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Previous: LEXINGTON CORPORATE PROPERTIES INC, 8-K/A, 1997-03-14 |
Next: LINDNER INVESTMENTS, ARS, 1997-03-14 |
<PAGE> 1
[LOGO] LINDNER(R) 7711 Carondelet Avenue, Suite 700
FUNDS Saint Louis, Missouri
ADVISED BY RYBACK MANAGEMENT CORPORATION(SM) (314) 727-5305
Fax: (314) 727-9306
- --------------------------------------------------------------------------------
Lindner Growth Fund * Lindner Dividend Fund * Lindner Utility Fund * Lindner/
Ryback Small-Cap Fund * Lindner Bulwark Fund * Lindner International Fund
- -------------------------------------------------------------------------------
ANNUAL REPORT
Table of Contents
Statement of Assets & Liabilities p. 2
LINDNER GROWTH FUND
*Letter from the Fund Managers p. 4
*Schedules of Investments and Net Assets p. 5
LINDNER DIVIDEND FUND
*Letter from the Fund Manager p. 10
*Schedules of Investments and Net Assets p. 11
LINDNER UTILITY FUND
*Letter from the Fund Manager p. 17
*Schedules of Investments and Net Assets p. 18
LINDNER/RYBACK SMALL-CAP FUND
*Letter from the Fund Manager p. 20
*Schedules of Investments and Net Assets p. 21
LINDNER BULWARK FUND
*Letter from the Fund Managers p. 23
*Schedules of Investments and Net Assets p. 24
LINDNER INTERNATIONAL FUND
*Letter from the Fund Managers p. 27
*Schedules of Investments and Net Assets p. 28
Statement of Operations p .30
Statement of Changes in Net Assets p. 32
Notes to Financial Statements p. 34
Financial Highlights p. 42
- -------------------------------------------------------------------------------
==========================================
Dear Fellow Shareholders:
Calendar year 1996 was a very good one for the Lindner Funds. For instance, the
Lindner Utility Fund's performance was ranked first in its "Specialty Fund"
category according to Lipper Analytical Services. Additionally, the
Lindner/Ryback Small-Cap Fund returned over 41% and the Lindner Bulwark Fund
returned over 28%, while the Lindner Growth Fund appreciated more than 21%.
Attaining the best possible performance always has been our goal throughout our
43-year history. Providing convenient and value-added shareholder services has
also been a focus of the Lindner Funds. In this regard, 1996 saw the
introduction of our interactive financial management website -
www.lindnerfunds.com. On this service, Lindner Funds shareholders can look up
the latest transactions they have completed in their Fund accounts and shares
can be purchased or exchanged. Stock trading, on-line bill payment,
checkwriting, a Visa(R) debit card, and a suite of financial data and portfolio
management tools are all available on the Lindner Funds website. We expect that
these new services will be well received by shareholders.
<PAGE> 2
LINDNER INVESTMENTS
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1996
(Unaudited)
<CAPTION>
LINDNER GROWTH LINDNER
FUND DIVIDEND FUND
-------------- -------------
<S> <C> <C>
ASSETS
Investment securities, at value:
Unaffiliated issuers (identified cost $825,883,323,
$2,084,024,861, $30,066,598, $11,583,928, $53,795,265 and
$1,822,150, respectively) $1,087,588,323 $2,172,072,414
Affiliated issuers (identified cost $321,212,603, $97,490,627
and $3,886,106, respectively) (Note 5) 416,861,837 111,553,657
Cash 1,253,330 2,441,299
Receivables:
Investments sold - long 555,416 3,055,015
Dividends and interest 3,875,450 23,856,797
Fund shares sold 180,456 2,807,806
Investments sold - short -- 3,448,565
Deposits with brokers for securities sold short -- 3,901,388
Unamortized organizational expense (Note 4) -- --
Receivable for expenses reimbursed by advisor -- --
Other assets 6,578 9,425
-------------- --------------
Total assets 1,510,321,390 2,323,146,366
-------------- --------------
LIABILITIES
Accounts payable and accrued liabilities:
Investment securities purchased 11,565,559 30,949,332
Investments sold short, at value (proceeds $3,360,257 and
$16,708,085, respectively) -- 3,749,716
Fund shares redeemed 464,105 2,046,711
Other liabilities:
Management fee (Note 3) 2,453,373 2,915,869
Organizational expense (Note 4) -- --
Other 344,085 212,693
-------------- --------------
Total liabilities 14,827,122 39,874,321
-------------- --------------
NET ASSETS $1,495,494,268 $2,283,272,045
============== ==============
NET ASSETS CONSIST OF:
Capital (par value and additional paid-in capital) $1,097,985,264 $2,147,706,051
Undistributed net investment income (loss) (1,062,657) 3,355,923
Accumulated net realized gain (loss) on investments and foreign
currency transactions 41,218,984 30,489,954
Net unrealized appreciation on investments and translation of
assets and liabilities in foreign currency 357,352,677 101,720,117
-------------- --------------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $1,495,494,268 $2,283,272,045
============== ==============
NET ASSET VALUE PER SHARE
Investor shares:
NET ASSETS $1,495,478,589 $2,282,887,177
SHARES OUTSTANDING 60,787,688 83,019,037
-------------- --------------
$24.60 $27.50
============== ==============
Institutional shares:
NET ASSETS $15,679 $384,868
SHARES OUTSTANDING 638 14,007
============== ==============
$24.59 $27.48
============== ==============
2 See Notes to Financial Statements
<PAGE> 3
<CAPTION>
LINDNER INVESTMENTS
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1996
(Unaudited)
LINDNER LINDNER/RYBACK LINDNER
UTILITY SMALL-CAP BULWARK LINDNER
FUND FUND FUND INTERNATIONAL FUND
------- -------------- ------- ------------------
<S> <C> <C> <C> <C>
ASSETS
Investment securities, at value:
Unaffiliated issuers (identified cost $825,883,323,
$2,084,024,861, $30,066,598, $11,583,928, $53,795,265 and
$1,822,150, respectively) $34,876,393 $14,156,136 $62,208,650 $1,918,210
Affiliated issuers (identified cost $321,212,603, $97,490,627
and $3,886,106, respectively) (Note 5) -- -- 3,743,405 --
Cash 263,635 196,029 351,737 87,351
Receivables:
Investments sold - long -- 157,500 -- --
Dividends and interest 144,365 5,110 132,042 1,930
Fund shares sold 67,130 110,000 120,654 --
Investments sold - short -- -- 16,708,085 --
Deposits with brokers for securities sold short -- -- 12,527,273 --
Unamortized organizational expense (Note 4) 11,077 11,772 26,070 21,313
Receivable for expenses reimbursed by advisor -- -- -- 3,860
Other assets 180 60 41,155 7,318
----------- ----------- ----------- ----------
Total assets 35,362,780 14,636,607 95,859,071 2,039,982
----------- ----------- ----------- ----------
LIABILITIES
Accounts payable and accrued liabilities:
Investment securities purchased 161,903 25,750 460,363 14,359
Investments sold short, at value (proceeds $3,360,257 and
$16,708,085, respectively) -- -- 18,006,457 --
Fund shares redeemed 48,167 -- 154,837 3,953
Other liabilities:
Management fee (Note 3) 19,866 8,077 62,647 1,628
Organizational expense (Note 4) 16,959 15,431 32,911 23,328
Other 8,433 4,058 213,594 2,508
----------- ----------- ----------- ----------
Total liabilities 255,328 53,316 18,930,809 45,776
----------- ----------- ----------- ----------
NET ASSETS $35,107,452 $14,583,291 $76,928,262 $1,994,206
=========== =========== =========== ==========
NET ASSETS CONSIST OF:
Capital (par value and additional paid-in capital) $30,179,187 $11,874,265 $79,887,113 $1,881,192
Undistributed net investment income (loss) 41,323 (28,482) 49,195 (8,147)
Accumulated net realized gain (loss) on investments
and foreign currency transactions 77,147 165,300 (9,785,136) 25,117
Net unrealized appreciation on investments and translation of
assets and liabilities in foreign currency 4,809,795 2,572,208 6,777,090 96,044
----------- ----------- ----------- ----------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $35,107,452 $14,583,291 $76,928,262 $1,994,206
=========== =========== =========== ==========
NET ASSET VALUE PER SHARE
Investor shares:
NET ASSETS $35,107,280 $14,583,125 $75,301,487 $1,994,044
SHARES OUTSTANDING 2,397,380 2,169,153 9,445,716 205,468
----------- ----------- ----------- ----------
$14.64 $6.72 $7.97 $9.70
=========== =========== =========== ==========
Institutional shares:
NET ASSETS $172 $166 $1,626,775 $162
SHARES OUTSTANDING 12 25 204,616 17
=========== =========== =========== ==========
$14.63 $6.72 $7.95 $9.70
=========== =========== =========== ==========
</TABLE>
See Notes to Financial Statements 3
<PAGE> 4
LINDNER GROWTH FUND
February 14, 1997
Dear Fellow Shareholders:
For the 12 months ended December 31, 1996, the Lindner
Growth Fund's total return was 21.02% compared to the S&P 500
Index total return of 22.96%.
So far the Fed has been able to achieve an equilibrium of
moderate growth and little inflation with the result that
valuations of stocks in the S&P 500 Index have advanced from
a price/earnings ratio of 17.5 to 21.1. We find we should write
a book entitled "The Tree That Grew To The Sky." The problem
is that it may be hard to find the magic beans to keep it
growing. Apparently this will not stop until people can find
higher returns in the money market.
At this point we are trying to exploit the growing
difference between our perception of the lack of value in the
S&P and the shares we hold. It is interesting to note that out
of the 219 positions we hold, only 17 of them are components of
the S&P; since December 31, 1996, one of these positions was
sold. Two of those are gold stocks and 6 are energy companies
and one is a utility that has recently received a take over
offer. We are aware that we will never be perceived as an index
fund.
We thank you for your interest and continued support.
Respectfully submitted,
/s/ ERIC E. RYBACK /s/ LARRY CALLAHAN /s/ ROBERT A. LANGE
Eric E. Ryback Larry Callahan Robert A. Lange
President Portfolio Manager Portfolio Manager
4
<PAGE> 5
LINDNER INVESTMENTS
<TABLE>
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER GROWTH FUND
- -------------------
COMMON STOCKS (88.31%)
Aerospace/Defense (3.16%)
Alliant Techsystems, Inc. <Fa>,<F*> 860,000 $47,300,000
-----------------
Business Services (4.17%)
Autoinfo, Inc. <Fa>,<F*> 713,000 $2,584,625
Highwaymaster Communications, Inc. <F*> 812,340 14,723,662
Hunt Manufacturing Co. 100,000 1,812,500
Information Resources, Inc. <F*> 260,000 3,640,000
Novell, Inc. <F*> 2,939,500 27,833,244
Rollins, Inc. 510,100 10,202,000
Scientific Software Intercomp, Inc. <Fa>,<F*> 853,000 435,030
Wave Technologies International, Inc. <Fa>,<F*> 207,500 1,167,188
-----------------
$62,398,249
-----------------
Chemicals and Allied Products (1.32%)
Solvay & Cie S.A. <Ff> 32,200 $19,691,322
-----------------
Computers and Electronic Equipment (1.92%)
Amdahl Corporation <F*> 200,000 $2,425,000
Banctec, Inc. <F*> 418,546 8,632,511
Digital Equipment Corporation <F*> 125,000 4,546,875
Exar Corporation <F*> 238,000 3,689,000
Gradco Systems, Inc. <Fa>,<F*> 703,000 2,636,250
Micronics Computers, Inc. <Fa>,<F*> 1,356,700 2,798,194
Scitex Corporation Ltd. 100,000 950,000
Streamlogic Corporation (formerly Micropolis Corp.)<Fa>,<F*> 1,594,200 1,096,012
Technitrol, Inc. 49,451 1,897,682
-----------------
$28,671,524
-----------------
Construction and Real Estate (1.19%)
Butler Manufacturing Company <Fa> 440,000 $17,820,000
-----------------
Defense (0.24%)
ESCO Electronics Corporation 350,700 $3,507,000
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Energy (11.13%)
Apache Corporation 225,000 $7,959,375
Archer Resources Ltd. - Rule 144A <Ff>,<F*> 500,000 2,553,626
Archer Resources Ltd. <Ff>,<F*> 432,800 2,210,419
Baker Hughes, Inc. 300,000 10,350,000
Barrington Petroleum Ltd. <Ff>,<F*> 555,500 2,269,663
Harken Energy Corporation <F*> 2,800,000 8,400,000
ICO Inc. <F*> 54,000 330,750
Lasmo plc-ADR <F*> 2,431,500 29,178,000
Lukoil Oil Company - ADR 12,000 546,000
Maynard Oil Company <Fa>,<F*> 415,700 7,794,375
Mitchell Energy & Development Corp., Class A 67,800 1,517,025
Class B 133,700 2,958,113
Norex Industries, Inc. <F*> 140,600 4,921,000
Phillips Petroleum Company 400,000 17,700,000
Rowan Companies, Inc. <F*> 700,000 15,837,500
Sasol Ltd. <Ff> 250,000 2,979,754
Tidewater, Inc. 73,400 3,321,350
USX-Marathon Group 400,000 9,550,000
Union Pacific Resources Group, Inc. 225,000 6,581,250
Weatherford Enterra, Inc. <F*> 459,216 13,776,480
Williams Companies 420,000 15,750,000
-----------------
$166,484,680
-----------------
Environmental Services (0.94%)
Chempower, Inc. <Fa>,<F*> 650,000 $3,737,500
Dames & Moore, Inc. 143,900 2,104,538
EMCON <Fa>,<F*> 697,900 2,442,650
Recycling Industries, Inc. <Fa>,<F*> 857,900 1,233,231
Rollins Environmental Services, Inc. <F*> 1,016,100 1,778,175
Tanknology Environmental, Inc. <Fa>,<F*> 1,415,100 2,830,200
-----------------
$14,126,294
-----------------
Financial Services (6.73%)
Bangkok Bank Public Company Ltd. <Ff> 150,000 $1,450,858
Bancfirst Corporation <Fa> 328,200 8,943,450
See Notes to Financial Statements
5
<PAGE> 6
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER GROWTH FUND
- -------------------
Financial Services (continued)
Banco de Colombia S.A. - GDR - Rule 144A 250,000 $1,843,750
Banque Libanaise pour le Commerce SAL
GDR - Rule 144A <F*> 200,000 2,430,000
CPB, Inc. 84,939 2,526,935
The Chase Manhattan Corporation 105,000 9,371,250
CORUS Bankshares, Inc. 664,958 21,444,896
First Mutual Bancorp, Inc. 100,000 1,500,000
International Bancshares Corporation 390,672 19,533,600
John Alden Financial Corp. 89,400 1,653,900
John Nuveen and Company, Inc. 686,300 18,186,950
Norwest Corporation 271,056 11,790,936
-----------------
$100,676,525
-----------------
Food and Beverage (4.27%)
Bertucci's Inc. <F*> 126,800 $681,550
Danone Group <Ff> 15,000 2,090,199
Eskimo Pie Corporation <Fa> 245,000 2,725,625
J & J Snack Foods Corp. <F*> 210,000 2,835,000
The Morningstar Group, Inc. <Fa>,<F*> 1,354,200 26,576,175
Savannah Foods & Industries, Inc. 600,700 8,109,450
Spaghetti Warehouse, Inc. <Fa>,<F*> 562,900 2,955,225
United Grain Growers Ltd. <Fa>,<Ff> 800,000 6,303,809
Zapata Corporation <Fa>,<F*> 2,724,700 11,579,975
-----------------
$63,857,008
-----------------
Healthcare (3.07%)
Allied Healthcare Products, Inc. <Fa> 412,200 $3,039,975
Angeion Corporation 658,900 2,306,150
Cardiometrics, Inc. <Fa> 688,400 3,786,200
Comprehensive Care Corporation <Fa>,<F*> 43,900 532,287
Comprehensive Care Corporation - Rule 144A <Fa>,<F*> 250,000 3,031,250
Creative Biomolecules, Inc. <F*> 795,400 8,252,275
Cytogen Corporation <F*> 949,000 5,219,500
Endosonics Corporation <F*> 353,200 5,386,300
Gyogyszergyarszolgaltatasi Resz. (Egis) <Ff>,<F*> 12,500 730,359
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Healthcare (continued)
Maxicare Health Plans, Inc. <F*> 135,000 $3,003,750
Physician Corporation of America <F*> 1,055,000 10,550,000
-----------------
$45,838,046
-----------------
Industrial Products and Services (3.22%)
Buderus AG <Ff> 5,000 $2,465,771
Calgon Carbon Corporation 245,500 3,007,375
Devlieg Bullard, Inc. <F*> 390,000 1,084,668
Durakon Industries, Inc. <Fa>,<F*> 524,900 6,692,475
Lufkin Industries 182,240 4,556,000
Meridian Technologies, Inc. <Ff>,<F*> 445,200 1,883,963
MFRI, Inc. <Fa>,<F*> 341,000 2,706,688
Mitsubishi Heavy Industries, Ltd. <Ff> 400,000 3,170,501
Moore Products Co. <F*> 61,500 1,107,000
Quixote Corporation <Fa> 673,400 6,481,475
Transtechnology Corporation <Fa> 300,000 5,887,500
Vitro, Sociedad Anonima - ADR 1,659,100 9,125,050
-----------------
$48,168,466
-----------------
Insurance (4.40%)
Acceptance Insurance Companies, Inc. <F*> 425,000 $8,393,750
Central Reserve Life Corporation 200,000 1,550,000
Hilb, Rogal and Hamilton Company <Fa> 1,000,000 13,250,000
Lawyers Title Corporation 230,000 4,513,750
Old Republic International Corporation 828,750 22,169,062
PICO Holdings, Inc. <F*> 921,821 3,802,512
Sphere Drake Holdings Ltd. 200,000 1,775,000
Stewart Information Services Corporation <Fa> 500,000 10,375,000
-----------------
$65,829,074
-----------------
Investments (2.81%)
Antofagasta Holdings P.L.C. <Ff> 950,000 $5,527,982
Dundee Bancorp, Inc. <Ff>,<F*> 300,400 5,534,146
Gateway Industries, Inc. <Fa>,<F*> 309,000 772,500
Minorco - ADR 1,360,000 28,305,000
Triton Group Ltd. <Fa>,<F*> 2,146,800 1,878,450
-----------------
$42,018,078
-----------------
See Notes to Financial Statements
6
<PAGE> 7
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER GROWTH FUND
- -------------------
Leisure/Entertainment (4.14%)
American Classic Voyages Company <F*> 662,700 $8,697,937
Hasbro, Inc. 400,000 15,550,000
International Speedway Corporation, Class B 416,730 8,438,783
Jackpot Enterprises, Inc. 260,700 2,541,825
Polaroid Corporation 413,100 17,969,850
Sotheby's Holdings, Inc. 467,600 8,709,050
-----------------
$61,907,445
-----------------
Metals Processing (0.30%)
Asturiana De Zinc, S.A. <Ff>,<F*> 144,171 $1,428,371
Handy & Harman 90,774 1,588,545
Republic Engineered Steels, Inc. <F*> 800,000 1,500,000
-----------------
$4,516,916
-----------------
Mining (7.75%)
Anvil Range Mining <Fa>,<Ff>,<F*> 1,222,000 $1,560,266
Battle Mountain Gold 1,887,000 12,973,125
Bema Gold Corporation <Ff>,<F*> 1,037,100 6,129,075
Cambior, Inc. 600,000 8,775,000
Canyon Resources Corporation <F*> 414,100 1,087,012
Case Pomeroy & Company, Inc. 2,015 2,436,135
Case Pomeroy & Company, Inc., Class B 538 645,600
Dayton Mining Corporation <Fa>,<Ff>,<F*> 2,491,300 16,540,807
Energy Resources of Australia Ltd <Ff> 1,729,492 7,830,107
Getchell Gold Corporation 122,400 4,697,100
Goldcorp Inc., Class A 630,000 5,355,000
Homestake Mining Company 885,250 12,614,812
Kinross Gold Corporation <Ff>,<F*> 800,000 5,700,000
MK Gold Company <Fa> 1,677,500 2,516,250
Meridian Gold, Inc. <F*> 2,000,000 8,250,000
The Pioneer Group, Inc. 200,000 4,750,000
South American Gold and Copper Company Ltd. <Fa>,<Ff> 950,000 1,490,223
TVX Gold, Inc. <Ff>,<F*> 800,000 6,200,000
Uranium Resources, Inc. <Fa>,<F*> 811,525 6,390,759
-----------------
$115,941,271
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Paper, Printing and Publishing (0.99%)
American Media, Inc., Class A <Fa>,<F*> 2,524,800 $14,833,200
-----------------
Real Estate Investment Trust (1.44%)
Atlantic Realty Trust <Fa>,<F*> 307,862 $3,117,103
Landsing Pacific Fund, Inc. <F*> 267,500 66,875
Price Enterprises, Inc. <F*> 40,800 708,900
Ramco-Gershenson Properties Trust <Fa> 577,525 9,745,734
Regency Realty Corporation 300,000 7,875,000
-----------------
$21,513,612
-----------------
Retail Trade (11.04%)
Ames Department Stores, Inc. <F*> 171,000 $737,437
CML Group, Inc. <F*> 2,027,100 6,841,462
CPI Corporation <Fa> 956,100 16,014,675
Charming Shoppes, Inc. <Fa> 7,955,100 40,272,694
Cole National Corporation, Class A <F*> 434,300 11,400,375
Dart Group Corporation, Class A 59,263 5,511,459
Egghead, Inc. <F*> 135,500 711,375
Fiberstars, Inc. <Fa>,<F*> 288,100 1,260,437
The Good Guys, Inc. <Fa> 1,197,800 7,785,700
Handleman Company <Fa> 2,371,100 20,154,350
InterTAN, Inc. <F*> 223,000 1,087,125
Josten's, Inc. 307,600 6,498,050
Juno Lighting, Inc. 484,000 7,744,000
K-Swiss, Inc. 88,500 873,938
Noodle Kidoodle, Inc. <F*> 293,100 1,502,138
Proffitt's Inc. <F*> 269,500 9,937,813
Stride Rite Corporation 1,100,000 11,000,000
United Retail Group, Inc. <Fa>,<F*> 880,600 2,861,950
Zale Corporation <F*> 675,000 12,909,375
-----------------
$165,104,353
-----------------
Telecommunications (3.06%)
Comsat Corporation 730,000 $17,976,250
Metricom, Inc. <Fa>,<F*> 1,346,000 20,190,000
Vertex Communications Corporation <Fa>,<F*> 420,000 7,612,500
-----------------
$45,778,750
-----------------
See Notes to Financial Statements
7
<PAGE> 8
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER GROWTH FUND
- -------------------
Transportation (5.25%)
Anangel-American Shipholdings Ltd. 680,900 $5,447,200
International Shipholding Corporation 76,550 1,416,175
Kirby Corporation <F*> 400,000 7,900,000
London & Overseas Freighters Ltd - ADR <Fa> 405,500 5,068,750
MIF Ltd. - ADR - Rule 144A 250,000 3,719,481
MTL, Inc. <Fa>,<F*> 337,500 6,834,375
OMI, Inc. <Fa>,<F*> 2,425,000 21,218,750
Oglebay Norton Company 96,372 4,216,275
Overseas Shipholding Group, Inc. 781,300 13,282,100
Stolt-Nielsen S.A. - ADR 275,000 5,156,250
Wah Kwong Shipping Holdings Ltd. <Ff> 3,060,759 4,234,564
-----------------
$78,493,920
-----------------
Utilities (5.20%)
Czech Power Company <Ff>,<F*> 250,110 $8,956,024
El Paso Electric Company <F*> 1,873,200 12,175,800
Huaneng Power International - ADR <F*> 202,700 4,560,750
Mosenergo - GDR - Rule 144A <F*> 48,200 1,484,560
Mosenergo - GDR Regulation S <F*> 10,000 308,000
Noram Energy Corporation 3,267,300 50,234,738
-----------------
$77,719,872
-----------------
Miscellaneous (0.57%) $8,555,443
-----------------
Total Common Stocks (Cost $966,552,191) $1,320,751,048
-----------------
PREFERRED STOCKS (0.59%)
Business Services (0.34%)
Interleaf, Inc., Series C, convertible - Rule 144A <F*> 502,452 $5,024,520
-----------------
Energy (0.04%)
Westmoreland Coal Company, 8.50% convertible (F#) 104,800 $668,100
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Healthcare (.17%)
Hyseq, Inc., Series A convertible - Rule 144A <F*> 312,500 $2,500,000
-----------------
Miscellaneous (0.04%) $564,000
-----------------
Total Preferred Stocks (Cost $8,775,160) $8,756,620
-----------------
NON-CONVERTIBLE BONDS (3.04%)
Energy (0.29%)
Huntway Partners L.P.,
4%, due 2008 - Rule 144A <F*> $8,866,964 $700,002
8%, due 2000 - Rule 144A 3,429,690 3,699,949
-----------------
$4,399,951
-----------------
Financial Services (0.63%)
Beal Financial Corporation, 12.75%, due 2000 $5,675,000 $6,043,875
WSFS Financial Corporation, 11%, due 2005 3,050,000 3,286,375
-----------------
$9,330,250
-----------------
Retail Trade (0.20%)
Michaels Stores, Inc., 10.875%, due 2006 $3,000,000 $2,940,000
-----------------
Transportation (1.92%)
Greyhound Lines, Inc.,
10% Sr. Notes, due 2001 $28,898,000 $28,753,510
-----------------
Total Non-Convertible Bonds (Cost $44,073,411) $45,423,711
-----------------
CONVERTIBLE BONDS (2.43%)
Apparel and Other Textile Products (0.03%)
Suave Shoe Corporation, 5%, due 1997 $471,000 $471,000
-----------------
Food and Beverage (0.92%)
TPI Enterprises, Inc., 8.25%, due 2002 $15,279,000 $13,674,705
-----------------
See Notes to Financial Statements
8
<PAGE> 9
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER GROWTH FUND
- -------------------
Mining (0.33%)
Anvil Range Mining Corporation, 8.5%, due 2002 <Ff> $2,000,000 $1,101,707
Golden Shamrock Mines Ltd.,
7%, due 2000 - Rule 144A <Ff> 3,305,000 3,833,800
-----------------
$4,935,507
-----------------
Retail Trade (0.58%)
Michael Stores, Inc., 6.75%, due 2003 $10,679,000 $8,703,385
-----------------
Telecommunications (0.57%)
Metricom, Inc., 8%, due 2003 $7,500,000 $8,587,500
-----------------
Total Convertible Bonds (Cost $34,557,735) $36,372,097
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
U.S. TREASURY BILLS (6.23%)
Maturing 1-02-97 to 1-23-97 (Cost $93,137,429) $93,300,000 $93,146,684
-----------------
Total Investments (Cost $1,147,095,926) 100.60% $1,504,450,160
Excess of Other Liabilities over Assets -0.60% ($8,955,892)
----------------- -----------------
Net Assets 100.00% $1,495,494,268
================= =================
<FN>
<F*> Non-income producing
<Fa> Denotes security is affiliated (See Note 6)
(F#) Dividends in arrears - non-income producing
<Ff> Denotes security primarily traded in foreign markets
ADR American Depository Receipts
GDR Global Depository Receipts
See Notes to Financial Statements
</TABLE>
9
<PAGE> 10
LINDNER DIVIDEND FUND
February 14, 1997
Dear Fellow Shareholders:
The Dividend Fund finished the calendar year ended December 31,
1996 with a total return of 11.54% compared to the S&P 500's total
return of 22.96%. During the same time period, the yield on the
30-year treasury bond rose from 5.95% to 6.64%. As a consequence of
its interest rate sensitivity, the Fund reacts less favorable as
rates rise. I am pleased to report the average portfolio yield is 6%,
which compares very favorably to the one-year treasury bill rate of
5.1%.
The percentage of cash and cash equivalents slowly increased
from 7.4% at December 31, 1995 to 10% at year end and will continue
to increase as the stock market goes higher. The largest decrease
occurred in non-convertible bonds which represent 15.9% of the
portfolio, down from 25.1% at the beginning of the year.
Traditionally, this asset category has helped to provide the fund
with above average yields. Several of the bonds were redeemed
throughout the year and good replacements have been hard to find. The
cash was used to purchase convertible bonds and common stocks. The
two largest industry categories are now Energy at 19% and Utilities
at 17%. The Funds' bias towards Energy is due to the increase in
natural gas securities. This industry has been identified as a great
undervalued investment opportunity due to the gradual rise in natural
gas prices and consolidation taking place within the industry.
Although the utility sector has lagged the general market, they
provide the Fund with above average dividend yields versus T-Bills
with additional capital appreciation potential. We have noticed
utilities are merging with each other and expanding into Natural Gas
acquisitions which bodes well for the Fund.
Our efforts to provide you with a risk-averse, consistent
investment again have not gone unnoticed. Lindner Dividend Fund was
highlighted in a recently released book entitled Investment Gurus. An
entire section is dedicated to providing insight about the process we
use in creating the kind of risk-averse performance for which your
Dividend Fund is recognized. The Fund is only one of six mutual funds
the author focuses on. The book is available across the country in
major bookstores should you wish to pick it up.
Thank you for your continued interest and support in the
Dividend Fund. We will make every effort to try to provide you with a
steady source of income without putting your investment in the path
of undue risk.
Respectfully submitted,
/s/ ERIC E. RYBACK
Eric E. Ryback
President
10
<PAGE> 11
LINDNER INVESTMENTS
<TABLE>
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER DIVIDEND FUND
- ----------------------
COMMON STOCKS (44.86%)
Business Services (0.76%)
Novell, Inc. <F*> 1,825,000 $17,280,377
-----------------
Chemicals (2.23%)
Engelhard Corporation 1,600,000 $30,600,000
Ethyl Corporation 2,100,000 20,212,500
-----------------
$50,812,500
-----------------
Computer and Electronic Equipment (0.05%)
Streamlogic Corporation (formerly Micropolis Corp.)
Common stock <Fa>,<F*> 1,592,500 $1,094,844
Warrants, expiring March 29, 1998 <Fa>,<F*> 2,500,000 0
Warrants, expiring November 21, 2001 - Rule 144A <Fa>,<F*> 294,000 0
-----------------
$1,094,844
-----------------
Energy (9.05%)
Bitech Petroleum Corp. <Fa>,<Ff>,<F*> 2,641,763 $3,854,899
El Paso Natural Gas Company <F*> 326,300 16,478,150
Enserch Exploration, Inc. <F*> 3,754,500 44,115,375
Equitable Resources, Inc. 900,000 26,775,000
Harken Energy Corporation <Fa>,<F*> 5,046,500 15,139,500
KN Energy, Inc. 500,000 19,625,000
PanEnergy Corp. (formerly Panhandle Eastern Corporation) 555,000 24,975,000
Questar Corporation 860,800 31,634,400
Teco Energy, Inc. 1,000,000 24,125,000
-----------------
$206,722,324
-----------------
Financial Services (1.08%)
American Bank of Connecticut <Fa> 122,300 $3,424,400
Community Bank - Warrants, expiring June 27, 1999 <F*> 85,000 318,750
John Nuveen and Company, Inc. 764,300 20,253,950
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Financial Services (continued)
TeleBanc Financial Corporation - Warrants, expiring
May 1, 2004 <F*> 150,000 $750,000
-----------------
$24,747,100
-----------------
Food (1.76%)
Hormel Foods Corporation 600,000 $16,200,000
Savannah Foods & Industries, Inc. 49,300 665,550
J.M. Smucker Company 611,700 9,787,200
Spaghetti Warehouse, Inc. <Fa>,<F*> 479,900 2,519,475
Zapata Corporation <Fa>,<F*> 2,598,600 11,044,050
-----------------
$40,216,275
-----------------
Healthcare (0.13%)
Comprehensive Care Corp. <Fa>,<F*> 245,200 $2,973,050
-----------------
Industrial Products and Services (0.01%)
Uniroyal Technology Corporation - Warrants, expiring June 1,
2003 <F*> 79,000 $118,500
-----------------
Investments (1.16%)
Minorco, ADR 1,270,050 $26,432,916
-----------------
Mining (1.29%)
Atlas Corporation <F*> 118,016 $81,136
Cameco Corporation <Ff> 500,000 20,027,689
Impala Platinum Holdings Ltd. - ADR 15,000 150,937
Rustenburg Platinum - ADR <F*> 69,154 946,188
Uranium Resources, Inc. <Fa>,<F*> 339,000 2,669,625
Uranium Resources, Inc. <Fa>,<F*>,<Fr> 500,000 3,937,500
Uranium Resources, Inc. - Warrants, expiring May 31, 1998 -
Rule 144A 625,000 1,575,000
-----------------
$29,388,075
-----------------
Paper, Printing and Publishing (0.14%)
American Media, Inc., Class A <F*> 546,600 $3,211,275
-----------------
See Notes to Financial Statements
11
<PAGE> 12
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER DIVIDEND FUND
- ---------------------
Real Estate Investment Trusts (1.20%)
Commercial Assets, Inc. 281,200 $1,898,100
Hospitality Properties Trust 550,000 15,950,000
Pimco Commercial Mortgage Securities <Fa> 592,300 7,625,862
Ramco-Gershenson Properties Trust 118,475 1,999,266
-----------------
$27,473,228
-----------------
Retail Trade (2.21%)
Charming Shoppes, Inc. <F*> 2,034,800 $10,301,175
Handleman Company <Fa> 2,242,700 19,062,950
Jostens, Inc. 1,000,000 21,125,000
-----------------
$50,489,125
-----------------
Telecommunications (7.66%)
Alltell Corporation 500,000 $15,687,500
Comsat Corporation 1,811,400 44,605,725
General Instrument Corporation <F*> 400,000 8,650,000
Heartland Wireless Communications, Inc., Warrants, expiring
April 19, 2020 - Rule 144A <F*> 6,000 48,000
Koninkllijke PTT Nederland NV - Rule 144A <Ff> 540,000 20,573,510
NYNEX Corporation 500,000 24,062,500
Pacific Telesis Group 500,000 18,375,000
SBC Communications, Inc. 510,000 26,392,500
US West Communications Group 510,000 16,447,500
-----------------
$174,842,235
-----------------
Telecommunications Equipment (0.59%)
Metricom, Inc. <Fa>,<F*> 900,500 $13,507,500
-----------------
Transportation (0.77%)
Stolt-Nielsen S.A . - ADR 933,000 $17,493,750
-----------------
Utilities (Gas, Electric & Water) (12.94%)
El Paso Electric Company <Fa>,<F*> 3,800,000 $24,700,000
Espoon Sahko - ADR - Rule 144A 198,000 4,390,452
Houston Industries, Inc. 750,000 16,968,750
Illinova Corporation 520,000 14,300,000
NIPSCO Industries, Inc. 550,000 21,793,750
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Utilities (continued)
New York State Electric & Gas Corporation 500,000 $10,812,500
NorAm Energy Corporation 3,822,000 58,763,250
Northeast Utilities 2,951,500 39,107,375
Ohio Edison Company 1,000,000 22,750,000
PacifiCorp 538,500 11,039,250
Public Service Enterprise Group, Inc. 501,000 13,652,250
Rao Gazprom - ADR - Rule 144A <F*> 257,500 4,586,719
Rochester Gas and Electric Company 671,100 12,834,787
Texas Utilities Company 700,000 28,525,000
The Southern Company 500,000 11,312,500
-----------------
$295,536,583
-----------------
Miscellaneous (1.83%) $41,789,825
-----------------
Total Common Stocks (Cost $919,207,375) $1,024,129,482
-----------------
PREFERRED STOCKS (25.64%)
Computer and Electronic Equipment (1.89%)
The Titan Corporation, $1.00 convertible 70,300 $738,150
Unisys Corporation, $3.75 convertible 1,230,000 42,435,000
-----------------
$43,173,150
-----------------
Construction and Real Estate (0.57%)
LSB Industries, Inc., $3.25 convertible 329,100 $12,917,175
-----------------
Drugs and Beauty Aids (0.05%)
Foxmeyer Healthcare Corporation, $5.00 convertible 116,937 $1,169,370
-----------------
Energy (10.06%)
ICO, Inc., $1.6875 convertible 334,000 $7,598,500
Lasmo PLC, Series A, 10% 492,600 12,684,450
Maxus Energy Corporation, 10% 200,000 5,200,000
McDermott International, Inc., $2.20 convertible 235,500 6,358,500
McDermott International, Inc., 5% convertible - Rule 144A 575,000 22,425,000
See Notes to Financial Statements
12
<PAGE> 13
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER DIVIDEND FUND
- ---------------------
Energy (continued)
Occidental Petroleum Corporation, $3.875 convertible - Rule
144A 600,000 $34,350,000
Synder Oil Corporation, $1.50 convertible 729,000 17,678,250
Tejas Gas Corporation, $2.49 349,700 9,332,619
Tejas Gas Corporation, 5.25% convertible 526,800 31,476,300
Valero Energy Corporation, 6.25% convertible 328,850 18,991,087
Western Gas Resources, Inc., $2.65 convertible 1,104,000 43,056,000
The Williams Companies, Inc.,
7% convertible - Rule 144A 225,000 20,601,562
-----------------
$229,752,268
-----------------
Environmental Services (0.35%)
Environmental Systems, Series A, $1.75 459,582 $8,042,685
-----------------
Financial Services (2.28%)
ARM Financial Group, Inc., 9.5% 140,000 $3,622,500
Community Bank, Series B, 13% 196,500 5,256,375
Credit Lyonnais Capital S.C.A., 9.5% - Rule 144A 600,000 14,250,000
Integon Corporation, $3.875 convertible 140,000 7,525,000
Riggs National Corporation, Series B, 10.75% 750,000 21,375,000
-----------------
$52,028,875
-----------------
Food (0.15%)
Flagstar Companies, Inc., $2.25 convertible 1,658,100 $3,419,831
-----------------
Healthcare (0.11%)
Hyseq, Inc., Series A convertible - Rule 144A <F*> 312,500 $2,500,000
-----------------
Leisure and Entertainment (0.76%)
Time Warner Inc./Hasbro, Inc., $1.24 convertible 446,500 $17,301,875
-----------------
Metals Processing (1.82%)
Armco Inc., $3.625 convertible 271,900 $11,759,675
Dofasco, Inc., $2.60 convertible <Ff> 671,100 16,280,516
USX Corporation, 6.5% convertible 307,000 13,623,125
-----------------
$41,663,316
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Mining (2.33%)
Freeport-McMoran Copper & Gold, Inc., Series C, variable rate 625,000 $19,296,875
Freeport-McMoran Copper & Gold, Inc., Series B, variable rate 12,100 387,200
Pittston Company, $3.125 convertible - Rule 144A 825,200 33,420,600
-----------------
$53,104,675
-----------------
Paper, Printing and Publishing (0.22%)
Interleaf, Inc., Series C, convertible - Rule 144A <F*> 502,452 $5,024,520
-----------------
Real Estate Investment Trusts (1.28%)
Novastar Financial, Inc., Class A convertible and stock
purchase warrant - Rule 144A 666,667 $10,000,005
Prime Retail, Inc.,
$2.125 convertible 603,200 13,119,600
$2.625 260,000 6,240,000
-----------------
$29,359,605
-----------------
Transportation (1.79%)
Sea Containers Ltd., $4.00 convertible 293,900 $13,372,450
U.S. Air Group, Inc., $4.375 convertible 427,900 27,385,600
-----------------
$40,758,050
-----------------
Utilities (Gas, Electric & Water) (0.75%)
Cleveland Electric Illuminating Company, Series S, 9% 16,000 $16,000,000
Texas-New Mexico Power Company, 4.65% 16,300 1,222,500
-----------------
$17,222,500
-----------------
Miscellaneous (1.23%) $28,016,275
-----------------
Total Preferred Stocks (Cost $599,656,846) $585,454,170
-----------------
See Notes to Financial Statements
13
<PAGE> 14
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER DIVIDEND FUND
- ---------------------
NON-CONVERTIBLE BONDS (15.90%)
Aerospace/Defense (0.49%)
Alliant Techsystems, Inc., 11.375%, due 2003 $10,000,000 $11,150,000
-----------------
Apparel & Other Textile Products (0.69%)
Hartmarx Corporation, 10.875%, due 2002 $15,555,000 $15,710,550
-----------------
Computer and Electronic Equipment (0.21%)
Scientific Software-Intercomp, Inc., 7% Note,
due 2001 with warrants attached - Rule 144A $5,000,000 $4,000,000
Streamlogic Corporation, 14%, due 1998 832,976 832,976
-----------------
$4,832,976
-----------------
Construction and Real Estate (1.81%)
Avatar Holdings, Inc., 9%, due 2000 $4,168,000 $3,949,180
Congoleum Corporation, 9%, due 2001 13,700,000 13,700,000
Four Seasons Hotel, Inc., 9.125%, due 2000 - Rule 144A 13,100,000 13,525,750
Kaufman & Broad Home Corporation, 9.375%, due 2003 10,000,000 10,125,000
-----------------
$41,299,930
-----------------
Energy (0.26%)
Maxus Energy Corporation, 9.875%, due 2002 $3,000,000 $3,097,500
Wainoco Oil Corporation, 12%, due 2002 2,650,000 2,769,250
-----------------
$5,866,750
-----------------
Financial Services (2.86%)
Beal Financial Corporation, 12.75%, due 2000 $27,500,000 $29,287,500
HCC Industries, 7.25%, due 2001 5,175,000 4,450,500
HomeSide, Inc., 11.25%, due 2003 3,500,000 3,920,000
TeleBanc Financial Corporation, 11.5%, due 2004 $7,500,000 7,050,000
WSFS Financial Corporation, 11%, due 2005 19,150,000 20,634,125
-----------------
$65,342,125
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Industrial Products and Services (1.26%)
Fruehauf Trailer Corporation, 14.75%, due 2002 $23,962,000 $16,773,400
Rohr, Inc., Senior Notes 11.625%, due 2003 3,850,000 4,331,250
Uniroyal Technology Corporation, 11.75%, due 2003 7,900,000 7,682,750
-----------------
$28,787,400
-----------------
Leisure and Entertainment (0.84%)
GB Property Funding Corp., 10.875% due 2004 $19,180,000 $16,207,100
Griffin Gaming & Entertainment, Inc., 8%, due 2000 3,000,000 2,880,000
-----------------
$19,087,100
-----------------
Metals Processing (0.43%)
Armco Inc., 9.2%, due 2000 $9,935,000 $9,885,325
-----------------
Mining (1.32%)
Kaiser Aluminum & Chemical Corporation, 9.875%, due 2002 $25,500,000 $26,073,750
Uranium Resources, Inc., 6.5% Note, due 1997 - Rule 144A 4,000,000 4,000,000
-----------------
$30,073,750
-----------------
Paper, Printing and Publishing (0.87%)
United States Banknote Corporation, 10.375%, due 2002 $15,000,000 $14,850,000
Valassis Communications, Inc., 9.375%, due 1999 5,000,000 5,127,590
-----------------
$19,977,590
-----------------
Retail (0.39%)
General Host Corporation, 11.5%, due 2002 $5,712,000 $5,401,410
Michaels Stores, Inc., 10.875%, due 2006 3,500,000 3,430,000
-----------------
$8,831,410
-----------------
See Notes to Financial Statements
14
<PAGE> 15
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER DIVIDEND FUND
- ---------------------
Telecommunications (0.04%)
Heartland Wireless Communications, Inc., 13%, due 2002 $1,000,000 $975,000
-----------------
Transportation (2.67%)
Greyhound Lines, Inc., 10%, due 2001 $33,564,000 $33,396,180
International Shipholding Corporation, 9%, due 2003 2,000,000 2,035,000
Transportacion Maritima Mexicana, S.A. de C.V., 9.25%,
due 2003 26,100,000 25,578,000
-----------------
$61,009,180
-----------------
Utilities (Gas, Electric & Water) (1.36%)
Gascart, 9%, due 1998 - Rule 144A $21,632,000 $21,199,360
Public Service Company of New Mexico, 10.3%, due 2014 3,457,000 3,686,026
Texas-New Mexico Power Company, 9.25%, due 2000 6,000,000 6,279,066
-----------------
$31,164,452
-----------------
Miscellaneous (0.40%) $9,045,000
-----------------
Total Non-Convertible Bonds (Cost $358,157,717) $363,038,538
-----------------
CONVERTIBLE BONDS (8.67%)
Business Services (0.08%)
Trans-Lux Corporation, 9%, due 2005 $1,719,000 $1,753,380
-----------------
Computer and Electronic Equipment (0.55%)
Atari Corporation, 5.25%, due 2002 $13,937,000 $9,337,790
Recognition International, Inc., 7.25%, due 2011 3,400,000 3,230,000
-----------------
$12,567,790
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Energy (0.16%)
Lone Star Technologies, Inc., 8% Eurobond, due 2002<Ff> $1,880,000 $1,692,000
Synder Oil Corporation, 7%, due 2001 2,000,000 2,012,500
-----------------
$3,704,500
-----------------
Financial Services (0.08%)
HCC Industries, 12.5%, due 2000 $1,914,000 $1,914,000
-----------------
Healthcare (0.11%)
NovaCare, Inc., 5.5%, due 2000 $2,743,000 $2,509,845
-----------------
Industrial Products and Services (0.92%)
Cooper Industries, Inc., 7.05%, due 2015 $14,755,000 $15,677,188
Fedders Corp., 8.5%, due 2012 6,224,000 5,290,400
-----------------
$20,967,588
-----------------
Leisure and Entertainment (0.52%)
Outboard Marine Corp., 7%, due 2002 $5,500,000 $5,383,125
Savoy Pictures Entertainment, Inc., 7%, due 2003 8,071,000 6,456,800
-----------------
$11,839,925
-----------------
Mining (0.83%)
Atlas Corporation, 9%, due 1998 - Rule 144A $3,500,000 $2,625,000
Pegasus Gold, Inc., 6.25%, due 2002 9,855,000 8,943,413
Uranium Resources, Inc., 6.5%, due 1998 - Rule 144A 4,500,000 7,336,800
-----------------
$18,905,213
-----------------
Real Estate Investment Trusts (0.33%)
Alexander Haagen Properties, Inc., 7.5%, Series A, due 2001 $8,062,000 $7,517,815
-----------------
Retail Trade (2.54%)
Baby Superstore, Inc., 4.875%, due 2000 $15,700,000 $15,543,000
Charming Shoppes, 7.5%, due 2006 28,025,000 27,149,219
Michael Stores, Inc., 6.75%, due 2003 18,707,000 15,246,205
-----------------
$57,938,424
-----------------
See Notes to Financial Statements
15
<PAGE> 16
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER DIVIDEND FUND
- ---------------------
Telecommunications (1.55%)
International CableTel Inc., 7%, due 2008 - Rule 144A $20,000,000 $18,300,000
Metricom Inc., 8%, due 2003 15,000,000 17,175,000
-----------------
$35,475,000
-----------------
Telecommunications Equipment (0.46%)
General Instrument Corporation, 5%, due 2000 $9,812,000 $10,462,045
-----------------
Miscellaneous (0.54%) $12,436,751
-----------------
Total Convertible Bonds (Cost $191,483,838) $197,992,276
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
U.S. TREASURY BILLS (4.95%)
Maturing 1-2-97 to 2-6-97
(Cost $113,009,712) <Fd> $113,300,000 $113,011,605
-----------------
Total Investments (Cost $2,181,515,488) 100.02% $2,283,626,071
Cash Deposit with Broker for Securities Sold Short 0.17% $3,901,389
Receivable from Brokers for Securities Sold Short 0.15% $3,448,565
Securities Sold Short -0.16% ($3,587,500)
Excess of Other Liabilities over Assets -0.18% ($4,116,479)
----------------- -----------------
Net Assets 100.00% $2,283,272,045
================= =================
SCHEDULE OF SECURITIES SOLD SHORT
Prime Retail, Inc. 287,000 $3,587,500
=================
<FN>
<F*> Non-income producing
<Fa> Denotes security is affiliated (See Note 6)
<Fd> $2,500,000 on deposit with custodian bank for securities sold short
<Ff> Denotes security primarily traded in foreign markets
<Fr> Denotes registered, restricted investment
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
16
<PAGE> 17
LINDNER UTILITY FUND
February 14, 1997
Dear Fellow Shareholders:
The Lindner Utility Fund finished the calendar year ended
December 31, 1996 with a total return of 23.18%. This compares
extremely favorably to the total return of 8.06% for the Dow
Jones Utility Index. The New York Stock Exchange Utilities
Index returned 7.20% for the same period.
The net assets of the Utility Fund grew to $35 million by
year end 1996, up from $22 million at the end of 1995. Gas and
Electric utilities continue to be the largest industry sector
at 37.2%, followed closely by the energy sector, which
accounted for a 35.3% weighting. While the electric and gas
utility weighting is virtually the same as a year ago, the
energy sector has increased from 21.6% at year end 1995.
Because of the uncertainty in the Telecommunications sectors,
we reduced our exposure from 17.24% to 6.12%.
We benefited in 1996 from the higher energy component in
the fund because of the very strong year that the energy
industry experienced. Natural gas prices went from $1.84/mcf at
the beginning of the year to $2.48/mcf at the end. Similarly,
oil prices rose from $17.54 to $25.24 per barrel.
Our three largest holdings were El Paso Electric, Uranium
Resources and Harken Energy. We remain very positive on all of
these companies and our analysis indicates good and improving
trends in each of their respective industries.
In closing, we are happy to report that we recently
received a letter from Lipper Analytical congratulating the
Lindner Utility Fund for being the #1 performing Utility Fund
for the twelve months ended December 31, 1996.
As always, we appreciate your support and will continue to
strive to produce acceptable returns for you.
Respectfully submitted,
/s/ ERIC E. RYBACK /s/ RICK ECKENRODT, JR.
Eric E. Ryback Rick Eckenrodt, Jr.
President Portfolio Manager
17
<PAGE> 18
LINDNER INVESTMENTS
<TABLE>
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER UTILITY FUND
- --------------------
COMMON STOCKS (78.93%)
Cable Television Equipment/Systems (3.56%)
Tescorp, Inc. <F*> 286,000 $1,251,250
-----------------
Energy (15.75%)
Enserch Exploration, Inc. 100,000 $1,175,000
Harken Energy Corporation <F*> 518,000 1,554,000
Mitchell Energy & Development Corp., Class A 41,000 917,375
Synder Oil Corporation 51,000 886,125
USX-Delhi Group 29,600 469,900
Union Pacific Resources Group, Inc. 18,000 526,500
-----------------
$5,528,900
-----------------
Mining (9.93%)
Energy Resources of Australia Ltd. <Ff> 196,413 $889,241
Pittson Minerals Group 66,500 1,022,437
Uranium Resources, Inc. <F*> 200,000 1,575,000
-----------------
$3,486,678
-----------------
Telecommunications (3.51%)
Comsat Corporation 50,000 $1,231,250
-----------------
Utilities (Gas, Electric & Water) (44.10%)
CMS Energy Corporation 30,000 $1,008,750
DTE Energy Company 30,000 971,250
El Paso Electric Company <F*> 260,000 1,690,000
Equitable Resources, Inc. 30,000 892,500
Houston Industries, Inc. 30,000 678,750
Mosenegro - GDR - Rule 144A <F*> 20,000 616,000
Northeast Utilities 100,000 1,325,000
Ohio Edison Company 40,000 910,000
Pacificorp 40,000 820,000
PanEnergy Corporation (formerly Panhandle Eastern Corporation) 20,000 900,000
Public Service Enterprise Group, Inc. 15,000 408,750
Questar Corporation 21,700 797,475
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Utilities (Gas, Electric & Water) (continued)
Rao Gazprom ADR - Rule 144A <F*> 70,000 $1,246,875
Rochester Gas and Electric Company 35,000 669,375
Teco Energy, Inc. 25,000 603,125
Texas Utilities Company 25,000 1,018,750
Western Resources, Inc. 30,000 926,250
-----------------
$15,482,850
-----------------
Miscellaneous (2.08%) $729,751
-----------------
Total Common Stocks (Cost $23,475,884) $27,710,679
-----------------
PREFERRED STOCKS (15.17%)
Cable Television Equipment/Systems (2.63%)
Cablevision Systems Corporation, Series I, 8.50% convertible 45,000 $922,500
-----------------
Energy (8.55%)
Maxus Energy, 10% 15,000 $390,000
Synder Oil Corporation, $1.50 convertible 30,000 727,500
Tejas Gas Corporation, 5.25% convertible 6,500 388,375
Valero Energy Corporation, 6.25% convertible 9,000 519,750
Western Gas Resources, Inc., $2.625 25,000 975,000
-----------------
$3,000,625
-----------------
Utilities (Gas, Electric & Water) (3.99%)
Central Maine Power Company, 4.75% 11,096 $554,800
Central Maine Power Company, 5.25% 7,500 404,062
NorAM Financing I, 6.25% convertible 7,000 444,500
-----------------
$1,403,362
-----------------
Total Preferred Stocks (Cost $4,721,817) $5,326,487
-----------------
See Notes to Financial Statements
18
<PAGE> 19
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER UTILITY FUND
- --------------------
CONVERTIBLE BONDS (4.10%)
Cable Television Equipment/Systems (4.10%)
General Instrument Corporation, 5%, due 2000 $492,000 $524,595
International CableTel, Inc., 7%, due 2008 - Rule 144A 1,000,000 915,000
-----------------
$1,439,595
-----------------
Total Convertible Bonds (Cost $1,469,311) $1,439,595
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
U. S. TREASURY BILLS (1.14%)
Maturing 1-9-97 (Cost $399,586) $400,000 $399,632
-----------------
Total Investments (Cost $30,066,598) 99.34% $34,876,393
Excess of Other Assets over Liabilities 0.66% $231,059
------------------ -----------------
Net Assets 100.00% $35,107,452
================== =================
<FN>
<F*> Non-income producing
<Ff> Denotes security primarily traded in foreign markets
ADR American Depository Receipts
GDR Global Depository Receipts
See Notes to Financial Statements
</TABLE>
19
<PAGE> 20
LINDNER/RYBACK SMALL-CAP FUND
February 14, 1997
Dear Fellow Shareholders:
The Lindner/Ryback Small-Cap Fund ended calendar year 1996
with a total return of 41.15%, which compares to Russell 2000
Index of small-capitalization stocks' total return of 16.55%.
Given our value-based orientation, we would not have predicted
such favorable results. Generally speaking, we would expect to
outperform the overall indicies in a bear market, while
performing less strongly in a bull market. As such, we do not
expect our absolute performance in 1997 to match 1996. However,
we do believe that over long periods of time we can achieve our
goal of outperforming the Russell 2000 while taking less risk.
Regarding 1996 performance, we can identify a few factors
which significantly contributed to the results. First, we were
fortunate to own two companies that were acquired by other
companies at much higher prices; Noram Energy and Barefoot.
Second, many of the stocks that caused your Fund to under
perform during 1995, shined in 1996, such as Charming Shoppes,
Tuboscope Vetco, and Ortel Corp. We regard this as simply a
timing issue, not a change in investment strategy. Third, some
of our stock selections during 1996 performed well ahead of our
expectations, namely, Fairfield communities and Acuson.
Some of the changes that we have made to the portfolio
over the past six months include increasing our industry
exposure to distribution and real estate while lessening our
dependence on banking, health care, and industrial products. We
currently have about 16% of our assets in cash and a few
percent in arbitrage and liquidation situations which we view
as market-neutral.
Overall, we are pleased with our 1996 results and look
forward to an eventful 1997. We appreciate your patience and
support.
Respectfully submitted,
/s/ ERIC E. RYBACK /s/ DONALD WANG
Eric E. Ryback Donald Wang
President Portfolio Manager
20
<PAGE> 21
LINDNER INVESTMENTS
<TABLE>
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER/RYBACK SMALL-CAP FUND
- -----------------------------
COMMON STOCKS (88.86%)
Asset Management (2.09%)
Lexington Global Asset Managers, Inc. 48,800 $305,000
-----------------
Banking (4.67%)
First Bell Bancorp, Inc. 10,000 $132,500
Pennfed Financial Services, Inc. 11,000 222,750
Sho-Me Financial Corporation <F*> 15,000 326,250
-----------------
$681,500
-----------------
Broadcasting (1.91%)
Scandinavian Broadcasting System SA <F*> 16,000 $278,000
-----------------
Cabletelevision Equipment/Systems (3.96%)
Tescorp, Inc. <F*> 132,000 $577,500
-----------------
Commercial Services (6.81%)
Automobile Protection Corporation <F*> 83,000 $355,340
Barefoot, Inc. 25,000 396,875
Duff & Phelps Credit Rating Company 10,000 241,250
-----------------
$993,465
-----------------
Distributors (12.17%)
Aviall, Inc. 40,000 $370,000
Rexel, Inc 27,200 431,800
Richey Electronics, Inc. <F*> 37,500 435,938
Southern Electronics Corporation <F*> 43,000 537,500
-----------------
$1,775,238
-----------------
Energy (1.48%)
Berry Petroleum Company, Class A 15,000 $215,625
-----------------
Health and Beauty (2.41%)
The Stephan Co. 27,300 $351,488
-----------------
Healthcare (1.42%)
Acuson Corporation <F*> 8,500 $207,187
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Industrial Products and Services (2.45%)
MFRI, Inc. <F*> 45,000 $357,187
-----------------
Insurance (6.88%)
Arthur J. Gallagher & Company 9,000 $279,000
Cotton States Life Insurance Company 30,000 427,500
Hilb, Rogal and Hamilton Company 13,000 172,250
Integon Corporation 7,000 124,250
-----------------
$1,003,000
-----------------
Manufacturing (2.62%)
Transtechnology Corporation 19,500 $382,687
-----------------
Mining (2.70%)
Uranium Resources, Inc. <F*> 50,000 $393,750
-----------------
Paper, Printing and Publishing (5.02%)
American Media, Inc., Class A <F*> 60,000 $352,500
Schweitzer-Mauduit International, Inc. 12,000 379,500
-----------------
$732,000
-----------------
Pipeline Services (2.79%)
Kaneb Services, Inc. <F*> 125,000 $406,250
-----------------
Real Estate Services (8.53%)
Cardinal Realty Services, Inc. <F*> 20,000 $412,500
Fairfield Communities, Inc. <F*> 18,500 457,875
Resurgence Properties, Inc. 44,600 373,525
-----------------
$1,243,900
-----------------
Retail Trade (6.12%)
Charming Shoppes, Inc. 75,000 $379,688
Fingerhut Companies, Inc. 21,000 257,250
Shopko Stores, Inc. 17,000 255,000
-----------------
$891,938
-----------------
See Notes to Financial Statements
21
<PAGE> 22
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER/RYBACK SMALL-CAP FUND
- -----------------------------
Telecommunications (3.26%)
General Communication, Inc., Class A <F*> 33,600 $273,000
Metricom, Inc. <F*> 13,500 202,500
-----------------
$475,500
-----------------
Tobacco Products (2.89%)
Mafco Consolidated Group, Inc., Rights, expiring January 1,
1999 <F*> 50,000 $46,875
Power Control Technologies, Inc. <F*> 50,000 375,000
-----------------
$421,875
-----------------
Utilities (Gas, Electric & Water) (6.06%)
El Paso Electric Company 65,000 $422,500
NorAm Energy Corporation 30,000 461,250
-----------------
$883,750
-----------------
Miscellaneous (2.62%) $382,700
-----------------
Total Common Stocks (Cost $10,387,303) $12,959,540
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
U.S. TREASURY BILLS (8.21%)
U. S. Treasury Bills, maturing 1-23-97
(Cost $1,196,625) $1,200,000 $1,196,596
-----------------
Total Investments (Cost $11,583,928) 97.07% $14,156,136
Excess of Other Assets over Liabilities 2.93% 427,155
----------------- -----------------
Net Assets 100.00% $14,583,291
================= =================
<FN>
<F*> Non-income producing
ADR American Depository Receipts
See Notes to Financial Statements
</TABLE>
22
<PAGE> 23
LINDNER BULWARK FUND
February 14, 1997
Dear Fellow Shareholders:
For the calendar year ended December 31, 1996, the Lindner
Bulwark Fund returned 28.77%. The comparable figures for the S&P 500
and Russell 2000 indices were 22.96% and 16.55%, respectively. We
view the performance of the fund during 1996 as validating our
strategy - to intensively research and invest in undervalued
securities, while employing risk-controlling instruments like short
sales and options to protect investor's capital in declining markets.
In 1996 all of these instruments contributed to the strong results,
aptly demonstrating the Fund's attempt to be a true all-weather fund
capable of strong after-tax, after-inflation gains in rising markets
as well as declining markets.
Your fund managers continue to anticipate a significant
correction in equity prices. Using almost any statistical
measurement, U.S. equity prices are at record levels. The strong
market performance of the past decade has been driven by liquidity
flows into a number of investment conduits - mutual funds, hedge
funds, pension funds, retirement accounts, and merchant banking
pools.
In spite of these large inflows, the equity markets, on a
day-to-day basis, are getting progressively less liquid. Market
makers are hesitant to act as principals in making markets, and
buying and selling securities in any size at the current quote can be
very difficult. This lack of liquidity has contributed to the
increase in volatility the markets experienced in 1996, and this
volatility has continued into 1997. As we write this letter, the S&P
500 index is up roughly 10% to date.
So far most of this higher volatility has benefitted investors,
as share prices have moved upwards. When this volatility is
experienced in the context of a falling market, the lack of liquidity
in the market today, in conjunction with the sheer scale of current
investor participation, will cause equity prices to decline
substantially more than they otherwise would.
Your portfolio managers remain alert for opportunities to profit
from volatility, but not at the expense of reason. We are retaining
substantial liquidity in the Fund to take advantage of the inevitable
fallout from the lack of liquidity in the markets today.
We would like to thank all of our fellow Fund shareholders for
their support over the three years of the Fund's existence.
Respectfully submitted,
/s/ ERIC E. RYBACK /s/ LARRY CALLAHAN /s/ BOB BUETTNER
Eric E. Ryback Larry Callahan Bob Buettner
President Portfolio Manager Portfolio Manager
23
<PAGE> 24
LINDNER INVESTMENTS
<TABLE>
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER BULWARK FUND
- --------------------
COMMON STOCKS (51.25%)
Computer and Electronic Equipment (1.98%)
Gradco Systems, Inc. <F*> 289,000 $1,083,750
Scientific Software Intercomp, Inc. <Fa>,<F*> 862,000 439,620
-----------------
$1,523,370
-----------------
Energy (12.94%)
Basin Exploration, Inc. <F*> 115,900 $724,375
Carbo Ceramics, Inc. 15,000 315,000
Harken Energy Corporation <F*> 126,000 378,000
Maynard Oil Company <F*> 97,000 1,818,750
Norex Industires, Inc. <F*> 133,800 4,683,000
Petroleum Helicopters, Inc.
nonvoting 23,600 371,700
voting 65,600 1,148,000
Synder Oil Corporation 30,000 521,250
-----------------
$9,960,075
-----------------
Healthcare (1.57%)
Comprehensive Care Corporation <F*> 99,300 $1,204,013
-----------------
Industrial Products and Services (1.20%)
Uniroyal Technology Corporation 313,550 $921,053
-----------------
Investments (5.85%)
Gateway Industries, Inc. <Fa>,<F*> 219,800 $549,500
Giant Group, Ltd. <F*> 187,900 1,573,662
Price Communications Corporation <F*> 52,000 448,500
Royce Global Trust, Inc. 161,500 741,883
Triton Group Ltd. <Fa>,<F*> 1,360,600 1,190,525
-----------------
$4,504,070
-----------------
Mining (13.45%)
Acacia Resources Ltd. <Ff>,<F*> 238,069 $463,280
AZCO Mining, Inc. <F*> 104,000 143,000
Bema Gold Corporation <Ff>,<F*> 200,000 1,181,964
Canyon Resources Corporation <F*> 577,500 1,515,938
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Mining (continued)
Dayton Mining Corporation <Ff>,<F*> 200,000 $1,327,886
Getchell Gold Corporation (formerly FirstMiss Gold, Inc.) <F*> 40,000 1,535,000
Homestake Mining Company 13,500 192,375
MK Gold Company <F*> 859,600 1,289,400
Pegasus Gold, Inc. <Ff>,<F*> 10,000 75,625
Plutonic Resources Ltd. <Ff> 100,000 464,654
South American Gold and Copper Company, Ltd. - Warrants,
expiring July 15,1998 - Rule 144A <F*>,<Ff> 1,132,950 511,671
TVI Pacific, Inc. <Ff>,<F*> 200,000 185,320
Uranium Resources Inc. - Warrants, expiring May 31, 1998 -
Rule 144A <F*> 375,000 945,000
Vengold, Inc. <Ff>,<F*> 425,600 515,434
-----------------
$10,346,547
-----------------
Real Estate Investment Trust (1.05%)
Atlantic Realty Trust 79,937 $809,362
-----------------
Retail Trade (5.77%)
Egghead, Inc. <F*> 89,000 $467,250
The Good Guys, Inc. <F*> 108,100 702,650
Handleman Company 100,000 850,000
Rose's Stores, Inc. <Fa>,<F*> 834,005 1,563,759
Uni-Marts, Inc. <F*> 148,600 854,450
-----------------
$4,438,109
-----------------
Telecommunications (5.78%)
Metricom, Inc. <F*> 296,500 $4,447,500
-----------------
Miscellaneous (1.66%) $1,276,406
-----------------
Total Common Stocks (Cost $30,147,661) $39,430,505
-----------------
See Notes to Financial Statements
24
<PAGE> 25
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER BULWARK FUND
- --------------------
PREFERRED STOCKS (1.30%)
Healthcare (0.65%)
Hyseq, Inc., Series A convertible - Rule 144A <F*> 62,500 $500,000
-----------------
Mining (0.65%)
Westmoreland Coal Company, 8.50% convertible (F#) 78,300 $499,162
-----------------
Total Preferred Stocks (Cost $1,206,271) $999,162
-----------------
NON-CONVERTIBLE BONDS (1.23%)
Mining (1.23%)
South American Gold and Copper Company, Ltd., 10%, due 1998 -
Rule 144A <Ff> 1,300,000 $948,490
-----------------
Total Non-Convertible Bonds (Cost $949,252) $948,490
-----------------
CONVERTIBLE BONDS (7.96%)
Healthcare (4.78%)
Comprehensive Care Corporation, 12.5% Senior Secured, due 1997
- Rule 144A $2,000,000 $3,674,200
-----------------
Mining (3.18%)
Uranium Resources Inc., 6.5% Senior Secured, due 1998 - Rule
144A $1,500,000 $2,445,600
-----------------
Total Convertible Bonds (Cost $3,500,000) $6,119,800
-----------------
CALL OPTIONS (0.88%) Contracts
------------------
Gold (0.88%)
January 1997 $375 100,000 115,000
January 1997 $395 350,000 52,500
August 1997 $410 350,000 507,500
-----------------
$675,000
-----------------
Total Call Options (Cost $3,707,500) $675,000
-----------------
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
PUT OPTIONS (2.25%)
Encad, Inc.
January 1997 $45 1,715 $850,966
January 1998 $41.375 300 146,250
Micron Electronics, Inc.
January 1997 $17.50 2,500 93,750
S & P 100 Index Put Options
January 1997 $700 300 517,500
January 1997 $715 200 122,500
-----------------
$1,730,966
-----------------
Total Put Options (Cost $2,121,908) $1,730,966
-----------------
U. S. TREASURY BILLS (20.86%)
1-9-97 to 1-30-97 (Cost $16,048,800) <Fd> $16,100,000 $16,048,130
-----------------
Total Investments (Cost $57,681,371) 85.73% $65,952,053
Cash Deposit with Broker for Securities Sold Short 15.08% $11,601,146
Liability for 100 NASDAQ futures contracts face amount
$8,095,950 expiring March 1997 -0.25% ($194,650)
Receivable from Brokers for Securities Sold Short 21.72% $16,708,085
Securities Sold Short -23.41% ($18,006,457)
Excess of Other Assets and Liabilities 1.13% $868,085
----------------- -----------------
Net Assets 100.00% $76,928,262
================= =================
<FN>
<F*> Non-income producing
(F#) Dividend in arrears - non-income producing
<Fa> Denotes security is affiliated (See Note 6)
<Fd> $8,300,000 on deposit with custodian bank for securities sold short
<Ff> Denotes security primarily traded in foreign markets
See Notes to Financial Statements
25
<PAGE> 26
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
<S> <C> <C>
LINDNER BULWARK FUND
- --------------------
SCHEDULE OF SECURITIES SOLD SHORT
ADVO, Inc. 10,000 $140,000
Apollo Group, Inc. 3,000 100,312
Bell & Howell Holdings Company 7,000 166,250
Benchmark Electronics, Inc. 9,900 298,237
Boston Chicken, Inc. 6,000 215,250
Brooke Group Ltd. 3,000 15,000
Chart Industries, Inc. 20,000 342,500
Control Data Systems, Inc. 3,000 66,000
Corporate Express, Inc. 8,000 235,500
Dave & Buster's, Inc. 3,000 60,375
EMC Corporation 20,000 662,500
Eltron International, Inc. 10,100 204,525
Employee Solutions, Inc. 4,000 82,000
Esterline Technologies Corp. 9,400 245,575
Galileo Corporation 5,000 125,625
Harman International Industries, Inc. 13,000 723,125
IPC Information Systems, Inc. 6,000 90,750
In Focus Systems, Inc. 5,000 108,125
Integrated Systems, Inc. 9,400 244,400
Iomega Corporation 25,000 434,375
Just for Feet, Inc. 5,250 137,813
Katz Media Group, Inc. 10,000 112,500
Loehmanns, Inc. 8,000 184,000
Micron Electronics, Inc. 4,700 91,356
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ---------------------------------------------- ------------------- -----------------
Miller Industries, Inc. 4,500 $90,000
Minerals Technologies, Inc. 5,000 205,000
Nimbus CD International, Inc. 20,000 170,000
Oxford Resources Corporation Class A 43,300 1,336,888
Primark Corporation 1,000 24,750
Qunitiles Transnational Corp. 17,000 1,126,250
Reliance Steel & Aluminum Company 10,000 350,000
Reptron Electronics, Inc. 28,000 577,500
Rykoff-Sexton, Inc. 76,700 1,217,613
SRS Labs, Inc. 5,000 43,125
Safeskin Corporation 30,200 1,472,250
Seattle Filmworks, Inc. 14,000 285,250
Sylvan, Inc. 47,400 1,350,900
TESSCO Technologies, Inc. 4,000 147,000
Todhunter International, Inc. 47,100 406,238
Tommy Hilfiger Corporation 15,200 729,600
Ultrak, Inc. 3,000 91,500
Uniphase Corporation 5,000 262,500
United Wisconsin Services, Inc. 25,400 666,750
Volt Information Sciences, Inc. 6,000 262,500
Xpedite Systems, Inc. 92,200 1,959,250
Zoltek Companies, Inc. 4,000 145,500
-----------------
$18,006,457
=================
See Notes to Financial Statements
</TABLE>
26
<PAGE> 27
LINDNER INTERNATIONAL FUND
February 14, 1997
Dear Fellow Shareholder:
The Fund's calendar year return was 18.68% compared to the
Morgan Stanley EAFE Index return of 11.63%. As you know, most
of this return was achieved in the first 6 months of the year.
The last half of 1996 produced relatively flat movement for
international markets. The Fund returned -0.52% versus the
Morgan Stanley EAFE return of 2.52%. In the meantime, we added
9 issues to the portfolio, bringing the total to 51 issues. Our
patience helped us achieve the performance in the first 6
months of 1996 and in the first part of 1997.
Since the beginning of 1997, the markets have again
changed character. For the twelve months ended January 23,
1997, Lipper Analytical Services rated the Fund number 4 among
the diversified international funds they follow, and it posted
a 9.48% return from December 31, 1996 until then. In contrast
the EAFE returned 1.47% in January. Much of the performance in
1996 and early 1997 has been driven by the Russian global
depositary receipts we own, as well as in 1997 by our Spanish
stocks.
A number of markets have appreciated by a large percentage
and we are mindful that U.S. valuations look high. We have
heard that investor's interest in foreign markets will increase
if the U.S. declines. We will concentrate our efforts in places
where valuations are low and where there appears to be
unexploited opportunity.
Respectfully submitted,
/s/ ERIC E. RYBACK /s/ ROBERT A. LANGE
Eric E. Ryback Robert A. Lange
President Portfolio Manager
27
<PAGE> 28
LINDNER INVESTMENTS
<TABLE>
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
<CAPTION>
Number of
Shares -
Principal
Country Amount
Name of Issuer and Title of Issue of Origin of Bonds Value
- ---------------------------------- --------- -------------- -------------
<S> <C> <C> <C>
LINDNER INTERNATIONAL FUND
- --------------------------
COMMON STOCKS (95.37%)
Chemicals and Allied Products
(0.38%)
Vinythai Public Company Limited
<F*> Thailand 40,000 $7,644
-------------
Communications (5.14%)
ECI Telecom Ltd. Israel 2,600 $55,250
Vimpel-Communications - ADR <F*> Russia 2,000 47,250
-------------
$102,500
-------------
Diversified Industrial (2.64%)
Alcatel Alsthom Compagnie Generale
d'Electricite France 150 $12,050
Mitsubishi Heavy Industries, Ltd. Japan 2,000 15,853
Westmont Industries Berhad Malaysia 15,000 24,708
-------------
$52,611
-------------
Energy (13.49%)
Archer Resources, Ltd. <F*> Canada 5,900 $30,133
Bitech Petroluem Corporation
Comon <F*> Canada 36,667 53,505
Warrants, expiring August
31, 1997 Canada 26,667 0
Eni Spa - ADR Italy 700 36,138
Lukoil Oil Company - ADR Russia 200 9,100
MOL Magyar Olaj - es Gazipari Rt. Hungary 3,000 37,488
Rao Gazprom - ADR - Rule 144A <F*> Russia 2,500 44,531
Sasol Ltd. - ADR South Africa 5,000 58,125
-------------
$269,020
-------------
Financial Services (16.67%)
Bank of Montreal Canada 1,200 $38,250
Banque Libanaise pour le Commerce
SAL - GDR - Rule 144A <F*> Lebanon 3,985 48,418
Number of
Shares -
Principal
Country Amount
Name of Issuer and Title of Issue of Origin of Bonds Value
- ---------------------------------- --------- -------------- -------------
Financial Services (continued)
Banque Morocaine du Commerce
Exterieur - GDR <F*> Morocco 3,000 $46,875
Cie Financiere de Paribas France 800 54,104
Sphere Drake Holdings, Ltd. Bermuda 2,000 17,750
Thai Military Bank Thailand 7,500 14,772
Vilniaus Bankas AB - GDR - Rule
144A <F*> Lithuiana 2,000 84,500
Vseobeona Uverova Banka AS <F*> Slovak Republic 457 27,726
-------------
$332,395
-------------
Food and Beverage (4.88%)
Danone Group France 200 $27,869
Foster's Brewing Group, Ltd. Australia 8,000 16,203
Kirin Beverage Corporation Japan 2,000 26,880
OMSA Alimentacion, S.A. Spain 6,500 26,411
-------------
$97,363
-------------
Industrial Products and Services
(15.41%)
Asia Cement Company - GDR Tawain 1,280 $23,520
Bridgestone Corporation Japan 1,000 18,954
Buderus AG Germany 100 49,315
IWKA AG Germany 125 29,606
Radiotronica, S.A. <F*> Spain 5,200 65,752
Vitro, Sociedad Anonima Mexico 11,200 61,600
Willbros Group, Inc. <F*> United States 6,000 58,500
-------------
$307,247
-------------
Leisure & Entertainment (2.32%)
Grupo Anaya SA Spain 1,600 $29,915
Matsushita Electric Industrial
Co., Ltd. Japan 1,000 16,284
-------------
$46,199
-------------
See Notes to Financial Statements
28
<PAGE> 29
<CAPTION>
LINDNER INVESTMENTS
SCHEDULES OF INVESTMENTS - DECEMBER 31, 1996
(Unaudited)
Number of
Shares -
Principal
Country Amount
Name of Issuer and Title of Issue of Origin of Bonds Value
- ---------------------------------- --------- -------------- -------------
<S> <C> <C> <C>
LINDNER INTERNATIONAL FUND
- --------------------------
Metals Processing (2.08%)
Usinor Salcilor France 2,850 $41,472
-------------
Mining (9.74%)
AUR Resources, Inc. <F*> Canada 11,000 $64,205
Ashanti Goldfields Company Ltd. Australia 1,200 14,297
Gold Reserve Corporation <F*> Canada 4,400 40,449
Meridian Gold, Inc. <F*> Canada 10,000 41,250
Vaal Reefs Exploration and Mining
Company Ltd. South Africa 5,500 34,031
-------------
$194,232
-------------
Packaging and Containers (2.46%)
Schmalbach-Lubeca AG Germany 200 $49,056
-------------
Retail Trade (4.94%)
Hornback-Baumarkt AG Germany 700 $22,166
Marui Co., Ltd. Japan 1,000 18,006
Shinsegae Department Store South Korea 1,400 58,437
-------------
$98,609
-------------
Utilities (Gas, Electric & Water)
(15.22%)
Canadian 88 Energy Corporation <F*> Canada 14,000 $61,287
Czech Power Company <F*> Czech Republic 400 14,323
Hidroelctrica del Cantabrico, S.A. Spain 600 22,922
Huaneng Power International, Inc.
- ADR <F*> China 3,500 78,750
Korea Electric Power Company - ADR South Korea 3,000 61,500
Mosenergo - GDR - Rule 144A <F*> Russia 2,100 64,680
-------------
$303,462
-------------
Total Common Stocks (Cost $1,803,807) $1,901,810
-------------
Number of
Shares -
Principal
Country Amount
Name of Issuer and Title of Issue of Origin of Bonds Value
- ---------------------------------- --------- -------------- -------------
PREFERRED STOCKS (0.13%)
Mining (0.13%)
Ashanti Goldfields Company Ltd.,
$.648 Australia 1,200 $2,628
-------------
Total Preferred Stocks (Cost $0) $2,628
-------------
CONVERTIBLE BONDS (0.69%)
Mining (0.69%)
Anvil Range Mining
Corporation, 8.5%, due 2002 Canada $25,000 $13,772
-------------
Total Convertible Bonds (Cost
$18,343) $13,772
-------------
Total Investments (Cost $1,822,150) 96.19% $1,918,210
Excess of Other Assets over
Liabilities 3.81% $75,996
------------ -------------
Net Assets 100.00% $1,994,206
============ =============
<FN>
<F*> Non-income producing
ADR American Depository Receipts
GDR Global Depository Receipts
See Notes to Financial Statements
</TABLE>
29
<PAGE> 30
LINDNER INVESTMENTS
<TABLE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1996
(Unaudited)
<CAPTION>
LINDNER DIVIDEND
LINDNER GROWTH FUND FUND
------------------- ----------------
<S> <C> <C>
INVESTMENT INCOME
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of
$41,473, $249,450, $0, $0, $7,493 and $1,353
respectively) $5,573,367 $39,796,430
Affiliated issuers (Non-controlled) (net of withholding
taxes of $21,839 for Lindner Growth Fund) 2,006,251 492,685
Amortization 3,011,819 5,242,356
Interest 3,042,072 27,237,796
---------------------- --------------------
Total income 13,633,509 72,769,267
---------------------- --------------------
Expenses:
Management fees (Note 3) 3,879,751 5,790,959
Registration and regulatory fees 70,408 53,422
Dividend expense - short sales -- --
Professional fees 64,888 98,898
Custodian fees 134,706 100,418
Transfer agent fees (Note 3) 244,040 367,653
Organizational expense (Note 4) -- --
Other expenses 251,028 410,410
12b-1 fees - Institutional shares 13 50
Expenses reimbursed by advisor -- --
---------------------- --------------------
Total expenses 4,644,834 6,821,810
Fees paid indirectly (Note 6) (30,232) (50,779)
---------------------- --------------------
Net expenses 4,614,602 6,771,031
---------------------- --------------------
Net investment income/(loss) 9,018,907 65,998,236
---------------------- --------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on investments of unaffiliated issuers 46,144,212 44,448,222
Net realized gain (loss) on investments of affiliated issuers
(Non-controlled) 15,216,376 (53,977)
Net realized gain on securities sold short -- 1,416,968
Net realized loss on option transactions -- --
Net realized loss on foreign currency transactions (4,281) (2,155)
---------------------- --------------------
Net realized gain (loss) on investments and foreign currency
transactions 61,356,307 45,809,058
---------------------- --------------------
Change in unrealized appreciation on investments 22,291,709 (29,029,798)
Net unrealized depreciation on securities sold short -- (389,459)
Net unrealized depreciation on options -- --
Net unrealized depreciation on translation of assets and
liabilities in foreign currencies (1,557) (1,007)
---------------------- --------------------
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currencies 22,290,152 (29,420,264)
---------------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $92,665,366 $82,387,030
====================== ====================
30 See Notes to Financial Statements
<PAGE> 31
<CAPTION>
LINDNER INVESTMENTS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1996
(Unaudited)
LINDNER/RYBACK
LINDNER UTILITY FUND SMALL-CAP FUND
-------------------- --------------
<S> <C> <C>
INVESTMENT INCOME
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of
$41,473, $249,450, $0, $0, $7,493 and $1,353
respectively) $526,169 $69,339
Affiliated issuers (Non-controlled) (net of withholding
taxes of $21,839 for Lindner Growth Fund) -- --
Amortization 12,525 37,048
Interest 103,845 --
-------------------- --------------------
Total income 642,539 106,387
-------------------- --------------------
Expenses:
Management fees (Note 3) 114,321 42,925
Registration and regulatory fees 15,277 12,380
Dividend expense - short sales -- --
Professional fees 2,004 678
Custodian fees 1,687 485
Transfer agent fees (Note 3) 8,980 2,833
Organizational expense (Note 4) 3,310 2,983
Other expenses 9,885 5,641
12b-1 fees - Institutional shares 86 --
Expenses reimbursed by advisor -- --
-------------------- --------------------
Total expenses 155,550 67,925
Fees paid indirectly (Note 6) (2,062) (455)
-------------------- --------------------
Net expenses 153,488 67,470
-------------------- --------------------
Net investment income/(loss) 489,051 38,917
-------------------- -------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on investments of unaffiliated issuers 240,243 335,359
Net realized gain (loss) on investments of affiliated issuers
(Non-controlled) -- --
Net realized gain on securities sold short -- --
Net realized loss on option transactions -- --
Net realized loss on foreign currency transactions (160) --
-------------------- --------------------
Net realized gain (loss) on investments and foreign currency
transactions 240,083 335,359
-------------------- --------------------
Change in unrealized appreciation on investments 722,557 827,582
Net unrealized 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 (depreciation) on investments and
translation of assets and liabilities in foreign currencies 722,557 827,582
-------------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $1,451,691 $1,201,858
==================== ====================
LINDNER
LINDNER BULWARK FUND INTERNATIONAL FUND
-------------------- ------------------
INVESTMENT INCOME
Income:
Dividends
Unaffiliated issuers (net of withholding taxes of
$41,473, $249,450, $0, $0, $7,493 and $1,353
respectively) $45,501 $7,553
Affiliated issuers (Non-controlled) (net of withholding
taxes of $21,839 for Lindner Growth Fund) -- --
Amortization 373,475 2,200
Interest 905,785 912
-------------------- ------------------
Total income 1,324,761 10,665
-------------------- ------------------
Expenses:
Management fees (Note 3) 380,662 8,632
Registration and regulatory fees 20,020 5,681
Dividend expense - short sales 15,358 --
Professional fees 3,001 209
Custodian fees 3,175 2,394
Transfer agent fees (Note 3) 11,245 853
Organizational expense (Note 4) 6,423 3,669
Other expenses 7,937 1,423
12b-1 fees - Institutional shares 8 --
Expenses reimbursed by advisor -- (3,860)
-------------------- ------------------
Total expenses 447,829 19,001
Fees paid indirectly (Note 6) (3,742) (144)
-------------------- ------------------
Net expenses 444,087 18,857
-------------------- ------------------
Net investment income/(loss) 880,674 (8,192)
-------------------- -----------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on investments of unaffiliated issuers 3,086,434 25,188
Net realized gain (loss) on investments of affiliated issuers
(Non-controlled) -- --
Net realized gain on securities sold short 844,019 --
Net realized loss on option transactions (5,823,183) --
Net realized loss on foreign currency transactions (31) (32)
-------------------- ------------------
Net realized gain (loss) on investments and foreign currency
transactions (1,892,761) 25,156
-------------------- ------------------
Change in unrealized appreciation on investments 2,617,940 2,863
Net unrealized depreciation on securities sold short (1,298,372) --
Net unrealized depreciation on options (3,423,442) --
Net unrealized depreciation on translation of assets and
liabilities in foreign currencies (572) (16)
-------------------- ------------------
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currencies (2,104,446) 2,847
-------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ($3,116,533) $19,811
==================== ==================
See Notes to Financial Statements 31
</TABLE>
<PAGE> 32
LINDNER INVESTMENTS
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1996
AND THE YEAR ENDED JUNE 30, 1996
(Unaudited)
<CAPTION>
LINDNER GROWTH FUND LINDNER DIVIDEND FUND
---------------------------- ----------------------------
December 31, June 30, December 31, June 30,
1996 1996 1996 1996
------------ -------- ------------ --------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $9,018,907 $21,998,188 $65,998,236 $139,276,377
Net realized gain (loss) on
investments and foreign
currency transactions 61,356,307 193,157,135 45,809,058 69,705,849
Net increase (decrease) in
unrealized appreciation on
investments and translation
of assets and liabilities in
foreign currencies 22,290,152 66,478,515 (29,420,264) 103,169,388
---------------- ---------------- ---------------- ----------------
Net Increase (Decrease) in Net
Assets $92,665,366 $281,633,838 $82,387,030 $312,151,614
---------------- ---------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Investors shares ($20,932,703) ($27,562,263) ($64,876,929) ($138,030,345)
Institutional shares (235) -- (5,928) --
From net realized gain on
investments and foreign
currency transactions:
Investors shares (166,339,542) (78,994,844) (62,624,763) (17,445,338)
Institutional shares (1,972) -- (10,487) --
---------------- ---------------- ---------------- ----------------
Net decrease in net assets from
distributions to shareholders ($187,274,452) ($106,557,107) ($127,518,107) ($155,475,683)
---------------- ---------------- ---------------- ----------------
FUND SHARE TRANSACTIONS (NOTE 7:)
Investors shares $143,992,264 ($175,166,676) $35,082,190 $233,337,062
Institutional shares 16,761 -- 387,470 --
---------------- ---------------- ---------------- ----------------
Net Increase (Decrease) in Fund
Share Transactions 144,009,025 (175,166,676) 35,469,660 233,337,062
---------------- ---------------- ---------------- ----------------
TOTAL INCREASE (DECREASE) IN NET
ASSETS $49,399,939 ($89,945) ($9,661,417) $390,012,993
Net Assets at the Beginning of the
Period $1,446,094,329 $1,446,184,274 $2,292,933,462 $1,902,920,469
---------------- ---------------- ---------------- ----------------
Net Assets at the End of the Period $1,495,494,268 $1,446,094,329 $2,283,272,045 $2,292,933,462
================ ================ ================ ================
Undistributed Net Investment Income
(Loss) Included in Net Assets at
the End of the Period ($1,062,657) $10,851,374 $3,355,923 $2,240,544
================ ================ ================ ================
32 See Notes to Financial Statements
<PAGE> 33
<CAPTION>
LINDNER INVESTMENTS
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1996
AND THE YEAR ENDED JUNE 30, 1996
(Unaudited)
LINDNER/RYBACK
LINDNER UTILITY FUND SMALL-CAP FUND
------------------------- -------------------------
December 31, June 30, December 31, June 30,
1996 1996 1996 1996
------------ -------- ------------ --------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $489,051 $674,643 $38,917 ($3,065)
Net realized gain (loss) on
investments and foreign
currency transactions 240,083 3,104,248 335,359 (206,452)
Net increase (decrease) in
unrealized appreciation on
investments and translation
of assets and liabilities in
foreign currencies 722,557 3,009,888 827,582 1,871,886
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net
Assets $1,451,691 $6,788,779 $1,201,858 $1,662,369
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Investors shares ($549,590) ($631,299) ($26,731) --
Institutional shares (1,974) -- -- --
From net realized gain on
investments and foreign
currency transactions:
Investors shares (36,612) -- -- ($981,949)
Institutional shares (246) -- -- --
------------ ------------ ------------ ------------
Net decrease in net assets from
distributions to shareholders ($588,422) ($631,299) ($26,731) ($981,949)
------------ ------------ ------------ ------------
FUND SHARE TRANSACTIONS (NOTE 7:)
Investors shares $1,949,198 $8,559,763 $3,298,715 $1,561,514
Institutional shares (3,895) -- 160 --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Fund
Share Transactions 1,945,303 8,559,763 3,298,875 1,561,514
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET
ASSETS $2,808,572 $14,717,243 $4,474,002 $2,241,934
Net Assets at the Beginning of the
Period $32,298,880 $17,581,637 $10,109,289 $7,867,355
------------ ------------ ------------ ------------
Net Assets at the End of the Period $35,107,452 $32,298,880 $14,583,291 $10,109,289
============ ============ ============ ============
Undistributed Net Investment Income
(Loss) Included in Net Assets at
the End of the Period $41,323 $103,836 ($28,482) ($40,668)
============ ============ ============ ============
LINDNER BULWARK FUND LINDNER INTERNATIONAL FUND
------------------------- --------------------------
December 31, June 30, December 31, June 30,
1996 1996 1996 1996
------------ -------- ------------ --------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $880,674 $1,085,530 ($8,192) $334
Net realized gain (loss) on
investments and foreign
currency transactions (1,892,761) (2,627,863) 25,156 27,092
Net increase (decrease) in
unrealized appreciation on
investments and translation
of assets and liabilities in
foreign currencies (2,104,446) 6,273,469 2,847 93,217
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net
Assets ($3,116,533) $4,731,136 $19,811 $120,643
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Investors shares ($1,311,535) ($1,664,244) ($281) ($2,124)
Institutional shares (28,351) -- -- --
From net realized gain on
investments and foreign
currency transactions:
Investors shares -- -- (27,129) (11)
Institutional shares -- -- (2) --
------------ ------------ ------------ ------------
Net decrease in net assets from
distributions to shareholders ($1,339,886) ($1,664,244) ($27,412) ($2,135)
------------ ------------ ------------ ------------
FUND SHARE TRANSACTIONS (NOTE 7:)
Investors shares $17,473,864 ($5,859,516) $799,658 $788,346
Institutional shares 1,652,971 -- 169 --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Fund
Share Transactions 19,126,835 (5,859,516) 799,827 788,346
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET
ASSETS $14,670,416 ($2,792,624) $792,226 $906,854
Net Assets at the Beginning of the
Period $62,257,846 $65,050,470 $1,201,980 $295,126
------------ ------------ ------------ ------------
Net Assets at the End of the Period $76,928,262 $62,257,846 $1,994,206 $1,201,980
============ ============ ============ ============
Undistributed Net Investment Income
(Loss) Included in Net Assets at
the End of the Period $49,195 $508,405 ($8,147) $327
============ ============ ============ ============
</TABLE>
See Notes to Financial Statements 33
<PAGE> 34
LINDNER INVESTMENTS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
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. Since March 1996, the Funds offer both
Investor and Institutional classes of shares. Investor shares are sold
without a 12b-1 fee. Institutional shares are sold with a 12b-1 fee.
Institutional shares sold have their own distribution/administrative
service plan and certain expenses are directly allocated to that class.
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
34
<PAGE> 35
LINDNER INVESTMENTS
1. Organization and Significant Accounting Policies (continued)
payment of further consideration, an approximately
equal amount of such securities ("short sales against the box").
Allocation of Income, Expenses and Gains and Losses
The Funds allocate income, expenses (other than class specific
expenses) and gains and losses daily to each class of shares based upon
the relative proportion of shares represented by each class. Operating
expenses directly attributable to a specific class are charged against
the operations of that class.
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.
Other
The Funds follow industry practice and record security transactions on
the trade date. Dividend income is recognized on the ex-dividend date,
except that certain dividends from foreign securities are recorded as
soon as the Funds are informed of the ex-dividend date. Interest income
is recognized on an accrual basis. Dividend and interest income is
recorded net of foreign taxes where recovery of such taxes is not
assured. Premiums and discounts, if any, on securities purchases are
amortized over the life of the respective securities. Distributions to
shareholders are recorded on the ex-dividend date.
2. Investment Transactions
For the six months ended December 31, 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 $288,576,267 $308,555,220
LINDNER DIVIDEND FUND 502,110,626 548,300,594
LINDNER UTILITY FUND 16,400,783 14,243,087
LINDNER/RYBACK
SMALL-CAP FUND 5,144,597 1,738,520
LINDNER BULWARK FUND 23,255,736 12,561,686
LINDNER INTERNATIONAL FUND 1,095,555 297,355
</TABLE>
35
<PAGE> 36
LINDNER INVESTMENTS
2. Investment Transactions (continued)
For the six months ended December 31, 1996, aggregate purchases and sales
of U.S. Government securities were as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
LINDNER GROWTH FUND $481,658,785 $505,713,352
LINDNER DIVIDEND FUND 475,057,250 443,590,056
LINDNER UTILITY FUND 11,259,383 11,671,959
LINDNER/RYBACK
SMALL-CAP FUND 11,560,496 11,597,786
LINDNER BULWARK FUND 142,158,532 147,150,258
LINDNER INTERNATIONAL FUND 1,396,964 1,499,081
</TABLE>
For the six months ended December 31, 1996, aggregate purchases and sales
of options in the Lindner Bulwark Fund were $15,337,505 and $5,968,816,
respectively.
For the six months ended December 31, 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 DIVIDEND FUND $ 3,921,120 $ 1,348,675
LINDNER BULWARK FUND 20,323,269 15,167,206
</TABLE>
On December 31, 1996, the composition of unrealized appreciation
(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 $413,427,439 $ (56,012,554) $357,414,885 $ 1,147,035,275
LINDNER DIVIDEND FUND 208,064,318 (106,026,697) 102,037,621 2,178,000,949
LINDNER UTILITY FUND 5,226,103 (413,308) 4,809,795 30,066,598
LINDNER/RYBACK
SMALL-CAP FUND 2,800,193 (227,985) 2,572,208 11,583,928
LINDNER BULWARK FUND 13,503,535 (5,232,853) 8,270,682 57,681,391
LINDNER INTERNATIONAL FUND 225,314 (129,254) 96,060 1,675,865
</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%.
36
<PAGE> 37
LINDNER INVESTMENTS
3. Fees and Other Transactions with Affiliates (continued)
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 six months ended
December 31, 1996, the Advisor reimbursed Lindner International Fund
$3,860.
Ryback Management Corporation, acting as stock transfer agent and dividend
disbursing agent for the Funds, is compensated at a rate of 75 cents per
shareholder account per month. During the six months ended December 31,
1996, the following transfer agent fees were paid to Ryback Management
Corporation: Lindner Growth Fund ($235,661), Lindner Dividend Fund
($349,202), Lindner Utility Fund ($8,549), Lindner/Ryback Small-Cap Fund
($2,742), Lindner Bulwark Fund ($10,887), and Lindner International Fund
($827).
Certain officers and directors of the Funds are affiliates of Ryback
Management Corporation.
4. Organizational Expense
The following is a schedule of expenses in connection with the organization
and registration of the Funds which are being amortized and reimbursed to
the Adviser on a straight line basis over a period of five years:
<TABLE>
<CAPTION>
Original Accumulated 1997
Expense Amortization Expense
-------- ------------ -------
<S> <C> <C> <C>
LINDNER UTILITY FUND $ 32,377 $ 21,300 $3,310
LINDNER/RYBACK
SMALL-CAP FUND 29,182 17,410 2,983
LINDNER BULWARK FUND 62,831 36,761 6,423
LINDNER INTERNATIONAL FUND 35,889 14,576 3,669
</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 Adviser reimbursed certain costs associated with registration of the
Institutional class of shares during the six months ended December 31,
1996.
37
<PAGE> 38
LINDNER INVESTMENTS
5. Transactions with Affiliates
Issuers of whose voting stock the Funds own more than 5% but less than 25%
are classified as "affiliates (Non-controlled"). Following is an analysis
of transactions for the six months ended December 31, 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. $ 34,384,500 $ 1,714,559 $25,400,196 $ 0 $ 204,460 $ 5,337,054
Alliant Techsystems,
Inc. 40,527,500 47,300,000
Allied Healthcare
Products, Inc. <F#> 1,812,994 3,039,975
American Media,
Inc., Class A 11,813,025 1,446,847 14,833,200
Anvil Range Mining 5,324,326 1,560,266
Atlantic Realty
Trust 2,418,382 204,755 3,117,103 120,066
Autoinfo, Inc. 2,228,125 2,584,625
Bancfirst
Corporation 7,056,300 8,943,450 59,076
Butler Manufacturing
Company 14,850,000 17,820,000 52,800
Cardiometrics, Inc. <F++> 3,193,365 3,786,200
Centigram
Communications 10,175,875 11,168,910 0 (2,409,479)
Charming Shoppes,
Inc. 40,213,875 11,365,949 40,272,694
Chempower, Inc. 2,843,750 3,737,500
Community Financial
Corporation 2,448,500 899,750 0 15,340 1,542,290
Comprehensive Care
Corporation
Common stock 119,250 298,845 532,287
Common stock -
Rule 144A 1,875,000 3,031,250
CPI Corporation <F#> 11,329,584 16,014,675 177,044
Dayton Mining
Corporation 16,427,622 4,087,789 1,042,490 16,540,807 1,466,608
Durakon Industries,
Inc. 6,945,412 625,000 6,692,475
EMCON <F#> 930,208 2,442,650
Eskimo Pie
Corporation <F++> 2,513,125 2,725,625 12,250
Fiberstars, Inc. <F++> 1,500,481 1,260,437
Gateway Industries,
Inc. <F++> 708,250 772,500
The Good Guys, Inc. <F++> 8,151,075 7,785,700
Gradco Systems, Inc. 3,075,625 2,636,250
Handleman Company 14,242,937 1,857,741 20,154,350
Health Images, Inc. 12,452,700 115,618 5,593,860 0 33,552 9,901,872
Hilb, Rogal and
Hamilton Company 11,793,750 1,981,293 13,250,000 296,150
London & Overseas
Freighters Ltd. -
ADR 5,296,844 5,068,750
Maynard Oil Company 2,109,375 2,386,333 7,794,375
Metricom, Inc. 20,734,875 400,743 20,190,000
Micronics Computers,
Inc. 3,476,544 2,798,194
MFRI, Inc. 2,429,625 2,706,688
MK Gold Company <F++> 2,217,175 1,883,906 2,516,250 (992,756)
The Morningstar
Group, Inc. 16,177,975 672,500 26,576,175 828,125
MTL, Inc. 5,737,500 6,834,375
National Insurance
Group 2,800,800 3,149,922 0 93,872
OMI, Inc. 19,357,950 1,273,516 21,218,750
Puerto Rican Cement
Company 9,813,712 5,026,796 0 107,202 3,927,425
Quixote Corporation 3,388,500 1,534,931 6,481,475 71,052
38
<PAGE> 39
<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)
Ramco-Gershenson
Properties Trust $ 8,951,637 $ 9,745,734 $ 646,828
Recycling
Industries, Inc. <F++> $ 2,406,287 1,233,231
Scientific Software
Intercomp, Inc. 1,449,000 23,438 435,030
<F*>South American Gold
and Copper Company
Ltd. <F++> 1,490,223
Spaghetti Warehouse 2,015,087 936,210 $ 28,740 2,955,225 $ 1,019
Stewart Information
Services
Corporation 7,647,500 2,436,000 10,375,000 52,800
Streamlogic
Corporation
(formerly
Micropolis Corp.) <F++> 2,838,914 1,096,012
Tanknology
Environmental,
Inc. 3,228,197 2,830,200
Transtechnology
Corporation <F#> 1,280,500 5,887,500 33,878
Triton Group Ltd. 1,161,731 78,876 1,878,450
Unilab Corpration 3,066,406 6,904,748 0 (4,953,877)
United Grain Growers
Ltd. 4,979,496 6,303,809 123,753
United Retail Group,
Inc. <F++> 2,586,731 2,861,950
Uranium Resources,
Inc. 11,969,994 6,390,759
Vertex
Communications
Corporation 7,822,500 7,612,500
Wave Technologies
International,
Inc. 1,115,313 1,167,188
Wharf Resources,
Ltd. 11,533,393 9,363,449 0 474,223
Zapata Corporation 7,848,488 2,190,784 11,579,975
------------ ----------- ----------- ------------ ---------- -----------
$405,328,896 $76,427,916 $71,135,267 $416,861,837 $2,006,251 $15,216,376
============ =========== =========== ============ ========== ===========
LINDNER DIVIDEND
FUND
American Bank of
Connecticut $ 3,011,638 $ 3,424,400 $ 100,286
Bitech Petroleum
Corp. <F++> $ 224,666 3,854,899
Comprehensive Care
Corporation <F++> 2,359,532 2,973,050
El Paso Electric
Company 23,130,000 $ 335,852 24,700,000 $ (53,977)
Handleman Company <F#> 4,142,934 19,062,950
Harken Energy
Corporation <F++> 13,268,308 15,139,500
Metricom, Inc. <F#> 3,822,409 13,507,500
Pimco Commercial
Mortgage
Securities 7,181,638 7,625,862 392,399
Spaghetti Warehouse <F++> 2,399,500 2,519,475
Streamlogic
Corporation
(formerly
Micropolis Corp.) <F++> 3,742,361 1,094,844
Uranium Resources,
Inc.
Common stock 5,000,250 2,669,625
Common stock -
Rule 144A 7,375,000 3,937,500
Zapata Corporation 6,638,461 2,987,767 11,044,052
------------ ----------- ----------- ------------ ---------- -----------
$ 52,336,987 $32,947,477 $ 355,852 $111,553,657 $ 492,685 $ (53,977)
============ =========== =========== ============ ========== ===========
LINDNER BULWARK FUND
Gateway Industries,
Inc. <F++> $ 524,630 $ 549,500
Rose's Stores, Inc. <F#> 858,020 1,563,759
Scientific Software
Intercomp, Inc. <F#> 526,890 439,620
Triton Group Ltd. <F#> 334,901 1,190,525
------------ ----------- ----------- ------------ ---------- -----------
$ 0 $ 2,244,441 $ 0 $ 3,743,404 $ 0 $ 0
============ =========== =========== ============ ========== ===========
<FN>
<F#> - At June 30, 1996, was not affiliated. <F++> - At June 30, 1996, was not owned. <F*> - Security was acquired via a spin-off.
</TABLE>
39
<PAGE> 40
LINDNER INVESTMENTS
6. 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 six months ended
December 31, 1996, by which expenses have been increased for financial
statement presentation:
<TABLE>
<CAPTION>
<S> <C>
LINDNER GROWTH FUND $30,232
LINDNER DIVIDEND FUND 50,779
LINDNER UTILITY FUND 2,062
LINDNER/RYBACK
SMALL-CAP FUND 455
LINDNER BULWARK FUND 3,742
LINDNER INTERNATIONAL FUND 144
</TABLE>
7. Capital Stock
The Funds have authorized unlimited shares of $.01 par value Investor
shares and Institutional shares. Transactions in shares of capital stock
were as follows:
<TABLE>
<CAPTION>
Six Months or Periods Ended
December 31, 1996 Year Ended June 30, 1996
--------------------------- ----------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
LINDNER GROWTH FUND
Investor shares
- ---------------
Sold 2,052,243 $ 54,828,092 62,065,616 $ 1,135,061,274
Dividends and Distributions reinvested 7,123,576 174,100,211 4,157,926 98,228,064
Redeemed (3,184,278) (84,936,039) (73,404,006) (1,408,456,014)
---------- -------------- ----------- ---------------
Net increase 5,991,541 $ 143,992,264 (7,180,464) $ (175,166,676)
========== ============== =========== ===============
Institutional shares
- --------------------
Sold 637 $ 16,748 -- --
Dividends and Distributions reinvested 1 13 -- --
Redeemed 0 0 -- --
---------- -------------- ----------- ---------------
Net increase 638 $ 16,761 -- --
========== ============== =========== ===============
LINDNER DIVIDEND FUND
Investor shares
- ---------------
Sold 6,616,178 $ 183,748,739 97,757,829 $ 2,552,736,189
Dividends and Distributions reinvested 3,939,036 107,795,002 4,629,712 126,958,767
Redeemed (9,222,575) (256,461,551) (93,903,065) (2,446,357,894)
---------- -------------- ----------- ---------------
Net increase 1,332,639 $ 35,082,190 8,484,476 $ 233,337,062
========== ============== =========== ===============
Institutional shares
- --------------------
Sold 13,405 $ 371,062 -- --
Dividends and Distributions reinvested 602 16,413 -- --
Redeemed 0 (5) -- --
---------- -------------- ----------- ---------------
Net increase 14,007 $ 387,470 -- --
========== ============== =========== ===============
40
<PAGE> 41
<CAPTION>
LINDNER INVESTMENTS
Six Months or Periods Ended
December 31, 1996 Year Ended June 30, 1996
--------------------------- ----------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
LINDNER UTILITY FUND
Investor shares
- ---------------
Sold 783,646 $ 11,105,090 3,272,220 $ 40,928,674
Dividends and Distributions reinvested 36,201 516,465 42,941 556,712
Redeemed (696,317) (9,672,357) (2,673,173) (32,925,623)
---------- -------------- ----------- ---------------
Net increase 123,530 $ 1,949,198 641,988 $ 8,559,763
========== ============== =========== ===============
Institutional shares
- --------------------
Sold 15,669 $ 220,158 -- --
Dividends and Distributions reinvested 155 2,220 -- --
Redeemed (15,812) (226,273) -- --
---------- -------------- ----------- ---------------
Net increase 12 $ (3,895) -- --
========== ============== =========== ===============
LINDNER/RYBACK SMALL-CAP FUND
Investor shares
- ---------------
Sold 676,356 $ 4,251,165 2,431,078 $ 12,727,249
Dividends and Distributions reinvested 3,864 25,192 149,350 784,089
Redeemed (156,033) (977,642) (2,375,091) (11,949,824)
---------- -------------- ----------- ---------------
Net increase 524,187 $ 3,298,715 205,337 $ 1,561,514
========== ============== =========== ===============
Institutional shares
- --------------------
Sold 25 $ 160 -- --
Dividends and Distributions reinvested 0 0 -- --
Redeemed 0 0 -- --
---------- -------------- ----------- ---------------
Net increase 25 $ 160 -- --
========== ============== =========== ===============
LINDNER BULWARK FUND
Investor shares
- ---------------
Sold 6,242,582 $ 53,612,005 9,824,886 $ 78,768,569
Dividends and Distributions reinvested 154,353 1,236,369 231,734 1,543,443
Redeemed (4,402,632) (37,374,510) (11,784,513) (86,171,528)
---------- -------------- ----------- ---------------
Net increase 1,994,303 $ 17,473,864 (1,727,893) $ (5,859,516)
========== ============== =========== ===============
Institutional shares
- --------------------
Sold 202,486 $ 1,637,101 -- --
Dividends and Distributions reinvested 3,547 28,338 -- --
Redeemed (1,417) (12,468) -- --
---------- -------------- ----------- ---------------
Net increase 204,616 $ 1,652,971 -- --
========== ============== =========== ===============
LINDNER INTERNATIONAL FUND
Investor shares
- ---------------
Sold 131,837 $ 1,263,807 203,243 $ 1,787,712
Dividends and Distributions reinvested 2,851 27,282 235 2,053
Redeemed (50,750) (491,431) (114,402) (1,001,419)
---------- -------------- ----------- ---------------
Net increase 83,938 $ 799,658 89,076 $ 788,346
========== ============== =========== ===============
Institutional shares
- --------------------
Sold 17 $ 168 -- --
Dividends and Distributions reinvested 0 1 -- --
Redeemed 0 0 -- --
---------- -------------- ----------- ---------------
Net increase 17 $ 169 -- --
=========== ============== =========== ===============
</TABLE>
41
<PAGE> 42
<TABLE>
FINANCIAL HIGHLIGHTS
(unaudited)
(FOR AN INVESTOR SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<CAPTION>
INCOME (LOSS) FROM INVESTMENT OPERATIONS DISTRIBUTIONS
-------------------------------------------------------- ----------------------------------------------
Net Realized Distributions
and from Net
Net Asset Unrealized Total Dividends Realized
Value, Net Gains from from Net Gains from
Beginning Investment (Losses) on Investment Investment Investment Total
of Period Income Investments Operations Income Transactions Distributions
LINDNER GROWTH FUND <F1>
------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $26.39 $0.17 $1.53 $1.70 $0.39 $3.10 $3.49
<CAPTION>
LINDNER DIVIDEND FUND <F2>
--------------------------
Period Ended February 28,
<S> <C> <C> <C> <C> <C> <C> <C>
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
<CAPTION>
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $28.07 $0.82 $0.19 $1.01 $0.80 $0.78 $1.58
<CAPTION>
LINDNER UTILITY FUND <F3>
-------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $10.00 $0.05 ($0.01) $0.04 $0.02 $0.00 $0.02
1995 $10.02 $0.39 $0.84 $1.23 $0.39 $0.09 $0.48
1996 $10.77 $0.35 $3.42 $3.77 $0.34 $0.00 $0.34
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $14.20 $0.20 $0.49 $0.69 $0.23 $0.02 $0.25
<CAPTION>
LINDNER/RYBACK SMALL-CAP FUND <F4>
----------------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $5.00 $0.01 ($0.22) ($0.21) $0.00 $0.00 $0.00
1995 $4.79 ($0.03) $0.71 $0.68 $0.01 $0.00 $0.01
1996 $5.46 $0.00 $1.30 $1.30 $0.00 $0.61 $0.61
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $6.15 $0.02 $0.56 $0.58 $0.01 $0.00 $0.01
<CAPTION>
LINDNER BULWARK FUND <F5>
-------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $7.00 $0.01 $0.16 $0.17 $0.00 $0.00 $0.00
1995 $7.17 $0.11 ($0.10) $0.01 $0.05 $0.04 $0.09
1996 $7.09 $0.26 $1.32 $1.58 $0.31 $0.00 $0.31
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $8.36 $0.08 ($0.33) ($0.25) $0.14 $0.00 $0.14
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Total Expenses to Portfolio Average End of
End of Return to Average Average Turnover Commission Period
Period <F7> Net Assets Net Assets Rate Rates (In Millions)
LINDNER GROWTH FUND <F1>
------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $24.60 6.53% 0.32% 0.62% 21.01% $0.0432 $1,495
<CAPTION>
LINDNER DIVIDEND FUND <F2>
--------------------------
Period Ended February 28,
<S> <C> <C> <C> <C> <C> <C> <C>
1993 <F8> $27.01 20.28% 0.74% 7.10% 13.50% $1,016
1994 $27.63 11.19% 0.64% 7.01% 43.20% $1,532
1995 $24.96 -0.44% 0.61% 7.76% 29.79% $1,697
<CAPTION>
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $27.50 3.69% 0.30% 2.91% 23.16% $0.0447 $2,283
<CAPTION>
LINDNER UTILITY FUND <F3>
-------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $10.02 0.39% 1.30% 0.76% 44.95% $11
1995 $10.77 12.51% 1.04% 3.02% 190.70% $18
1996 $14.20 35.39% 0.95% <F9> 2.87% 98.58% $0.0422 $32
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $14.64 4.88% 0.48% 1.51% 44.87% $0.0493 $35
<CAPTION>
LINDNER/RYBACK SMALL-CAP FUND <F4>
----------------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $4.79 -4.20% 0.96% 0.52% 5.03% $5
1995 $5.46 14.32% 1.65% -0.57% 158.62% $8
1996 $6.15 25.70% 1.22% <F9> -0.04% 103.05% $0.0560 $10
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $6.72 9.48% 0.56% 0.32% 19.41% $0.0475 $15
<CAPTION>
LINDNER BULWARK FUND <F5>
-------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1994 $7.17 2.43% 0.66% 0.26% 0.89% $31
1995 $7.09 0.10% 1.27% 2.45% 122.64% $65
1996 $8.36 23.44% 1.24% <F9> 2.45% 139.82% $0.0320 $62
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $7.97 -2.96% 0.60% 1.19% 63.47% $0.0364 $77
42
<PAGE> 43
<CAPTION>
INCOME (LOSS) FROM INVESTMENT OPERATIONS DISTRIBUTIONS
-------------------------------------------------------- ----------------------------------------------
Net Realized Distributions
and from Net
Net Asset Unrealized Total Dividends Realized
Value, Net Gains from from Net Gains from
Beginning Investment (Losses) on Investment Investment Investment Total
of Period Income Investments Operations Income Transactions Distributions
LINDNER INTERNATIONAL FUND <F6>
-------------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1995 $9.00 $0.07 $0.02 $0.09 $0.00 $0.00 $0.00
1996 $9.09 ($0.01) $0.86 $0.85 $0.05 $0.00 $0.05
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $9.89 ($0.01) $(0.04) $(0.05) $0.00 $0.14 $0.14
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Total Expenses to Portfolio Average End of
End of Return to Average Average Turnover Commission Period
Period <F7> Net Assets Net Assets Rate Rates (In Millions)
LINDNER INTERNATIONAL FUND <F6>
-------------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
<CAPTION>
Six months ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $9.70 -0.52% 1.10% -0.47% 18.84% $0.0289 $1.9
<CAPTION>
(FOR AN INSTITUTIONAL SHARE OUTSTANDING THROUGHOUT THE PERIOD)
LINDNER GROWTH FUND
-------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $26.39 $0.16 $1.53 $1.69 $0.39 $3.10 $3.49
<CAPTION>
LINDNER DIVIDEND FUND
---------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $28.07 $0.80 $0.19 $0.99 $0.80 $0.78 $1.58
<CAPTION>
LINDNER UTILITY FUND
--------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $14.20 $0.19 $0.49 $0.68 $0.23 $0.02 $0.25
<CAPTION>
LINDNER/RYBACK SMALL-CAP FUND
-----------------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $6.15 $0.02 $0.56 $0.58 $0.01 $0.00 $0.01
<CAPTION>
LINDNER BULWARK FUND
--------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $8.36 $0.06 ($0.33) ($0.27) $0.14 $0.00 $0.14
<CAPTION>
LINDNER INTERNATIONAL FUND
--------------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $9.89 ($0.01) ($0.04) ($0.05) $0.00 $0.14 $0.14
<CAPTION>
Net
Assets,
End of
Period
(In
Thousands)
LINDNER GROWTH FUND
-------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $24.59 6.53% 0.40% 0.48% 21.01% $0.0432 $15.6
<CAPTION>
LINDNER DIVIDEND FUND
---------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $27.48 3.69% 0.30% 2.56% 23.16% 0.04447 $385
<CAPTION>
LINDNER UTILITY FUND
--------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $14.63 4.88% 0.62% 2.30% 44.87% $0.0493 $0.2
<CAPTION>
LINDNER/RYBACK SMALL-CAP FUND
-----------------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $6.72 9.48% 0.13% 0.12% 19.41% $0.0475 $0.2
<CAPTION>
LINDNER BULWARK FUND
--------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $7.95 -2.96% 0.58% 1.39% 63.47% $0.0364 $1,626
<CAPTION>
LINDNER INTERNATIONAL FUND
--------------------------
Period ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1996 $9.70 -0.52% 0.09% 0.07% 18.84% $0.0289 $0.2
<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>
43
<PAGE> 44
=============================================================
- -------------------------------------------------------------
LINDNER INVESTMENTS
7711 Carondelet Avenue, Suite 700
St. Louis, Missouri 63105
(314) 727-5305
FAX: (314) 727-9306
BOARD OF TRUSTEES
Robert L. Byman
Terence P. Fitzgerald
Marc P. Hartstein
Peter S. Horos
Donald J. Murphy
Dennis P. Nash
Eric E. Ryback
Doug T. Valassis
INVESTMENT ADVISER
Ryback Management Corporation
CUSTODIANS
Star Bank, N.A.
The Chase Manhattan Bank, N.A.
COUNSEL
Dykema Gossett PLLC
INDEPENDENT AUDITORS
Deloitte & Touche LLP
TRANSFER AGENT
Ryback Management Corporation
- -------------------------------------------------------------
=============================================================
[LOGO] LINDNER(R)
FUNDS
ADVISED BY RYBACK MANAGEMENT CORPORATION(SM)
<PAGE> 45
SEMI-ANNUAL REPORT
[LOGO]
THE LINDNER(R) FUNDS
------------------------
ADVISED BY RYBACK MANAGEMENT CORPORATION(SM)
-------------------
PERIOD ENDED
DECEMBER 31, 1996
===================
LINDNER LINDNER/RYBACK
GROWTH SMALL-CAP
FUND FUND
LINDNER LINDNER
DIVIDEND BULWARK
FUND FUND
LINDNER LINDNER
UTILITY INTERNATIONAL
FUND FUND
www.lindnerfunds.com
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