466,908,271 2,315,481,913
-------------- --------------
Liabilities
Accounts payable and accrued liabilities:
Investment securities purchased 16,153,431 9,761,560
Investments sold short, at value
(proceeds $2,117,790 and $12,396,042,
respectively) -- 1,439,225
Fund shares redeemed 1,311,661 1,110,891
Distribution to shareholders (Note 5) -- 7,238,635
Other liabilities:
Management fee (Note 3) 3,237,611 2,824,165
Organizational expense (Note 4) 13,241 14,507
Other 97,998 159,468
-------------- --------------
Total liabilities 20,813,942 22,548,451
-------------- --------------
Net Assets $1,446,094,329 $2,292,933,462
============== ==============
Net assets consist of:
Capital (par value and additional paid-in capital) $953,976,239 $2,112,236,392
Undistributed net investment income (loss) 10,851,374 2,240,544
Accumulated net realized gain (loss) on investments
and foreign currency transactions 146,204,191 47,316,145
Net unrealized appreciation on investments
and translation of assets and liabilities in foreign
currency 335,062,525 131,140,381
-------------- --------------
Net Assets Applicable
to Outstanding Shares $1,446,094,329 $2,292,933,462
============== ==============
Shares of beneficial interest, $.01 par value
Unlimited shares authorized
Outstanding 54,796,148 81,686,398
============== ==============
Net Asset Value Per Share $26.39 $28.07
============== ==============
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
Lindner/Ryback
Lindner Utility Fund Small-Cap Fund
-------------------- --------------
<S> <C> <C>
Assets
Investment securities, at value:
Unaffiliated issuers (identified cost of
$826,649,464, $2,107,624,425, $28,068,709,
$8,178,093, $44,831,594 and $1,098,659,
respectively) $32,155,947 $9,922,719
Affiliated issuers (identified cost $301,142,412
and $40,039,313, respectively)(Note 6) -- --
Cash 212,094 202,844
Receivables:
Investments sold - long -- --
Dividends and interest 165,337 5,430
Fund shares sold 2,037 6,213
Investments sold - short -- --
Deposits with brokers for securities sold short -- --
Unamortized organizational expense (Note 4) 25,044 25,404
Other assets 1,347 679
----------- -----------
Total assets 32,561,806 10,163,289
----------- -----------
Liabilities
Accounts payable and accrued liabilities:
Investment securities purchased 139,825 18,750
Investments sold short, at value
(proceeds $2,117,790 and $12,396,042,
respectively) -- --
Fund shares redeemed 46,695 --
Distribution to shareholders (Note 5) 24,886 --
Other liabilities:
Management fee (Note 3) 17,650 5,156
Organizational expense (Note 4) 30,718 28,869
Other 3,152 1,225
----------- -----------
Total liabilities 262,926 54,000
----------- -----------
Net Assets $32,298,880 $10,109,289
=========== ===========
Net assets consist of:
Capital (par value and additional paid-in capital) $28,233,884 $8,575,390
Undistributed net investment income (loss) 103,836 (40,668)
Accumulated net realized gain (loss) on investments
and foreign currency transactions (126,078) (170,059)
Net unrealized appreciation on investments
and translation of assets and liabilities in foreign
currency 4,087,238 1,744,626
----------- -----------
Net Assets Applicable
to Outstanding Shares $32,298,880 $10,109,289
=========== ===========
Shares of beneficial interest, $.01 par value
Unlimited shares authorized
Outstanding 2,273,850 1,644,966
=========== ===========
Net Asset Value Per Share $14.20 $6.15
=========== ===========
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
Lindner Bulwark Fund Lindner International Fund
-------------------- --------------------------
<S> <C> <C>
Assets
Investment securities, at value:
Unaffiliated issuers (identified cost of
$826,649,464, $2,107,624,425, $28,068,709,
$8,178,093, $44,831,594 and $1,098,659,
respectively) $53,997,525 $1,191,857
Affiliated issuers (identified cost $301,142,412
and $40,039,313, respectively)(Note 6) -- --
Cash 414,886 78,700
Receivables:
Investments sold - long -- --
Dividends and interest 77,323 3,315
Fund shares sold 136,590 --
Investments sold - short 12,141,042 --
Deposits with brokers for securities sold short 10,169,412 --
Unamortized organizational expense (Note 4) 43,181 35,572
Other assets 17,932 183
----------- ----------
Total assets 76,997,891 1,309,627
----------- ----------
Liabilities
Accounts payable and accrued liabilities:
Investment securities purchased 1,406,770 40,790
Investments sold short, at value
(proceeds $2,117,790 and $12,396,042,
respectively) 12,680,437 --
Fund shares redeemed 551,002 27,198
Distribution to shareholders (Note 5) -- --
Other liabilities:
Management fee (Note 3) 49,174 884
Organizational expense (Note 4) 49,583 37,507
Other 3,079 1,268
----------- ----------
Total liabilities 14,740,045 107,647
----------- ----------
Net Assets $62,257,846 $1,201,980
=========== ==========
Net assets consist of:
Capital (par value and additional paid-in capital) $60,760,279 $1,081,364
Undistributed net investment income (loss) 508,405 327
Accumulated net realized gain (loss) on investments
and foreign currency transactions (7,892,374) 27,092
Net unrealized appreciation on investments
and translation of assets and liabilities in foreign
currency 8,881,536 93,197
----------- ----------
Net Assets Applicable
to Outstanding Shares $62,257,846 $1,201,980
=========== ==========
Shares of beneficial interest, $.01 par value
Unlimited shares authorized
Outstanding 7,451,414 121,532
=========== ==========
Net Asset Value Per Share $8.36 $9.89
=========== ==========
</TABLE>
<PAGE> 4
<TABLE>
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Common Stocks (88.94%)
Aerospace/Defense (2.80%)
Alliant Techsystems, Inc. <Fa>,<F*> 860,000 $40,527,500
----------------
Business Services (1.46%)
Autoinfo, Inc. <Fa>,<F*> 713,000 $2,228,125
Highwaymaster Communications, Inc. <F*> 185,840 2,601,760
Information Resources, Inc. <F*> 260,000 3,185,000
Novell, Inc. <F*> 700,000 9,712,500
Rollins, Inc. 35,000 822,500
Scientific Software-Intercomp, Inc. <Fa>,<F*> 828,000 1,449,000
Wave Technologies International, Inc. <Fa>,<F*> 207,500 1,115,313
----------------
$21,114,198
----------------
Chemicals and Allied Products (1.51%)
Solvay & Cie S.A. <Ff> 32,200 $19,913,722
Sterling Chemicals, Inc. <F*> 171,900 1,998,338
----------------
$21,912,060
----------------
Computers and Electronic Equipment (2.22%)
Amdahl Corporation <F*> 200,000 $2,150,000
Analogic Corporation 244,000 6,527,000
Banctec, Inc. <F*> 418,546 8,475,556
Exar Corporation <F*> 160,000 2,080,000
GTI Corporation <F*> 59,200 429,200
Gradco Systems, Inc. <Fa>,<F*> 703,000 3,075,625
Micronics Computers, Inc. <Fa>,<F*> 1,356,700 3,476,544
Streamlogic Corporation (formerly Micropolis Corp.)<F*> 721,300 2,614,713
Technitrol, Inc. 84,051 3,330,521
----------------
$32,159,159
----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Construction and Real Estate (2.47%)
AMRE, Inc. - Rule 144A<F*> 500,000 $10,937,500
AMRE, Inc. <F*> 4,200 91,875
Butler Manufacturing Company <Fa> 440,000 14,850,000
Puerto Rican Cement Company <Fa> 315,300 9,813,712
----------------
$35,693,087
----------------
Energy (12.08%)
Apache Corporation 215,000 $7,068,125
Archer Resources Ltd. - Rule 144A <Ff>,<F*> 500,000 1,830,697
Archer Resources Ltd. <Ff>,<F*> 432,800 1,584,651
Atwood Oceanics, Inc. <F*> 179,100 8,014,725
Baker Hughes, Inc. 600,000 19,725,000
Barrington Petroleum Ltd. <Ff>,<F*> 555,500 1,749,158
Harken Energy Corporation <F*> 2,800,000 7,525,000
ICO Inc. 54,000 303,750
Lasmo plc-ADR 3,100,000 25,381,250
Maynard Oil Company <Fa>,<F*> 250,000 2,109,375
Mitchell Energy & Development Corp., Class A 67,800 1,279,725
Mitchell Energy & Development Corp., Class B 133,700 2,607,150
Nabors Industries, Inc. <F*> 400,000 6,500,000
Norex America, Inc. <F*> 84,100 1,671,487
Phillips Petroleum Company 400,000 16,750,000
Rowan Companies, Inc. <F*> 1,450,000 21,387,500
Tidewater Inc. 73,400 3,220,425
USX-Marathon Group 400,000 8,050,000
Union Pacific Resources Group, Inc. 225,000 6,018,750
Weatherford Enterra, Inc. (*) 459,216 13,776,480
Williams Companies 366,937 18,163,381
----------------
$174,716,629
----------------
See Notes to Financial Statements
<PAGE> 5
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Environmental Services (0.85%)
Chempower, Inc. <Fa>,<F*> 650,000 $2,843,750
Dames & Moore, Inc. 143,900 1,744,787
EMCON <F*> 414,300 1,657,200
Rollins Environmental Services, Inc. 725,000 2,809,375
Tanknology Environmental, Inc. <Fa>,<F*> 1,415,100 3,228,197
----------------
$12,283,309
----------------
Financial Services (7.21%)
Bancfirst Corporation <Fa> 328,200 $7,056,300
Banco de Colombia S.A. - GDR, Rule 144A 250,000 2,187,500
Bank Plus Corporation
(formerly Fidelity Federal Bank FSB) <F*> 792,886 6,937,752
CPB, Inc. 84,939 2,760,517
The Chase Manhattan Corporation 105,000 7,415,625
Community Financial Corporation <Fa> 118,000 2,448,500
CORUS Bankshares, Inc.
(formerly River Forest Bancorp, Inc.) 664,958 19,948,740
First Defiance Financial Corporation 245,000 2,541,875
First Mutual Bancorp, Inc. 100,000 1,237,500
International Bancshares Corporation 374,778 14,991,120
John Nuveen and Company, Inc. 673,400 16,750,825
Norwest Corporation 271,056 9,453,078
Riggs National Corporation 560,000 6,790,000
Sterling Financial Corporation <F*> 250,000 3,687,500
----------------
$104,206,832
----------------
Food and Beverage (2.54%)
Savannah Foods & Industries, Inc. 600,700 $7,734,012
The Morningstar Group, Inc. <Fa>, <F*> 1,454,200 16,177,975
United Grain Growers Ltd. <Fa>,<Ff> 800,000 4,979,496
Zapata Corporation <Fa>,<F*> 2,165,100 7,848,488
----------------
$36,739,971
----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Healthcare (2.90%)
Allied Healthcare Products, Inc. 138,400 $1,280,200
Comprehensive Care Corporation <Fa>,<F*> 15,900 119,250
Comprehensive Care Corporation - Rule 144A <Fa>,<F*> 250,000 1,875,000
Creative Biomolecules, Inc. <F*> 598,500 5,087,250
Cytogen Corporation <F*> 967,500 8,767,969
Gyogyszergyarszolgaltatasi Resz. (Egis) <Ff> 50,000 2,932,048
Health Images, Inc. <Fa> 1,071,200 12,452,700
Physician Corporation of America <F*> 475,000 6,293,750
Unilab Corporation <Fa>,<F*> 1,962,500 3,066,406
----------------
$41,874,573
----------------
Industrial Products and Services (1.93%)
Devlieg Bullard, Inc. <F*> 390,000 $914,062
Durakon Industries, Inc. <Fa>,<F*> 474,900 6,945,412
Lufkin Industries 131,600 2,697,800
Meridian Technologies, Inc. <Ff>,<F*> 890,400 3,586,116
MFRI, Inc. <Fa>,<F*> 341,000 2,429,625
Mitsubishi Heavy Industries, Ltd. <Ff> 400,000 3,475,521
Nycor, Inc. <F*> 35,000 205,625
Nycor, Inc., Class A <F*> 59,000 331,875
Quixote Corporation <Fa> 502,000 3,388,500
Transtechnology Corporation 221,200 3,926,300
----------------
$27,900,836
----------------
Insurance (5.84%)
Acordia, Inc. <Fa> 1,018,800 $34,384,500
Acceptance Insurance Companies, Inc. <F*> 475,000 8,134,375
Central Reserve Life Corporation 200,000 1,750,000
Hilb, Rogal and Hamilton Company <Fa> 850,000 11,793,750
National Insurance Group <Fa>,<F*> 466,800 2,800,800
Old Republic International Corporation 828,750 17,921,719
Stewart Information Services Corporation <Fa> 380,000 7,647,500
----------------
$84,432,644
----------------
See Notes to Financial Statements
<PAGE> 6
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Investments (3.20%)
Antofagasta Holdings P.L.C. <Ff> 950,000 $4,768,454
Dundee Bancorp, Inc. <Ff>,<F*> 300,400 3,673,609
Minorco-ADR 1,360,000 32,300,000
Physicians Insurance Company of Ohio <F*> 184,000 4,347,000
Triton Group Ltd. <Fa>,<F*> 2,065,300 1,161,731
----------------
$46,250,794
----------------
Leisure/Entertainment (3.43%)
American Classic Voyages Company <F*> 607,300 $4,478,837
Hasbro, Inc. 500,000 17,875,000
International Speedway Corporation 27,782 8,195,690
Polaroid Corporation 257,100 11,730,187
Savoy Pictures Entertainment, Inc. <F*> 100,000 537,500
Sotheby's Holdings, Inc. 467,600 6,780,200
----------------
$49,597,414
----------------
Metals Processing (0.88%)
Asturiana De Zinc, S.A. <Ff>,<F*> 382,859 $2,863,733
Birmingham Steel Corporation 50,000 818,750
Geneva Steel Company <F*> 516,100 2,903,063
Handy & Harman 200,000 3,400,000
Republic Engineered Steels, Inc. <F*> 800,000 2,800,000
----------------
$12,785,546
----------------
Mining (8.88%)
Anvil Range Mining <Fa>,<Ff>,<F*> 1,222,000 $5,324,326
Bema Gold Corporation <Ff>,<F*> 1,037,700 3,913,412
Bema Gold Corporation -
Warrants, expiring September 6, 1996 <Ff>,<F*> 212,500 132,268
Cambior, Inc. <Ff> 600,000 8,025,000
Case Pomeroy & Company, Inc. 1,461 1,738,590
Case Pomeroy & Company, Inc., Class B 340 404,600
Dayton Mining Corporation <Fa>,<Ff>,<F*> 2,735,800 16,427,622
Energy Resources of Australia Ltd <Ff> 1,729,492 6,329,900
Getchell Gold Corporation (fomerly FirstMiss Gold Corp.) 107,400 3,544,200
Hemlo Gold Mines, Inc. <Ff> 1,275,000 13,546,875
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Mining (continued)
Homestake Mining Company 885,250 $15,159,906
Kinross Gold Corporation <Ff>,<F*> 800,000 6,000,000
The Pioneer Group, Inc. 200,000 5,350,000
Placer Dome, Inc. <Ff> 500,000 11,937,500
Santa Elina Gold Corporation-Rule 144A <Ff>,<F*> 850,000 1,291,556
TVX Gold, Inc. <Ff>,<F*> 800,000 5,800,000
Uranium Resources, Inc. <Fa>,<F*> 811,525 11,969,994
Wharf Resources, Ltd. <Fa>,<Ff> 1,750,000 11,533,393
----------------
$128,429,142
----------------
Paper, Printing and Publishing (1.31%)
American Media, Inc., Class A <Fa>,<F*> 2,250,100 $11,813,025
Valassis Communications, Inc. <F*> 381,500 7,057,750
----------------
$18,870,775
----------------
Real Estate Investment Trust (1.40%)
Atlantic Realty Trust <Fa>,<F*> 288,762 $2,418,382
Mark Centers Trust 200,000 2,075,000
Price Enterprises, Inc. 40,800 622,200
Ramco-Gershenson Properties Trust
(formerly RPS Realty Trust) <Fa> 577,525 8,951,637
Regency Realty Corporation 300,000 6,300,000
----------------
$20,367,219
----------------
Retail Trade (8.78%)
CPI Corporation 300,900 $4,964,850
Charming Shoppes, Inc. <Fa> 5,694,000 40,213,875
Cole National Corporation, Class A <F*> 434,300 8,686,000
Dart Group Corporation, Class A 59,263 5,274,408
Handleman Company <Fa> 2,071,700 14,242,937
Herbalife International, Inc. 386,400 5,699,400
InterTAN, Inc. <F*> 126,600 727,950
Juno Lighting, Inc. 484,000 8,228,000
Neostar Retail Group, Inc. <F*> 300,000 1,537,500
Noodle Kidoodle, Inc.,
(formerly Greenman Bros., Inc.) <F*> 293,100 2,234,887
See Notes to Financial Statements
<PAGE> 7
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Retail Trade (continued)
Proffitt's Inc. (formerly Younkers, Inc.) <F*> 269,500 $9,567,250
Spaghetti Warehouse, Inc. <Fa>,<F*> 374,900 2,015,087
Stride Rite Corporation 1,003,300 8,277,225
Windmere Corporation 298,200 3,913,875
Zale Corporation <F*> 675,000 11,390,625
----------------
$126,973,869
----------------
Telecommunications (3.81%)
Centigram Communications Corporation <Fa> 641,000 $10,175,875
Comsat Corporation 630,000 16,380,000
Metricom, Inc. <Fa>,<F*> 1,316,500 20,734,875
Vertex Communications Corporation <Fa>,<F*> 420,000 7,822,500
----------------
$55,113,250
----------------
Transportation (6.39%)
International Shipholding Corporation 76,550 $1,320,487
Kirby Corporation <F*> 400,000 6,750,000
London & Overseas Freighters Ltd - ADR <Fa> 405,500 5,296,844
MTL, Inc. <Fa>,<F*> 337,500 5,737,500
OMI, Inc. <Fa>,<F*> 2,244,400 19,357,950
Oglebay Norton Company 96,372 4,409,019
Overseas Shipholding Group, Inc. 781,300 14,161,062
Pacific Basin Bulk Shipping Ltd. <F*> 150,000 2,156,250
Pacific Basin Bulk Shipping Ltd. -
Warrants, expiring September 30, 1999 <F*> 150,000 131,250
Southern Pacific Rail Corporation <F*> 922,700 23,067,500
Stolt-Nielsen S.A. - ADR 275,000 5,121,875
Wah Kwong Shipping Holdings Ltd. <Ff> 3,060,759 4,824,141
----------------
$92,333,878
----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Utilities (4.26%)
Czech Power Company <Ff>,<F*> 250,110 $9,948,037
El Paso Electric Company <F*> 1,873,200 11,239,200
Huaneng Power International - ADR <F*> 202,700 3,623,263
Mosenergo - GDR 144A <F*> 48,200 1,301,400
Mosenergo - GDR Regulation S <F*> 10,000 270,000
Noram Energy Corporation 3,237,300 35,205,637
----------------
$61,587,537
----------------
Miscellaneous (2.79%) $40,281,118
----------------
Total Common Stocks (Cost $951,596,686) $1,286,151,340
----------------
Preferred Stocks (0.17%)
Healthcare (0.17%)
Hyseq, Inc., Series A convertible - Rule 144A 312,500 $2,500,000
----------------
Total Preferred Stocks (Cost $2,500,000) $2,500,000
----------------
Non-Convertible Bonds (3.67%)
Energy (0.21%)
Huntway Partners L.P., 4%, due 2008 - Rule 144A $8,866,964 $798,027
Huntway Partners L.P., 8%, due 2000 - Rule 144A 3,429,690 2,229,298
----------------
$3,027,325
----------------
See Notes to Financial Statements
<PAGE> 8
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Growth Fund
- -------------------
Financial Services (0.25%)
Beal Financial Corporation, 12.75%, due 2000 $3,425,000 $3,562,000
-----------------
Industrial Products and Services (0.53%)
The Toro Company, 11%, due 2017 $7,150,000 $7,623,688
-----------------
Paper, Printing and Publishing (0.17%)
VIS Capital, 12.375%, due 1998 $2,380,000 $2,403,800
-----------------
Transportation (2.51%)
Greyhound Lines, Inc., 10% Sr. Notes, due 2001 $28,898,000 $27,380,855
Southern Pacific Transportation Company,
8.2%, due 2001 8,845,000 8,944,506
-----------------
$36,325,361
-----------------
Total Non-Convertible Bonds (Cost $53,383,644) $52,942,174
-----------------
Convertible Bonds (0.42%)
Apparel and Other Textile Products (0.03%)
Suave Shoe Corporation, 5%, due 1997 $471,000 $471,000
-----------------
Mining (0.39%)
Anvil Range Mining Corporation, 8.5%, due 2002 <Ff> $2,000,000 $1,508,494
Golden Shamrock Mines Ltd.,
7%, due 2000 - Rule 144A <Ff> 3,305,000 4,164,300
-----------------
$5,672,794
-----------------
Total Convertible Bonds (Cost $5,182,804) $6,143,794
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
U.S. Treasury Bills (7.96%)
Maturing 07-05-96 to 08-15-96
(Cost $115,128,741) $115,500,000 $115,119,540
-----------------
Total Investments 101.16% $1,462,856,848
Excess of Other Liabilities over Assets -1.16% ($16,762,519)
----------------- -----------------
Net Assets 100.00% $1,446,094,329
================= =================
<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
GDR Global Depository Receipts
See Notes to Financial Statements
</TABLE>
<PAGE> 9
<TABLE>
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Common Stocks (39.25%)
Chemicals (1.84%)
Englehard Corporation 1,100,000 $25,300,000
Ethyl Corporation 1,755,300 16,894,762
-----------------
$42,194,762
-----------------
Energy (1.71%)
El Paso Natural Gas Company 326,300 $12,562,550
Equitable Resources, Inc. 500,000 14,125,000
Teco Energy, Inc. 500,000 12,625,000
-----------------
$39,312,550
-----------------
Energy Service (1.15%)
Baker Hughes, Inc. 800,000 $26,300,000
-----------------
Financial Services (0.99%)
American Bank of Connecticut <Fa> 122,300 $3,011,638
Community Bank - Warrants,
expiring June 27, 1999 <F*> 85,000 318,750
John Nuveen and Company, Inc. 754,300 18,763,213
TeleBanc Financial Corporation - Warrants,
expiring May 1, 2004 <F*> 150,000 525,000
-----------------
$22,618,601
-----------------
Food (2.75%)
Hormel Foods Corporation 497,000 $13,294,750
J.M. Smucker Company 611,700 11,392,913
Pioneer Hi-Bred International, Inc. 600,000 31,725,000
Zapata Corporation <Fa>,<F*> 1,831,300 6,638,461
-----------------
$63,051,124
-----------------
Investments (1.21%)
Minorco, ADR 1,168,200 $27,744,750
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Mining (1.875%)
Atlas Corporation <F*> 78,749 $88,593
Cameco Corporation 500,000 23,542,765
Impala Platinum Holdings Ltd. - ADR 99,100 1,412,175
Rustenburg Platinum - ADR <F*> 8,363 125,450
Uranium Resources, Inc. <Fa>,<F*> 339,000 5,000,250
Uranium Resources, Inc. - Rule 144A <Fa>,<F*> 500,000 7,375,000
Uranium Resources, Inc. - Warrants,
expiring May 31, 1998 - Rule 144A <Fa>,<F*> 625,000 5,243,750
-----------------
$42,787,983
-----------------
Personal Care (0.56%)
Herbalife International, Inc. 875,900 $12,919,525
-----------------
Real Estate Investment Trusts (1.03%)
Commercial Assets, Inc. 297,800 $1,824,025
Hospitality Properties Trust 550,000 14,712,500
Pimco Commercial Mortgage Securities <Fa> 592,300 7,181,638
-----------------
$23,718,163
-----------------
Retail Trade (2.30%)
A. T. Cross Company, Class A 518,500 $9,203,375
Charming Shoppes, Inc. <F*> 1,946,800 13,749,275
Handleman Company 1,607,800 11,053,625
Jostens, Inc. 950,000 18,762,500
-----------------
$52,768,775
-----------------
Telecommunications (9.03%)
Alltell Corporation 500,000 $15,375,000
Comsat Corporation 1,400,000 36,400,000
GTE Corporation 600,000 26,850,000
Heartland Wireless Communications, Inc.,
Warrants, expiring April 19, 2020 - Rule 144A <F*> 6,000 66,000
See Notes to Financial Statements
<PAGE> 10
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Telecommunications (continued)
Koninkllijke PTT Nederland NV - Rule 144A <Ff> 540,000 $20,437,050
MCI Communications Corporation 1,025,000 26,265,625
NYNEX Corporation 500,000 23,750,000
Pacific Telesis Group 500,000 16,875,000
SBC Communications, Inc. 510,000 25,117,500
US West Communications Group 500,000 15,937,500
-----------------
$207,073,675
-----------------
Telecommunications Equipment (1.59%)
Nokia Corporation - ADR 700,000 $25,900,000
Metricom, Inc. <F*> 664,500 10,465,875
-----------------
$36,365,875
-----------------
Transportation (0.98%)
Anangel-American Shipholdings Ltd. 655,900 $6,395,025
Stolt-Nielsen S.A. - ADR 870,100 16,205,612
-----------------
$22,600,637
-----------------
Utilities (Gas, Electric & Water) (11.06%)
El Paso Electric Company <Fa>,<F*> 3,855,000 $23,130,000
Espoon Sahko - ADR - Rule 144A 248,000 4,543,360
Hawaiian Electric Utilities, Inc. 299,600 10,635,800
Illinova Corporation 520,000 14,950,000
NIPSCO Industries, Inc. 440,400 17,726,100
New York State Electric & Gas Corporation 500,000 12,187,500
NorAm Energy Corporation 3,822,000 41,564,250
Northeast Utilities 1,000,000 13,375,000
Ohio Edison Company 700,000 15,312,500
PacifiCorp 538,500 11,981,625
Portland General Corporation 626,500 19,343,188
Public Service Enterprise Group, Inc. 501,000 13,714,875
Rochester Gas and Electric Company 600,000 12,900,000
Texas Utilities Company 700,000 29,925,000
The Southern Company 500,000 12,312,500
-----------------
$253,601,698
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Miscellaneous (1.18%) $26,979,794
-----------------
Total Common Stocks (Cost $788,266,438) $900,037,912
-----------------
Preferred Stocks (26.64%)
Computer and Electronic Equipment (1.50%)
The Titan Corporation, $1.00 convertible 70,300 $799,663
Unisys Corporation, $3.75 convertible 1,100,000 33,550,000
-----------------
$34,349,663
-----------------
Construction and Real Estate (0.47%)
LSB Industries, Inc., $3.25 convertible 292,100 $10,880,725
-----------------
Drugs and Beauty Aids (0.78%)
Foxmeyer Healthcare Corporation, $5.00 convertible 357,137 $17,812,208
-----------------
Energy (9.73%)
ICO, Inc., $1.6875 convertible 310,000 $6,975,000
Lasmo PLC, Series A , 10% 492,600 12,315,000
Maxus Energy Corporation, $4.00 convertible 252,300 12,551,925
Maxus Energy Corporation, 10% 200,000 5,100,000
McDermott International, Inc., $2.20 convertible 235,500 6,535,125
McDermott International, Inc., 5% convertible - Rule 144A 375,000 15,656,250
Occidental Petroleum Corporation,
$3.875 convertible - Rule 144A 600,000 36,000,000
Santa Fe Energy Resources, Inc., 7%, convertible 755,100 16,517,812
Synder Oil Corporation, $1.50 convertible 658,700 12,515,300
Tejas Gas Corporation, $2.49 349,700 9,048,487
Tejas Gas Corporation, 5.25% convertible 395,300 19,765,000
Western Gas Resources, Inc., $2.65 convertible 1,013,300 35,212,175
The Williams Companies, Inc.,
7% convertible - Rule 144A 225,000 17,690,625
Valero Energy Corporation, 6.25% convertible 328,850 17,264,625
-----------------
$223,147,324
-----------------
See Notes to Financial Statements
<PAGE> 11
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Environmental Services (0.33%) 459,582 $7,583,103
-----------------
Financial Services (3.36%)
ARM Financial Group, Inc., 9.5% 140,000 $3,605,000
Alexander & Alexander Services, Inc.,
$3.625 convertible - Rule 144A 270,000 13,365,000
California Federal Bank, 10.625% 70,000 7,665,000
Community Bank, Series B, 13% 196,500 5,305,500
Credit Lyonnais Capital S.C.A., 9.5% - Rule 144A 600,000 13,650,000
Integon Corporation, $3.875 convertible 140,000 8,085,000
Riggs National Corporation, Series B, 10.75% 750,000 21,187,500
Santander Overseas Bank, Inc., $2.66 160,000 4,240,000
-----------------
$77,103,000
-----------------
Food (0.95%)
Flagstar Companies, Inc., $2.25 convertible 1,699,200 $21,771,000
-----------------
Healthcare (0.11%)
Hyseq, Inc., Series A convertible - Rule 144A 312,500 $2,500,000
-----------------
Leisure and Entertainment (1.58%)
AMC Entertainment, Inc., 7% convertible 423,800 $20,183,475
Time Warner Inc./Hasbro, Inc., $1.24 convertible 446,500 16,074,000
-----------------
$36,257,475
-----------------
Metals Processing (1.64%)
Armco Inc., $3.625 convertible 221,900 $10,512,512
Dofasco, Inc., $2.60 convertible <Ff> 671,100 16,143,552
USX Corporation, 6.5% convertible 252,000 10,993,500
-----------------
$37,649,564
-----------------
Mining (1.40%)
Freeport-McMoran Copper & Gold Inc.,
Series C, variable rate 388,100 $12,419,200
Freeport-McMoran Copper & Gold Inc.,
Series B, variable rate 12,100 417,450
Pittston Company, $3.125 convertible - Rule 144A 502,500 19,346,250
-----------------
$32,182,900
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Paper, Printing and Publishing (0.71%)
James River Corporation, $3.50 convertible 347,600 $16,293,750
Real Estate Investment Trusts (0.69%)
Prime Retail, Inc., $2.125 convertible 510,000 $9,180,000
Prime Retail, Inc., $2.625 260,000 6,370,000
-----------------
$15,550,000
-----------------
Transportation (1.73%)
Sea Containers Ltd., $4.00 convertible 293,900 $13,813,300
Sea Containers Ltd., $4.125 convertible 50,600 3,157,440
U.S. Air Group, Inc., $4.375 convertible 427,900 22,732,188
-----------------
$39,702,928
-----------------
Utilities (Gas, Electric & Water) (0.69%)
Cleveland Electric Illuminating Company, Series S, 9% 16,000 $14,560,000
Texas-New Mexico Power Company, 4.65% 16,300 1,222,500
-----------------
Miscellaneous (0.97%) $15,782,500
-----------------
$22,318,353
Total Preferred Stocks (Cost $611,369,077) $610,884,493
-----------------
Non-Convertible Bonds (23.20%)
Aerospace/Defense (1.10%)
Alliant Techsystems, Inc., 11.375%, due 2003 $10,000,000 $10,850,000
Teledyne, Inc., 10%, due 2004 14,020,000 14,282,875
-----------------
$25,132,875
-----------------
Apparel & Other Textile Products (0.65%)
Hartmarx Corporation, 10.875%, due 2002 $15,555,000 $14,932,800
-----------------
Computer and Electronic Equipment (0.22%)
Scientific Software-Intercomp, Inc., 7% Note,
due 2001 with warrants attached - Rule 144A $5,000,000 $5,000,000
-----------------
See Notes to Financial Statements
<PAGE> 12
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Construction and Real Estate (1.73%)
Avatar Holdings, Inc., 9%, due 2000 $3,683,000 $3,498,850
Congoleum Corporation, 9%, due 2001 13,700,000 13,015,000
Four Seasons Hotel, Inc., 9.125%, due 2000 - Rule 144A 13,100,000 13,067,250
Kaufman & Broad Home Corporation, 9.375%, due 2003 10,000,000 10,050,000
-----------------
$39,631,100
-----------------
Energy (0.55%)
Energy Ventures, Inc., 10.25%, due 2004 $4,950,000 $5,148,000
Maxus Energy Corporation, 9.875%, due 2002 3,000,000 2,985,000
Tuboscope Vetco International Corporation,
10.75%, due 2003 4,400,000 4,515,500
-----------------
$12,648,500
-----------------
Financial Services (3.04%)
Beal Financial Corporation, 12.75%, due 2000 $27,500,000 $28,600,000
HCC Industries, 7.25%, due 2001 5,175,000 4,398,750
HomeSide, Inc., 11.25%, due 2003 - Rule 144A 3,500,000 3,591,875
Riggs National Corporation, floating rate, due 1996 <Ff> 2,340,000 2,334,150
Roosevelt Financial Group, Inc., 9.5%, due 2002 4,000,000 3,950,000
TeleBanc Financial Corporation, 11.5%, due 2004 7,500,000 7,087,500
WSFS Financial Corporation,
11%, due 2005 19,150,000 19,724,500
-----------------
$69,686,775
-----------------
Food (0.72%)
Flagstar Companies, Inc., 10.75%, due 2001 $15,000,000 $13,087,500
Flagstar Companies, Inc., 11.375%, due 2003 5,000,000 3,318,750
-----------------
$16,406,250
-----------------
Industrial Products and Services (1.88%)
Fruehauf Trailer Corporation, 14.75%, due 2002 $27,540,000 $24,235,200
Rohr, Inc., Senior Notes 11.625%, due 2003 3,850,000 4,215,750
The Toro Company, 11%, due 2017 13,700,000 14,607,625
-----------------
$43,058,575
-----------------
Leisure and Entertainment (1.32%)
Marvel III Holdings, Inc., 9.125%, due 1998 $25,725,000 $24,310,125
Tyco Toys, Inc., 10.125%, due 2002 6,250,000 6,000,000
-----------------
$30,310,125
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Metals Processing (1.77%)
Armco Inc., 9.2%, due 2000 $11,940,000 $11,865,375
Geneva Steel, 11.25%, due 2001 19,385,000 16,864,950
Northwestern Steel & Wire Company, 9.5%, due 2000 12,250,000 11,943,750
-----------------
$40,674,075
-----------------
Mining (1.25%)
Kaiser Aluminum & Chemical Corporation,
9.875%, due 2002 $25,500,000 $24,735,000
Uranium Resources, Inc., 6.5% Note
due 1997 - Rule 144A 4,000,000 4,000,000
-----------------
$28,735,000
-----------------
Paper, Printing and Publishing (1.23%)
United States Banknote Corporation,
10.375%, due 2002 $15,000,000 $13,875,000
VIS Capital, 12.375%, due 1998 9,118,000 9,209,180
Valassis Communications, Inc., 9.375%, due 1999 5,000,000 5,056,250
-----------------
$28,140,430
-----------------
Retail Trade (0.30%)
Phar-Mor, Inc., 11.72%, due 2002 $6,900,000 $6,831,000
-----------------
Telecommunications (0.68%)
Heartland Wireless Communications, Inc., 13% due 2002 $1,000,000 $1,090,000
Outlet Communications, Inc., 10.875%, due 2003 13,025,000 14,457,750
-----------------
$15,547,750
-----------------
Transportation (4.35%)
Greyhound Lines, Inc., 10%, due 2001 $33,564,000 $31,801,890
International Shipholding Corporation, 9%, due 2003 2,000,000 1,920,000
OMI Corporation, 10.25%, due 2003 18,500,000 18,500,000
Southern Pacific Rail Corporation, 9.375%, due 2005 16,000,000 16,800,000
Southern Pacific Transportation Company,
8.2%, due 2001 6,476,000 6,548,855
Transportacion Maritima Mexicana, S.A. de C.V.,
9.25%, due 2003 26,100,000 24,274,123
-----------------
$99,844,868
-----------------
See Notes to Financial Statements
<PAGE> 13
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
Utilities (1.38%)
Gascart, 9%, due 1998 - Rule 144A $20,832,000 $20,415,360
Public Service Company of New Mexico,
10.3%, due 2014 4,600,000 4,830,000
Texas-New Mexico Power Company, 9.25%, due 2000 6,000,000 6,330,000
-----------------
$31,575,360
-----------------
Miscellaneous (1.03%) $23,788,285
-----------------
Total Non-Convertible Bonds (Cost $528,395,057) $531,943,768
-----------------
Convertible Bonds (6.78%)
Business Services (0.08%)
Trans-Lux Corporation, 9%, due 2005 $1,719,000 $1,822,140
-----------------
Chemicals and Allied Products (0.34%)
Hexcel Corporation, 7%
Subordinated Debentures, due 2011 $8,969,000 $7,713,340
-----------------
Computer and Electronic Equipment (1.20%)
Atari Corporation, 5.25%, due 2002 $13,877,000 $9,852,670
Micropolis Corporation, 10%, due 1998 - Rule 144A 10,000,000 10,000,000
Micropolis Corporation, 6%, due 2012 7,350,000 4,446,750
Recognition International, Inc., 7.25%, due 2011 3,400,000 3,179,000
-----------------
$27,478,420
-----------------
Construction and Real Estate (0.23%)
Nycor Inc, 8.5%, due 2012 $6,224,000 $5,290,400
-----------------
Energy (0.37%)
Ashland Oil, Inc., 6.75%, due 2014 $7,000,000 $7,000,000
Lone Star Technologies, Inc., 8% Eurobond, due 2002<Ff> 1,880,000 1,598,000
-----------------
$8,598,000
-----------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Environmental Services (0.31%)
US Filter Corporation, 6%, due 2005 - Rule 144A $5,200,000 $7,098,000
-----------------
Financial Services (0.99%)
HCC Industries, 12.5%, due 2000 $2,213,000 $2,035,960
-----------------
Industrial Products and Services (0.69%)
Cooper Industries, Inc., 7.05%, due 2015 $14,755,000 $15,880,069
-----------------
Leisure and Entertainment (0.28%)
Savoy Pictures Entertainment, Inc., 7%, due 2003 $8,071,000 $6,376,090
-----------------
Mining (0.72%)
Atlas Corporation, 9%, due 1998 - Rule 144A $3,500,000 $2,660,000
Uranium Resources, Inc., 6.5%, due 1998 - Rule 144A 4,500,000 13,940,100
-----------------
$16,600,100
-----------------
Retail Trade (0.69%)
Michael Stores, Inc., 5.75%, due 2003 $18,457,000 $15,780,735
-----------------
Telecommunications (0.84%)
International CableTel Inc., 7%, due 2008 - Rule 144A $19,500,000 $19,207,500
-----------------
Telecommunications Equipment (0.42%)
General Instrument Corporation, 5%, due 2000 $7,812,000 $9,638,055
-----------------
Miscellaneous (0.52%) $11,986,992
-----------------
Total Convertible Bonds (Cost $139,866,380) $155,505,801
-----------------
See Notes to Financial Statements
<PAGE> 14
- ----------------------------------------------------------------------------------------------------------------------------------
Lindner Investments
- ----------------------------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------ -------------------- ----------------
<S> <C> <C>
Lindner Dividend Fund
- ---------------------
U.S. Treasury Bills (3.48%)
Maturing 7-5-96 to 8-08-96
(Cost $79,765,663) <Fd> $80,000,000 $79,753,953
-------------------
Total Investments (Cost $2,147,663,738) 99.35% $2,278,125,927
Cash Deposit with Broker for Securities Sold Short 0.05% $1,217,790
Receivable from Brokers for Securities Sold Short 0.09% $2,117,790
Securities Sold Short -0.06% ($1,439,225)
Excess of Other Assets over Liabilities 0.57% $12,911,180
------------------- -------------------
Net Assets 100.00% $2,292,933,462
=================== ===================
<FN>
<F*> Non-income producing
<Fa> Denotes security is affiliated (See Note 6)
<Fd> $100,000 on deposit with custodian bank for securities sold short
<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>
Schedule of Securities Sold Short
Atari Corporation 250,300 $1,439,225
===============
</TABLE>
<PAGE> 15
<TABLE>
- -------------------------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
Lindner Utility Fund
- --------------------
<S> <C> <C>
Common Stocks (71.42%)
Cable Television Equipment/Systems (7.18%)
General Instrument Corporation <F*> 12,968 $374,463
Tescorp, Inc. <F*> 267,000 1,034,625
Zenith Electronics Corporation <F*> 75,000 909,375
--------------
$2,318,463
--------------
Energy (11.76%)
Harken Energy Corporation <F*> 400,000 $1,075,000
Mitchell Energy & Development Corp., Class A 32,000 604,000
Synder Oil Corporation 50,000 506,250
TPC Corporation <F*> 71,500 518,375
USX-Dehli Group 50,000 612,500
Union Pacific Resources Group, Inc. 18,000 481,500
--------------
$3,797,625
--------------
Mining (11.36%)
Energy Resources of Australia Ltd. <Ff> 196,413 $718,867
Uranium Resources, Inc. <F*> 200,000 2,950,000
--------------
$3,668,867
--------------
Telecommunications (8.47%)
Comsat Corporation 50,000 $1,300,000
MCI Communications Corporation 25,000 640,625
NYNEX Corporation 10,000 475,000
US West Communications Group 10,000 318,750
--------------
$2,734,375
--------------
Telecommunications Equipment (5.30%)
Metricom, Inc. <F*> 50,000 $787,500
Nokia Corporation - ADR 25,000 925,000
--------------
$1,712,500
--------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
<S> <C> <C>
Utilities (Gas, Electric & Water) (24.73%)
DTE Energy 20,000 $617,500
El Paso Electric Company <F*> 200,000 1,200,000
FPL Group, Inc. 10,000 460,000
Illinova Corporation 10,000 287,500
Northeast Utilities 35,000 468,125
Ohio Edison Company 30,000 656,250
PanEnergy Corporation
(formerly Panhandle Eastern Corporation) 20,000 657,500
Portland General Corporation 14,000 432,250
Public Service Enterprise Group Inc. 15,000 410,625
Rochester Gas and Electric Company 25,000 537,500
Teco Energy, Inc. 25,000 631,250
Texas Utilities Company 25,000 1,068,750
The United Illuminating Company 15,000 560,625
--------------
$7,987,875
--------------
Miscellaneous (2.62%) $847,249
--------------
Total Common Stocks (Cost $19,545,974) $23,066,954
--------------
Preferred Stocks (18.54%)
Cable Television Equipment/Systems (2.41%)
Cablevision Systems Corporation, 8.50% Series I convertible 30,000 $780,000
--------------
See Notes to Financial Statements
<PAGE> 16
- -------------------------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
Lindner Utility Fund
- --------------------
<S> <C> <C>
Energy (9.88%)
Maxus Energy, 10% 15,000 $382,500
Santa Fe Energy Resources, 7% convertible 26,000 568,750
Synder Oil Corporation, $1.50 convertible 30,000 570,000
Tejas Gas Corporation, 5.25% convertible 6,500 325,000
Valero Energy Corporation, 6.25% convertible 9,000 472,500
Western Gas Resources, Inc., $2.625 25,000 868,750
--------------
$3,187,500
--------------
Utilities (Gas, Electric & Water) (6.25%)
Central Maine Power Company, 4.75% 11,096 $535,382
Central Maine Power Company, 5.25% 7,500 399,375
NorAM Financing I, 6.25% convertible 20,000 1,085,000
--------------
$2,019,757
--------------
Total Preferred Stocks (Cost $5,529,970) $5,987,257
--------------
Non-Convertible Bonds (3.73%)
Utilities (Gas, Electric & Water) (3.73%)
Gascart S.A., 9%, due 1998 - Rule 144A $800,000 $784,000
Public Service Company of New Mexico,
10.3%, due 2014 400,000 420,000
--------------
$1,204,000
--------------
Total Non-Convertible Bonds (Cost $1,188,394) $1,204,000
--------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
<S> <C> <C>
Convertible Bonds (3.40%)
Cable Television Equipment/Systems (3.40%)
General Instrument Corporation, 5%, due 2000 $492,000 $607,005
International CableTel, Inc., 7% , due 2008 - Rule 144A 500,000 492,500
--------------
$1,099,505
--------------
Total Convertible Bonds (Cost $1,005,964) $1,099,505
--------------
U. S. Treasury Bills (2.47%)
Maturing 07-11-96 to 07-25-96
(Cost $798,408) $800,000 $798,231
--------------
Total Investments (Cost $28,068,709) 99.56% $32,155,947
Excess of Other Assets over Liabilities 0.44% $142,933
------------- --------------
Net Assets 100.00% $32,298,880
============= ==============
<FN>
<F*> Non-income producing
<Ff> Denotes security primarily traded in foreign markets
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
<PAGE> 17
<TABLE>
- -------------------------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
Lindner/Ryback Small-Cap Fund
- -----------------------------
<S> <C> <C>
Common Stocks (86.31%)
Banking (4.97%)
First Bell Bancorp, Inc. 15,000 $206,250
Pennfed Financial Services, Inc. <F*> 5,000 77,500
Sho-Me Financial Corporation <F*> 14,000 218,750
--------------
$502,500
--------------
Broadcasting (1.45%)
Scandinavian Broadcasting System SA <F*> 6,000 $147,000
--------------
Cable Television Equipment/Systems (2.49%)
Tescorp, Inc. <F*> 65,000 $251,875
--------------
Commercial Services (5.66%)
Automobile Protection Corporation <F*> 63,000 $250,031
Barefoot, Inc. 10,000 110,000
Duff & Phelps Credit Rating Company 10,000 212,500
--------------
$572,531
--------------
Distributors (3.22%)
Richey Electronics, Inc. <F*> 15,500 $182,125
Southern Electronics Corporation <F*> 23,000 143,750
--------------
$325,875
--------------
Energy (4.99%)
Berry Petroleum Company, Class A 15,000 $170,625
Tuboscope Vetco International, Inc. <F*> 30,000 333,750
--------------
$504,375
--------------
Healthcare (4.47%)
Acuson Corporation <F*> 13,500 $216,000
Span America Medical Systems, Inc. 45,000 236,250
--------------
$452,250
--------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
<S> <C> <C>
Industrial Products and Services (3.50%)
MFRI, Inc. <F*> 30,000 $213,750
Strattec Security Corporation <F*> 4,000 71,000
Varlen Corporation 3,300 69,300
--------------
$354,050
--------------
Insurance (8.90%)
Arthur J. Gallagher & Company 7,000 $224,000
Cotton States Life Insurance Company 23,000 253,000
Hilb, Rogal and Hamilton Company 8,000 111,000
Integon Corporation 15,500 311,937
--------------
$899,937
--------------
Manufacturing (2.90%)
Transtechnology Corporation 16,500 $292,875
--------------
Mining (7.31%)
Uranium Resources, Inc. <F*> 50,000 $737,500
--------------
Oil and Gas Services (2.25%)
Kaneb Services, Inc. <F*> 70,000 $227,500
--------------
Paper, Printing and Publishing (5.38%)
American Media, Inc., Class A <F*> 50,000 $262,500
Schweitzer-Mauduit International, Inc. 10,000 281,250
--------------
$543,750
--------------
Real Estate Services (5.69%)
Cardinal Realty Services, Inc. <F*> 13,000 $256,750
Fairfield Communities, Inc. <F*> 23,000 319,125
--------------
$575,875
--------------
<PAGE> 18
- -------------------------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
Lindner/Ryback Small-Cap Fund
- -----------------------------
<S> <C> <C>
Retail Trade (10.96%)
Charming Shoppes, Inc. <F*> 75,000 $529,688
Fingerhut Companies, Inc. 8,000 125,000
Musicland Stores Corporation <F*> 65,000 211,250
Shopko Stores, Inc. 15,000 241,875
--------------
$1,107,813
--------------
Telecommunications (7.10%)
Cellular Communications of Puerto Rico, Inc. <F*> 8,500 $276,250
General Communication, Inc., Class A <F*> 28,600 228,800
Metricom, Inc. <F*> 13,500 212,625
--------------
$717,675
--------------
Utilities (Gas, Electric & Water) (3.23%)
NorAm Energy Corporation 30,000 $326,250
--------------
Miscellaneous (1.84%) $186,449
--------------
Total Common Stocks (Cost $6,981,226) $8,726,080
--------------
U. S. Treasury Bills (11.84%)
U. S. Treasury Bills, maturing
7-11-96 to 7-25-96 (Cost $1,196,867) $1,200,000 $1,196,639
--------------
Total Investments (Cost $8,178,094) 98.15% $9,922,719
Excess of Other Assets over Liabilities 1.85% 186,570
--------------- --------------
Net Assets 100.00% $10,109,289
=============== ==============
<FN>
<F*> Non-income producing
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
<PAGE> 19
<TABLE>
- -------------------------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
Lindner Bulwark Fund
- --------------------
<S> <C> <C>
Common Stocks (40.52%)
Business Services (0.94%)
Autoinfo, Inc. <F*> 187,850 $587,031
--------------
Computer and Electronic Equipment (2.84%)
Gradco Systems, Inc. <F*> 260,000 $1,137,500
Scientific Software Intercomp, Inc. <F*> 359,000 628,250
--------------
$1,765,750
--------------
Energy (9.54%)
Basin Exploration, Inc. <F*> 110,100 $715,650
Carbo Ceramics, Inc. 15,000 330,000
ERC Industries, Inc. <F*> 322,000 291,813
Maynard Oil Company <F*> 103,500 873,281
Norex America, Inc. <F*> 132,100 2,625,488
Petroleum Helicopters, Inc. - nonvoting 13,600 209,950
Petroleum Helicopters, Inc. - voting 9,000 144,000
Synder Oil Corporation 30,000 303,750
Tuboscope Vetco International <F*> 40,000 445,000
--------------
$5,938,932
--------------
Financial Services (2.12%)
National Insurance Group <F*> 220,000 $1,320,000
--------------
Healthcare (1.51%)
Comprehensive Care Corporation <F*> 101,800 $763,500
Health Images, Inc. 15,000 174,375
--------------
$937,875
--------------
Investments (1.24%)
Giant Group, Ltd. <F*> 17,000 $133,875
Reunion Resources Company <F*> 37,000 159,563
Triton Group Ltd. <F*> 852,200 479,363
--------------
$772,801
--------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
<S> <C> <C>
Mining (13.36%)
Acacia Resources Ltd. <Ff>,<F*> 238,069 $562,146
Bema Gold Corporation <Ff>,<F*> 200,000 754,247
Dayton Mining Corporation <Ff>,<F*> 200,000 1,200,937
Getchell Gold Corporation (formerly FirstMiss Gold, Inc.) <F*> 40,000 1,320,000
Homestake Mining Company 13,500 231,187
Pegasus Gold, Inc. <Ff>,<F*> 10,000 122,500
Plutonic Resources Ltd. <Ff> 50,000 255,805
TVX Gold, Inc. <Ff>,<F*> 50,000 362,500
Uranium Resources Inc. - Warrants,
expiring May 31, 1998 - Rule 144A<F*> 375,000 3,146,250
Vengold, Inc. <Ff>,<F*> 317,400 362,583
--------------
$8,318,155
--------------
Real Estate Investment Trust (1.05%)
Atlantic Realty Trust <F*> 78,437 $656,910
--------------
Retail Trade (2.20%)
Rose's Stores, Inc. <F*> 297,875 $614,367
Spaghetti Warehouse, Inc. <F*> 140,600 755,725
--------------
$1,370,092
--------------
Telecommunications (4.96%)
Metricom, Inc. <F*> 196,000 $3,087,000
--------------
Miscellaneous (0.76%) $473,672
--------------
Total Common Stocks ($17,745,696) $25,228,218
--------------
See Notes to Financial Statements
<PAGE> 20
- -------------------------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
Lindner Bulwark Fund
- --------------------
<S> <C> <C>
Preferred Stocks (1.04%)
Healthcare (0.80%)
Hyseq, Inc., Series A convertible - Rule 144A <F*> 62,500 $500,000
--------------
Mining (0.24%)
Westmoreland Coal Company, 8.50% convertible <F#> 15,000 $150,000
--------------
Total Preferred Stocks ($634,713) $650,000
--------------
Convertible Bonds (11.12%)
Healthcare (3.65%)
Comprehensive Care Corporation., 12.5%
Senior Secured, due 1997 - Rule 144A $2,000,000 $2,272,600
--------------
Mining (7.47%)
Uranium Resources Inc., 6.5% Senior Secured,
due 1998 - Rule 144A $1,500,000 $4,646,700
--------------
Total Convertible Bonds (Cost $3,500,000) $6,919,300
--------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
Contracts
----------------
<S> <C> <C>
Call Options (0.83%)
Gold
December 1996 405 150,000 $442,500
December 1996 415 50,000 74,000
--------------
$516,500
--------------
Total Call Options ($2,251,250) $516,500
--------------
Put Options (0.03%)
McDonnell Douglas Corporation
July 1996 50 100 $20,000
--------------
Total Put Options ($32,651) $20,000
--------------
U. S. Treasury Bills (33.19%)
07-05-96 to 7-25-96
(Cost $20,667,284) <Fd> $20,700,000 $20,663,507
--------------
Total Investments 86.73% $53,997,525
Cash Deposit with Broker for Securities Sold Short 16.33% $10,169,412
Receivable from Brokers for Securities Sold Short 19.50% $12,141,042
Securities Sold Short -20.37% ($12,680,437)
Excess of Other Liabilities over Assets -2.19% ($1,369,696)
--------------- --------------
Net Assets 100.00% $62,257,846
=============== ==============
<FN>
<F*> Non-income producing
<F#> Dividend in arrears - non-income producing
<Fa> Denotes security is affiliated (See Note 6)
<Fd> $5,300,000 on deposit with custodian bank for securities sold short
<Ff> Denotes security primarily traded in foreign markets
See Notes to Financial Statements
</TABLE>
<PAGE> 21
<TABLE>
- -------------------------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
Lindner Bulwark Fund
- --------------------
Schedule of Securities Sold Short
<S> <C> <C>
ADVO, Inc. 10,000 $103,750
ATC Environmental, Inc. 21,000 275,625
Alternative Resources Corporation 9,400 345,450
American Power Conversion Corporation 25,000 256,250
Atari Corporation 32,000 184,000
Authentic Fitness Corporation 3,000 55,875
Bell & Howell Holdings Company 2,500 81,563
Benchmark Electronics, Inc. 9,900 287,100
Boston Chicken, Inc. 6,000 195,000
Boston Scientific Corporation 2,500 112,500
Briggs & Stratton Corporation 11,000 452,375
Brooke Group Ltd. 3,000 17,625
Cannondale Corporation 5,000 101,250
Cellstar Corporation 14,000 122,500
Corporate Express, Inc. 8,000 320,000
Cracker Barrel Old Country Store, Inc. 10,000 242,500
Dave & Buster's, Inc. 3,000 80,250
Day Runner, Inc. 3,000 77,625
Dollar General Corporation 6,250 182,813
EMC Corporation 20,000 372,500
ENCAD Inc. 2,500 42,500
Eltron International, Inc. 4,000 109,000
Employee Solutions, Inc. 2,000 63,000
Esterline Technologies Corporation 7,500 187,500
Fleming Companies, Inc. 3,500 50,312
Gold Options December 1996 450 50,000 7,500
Harman International Industries, Inc. 8,000 394,000
In Focus Systems, Inc. 6,000 145,500
Iomega Corporation 10,000 290,000
Irvine Sensors Corporation 23,900 113,525
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- -------------------------------------------------------------- ---------------- -------------
<S> <C> <C>
Itron, Inc. 3,000 $85,125
Just for Feet, Inc. 3,500 185,062
Katz Media Group, Inc. 15,000 215,625
MDL Information Systems, Inc. 2,000 59,500
MRV Communications, Inc. 3,500 149,625
Medimmune, Inc. 5,000 85,000
Meridan Data, Inc. 5,000 44,375
Micron Electronics, Inc. 23,000 281,750
Minerals Technologies, Inc. 5,000 171,250
Mylex Corporation 7,500 133,125
Nimbus CD International, Inc. 15,500 203,437
Oxford Resources Corporation Class A 33,500 778,875
Primark Corporation 1,000 32,625
Quintiles Transnational Corporation 5,000 328,750
Regal Cinemas, Inc. 1,000 45,750
Reptron Electronics, Inc. 20,000 352,500
Safeskin Corporation 8,000 332,000
Shared Medical Systems Corporation 3,000 192,750
Smithfield Foods, Inc. 5,000 126,250
Sybron International Corporation 10,000 250,000
Sylvan, Inc. 16,000 604,000
System Software Associates, Inc. 17,500 297,500
TESSCO Technologies, Inc. 1,000 36,500
The Liposome Company, Inc. 15,000 281,250
Todhunter International, Inc. 42,100 368,375
Transaction Network Services, Inc. 12,750 274,125
Ventritex, Inc. 5,000 85,625
Xpedite Systems, Inc. 47,600 1,273,300
Zoltek Companies, Inc. 4,000 137,000
--------------
Total Schedule of Securities Sold Short (-20.37%) $12,680,437
==============
See Notes to Financial Statements
</TABLE>
<PAGE> 22
<TABLE>
- --------------------------------------------------------------------------------------------------------------
Lindner Investments
- --------------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<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 (89.28%)
Chemicals and Allied Products (4.61%)
Kemira Oy Finland 3,200 $33,405
Vinythai Public Company Limited<F*> Thailand 40,000 22,048
--------
$55,453
--------
Computer and Electronic Equipment (3.39%)
Acer Incorporated - GDR<F*> Taiwan 3,500 $26,775
Mitsubishi Electric Corporation Japan 2,000 13,931
--------
$40,706
--------
Diversified Industrial (4.73%)
Alcatel Alsthom Compagnie Generale d'Electricite France 150 $13,083
Mitsubishi Heavy Industries, Ltd. Japan 2,000 17,378
Westmont Industries Berhad Malaysia 15,000 26,331
--------
$56,792
--------
Energy (12.87%)
Archer Resources, Ltd. Canada 5,900 $21,602
Eni Spa - ADR Italy 700 35,000
Lukoil Oil Company Russia 1,000 44,000
MOL Magyar Olaj - es Gazipari Rt. Hungary 2,000 21,823
Sasol Ltd. - ADR South Africa 3,000 32,250
--------
$154,675
--------
Financial Services (13.34%)
Banco Ganadero, S.A. - GDR Colombia 1,100 $26,675
Banco Wiese Limited - Sponsored ADS Peru 3,300 23,512
Bank of Montreal Canada 1,200 29,400
Banque Morocaine du Commerce Exterieur - GDR<F*> Morocco 2,000 28,500
Sphere Drake Holdings, Ltd. Bermuda 3,200 32,800
Vseobeona Uverova Banka AS<F*> Slovak Republic 402 19,481
--------
$160,368
--------
Food and Beverage (7.93%)
Danone Group France 200 $30,264
Foster's Brewing Group, Ltd. Australia 8,000 13,789
Kirin Beverage Corp. Japan 2,000 29,358
OMSA Alimentacion, S.A. Spain 6,500 21,901
--------
$95,312
--------
Industrial Products and Services (7.87%)
Guangzhou Shipyard International Company Limited China 40,000 $9,715
IWKA AG Germany 125 25,704
Radiotronica, S.A.<F*> Spain 2,200 24,795
Vitro, Sociedad Anonima Mexico 5,000 34,375
--------
$94,589
--------
Leisure & Entertainment (1.55%)
Matsushita Electric Industrial Co., Ltd. Japan 1,000 $18,599
--------
Metals Processing (5.83%)
Austuriana De Zinc, S.A.<F*> Spain 1,500 $11,219
China Steel Corporation<F*> Taiwan 1,000 25,875
Pechiney ADR<F*> France 1,100 22,206
Usinor Salcilor France 750 10,816
--------
$70,116
--------
Mining (4.83%)
Gold Reserve Corporation<F*> Canada 4,400 $33,831
Golden Shamrock Mines Limited<F*> Australia 27,000 24,227
--------
$58,058
--------
See Notes to Financial Statements
<PAGE> 23
- -----------------------------------------------------------------------------------------------------------
Lindner Investments
- -----------------------------------------------------------------------------------------------------------
Schedules of Investments - June 30, 1996
<CAPTION>
Number of Shares -
Country Principal Amount
Name of Issuer and Title of Issue of Origin of Bonds Value
- ------------------------------------------------------------------------------------------------- ---------
Lindner International Fund
- --------------------------
<S> <C> <C> <C>
Packaging and Containers (6.08%)
China International Marine Containers Ltd. China 39,000 $33,758
Schmalbach-Lubeca AG Germany 200 39,287
----------
$73,045
----------
Retail Trade (4.48%)
Hornback-Baumarkt AG Germany 700 $31,732
Marui Co., Ltd. Japan 1,000 22,155
----------
$53,887
----------
Transportation (1.05%)
Wah Kwong Shipping Holdings Ltd. Hong Kong 8,000 $12,609
----------
Utilities (Gas, Electric & Water) (7.10%)
Czech Power Company <F*> Czech Republic 400 $15,910
Hidroelctrica del Cantabrico, S.A. Spain 600 20,871
Mosenergo - GDR 144A <F*> Russia 1,800 48,600
----------
$85,381
----------
Miscellaneous (3.62%) $43,505
----------
Total Common Stocks (Cost $980,394) $1,073,095
----------
Convertible Bonds (1.57%)
Mining (4.83%)
Anvil Range Mining Corporation, 8.5% due 2002 Canada $25,000 $18,856
----------
Total Convertible Bonds (Cost $18,343) $18,856
----------
U.S. Treasury Bills (8.31%)
U.S. Treasury Bills, maturing
07-05-96 (Cost $99,922) $100,000 $99,906
----------
Total Investments (Cost $1,098,659) 99.16% $1,191,857
Excess of Other Assets over Liabilities 0.84% $10,123
--------- ----------
Net Assets 100.00% $1,201,980
========= ==========
<FN>
<F*> Non-income producing
<F(a)> Denotes security is affiliated (See Note 6)
ADR American Depository Receipts
GDR Global Depository Receipts
See Notes to Financial Statements
</TABLE>
<PAGE> 24
<TABLE>
<CAPTION>
Lindner Growth Fund Lindner Dividend Fund
------------------- ---------------------
<S> <C> <C>
Investment Income
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of $272,194,
$621,564, $1,276, $0, $1,105 and $834 respectively) $11,715,477 $75,308,384
Affiliated issuers (Non-controlled)(net of withholding
taxes of $47,782 for Lindner Growth Fund) 3,540,548 835,574
Amortization 10,254,105 13,366,102
Interest 5,559,806 62,329,404
------------ ------------
Total income 31,069,936 151,839,464
------------ ------------
Expenses:
Management fees (Note 3) 7,577,725 10,705,343
Registration and regulatory fees 44,303 32,635
Dividend expense - short sales -- --
Professional fees 127,097 177,236
Custodian fees 302,637 198,692
Transfer agent fees (Note 3) 568,620 802,815
Organizational expense (Note 4) -- --
Other expenses 517,952 746,407
Expenses reimbursed by advisor -- --
------------ ------------
Total expenses 9,138,334 12,663,128
Fees paid indirectly (Note 7) (66,586) (100,041)
------------ ------------
Net expenses 9,071,748 12,563,087
------------ ------------
Net investment income/(loss) 21,998,188 139,276,377
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments of unaffiliated issuers 97,790,620 69,610,917
Net realized gain (loss) on investments of
affiliated issuers (Non-controlled) 91,485,705 63,371
Net realized gain (loss) on securities sold short 3,843,653 30,619
Net realized loss on option transactions -- --
Net realized gain (loss) on foreign currency transactions 37,157 942
------------ ------------
Net realized gain (loss) on investments and
foreign currency transactions 193,157,135 69,705,849
------------ ------------
Change in unrealized appreciation on investments 66,480,962 102,491,196
Net unrealized appreciation (depreciation) on securities sold short -- 678,565
Net unrealized depreciation on options -- --
Net unrealized depreciation
on translation of assets and liabilities in foreign currencies (2,447) (373)
------------ ------------
Net unrealized appreciation on investments and
translation of assets and liabilities in foreign currencies 66,478,515 103,169,388
------------ ------------
Net Increase in Net Assets
Resulting from Operations $281,633,838 $312,151,614
============ ============
</TABLE>
<PAGE> 25
<TABLE>
<CAPTION>
Lindner/Ryback
Lindner Utility Fund Small-Cap Fund
-------------------- --------------
<S> <C> <C>
Investment Income
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of $272,194,
$621,564, $1,276, $0, $1,105 and $834 respectively) $734,008 $61,461
Affiliated issuers (Non-controlled)(net of withholding
taxes of $47,782 for Lindner Growth Fund) -- --
Amortization 24,066 25,036
Interest 136,847 4,931
---------- ----------
Total income 894,921 91,428
---------- ----------
Expenses:
Management fees (Note 3) 162,566 54,714
Registration and regulatory fees 18,962 14,376
Dividend expense - short sales -- --
Professional fees 4,729 6,523
Custodian fees 3,882 959
Transfer agent fees (Note 3) 15,228 4,939
Organizational expense (Note 4) 6,620 5,965
Other expenses 10,525 8,088
Expenses reimbursed by advisor -- --
---------- ----------
Total expenses 222,512 95,564
Fees paid indirectly (Note 7) (2,234) (1,071)
---------- ----------
Net expenses 220,278 94,493
---------- ----------
Net investment income/(loss) 674,643 (3,065)
---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments of unaffiliated issuers 3,121,136 (206,452)
Net realized gain (loss) on investments of
affiliated issuers (Non-controlled) -- --
Net realized gain (loss) on securities sold short -- --
Net realized loss on option transactions -- --
Net realized gain (loss) on foreign currency transactions (16,888) --
---------- ----------
Net realized gain (loss) on investments and
foreign currency transactions 3,104,248 (206,452)
---------- ----------
Change in unrealized appreciation on investments 3,009,888 1,871,886
Net unrealized appreciation (depreciation) on
securities sold short -- --
Net unrealized depreciation on options -- --
Net unrealized depreciation
on translation of assets and liabilities in foreign currencies -- --
---------- ----------
Net unrealized appreciation on investments and
translation of assets and liabilities in foreign currencies 3,009,888 1,871,886
---------- ----------
Net Increase in Net Assets
Resulting from Operations $6,788,779 $1,662,369
========== ==========
</TABLE>
<PAGE> 26
<TABLE>
<CAPTION>
Lindner Lindner
Bulwark Fund International Fund
------------ ------------------
<S> <C> <C>
Investment Income
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of $272,194,
$621,564, $1,276, $0, $1,105 and $834 respectively) $18,709 $8,966
Affiliated issuers (Non-controlled)(net of withholding
taxes of $47,782 for Lindner Growth Fund) -- --
Amortization 447,030 6,996
Interest 1,162,485 699
---------- --------
Total income 1,628,224 16,661
---------- --------
Expenses:
Management fees (Note 3) 441,232 6,324
Registration and regulatory fees 15,558 12,450
Dividend expense - short sales 26,290 --
Professional fees 6,105 194
Custodian fees 3,619 2,099
Transfer agent fees (Note 3) 17,130 721
Organizational expense (Note 4) 12,777 7,298
Other expenses 26,400 1,528
Expenses reimbursed by advisor -- (14,225)
---------- --------
Total expenses 549,111 16,389
Fees paid indirectly (Note 7) (6,417) (62)
---------- --------
Net expenses 542,694 16,327
---------- --------
Net investment income/(loss) 1,085,530 334
---------- --------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments of unaffiliated issuers 6,019,833 27,131
Net realized gain (loss) on investments of
affiliated issuers (Non-controlled) (104,907) --
Net realized gain (loss) on securities sold short (949,718) --
Net realized loss on option transactions (7,593,067) --
Net realized gain (loss) on foreign currency transactions (4) (39)
---------- --------
Net realized gain (loss) on investments and
foreign currency transactions (2,627,863) 27,092
---------- --------
Change in unrealized appreciation on investments 8,305,265 93,218
Net unrealized appreciation (depreciation) on
securities sold short (284,395) --
Net unrealized depreciation on options (1,747,401) --
Net unrealized depreciation
on translation of assets and liabilities in foreign currencies -- (1)
---------- --------
Net unrealized appreciation on investments and
translation of assets and liabilities in foreign currencies 6,273,469 93,217
---------- --------
Net Increase in Net Assets
Resulting from Operations $4,731,136 $120,643
========== ========
</TABLE>
<PAGE> 27
<TABLE>
<CAPTION>
Lindner Growth Fund Lindner Dividend Fund
------------------------------ ---------------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1996 1995 1996 1995<F1>
------------------------------ ---------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $21,998,188 $28,303,040 $139,276,377 $44,123,695
Net realized gain (loss) on investments and
foreign currency transactions 193,157,135 47,112,125 69,705,849 10,919,872
Net increase (decrease) in unrealized appreciation
on investments and translation of assets and
liabilities in foreign currencies 66,478,515 124,803,151 103,169,388 86,204,403
--------------- -------------- --------------- --------------
Net Increase (Decrease) in Net Assets $281,633,838 $200,218,316 $312,151,614 $141,247,970
--------------- -------------- --------------- --------------
Distributions to Shareholders:
From net investment income ($27,562,263) ($23,561,644) ($138,030,345) ($67,994,198)
From net realized gain on investments and
foreign currency transactions (78,994,844) (125,942,313) (17,445,338) --
--------------- -------------- --------------- --------------
Net decrease in net assets from
distributions to shareholders ($106,557,107) ($149,503,957) ($155,475,683) ($67,994,198)
--------------- -------------- --------------- --------------
Fund Share Transactions:
Proceeds from reinvestment of distributions $98,228,064 $138,345,819 $126,958,767 $55,907,544
Proceeds from shares sold $1,135,061,274 $118,861,028 $2,552,736,189 $176,759,977
Payments for shares redeemed ($1,408,456,014) ($389,351,975) ($2,446,357,894) ($100,356,355)
--------------- -------------- --------------- --------------
Net Increase (Decrease) in Fund Share Transactions (175,166,676) (132,145,128) 233,337,062 132,311,166
--------------- -------------- --------------- --------------
Total Increase (Decrease) in Net Assets ($89,945) ($81,430,769) $390,012,993 $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 $1,446,094,329 $1,446,184,274 $2,292,933,462 $1,902,920,469
=============== ============== =============== ==============
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $10,851,374 $16,314,935 $2,240,544 $994,513
=============== ============== =============== ==============
Transactions in shares of the Funds:
Reinvestment of Distributions 4,157,926 6,503,664 4,629,712 2,187,838
Shares Sold 62,065,616 5,420,277 97,757,829 6,927,983
--------------- -------------- --------------- --------------
66,223,542 11,923,941 102,387,541 9,115,821
Shares Redeemed (73,404,006) (18,079,101) (93,903,065) (3,911,108)
--------------- -------------- --------------- --------------
Net Increase (Decrease) (7,180,464) (6,155,160) 8,484,476 5,204,713
=============== ============== =============== ==============
<FN>
<F1> For the four month period ended June 30, 1995
<F2> Operations commenced on January 1, 1995
<PAGE> 28
<CAPTION>
Lindner/Ryback
Lindner Utility Fund Small-Cap Fund
------------------------------ ---------------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1996 1995 1996 1995
------------------------------ ---------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $674,643 $909,850 ($3,065) ($37,605)
Net realized gain (loss) on investments and
foreign currency transactions 3,104,248 (2,822,760) (206,452) 1,018,341
Net increase (decrease) in unrealized appreciation
on investments and translation of assets and
liabilities in foreign currencies 3,009,888 1,734,278 1,871,886 30,028
--------------- --------------- ----------------- --------------
Net Increase (Decrease) in Net Assets $6,788,779 ($178,632) $1,662,369 $1,010,764
--------------- --------------- ----------------- --------------
Distributions to Shareholders:
From net investment income ($631,299) ($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 ($631,299) ($1,255,141) (981,949) (15,880)
--------------- --------------- ----------------- --------------
Fund Share Transactions:
Proceeds from reinvestment of distributions $556,712 $1,172,469 $784,089 $14,722
Proceeds from shares sold $40,928,674 $44,438,413 $12,727,249 $4,636,155
Payments for shares redeemed ($32,925,623) ($37,682,913) ($11,949,824) ($3,058,641)
--------------- --------------- ----------------- --------------
Net Increase (Decrease) in Fund Share Transactions 8,559,763 7,927,969 1,561,514 1,592,236
--------------- --------------- ----------------- --------------
Total Increase (Decrease) in Net Assets $14,717,243 $6,494,196 $2,241,934 $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 $32,298,880 $17,581,637 $10,109,289 $7,867,355
=============== =============== ================= ==============
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $103,836 $60,491 ($40,668) ($37,602)
=============== =============== ================= ==============
Transactions in shares of the Funds:
Reinvestment of Distributions 42,941 113,023 149,350 3,073
Shares Sold 3,272,220 4,187,054 2,431,078 932,220
--------------- --------------- ----------------- --------------
3,315,161 4,300,077 2,580,428 935,293
Shares Redeemed (2,673,173) (3,775,212) (2,375,091) (598,742)
--------------- --------------- ----------------- --------------
Net Increase (Decrease) 641,988 524,865 205,337 336,551
=============== =============== ================= ==============
<FN>
<F1> For the four month period ended June 30, 1995
<F2> Operations commenced on January 1, 1995
<PAGE> 29
<CAPTION>
Lindner Bulwark Fund Lindner International Fund
------------------------------ ---------------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1996 1995 1996 1995<F2>
------------------------------ ---------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) $1,085,530 $1,606,276 $334 $2,117
Net realized gain (loss) on investments and
foreign currency transactions (2,627,863) (4,899,864) 27,092 11
Net increase (decrease) in unrealized appreciation
on investments and translation of assets and
liabilities in foreign currencies 6,273,469 2,274,177 93,217 (20)
------------- ------------ ------------ ------------
Net Increase (Decrease) in Net Assets $4,731,136 ($1,016,411) $120,643 $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 -- ($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 $78,768,569 $88,553,973 $1,787,712 $306,141
Payments for shares redeemed ($86,171,528) ($53,849,280) ($1,001,419) ($13,123)
------------- ------------ ------------ ------------
Net Increase (Decrease) in Fund Share Transactions (5,859,516) 35,558,627 788,346 293,018
------------- ------------ ------------ ------------
Total Increase (Decrease) in Net Assets ($2,792,624) $33,619,751 $906,854 $295,126
Net Assets at the Beginning of the Period 65,050,470 31,430,719 $295,126 --
------------- ------------ ------------ ------------
Net Assets at the End of the Period $62,257,846 $65,050,470 $1,201,980 $295,126
============= ============ ============ ============
Undistributed Net Investment Income (Loss) Included
in Net Assets at the End of the Period $508,405 $1,087,070 $327 $2,117
============= ============ ============ ============
Transactions in shares of the Funds:
Reinvestment of Distributions 231,734 115,983 235 --
Shares Sold 9,824,886 12,271,902 203,243 33,898
------------- ------------ ------------ ------------
10,056,620 12,387,885 203,478 33,898
Shares Redeemed (11,784,513) (7,595,219) (114,402) (1,442)
------------- ------------ ------------ ------------
Net Increase (Decrease) (1,727,893) 4,792,666 89,076 32,456
============= ============ ============ ============
<FN>
<F1> For the four month period ended June 30, 1995
<F2> Operations commenced on January 1, 1995
</TABLE>
<PAGE> 30
- -------------------------------------------------------------------------------
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.
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 Trustees.
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. Other Funds may
engage in short sales of securities if they own or have
the right to acquire, without the payment of further
consideration, an approximately equal amount of such
securities ("short sales against the box").
Use of Management Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles requires
that management make certain estimates and assumptions
that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements. The
reported amounts of revenues and expenses during the
reporting period may also be affected by the estimates
and assumptions management is required to make. Actual
results may differ from those estimates.
Reclassifications
Certain reclassifications have been made to the June 30,
1995 financial statements and financial highlights to
conform with the June 30, 1996 presentation.
<PAGE> 31
- -------------------------------------------------------------------------------
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 year ended June 30, 1996, 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 $491,924,215 $639,651,555
LINDNER DIVIDEND FUND 949,519,245 589,197,354
LINDNER UTILITY FUND 30,803,709 22,588,794
LINDNER/RYBACK
SMALL-CAP FUND 9,177,565 7,645,707
LINDNER BULWARK FUND 15,223,231 39,068,031
LINDNER INTERNATIONAL FUND 1,192,673 221,145
</TABLE>
For the year ended June 30, 1996, aggregate purchases and
sales of U.S. Government securities were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
LINDNER GROWTH FUND $1,075,097,258 $1,180,626,066
LINDNER DIVIDEND FUND 970,338,892 1,134,802,265
LINDNER UTILITY FUND 18,103,890 17,327,681
LINDNER/RYBACK
SMALL-CAP FUND 9,750,433 9,671,340
LINDNER BULWARK FUND 126,777,786 113,476,580
LINDNER INTERNATIONAL FUND 1,891,358 1,996,944
</TABLE>
For the year ended June 30, 1996, aggregate purchases and
sales of options in the Lindner Bulwark Fund were $14,240,971
and $9,450,600, respectively.
For the year ended June 30, 1996, the cost of investments
purchased to cover short sales and the proceeds from
investments sold short were as follows:
<TABLE>
<CAPTION>
Short Sales Covers
----------- ------
<S> <C> <C>
LINDNER GROWTH FUND $8,645,266 $4,801,613
LINDNER DIVIDEND FUND 2,197,160 48,783
LINDNER BULWARK FUND 25,315,912 29,310,080
</TABLE>
<PAGE> 32
- -------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------
2. Investment Transactions (continued)
On June 30, 1996, 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 $377,223,354 ($42,185,204) $335,038,150 $1,127,823,699
LINDNER DIVIDEND FUND 209,791,567 (77,953,794) 131,837,773 2,144,847,806
LINDNER UTILITY FUND 4,784,782 (697,544) 4,087,238 28,068,709
LINDNER/RYBACK SMALL-CAP FUND 1,913,199 (168,573) (1,744,626) 8,178,093
LINDNER BULWARK FUND 11,091,808 (1,925,877) 9,165,931 44,831,594
LINDNER INTERNATIONAL FUND 130,506 (37,300) 93,206 1,098,659
</TABLE>
3. Fees and Other Transactions with Affiliates
The management fee for Lindner Growth Fund series is payable
to Ryback Management (the "Adviser") (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%.
The management fee for Lindner Dividend Fund series is payable
quarterly to the Adviser (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 Adviser by
Lindner Utility Fund and Lindner/Ryback Small-Cap Fund
according to the following annual percentage rate of daily net
asset values averaged monthly (before reimbursement of
expenses to the Funds, if any) of each of the Funds: .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 Adviser at the
annual percentage rate of 1% of daily net asset values
averaged monthly (before reimbursement of expenses to the
Funds, if any) of each of the Funds.
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 year ended June
30, 1996, the Advisor reimbursed Lindner International Fund
$14,225.
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 year ended June 30, 1996, the following transfer agent
fees were paid to Ryback Management Corporation: Lindner
Growth Fund ($510,148), Lindner Dividend Fund ($706,160),
Lindner Utility Fund ($14,267), Lindner/Ryback Small-Cap Fund
($4,628), Lindner Bulwark Fund (16,103), and Lindner
International Fund ($690).
Certain officers and directors of the Funds are affiliates of
Ryback Management Corporation.
<PAGE> 33
- -------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------
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 Adviser 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 $18,108 $6,620
LINDNER/RYBACK
SMALL-CAP FUND 29,182 14,411 5,965
LINDNER BULWARK FUND 62,831 30,572 12,777
LINDNER INTERNATIONAL FUND 35,889 10,907 7,298
</TABLE>
Any redemption by the shareholders of the Adviser 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.
The following is a schedule of capitalized expenses incurred
in connection with the organization and registration of a
second class of shares for the Funds which will be amortized
and reimbursed to the Adviser on a straight line basis over a
period of five years:
<TABLE>
<CAPTION>
Original
Expense
-------
<S> <C>
LINDNER GROWTH FUND $13,241
LINDNER DIVIDEND FUND 14,507
LINDNER UTILITY FUND 10,775
LINDNER/RYBACK
SMALL-CAP FUND 10,633
LINDNER BULWARK FUND 10,922
LINDNER INTERNATIONAL FUND 10,590
</TABLE>
5. Distributions to Shareholders
On June 28, 1996, distributions to shareholders were recorded
for Lindner Dividend Fund and Lindner Utility Fund. Lindner
Dividend Fund declared a $0.46 income dividend and Lindner
Utility Fund declared a $0.09 income dividend to shareholders
of record on June 27, 1996, which were paid on July 11, 1996.
<PAGE> 34
- -------------------------------------------------------------------------------
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 year ended
June 30, 1996, 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 $ 3,078,385 $ 9,684,158 $34,384,500 $956,026 $ 478,304
Alliant Techsystems, Inc. 35,487,500 40,527,500
Allied Research Corporation 1,592,325 2,260,604 0 (513,357)
American Media, Inc., Class A <F++> 9,934,183 11,813,025
Anvil Range Mining 4,003,494 851,924 5,324,326
<F**>Atlantic Realty Trust <F++> 2,418,382
Atwood Oceanics, Inc. 9,332,313 4,568,388 <F##> 6,943,463
Autoinfo, Inc. 2,239,266 2,228,125
Bancfirst Corporation 5,005,050 7,056,300 101,742
Bard (C.R.), Inc. (formerly
MedChem Products, Inc.) 5,999,550 4,134,625 0 569,207
Brooklyn Bancorp, Inc. <F#> 1,781,250 18,795,000 0 7,765,000
Butler Manufacturing Company 15,749,001 169,846 1,364,367 14,850,000 197,226 3,249,158
Centigram Communications <F++> 11,168,910 10,175,875
Charming Shoppes, Inc. <F#> 16,601,950 8,327,531 40,213,875 2,144,181
Chempower, Inc. 2,437,500 2,843,750
Community Financial Corporation 1,740,500 2,448,500 53,100
Comprehensive Care Corporation
Common stock <F++> 985,413 849,913 119,250 4,211
Common stock - Rule 144A <F#> 810,000 1,875,000
Cytogen Corporation <F++> 8,344,537 3,841,750 <F##> 1,528,787
Dayton Mining Corporation 5,473,868 5,803,630 2,125,427 16,427,622 4,544,771
Durakon Industries, Inc. 5,756,875 1,327,713 43,706 6,945,412 (11,761)
<F*>Fidelity Federal Bank FSB Class A <F++> 6,343,092 6,343,092 0
Gradco Systems, Inc. 1,316,100 614,869 3,075,625
Hadco Corporation 17,810,500 5,714,385 0 14,610,793
Handleman Company <F++> 15,194,482 14,242,937 75,000
Health Images, Inc. 6,638,888 63,782 103,332 12,452,700 101,973 63,613
Hilb, Rogal and Hamilton Company 10,312,500 347,541 11,793,750 486,750
<PAGE> 35
- -------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------
<CAPTION>
Gain (Loss)
Realized
Dividend on Sale
Security Name Activity Income of Shares
- ----------------------------------- ----------------------------------------------------------- --------- -----------
Value at Purchases, Sales, Value
Beginning of Additions Reductions at End of
Period at Cost at Cost Period
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Lindner Growth Fund (continued)
International Shipholding Corporation $ 5,646,688 $ 4,354,184 <F##> $ 745,502
Laclede Steel Company 3,834,000 3,950,037 <F##> (1,319,014)
London & Overseas Freighters Ltd. - ADR 4,992,719 $ 5,296,844 $ 26,358
Maxicare Health Plan, Inc. 14,600,628 11,781,735 <F##> 10,860,229
Maynard Oil Company <F++> $ 1,806,806 2,109,375
Metricom, Inc. 19,605,000 164,625 20,734,875
Micronics Computers, Inc. 4,537,500 1,329,424 77,238 3,476,544 (27,795)
<F*>Micropolis Corporation 7,913,325 47,139 10,485,901 0
Mid-South Insurance Company 5,899,498 3,216,984 0 75,085 5,187,119
MFRI, Inc. 1,832,875 2,429,625
The Morningstar Group, Inc. 8,531,075 2,688,281 16,177,975
Mosaid Technologies, Inc. 5,534,557 3,089,168 0 3,381,737
MTL, Inc. 4,598,438 5,737,500
National Insurance Group 2,644,600 592,160 2,800,800
Noodle Kidoodle, Inc. (formerly
Greenman Brothers, Inc.) 2,925,244 323,125 304,040 <F##> 483,524
OMI, Inc. 14,673,713 253,618 19,357,950
Physicians Insurance Company of Ohio 3,559,500 899,670 <F##> 2,518,092
Portsmouth Bancshares, Inc. 6,208,680 3,544,167 0 62,638 2,636,046
Puerto Rican Cement Company 9,616,650 9,813,712 214,404
Quixote Corporation <F++> 7,066,450 1,299,900 3,388,500 132,240 (630,463)
Ramco-Gershenson Properties Trust <F++> 10,168,076 8,951,637
<F*>RPS Reality Trust <F#> 4,904,940 10,168,076 0 646,792
Scientific Software-Intercomp, Inc. <F++> 1,806,363 1,449,000
Spaghetti Warehouse <F++> 1,812,716 2,015,087
Sterling Financial Corporation 4,480,488 1,191,243 <F##> 446,288
Stewart Information Services Corporation 8,045,269 253,199 7,647,500 90,695 377,232
Tanknology Environmental, Inc. 2,129,119 1,008,524 3,228,197
Technitrol Inc. (formerly
Pulse Engineering, Inc.) 3,471,419 1,162,135 <F##> 49,755 2,199,170
Tripos, Inc. 1,740,625 20,932 1,264,662 0 1,255,000
Triton Group Ltd. 3,136,275 1,685,982 1,161,731
Unilab Corpration <F++> 6,904,748 3,066,406
United Grain Growers Ltd.
4,221,866 4,979,496 125,193
<PAGE> 36
- -------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------
<CAPTION>
Gain (Loss)
Realized
Dividend on Sale
Security Name Activity Income of Shares
- ----------------------------------- ----------------------------------------------------------- --------- -----------
Value at Purchases, Sales, Value
Beginning of Additions Reductions at End of
Period at Cost at Cost Period
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Lindner Growth Fund (continued)
Uranium Resources, Inc. $ 4,107,625 $ 100,967 $ 11,969,994 $ (31,592)
USA Waste Services, Inc. (formerly
Chambers Development Company, Inc.,
Class A) 30,318,050 19,064,363 <F##> 26,386,304
Vertex Communications Corporation 5,775,000 7,822,500
Wainoco Oil Corporation 9,611,250 11,595,235 0 (4,280,831)
Wave Technologies International, Inc. 1,980,000 244,950 1,115,313 (77,213)
Wharf Resources, Ltd. 14,128,950 $ 243,186 11,533,393 $ 145,571
Zapata Corporation <F++> 7,492,729 7,848,488
------------ ------------ ------------ ------------ ---------- -----------
$391,923,931 $133,741,331 $156,244,045 $405,328,896 $3,540,548 $91,485,705
============ ============ ============ ============ ========== ===========
LINDNER DIVIDEND FUND
American Bank of Connecticut $ 2,811,250 $ 141,488 $ 3,011,638 $ 169,236 $ 63,371
El Paso Electric Company <F#> $ 16,666,431 23,130,000
Pimco Commercial Mortgage Securities 7,625,863 7,181,638 666,338
Uranium Resources, Inc.
Common stock <F#> 1,905,717 5,000,250
Common stock - Rule 144A <F++> 2,000,000 7,375,000
Zapata Corporation <F++> 6,564,914 6,638,461
------------ ------------ ------------ ------------ ---------- -----------
$ 10,437,113 $ 27,137,062 $ 141,488 $ 52,336,987 $ 833,574 $ 63,371
============ ============ ============ ============ ========== ===========
LINDNER BULWARK FUND
Autoinfo, Inc. $ 1,349,998 $ 9,840 $ 893,832 <F##> $ (104,907)
------------ ------------ ------------ ------------ ---------- -----------
$ 1,349,998 $ 9,840 $ 893,832 $ 0 $ 0 $ (104,907)
============ ============ ============ ============ ========== ===========
<FN>
<F#> - At June 30, 1995, was not affiliated.
<F++> - At June 30, 1995, was not owned.
<F##> - At June 30, 1996, was not affiliated.
<F*> - Security was exchanged via a corporate action into a security of a
different company. Transaction resulted in no realized gain or loss.
<F**> - Security was acquired at no cost via a corporate action from a different company.
</TABLE>
<PAGE> 37
- -------------------------------------------------------------------------------
Lindner Investments
- -------------------------------------------------------------------------------
7. Expense Offset Arrangements
The Funds have an arrangement whereby custodian expenses are
reduced by maintaining a compensating balance with the
custodian. The Funds could have invested the assets used by
the custodian in an income-producing asset if it had not
agreed to a reduction in fees under the expense offset
arrangement. In the Statements of Operations and expense
ratio in the Financial Highlights, total expenses include the
expense which had been offset. The following are the
aggregate amounts for the year ended June 30, 1996, by which
expenses have been increased for financial statement
presentation:
<TABLE>
<S> <C>
LINDNER GROWTH FUND $66,586
LINDNER DIVIDEND FUND 100,041
LINDNER UTILITY FUND 2,234
LINDNER/RYBACK
SMALL-CAP FUND 1,071
LINDNER BULWARK FUND 6,417
LINDNER INTERNATIONAL FUND 62
</TABLE>
8. Issuance of Multiple Class of Shares
On March 1, 1996, the Trust adopted a multiple class
distribution program and created a new class of shares for
purposes of marketing them to institutional investors. These
shares were designated "Institutional Shares" while the
existing shares were designated "Investors Shares". The
Institutional Shares carry a Service Plan (the "Plan")
pursuant to Rule 12b-1 under the 1940 Act. The Plan provides
that Institutional Shares of each Fund may paydistribution and
related expenses of up to 0.25% each year of the average net
assets allocated to Institutional Shares. As of June 30,
1996, no such distribution nor expenses had been paid by the
Trust as no Institutional Shares were outstanding in the
period.
9. Subsequent Event
On July 6, 1996, the Lindner Government Money Market Fund was
registered as a separate series of the Trust.
<PAGE> 38
<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
1996 $23.33 $0.40 $4.47 $4.87 $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
1996 $26.00 $1.80 $2.29 $4.09 $1.79 $0.23 $2.02
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
1996 $10.77 $0.35 $3.42 $3.77 $0.34 $0.00 $0.34
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
1996 $5.46 $0.00 $1.30 $1.30 $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
1996 $7.09 $0.26 $1.32 $1.58 $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
1996 $9.09 ($0.01) $0.86 $0.85 $0.05 $0.00 $0.05
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------
Ratio of Net Net
Net Asset Ratio of Investment Assets,
Value, Expenses Income 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% 24.94% $1,446
1996 $26.39 21.95% 0.63%<F9> 1.53% 39.49% $0.0397 $1,446
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% 20.79% $1,697
Period Ended June 30,
1995 $26.00 8.12% 0.21% 2.43% 11.00% $1,903
1996 $28.07 16.14% 0.60%<F9> 6.62% 30.24% $0.0508 $2,293
Lindner Utility Fund<F3>
- ------------------------
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
1996 $14.20 35.39% 0.95%<F9> 2.87% 98.58% $0.0422 $32
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
1996 $6.15 25.70% 1.22%<F9> -0.04% 103.05% $0.0560 $10
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% 122.64% $65
1996 $8.36 23.44% 1.24%<F9> 2.45% 139.82% $0.0320 $62
Lindner International Fund<F6>
- ------------------------------
Period Ended June 30,
1995 $9.09 1.00% 1.26% 1.02% 0.00% $0.3
1996 $9.89 9.41% 2.57%<F9> 0.05% 48.40% $0.0293 $1.2
<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.
</TABLE>
<PAGE> 39
INDEPENDENT AUDITORS' REPORT
Lindner Growth Fund,
Lindner Dividend Fund,
Lindner Utility Fund,
Lindner/Ryback Small-Cap Fund
Lindner Bulwark Fund,
and Lindner International Fund
To the Trustees and Shareholders of Lindner Investments:
We have audited the accompanying statements of assets and
liabilities of the Lindner Growth Fund, the Lindner Dividend
Fund, the Lindner Utility Fund, the Lindner/Ryback Small-Cap
Fund, the Lindner Bulwark Fund, and the Lindner International
Fund, including the schedules of investments, as of June 30,
1996, and the related statements of operations for the period
then ended, the statement of changes in net assets for the
periods ended June 30, 1996 and 1995, and the financial
highlights for the periods then ended. These financial
statements and financial highlights are the responsibility of
the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the
years in the seven year period ended June 30, 1993 of the
Lindner Growth Fund (formally the Lindner Fund, Inc.) and for
each of the years in the seven year period ended February 28,
1993 of the Lindner Dividend Fund were audited by other
auditors, whose reports, dated August 9, 1993 and April 5,
1993 (April 15 as to certain distributions), respectively,
expressed an unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of June 30, 1996, by corresponding with
the Funds' custodians and brokers. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial
highlights present fairly, in all material respects, the
financial position of the Funds at June 30, 1996, and the
results of their operations, the changes in their net assets,
and the financial highlights for the respective stated
periods, in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
St. Louis, Missouri
August 9, 1996
<PAGE> 40
LINDNER GROWTH FUND
August 14, 1996
Dear Fellow Shareholders:
For the year ended June 30, 1996, the Lindner Growth Fund
produced a total return of 21.95% compared to the S&P 500 total
return of 26%. For the first six months of 1996 the Fund's
return was 13.6% vs. 10.1% for the S&P 500 benchmark.
We believe the stock market has become a bit more rational in
1996 compared to the history-making year of 1995. Areas of the
market which had become speculative casinos such as
semiconductors and internet stocks have experienced a gut-
wrenching reversal of fortune and value investing, once again,
is starting to be viewed as a more stable alternative.
Financial highlights of 1996 include the reappointment of Alan
Greenspan to another four year term as Chairman of the Federal
Reserve in March; purchases of mutual funds have been smashing
records; and the United States grows ever more dependent on
foreign investment to finance its demand for borrowings. We
believe the evidence is mounting that election year politics may
have the effect of allowing economic growth to get ahead of what
non-inflationary monetary policy would normally allow and may
result in unpleasant effects on the markets post-election.
There is increasing evidence of labor shortages in a number of
skilled positions and overall employment continues to grow. In
the perverse world of Wall Street this good news can be
unwelcome if it results in increases in interest rates. We are
constantly monitoring these events to most effectively benefit
you, our shareholders.
Respectfully submitted,
Eric E. Ryback Larry Callahan Robert A. Lange
President Portfolio Manager Portfolio Manager
<PAGE> 41
LINDNER DIVIDEND FUND
August 14, 1996
Dear Fellow Shareholders:
The Dividend Fund finished the year ended June 30, 1996
with a total return of 16.14% compared to the S&P 500 total
return of 26%. During the same time period, the yield on the
30-year treasury bond rose from 6.62% to 6.87%. As a
consequence of its interest rate sensitivity, the fund reacted
more favorably as rates decline. I am pleased to report the
average portfolio yield is 6.57% which compares very favorably
to the one year treasury bill rate of 5.58%.
The percentage of cash and cash equivalents slowly
decreased from 12.7% on June 30, 1995, to 3.2% as of this
letter. The Dividend Fund deployed the cash into defensive and
undervalued sectors such as Gas and Electric utilities, Energy
and Financial Services. The largest sector increases of the
past year were in mining, which rose from 3.14% to 5.24%.
Telecommunication also advanced from 6.7% to 10.55%. In the
case of mining, the appreciation in value of Uranium Resources
and Energy Resources of Australia (both companies mine uranium
for the nuclear utility industry) contributed to the increase.
The congressional deregulation of the telecommunication industry
furthered our bullish outlook of this sector. In turn, we have
added several new holdings in this category.
Our efforts to provide you with a risk-averse, consistent
investment have not gone unnoticed. Once again, in the recent
release of the August 26th issue of Forbes magazine, the
publication rated the Lindner Dividend Fund as the number one
"Best Buy" stock fund. In its comparison, the magazine favors
funds that achieve solid returns without charging exorbitant
fees or exposing shareholder savings to excessive risk. This is
the fourth year in the five-year history of the magazine's
ranking that the Dividend Fund has placed first. The only time
the Fund was not included was in 1993 when it was closed to new
investors.
Your continued involvement with the Dividend Fund is truly
appreciated.
Respectfully submitted,
Eric E. Ryback
President
<PAGE> 42
LINDNER UTILITY FUND
August 14, 1996
Dear Fellow Shareholders:
The Lindner Utility Fund finished the year ended June 30,
1996 with a total return of 35.39%. This compared extremely
favorably to the 22.34% return of the New York Stock Exchange
Utility Index. The Dow Jones Utilities Index advanced 15.07%
for the same period.
The net assets for the Utility Fund as of June 30, 1996
were $32 million, up from $17 million at June 30, 1995.
Currently, the largest industry sector continues to be gas,
electric and water utilities at a combined 35% of the
portfolio which has slowly dropped throughout the year
starting at 52% on June 30, 1995 and 38% at December 31, 1995.
We sold the utilities that reached our sell target and are
deploying a portion of that cash into energy stocks, thus
increasing that position to 22% from 21% as of December 31,
1995. Since that same date, when Treasury Bills amounted to
slightly less than 1% of the portfolio, the cash has risen to
2.5% of the portfolio. And finally, the telecommunications
industry weighting remained the same at 27% 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. As reported in the semi-annual report of December
31, 1995, this company combined with Energy Resources of
Australia Ltd., another uranium mining concern, represented
4.85% of the portfolio at that time. Now those same holdings
now represent 11.36% of the total portfolio since their stock
price has appreciated more than 100% in value. Our analysis
continues to indicate that the potential for these companies,
and the industry as a whole, is very strong. We continue to
believe the industry is just beginning to favor a long-term
rise in uranium prices and, with these names, the fund would
continue to benefit.
As a final point of interest, the September issue of
Kiplinger's Personal Finance Magazine rated your Lindner
Utility Fund as the "Best Utility Fund" in terms of
performance over the past year ended June 30, 1996.
As always, we are grateful for your support during the
past year.
Respectfully submitted,
Eric E. Ryback Rick Eckenrodt, Jr.
President Portfolio Manager
<PAGE> 43
LINDNER/RYBACK SMALL-CAP FUND
August 14, 1996
Dear Fellow Shareholders:
For the year ended June 30, 1996, the Lindner/Ryback Small-
Cap Fund's total return was 25.70%. This compares favorably to
the Russell 2000 Index of Small-Capitalization stocks' total
return of 24.00% during the same period.
During the first half of the fiscal year, the Fund had a
few select holdings that dampened it's performance, thus the
securities we felt would not recover were sold. The Fund's
assets at June 30, 1995 were 7.8 million and currently are 10.1
million. Over the past six months, the performance of the Fund
and that of small-cap stocks in general have exceeded that of
the overall market. Our improved results were due, in large
part, to a rebound in holdings that had underperformed the
market in the first half of the year. Three stocks in
particular, Uranium Resources, Tuboscope Vetco, and Charming
Shoppes, which constituted a large portion of the Fund's assets,
have outperformed the market by a considerable amount during
1996.
In addition, we have gradually diversified the number of
stocks we hold from 21 names to 36 names. We have significantly
reduced our exposure to the banking and industrial services
sectors, while increasing our holdings in the commercial
services, insurance, and retail sectors. Currently, the Fund
has over 12% of its assets in cash which we expect to gradually
deploy as we find attractive areas for investment.
We occasionally receive calls from shareholders asking why
the fund is not listed in the paper. The simple answer is one
of regulation by the NASD which states that a listing requires
a minimum of 1000 shareholders or $25 million in assets. The
Small-Cap Fund currently has 698 shareholders that comprise
$10.1 million in the portfolio. Spread the word of our good
performance and help get your fund listed.
Thank you for your continued interest in the Fund.
Respectfully submitted,
Eric E. Ryback Donald Wang
President Portfolio Manager
<PAGE> 44
LINDNER BULWARK FUND
August 14, 1996
Dear Fellow Shareholders:
The Lindner Bulwark Fund finished the fiscal year ended
June 30, 1996, with a total return of 23.44% as compared to the
S&P 500's 26.00% return. During the first six months of 1996
the Fund posted a 32.70% gain.
We are sincerely grateful for the patience of all those
shareholders who remained with the Fund to recoup the losses of
1995. The frequency with which things went wrong with the Fund
in 1995 seems to be mirrored in 1996 by things that have gone
well. We believe we are neither as bad as our 1995 performance
nor as good as our first 6 months of 1996. However, we are
increasingly convinced of the superiority of the investment
philosophy of the Bulwark Fund compared with other mutual funds.
The Fund's flexibility allows us to employ many tools in order
to deal with unfriendly financial markets. We are constantly
striving to use this flexibility to our shareholders' best
advantage.
The Lindner Bulwark Fund is a unique mutual fund. We feel
strongly that we are leaders in the industry and, as such, have
very few examples to emulate as we seek to create the best
investment alternative available to those who are concerned
about the financial markets' lofty valuations.
Respectfully submitted,
Eric E. Ryback Larry Callahan Bob Buettner
President Portfolio Manager Portfolio Manager
<PAGE> 45
LINDNER INTERNATIONAL FUND
August 14, 1996
Dear Fellow Shareholders:
June 30, 1996 brings to a close the first full fiscal year
of operation of the Lindner International Fund. During fiscal
1996, the Fund's return was 9.41% versus the Morgan Stanley
Europe, Asia and Far-East Index gain of 28.9%. Despite the
Fund's decline during the first half of this period, it
rebounded by 19.3% over the last six months, outperforming its
benchmark by 10.41 percentage points.
The holdings in the International Fund's portfolio
generally appreciated with 32 issues advancing and only 10
issues declining. Especially notable were advances in the
American Depository Receipts of Eni Spa, Lukoil Oil Company,
Mosenergo as well as China Steel Corporation GDRs. This
performance resulted in Lipper Analytical Services ranking the
International Fund number one in returns for the period April
through June among their universe of international funds.
The International Fund continues to attract new assets and,
as always, we endeavor to employ them intelligently. Thank you
for your ongoing involvement in the Fund.
Respectfully submitted,
Eric E. Ryback Robert A. Lange
President Portfolio Manager
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