<PAGE>
<PAGE>
CONTENTS
<TABLE>
<S> <C>
Statements of Assets and Liabilities........................ 2
LINDNER LARGE-CAP FUND
Letter from the Investment Committee...................... 4
Schedule of Investments................................... 5
LINDNER ASSET ALLOCATION FUND
Letter from the Investment Committee...................... 7
Schedule of Investments................................... 8
LINDNER UTILITY FUND
Letter from the Investment Committee...................... 11
Schedule of Investments................................... 12
LINDNER SMALL-CAP FUND
Letter from the Investment Committee...................... 13
Schedule of Investments................................... 14
LINDNER OPPORTUNITIES FUND
Letter from the Investment Committee...................... 16
Schedule of Investments................................... 17
LINDNER MARKET NEUTRAL FUND
Letter from the Investment Committee...................... 18
Schedule of Investments................................... 20
LINDNER GOVERNMENT MONEY MARKET FUND
Letter from the Investment Committee...................... 24
Schedule of Investments................................... 25
Statements of Operations.................................... 26
Statements of Changes in Net Assets......................... 27
Notes to Financial Statements............................... 30
Financial Highlights........................................ 36
</TABLE>
<PAGE>
<PAGE>
MARKET OVERVIEW
"THE CURRENT MARKET REPRESENTS THE TRIUMPH
OF THE EXCITING STORY OVER LONG RUN EXPERIENCE"
The U.S. Stock Market climbed at the beginning of the
year 1999, but rising interest rates caused some
upheaval through the summer months, as the S&P 500
indices declined 11.2 percent from July 16, 1999 to
October 15, 1999. Technology stocks went into action
in September and soared during the last three months
of the year; ending with the Standard & Poor's 500
Index, heavy with large-capitalization stocks,
returning 21%. Even small cap stocks, which have been
outperformed by the large cap sector for the past five
years, had an impressive showing, with a return of
21.3% for the Russell 2000 Index. The Federal Reserve
Board attempted to slow a heated economy and the
skyrocketing market by increasing interest rates.
The Fed raised rates three times for a total of 75
basis points, and yet equity investors were not
deterred and the market continued to climb. Long-term
bond prices suffered greatly with a 15% decline.
Not every stock was on the rise in 1999, and in fact
60% of the stocks on the New York Stock Exchange
actually dropped in price; and those stocks were kept
company by 48% of the stocks trading on the NASDAQ
Index.
Technology and telecommunication stocks were however,
the high flyers of 1999 with an overall gain of 74%
within the S&P 500 Index, and 1999 marked the fifth
consecutive year that technology stocks have shown
returns exceeding 20%. This "tech tidal wave" was also
mostly responsible for the S&P 500 growth stocks
outperforming value stocks, as did those growth stocks
of the Russell 2000 Index. Although about half of the
stocks on the New York Stock Exchange and the NASDAQ
market were not on the rise, 1999 is sure to be
---
remembered as the year of technology and
telecommunications.
Additional markers of this extraordinary year were the
extreme narrowness of market breadth, and the historic
return spread between growth and value styles.
Volatility was also at historically high levels as the
average daily percent change for the S&P 500 came in
at nearly 1%. (1987 and 1974 were 2nd and 3rd
respectively in the volatility derby.) Perhaps the
most noteworthy feature as mentioned above was the
spread between the growth and value styles of
investing. Using the Russell 3000 Growth and Value
indices as proxies, the return spread between the two
set a 22-year record of 27.2 points. On a relative
basis, growth was five times more rewarding than
value.
In summary, investors seeking accelerating price
momentum and accelerating revenues (actual earnings
not required) drive today's equity market. Mutual Fund
flows reveal the public is sending redemption notices
to value funds and buying into aggressive growth funds
at record rates. While we do not at this moment see an
end to these trends, all of our experience tells us
that they will end and reverse. Because we see risk as
rising, we have in all the Lindner funds except the
Opportunities Fund, reduced our risk exposures.
To date, each Lindner fund reflects the positive
effects of the changes we made and we look forward to
continued success in the coming years.
/s/ Mark T. Finn
Vice Chairman and Chief Operating Officer,
Lindner Asset Management Inc.
1
<PAGE>
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- -------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
LINDNER LINDNER LINDNER LINDNER LINDNER
LARGE-CAP ASSET ALLOCATION UTILITY SMALL-CAP OPPORTUNITIES
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Investment securities, at value:
Unaffiliated issuers
(identified cost of
$344,732,446,
$646,786,731, $23,410,045,
$27,121,269 and
$1,516,213, respectively) $ 408,105,574 $ 648,088,956 $ 34,759,360 $ 32,112,366 $ 1,739,612
Cash 149,620 277,915 70,381 99,813 90,540
Receivables:
Investments sold - long 1,994,514 809,523 -- -- 117,379
Dividends and interest 176,903 4,237,332 24,578 5,389 185
Fund shares sold -- 31,402 -- 1,973 --
Receivable for expenses
reimbursed by advisor -- -- -- -- 15,471
Other assets 34,361 73,763 2,444 3,176 --
------------- ------------- ------------- ------------- --------------
Total assets 410,460,972 653,518,891 34,856,763 32,222,717 1,963,187
------------- ------------- ------------- ------------- --------------
LIABILITIES
Accounts payable and accrued
liabilities:
Investment securities
purchased 6,441,832 5,292,551 473,112 1,199,638 --
Fund shares redeemed 322,862 1,926,772 26,287 32,075 --
Other liabilities:
Administrator fee (Note 3) -- -- -- -- 203
Management fee (Note 3) 815,177 885,747 18,786 16,770 1,217
Transfer agent fee (Note 3) 17,273 25,004 1,377 1,477 101
Other 121,774 125,145 6,739 12,001 87
------------- ------------- ------------- ------------- --------------
Total liabilities 7,718,918 8,255,219 526,301 1,261,961 1,608
------------- ------------- ------------- ------------- --------------
NET ASSETS $ 402,742,054 $ 645,263,672 $ 34,330,462 $ 30,960,756 $ 1,961,579
============= ============= ============= ============= ==============
NET ASSETS CONSIST OF:
Capital (par value, $.01 per
share, and additional
paid-in capital) $ 334,386,590 $ 699,772,503 $ 22,655,967 $ 25,001,687 $ 1,740,594
Undistributed net investment
income 462,404 5,928,723 22,326 (35,444) 544
Accumulated net realized gain
(loss) on investments and
foreign currency
transactions 4,519,924 (61,739,779) 302,809 1,003,416 (2,958)
Net unrealized appreciation on
investments and translation
of assets and liabilities in
foreign currency 63,373,136 1,302,225 11,349,360 4,991,097 223,399
------------- ------------- ------------- ------------- --------------
NET ASSETS APPLICABLE TO
OUTSTANDING SHARES $ 402,742,054 $ 645,263,672 $ 34,330,462 $ 30,960,756 $ 1,961,579
============= ============= ============= ============= ==============
NET ASSET VALUE PER SHARE
Investor Shares:
NET ASSETS $ 402,543,543 $ 641,677,824 $ 34,330,215 $ 29,189,793 $ 1,961,579
SHARES OUTSTANDING 23,899,059 26,670,245 1,843,509 3,311,854 138,644
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
(NET ASSETS/SHARES
OUTSTANDING) $ 16.84 $ 24.06 $ 18.62 $ 8.81 $ 14.15
Institutional Shares:
NET ASSETS $ 198,511 $ 3,585,848 $ 247 $ 1,770,963
SHARES OUTSTANDING 11,870 149,555 13 201,498
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
(NET ASSETS/SHARES
OUTSTANDING) $ 16.72 $ 23.98 $ 18.48 $ 8.79
------------- ------------- ------------- ------------- -------------
</TABLE>
2 See Notes to Financial Statements
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
LINDNER
MARKET
NEUTRAL
FUND
<S> <C>
ASSETS
Investment securities, at value:
Unaffiliated issuers (identified cost of
$17,555,512) $ 18,078,647
Cash 32,099
Receivables:
Investments sold - long 1,201,901
Dividends and interest 109,822
Fund shares sold 29,300
Investments sold - short 13,445,706
Deposits with brokers for securities sold
short 1,206,527
Other assets 1,394
-------------
Total assets 34,105,396
-------------
LIABILITIES
Accounts payable and accrued liabilities:
Investment securities purchased 1,184,559
Investments sold short, at value
(proceeds $13,445,706) 14,640,558
Fund shares redeemed 4,052
Other liabilities:
Management fee (Note 3) 14,818
Transfer agent fee (Note 3) 871
Other 4,668
-------------
Total liabilities 15,849,526
-------------
NET ASSETS $ 18,255,870
=============
NET ASSETS CONSIST OF:
Capital (par value, $.01 per share, and
additional paid-in capital) $ 43,236,744
Undistributed net investment income 28,594
Accumulated net realized loss on
investments (24,337,751)
Net unrealized depreciation on investments (671,717)
-------------
NET ASSETS APPLICABLE TO OUTSTANDING
SHARES $ 18,255,870
=============
NET ASSET VALUE PER SHARE
Investor Shares:
NET ASSETS $ 18,255,752
SHARES OUTSTANDING 2,957,831
-------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE (NET ASSETS/SHARES
OUTSTANDING) $ 6.17
=============
Institutional Shares:
NET ASSETS $ 118
SHARES OUTSTANDING 18
-------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE (NET ASSETS/SHARES
OUTSTANDING) $ 6.55
=============
<PAGE>
<CAPTION>
LINDNER
GOVERNMENT
MONEY MARKET
FUND
<S> <C>
ASSETS
Investment securities, at value:
U.S. Government Agency Securities $ 40,974,741
Repurchase Agreements 5,296,000
Cash 111,443
Interest receivable 386,630
Unamortized organizational expense (Note 4) 8,102
Other assets 13,296
-------------
Total assets 46,790,212
-------------
LIABILITIES
Accounts payable and accrued liabilities:
Fund shares redeemed 92,918
Dividends 87,334
Organizational expense 9,274
Administrator fee (Note 3) 7,739
Management fee (Note 3) 5,804
Transfer agent fee (Note 3) 978
Other 11,480
-------------
Total liabilities 215,527
-------------
NET ASSETS $ 46,574,685
=============
NET ASSETS CONSIST OF:
Paid-in capital $ 46,574,685
=============
SHARES OF BENEFICIAL INTEREST, $1.00 PAR
VALUE
UNLIMITED SHARES AUTHORIZED, OUTSTANDING 46,574,685
=============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE (NET ASSETS/SHARES
OUTSTANDING) $ 1.00
=============
</TABLE>
See Notes to Financial Statements 3
<PAGE>
<PAGE>
PERFORMANCE SUMMARY
The Lindner Large-Cap Fund had a total return of 11.39 percent in
the six months ended December 31, 1999. The performances of the S&P
500 Index and the Russell 1000 were 7.71% and 8.27%, respectively,
during the same period.
Many of our technology positions, such as New Era of Networks
(NEON)--up 237% --and Oracle Corporation (ORCL)--up 345%--had large
gains over the last quarter of 1999. On the other hand, holdings
such as Saks Incorporated (SKS) and Bitech Petroleum (BPU) were down
- -40.59% and -16.92%, respectively.
The Large-Cap Fund made a successful transition from a relatively
small cap portfolio with very little liquidity to a fund of larger
cap stocks with much more liquidity and growth potential. Many of
our smaller and less liquid stocks were moved out by the end of
summer 1999, which allowed the fund to significantly appreciate in
the latter half of 1999.
The investment philosophy for the entire fund family has been
reviewed for an adjustment to the changing nature of capital
markets, shifting closer toward modern financial economics
principles. The classical Lindner value approach has been updated to
evaluate "value" in relative terms rather than in absolute terms.
Under the new approach, the value of a company's equities is
evaluated by looking at the firm's current cash flows coupled with
the expected future cash flows. Price, in fact, is viewed as a
result dependent on investors's expectations.
The increasing volatility of the markets puts stricter risk
management requirements on the money management side. The key tool
to sound risk management is diversification. Cross-sectional
diversification should be applied by broadening the investments
universe (i.e., increasing the number of stocks in a portfolio) and
adjusting the holding weights accordingly, in order to avoid taking
sector/fundamental/company specific bets. On the other hand, time
diversification should also be applied by making proper asset
allocation decisions to reduce the dependence of the portfolios to
specific asset types.
LINDNER LARGE-CAP FUND
PERFORMANCE GRAPH
- --------------------------------------------------------------------------
Comparison of change in value of $10,000 invested in the S&P 500
Index and the Lindner Large-Cap Fund--Investor Shares from June 30,
1989 to December 31, 1999 and Institutional Shares from July 12,
1996 to December 31, 1999:
[Large-Cap Fund graph]
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE
<TABLE>
AVERAGE ANNUAL TOTAL RETURN
<CAPTION>
For Investor Shares For Institutional Shares
For Periods Ended December 31, 1999 For Periods Ended December 31, 1999
<S> <C> <C> <C>
1 Year 11.32% 1 Year 11.21%
5 Year 8.13% Inception 2.94%
10 Year 8.06%
</TABLE>
Liquidity is also a major consideration for the fund's holdings in
that, if our opinion on a security changes, the market for the
security will be broad enough that the securities price will be
relatively unaffected by our liquidation.
Since our risk management approach avoids taking large common factor
bets, the performance of the fund is primarily dependent on
management's stock selection.
/s/ Mark T. Finn
Mark T. Finn
Vice Chairman and
Chief Operating Officer
4
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ----------------- ---------------
<S> <C> <C>
LINDNER LARGE-CAP FUND
- ----------------------
COMMON STOCKS (91.31%)
Biotechnology (2.54%)
Amgen, Inc.<F*> 160,000 $ 9,610,000
Biochem Pharma, Inc.<F*> 29,000 630,750
---------------
10,240,750
---------------
Electrical Equipment (2.65%)
American Power Conversion Corporation<F*> 264,600 6,978,825
Ballard Power Systems, Inc.<F*> 43,900 1,237,431
Cytyc Corporation<F*> 40,100 2,448,606
---------------
10,664,862
---------------
Freight (0.68%)
Airborne Freight Corporation 125,000 2,750,000
---------------
Aerospace/Defense (0.70%)
Alliant Techsystems, Inc.<F*> 45,000 2,804,063
---------------
Airlines (1.54%)
UAL Corporation<F*> 80,000 6,205,000
---------------
Apparel & Other Textile Products (0.72%)
Tommy Hilfiger Corporation<F*> 125,000 2,914,063
---------------
Automobiles and Parts (0.44%)
Mark IV Industries, Inc. 100,000 1,768,750
---------------
Brewery (0.83%)
Anheuser-Busch Companies, Inc. 46,900 3,324,038
---------------
Chemicals and Allied Products (0.94%)
Vulcan Materials Company 95,000 3,794,063
---------------
Computer and Electronic Equipment (11.95%)
3Com Corporation<F*> 150,000 7,050,000
Apple Computer, Inc.<F*> 55,000 5,654,688
Avid Technology, Inc.<F*> 154,100 2,012,931
Cisco Systems, Inc.<F*> 50,000 5,356,250
Compaq Computer Corporation 200,000 5,412,500
Creative Technology Ltd. 350,000 6,081,250
Dell Computer Corporation<F*> 101,000 5,151,000
EMC Corporation<F*> 50,000 5,462,500
International Business Machines Corporation 55,000 5,940,000
---------------
48,121,119
---------------
Computers Software/Services (13.05%)
America Online, Inc.<F*> 50,000 3,771,875
Autodesk, Inc. 50,000 1,687,500
Compuware Corporation<F*> 90,000 3,352,500
Earthlink Network, Inc.<F*> 80,000 3,400,000
Informix Corporation<F*> 346,600 3,964,238
Legato Systems, Inc.<F*> 104,000 7,156,500
Microsoft Corporation<F*> 60,000 7,005,000
MindSpring Enterprises, Inc.<F*> 75,000 1,980,473
New Era of Networks, Inc.<F*> 125,000 5,953,125
Oracle Corporation<F*> 60,000 6,723,750
Rational Software Corporation<F*> 81,300 3,993,863
Transaction Systems Architects, Inc.<F*> 127,000 3,556,000
---------------
52,544,824
---------------
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ----------------- ---------------
<S> <C> <C>
Consumer Staples (1.02%)
Fort James Corporation 150,000 $ 4,106,250
---------------
Distributors (1.01%)
Patterson Dental Company<F*> 20,000 852,500
U.S. Foodservice<F*> 191,400 3,205,950
---------------
4,058,450
---------------
Financials (1.94%)
Comerica, Inc. 75,000 3,501,563
Federal National Mortgage Association 60,000 3,746,250
First Tennessee National Corporation 20,000 570,000
---------------
7,817,813
---------------
Food and Beverage (2.59%)
Dean Foods Company 88,100 3,501,975
Flowers Industries, Inc. 125,000 1,992,188
Kroger Company<F*> 194,000 3,661,750
Whitman Corporation 95,000 1,276,563
---------------
10,432,476
---------------
Gaming, Lottery & Parimutual Betting (0.75%)
International Game Technology<F*> 149,500 3,036,719
---------------
Healthcare (4.06%)
ALZA Corporation<F*> 45,000 1,558,125
Bristol-Myers Squibb Company 70,000 4,493,125
Covance, Inc.<F*> 57,700 623,881
Express Scripts, Inc.<F*> 65,400 4,185,600
Humana, Inc.<F*> 200,000 1,637,500
Tenet Healthcare Corporation<F*> 100,000 2,350,000
Total Renal Care Holdings, Inc.<F*> 226,500 1,514,719
---------------
16,362,950
---------------
Hotel Operator (1.00%)
Host Marriott Corporation 445,800 3,677,850
Orbis S.A.<Ff>,<F*> 38,102 329,481
---------------
4,007,331
---------------
Insurance (1.58%)
Catalana Occidente S.A.<Ff> 88,988 1,422,631
Old Republic International Corporation 230,000 3,133,750
W.R. Berkley Corporation 85,800 1,791,075
---------------
6,347,456
---------------
Investment Banking/Brokerage (1.11%)
Lehman Brothers Holdings, Inc. 28,400 2,405,125
Morgan Stanley Dean Witter & Company 14,600 2,084,150
---------------
4,489,275
---------------
Leisure/Entertainment (0.56%)
Carnival Corporation 47,300 2,261,531
---------------
Manufacturing (6.70%)
Diebold, Inc. 175,000 4,112,500
Pall Corporation 169,400 3,652,688
Smurfit-Stone Container Corporation<F*> 150,000 3,675,000
Tecumseh Products Company - Class B 6,600 275,550
TransTechnology Corporation 184,950 2,046,009
See Notes to Financial Statements 5
<PAGE>
<PAGE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ----------------- ---------------
<S> <C> <C>
LINDNER LARGE-CAP FUND
- ----------------------
Manufacturing (continued)
Tyco International Ltd. 120,000 $ 4,665,000
USG Corporation 75,000 3,534,375
Windmere-Durable Holdings, Inc. 188,400 3,202,800
York International Corporation 65,800 1,805,388
---------------
26,969,310
---------------
Oil & Gas Exploration and Production (0.73%)
Bitech Petroleum Corporation<Ff>,<F*> 3,937,595 2,930,202
---------------
Restaurants and Food Preparation (0.36%)
Bob Evans Farms, Inc. 54,800 845,975
Starbucks Corporation<F*> 25,000 606,250
---------------
1,452,225
---------------
Retail (4.10%)
Best Buy Company, Inc.<F*> 63,000 3,161,813
CDW Computer Centers, Inc.<F*> 55,100 4,332,238
Circuit City Stores, Inc. 35,000 1,577,188
Consolidated Stores Corporation<F*> 250,000 4,062,500
Dollar Tree Stores, Inc.<F*> 20,000 968,750
Saks, Inc.<F*> 155,000 2,412,188
---------------
16,514,677
---------------
Retail - Specialty (3.19%)
AnnTaylor Stores Corporation<F*> 107,800 3,712,363
Autozone, Inc.<F*> 140,000 4,523,750
Borders Group, Inc.<F*> 280,000 4,497,500
PETsMART, Inc.<F*> 20,000 115,000
---------------
12,848,613
---------------
Semiconducters (0.91%)
RF Micro Devices, Inc.<F*> 20,400 1,396,125
Xilinx, Inc.<F*> 50,000 2,273,440
---------------
3,669,565
---------------
Services (8.84%)
Cadence Design Systems, Inc.<F*> 325,000 7,800,000
Cendant Corporation<F*> 145,000 3,851,563
Computer Sciences Corporation<F*> 15,000 1,419,375
CSG Systems International, Inc.<F*> 180,000 7,177,500
DeVry, Inc.<F*> 50,000 931,250
Keane, Inc. 143,700 4,562,475
Manpower, Inc. 120,000 4,515,000
Omnicom Group, Inc. 24,600 2,460,000
The Interpublic Group of Companies, Inc. 50,000 2,884,375
---------------
35,601,538
---------------
Technology (0.41%)
Tellabs, Inc.<F*> 26,000 1,668,875
---------------
Telecommunications Equipment (3.93%)
General Instrument Corporation<F*> 140,000 11,900,000
World Access, Inc.<F*> 203,500 3,917,375
---------------
15,817,375
---------------
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ----------------- ---------------
<S> <C> <C>
Telecommunications Service (4.18%)
AT & T Corporation<F*> 105,000 $ 5,328,750
BellSouth Telecommunications, Inc.<F*> 25,000 1,170,313
Centurytel, Inc. 36,600 1,733,925
Qwest Communications International, Inc.<F*> 200,000 8,600,000
---------------
16,832,988
---------------
Transportation (0.78%)
MIF Ltd., - Rule 144A<F*>,<Fr>
(Acquired 12/20/96 - 4/10/97, Cost $4,250,000) 312,732 3,129,158
---------------
Utilities (0.55%)
UniSource Energy Corporation 200,000 2,237,500
---------------
Miscellaneous (4.97%) 20,024,689
---------------
Total Common Stocks (Cost $304,375,370) 367,748,498
---------------
U.S. GOVERNMENT AGENCY SECURITIES (10.02%)
FHLBDN, 1/14/00 $ 400,000 399,177
FMCDN, 1/11/00 200,000 199,692
FMCDN, 1/12/00 500,000 499,134
FMCDN, 1/13/00 7,800,000 7,785,447
FMCDN, 1/25/00 10,800,000 10,759,176
FMCDN, 1/28/00 19,000,000 18,919,203
FNMADN, 1/18/00 1,800,000 1,795,247
---------------
Total U.S. Government Agency Securities (Cost
$40,357,076) 40,357,076
---------------
Total Investments (Cost $344,732,446) 101.33% 408,105,574
Excess of Liabilities over Other Assets (1.33%) (5,363,520)
---------------- ---------------
Net Assets 100.00% $ 402,742,054
================ ===============
<FN>
<F*>Non-income producing
<Ff>Denotes security primarily traded in foreign markets
<Fr>Denotes security is restricted as to resale. The aggregate value of restricted securities
at December 31, 1999 was $3,129,158 which represented .78% of net assets
FHLBDN = Federal Home Loan Banks Discount Note
FMCDN = Federal Home Loan Mortgage Corporation Discount Note
FNMADN = Federal National Mortgage Association Discount Note
</TABLE>
6 See Notes to Financial Statements
<PAGE>
<PAGE>
PERFORMANCE SUMMARY
The Lindner Asset Allocation Fund had a total return of 5.90 percent
in the six months ended December 31, 1999. The performances of the
Russell 1000 Index and the S&P 500 Index were 8.27% and 7.71%
respectively, over the same period.
The fund's asset mix was 62.5% equity and 37.5% fixed income over
last half of 1999. The technology and telecommunications stocks once
again outperformed all other sectors. Northern Telecom (NT) up 133%
and Metricom (MCOM) up 293%, were leaders for the Asset Allocation
Fund. Albertson's, Inc. (ABS) and Western Resources, Inc. (WR)
detracted from the fund's performance with declines of -45.19% and
- -32.98%, respectively.
The structural changes that were made to the fund over the
spring/summer 1999 appear to be working as planned. The fund has
moved out of the small cap and less liquid stocks and into larger
cap and more liquid S&P 500 stocks.
The investment philosophy for the entire fund family has been
reviewed for an adjustment to the changing nature of capital
markets, shifting closer toward modern financial economics
principles. The classical Lindner value approach has been updated to
evaluate "value" in relative terms rather than in absolute terms.
Under the new approach, the value of a company's equities is
evaluated by looking at the firm's current cash flows coupled with
the expected future cash flows. Price, in fact, is viewed as a
result dependent on investors's expectations.
The increasing volatility of the markets puts stricter risk
management requirements on the money management side. The key tool
to sound risk management is diversification. Cross-sectional
diversification should be applied by broadening the investments
universe (i.e., increasing the number of stocks in a portfolio) and
adjusting the holding weights accordingly, in order to avoid taking
sector/fundamental/company specific bets. On the other hand, time
diversification should also be applied by making proper asset
allocation decisions to reduce the dependence of the portfolios to
specific asset types. Liquidity is also a major consideration for
the
LINDNER ASSET ALLOCATION FUND
PERFORMANCE GRAPH
- --------------------------------------------------------------------------
Comparison of change in value of $10,000 invested in the S&P 500
Index and the Lindner Asset Allocation Fund--Investor Shares from
June 30, 1989 to December 31, 1999 and Institutional Shares from
July 9, 1996 to December 31, 1999:
[Asset Allocation Fund graph]
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE
<TABLE>
AVERAGE ANNUAL TOTAL RETURN
<CAPTION>
For Investor Shares For Institutional Shares
For Periods Ended December 31, 1999 For Periods Ended December 31, 1999
<S> <C> <C> <C>
1 Year 10.00% 1 Year 9.80%
5 Year 10.29% Inception 6.71%
10 Year 10.09%
</TABLE>
fund's holdings in that, if our opinion on a security changes, the
market for the security will be broad enough that the securities
price will be relatively unaffected by our liquidation.
Since our risk management approach avoids taking large common factor
bets, the performance of the fund is more a reflection the
management's stock selection.
/s/ Mark T. Finn
Mark T. Finn
Vice Chairman and
Chief Operating Officer
7
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER ASSET ALLOCATION FUND
- -----------------------------
COMMON STOCKS (55.73%)
Building Materials (0.44%)
Armstrong World Industries, Inc. 85,000 $ 2,836,875
---------------
Electrical Equipment (2.32%)
Cooper Industries, Inc. 75,300 3,044,944
Emerson Electric Company 100,000 5,737,500
General Electric Company 40,000 6,190,000
---------------
14,972,444
---------------
Photography/Imaging (0.67%)
Eastman Kodak Company 65,000 4,306,250
---------------
Aerospace/Defense (1.26%)
Boeing Company 90,000 3,740,625
Lockheed Martin Corporation 200,000 4,375,000
---------------
8,115,625
---------------
Apparel & Other Textile Products (1.18%)
Liz Claiborne, Inc. 115,000 4,326,875
VF Corporation 110,000 3,300,000
---------------
7,626,875
---------------
Automobiles and Parts (1.08%)
Dana Corporation 100,000 2,993,750
General Motors Corporation 55,000 3,997,813
---------------
6,991,563
---------------
Brewery (1.36%)
Anheuser-Busch Companies, Inc. 100,000 7,087,500
Brown-Forman Corporation 30,000 1,717,500
---------------
8,805,000
---------------
Chemicals and Allied Products (1.76%)
E. I. du Pont de Nemours and Company 65,000 4,281,875
Engelhard Corporation 200,200 3,778,775
Lyondell Chemical Company 260,000 3,315,000
---------------
11,375,650
---------------
Communication Services (1.18%)
Comcast Corporation, Class A<F*> 150,000 7,584,375
---------------
Computer and Electronic Equipment (2.82%)
Cisco Systems, Inc.<F*> 72,500 7,766,563
Compaq Computer Corporation 165,000 4,465,313
International Business Machines Corporation 55,000 5,940,000
---------------
18,171,876
---------------
Computers Software/Services (2.93%)
BMC Software, Inc.<F*> 80,000 6,395,000
Microsoft Corporation<F*> 96,200 11,231,350
Shared Medical Systems Corporation 25,000 1,273,438
---------------
18,899,788
---------------
Consumer Staples (0.85%)
Procter & Gamble Company 50,000 5,478,125
---------------
Financials (2.49%)
Citigroup, Inc. 15,000 833,438
Federal National Mortgage Association 60,000 3,746,250
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
Financials (continued)
Household International, Inc. 92,100 $ 3,430,725
WFC Holdings Corporation 200,000 8,087,500
---------------
16,097,913
---------------
Food and Beverage (0.54%)
Ball Corporation 88,700 3,492,563
---------------
Healthcare (3.62%)
Abbott Laboratories 100,000 3,631,250
Becton, Dickinson and Company 160,000 4,280,000
Medtronic, Inc. 30,000 1,093,125
Merck & Company, Inc. 100,000 6,706,250
Pfizer, Inc. 10,000 324,375
Pharmacia & Upjohn, Inc. 21,700 976,500
Schering-Plough Corporation 150,000 6,328,125
---------------
23,339,625
---------------
Insurance (1.76%)
CIGNA Corporation<F*> 50,000 4,028,125
Torchmark Corporation 135,000 3,923,438
Travelers Property Casualty Corporation 100,000 3,425,000
---------------
11,376,563
---------------
Leisure/Entertainment (1.65%)
Carnival Corporation 30,000 1,434,375
Harley-Davidson, Inc. 75,000 4,804,688
Walt Disney Company 150,000 4,387,500
---------------
10,626,563
---------------
Manufacturing (4.39%)
Briggs & Stratton Corporation 72,300 3,877,088
Corning, Inc. 25,000 3,223,438
Ingersoll-Rand Company 100,000 5,506,250
Johns Manville Corporation 133,200 1,864,800
Minnesota Mining and Manufacturing Company 50,000 4,893,750
National Service Industries, Inc. 93,800 2,767,100
Whirlpool Corporation 95,000 6,180,938
---------------
28,313,364
---------------
Oil & Gas Exploration and Production (1.13%)
Exxon Mobile Corporation 60,000 4,833,750
USX-Marathon Group 100,000 2,468,750
---------------
7,302,500
---------------
Paper, Printing and Publishing (0.90%)
Tribune Company 105,000 5,781,563
---------------
Restaurants and Food Preparation (0.62%)
McDonald's Corporation 100,000 4,031,250
---------------
Retail (3.30%)
Albertson's, Inc. 100,000 3,225,000
CVS Corporation 87,400 3,490,538
Delhaize America, Inc. 8,233 167,233
Dillard's, Inc. 125,000 2,523,438
Sherwin-Williams Company 175,000 3,675,000
Wal-Mart Stores, Inc. 95,000 6,566,875
Walgreen Company 40,000 1,170,000
Winn-Dixie Stores, Inc. 20,000 478,750
---------------
21,296,834
---------------
8 See Notes to Financial Statements
<PAGE>
<PAGE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER ASSET ALLOCATION FUND
- -----------------------------
Retail - Specialty (1.19%)
Autonation, Inc.<F*> 230,200 $ 2,129,350
Lowe's Companies, Inc. 70,000 4,182,500
The Gap, Inc. 30,000 1,380,000
---------------
7,691,850
---------------
Semiconducters (0.70%)
Intel Corporation 55,000 4,527,188
---------------
Services (0.87%)
Equifax, Inc. 115,000 2,709,688
Pitney Bowes, Inc. 60,000 2,898,750
---------------
5,608,438
---------------
Steel Production (0.69%)
Worthington Industries, Inc. 270,500 4,480,156
---------------
Telecommunications Equipment (6.33%)
Andrew Corporation<F*> 275,000 5,207,813
Lucent Technologies, Inc. 80,000 5,985,000
Metricom, Inc.<F*> 166,242 13,070,777
Nortel Networks Corporation 120,000 12,120,000
Scientific-Atlanta, Inc. 80,000 4,450,000
---------------
40,833,590
---------------
Telecommunications Service (1.57%)
AT & T Corporation 145,000 7,358,750
Bell Atlantic Corporation 45,000 2,770,313
---------------
10,129,063
---------------
Utilities (1.38%)
Ameren Corporation (formerly Union Electric Company) 150,000 4,912,500
FPL Group, Inc. 40,000 1,712,500
Western Resources, Inc. 133,000 2,261,000
---------------
8,886,000
---------------
Miscellaneous (4.75%) 30,645,827
---------------
Total Common Stocks (Cost $344,753,510) 359,625,296
---------------
PREFERRED STOCKS (29.86%)
Financials (0.59%)
LSB Industries, Inc., $3.25 convertible 422,700 3,804,300
---------------
Airlines (1.94%)
Trans World Airlines, Inc., 8% convertible 1,192,400 12,520,200
---------------
Basic Materials (1.33%)
USX Corporation, 6.5% convertible 200,000 8,550,000
---------------
Consumer Cyclicals (2.32%)
Cendant Corporation, 7.5% convertible 400,000 14,950,000
---------------
Energy (0.58%)
Belco Oil & Gas Corporation, 6.5% convertible 246,600 3,745,238
---------------
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
Financials (1.44%)
Credit Lyonnais Capital S.C.A., 9.5%, - Rule 144A<Fr>
(Acquired 7/12/93, Cost $5,000,000) 200,000 $ 5,100,000
Nuevo Financing Trust, 5.75% convertible 155,000 4,223,750
---------------
9,323,750
---------------
Food and Beverage (1.35%)
Chiquita Brands International, Inc. $2.875 Series A
convertible 445,600 8,689,200
---------------
Healthcare (0.38%)
NeoRX Corporation, $2.475 convertible 139,277 2,419,938
---------------
Insurance (0.86%)
AICI Capital Trust, 9% 400,000 5,575,000
---------------
Real Estate Invesment Trusts (0.29%)
Capstead Mortgage Corporation, $1.26 convertible 200,000 1,900,000
---------------
Telecommunications Service (10.46%)
Nextlink Communications, Inc. 6.50% convertible 100,000 19,150,000
Omnipoint Corporation, 7% convertible 250,000 48,375,000
---------------
67,525,000
---------------
Utilities (8.32%)
Lasmo PLC, Series A, 10% 492,600 12,499,725
Unocal Corporation, $3.125 convertible 250,000 12,312,500
Weatherford International, Inc., 5% convertible 300,000 11,325,000
Western Gas Resources, Inc., $2.625 convertible 655,000 17,521,250
---------------
53,658,475
---------------
Total Preferred Stocks (Cost $197,285,817) 192,661,101
---------------
NON-CONVERTIBLE BONDS (8.56%)
Airlines (1.33%)
Trans World Airlines, Inc., 12%, due 2002 $ 10,750,000 8,573,125
---------------
Basic Materials (1.84%)
Kaiser Aluminum & Chemical Corporation, 9.875%, due
2002 12,000,000 11,880,000
---------------
Consumer Cyclicals (2.09%)
Hartmarx Corporation, 10.875%, due 2002 13,555,000 13,487,225
---------------
Financials (2.36%)
Beal Financial Corp., 12.75%, due
8/15/00 15,100,000 15,194,375
---------------
Utilities (0.94%)
Texas-New Mexico Power Company, 9.25%, due 2000 6,000,000 6,073,260
---------------
See Notes to Financial Statements 9
<PAGE>
<PAGE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER ASSET ALLOCATION FUND
- -----------------------------
Total Non-Convertible Bonds (Cost $57,873,592) $ 55,207,985
---------------
CONVERTIBLE BONDS (1.58%)
Computer and Electronic Equipment (0.47%)
Quantum Corporation, 7%, due 2004 $ 4,000,000 3,040,000
---------------
Mining (0.42%)
Uranium Resources, Inc., 6.5%, due 2000 - Rule
144A<Fr>,<F#> (Acquired
5/25/95, Cost $4,500,000) 4,500,000 2,700,000
---------------
Real Estate Investment Trust (0.69%)
Sizeler Property Investors, Inc., 8%, due 2003 4,900,000 4,446,750
---------------
Total Convertible Bonds (Cost $16,465,988) 10,186,750
---------------
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY SECURITIES (4.71%)
FHLBDN, 1/14/00 $ 13,000,000 $ 12,973,242
FHLBDN, 1/28/00 5,174,000 5,151,998
FMCDN, 1/12/00 1,400,000 1,397,575
FMCDN, 1/13/00 500,000 499,055
FMCDN, 1/25/00 7,010,000 6,983,502
FMCDN, 1/27/00 3,116,000 3,103,240
FNMADN, 1/18/00 300,000 299,212
---------------
Total U.S. Government Agency Securities (Cost
$30,407,824) 30,407,824
---------------
Total Investments (Cost $646,786,731) 100.44% 648,088,956
Excess of Liabilities over Other Assets (0.44%) (2,825,284)
--------------- ---------------
Net Assets 100.00% $ 645,263,672
=============== ===============
<FN>
<F*>Non-income producing
<Fr>Denotes security is restricted as to resale. The aggregate value of restricted securities
at December 31, 1999 was $7,800,000 which represented 1.21% of net assets
<F#>Denotes bond is in default
FHLBDN = Federal Home Loan Banks Discount Note
FMCDN = Federal Home Loan Mortgage Corporation Discount Note
FNMADN = Federal National Mortgage Association Discount Note
</TABLE>
10 See Notes to Financial Statements
<PAGE>
<PAGE>
PERFORMANCE SUMMARY
The Lindner Utility Fund had a total return of 28.86 percent in the
six months ended December 31, 1999, and ended the year as the number
one Utility Fund<F1> in the country. The performance of the S&P
Utilities Index and the Russell 2000 Index were -9.88% and 11.09%,
respectively, over the same six months.
The Lindner Utility Fund has benefited greatly from the appreciation
of the telecommunications sector. Omnipoint (OMPT) was our largest
holding and increased in value 317% during the last six months of
1999. Our telecommunications and technology stocks far exceeded the
performance of our traditional utility stocks in the portfolio. The
fund also benefited from the removal of some of the lower performing
and less liquid stocks that were sold over summer 1999. Of course,
not every stock in the portfolio was a winner. Northpoint
Communications (NPNT) and FPL Group (FPL) each had a negative impact
on the fund with declines of -20.85% and - 19.96% respectively over
the period.
The investment philosophy for the entire fund family has been
reviewed for an adjustment to the changing nature of capital
markets, shifting closer toward modern financial economics
principles. The classical Lindner value approach has been updated to
evaluate "value" in relative terms rather than in absolute terms.
Under the new approach, the value of a company's equities is
evaluated by looking at the firm's current cash flows coupled with
the expected future cash flows. Price, in fact, is viewed as a
result dependent on investors's expectations.
The increasing volatility of the markets puts stricter risk
management requirements on the money management side. The key tool
to sound risk management is diversification. Cross-sectional
diversification should be applied by broadening the investments
universe (i.e., increasing the number of stocks in a portfolio) and
adjusting the holding weights accordingly, in order to avoid taking
sector/fundamental/company specific bets. On the other hand, time
diversification should also be applied by making proper asset
allocation decisions to reduce the dependence of the portfolios to
specific asset types. Liquidity is also a major consideration for
the fund's holdings in that, if our opinion on a
LINDNER UTILITY FUND
PERFORMANCE GRAPH
- -------------------------------------------------------------------
Comparison of change in value of $10,000 invested in the Dow Jones
Utility Index, the NYSE Utilities Index and the Lindner Utility
Fund--Investor Shares from October 4, 1993 to December 31, 1999 and
Institutional Shares from October 31, 1996 to December 31, 1999:
[Utility Fund graph]
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE
<TABLE>
AVERAGE ANNUAL TOTAL RETURN
<CAPTION>
For Investor Shares For Institutional Shares
For Periods Ended December 31, 1999 For Periods Ended December 31, 1999
<S> <C> <C> <C>
1 Year 60.46% 1 Year 59.23%
5 Year 21.88% Inception 20.97%
Inception 18.11%
</TABLE>
security changes, the market for the security will be broad enough
that the securities price will be relatively unaffected by our
liquidation.
Since our risk management approach avoids taking large common factor
bets, the performance of the fund becomes dependent on management's
stock selection skill.
/s/ Mark T. Finn
Mark T. Finn
Vice Chairman and
Chief Operating Officer
[FN]
<F1> Data and analysis provided by the authoritative Lipper Inc.
shows the Lindner Utility Fund is ranked #1 out of 100 funds
for the one year period ended December 31, 1999. The fund was
ranked 12 out of 65 for the five year period ended December 31,
1999.
11
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(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 (68.28%)
Electrical Equipment (1.67%)
Emerson Electric Company 10,000 $ 573,750
---------------
Broadcast/Media (1.98%)
RCN Corporation<F*> 14,000 679,000
---------------
Consumer Staples (2.48%)
AT&T Corporation Class A Liberty Media Group
Shares<F*> 15,000 851,250
---------------
Distributors (1.15%)
Cellstar Corporation<F*> 40,000 395,000
---------------
Natural Gas Pipeline (3.62%)
Enron Corporation 28,000 1,242,500
---------------
Oil & Gas Exploration and Production (0.74%)
Esenjay Exploration, Inc.<F*> 135,200 253,500
---------------
Oilfield Services (1.18%)
Transocean Offshore, Inc. 12,000 404,250
---------------
Telecommunications Equipment (4.59%)
Com21, Inc.<F*> 10,000 224,375
Northpoint Communications Group, Inc.<F*> 25,000 600,000
Westell Technologies, Inc.<F*> 70,000 752,500
---------------
1,576,875
---------------
Telecommunications Service (29.10%)
AT & T Corporation 20,000 1,015,000
Covad Communications Group, Inc.<F*> 17,500 978,906
GTE Corporation 8,000 564,500
MCI/Worldcom, Inc.<F*> 31,047 1,647,431
McLeodUSA, Inc., Class A<F*> 14,000 824,250
Nextel Communications, Inc.<F*> 13,000 1,340,625
Qwest Communications International, Inc.<F*> 10,000 430,000
Rogers Cantel Mobile Communications, Inc., Class B<F*> 17,000 420,750
SBC Communications, Inc. 10,000 487,500
Western Wireless Corporation<F*> 15,000 1,001,250
Winstar Communications, Inc.<F*> 17,000 1,279,250
---------------
9,989,462
---------------
Utilities (16.77%)
Central and South West Corporation 10,000 200,000
CMP Group, Inc. 15,000 413,438
Edison International 20,000 523,750
FPL Group, Inc. 18,000 770,625
IPALCO Enterprises, Inc. 17,500 298,594
LG&E Energy Corporation 15,000 261,563
MidAmerican Energy Holdings Company 15,000 505,313
New Century Energies, Inc. 5,000 151,875
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
Utilities (continued)
Pinnacle West Capital Corporation 15,000 $ 458,438
Potomac Electric Power Company 12,000 275,250
TECO Energy, Inc. 30,000 556,875
Texas Utilities Company 10,000 355,625
The AES Corporation 8,000 598,000
Wisconsin Energy Corporation 20,000 385,000
---------------
5,754,346
---------------
Miscellaneous (5.00%) 1,719,276
---------------
Total Common Stocks (Cost $18,354,265) 23,439,209
---------------
PREFERRED STOCKS (22.80%)
Telecommunications Service (22.80%)
Nextlink Communications, Inc., 6.50% convertible 5,000 957,500
Omnipoint Corporation, 7% convertible 30,000 5,805,000
Qwest Trends Trust, 5.75% convertible - Rule 144A<Fr>
(Acquired 12/15/98 - 12/17/98, Cost $626,875) 15,000 1,065,000
---------------
7,827,500
---------------
Total Preferred Stocks (Cost $1,563,129) 7,827,500
---------------
U.S. GOVERNMENT AGENCY SECURITIES (10.17%)
FMCDN, 1/11/00 $ 1,100,000 1,098,300
FMCDN, 1/25/00 100,000 99,622
FMCDN,1/13/00 1,000,000 998,145
FNMADN, 1/18/00 1,300,000 1,296,584
---------------
Total U.S. Government Agency Securities
(Cost $3,492,651) 3,492,651
---------------
Total Investments (Cost $23,410,045) 101.25% 34,759,360
Excess of Liabilities over Other Assets (1.25%) (428,898)
-------------- ---------------
Net Assets 100.00% $ 34,330,462
============== ===============
<FN>
<F*>Non-income producing
<Fr>Denotes security is restricted as to resale. The aggregate value of restricted securities
at December 31, 1999 was $1,065,000 which represented 3.10% of net assets
FMCDN = Federal Home Loan Mortgage Corporation Discount Note
FNMADN = Federal National Mortgage Association Discount Note
</TABLE>
12 See Notes to Financial Statements
<PAGE>
<PAGE>
PERFORMANCE SUMMARY
The Lindner Small-Cap Fund had a total return of 11.21 percent in
the six months ended December 31, 1999. The performance of the
Russell 2000 Index over the same six months was 11.09%.
The Small cap stocks overall had a better 1999 than has been
experienced in several years. The Lindner Small-Cap Fund shed some
of the lower performers and was rewarded with a 20.8% upswing in the
final three mohnths of 1999. Technology and telecommunications
stocks moved the markets and our fund. The Small-Cap Fund was lead
by Xircom (XIRC) up 201%, Proxim (PROX) up 113%, and Teletech
Holdings (TTEC) up 357%. On the downside, TCBY Enterprises (TBY) and
Pediatrix Medical Group (PDX) declined -38.82% and -67%,
respectively.
The investment philosophy for the entire fund family has been
reviewed for an adjustment to the changing nature of capital
markets, shifting closer toward modern financial economics
principles. The classical Lindner value approach has been updated to
evaluate "value" in relative terms rather than in absolute terms.
Under the new approach, the value of a company's equities is
evaluated by looking at the firm's current cash flows coupled with
the expected future cash flows. Price, in fact, is viewed as a
result dependent on investors's expectations.
The increasing volatility of the markets puts stricter risk
management requirements on the money management side. The key tool
to sound risk management is diversification. Cross-sectional
diversification should be applied by broadening the investments
universe (i.e., increasing the number of stocks in a portfolio) and
adjusting the holding weights accordingly, in order to avoid taking
sector/fundamental/company specific bets. On the other hand, time
diversification should also be applied by making proper asset
allocation decisions to reduce the dependence of the portfolios to
specific asset types. Liquidity is also a major consideration for
the fund's holdings in that, if our opinion on a security changes,
the market for the security will be broad enough that the securities
price will be relatively unaffected by our liquidation.
LINDNER SMALL-CAP FUND
PERFORMANCE GRAPH
- --------------------------------------------------------------------------
Comparison of change in value of $10,000 invested in the Russell
2000 Index and the Lindner Small-Cap Fund--Investor Shares from
January 24, 1994 to December 31, 1999 and Institutional Shares from
November 1, 1996 to December 31, 1999:
[Small-Cap Fund graph]
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE
<TABLE>
AVERAGE ANNUAL TOTAL RETURN
<CAPTION>
For Investor Shares For Institutional Shares
For Periods Ended December 31, 1999 For Periods Ended December 31, 1999
<S> <C> <C> <C>
1 Year 18.41% 1 Year 18.09%
5 Year 17.61% Inception 14.82%
Inception 14.27%
</TABLE>
Since our risk management approach avoids taking large common factor
bets, the performance of the fund becomes more a function of the
management's stock picking skill.
/s/ Mark T. Finn
Mark T. Finn
Vice Chairman and
Chief Operating Officer
13
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER SMALL-CAP FUND
- ----------------------
COMMON STOCKS (91.15%)
Biotechnology (1.77%)
Liposome Company, Inc.<F*> 45,000 $ 549,140
---------------
Electrical Equipment (0.77%)
Pioneer-Standard Electronics, Inc. 16,400 236,775
---------------
Freight (2.28%)
Swift Transportation Company, Inc.<F*> 40,000 705,000
---------------
Aerospace/Defense (0.88%)
Kellstrom Industries, Inc.<F*> 29,900 272,838
---------------
Airlines (1.90%)
SkyWest, Inc. 21,000 588,000
---------------
Apparel & Other Textile Products (3.05%)
K-Swiss, Inc. 30,000 557,343
Quiksilver, Inc.<F*> 25,000 387,500
---------------
944,843
---------------
Automobiles and Parts (2.05%)
Keystone Automotive Industries, Inc.<F*> 5,000 29,375
Tenneco Automotive, Inc. 65,000 605,313
---------------
634,688
---------------
Brewery (0.85%)
Boston Beer Company, Inc.<F*> 36,800 264,500
---------------
Computer and Electronic Equipment (14.74%)
Copper Mountain Networks, Inc.<F*> 6,400 312,000
Equinox Systems, Inc.<F*> 60,000 540,000
Extreme Networks, Inc.<F*> 10,000 835,000
Proxim, Inc.<F*> 12,500 1,375,000
Xircom, Inc.<F*> 20,000 1,500,000
---------------
4,562,000
---------------
Computers Software/Services (14.91%)
Advantage Learning Systems, Inc.<F*> 50,000 559,375
Aware, Inc.<F*> 13,500 491,063
Best Software, Inc.<F*> 34,000 1,003,000
Engineering Animation, Inc.<F*> 10,000 87,500
Epicor Software Company<F*> 20,000 101,250
Fair, Isaac & Company, Inc. 18,000 954,000
Progess Software Corporation<F*> 20,000 1,135,000
Superior Consultant Holdings Corporation<F*> 20,000 285,000
---------------
4,616,188
---------------
Distributors (1.51%)
PSS World Medical, Inc.<F*> 49,000 462,438
SUPERVALU, Inc. 226 4,520
---------------
466,958
---------------
Financials (1.49%)
Tanger Factory Outlet Centers, Inc. 22,200 460,650
---------------
Healthcare (6.12%)
Dura Pharmaceuticals, Inc.<F*> 35,500 494,781
National Dentex Corporation<F*> 39,000 658,125
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
Healthcare (continued)
PAREXEL International Corporation<F*> 45,000 $ 531,563
Pediatrix Medical Group, Inc.<F*> 30,000 210,000
---------------
1,894,469
---------------
Leisure/Entertainment (1.41%)
Sturm, Ruger & Company, Inc. 49,300 437,532
---------------
Manufacturing (5.02%)
Foamex International, Inc.<F*> 28,600 237,738
JLG Industries, Inc. 5,000 79,688
United Stationers, Inc.<F*> 26,500 756,906
WD-40 Company 21,700 480,113
---------------
1,554,445
---------------
Paper, Printing and Publishing (2.23%)
Consolidated Graphics, Inc.<F*> 12,500 186,719
John Wiley & Sons, Inc. 30,000 502,500
---------------
689,219
---------------
Restaurants and Food Preparation (2.42%)
Buffets, Inc.<F*> 50,500 505,000
TCBY Enterprises, Inc. 63,800 243,238
---------------
748,238
---------------
Retail (1.96%)
Micro Warehouse, Inc.<F*> 32,800 606,800
---------------
Retail - Specialty (5.46%)
Brauns Fashions Corp.<F*> 55,500 1,165,500
Copart, Inc<F*> 10,000 435,000
The Pep Boys - Manny, Moe & Jack 10,000 91,250
---------------
1,691,750
---------------
Services (8.25%)
Billing Concepts Corporation<F*> 55,000 357,500
Computer Sciences Corporation<F*> 3,807 360,237
Kroll-O'Gara Company<F*> 15,000 247,500
Navigant Consulting, Inc.<F*> 25,000 271,875
On Assignment, Inc.<F*> 21,000 627,375
TeleTech Holdings, Inc.<F*> 20,500 690,914
---------------
2,555,401
---------------
Technology (2.25%)
InterVoice, Inc.<F*> 30,000 697,500
---------------
Telecommunications Equipment (2.06%)
Polycom, Inc.<F*> 10,000 636,875
---------------
Telecommunications Service (2.64%)
Boston Communications Group, Inc.<F*> 77,100 404,775
Net2Phone, Inc.<F*> 9,000 413,438
---------------
818,213
---------------
Miscellaneous (5.13%) 1,587,585
---------------
Total Common Stocks (Cost $23,228,510) 28,219,607
---------------
14 See Notes to Financial Statements
<PAGE>
<PAGE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER SMALL-CAP FUND
- ----------------------
U.S. GOVERNMENT AGENCY SECURITIES (12.57%)
FMCDN, 1/12/00 $ 100,000 $ 99,827
FMCDN, 1/13/00 3,800,000 3,792,932
---------------
Total U.S. Government Agency Securities
(Cost $3,892,759) 3,892,759
---------------
Total Investments (Cost $27,121,269) 103.72% 32,112,366
Excess of Liabilities over Other Assets (3.72%) (1,151,610)
--------------- ---------------
Net Assets 100.00% $ 30,960,756
=============== ===============
<FN>
<F*>Non-income producing
FMCDN = Federal Home Loan Mortgage Corporation Discount Note
</TABLE>
See Notes to Financial Statements 15
<PAGE>
<PAGE>
LINDNER OPPORTUNITIES FUND
PERFORMANCE SUMMARY
This "go anywhere" fund--seeking investment
opportunities in Value, Growth, Large, Small, and
other categories--is designed for long-term investors
seeking potential return in excess of the S&P 500. We
ask that investors remember that because of the very
nature of its rotational style, daily volatility, and
turnover will be high. The portfolio manager will also
raise substantial cash positions when the risk/return
tradeoff appears unfavorable.
Since the Opportunities Fund was welcomed into the
Lindner Family on October 11, 1999, we are pleased to
report it returned 18.20 percent<F1> vs. 10.33% for its
benchmark, the S&P 500, through December 31, 1999.
Winners included: Oracle (ORCL)--up 155%, and Nortel
Networks (NT)--up 95%. Holdings such as Micron (MU)
and Invitrogen (IVGN) were down -8.47%, and -9.65%,
respectively. While we strongly caution against
extrapolating the almost 800 Basis Points<F2> of excess
return into the future, we are satisfied by this good
beginning. Please keep an eye on this new addition to
our Fund Offerings.
/s/ Mark T. Finn
Mark T. Finn
Vice Chairman and
Chief Operating Officer
[FN]
<F1>Past performance is not predictive of future
performance.
<F2>100 Basis Points is the same as 1%.
16
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER OPPORTUNITIES FUND
- --------------------------
COMMON STOCKS (68.35%)
Biotechnology (5.96%)
Cephalon, Inc.<F*> 1,100 $ 38,019
Chiron Corporation<F*> 800 33,900
Invitrogen Corporation<F*> 500 30,000
PE Corporation - Celera Genomics Group<F*> 100 14,900
---------------
116,819
---------------
Electrical Equipment (5.30%)
ASM International<F*> 1,500 34,500
Cytyc Corporation<F*> 600 36,638
Three - Five Systems, Inc.<F*> 800 32,800
---------------
103,938
---------------
Broadcast/Media (8.82%)
CBS Corporation<F*> 600 38,363
Emmis Communications Corporation<F*> 600 74,784
Pegasus Communications Corporation<F*> 300 29,325
Univision Communications, Inc.<F*> 300 30,656
---------------
173,128
---------------
Computer and Electronic Equipment (5.60%)
Cisco Systems, Inc.<F*> 300 32,138
EMC Corporation<F*> 300 32,775
Xircom, Inc.<F*> 600 45,000
---------------
109,913
---------------
Computers Software/Services (4.03%)
Radiant Systems, Inc.<F*> 900 36,169
VERITAS Software Corporation<F*> 300 42,938
---------------
79,107
---------------
Consumer Staples (1.74%)
AT&T Corporation Class A Liberty Media Group
Shares<F*> 600 34,050
---------------
Manufacturing (1.66%)
Fisher Scientific International, Inc.<F*> 900 32,513
---------------
Retail (1.70%)
BJ Services Company<F*> 800 33,450
---------------
Semiconducters (8.03%)
Cree Research, Inc.<F*> 500 42,688
Kyocera Corporation - ADR 200 52,400
PMC-Sierra, Inc.<F*> 200 32,063
STMicroelectronics N.V.<F*> 200 30,288
---------------
157,439
----------------
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
Services (6.52%)
Computer Sciences Corporation<F*> 400 $ 37,850
InterDigital Communications Corporation<F*> 1,200 90,000
---------------
127,850
---------------
Telecommunications Equipment (9.04%)
Loral Space & Communications Ltd.<F*> 1,400 34,038
Motorola, Inc. 200 29,450
Nortel Networks Corporation 300 30,300
Ortel Corporation<F*> 400 48,000
PanAmSat Corporation<F*> 600 35,625
---------------
177,413
---------------
Telecommunications Service (4.12%)
Intermedia Communications, Inc.<F*> 800 31,050
Koninklijke Royal Dutch Telecom - ADR<F*> 400 38,450
Telefonos de Mexico, S.A. de C.V. - ADR 100 11,250
---------------
80,750
---------------
Transportation (1.78%)
American Classic Voyages Company<F*> 1,000 35,000
---------------
Miscellaneous (4.05%) 79,467
---------------
Total Common Stocks (Cost $1,117,438) 1,340,837
---------------
U.S. GOVERNMENT AGENCY SECURITIES (20.33%)
FHLBDN, 1/14/00 $ 100,000 99,794
FMCDN, 1/25/00 200,000 199,244
FNMADN, 1/18/00 100,000 99,737
---------------
Total U.S. Government Agency Securities (Cost $398,775) 398,775
---------------
Total Investments (Cost $1,516,213) 88.68% 1,739,612
Excess of Other Assets over Liabilities 11.32% 221,967
------------- ---------------
Net Assets 100.00% $ 1,961,579
============= ===============
<FN>
<F*>Non-income producing
ADR = American Depository Receipts
FHLBDN = Federal Home Loan Banks Discount Note
FMCDN = Federal Home Loan Mortgage Corporation Discount Note
FNMADN = Federal National Mortgage Association Discount Note
</TABLE>
See Notes to Financial Statements 17
<PAGE>
<PAGE>
PERFORMANCE SUMMARY
The Lindner Market Neutral Fund had a total return of 11.49 percent
in the six months ended December 31, 1999, and was one of the
highest performers in its category. Its benchmark is the three-month
T-bill, which returned 2.51% over the last half of 1999. The
performance of the Dow Jones Industrial Average Index and the
Russell 2000 was 5.61% and 11.09%, respectively, over the same
six-month period.
The fact that the Market Neutral Fund's performance exceeded these
equity indexes even in a bull market is particularly significant
because the fund's return is independent of the market's direction
and its risk profile is much lower.
The bull market that followed the global economic turmoil was much
more generous to stocks in the aggressive growth category,
especially stocks in the technology and telecommunications sectors.
These stocks advanced much faster than what many on the street would
have imagined. The market became aware of the great potential of the
digital economy and rewarded the companies providing direct business
or infrastructure for the digital revolution. The market was very
harsh to the companies that failed to adjust their business models
for the coming change and extremely generous to young tech firms
that directly targeted digital business. The relatively high prices
of these young tech firms are the result of highly optimistic
expectations for this sector.
An important side effect of the significant advance in aggressive
growth companies has been increased capital market volatility. The
emergence of various electronic trading companies has given millions
of inexperienced (in terms of investing) individuals the opportunity
to invest directly in all sorts of financial instruments. This wild
flow of capital has significantly contributed to the increased
market turbulence.
(continued on next page)
LINDNER MARKET NEUTRAL FUND
PERFORMANCE GRAPH
- --------------------------------------------------------------------------
Comparison of change in value of $10,000 invested in the S&P 500
Index and the Lindner Market Neutral Fund<F1>--Investor Shares from
February 11, 1994 to December 31, 1999 and Institutional Shares from
July 9, 1996 to December 31, 1999:
[Market Neutral Fund graph]
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
For Investor Shares For Institutional Shares
For Periods Ended December 31, 1999 For Periods Ended December 31, 1999
<S> <C> <C> <C>
1 Year 12.87% 1 Year 11.98%
5 Year 0.14% Inception (4.49%)
Inception 1.31%
<FN>
- ------------
<F1> Until July 1, 1999, this Fund was managed with a different investment
objective and different principal investment strategies.
</TABLE>
18
<PAGE>
The market neutral structure of the fund helps protect the
investment against potential downturns in the market. The portfolio
is delicately balanced including both long and short equity
positions such that the overall market exposure is dramatically
reduced in the portfolio.
The investment philosophy for the entire fund family has been
reviewed for an adjustment to the changing nature of capital
markets, shifting closer toward modern financial economics
principles. The classical Lindner value approach has been updated to
evaluate "value" in relative terms rather than in absolute terms.
Under the new approach, the value of a company's equities is
evaluated by looking at the firm's current cash flows coupled with
the expected future cash flows. Price, in fact, is viewed as a
result dependent on investors's expectations.
The increasing volatility of the markets puts stricter risk
management requirements on the money management side. The key tool
to sound risk management is diversification. Cross-sectional
diversification should be applied by broadening the investments
universe (i.e., increasing the number of stocks in a portfolio) and
adjusting the holding weights accordingly, in order to avoid taking
sector/fundamental/company specific bets. On the other hand, time
diversification should also be applied by making proper asset
allocation decisions to reduce the dependence of the portfolios to
specific asset types. Liquidity is also a major consideration for
the fund's holdings in that, if our opinion on a security changes,
the market for the security will be broad enough that the securities
price will be relatively unaffected by our liquidation.
Since our risk management approach avoids taking large common factor
bets, the performance of the fund becomes dependent on management's
stock selection skill.
/s/ Mark T. Finn
Mark T. Finn
Vice Chairman and Chief Operating Officer
19
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER MARKET NEUTRAL FUND
- ---------------------------
COMMON STOCKS (83.17%)
Biotechnology (1.28%)
Amgen, Inc.<F*> 2,200 $ 132,138
Liposome Company, Inc.<F*> 8,300 101,286
---------------
233,424
---------------
Building Materials (0.55%)
Armstrong World Industries, Inc. 3,000 100,125
---------------
Electrical Equipment (2.19%)
A. O. Smith Corporation 4,600 100,625
Cooper Industries, Inc. 2,300 93,006
Solectron Corporation<F*> 1,100 104,638
Thomas & Betts Corporation 3,200 102,000
---------------
400,269
---------------
Forest Products (0.57%)
Dotmar, Inc. 8,800 103,400
---------------
Freight (1.63%)
Airborne Freight Corporation 4,500 99,000
Expeditors International of Washington, Inc. 2,300 100,769
FDX Corporation<F*> 2,400 98,250
---------------
298,019
---------------
Photography/Imaging (0.58%)
Polaroid Corporation 5,600 105,350
---------------
Airlines (0.60%)
UAL Corporation<F*> 1,400 108,588
---------------
Apparel & Other Textile Products (1.01%)
Kenneth Cole Productions, Inc.<F*> 2,100 96,075
Tommy Hilfiger Corporation<F*> 3,800 88,588
---------------
184,663
---------------
Automobiles and Parts (1.95%)
Cooper Tire & Rubber Company 6,600 102,713
Gentex Corporation<F*> 5,300 147,075
PACCAR, Inc. 2,400 106,350
---------------
356,138
---------------
Basic Materials (0.59%)
Florida Rock Industries, Inc. 3,100 106,756
---------------
Brewery (1.05%)
Adolph Coors Company 1,900 99,750
Anheuser-Busch Companies, Inc. 1,300 92,138
---------------
191,888
---------------
Broadcast/Media (2.60%)
United Television, Inc. 700 96,381
Univision Communications, Inc.<F*> 1,100 112,406
ValueVision International, Inc.<F*> 2,400 137,550
Westwood One, Inc.<F*> 1,700 129,200
---------------
475,537
---------------
Chemicals and Allied Products (2.92%)
Hercules, Inc. 4,300 119,863
Lubrizol Corporation 3,700 114,238
Lyondell Chemical Company 7,300 93,075
Sigma-Aldrich Corporation 3,500 105,219
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
Chemicals and Allied Products (continued)
Vulcan Materials Company 2,500 $ 99,844
---------------
532,239
---------------
Computer and Electronic Equipment (5.47%)
3Com Corporation<F*> 2,400 112,800
Compaq Computer Corporation 4,000 108,250
Dell Computer Corporation<F*> 2,300 117,300
Electronics for Imaging, Inc.<F*> 2,100 122,063
Lexmark International Group, Inc.<F*> 1,200 108,600
Litton Industries, Inc.<F*> 2,000 99,750
Proxim, Inc.<F*> 1,700 187,000
Xircom, Inc.<F*> 1,900 142,500
---------------
998,263
---------------
Computer Software/Services (9.76%)
Adobe Systems, Inc. 1,500 100,875
Advantage Learning Systems, Inc.<F*> 4,100 45,869
Advent Software, Inc.<F*> 1,700 109,544
American Management Systems, Inc.<F*> 3,300 103,538
BMC Software, Inc.<F*> 1,300 103,919
Comdisco, Inc. 4,000 149,000
Dendrite International, Inc.<F*> 3,800 128,725
Informix Corporation<F*> 10,300 117,806
Network Appliance, Inc.<F*> 1,600 132,900
New Era of Networks, Inc.<F*> 2,100 100,013
Open Text Corporation<F*> 6,900 124,200
Peregrine Systems, Inc.<F*> 1,500 126,281
Rational Software Corporation<F*> 1,900 93,338
Sapient Corporation<F*> 700 98,656
Siebel Systems, Inc.<F*> 1,400 117,600
TSI International Software Ltd.<F*> 2,300 130,238
---------------
1,782,502
---------------
Consumer Cyclicals (0.60%)
Fossil, Inc.<F*> 4,700 108,688
---------------
Consumer Staples (0.52%)
Fort James Corporation 3,500 95,813
---------------
Distributors (3.32%)
Hand Technologies, Inc., - Rule 144A<F*>,<Fr>
(Acquired 4/25/97, Cost $330,000) 528,000 330,000
McKesson HBOC, Inc. 4,300 97,019
PSS World Medical, Inc.<F*> 9,600 90,600
U.S. Foodservice<F*> 5,300 88,775
---------------
606,394
---------------
Financials (0.51%)
Federal National Mortgage Association 1,500 93,656
---------------
Food and Beverage (1.48%)
Dean Foods Company 2,500 99,375
Hormel Foods Corporation 2,200 89,375
IBP, Inc. 4,500 81,000
----------------
269,750
----------------
Healthcare (2.37%)
Boston Scientific Corporation<F*> 4,700 102,813
Mentor Corporation 4,100 105,831
Total Renal Care Holdings, Inc.<F*> 14,800 98,975
20 See Notes to Financial Statements
<PAGE>
<PAGE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER MARKET NEUTRAL FUND
- ---------------------------
Healthcare (continued)
Wesley Jessen VisionCare, Inc.<F*> 3,300 $ 124,988
---------------
432,607
---------------
Hotel Operator (0.48%)
Host Marriott Corporation 10,600 87,450
---------------
Insurance (1.10%)
E. W. Blanch Holdings, Inc. 1,700 104,125
Travelers Property Casualty Corporation 2,800 95,900
---------------
200,025
---------------
Leisure/Entertainment (1.07%)
Carnival Corporation 2,200 105,188
LA-Z-BOY, Inc. 5,400 90,788
---------------
195,976
---------------
Manufacturing (9.03%)
Briggs & Stratton Corporation 1,800 96,525
Corning, Inc. 1,000 128,938
Diebold, Inc. 4,400 103,400
Illinois Tool Works, Inc. 1,500 101,344
Ingersoll-Rand Company 2,100 115,631
National Service Industries, Inc. 3,500 103,250
Sealed Air Corporation<F*> 2,100 108,806
Simpson Manufacturing Company, Inc.<F*> 2,400 105,000
Smurfit-Stone Container Corporation<F*> 5,000 122,500
The Toro Company 2,900 108,206
United Stationers, Inc.<F*> 4,400 125,675
United Technologies Corporation 1,700 110,500
USG Corporation 2,000 94,250
Watts Industries, Inc. 7,200 106,200
York International Corporation 4,300 117,981
---------------
1,648,206
---------------
Metals Processing (1.17%)
ALCOA, Inc. 1,400 116,200
Mueller Industries, Inc.<F*> 2,700 97,875
---------------
214,075
---------------
Natural Gas Pipeline (0.51%)
Equitable Resources, Inc. 2,800 93,450
---------------
Oil & Gas Exploration and Production (1.16%)
Apache Corporation 2,700 99,731
Exxon Mobile Corporation 1,400 112,788
---------------
212,519
---------------
Paper, Printing and Publishing (0.98%)
Consolidated Graphics, Inc.<F*> 4,400 65,725
Houghton Mifflin Company 2,700 113,906
---------------
179,631
---------------
Retail (6.61%)
Amazon.com, Inc.<F*> 1,100 83,738
Best Buy Company, Inc.<F*> 1,500 75,281
BJ's Wholesale Club, Inc.<F*> 2,600 94,900
Consolidated Stores Corporation<F*> 6,200 100,750
Costco Companies, Inc.<F*> 1,000 91,250
CVS Corporation 2,500 99,844
Dillard's, Inc. 5,200 104,975
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
Retail (continued)
Insight Enterprises, Inc.<F*> 2,800 $ 113,750
Kmart Corporation<F*> 10,200 102,638
Micro Wareehouse, Inc.<F*> 8,100 149,850
Walgreen Company 3,400 99,450
Winn-Dixie Stores, Inc. 3,800 90,963
---------------
1,207,389
---------------
Retail - Specialty (3.01%)
AnnTaylor Stores Corporation<F*> 2,200 75,763
Copart, Inc<F*> 3,600 156,600
Cost Plus, Inc.<F*> 2,500 89,063
Michaels Stores, Inc.<F*> 3,200 91,200
O'Reilly Automotive, Inc.<F*> 2,100 45,150
Zale Corporation<F*> 1,900 91,913
---------------
549,689
---------------
Semiconducters (3.81%)
Intel Corporation 1,300 107,006
International Rectifier Corporation<F*> 4,700 122,200
Micron Technology, Inc. 1,500 116,625
TranSwitch Corporation<F*> 2,000 145,125
Vitesse Semiconducter Corporation<F*> 2,000 104,875
Xilinx, Inc.<F*> 2,200 100,031
---------------
695,862
---------------
Services (3.77%)
ACNielsen Corporation<F*> 4,000 98,500
BISYS Group, Inc.<F*> 1,700 110,925
CSG Systems International, Inc.<F*> 2,400 95,700
DeVry, Inc.<F*> 5,000 93,125
H&R Block, Inc. 2,300 100,625
Labor Ready, Inc.<F*> 7,600 92,150
Pitney Bowes, Inc. 2,000 96,625
---------------
687,650
---------------
Steel Production (0.58%)
Worthington Industries, Inc. 6,400 106,000
---------------
Technology (0.53%)
Tellabs, Inc.<F*> 1,500 96,281
---------------
Telecommunications Equipment (3.22%)
ADTRAN, Inc.<F*> 2,600 133,738
C-Cube Microsystems, Inc.<F*> 2,200 136,950
CommScope, Inc.<F*> 2,300 92,719
Powerwave Technologies, Inc.<F*> 1,700 99,238
World Access, Inc.<F*> 6,500 125,125
---------------
587,770
---------------
Telecommunications Service (1.71%)
AT & T Corporation<F*> 1,800 91,350
MCI/Worldcom, Inc.<F*> 1,800 95,513
Qwest Communications International, Inc.<F*> 2,900 124,700
---------------
311,563
---------------
Transportation (1.24%)
Kansas City Southern Industries, Inc. 1,600 119,400
The St. Joe Company 4,400 106,975
---------------
226,375
---------------
See Notes to Financial Statements 21
<PAGE>
<PAGE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER MARKET NEUTRAL FUND
- ---------------------------
Utilities (1.06%)
Pinnacle West Capital Corporation 3,200 $ 97,800
Public Service Company of New Mexico 5,900 95,875
---------------
193,675
---------------
Miscellaneous (0.58%) 105,625
---------------
Total Common Stocks (Cost $14,055,523) 15,183,280
---------------
CONVERTIBLE BONDS (4.93%)
Mining (4.93%)
Uranium Resources Inc., 6.5%, due 2000 - Rule
144A<Fr>,<F#> (Acquired
6/25/97, Cost $1,504,622) $ 1,500,000 900,000
---------------
U.S. GOVERNMENT AGENCY SECURITIES (10.93%)
FHLBDN, 1/14/00 300,000 299,383
FMCDN, 1/11/00 300,000 299,546
FMCDN, 1/12/00 100,000 99,823
FMCDN, 1/13/00 500,000 499,077
FMCDN, 1/25/00 300,000 298,866
FNMADN, 1/18/00 500,000 498,672
---------------
Total U.S. Government Agency Securities (Cost
$1,995,367) 1,995,367
---------------
Total Investments (Cost $17,555,512) 99.03% 18,078,647
Cash Deposits with Broker for Securities Sold Short 6.61% 1,206,527
Receivable from Brokers for Securities Sold Short 73.65% 13,445,706
Securities Sold Short (80.20%) (14,640,558)
Excess of Other Assets over Liabilities 0.91% 165,548
--------------- ---------------
Net Assets 100.00% 18,255,870
=============== ===============
SCHEDULE OF SECURITIES SOLD SHORT
CheckFree Holdings Corporation 1,100 114,950
A. H. Belo Corporation 5,500 104,844
Air Products and Chemicals, Inc. 3,100 104,044
Alcan Aluminium Ltd. 2,800 115,325
Allegheny Teledyne, Inc. 3,050 68,434
American Greetings Corporation 4,200 99,225
American Home Products Corporation 1,900 74,931
AMETEK, Inc. 5,000 95,313
ANADIGICS, Inc. 2,200 103,813
Apollo Group, Inc. 3,600 72,225
Aspect Development, Inc. 2,200 150,700
Aspect Telecommunications Corporation 2,900 113,463
Autodesk, Inc. 3,300 111,375
Avnet, Inc. 1,800 108,900
Baan Company N.V. 7,500 105,938
Bandag, Inc. 4,100 102,500
Banta Corporation 4,400 99,275
Belden, Inc. 4,800 100,800
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
SCHEDULE OF SECURITIES SOLD SHORT (CONTINUED)
BellSouth Telecommunications, Inc. 2,200 $ 102,988
Broadwing, Inc. 3,400 125,375
Burr-Brown Corporation 1,100 39,738
Campbell Soup Company 2,200 85,113
Caterpillar, Inc. 2,100 98,831
Celestica, Inc. 2,800 155,400
Citrix Systems, Inc. 1,000 123,000
Coca - Cola Enterprises, Inc. 4,700 94,588
Colgate-Palmolive Company 1,800 117,000
Computer Associates International, Inc. 1,500 104,906
Computer Horizons Corporation 6,200 100,363
Computer Sciences Corporation 1,500 141,938
Concord EFS, Inc. 3,600 92,700
Credence Systems Corporation 1,600 138,400
CSX Corporation 2,700 84,713
Cummins Engine Company, Inc. 2,500 120,781
Cymer, Inc. 2,500 115,000
Daisytek International Corporation 4,400 102,575
Darden Restaurants, Inc. 5,500 99,688
Deluxe Corporation 3,600 98,775
Dover Corporation 2,200 99,825
Dow Jones & Company, Inc. 1,600 108,800
Dun & Bradstreet Corporation 3,700 109,150
DuPont Photomasks, Inc. 1,600 77,200
E. W. Scripps Company 2,100 94,106
Eastern Enterprises 1,700 97,644
Eastman Chemical Company 2,500 119,219
Eaton Corporation 1,300 94,413
Electroglas, Inc. 3,500 88,813
Electronic Arts, Inc. 1,000 84,000
Etec Systems, Inc. 2,300 103,213
FileNET Corporation 5,100 130,050
First Data Corporation 2,300 113,419
First Health Group Corporation 3,800 102,125
Fiserv, Inc. 2,800 107,275
Fluor Corporation 2,200 100,925
Goodyear Tire & Rubber Company 2,900 81,744
Graco, Inc. 2,900 104,038
Guidant Corporation 1,900 89,300
H. J. Heinz Company 2,300 91,569
Hanover Compressor Company 2,900 109,475
Harbinger Corporation 3,800 120,888
Harsco Corporation 3,300 104,775
Hayes Lemmerz International, Inc. 6,100 106,369
Hillenbrand Industries, Inc. 2,800 88,725
Honeywell International, Inc. 1,600 92,300
Imax Corporation 3,500 95,813
IMC Global, Inc. 6,200 101,525
ImClone Systems, Inc. 2,600 103,025
Infinity Broadcasting Corporation 2,750 99,516
Inter-Tel, Inc. 5,000 125,000
International Speedway Corporation 1,500 75,563
International Telecommunications Data System 13,000 130
ITC/DeltaCom, Inc. 3,700 102,213
J.D. Edwards & Company 3,300 98,588
KEMET Corporation 2,800 126,175
Kennametal, Inc. 3,000 100,875
Kohl's Corporation 1,400 101,063
Kulicke and Soffa Industries, Inc. 2,700 114,919
22 See Notes to Financial Statements
<PAGE>
<PAGE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
LINDNER MARKET NEUTRAL FUND
- ---------------------------
SCHEDULE OF SECURITIES SOLD SHORT (CONTINUED)
Lam Research Corporation 1,100 $ 122,719
Learning Tree International, Inc. 4,100 114,800
Littelfuse, Inc. 4,800 116,475
Mallinckrodt, Inc. 3,000 95,438
Manitowoc Company, Inc. 3,200 108,800
Manor Care, Inc. 5,100 81,600
Masco Corporation 4,000 101,500
Maytag Corporation 2,100 100,800
McGraw-Hill Companies, Inc. 1,700 104,763
McLeodUSA, Inc., Class A 2,300 135,413
MEMC Electronic Materials, Inc. 8,400 102,900
Meredith Corporation 2,600 108,388
Metamor Worldwide, Inc 3,400 99,025
National City Corporation 4,000 94,750
National Semiconductor Corporation 2,300 98,469
Nordstrom, Inc. 3,500 91,656
Northwest Airlines Corporation 4,300 95,675
ONEOK, Inc. 3,600 90,450
Owens Corning, Inc. 6,300 121,669
PanAmSat Corporation 2,300 136,563
Paychex, Inc. 2,500 100,000
Pentair, Inc. 2,600 100,100
PeopleSoft, Inc. 5,400 115,088
Phelps Dodge Corporation 1,900 127,538
Photronics, Inc. 3,800 108,775
PPG Industries, Inc. 1,700 106,356
Praxair, Inc. 2,200 110,688
ProBusiness Services, Inc. 1,600 57,600
Quaker Oats Company 1,500 98,438
R.R. Donnelley & Sons Company 4,200 104,213
Rohm and Haas Company, Inc. 2,600 105,788
Royal Caribbean Cruises, Ltd. 2,000 98,625
Royal Group, Inc. 4,700 99,581
Sanmina Corporation 1,000 99,875
Seagate Technology, Inc. 2,600 121,063
Sotheby's Holdings, Inc. 3,200 96,000
Southwest Airlines Company 6,000 97,125
Starbucks Corporation 3,700 89,725
Sunrise Assisted Living, Inc. 8,700 119,625
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
SCHEDULE OF SECURITIES SOLD SHORT (CONTINUED)
Tandy Corporation 1,300 $ 63,944
Tekelec 5,100 114,750
Tektronix, Inc. 2,800 108,850
The Clorox Company 2,200 110,825
The Great Atlantic & Pacific Tea Company, Inc. 3,900 108,713
The Interpublic Group of Companies, Inc. 2,100 121,144
The Stanley Works 3,200 96,400
THQ, Inc. 3,050 70,722
Times Mirror Company 1,500 100,500
Timken Company 5,400 110,363
TMP Worldwide, Inc. 800 113,600
Triarc, Inc. 5,200 95,550
United Asset Management Corporation 5,400 100,238
United Parcel Service, Inc. 1,500 103,500
USFreightways Corporation 2,400 114,900
USX-Marathon Group 3,700 91,344
USX-U. S. Steel Group 3,400 112,200
Viad Corporation 3,700 103,138
Visual Networks, Inc. 1,600 126,800
W.W. Grainger, Inc. 2,100 100,406
Wal-Mart Stores, Inc. 1,700 117,513
Washington Gas Light Company 3,500 96,250
Westamerica Bancorporation 3,100 86,606
WestPoint Stevens, Inc. 4,900 85,750
Young & Rubicam, Inc. 1,900 134,404
Young Broadcasting, Inc. 2,400 122,400
---------------
$ 14,640,558
===============
<FN>
<F*>Non-income producing
<Fr>Denotes security is restricted as to resale. The aggregate value of restricted securities
at December 31, 1999 was $1,230,000 which represented 6.74% of net assets
<F#>Denotes bond is in default
FHLBDN = Federal Home Loan Banks Discount Note
FMCDN = Federal Home Loan Mortgage Corporation Discount Note
FNMADN = Federal National Mortgage Association Discount Note
</TABLE>
See Notes to Financial Statements 23
<PAGE>
<PAGE>
LINDNER GOVERNMENT MONEY MARKET FUND
This very low-risk fund invests in short-term debt
securities guaranteed by the U.S. government or its
agencies. Investors can expect a moderate level of
current income, with liquidity and stability of
capital. The fund is neither insured nor guaranteed by
the U.S. Government, and there can be no assurance
that it will be able to maintain a stable net asset
value.
MANAGEMENT COMMENT
For the last half of 1999, strong economic growth
resulted in steadily rising short-term interest rates.
The market's poor confidence in late 1998 and feared
Year 2000 calendar change disruptions were overcome in
large part by the massive inflow of money into the
U.S. financial system. During the past six months, the
Monetary Base has grown at a record rate in excess of
20 percent. During the last three months the annual
growth rate of the Monetary Base has been in excess of
30%, M3 at 15%, Margin Debt at 163%, security loans at
commercial banks in excess of 200% and real estate
loans at commercial banks above 20%. This strong
growth in liquidity has spurred the continued growth
of a strong national economy and resulted in a higher
cost of short-term debt. In 1998, liquidity was priced
inexpensively but was difficult to obtain for most
creditors. Now the opposite situation exists;
liquidity is priced more expensively but is readily
available.
The Federal Reserve raised the Federal funds rate
three times during the second half of 1999 from 4.75
percent to 5.50%. Market-based yields as measured by
the 3- and 12-month Treasury bills also increased to
5.33% and 5.96% respectively. As a shareholder of the
Lindner Government Money Market Fund, this has meant
higher returns for your holdings. By maintaining a
"laddered" portfolio structure with steady maturities,
we were able to consistently take advantage of the
rising rate environment. The Fund finished once again
in the top quartile (25%)<F1> of its peer group during
the past twelve months, with a total return of 4.67%.
The Lindner Government Money Market Fund invests
exclusively in dollar-denominated securities that are
issued or guaranteed by the United States Government.
Bonds of this type are generally considered to have
the least credit risk of securities available, and
they are easily purchased and sold because of the vast
size of the market. These investments provided an
excellent combination of safety, liquidity and yield
for investors in money market.
Our outlook for 2000 anticipates strong economic
growth in the first half of the year and continued
benign inflation readings. Recently, the Fed has
shifted its philosophy toward a "Philips Curve" view
that stronger economic growth is directly linked to
the unemployment rate and inflation. While there is
plenty of evidence to discredit this view, what really
matters in the end are the actions that the Federal
Reserve's takes. We expect further Federal Funds rate
increases until the economy slows and unemployment
rises. Given our "top down" assessment of the economy,
we expect a 50 basis point increase in the Federal
Funds rate from 5.5% to 6.0% during the first half of
2000. These actions should serve to further alleviate
any concerns over any budding inflation pressures. The
Lindner Government Money Market Fund is well
positioned to take advantage of this environment and
should continue its record of strong performance.
/s/ Mark T. Finn
Mark T. Finn
Vice Chairman and
Chief Operating Officer
[FN]
<F1>Past performance is not predictive of future
performance.
24
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ----------------
<S> <C> <C>
LINDNER GOVERNMENT MONEY MARKET FUND
- ------------------------------------
U.S. GOVERNMENT AGENCY SECURITIES (87.98%)
FCDN, 05/18/00 $ 100,000 $ 97,855
FCDN, 3/01/00 250,000 247,650
FCDN, 3/20/00 100,000 98,805
FHLB, 1/14/00 336,000 335,307
FHLB, 4.79%, 2/04/00 1,000,000 999,805
FHLB, 5.02%, 5/12/00 1,000,000 999,180
FHLB, 5.12%, 3/08/00 2,000,000 1,995,997
FHLB, 5.14%, 3/17/00 1,000,000 1,000,000
FHLB, 5.16%, 3/22/00 600,000 599,122
FHLB, 5.16%, 3/8/00 1,000,000 999,390
FHLB, 5.62%, 6/2/00 550,000 549,365
FHLBDN, 1/21/99 1,000,000 997,010
FHLBDN, 3/24/00 270,000 266,414
FHLBDN, 7/28/00 275,000 266,203
FMCDN, 1/10/00 300,000 299,586
FMCDN, 1/11/00 244,000 243,607
FMCDN, 1/12/00 300,000 299,473
FMCDN, 1/14/00 2,254,000 2,249,474
FMCDN, 1/18/00 1,137,000 1,133,886
FMCDN, 1/27/00 506,000 503,978
FMCDN, 2/04/00 1,000,000 994,721
FMCDN, 2/15/00 1,250,000 1,241,344
FMCDN, 3/15/00 489,000 483,391
FMCDN, 3/2/00 1,000,000 990,664
FMCDN, 3/9/00 1,000,000 989,347
FMCDN, 6/13/99 1,850,000 1,803,601
FMCDN, 6/29/00 1,000,000 972,350
FMCDN, 8/1/00 275,000 266,019
FNMA, 4.98%, 3/24/00 100,000 99,802
FNMA, 5.10%, 3/16/00 1,000,000 1,000,020
FNMA, 5.49%, 08/18/00 866,000 863,455
FNMA, 5.56%, 07/24/00 765,000 763,351
FNMA, 5.60%, 1/12/00 135,000 134,989
FNMA, 5.97%, 9/25/00 500,000 499,951
FNMA, 9.05%, 4/10/00 1,200,000 1,212,359
FNMADN, 1/13/00 280,000 279,459
FNMADN, 1/20/00 650,000 648,086
<PAGE>
<CAPTION>
Number of Shares -
Principal Amount
Name of Issuer and Title of Issue of Bonds Value
- ------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY SECURITIES (CONTINUED)
FNMADN, 1/21/00 $ 1,000,000 $ 996,956
FNMADN, 1/24/00 265,000 264,060
FNMADN, 1/28/00 2,000,000 1,991,705
FNMADN, 2/01/00 735,000 731,360
FNMADN, 2/10/00 1,000,000 993,922
FNMADN, 2/25/00 1,000,000 991,689
FNMADN, 3/16/00 258,000 255,033
SLMA, 5.57%, 3/17/00 325,000 325,000
SLMA, FLOAT RATE, 1/20/00 2,000,000 2,000,000
SLMA, FLOAT RATE, 2/17/00 2,000,000 2,000,000
SLMA, FLOAT RATE, 3/16/00 3,000,000 3,000,000
---------------
Total U.S. Government Agency Securities (Cost
$40,974,741) 40,974,741
---------------
TEMPORARY CASH INVESTMENTS (11.37%)
Repurchase Agreements (11.37%)
Donaldson, Lufkin & Jenrette Corporation dated
12/31/99, 2.52%, due 1/3/00 (Cost $5,296,000)
collateralized by U.S. Government Obligations 5,296,000 5,296,000
---------------
Total Investments (Cost $46,270,741) 99.35% 46,270,741
Excess of Other Assets over Liabilities 0.65% 303,944
--------------- ---------------
Net Assets 100.00% $ 46,574,685
=============== ===============
<FN>
FCDN = Federal Farm Credit Bank Discount Note
FHLB = Federal Home Loan Banks
FHLBDN = Federal Home Loan Banks Discount Note
FMCDN = Federal Home Loan Mortgage Corporation Discount Note
FNMA = Federal National Mortgage Association
FNMADN = Federal National Mortgage Association Discount Note
SLMA = Student Loan Marketing Association
</TABLE>
See Notes to Financial Statements 25
<PAGE>
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- -------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTH OR PERIOD ENDED DECEMBER 31, 1999 (AS INDICATED)
(UNAUDITED)
<CAPTION>
LINDNER LINDNER LINDNER LINDNER LINDNER
LARGE-CAP ASSET ALLOCATION UTILITY SMALL-CAP OPPORTUNITIES
FUND FUND FUND FUND FUND<F1>
-------------- ---------------- -------------- ------------ --------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Dividends
Unaffiliated issuers (net
of withholding taxes of
$11,151, $32,025, $0, $0
and $2, respectively) $ 1,102,546 $ 12,459,782 $ 259,284 $ 124,402 $ 436
Affiliated issuers
(Non-controlled) 90,188 74,013 -- -- --
Amortization 1,380,733 2,492,148 70,185 157,589 6,481
Interest (net of withholding
taxes of $0, $4,066, $0,
$0 and $0, respectively) 379 5,312,132 20 -- --
------------- ------------- ------------ ------------- --------------
Total income 2,573,846 20,338,075 329,489 281,991 6,917
------------- ------------- ------------ ------------- --------------
Expenses:
Management fees (Note 3) 1,221,450 1,857,705 101,093 106,905 2,185
Registration and regulatory
fees 13,387 14,734 11,385 12,198 16,441
Professional fees 79,177 124,522 5,436 6,631 8
Custodian fees 31,524 34,590 1,443 1,081 26
Transfer agent fees (Note 3) 143,107 214,255 10,545 13,492 174
Shareholder communications 68,304 99,265 4,535 5,667 448
Administrator fees (Note 3) -- -- -- -- 364
Trustee fees (Note 3) 10,904 19,477 723 890 --
Other expenses 87,573 134,774 5,473 6,237 118
12b-1 fees - Institutional
shares 219 4,562 1 1,905 --
Expenses reimbursed by
advisor (Note 3) -- -- -- -- (15,471)
------------- ------------- ------------ ------------- --------------
Total expenses 1,655,645 2,503,884 140,634 155,006 4,293
Fees paid indirectly
(Note 6) (8,717) (15,493) (662) (665) (12)
------------- ------------- ------------ ------------- --------------
Net expenses 1,646,928 2,488,391 139,972 154,341 4,281
------------- ------------- ------------ ------------- --------------
Net investment income 926,918 17,849,684 189,517 127,650 2,636
------------- ------------- ------------ ------------- --------------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain on
investments of unaffiliated
issuers 16,704,925 730,047 1,100,161 2,358,788 3,771
Net realized gain (loss) on
investments of affiliated
issuers (Non-controlled) 13,662,329 (9,389,260) -- -- --
Net realized gain (loss) on
option transactions 1,160,936 1,149,984 -- 93,812 (4,843)
Net realized loss on foreign
currency transactions (2,161) -- -- -- --
-------------- -------------- -------------- -------------- --------------
Net realized gain (loss) on
investments and foreign
currency transactions 31,526,029 (7,509,229) 1,100,161 2,452,600 (1,072)
-------------- -------------- -------------- -------------- --------------
Change in unrealized
appreciation on investments 9,046,132 25,792,285 6,353,346 253,114 223,399
Change in unrealized
appreciation on translation
of assets and liabilities in
foreign currencies 8 -- 44 -- --
-------------- -------------- -------------- -------------- --------------
Change in unrealized
appreciation on investments
and translation of assets
and liabilities in foreign
currencies 9,046,140 25,792,285 6,353,390 253,114 223,399
-------------- -------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 41,499,087 $ 36,132,740 $ 7,643,068 $ 2,833,364 $ 224,963
============== ============== ============== ============== ==============
<FN>
<F1>Investment operations commenced on October 11, 1999.
</TABLE>
26 See Notes to Financial Statements
<PAGE>
<PAGE>
<TABLE>
- --------------------------------------------------------------------
LINDNER INVESTMENTS
- --------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1999
(UNAUDITED)
<CAPTION>
LINDNER
MARKET
NEUTRAL
FUND
<S> <C>
INVESTMENT INCOME
Income:
Dividends $ 44,767
Amortization 92,064
Interest 292,408
------------
Total income 429,239
------------
Expenses:
Management fees (Note 3) 86,680
Registration and regulatory fees 11,357
Dividend expense - short sales 61,432
Professional fees 3,782
Custodian fees 414
Transfer agent fees (Note 3) 7,644
Shareholder communications 3,600
Trustee fees (Note 3) 497
Other expenses 10,174
------------
Total expenses 185,580
Fees paid indirectly (Note 6) (399)
------------
Net expenses 185,181
------------
Net investment income 244,058
------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain on investments of
unaffiliated issuers 1,180,604
Net realized loss on securities sold short (706,478)
------------
Net realized gain on investments 474,126
------------
Change in unrealized appreciation on
investments 2,346,650
Net unrealized depreciation on securities
sold short (1,194,852)
------------
Change in unrealized appreciation on
investments 1,151,798
------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 1,869,982
============
<CAPTION>
LINDNER
GOVERNMENT
MONEY MARKET
FUND
<S> <C>
INVESTMENT INCOME
Interest $ 1,214,584
--------------
Expenses:
Administrator fees (Note 3) 45,883
Waiver of administrator fees by Advisor (Note 3) (3,198)
Management fees (Note 3) 34,412
Registration and regulatory fees 11,884
Shareholder communications 5,829
Transfer agent fees (Note 3) 6,439
Organizational expense (Note 4) 2,318
Custodian expense 2,315
Other expenses 10,805
--------------
Total expenses 116,687
Fees paid indirectly (Note 6) (1,043)
--------------
Net expenses 115,644
--------------
Net Investment Income $ 1,098,940
==============
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
LINDNER GOVERNMENT
MONEY MARKET FUND
For the Six
Months Ended
December 31, For the
1999 Year Ended
(Unaudited) June 30, 1999
<S> <C> <C>
INCREASE IN NET ASSETS:
Net investment income $ 1,098,940 $ 2,217,540
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,098,940) (2,217,540)
------------- -------------
FUND SHARE TRANSACTIONS:
Net increase in net assets
resulting from fund shares
transactions (Note 7) 2,571,599 1,040,653
------------- -------------
TOTAL INCREASE IN NET ASSETS 2,571,599 1,040,653
Net Assets at the Beginning of the
Period 44,003,086 42,962,433
------------- -------------
Net Assets at the End of the
Period $ 46,574,685 $ 44,003,086
============= =============
</TABLE>
See Notes to Financial Statements 27
<PAGE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- ---------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
LINDNER LINDNER
LARGE-CAP FUND ASSET ALLOCATION FUND
For the Six For the Six
Months Ended For the Months Ended For the
December 31, Year Ended December 31, Year Ended
1999 June 30, 1999 June 30,
(Unaudited) 1999 (Unaudited) 1999
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS:
OPERATIONS:
Net investment income $ 926,918 $ 7,733,853 $ 17,849,684 $ 91,474,222
Net realized gain (loss)
on investments and
foreign currency
transactions 31,526,029 (4,765,893) (7,509,229) (54,921,462)
Net increase (decrease)
in unrealized
appreciation on
investments and
translation of assets
and liabilities in
foreign currencies 9,046,140 (144,771,268) 25,792,285 (152,145,130)
------------- -------------- ------------- --------------
Net Increase (Decrease)
in Net Assets from
Operations 41,499,087 (141,803,308) 36,132,740 (115,592,370)
------------- -------------- ------------- --------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income:
Investors shares (5,269,168) (12,402,854) (22,054,520) (86,843,840)
Institutional shares (2,446) (4,770) (108,378) (202,520)
From net realized gain
on investments and
foreign currency
transactions:
Investors shares (20,011,382) (99,667,727) -- (26,512,920)
Institutional shares (9,712) (45,353) -- (18,031)
------------- -------------- ------------- -------------
Net decrease in net
assets from
distributions to
shareholders (25,292,708) (112,120,704) (22,162,898) (113,577,311)
------------- -------------- ------------- --------------
FUND SHARE TRANSACTIONS
(NOTE 7):
Investors shares (47,190,750) (315,718,742) (140,219,099) (619,542,090)
Institutional shares 5,502 (80,939) (639,543) 1,657,048
------------- -------------- ------------- --------------
Net (Decrease)
Increase in Net
Assets from Fund
Share Transactions (47,185,248) (315,799,681) (140,858,642) (617,885,042)
------------- -------------- ------------- --------------
TOTAL (DECREASE) INCREASE IN
NET ASSETS (30,978,869) (569,723,693) (126,888,800) (847,054,723)
Net Assets at the Beginning
of the Period 433,720,923 1,003,444,616 772,152,472 1,619,207,195
------------- -------------- ------------- --------------
Net Assets at the End of the
Period $ 402,742,054 $ 433,720,923 $ 645,263,672 $ 772,152,472
============= ============== ============= ==============
Undistributed Net Investment
Income Included in Net
Assets at the End of the
Period $ 462,404 $ 4,807,100 $ 5,928,723 $ 10,241,937
============= ============== ============= ==============
<PAGE>
<CAPTION>
LINDNER LINDNER
UTILITY FUND SMALL-CAP FUND
For the Six For the Six
Months Ended For the Months Ended For the
December 31, Year Ended December 31, Year Ended
1999 June 30, 1999 June 30,
(Unaudited) 1999 (Unaudited) 1999
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS:
OPERATIONS:
Net investment income $ 189,517 $ 713,497 $ 127,650 $ 404,009
Net realized gain (loss)
on investments and
foreign currency
transactions 1,100,161 (219,285) 2,452,600 (1,289,399)
Net increase (decrease)
in unrealized
appreciation on
investments and
translation of assets
and liabilities in
foreign currencies 6,353,390 (228,703) 253,114 (1,328,864)
------------- -------------- ------------- -------------
Net Increase (Decrease)
in Net Assets from
Operations 7,643,068 265,509 2,833,364 (2,214,254)
------------- -------------- ------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income:
Investors shares (203,628) (723,226) (345,679) (510,044)
Institutional shares (1) (2) (20,117) (1,854)
From net realized gain
on investments and
foreign currency
transactions:
Investors shares (561,783) (5,463,199) (120,323) (1,766,308)
Institutional shares (4) (28) (7,282) (6,257)
------------- -------------- ------------- -------------
Net decrease in net
assets from
distributions to
shareholders (765,416) (6,186,455) (493,401) (2,284,463)
------------- -------------- ------------- -------------
FUND SHARE TRANSACTIONS
(NOTE 7):
Investors shares 1,111,162 (10,631,848) (10,904,203) (11,590,651)
Institutional shares -- (6,652) (10,839) 1,294,920
------------- -------------- ------------- -------------
Net (Decrease)
Increase in Net
Assets from Fund
Share Transactions 1,111,162 (10,638,500) (10,915,042) (10,295,731)
------------- -------------- ------------- -------------
TOTAL (DECREASE) INCREASE IN
NET ASSETS 7,988,814 (16,559,446) (8,575,079) (14,794,448)
Net Assets at the Beginning
of the Period 26,341,648 42,901,094 39,535,835 54,330,283
------------- -------------- ------------- -------------
Net Assets at the End of the
Period $ 34,330,462 $ 26,341,648 $ 30,960,756 $ 39,535,835
============= ============== ============= =============
Undistributed Net Investment
Income Included in Net
Assets at the End of the
Period $ 22,326 $ 36,438 $ (35,444) $ 202,702
============= ============== ============= =============
</TABLE>
28 See Notes to Financial Statements
<PAGE>
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------------------------------
LINDNER INVESTMENTS
- --------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
LINDNER LINDNER
OPPORTUNITIES FUND<F1> MARKET NEUTRAL FUND
For the Six For the
Months Ended Year
For the Period Ended December 31, Ended
December 31, 1999 1999 June 30,
(Unaudited) (Unaudited) 1999
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 2,636 $ 244,058 $ 831,220
Net realized (loss) gain on investments (1,072) 474,126 (2,866,925)
Net increase in unrealized appreciation on
investments 223,399 1,151,798 3,122,445
------------- ------------- -------------
Net Increase in Net Assets 224,963 1,869,982 1,086,740
------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Investors shares (2,092) (575,105) (735,087)
Institutional shares -- (3) (3)
From net realized gain on investments:
Investors shares (1,886) -- --
------------- ------------- -------------
Net decrease in net assets from distributions
to shareholders (3,978) (575,108) (735,090)
------------- ------------- -------------
FUND SHARE TRANSACTIONS (NOTE 7):
Investors shares 1,740,594 (1,241,338) (10,414,209)
Institutional shares -- 2 2
------------- ------------- -------------
Net Increase (Decrease) in Net Assets from
Fund Share Transactions 1,740,594 (1,241,336) (10,414,207)
------------- ------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 1,961,579 53,538 (10,062,557)
Net Assets at the Beginning of the Period -- 18,202,332 28,264,889
------------- ------------- -------------
Net Assets at the End of the Period $ 1,961,579 $ 18,255,870 $ 18,202,332
============= ============= =============
Undistributed Net Investment Income Included in Net
Assets at the End of the Period $ 544 $ 28,594 $ 359,644
============= ============= =============
<FN>
<F1>Investment operations commenced on October 11, 1999.
</TABLE>
See Notes to Financial Statements 29
<PAGE>
<PAGE>
- --------------------------------------------------------------------
LINDNER INVESTMENTS
- --------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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.
Seven series of shares are currently issued by the Trust: (1)
Lindner Large-Cap Fund, (2) Lindner Asset Allocation Fund, (3)
Lindner Utility Fund, (4) Lindner Small-Cap Fund, (5) Lindner
Opportunities Fund, (6) Lindner Market Neutral Fund, and (7)
Lindner Government Money Market Fund, (collectively, the
"Funds"). The Lindner Large-Cap, Lindner Asset Allocation,
Lindner Utility, Lindner Small-Cap and Lindner Market Neutral
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
The Lindner Large-Cap, Lindner Asset Allocation, Lindner
Utility, Lindner Small-Cap, Lindner Market Neutral, and
Lindner Opportunities Funds value investments in securities
traded on a national securities exchange or in the NASDAQ
Stock Market 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 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.
The Lindner Government Money Market Fund values investment
securities using the amortized cost method, whereby
investments purchased at discount or premium are valued by
amortizing the difference between the original purchase cost
and maturity value of the issue over the period to maturity,
which approximates current value.
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. For the Lindner
Government Money Market Fund, premiums and discounts, if
any, on securities purchases are amortized over the life of
the respective securities.
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 between transaction recording dates and period
end.
Income Taxes
It is the policy of the Funds 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.
Repurchase Agreements
The Lindner Government Money Market Fund may invest in
Repurchase Agreements. Securities pledged as collateral for
repurchase agreements are held by the Federal Reserve Bank
and are designated as being held on the Fund's behalf by its
custodian under a book-entry system. The Fund monitors the
adequacy of the collateral daily and can require the seller
to provide additional collateral in the event the market
value of the securities pledged falls below the value of the
repurchase agreement.
30
<PAGE>
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LINDNER INVESTMENTS
- --------------------------------------------------------------------
1. Organization and Significant Accounting Policies (continued)
Short Sales
The Lindner Market Neutral Fund 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 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.
Funds other than the Lindner Market Neutral Fund may engage
in short sales of securities if they own or have the right
to acquire, without the payment of further consideration, an
approximately equal amount of such securities ("short sales
against the box").
Dividends and Distributions to Shareholders
The Lindner Government Money Market Fund declares dividends
daily from the total of net investment income on portfolio
securities, and distributes monthly. The Lindner Large-Cap,
Lindner Market Neutral, Lindner Small-Cap, and Lindner
Opportunities Funds declare annual dividends from net
investment income in December, following the end of the
fiscal year for these funds. The Lindner Asset Allocation
and Lindner Utility Funds distribute substantially all of
their net investment income through the payment of quarterly
dividends generally declared in March, June, September, and
December. Net realized capital gains, if any, will be
distributed by all Funds in December, following the end of
the fiscal year for these funds. 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.
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. Other expenses are charged to
each fund on a specific identification basis. Operating
expenses directly attributable to a specific class are
charged against the operation of that class.
2. Investment Transactions
For the periods ended December 31, 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>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
LINDNER LARGE-CAP FUND $219,808,273 $244,069,934
LINDNER ASSET ALLOCATION FUND 371,419,360 471,248,242
LINDNER UTILITY FUND 5,470,597 4,705,459
LINDNER SMALL-CAP FUND 24,533,900 24,158,887
LINDNER MARKET NEUTRAL FUND 54,157,177 46,211,650
LINDNER OPPORTUNITIES FUND 3,083,458 1,969,903
</TABLE>
31
<PAGE>
<PAGE>
- --------------------------------------------------------------------
LINDNER INVESTMENTS
- --------------------------------------------------------------------
2. Investment Transactions (continued)
For the periods ended December 31, 1999, aggregate purchases and
sales of U.S. Government securities were as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
LINDNER LARGE-CAP FUND $286,868,644 $330,585,256
LINDNER ASSET ALLOCATION FUND 403,650,489 442,496,006
LINDNER UTILITY FUND 13,623,206 13,292,061
LINDNER SMALL-CAP FUND 32,111,624 41,338,298
LINDNER MARKET NEUTRAL FUND 26,753,222 34,927,042
LINDNER OPPORTUNITIES FUND 3,584,259 3,191,855
LINDNER GOVERNMENT MONEY MARKET FUND 99,705,474 98,000,000
</TABLE>
For the periods ended December 31, 1999, aggregate purchases and
sales of options securities were as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
LINDNER LARGE-CAP FUND $ 3,885,314 $ 5,046,250
LINDNER ASSET ALLOCATION FUND 3,798,728 4,948,712
LINDNER SMALL-CAP FUND 266,307 360,119
LINDNER OPPORTUNITIES FUND 8,845 4,002
</TABLE>
For the six months ended December 31, 1999, the cost of
investments purchased to cover short sales and the proceeds from
investments sold short in the Lindner Market Neutral Fund were
$10,272,731 and $19,394,642, respectively.
On December 31, 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>
<CAPTION>
Federal Tax
Appreciation Depreciation Net Cost
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
LINDNER LARGE-CAP FUND $88,386,919 ($25,013,783) $ 63,373,136 $344,732,446
LINDNER ASSET ALLOCATION FUND 107,905,557 (106,603,332) 1,302,225 646,786,731
LINDNER UTILITY FUND 12,567,580 (1,218,220) 11,349,360 23,410,045
LINDNER SMALL-CAP FUND 7,633,308 (2,642,211) 4,991,097 27,121,269
LINDNER MARKET NEUTRAL FUND 3,267,707 (3,939,424) (671,717) 17,555,512
LINDNER OPPORTUNITIES FUND 235,217 (11,818) 223,399 1,516,213
</TABLE>
On December 31, 1999, Lindner Market Neutral Fund had capital
loss carryforwards which will reduce future capital gains. These
loss carryforwards, which aggregate approximately $22,794,444,
expire as follows: $811,302 in 2003, $7,563,000 in 2004,
$1,792,000 in 2005, $9,762,000 in 2006, and $2,866,142 in 2007.
3. Fees and Other Transactions with Affiliates
The management fee for Lindner Large-Cap Fund is payable to
Lindner Asset Management, Inc. (the "Adviser"), at the annual
rate of 0.7% of average net assets up to $50 million, 0.6% of
the next $350 million and 0.5% of the excess over $400 million.
Depending on Lindner Large-Cap Fund's performance compared to
the Russell 2000 Composite Index (the RTY), the fee may be
increased or decreased by up to 0.2%. There was no such
adjustment to the management fee for the six months ended
December 31, 1999.
The management fee for Lindner Asset Allocation Fund is payable
quarterly to the Adviser at the annual rate of 0.7% of average
net assets up to $50 million, 0.6% of the next $150 million and
0.5% of the excess over $200 million.
The management fee is payable monthly to the Adviser by Lindner
Utility Fund and Lindner Small-Cap Fund according to the
following annual percentage rate of daily net asset values of
each of the Funds: 0.7% on the first $50 million, 0.6% on the
next $150 million and 0.5% of the excess of $200 million.
The management fee for Lindner Market Neutral Fund is payable
monthly to the Adviser at the annual percentage rate of 1% of
daily net asset values of each of the Funds.
32
<PAGE>
<PAGE>
- --------------------------------------------------------------------
LINDNER INVESTMENTS
- --------------------------------------------------------------------
3. Fees and Other Transactions with Affiliates (continued)
The management fee for Lindner Opportunities Fund is payable
monthly to the Adviser at the annual percentage rate of 0.9% of
daily net asset values (before reimbursement of expenses to the
Fund, if any). Depending on the Lindner Opportunities Fund's
performance compared to the Standard and Poor's 500 Index (the
SPX), the fee may be increased or decreased by up to 0.2%. There
was no such adjustment to the management fee for the six months
ended December 31, 1999.
The management fee for the Lindner Government Money Market Fund
is payable monthly to the Adviser at the annual percentage rate
of 0.15% of the Fund's daily net asset values (before reimbursement
of expenses to the Fund).
As administrator, Lindner Asset Management, Inc. administers the
Funds' corporate affairs, subject to the supervision of the
Funds' Trustees and, in connection therewith, furnishes the
Funds' with office facilities, together with ordinary clerical
and shareholder services. Administrator fees for the Lindner
Government Money Market Fund and Lindner Opportunities Fund are
payable monthly to Lindner Asset Management, Inc. at the annual
percentage rate of 0.20% and 0.15%, respectively of daily net
asset values averaged monthly of the Fund. The adviser has
voluntarily agreed to waive its administrative service fees to
the extent necessary to cause annual total operating expenses to
be not more than 0.50% and 1.25%, respectively of average net
assets during the year for the Lindner Government Money Market
Fund and the Lindner Opportunities Fund.
Annual operating and management expenses for the Lindner
Large-Cap Fund and Lindner Asset Allocation 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.
Lindner Asset Management, Inc., acting as stock transfer agent
and dividend disbursing agent for the Funds, is compensated at a
rate of 92 cents (83 cents for the Lindner Government Money
Market Fund) per shareholder account per month. During the six
months ended December 31, 1999, the following transfer agent
fees were paid to Lindner Asset Management, Inc.: Lindner
Large-Cap Fund ($110,721), Lindner Asset Allocation Fund
($162,841), Lindner Utility Fund ($7,985), Lindner Small-Cap
Fund ($9,738), Lindner Market Neutral Fund ($5,544), Lindner
Opportunities Fund ($174), and Lindner Government Money Market
Fund ($5,970). Certain officers and directors of the Funds are
affiliates of Lindner Asset Management, Inc.
4. Organizational Expense
Expenses of $23,865 incurred in connection with the organization
and registration of the Lindner Government Money Market Fund
were capitalized and are being amortized on a straight line
basis over a five year period. Of this amount, $2,318 was
amortized and included in expense for the six months ended
December 31, 1999. Accumulated amortization at December 31, 1999
was $15,763.
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, 1999, with "affiliated companies" as defined
by the Investment Company Act of 1940:
<PAGE>
<TABLE>
<CAPTION>
Activity
---------------------------------------------------------------- Gain (Loss)
Value at Purchases, Sales, Value Realized
Beginning Additions Reductions at End of Dividend on Sale
of Year at Cost at Cost Period Income of Shares
------------ ----------- ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
LINDNER LARGE-CAP FUND
CPI Corporation $ 21,258,600 $ 0 $ 10,903,483 $ 0 $ 90,188 $ 9,994,928
Vertex Communications
Corporation 4,553,831 0 2,616,298 0 0 3,667,401
------------ ----------- ------------ ----------- ----------- ------------
$ 25,812,431 $ 0 $ 13,519,781 $ 0 $ 90,188 $ 13,662,329
============ =========== ============ =========== =========== ============
LINDNER ASSET ALLOCATION
FUND
IMH Commercial Holdings,
Inc. $ 2,721,950 $ 0 $ 4,515,478 $ 0 $ 74,013 $ (2,100,131)
Novastar Financial, Inc. -
Rule 144A 4,250,002 0 9,020,005 0 0 (7,289,129)
------------ ----------- ------------ ----------- ----------- ------------
$ 6,971,952 $ 0 $ 13,535,483 $ 0 $ 74,013 $ (9,389,260)
============ =========== ============ =========== =========== ============
</TABLE>
33
<PAGE>
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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 the ratio of expenses to average
net assets in the Financial Highlights, total expenses include
the expense which had been offset. The following are the
aggregate amounts for the periods ended December 31, 1999, by
which expenses have been increased for financial statement
presentation:
LINDNER LARGE-CAP FUND $ 8,717
LINDNER ASSET ALLOCATION FUND 15,493
LINDNER UTILITY FUND 662
LINDNER SMALL-CAP FUND 665
LINDNER OPPORTUNITIES FUND 12
LINDNER MARKET NEUTRAL FUND 399
LINDNER GOVERNMENT MONEY MARKET FUND 1,043
7. Capital Stock
The Lindner Large-Cap, Lindner Asset Allocation, Lindner
Utility, Lindner Small-Cap, and Lindner Market Neutral Funds
have authorized unlimited shares of $.01 par value Investor
shares and Institutional shares. The Lindner Opportunities Fund
has authorized unlimited shares of $.01 par value Investor
shares. The Lindner Government Money Market Fund has authorized
unlimited shares of $1 par value Investor shares. Transactions
in shares of capital stock for the six months ended December 31,
1999 and the year ended June 30, 1999 were as follows:
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1999
Unaudited Year Ended June 30, 1999
-------------------------------- --------------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
LINDNER LARGE-CAP FUND
Investor shares
---------------
Sold 1,020,606 $ 16,507,730 5,707,136 $ 100,598,943
Dividends and Distributions reinvested 1,442,628 23,543,686 6,326,904 102,881,809
Redeemed (5,424,688) (87,242,166) (30,216,463) (519,199,494)
------------ ------------- ------------ -------------
Net decrease (2,961,454) $ (47,190,750) (18,182,423) ($315,718,742)
============ ============= ============ =============
Institutional shares
--------------------
Sold 853 $ 13,401 5,379 $ 87,271
Dividends and Distributions reinvested 750 12,157 3,097 50,118
Redeemed (1,277) (20,056) (13,556) (218,328)
------------ ------------- ------------ -------------
Net increase (decrease) increase 326 $ 5,502 (5,080) $ (80,939)
============ ============= ============ =============
LINDNER ASSET ALLOCATION FUND
Investor shares
---------------
Sold 362,822 $ 8,516,729 5,423,531 $ 135,308,721
Dividends and Distributions reinvested 745,551 16,856,693 3,806,572 90,022,541
Redeemed (7,114,267) (165,592,521) (35,145,518) (844,873,352)
------------ ------------- ------------ -------------
Net decrease (6,005,894) $(140,219,099) (25,915,415) $(619,542,090)
============ ============= ============ =============
Institutional shares
--------------------
Sold 21,463 $ 497,844 210,079 $ 4,979,117
Dividends and Distributions reinvested 4,832 108,880 9,629 220,547
Redeemed (53,695) (1,246,267) (143,648) (3,542,616)
------------ ------------- ------------ -------------
Net (decrease) increase (27,400) $ (639,543) 76,060 $ 1,657,048
============ ============= ============ =============
</TABLE>
34
<PAGE>
<PAGE>
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LINDNER INVESTMENTS
- --------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1999
Unaudited Year Ended June 30, 1999
-------------------------------- --------------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
LINDNER UTILITY FUND
Investor shares
---------------
Sold 300,975 $ 4,899,403 1,135,336 $ 16,498,124
Dividends and Distributions reinvested 40,942 698,870 462,162 5,621,351
Redeemed (276,691) (4,487,111) (2,375,409) (32,751,323)
------------ ------------- ------------ -------------
Net increase (decrease) 65,226 $ 1,111,162 (777,911) $ (10,631,848)
============ ============= ============ =============
Institutional shares
--------------------
Sold -- $ -- -- $ --
Dividends and Distributions reinvested -- -- 2 20
Redeemed -- -- (493) (6,672)
------------ ------------- ------------ -------------
Net decrease -- $ -- (491) $ (6,652)
============ ============= ============ =============
LINDNER SMALL-CAP FUND
Investor shares
---------------
Sold 422,558 $ 3,341,267 2,905,813 $ 22,309,033
Dividends and Distributions reinvested 55,389 444,771 299,365 2,173,049
Redeemed (1,871,035) (14,690,241) (4,877,919) (36,072,733)
------------ ------------- ------------ -------------
Net decrease (1,393,088) $ (10,904,203) (1,672,741) $ (11,590,651)
============ ============= ============ =============
Institutional shares
--------------------
Sold 3,247 $ 24,648 195,712 $ 1,375,641
Dividends and Distributions reinvested 329 2,632 1,053 7,643
Redeemed (5,008) (38,119) (11,937) (88,364)
------------ ------------- ------------ -------------
Net (decrease) increase (1,432) $ (10,839) 184,828 $ 1,294,920
============ ============= ============ =============
LINDNER MARKET NEUTRAL FUND
Investor shares
---------------
Sold 775,026 $ 4,621,633 1,985,070 $ 11,564,233
Dividends and Distributions reinvested 90,517 552,154 121,616 693,210
Redeemed (1,089,650) (6,415,125) (3,927,364) (22,671,652)
------------ ------------- ------------ -------------
Net decrease (224,107) $ (1,241,338) (1,820,678) $ (10,414,209)
============ ============= ============ =============
Institutional shares
--------------------
Sold -- $ -- -- $ --
Dividends and Distributions reinvested -- 2 -- 2
Redeemed -- -- -- --
------------ ------------- ------------ -------------
Net increase -- $ 2 -- $ 2
============ ============= ============ =============
LINDNER GOVERNMENT MONEY MARKET FUND
Investor shares
---------------
Sold 30,730,014 $ 30,730,014 120,306,779 $ 120,306,779
Dividends and Distributions reinvested 651,879 651,879 1,557,680 1,557,680
Redeemed (28,810,294) (28,810,294) (120,823,806) (120,823,806)
------------ ------------- ------------ -------------
Net increase 2,571,599 $ 2,571,599 1,040,653 $ 1,040,653
============ ============= ============ =============
<CAPTION>
Period from October 11, 1999
(Commencement of Operations)
to December 31, 1999 Year Ended June 30, 1999
-------------------------------- --------------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
LINDNER OPPORTUNITIES FUND
Investor shares
---------------
Sold 139,008 $ 1,745,479 -- $ --
Dividends and Distributions reinvested 304 3,962 -- --
Redeemed (668) (8,847) -- --
------------ ------------- ------------ -------------
Net increase 138,644 $ 1,740,594 -- $ --
============ ============= ============ =============
</TABLE>
35
<PAGE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(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
<CAPTION>
LINDNER LARGE-CAP FUND<F1>
--------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
1997 $26.39 $0.36 $2.72 $3.08 $0.39 $3.10 $3.49
1998 $25.98 $0.38 ($0.27) $0.11 $0.34 $3.48 $3.82
1999 $22.27 $0.29 ($3.36) ($3.07) $0.32 $2.74 $3.06
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $16.14 $0.07 $1.73 $1.80 $0.23 $0.87 $1.10
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period
Period Return<F4> Net Assets Net Assets Rate (In Millions)
LINDNER LARGE-CAP FUND<F1>
--------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1995 $23.33 14.89% 0.54% 1.89% 24.94% $1,446
1996 $26.39 21.95% 0.63%<F5> 1.53% 39.49% $1,446
1997 $25.98 12.50% 0.44% 1.39% 36.39% $1,495
1998 $22.27 0.31% 0.44% 1.29% 44.43% $1,003
1999 $16.14 (13.66%) 0.57% 1.27% 53.41% $434
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $16.84 11.39% 0.83%<F7> 0.46%<F7> 62.30% $403
<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 ASSET ALLOCATION FUND<F2>
---------------------------------
Period Ended February 28,
<S> <C> <C> <C> <C> <C> <C> <C>
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
1997 $28.07 $1.63 $0.70 $2.33 $1.68 $0.78 $2.46
1998 $27.94 $1.83 $2.02 $3.85 $1.71 $2.49 $4.20
1999 $27.59 $2.16 ($3.80) ($1.64) $1.95 $0.50 $2.45
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $23.50 $0.68 $0.65 $1.33 $0.77 $0.00 $0.77
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period
Period Return<F4> Net Assets Net Assets Rate (In Millions)
LINDNER ASSET ALLOCATION FUND<F2>
---------------------------------
Period Ended February 28,
<S> <C> <C> <C> <C> <C> <C>
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>
1995 $26.00 8.12% 0.21% 2.43% 11.00% $1,903
1996 $28.07 16.14% 0.60%<F5> 6.62% 30.24% $2,293
1997 $27.94 8.75% 0.60% 5.74% 40.32% $2,017
1998 $27.59 14.75% 0.61% 6.29% 28.56% $1,616
1999 $23.50 (5.57%) 0.66% 8.03% 31.74% $768
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $24.06 5.90% 0.72%<F7> 5.15%<F7> 59.35% $642
<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 UTILITY FUND
--------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
1997 $14.20 $0.39 $1.60 $1.99 $0.42 $0.02 $0.44
1998 $15.75 $0.37 $1.96 $2.33 $0.37 $0.93 $1.30
1999 $16.78 $0.33 $0.44 $0.77 $0.33 $2.41 $2.74
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $14.81 $0.11 $4.12 $4.23 $0.11 $0.31 $0.42
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period
Period Return<F4> Net Assets Net Assets Rate (In Millions)
LINDNER UTILITY FUND
--------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1995 $10.77 12.51% 1.04% 3.02% 190.70% $18
1996 $14.20 35.39% 0.95%<F5> 2.87% 98.58% $32
1997 $15.75 14.29% 0.89% 2.81% 86.44% $47
1998 $16.78 15.53% 0.91% 2.21% 99.37% $43
1999 $14.81 8.62% 0.97% 2.40% 137.51% $26
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $18.62 28.86% 0.98%<F7> 1.32%<F7> 17.91% $34
<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 SMALL-CAP FUND
----------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
1997 $6.15 $0.04 $1.49 $1.53 $0.01 $0.00 $0.01
1998 $7.67 $0.09 $1.07 $1.16 $0.04 $0.30 $0.34
1999 $8.49 $0.08 ($0.12) ($0.04) $0.08 $0.31 $0.39
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $8.06 $0.06 $0.83 $0.89 $0.10 $0.04 $0.14
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period
Period Return<F4> Net Assets Net Assets Rate (In Millions)
LINDNER SMALL-CAP FUND
----------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1995 $5.46 14.32% 1.65% (0.57%) 158.62% $8
1996 $6.15 25.70% 1.22%<F5> (0.04%) 103.05% $10
1997 $7.67 24.96% 0.96% 0.46% 49.49% $25
1998 $8.49 15.24% 0.87% 1.13% 24.52% $54
1999 $8.06 0.11% 0.94% 0.99% 65.98% $38
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $8.81 11.21% 1.01%<F7> 0.79%<F7> 94.05% $29
</TABLE>
36
<PAGE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(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 MARKET NEUTRAL FUND
---------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
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
1997 $8.36 $0.29 ($1.81) ($1.52) $0.14 $0.00 $0.14
1998 $6.70 $0.23 ($0.89) ($0.66) $0.39 $0.00 $0.39
1999 $5.65 $0.23 $0.01 $0.24 $0.17 $0.00 $0.17
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $5.72 $0.10 $0.56 $0.66 $0.21 $0.00 $0.21
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period
Period Return<F4> Net Assets Net Assets Rate (In Millions)
LINDNER MARKET NEUTRAL FUND
---------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1995 $7.09 0.10% 1.27% 2.45% 122.64% $65
1996 $8.36 23.44% 1.24%<F5> 2.45% 139.82% $62
1997 $6.70 (18.43%) 1.20% 3.86% 457.57% $68
1998 $5.65 (10.08%) 1.23% 1.66% 109.32% $28
1999 $5.72 4.29% 1.45% 3.46% 104.92% $18
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $6.17 11.49% 2.14%<F7> 2.82%<F7> 252.53% $18
<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 GOVERNMENT MONEY MARKET FUND<F3>
----------------------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1997 $1.00 $0.05 $0.00 $0.05 $0.05 $0.00 $0.05
1998 $1.00 $0.05 $0.00 $0.05 $0.05 $0.00 $0.05
1999 $1.00 $0.05 $0.00 $0.05 $0.05 $0.00 $0.05
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $1.00 $0.02 $0.00 $0.02 $0.02 $0.00 $0.02
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period
Period Return<F4> Net Assets Net Assets Rate (In Millions)
LINDNER GOVERNMENT MONEY MARKET FUND<F3>
----------------------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1997 $1.00 5.02% 0.43% 5.45% -- $39
1998 $1.00 5.21% 0.50% 5.08% -- $43
1999 $1.00 4.70% 0.50% 4.53% -- $44
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $1.00 2.41% 0.50%<F7> 4.77%<F7> -- $47
<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 OPPORTUNITIES FUND<F6>
------------------------------
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $12.00 $0.02 $2.16 $2.18 $0.01 $0.02 $0.03
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period
Period Return<F4> Net Assets Net Assets Rate (In Millions)
LINDNER OPPORTUNITIES FUND<F6>
------------------------------
Period Ended December
<S> <C> <C> <C> <C> <C> <C>
1999 $14.15 18.20% 1.25%<F7> 0.99%<F7> 301.03% $2.0
<FN>
<F1>Historical performance information is for Lindner Fund, Inc. ("LFI"), the
predecessor of the Lindner Large-Cap Fund series of the Trust. The Lindner
Large-Cap Fund series of the Trust succeeded to all of the assets and
liabilities of LFI 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 Asset Allocation Fund series of
the Trust. The Lindner Asset Allocation 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 July 6, 1996.
<F4>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.
<F5>Expense ratio for periods after September 1, 1995, are computed using gross
expenses which include fees reduced in connection with specific agreements.
<F6>Operations commenced on October 11, 1999.
<F7>Annualized.
</TABLE>
37
<PAGE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(FOR AN INSTITUTIONAL 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 LARGE-CAP FUND
----------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1997<F1> $26.39 $0.34 $2.68 $3.02 $0.37 $3.10 $3.47
1998 $25.94 $0.35 ($0.30) $0.05 $0.31 $3.48 $3.79
1999 $22.20 $0.28 ($3.41) ($3.13) $0.31 $2.74 $3.05
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $16.02 $0.06 $1.73 $1.79 $0.22 $0.87 $1.09
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period (In
Period Return<F4> Net Assets Net Assets Rate Thousands)
LINDNER LARGE-CAP FUND
----------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1997<F1> $25.94 15.36% 0.46% 1.29% 36.39% $102
1998 $22.20 0.08% 0.75% 1.05% 44.43% $369
1999 $16.02 (14.01%) 0.85% 1.13% 53.41% $185
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $16.72 11.42% 1.09%<F7> 0.23%<F7> 62.30% $199
<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 ASSET ALLOCATION FUND
-----------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1997<F2> $28.07 $1.61 $0.66 $2.27 $1.66 $0.78 $2.44
1998 $27.90 $1.78 $2.00 $3.78 $1.66 $2.49 $4.15
1999 $27.53 $2.15 ($3.83) ($1.68) $1.94 $0.50 $2.44
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $23.41 $0.66 $0.66 $1.32 $0.75 $0.00 $0.75
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period (In
Period Return<F4> Net Assets Net Assets Rate Thousands)
LINDNER ASSET ALLOCATION FUND
-----------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1997<F2> $27.90 9.84% 0.85% 5.69% 40.32% $2,010
1998 $27.53 14.49% 0.88% 6.14% 28.56% $2,777
1999 $23.41 (5.74%) 0.90% 7.64% 31.74% $4,143
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $23.98 5.78% 0.97%<F7> 4.93%<F7> 59.35% $3,586
<PAGE>
<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 UTILITY FUND
--------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1997<F3> $14.20 $0.27 $1.60 $1.87 $0.31 $0.02 $0.33
1998 $15.74 $0.26 $2.03 $2.29 $0.26 $0.93 $1.19
1999 $16.84 $0.19 $0.53 $0.72 $0.19 $2.41 $2.60
<CAPTION>
Period Ended December 31
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $14.96 $0.09 $3.84 $3.93 $0.10 $0.31 $0.41
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period (In
Period Return<F4> Net Assets Net Assets Rate Thousands)
LINDNER UTILITY FUND
--------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1997<F3> $15.74 14.52% 0.75% 2.42% 86.44% $54
1998 $16.84 15.23% 1.22% 1.99% 99.37% $9
1999 $14.96 7.99% 1.30% 2.70% 137.51% $0.2
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $18.48 28.29% 1.23%<F7> 0.99%<F7> 17.91% $0.3
<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 SMALL-CAP FUND
----------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1997<F4> $6.15 $0.04 $1.49 $1.53 $0.01 $0.00 $0.01
1998 $7.67 $0.08 $1.06 $1.14 $0.03 $0.30 $0.33
1999 $8.48 $0.08 ($0.13) ($0.05) $0.08 $0.31 $0.39
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $8.04 $0.06 $0.83 $0.89 $0.10 $0.04 $0.14
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period (In
Period Return<F4> Net Assets Net Assets Rate Thousands)
LINDNER SMALL-CAP FUND
----------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1997<F4> $7.67 21.21% 0.59% 0.26% 49.49% $0.2
1998 $8.48 15.02% 1.31% 0.99% 24.52% $154
1999 $8.04 (0.07%) 1.16% 1.44% 65.98% $1,631
<CAPTION>
Period Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
1999 $8.79 11.19% 1.24%<F7> 1.82%<F7> 94.05% $1,771
<PAGE>
<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 MARKET NEUTRAL FUND
---------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
1997<F5> $8.36 $0.26 ($1.81) ($1.55) $0.14 $0.00 $0.14
1998 $6.67 ($0.16) ($0.49) ($0.65) $0.00 $0.00 $0.00
1999 $6.02 $0.23 $0.01 $0.24 $0.17 $0.00 $0.17
<CAPTION>
Period Ended December 31,
1999 $6.09 $0.10 $0.56 $0.66 $0.20 $0.00 $0.20
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio of Net
Investment Net
Net Asset Ratio of Income Assets,
Value, Expenses to Portfolio End of
End of Total to Average Average Turnover Period (In
Period Return<F4> Net Assets Net Assets Rate Thousands)
LINDNER MARKET NEUTRAL FUND
---------------------------
Period Ended June 30,
<S> <C> <C> <C> <C> <C> <C>
1997<F5> $6.67 (18.61%) 1.37% 4.45% 457.57% $1.6
1998 $6.02 (9.75%) 1.86% 16.68% 109.32% $0.1
1999 $6.09 4.02% 0.96% 3.13% 104.92% $0.1
<CAPTION>
Period Ended December
<S> <C> <C> <C> <C> <C> <C>
1999 $6.55 10.87% 1.15%<F7> 2.81%<F7> 252.53% $0.1
<FN>
<F1>For the period July 12, 1996 (initial purchase) to June 30, 1997.
<F2>For the period July 9, 1996 (initial purchase) to June 30, 1997.
<F3>For the period October 31, 1996 (initial purchase) to June 30, 1997.
<F4>For the period November 1, 1996 (initial purchase) to June 30, 1997.
<F5>For the period July 9, 1996 (initial purchase) to June 30, 1997.
<F6>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.
<F7>Annualized.
</TABLE>
38
