<PAGE>
<PAGE>
<TABLE>
LINDNER INTERNATIONAL FUND
STATEMENT OF ASSETS AND LIABILITIES
<CAPTION>
JUNE 30,
1999
<S> <C>
ASSETS
Investment securities, at value:
Unaffiliated issuers (identified cost of $1,287,422)...... $1,131,322
Cash........................................................ 95,539
Receivables:
Investments sold.......................................... 40,759
Dividends and interest.................................... 5,300
Unamortized organizational expense (Note 4)................. 3,147
Receivable for expenses reimbursed by advisor............... 21,224
Other assets................................................ 268
----------
Total assets.......................................... 1,297,559
----------
LIABILITIES
Accounts payable and accrued liabilities:
Fund shares redeemed...................................... 10,204
Other liabilities:
Management fee (Note 3)................................... 970
Organizational expense (Note 4)........................... 3,589
Other..................................................... 7,635
----------
Total liabilities..................................... 22,398
----------
NET ASSETS.................................................. $1,275,161
==========
NET ASSETS CONSIST OF:
Capital (par value, $.01 per share, and additional paid-in
capital).................................................. $2,090,448
Accumulated net realized loss on investments and foreign
currency transactions..................................... (659,228)
Net unrealized depreciation on investments and translation
of assets and liabilities in foreign currency............. (156,059)
----------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $1,275,161
==========
NET ASSET VALUE PER SHARE
Investor Shares:
NET ASSETS................................................ $1,274,884
SHARES OUTSTANDING........................................ 181,607
----------
$ 7.02
==========
Institutional Shares:
NET ASSETS................................................ $ 277
SHARES OUTSTANDING........................................ 40
----------
$ 6.93
==========
See Notes to Financial Statements
</TABLE>
<PAGE>
<PAGE>
<TABLE>
LINDNER INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS
<CAPTION>
JUNE 30, 1999
--------------------------
NUMBER OF
SHARES -
PRINCIPAL
AMOUNT
NAME OF ISSUER AND TITLE OF ISSUE OF BONDS VALUE
<S> <C> <C>
COMMON STOCKS (65.25%)
Construction and Real Estate (2.50%)
Blagovno Trgovinski Center - GDR - Rule 144A <Fr>
(Acquired 6/17/97 - 5/7/98, Cost $35,800).............. 5,000 $ 31,875
----------
Financial Services (5.82%)
Banque Libanaise pour le Commerce S.A.L. GDR -Rule 144A
<F*>, <Fr> (Acquired 12/11/96, Cost $30,680)........... 2,600 $ 37,310
EEsti Uhispank - GDR - Rule 144A <F*>, <Fr>
(Acquired 3/6/98 - 10/28/98, Cost $72,845)............. 7,200 36,900
----------
$ 74,210
----------
Food and Beverage (1.77%)
Foster's Brewing Group Limited.......................... 8,000 $ 22,547
----------
Foreign Telecommunications (3.67%)
Uralsvyazinform - ADR................................... 17,000 $ 46,750
----------
Healthcare (2.59%)
Smithkline Beecham Corporation - GDR.................... 500 $ 33,031
----------
Industrial Products and Services (3.15%)
Buderus AG.............................................. 100 $ 40,116
----------
Insurance (4.48%)
Catalina Occidente, S.A................................. 2,666 $ 57,186
----------
Leisure/Entertainment (1.79%)
Black Hawk Gaming & Development Company, Inc. <F*>...... 3,000 $ 22,875
----------
Metals Processing (6.02%)
Zindart Limited - ADR <F*>.............................. 9,300 $ 76,725
----------
Mining (2.18%)
Meridian Gold, Inc. <F*>................................ 6,000 $ 27,750
----------
Oil & Gas Exploration and Production (10.44%)
BiTech Petroleum Corporation <F*>....................... 69,068 $ 60,668
Sasol Ltd - ADR......................................... 10,000 72,500
----------
$ 133,168
----------
Oil Refining and Marketing (4.32%)
DOR Energy - GDR - Rule 144A <F*>, <Fr>
(Acquired 6/19/98, Cost $93,600)....................... 13,000 $ 55,056
----------
Telecommunications Equipment & Service (2.64%)
EEsti Telecom - GDR - Rule 144A <F*>, <Fr>
(Acquired 2/11/99, Cost $31,365)....................... 1,700 $ 33,745
----------
Transportation (4.09%)
Guangshen Railway Company Ltd........................... 340,000 $ 52,149
----------
See Notes to Financial Statements
</TABLE>
<PAGE>
<PAGE>
<TABLE>
LINDNER INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS
<CAPTION>
JUNE 30, 1999
------------------------
NUMBER
OF
SHARES -
PRINCIPAL
AMOUNT
NAME OF ISSUER AND TITLE OF ISSUE OF BONDS VALUE
<S> <C> <C>
COMMON STOCKS (CONTINUED)
Utilities (Gas, Electric & Water) (9.79%)
Irkutskenergo - ADR..................................... 18,000 $ 94,500
Unified Energy Systems - Reg S - ADR <Fr>
(Acquired 6/11/97 - 6/11/98, Cost $85,053)............. 3,130 30,322
----------
$ 124,822
----------
Total Common Stocks (Cost $988,105)..................... $ 832,005
----------
U.S GOVERNMENT AGENCY SECURITIES (23.47%)
FHLB, 07/02/99........................................ 100,000 $ 99,987
FHLMC, 7/29/99........................................ 100,000 99,624
FNMA, 7/23/99......................................... 100,000 99,706
----------
Total U.S Government Agency Securities (Cost
$299,317).............................................. $ 299,317
----------
Total Investments (Cost $1,287,422)....................... 88.72% $1,131,322
Excess of Other Assets over Liabilities................... 11.28% 143,839
----------
Net Assets................................................ 100.00% $1,275,161
==========
<FN>
<F*> Non-income producing
<Fr> Denotes security is restricted as to resale. The aggregate value of restricted
securities at June 30, 1999 was $225,208 which represented 17.66% of net
assets, of which 194,886 were securities issued under 144A.
ADR = American Depository Receipts
GDR = Global Depository Receipts
FHLB = Federal Home Loan Banks
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
See Notes to Financial Statements
</TABLE>
<PAGE>
<PAGE>
<TABLE>
LINDNER INTERNATIONAL FUND
STATEMENT OF OPERATIONS
<CAPTION>
YEAR ENDED
JUNE 30,
1999
<S> <C>
INVESTMENT INCOME
Income:
Dividends
Unaffiliated issuers.................................... $ 22,020
Amortization.............................................. 5,023
Interest.................................................. 14
---------
Total income.......................................... 27,057
---------
Expenses:
Management fees (Note 3).................................. 15,087
Registration and regulatory fees.......................... 11,501
Professional fees......................................... 7,589
Custodian fees............................................ 3,567
Transfer agent fees (Note 3).............................. 7,433
Shareholder communications................................ 1,639
Organizational expense (Note 4)........................... 7,278
Other expenses............................................ 3,182
Expenses reimbursed by advisor............................ (21,224)
---------
Total expenses........................................ 36,052
Fees paid indirectly (Note 6)....................... (31)
---------
Net expenses........................................ 36,021
---------
Net investment loss....................................... (8,964)
---------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on investments of unaffiliated issuers.... (662,101)
Net realized loss on foreign currency transactions.......... (445)
---------
Net realized loss on investments and foreign currency
transactions............................................... (662,546)
---------
Change in unrealized appreciation on investments............ 175,896
Change in unrealized appreciation on translation of assets
and liabilities in foreign currencies...................... 41
---------
Change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies................................................. 175,937
---------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ ($495,573)
=========
See Notes to Financial Statements
</TABLE>
<PAGE>
<PAGE>
<TABLE>
LINDNER INTERNATIONAL FUND
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
YEAR ENDED
JUNE 30,
---------------------------
1999 1998
<S> <C> <C>
DECREASE IN NET ASSETS:
OPERATIONS:
Net investment loss............................... ($8,964) ($43,059)
Net realized (loss) gain on investments and
foreign currency transactions.................... (662,546) 73,981
Net increase (decrease) in unrealized appreciation
on investments and translation of assets and
liabilities in foreign currencies................ 175,937 (816,771)
---------- ----------
Net Decrease in Net Assets...................... ($495,573) ($785,849)
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Investors shares................................ -- --
Institutional shares............................ -- --
From net realized gain on investments and foreign
currency transactions:
Investors shares................................ (74,182) (81,079)
Institutional shares............................ (13) (8)
---------- ----------
Net decrease in net assets from distributions to
shareholders..................................... (74,195) (81,087)
---------- ----------
FUND SHARE TRANSACTIONS - NOTE 7:
Investors shares.................................. (741,686) (1,257,243)
Institutional shares.............................. 10 7
---------- ----------
Net Decrease in Fund Share Transactions......... (741,676) (1,257,236)
---------- ----------
TOTAL DECREASE IN NET ASSETS........................ (1,311,444) (2,124,172)
Net Assets at the Beginning of the Year............. 2,586,605 4,710,777
---------- ----------
Net Assets at the End of the Year................... $1,275,161 $2,586,605
========== ==========
See Notes to Financial Statements
</TABLE>
<PAGE>
LINDNER INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
1. Organization and Significant Accounting Policies
Lindner Investments, a Massachusetts business trust (the "Trust"),
is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company. Lindner
International Fund (the "Fund") is a separate series of Lindner
Investments. The Fund's adviser is Lindner Asset Management, Inc.
(formerly Ryback Management Corporation). On June 24, 1999, The
Lindner Funds Board of Trustees approved the decision to close the
Lindner International Fund to new purchases, effective June 25,
1999. No additional sales of shares will be accepted from existing
investors other than through dividend reinvestment. The Board of
Trustees anticipate a formal plan of liquidation will be
forthcoming pending shareholder approval.
The following is a summary of significant accounting policies
followed by the Funds.
Security Valuation
The Lindner International Fund values investments as reported by
the principle exchange on which the security is traded;
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 translated from the local
currency 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.
Investment Income
Dividend income is recognized on the ex-dividend date. Interest
income is recognized on the accrual basis. Dividend and interest
income is recorded net of foreign taxes where recovery of such
taxes is not assured.
Foreign Currency Translation
The books and records of the Fund 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 between
transaction recording dates and period end.
Income Taxes
It is the policy of the Fund to distribute all taxable income to
shareholders and to otherwise continue to qualify as a regulated
investment company under provisions of the Internal Revenue
Code. Accordingly, no provision has been made for federal or
state taxes.
Dividends and Distributions to Shareholders
The Lindner International Fund declares annual dividends from
net investment income in December, following the end of the
fiscal year for these funds. Net realized capital gains, if any,
will be distributed by the Fund in December, following the end
of the fiscal year for this fund. Designation of sources of
distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting
principles. These differences are pimarily due to differing
treatments in the recognition of income and expense items for
financial statement and tax purposes. Dividends and
distributions to shareholders are recorded on the ex-dividend
date.
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.
<PAGE>
<PAGE>
LINDNER INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1999
Allocation of Income, Expenses and Gains and Losses
The Fund allocates 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 operation of that class.
Classification
Where appropriate, prior year amounts have been reclassified to
conform to the current year presentation.
2. Investment Transactions
For the year ended June 30, 1999, aggregate purchases and sales of
investment securities, other than options, securities sold short,
U.S. Government Securities, and short-term obligations were as
follows:
<TABLE>
<S> <C>
Purchases............................................. 233,446
Sales................................................. 2,185,709
</TABLE>
For the year ended June 30, 1999, aggregate purchases and sales of
U.S. Government securities were as follows:
<TABLE>
<S> <C>
Purchases............................................. 1,991,839
Sales................................................. 1,797,443
</TABLE>
On June 30, 1999, the composition of unrealized appreciation and
(depreciation) of investment securities based on the aggregate
cost of investments for federal income tax purposes was as
follows:
<TABLE>
<S> <C>
Appreciation.......................................... 124,957
(Depreciation)........................................ (281,057)
Net................................................... (156,100)
Federal Tax Cost...................................... 1,287,422
</TABLE>
3. Fees and Other Transactions with Affiliates
The management fee for Lindner International Fund is payable
monthly to Lindner Asset Management, Inc. (formerly Ryback
Management Corporation), (the "Adviser") at the annual percentage
rate of 1% of daily net asset values averaged monthly (before
reimbursement of expenses to the Fund, if any).
Lindner Asset Management, Inc., acting as stock transfer agent and
dividend disbursing agent for the Fund, is compensated at a rate
of 92 cents per shareholder account per month. During the year
ended June 30, 1999, transfer agent fees totaling $2,543 were paid
to Lindner Asset Management, Inc. Certain officers and directors
of the Fund are affiliates of Lindner Asset Management, Inc.
4. Organizational Expense
The following is a schedule of expenses in connection with the
organization and registration of the Fund which are being
amortized and reimbursed to the Adviser on a straight line basis
over a period of five years:
<TABLE>
<S> <C>
Original Expense...................................... 35,889
Accumulated Amortization at June 30, 1999............. 32,742
1999 Expense.......................................... 7,278
</TABLE>
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"). For the
year ended June 30, 1999 there were no transactions with
"affiliated companies" as defined by the Investment Company Act of
1940.
<PAGE>
6. Expense Offset Arrangements
The Fund has an arrangement whereby custodian expenses are reduced
by maintaining a compensating balance with the custodian. The Fund
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 the ratio of expenses to average net assets in the
Financial Highlights, total expenses include the expense which had
been offset. The aggregate amount for the year ended June 30,
1999, by which expenses have been increased for financial
statement presentation is $31.
<PAGE>
<PAGE>
LINDNER INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1999
7. Capital Stock
On June 24, 1999, The Lindner Funds Board of Trustees approved the
decision to close the Lindner International Fund to new purchases,
effective June 25, 1999. No additional sales of shares will be
accepted from existing investors other than through dividend
reinvestment. Transactions in shares of capital stock for the
years ended June 30, 1999 and 1998 were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
JUNE 30, 1999 JUNE 30, 1998
------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
Investor shares
- ---------------
Sold............................. 98,704 $ 697,719 276,398 $ 3,017,454
Dividends and Distributions...... 11,027 72,776 8,418 79,130
Redeemed......................... (224,970) (1,512,181) (408,939) (4,353,827)
-------- ----------- -------- -----------
Net decrease..................... (115,239) $ (741,686) (124,123) $(1,257,243)
======== =========== ======== ===========
Institutional shares
- --------------------
Sold............................. -- $ -- -- $ --
Dividends and Distributions...... 2 10 -- 7
Redeemed......................... -- -- -- --
-------- ----------- -------- -----------
Net increase..................... 2 $ 10 -- $ 7
======== =========== ======== ===========
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(FOR AN INVESTOR SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<CAPTION>
INCOME (LOSS) FROM INVESTMENT OPERATIONS
-----------------------------------------------------
NET REALIZED
AND
NET ASSET UNREALIZED TOTAL
VALUE, NET GAINS FROM
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT
OF PERIOD INCOME INVESTMENTS OPERATIONS
Period Ended June 30, <F3>
<S> <C> <C> <C> <C>
1995 $9.00 $0.07 $0.02 $0.09
1996 $9.09 ($0.01) $0.86 $0.85
1997 $9.89 ($0.01) $1.45 $1.44
1998 $11.19 ($0.15) ($2.11) ($2.26)
1999 $8.71 ($0.15) ($1.24) ($1.39)
<CAPTION>
DISTRIBUTIONS
--------------------------------------------
DISTRIBUTIONS
FROM NET
DIVIDENDS REALIZED NET ASSET
FROM NET GAINS FROM VALUE,
INVESTMENT INVESTMENT TOTAL END OF TOTAL
INCOME TRANSACTIONS DISTRIBUTIONS PERIOD RETURN <F1>
Period Ended June 30, <F3>
<S> <C> <C> <C> <C> <C>
1995 $0.00 $0.00 $0.00 $9.09 1.00%
1996 $0.05 $0.00 $0.05 $9.89 9.41%
1997 $0.00 $0.14 $0.14 $11.19 14.76%
1998 $0.00 $0.22 $0.22 $8.71 (20.31%)
1999 $0.00 $0.30 $0.30 $7.02 (15.77%)
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------
RATIO OF NET
INVESTMENT NET
RATIO OF INCOME ASSETS,
EXPENSES TO PORTFOLIO END OF
TO AVERAGE AVERAGE TURNOVER PERIOD
NET ASSETS NET ASSETS RATE (IN MILLIONS)
Period Ended June 30, <F3>
<S> <C> <C> <C> <C>
1995 1.26% 1.02% 0.00% $0.3
1996 2.57% <F2> 0.05% 48.40% $1.2
1997 1.96% (0.14%) 37.79% $4.7
1998 2.25% (1.14%) 44.25% $2.6
1999 2.40% (0.60%) 17.04% $1.3
<FN>
<F1> 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.
<F2> Expense ratio for periods after September 1, 1995, are computed using
gross expenses which include fees reduced in connection with specific
agreements.
<F3> Operations commenced on January 1, 1995.
</TABLE>
<PAGE>
<TABLE>
(FOR AN INSTITUTIONAL SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<CAPTION>
INCOME (LOSS) FROM INVESTMENT OPERATIONS
-----------------------------------------------------
NET REALIZED
AND
NET ASSET UNREALIZED TOTAL
VALUE, NET GAINS FROM
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT
OF PERIOD INCOME INVESTMENTS OPERATIONS
Period Ended June 30,
<S> <C> <C> <C> <C>
1997 <F1> $9.89 ($0.04) $1.45 $1.41
1998 $11.16 ($0.15) ($2.16) ($2.31)
1999 $8.63 ($0.15) ($1.25) ($1.40)
<CAPTION>
DISTRIBUTIONS
--------------------------------------------
DISTRIBUTIONS
FROM NET
DIVIDENDS REALIZED NET ASSET
FROM NET GAINS FROM VALUE,
INVESTMENT INVESTMENT TOTAL END OF TOTAL
INCOME TRANSACTIONS DISTRIBUTIONS PERIOD RETURN <F2>
Period Ended June 30,
<S> <C> <C> <C> <C> <C>
1997 <F1> $0.00 $0.14 $0.14 $11.16 17.06%
1998 $0.00 $0.22 $0.22 $8.63 (20.82%)
1999 $0.00 $0.30 $0.30 $6.93 (16.03%)
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
RATIO OF NET
INVESTMENT NET
RATIO OF INCOME ASSETS,
EXPENSES TO PORTFOLIO END OF
TO AVERAGE AVERAGE TURNOVER PERIOD (IN
NET ASSETS NET ASSETS RATE THOUSANDS)
Period Ended June 30,
<S> <C> <C> <C> <C>
1997 <F1> 1.48% (0.13%) 37.79% <F3> $0.4
1998 2.67% (1.47%) 44.25% $0.3
1999 2.56% (0.38%) 17.04% $0.3
<FN>
<F1> For the period November 1, 1996 (initial purchase) to June 30, 1997.
<F2> 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.
<F3> Annualized.
</TABLE>
<PAGE>
LINDNER INTERNATIONAL FUND
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of Lindner Investments:
We have audited the accompanying statements of assets and
liabilities of the Lindner International Fund (one of the portfolios
of Lindner Investments), including the schedule of investments, as
of June 30, 1999, and the related statement of operations for the
year then ended, the statement of changes in net assets for the
years ended June 30, 1999 and 1998, and the financial highlights for
each of the periods in the five year period ended June 30, 1999.
These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June
30, 1999, by corresponding with the Fund's custodians. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of the Fund at June 30, 1999, the results of its
operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then
ended in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
St. Louis, Missouri
August 11, 1999
<PAGE>
LINDNER INTERNATIONAL FUND
SHAREHOLDER VOTE INFORMATION
JUNE 30, 1999
Special meetings of shareholders were held on December 17 and 22,
1998, to vote on several matters. Items affecting the Lindner
High-Yield Bond Fund include:
1. Approve changes to the fundamental investment policies and
restrictions of certain Funds, as follows:
(a) Amend the fundamental restriction concerning borrowings and
senior securities.
(b) Eliminate the fundamental restriction prohibiting each Fund
from investing to exercise control.
2. Approve a change in the following fundamental investment policies
and restrictions to make them non-fundamental policies and
restrictions:
(a) Restriction on purchasing securities on margin.
(b) Restriction on short sales.
(c) Restriction on writing or selling put and call options.
3. Approval of an amendment to the Agency Agreement between Lindner
Asset Management, Inc. (formerly Ryback Management Corporation)
and the Trust for all Funds other than the High-Yield Bond Fund
to increase the annual fee payable by such Funds for transfer
agent services from $9.00 per shareholder account to $11.00 per
shareholder account.
Shareholders adopted all proposals. The voting on each proposal was
as follows:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
Proposal 1(a).................................. 127,365 4,716 1,947
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
Proposal 1(b).................................. 130,976 1,631 1,421
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
Proposal 2(a).................................. 120,926 7,954 5,147
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
Proposal 2(b).................................. 123,499 5,771 4,758
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
Proposal 2(c).................................. 121,363 7,862 4,803
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
Proposal 3..................................... 118,826 12,525 2,696
</TABLE>
