<PAGE>
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THE ADVISOR GUIDE
LINDNER FUNDS ADVISOR GUIDE WINTER 2000
"HISTORY HAS DOCUMENTED
THAT THE MOST NOTABLE WINNERS
USUALLY ENCOUNTERED HEARTBREAKING
OBSTACLES BEFORE THEY TRIUMPHED.
THEY WON BECAUSE THEY REFUSED TO
BECOME DISCOURAGED BY THEIR DEFEATS."
- -- B. C. Forbes
The Original Financial Journalist
and Founder, Forbes Magazine
CONTAINS 1999 PERFORMANCE DATA
[LOGO]LINDNER
FUNDS
Investment Professional Use Only
Not For Public Distribution
WWW.LINDNERFUNDS.COM
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CONTENTS
LINDNER FUNDS ADVISOR GUIDE WINTER 2000
Advisor Focus 4
Fund Focus 7
Lindner Opportunities Fund 10
Lindner Small-Cap Fund 12
Lindner Large-Cap Fund 14
Lindner Utility Fund 16
Lindner Asset Allocation Fund 18
Lindner Market Neutral Fund 20
Lindner Government Money Market Fund 22
Fund Legend 23
Comparative Indexes 24
Revised Competency Exam 25
Lindner Funds Distribution Channels 27
CONTACTING LINDNER FUNDS
Our Marketing Department is organized to serve investment professionals
and their needs. These individuals can help you create a portfolio
including our funds. They are also available to make presentations on
the Lindner Funds, assist you in your efforts to communicate better with
your clients and prospects, and assist with retirement plan or
enrollment meetings. Please contact them for marketing assistance.
1-800-792-2251
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If you would like to receive periodic updates regarding our funds,
please E-MAIL US AT [email protected]. You may also fax your
--------------------------
request to our marketing department at FAX (314) 727-9306.
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For operational assistance, to order applications or request fund
statistics, please call our customer service line
at 1-800-995-7777.
VISIT OUR WEB SITE - WWW.LINDNERFUNDS.COM
Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
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[Lindner Logo] ABOUT EXTENDED TRADING
HOURS, ON-LINE TRADING,
DAY TRADING, ETC.
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BY MARK FINN - VICE CHAIRMAN AND CHIEF OPERATING OFFICER
As "educated investors," what should Financial Advisors know and/or [PHOTO]
advise clients about making stock trades on line? About after-hours
trading (when the markets are officially closed)? Electronic trading
mechanisms (ECNs -- Electronic Communication Networks)?
Obviously, these questions are becoming more relevant as your clients
are being bombarded by advertising to "come trade at the keyboard."
(Witness the recent Super Bowl advertising line-up.) Let's start with
the concept of trading after hours. Traditional hours for trading on the
New York Stock Exchange have been 9:30 a.m. EST (market open) through
4:00 p.m. (the closing bell). The NYSE is a true auction market, with
orders flowing to the trading floor to be matched (buyer and seller), in
true auction fashion, by a human being, to reach the best possible price
for both through the intervention of the specialist. These are very much
hands-on trades, with a specialist firm assigned to each equity traded,
and responsible for maintaining an orderly market. Most NYSE trades by
individual investors are brought to the floor through a traditional
brokerage house (traditionally called "the wire houses").
The National Association of Securities Dealers' automated, computer-
based system -- NASDAQ -- debuted in the early 1970s. This electronic
system does not necessarily match buyer and seller and execute trades
through a single specialist, as at NYSE. A number of broker-dealers may
be maintaining the market for the stock (the "market-makers"), with a
negotiated spread determining the price paid or received. The "auction"
is conducted electronically and is becoming a global system in 2000.
NYSE, NASDAQ and the Wall Street community have invested literally
several billions of dollars in developing reliable, sophisticated
trading mechanisms for the benefit of investors. The systems are
designed to give investors the highest level of protection for executing
trades. Both types of systems experience tremendous volumes of buy-sell
transactions during trading hours. Some of the orders are placed before
and after the market is open and these do influence, at least, the
opening prices.
Large companies traditionally time their major news announcement to
market hours, disclosing news early in the morning before the open or
after the 4 p.m. close in New York. Since all orders flow to one point
in the NYSE (the specialist), and to a very small number of market-
makers on NASDAQ, there is usually a sufficient volume of stocks
available for individual buyers or sellers to help maintain an orderly
market. It is when the volumes get thin and demand increases or
decreases that we can see extra-ordinary highs or lows in a particular
share price on heavier volume.
What will happen in 2000 when the NYSE or NASDAQ close and more people
continue to trade after hours? Some observers are saying that the after-
hour volume may be too thin to protect investors, and that price swings
may be more pronounced than during normal trading hours. Other observers
are cautioning that the on-line trading mania could turn out to be
dangerous to one's pocketbook -- or accumulated wealth. This is a
concern for the professional Advisor, who may be asked for guidance in
"keyboard trading" or after-hours -- even middle-of-the-night --
trading.
The extension of trading hours by major exchanges is viewed as a first
step in moving toward continuous, 24/7 trading. A number of ECNs are
coming on line in 2000, and a fair number are already in operation. The
traditional electronic exchanges are also expanding. NASDAQ has launched
a United Kingdom-based exchange, and in 2000 will introduce a European
NASDAQ and a Japanese-based NASDAQ. A European competitor, EASDAQ, is
already on line.
All of these trading exchanges will target US equities for trading, and
individual investors as customers, and that will have some kind of
effect on your clients -- especially as the world moves steadily toward
24/7 trading. Opening prices in Tokyo, Hong Kong, Frankfurt, London,
etc. already impact US share prices -- what will happen in the future?
Obviously,
(Continued on Page 9)
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[Lindner Logo] ADVISOR FOCUS
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CAPITAL GAINS AND YOUR CLIENTS' TAXES
by Kenneth E. Puzder, CPA
Vice President and Financial Operations Principal
[PHOTO]
As your clients begin preparing to face the tax season, they
are probably thinking about capital gains taxes. As with so many
things in life, the timing of these transactions can be very
important.
Generally, a capital gain realized through the sale of an asset owned
for more than one year is considered a long-term gain and is taxed at a
20% maximum rate for individuals who are in the 28% (and higher) tax
brackets. For individuals in the 15% tax bracket, a 10% rate applies.
For tax years beginning after December 31, 2000, gains from the sale
of assets held for at least five years will be taxed at an 18% rate (8%
for taxpayers in the 15% bracket). The lower capital gains rate will
also apply to trusts and estates. In addition, the lower rate will apply
when the taxpayer is determining income tax under the Alternative
Minimum Tax.
This compares to the present tax treatment for gains realized on
investments held for less than one year: short-term gains are taxed at
your ordinary income tax rate. So, if a client is considering selling an
asset -- even if it is now under-performing -- they should consult with
their tax advisor. It may pay to hold on to the investment and consider
the applicability of long-term gains treatment.
For the past quarter century, Individual Retirement Accounts have
offered investors a practical capital gains tax strategy. The payment of
taxes on gains realized through certain transactions involving IRA
assets (held within the IRA) is deferred until funds are withdrawn at
retirement age. So, if a client is considering an investment that
involves periodic transactions -- such regular deposits on some
scheduled basis -- they might elect to participate in a Lindner Mutual
Fund through an IRA account.
There are a variety of IRA plans now available to your clients, each
with its own criteria for tax deductibility, etc. Lindner's customer
service representatives are always happy to explain to you the various
IRA options offered by The Lindner Funds.
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TAX DATES TO REMEMBER
(ALWAYS CONSULT YOUR TAX ADVISOR)
April 17, 2000
* deadline for filing 1999 income tax return
or for requesting a filing extension.
* first payment of 2000 estimated tax is due.
* deadline for opening or depositing funds
into your 1999 IRA account.
June 15, 2000
* second 2000 estimated tax payment is due.
August 16, 2000
* if you requested a filing extension back in
April, your 1999 tax return is due today.
* if extenuating circumstances have
prevented you from meeting this extended
deadline, it's possible to apply for another
two-month extension.
September 15, 2000
* third 2000 estimated tax payment is due.
October 16, 2000
* last day for filing your 1999 income tax
return, if you received additional extension
of time to file.
December 15, 2000
* final installment of 2000 estimated tax by
calendar-year corporations is due.
January 15, 2001
* final installment of 2000 estimated tax by
individuals, trusts and estates is due.
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HAVE A QUESTION? MEET THE LINDNER FUNDS' ANSWER TEAM
At Lindner Asset Management, customer service is both an attitude and a
department. At offices in Clayton, MO (a suburb located just west of
downtown St. Louis), representatives are on duty every weekday from 8
a.m. to 5 p.m. CST ready, willing and able to help Lindner shareowners,
their professional advisors and other callers in every way that they
can.
[PHOTO]
CATHY SETRAYCIC, MANAGER
Cathy oversees the busy
Customer Service Department
"The customer service department here is a one-stop shop, explains CATHY
SETRAYCIC, Lindner Funds' Shareowner Services Manager. "Unlike at some
other financial institutions, when you call us, we don't transfer you to
someone else. We pull together the information you need and do whatever
is necessary to answer your question and to meet your needs."
A VARIETY OF TASKS
Account representatives have a varied workday. They answer e-mail
received through Lindner's Web site and follow up with individuals who
have written to the company requesting information. Answering the phone,
however, is their primary activity. They handle routine matters, such as
verifying account information, correcting address or registration
changes, executing purchases or sales of shares, and setting up
automatic purchase programs. They also provide any fund-specific
information that investment advisors might need in order to assist a
client.
"Our goal is always to provide the caller with a little bit more than
what they contacted us for. We aim to provide information that will help
people make decisions," Setraycic says.
TRAINING IS KEY
Being a jack-of-all-trades requires extensive training. JENNIFER LATHAM,
Assistant Customer Service Manager, heads up the training effort, which
begins with a two-week, intensive, one-on-one program. New hires must
complete directed independent study of the mutual fund industry and
Lindner's products. They also spend a lot of time listening to incoming
calls to observe how callers' questions are answered.
Following the official training period, new representatives are paired
with a more senior person who serves as a mentor. "It helps our people
to learn more quickly, but more importantly it means we can speed up the
response time to the caller," Setraycic explains.
Specifically meeting the information and service needs of registered
advisors is the job of BRIAN MALONEY, Lindner's Marketing Representative.
"I regularly provide the customer service staff with essential information,
such as industry trends, to help them answer questions," he says. "When
advisors need something specific, though, the customer service team will
transfer the matter to me for follow up. We take the team approach because
we know how important it is for advisors to get accurate information quickly."
[PHOTO]
BRIAN MALONEY,
MARKETING REPRESENTATIVE
Brian works closely with
the Customer Service staff
in meeting the needs of
investment advisors.
The team concept works well: "One of the really great things about being
such a small, closely knit department is that we get to know many of our
shareowners and their advisors. Interacting with them regularly and
helping them is what really makes this job personally rewarding,"
Setraycic says.
[PHOTO]
The outstanding Lindner Customer Service staff
based in St. Louis
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For assistance, call Lindner's customer service line at
1-800-995-7777 or e-mail us at
[email protected]
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INTEREST RATES, INFLATION, FOMC & THE BOND MARKET
Bond markets can be daunting for most of us when trying to figure out
the logic that drives serious fixed-income investment decisions.
Perceptions are critical to the actual prices paid for such securities,
as is true in the equities markets.
The Federal Reserve Bank of St. Louis recently commented on the question
of monetary policy decisions made by the FEDERAL OPEN MARKET COMMITTEE
- -- the "FOMC" we hear about on the news reports -- and how the group's
decision-making affects bond prices. The bond market's concerns are
mainly about the uncertainty of the future course of interest rates. The
FOMC decisions directly influence and shape the market's expectations
about interest rates by changing the formal target for the federal funds
rate (and also by announcing its bias toward possible future changes,
tighter or looser, which it now does at the end of each meeting).
Because the FOMC usually adjusts the federal funds rate in incremental
steps, choosing a single future target tends to cause the market to
revise its expectations. To measure this phenomenon, an index of bond
yield volatility can be used because higher volatility usually reflects
a greater level of uncertainty about future bond yields -- thereby
affecting today's price. (These indexes typically cover a wide range of
maturities of Treasury bonds, of two, five, 10 and 30 years.)
Since May 1999, bond market uncertainty has tended to increase slightly
when the FOMC announced a bias toward future tightening but did not
change its target rate for the federal funds rate. None of the actual
increases in the rate -- including the three 25-basis-point increases
since June 1999 -- appreciably affected the bond market. That may be
because the FOMC is now announcing its intentions for future rates,
removing some uncertainty for professionals in the bond market.
OFFICIAL FORECASTS FOR CPI AND GDP --
HOW ACCURATE?
How accurate are the economic forecasters used to predict the Consumer
Product Index or the Gross Domestic Product? According to a recent
Federal Reserve Bank study, most forecasters have regularly (1) over-
predicted CPI inflation and (2) under-predicted real GDP growth. A
handful have hit the target -- and they are the individual economists
who are typically the most "bullish" on the economy, and especially "The
New Economy."
This is not an academic exercise, since government policymakers depend
heavily on forecasts to formulate monetary policy. Looking at the Blue
Chip Economic Indicators since the beginning of the current boom (March
1992), a federal analysis found that the top 10% "bullish" analysts were
consistently more accurate in forecasting the coming year than the
majority of economists (the Top 10% hit the target two-thirds of the
time). The most pessimistic (the Bottom 10%) were the farthest off the
mark.
Since December 1995, those who predicted faster real GDP growth and
lower inflation were even more accurate -- about 80% of the time.
As for the "New Economy," those forecasters (the Top 10%) who believe
the nation has made a "paradigm shift" into the Information Age now
predict still faster GDP growth and continuing lower inflation than do
the majority. So what is the prediction of the most optimistic? Using
the December 1999 Blue Chip indicators, the top 10% predict real GDP
growth will be 3.3% in 2000 and CPI will average 2% inflation in 2000.
We'll see at year-end!
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[Lindner Logo] FUND FOCUS
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LIPPER DATA RANKS LINDNER UTILITY FUND
BEST IN 1999 PERFORMANCE
[PHOTO]
The Lindner Utility Fund (LDUTX) moved to the top rank among utility
mutual funds in 1999, according to Lipper, Inc. Lipper's data and
analysis reported a 60.5% rate of return for the Fund. This compares
favorably with the Fund's benchmark, the S&P 500 Utilities Index, which
closed the year at -8.8%, and also the Dow-Jones Utilities Index, which
ended 1999 at -5.7%.
"We've taken advantage of the freedom our prospectus provides and have
carried a relative underweight to the electric utility sector," notes
Lindner Vice Chairman Mark T. Finn in discussing the 1999 results.
"We've had exposure to telecommunications for the full year. And, we've
picked good stocks, which have appreciated handsomely in 1999. We
continue to re-balance the Fund, however, and we see the traditional
view of the electric utility industry, that of a yield vehicle with
little appeal, undergoing change in the next few years.
"Our view is that this part of the utility sector will be quite exciting
and marked by a number of takeover and management changes, so that good
management will pay off. This will make it more important that fund
managers pick the right stocks. Every sector has its day, and this Fund
will be back in an overweight in electric utilities sometime within the
next 24 months," he added.
At year-end 1999, investments were in such industry sectors as
telecommunications services and equipment, utilities, natural gas
pipelines, oil and gas exploration and production, electrical
generation, oilfield services, and cable television equipment and
services.
The Lindner Utility Fund, managed by the Lindner Asset Management
Investment Committee, seeks current income, with capital appreciation as
a secondary goal. It invests substantially all of its assets in common
stocks or securities that are convertible to common stock. At the close
of 1999, larger holdings included such equities as Omnipoint, Nextel,
AT&T, Enron and RCN Corp.
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LINDNER ASSET MANAGEMENT NAMES JOHN ELDER
ACTING EXECUTIVE VICE PRESIDENT IN ST. LOUIS
Lindner Asset Management Chairman Doug Valassis announced the
appointment of John Elder as Acting Executive Vice President. He joins
Lindner from the Signature Financial Group, where he was Vice President-
Financial Administration, serving a number of mutual fund clients.
Mr. Elder is based in the Lindner Asset Management headquarters in St.
Louis, and oversees the company's administrative, operations and
financial functions.
Chairman Valassis noted Mr. Elder's extensive financial services
industry experience as an important asset for the Lindner management
team. "We are pleased that John joined our management team in St. Louis.
He has an extensive background in the mutual fund industry, and in
financial services, and brings a wealth of experience, knowledge and
know-how to Lindner. This appointment is an important step in the
continued strengthening of the Lindner Asset Management team."
Mr. Elder's duties at Signature included financial reporting, regulatory
compliance, SEC reporting, IRS reporting, overseeing compliance for
client companies, and liaison with legal counsel. The firm, which is
based in Boston, provides clients (large mutual fund clients) with
consulting and management services. John Elder was with Signature for
the past four years.
[PHOTO]
JOHN ELDER
Acting Executive Vice
Operations
Mr. Elder, a Certified Public Accountant, began his career with Price
Waterhouse, where he served the firm's financial services clients from
offices in Philadelphia, New York City and Hartford for a decade. He
then moved to the Phoenix Family of Mutual Funds (the management company
was a subsidiary of the Phoenix Home Life Mutual Insurance Company) in
Hartford, Connecticut, for a 10-year period. He served as Treasurer of
the Phoenix mutual funds -- the portfolio size was more than $10 billion
- -- with 25 funds in the group.
John Elder was graduated from Coe College in Cedar Rapids, Iowa and
received his Master's Degree in Business from Washington University (St.
Louis).
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JOHN ELDER --
COMMENTS ON THE ROLE OF FINANCIAL ADVISORS IN TODAY'S MARKETPLACE
"The choice of mutual fund investments today is enormous, not only in
the sheer number of them, but also in the types of funds. In addition,
the amount of information available on funds can be overwhelming. The
World Wide Web and the ever-growing number of publications give
investors access to all types of data.
"Some people might think that this information bonanza will decrease the
role of financial advisors, but I don't agree. Information is a
deceptive tool. Just knowing what the top performing funds are doesn't
help an individual determine if they are the types of investments that
will build an appropriately diversified portfolio. That skill ...
knowing how to balance performance and risk ... is what an advisor
offers.
"Because of their training and experience, advisors also can help determine
whether a fund that's been performing well lately has the potential to do
well in the long term. Too often, individual investors will be attracted to
a high-performing fund and not realize the amount of risk they're exposing
themselves to. A professional advisor knows how to achieve peak performance,
while decreasing risk through diversification, and smart investors will
listen."
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ABOUT EXTENDED TRADING HOURS, ON-LINE TRADING...
(Continued from Page 3)
no one has the answers yet -- we are still in the earliest days of
global electronic trading and many of the traders are pioneers in
spirit. (You remember the pioneers -- they are the ones who often took
the arrows on the western frontier!)
Should your clients trade after hours? Trade on-line? Execute trades via
one of the new electronic forums (the ECNs)? Day trade? Here is what one
expert is saying.
Arthur Levitt is the former chairman of the American Stock Exchange and
is now Chairman of the Securities & Exchange Commission, the federal
agency responsible for protecting investors and the capital markets.
During a recent speech in Washington DC at the National Press Club --
"Plain Talk About On-Line Investing" -- he addressed the risks and
misconceptions about INVESTING that he believes are only amplified by
on-line trading. Levitt offered practical advice, and urged individual
investors to accept greater responsibility for their actions.
The SEC Chairman recognized that most investors are neither buy-and-
forget investors nor day traders. Most fall somewhere in between. Said
Levitt: "As far as I'm concerned, for most individuals, the stock market
is best used for investing, not trading. And, it's important to make
that distinction. On-line trading may be quick and easy and on-line
investing -- and I emphasize investing -- requires the same old-
fashioned elbow grease, like researching a company or making the time to
appreciate the level of risk. I'm often surprised by investors who spend
more time deciding what movie they'll rent than on which stock to buy."
AND ON DAY-TRADING: "Some argue day-trading is really nothing more than
speculation. And, speculation is not new to our markets. Personally, I
don't think day traders are speculating because traditional speculation
requires some market knowledge. They are instead gambling, which
doesn't. I am concerned that more and more people may be undertaking day
trading strategies without a full appreciation of the risk and
difficulty involved. No one should have any illusions of what he is
getting involved in. I know of one survey that recently found that 67
out of 68 day traders at a firm had in fact lost money."
Chairman Levitt cited four common misconceptions that individual
investors -- your clients, and in many cases, our shareowners -- should
be aware of:
PERSONAL COMPUTERS ARE NOT DIRECTLY LINKED TO THE MARKETS: "Although the
Internet makes it seem as if you have a direct connection to the
securities market, you don't. Lines may clog; systems may break; orders
may back-up."
THE VIRTUE OF LIMIT ORDERS: "Price quotes are only for a limited number
of shares; so only the first few investors will receive the currently
quoted price. By the time you get to the front of the line, the price of
the stock could be very different."
CANCELING AN ORDER: "Another misconception is that an order is canceled
when you hit 'cancel' on your computer. But, the fact is it's canceled
only when the market gets the cancellation. You may receive an
electronic confirmation, but that may only mean your request to cancel
was received -- not that your order was actually canceled."
BUYING ON MARGIN: "If you plan to borrow money to buy a stock, you also
need to know the terms of the loan your broker gave you. This is called
margin. In volatile markets, investors who put up an initial margin
payment for a stock may find themselves required to provide additional
cash if the price of the stock falls."
Chairman Levitt's cautions are well-timed, given the growing popularity
of on-line investing. Our advice to individual investors would be to
thoroughly research the trading patterns for any of the electronic
services offering access to the financial markets, and to exercise
caution in changing one's usual investing procedures before making a
dramatic change. Investors should remember the advantage of investing
with the guidance of a professional financial advisor; and, make
investments through managed mutual funds, where professionals will
perform the research, manage the tax impact, and track market trends on
a continuing basis. To paraphrase the SEC Chairman, mutual funds are for
investing over the long-term, not for short-term trading.
For certain, the rising popularity of the Internet and the World Wide
Web continue to offer dramatic alternatives to the "old systems" for
almost any business, such as book selling, shopping for clothing or
automobiles - and especially for financial services organizations. But,
we are still in the earliest days of the new medium, and not everyone is
suited to be a pioneer!
As always, if you have questions, or comments, I would welcome hearing
from you. You can email me at: [email protected].
/s/ Mark T. Finn
Mark T. Finn
Vice Chairman and Chief Operating Officer
Lindner Asset Management, Inc.
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Lindner
OPPORTUNITIES
FUND
OPPORTUNITIES SMALL-CAP LARGE-CAP UTILITY ASSET ALLOCATION
MARKET NEUTRAL GOVERNMENT MONEY MARKET
CAPITAL APPRECIATION
The Lindner Opportunities Fund may be appropriate for investors who seek
long term capital appreciation through investment in small, mid-size and
large-companies.
INVESTMENT STRATEGY
The Lindner Opportunities Fund intends to invest substantially all of
its assets in a combination of growth and value common stocks, and
securities convertible into common stocks, of U.S. companies with
superior management and favorable positioning to produce above-average
earning and business growth. Selection of securities may be based on
growth or value. The fund will invest in companies that may offer more
favorable opportunities in light of changing economic, social and
political conditions or trends, including companies involved in
prospective acquisitions, reorganizations, spinoffs, consolidations and
liquidations, and turnaround situations.
COMPARATIVE INDEX:
S&P 500 INDEX
The S&P index is an index of 500 stocks representing diversified
industries. This is a broad index meant to indicate the general
direction of the stock market.
DESCRIPTION
Inception Date 10/11/99
CUSIP 535516785
PRICING OPTIONS
Sales Charge None
12b-1 Fee None
Minimum Initial Investment $2,000
For IRA $250
NET ASSETS 12/31/99
$1.96MM
CUMULATIVE TOTAL RETURNS
12/31/99 NAV S&P 500 Index
Since Inception 18.20% 10.33%
(10/11/99)
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FUND DATA
1999
Total Return 18.20%
S&P 500 Index 10.33%
Capital Gain Distribution $0.0162
Dividends $0.0146
Net Assets $MM $1.96
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ASSET ALLOCATION 12/31/99
Common Stock 63.15%
ADR 5.20% [GRAPH]
US Agency Obligations 20.33%
Other Cash & Equivalents 11.32%
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LARGEST INDUSTRY SECTORS 12/31/99
(% of Net Assets)
Technology 34.24%
Consumer Staples 6.75%
Communication Services 6.35%
Health Care 5.20%
Consumer Cyclicals 4.59%
Capital Goods 2.42%
TOP HOLDINGS 12/31/99
InterDigital Communication Corp. 4.59%
Emmis Communications 3.81%
Kyocera Corp. 2.67%
Ortel Corp. 2.45%
Xicrom, Inc. 2.29%
Veritas Software Corp. 2.19%
Cree Research, Inc. 2.18%
Koninklijke Royal Dutch Telecom 1.96%
CBS Corp. 1.96%
Cephalon, Inc. 1.94%
TOTAL NUMBER OF HOLDINGS 40
PRICE HISTORY
Since Inception (10/11/99) $12.00-$14.15
December 1999 Low-High $12.63-$14.15
On 12/1/99 $12.63
On 12/31/99 $14.15
FUND RATIOS
Expense Ratio 1.25%
Turnover Ratio 301.03%
MEDIAN MARKET CAPITALIZATION
$4.3B
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Lindner
SMALL-CAP FUND
OPPORTUNITIES SMALL-CAP LARGE-CAP UTILITY ASSET ALLOCATION
MARKET NEUTRAL GOVERNMENT MONEY MARKET
CAPITAL APPRECIATION
The Lindner Small-Cap Fund may be appropriate for investors who seek
diversification through investment in small companies.
INVESTMENT STRATEGY
The Lindner Small-Cap Fund intends to invest substantially all of its
assets in common stocks and equity securities of U.S. small
capitalization companies. It may utilize preferred stocks, securities
convertible into common stock, and warrants to purchase common stock,
Rule 144A securities and REITs. At least 65% of its total assets will be
invested in companies with a market capitalization in the range of the
Russell 2000 Index.
COMPARATIVE INDEX:
RUSSELL 2000
The Russell 2000 is a broad market index of small capitalization
companies representing diversified industries. They are represented on
the NASDAQ exchange.
DESCRIPTION
Inception Date 1/25/94
Investor-Class CUSIP 535516306
Institutional-Class CUSIP 535516868
Ticker Symbol - Investor-Class LDRSX
Wall Street Journal Abbreviation SmCap
Fiscal Year End 6/30
Anticipated Dividend Schedule Annually
PRICING OPTIONS
INVESTOR CLASS
Sales Charge None
12b-1 Fee None
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $2,000
For IRA $250
INSTITUTIONAL CLASS
Sales Charge None
12b-1 Fee 0.25%
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $250
NET ASSETS 12/31/99
$31MM
CUMULATIVE TOTAL RETURNS
12/31/99 NAV Russell 2000
1 Year 18.41% 21.36%
3 Years 46.45% 45.02%
5 Years 125.03% 110.04%
Since Inception 120.73%
(1/25/94)
AVERAGE ANNUAL RETURNS
12/31/99 NAV Russell 2000
1 Year 18.41% 21.36%
3 Years 13.56% 13.19%
5 Years 17.61% 16.00%
Since Inception 14.27%
(1/25/94)
12 Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
<PAGE>
<PAGE>
<TABLE>
FUND DATA
<CAPTION>
1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C>
Total Return -1.91% 8.86% 41.15% 31.69% -6.08% 18.41%
Russell 2000 -1.82% 28.44% 16.54% 22.37% -2.55% 21.36%
Capital Gain Distribution $0.0014 $0.6090 $0.0000 $0.2970 $0.3051 $0.0362
Dividends $0.0128 $0.0000 $0.0127 $0.0410 $0.0870 $0.1040
Net Assets $MM $6 $6 $14 $44 $44 $31
</TABLE>
- ------------------------------------------------------------------------------
ASSET ALLOCATION 12/31/99
Common Stock 91.15%
US Agency Obligations 12.57% [GRAPH]
Other Cash & Equivalents -3.72%
- ------------------------------------------------------------------------------
LARGEST INDUSTRY SECTORS 12/31/99
(% of Net Assets)
Technology 36.00%
Consumer Cyclicals 19.05%
Communication Services 8.77%
Consumer Staples 8.17%
Healthcare 7.89%
Capital Goods 5.53%
Transportation 4.17%
Financials 1.49%
TOP HOLDINGS 12/31/99
Xircom. Inc. 4.84%
Proxim, Inc. 4.44%
Brauns Fashions Corp. 3.76%
Progress Software Corp. 3.67%
Best Software, Inc. 3.24%
Fair Isaac & Company 3.08%
Antec Corp. 2.94%
Extreme Networks, Inc. 2.70%
United Stationers, Inc. 2.44%
Swift Transportation 2.28%
TOTAL NUMBER OF HOLDINGS 61
PRICE HISTORY
12-Month Low-High $6.81-$8.81
December 1999 Low-High $7.76-$8.81
On 12/1/99 $7.76
On 12/31/99 $8.81
MPT STATISTICS (RUSSELL 2000)
Beta 0.70
Standard Deviation (5 YR) 18.8
R-squared 71
FUND RATIOS
Expense Ratio 1.01%
Turnover Ratio 94.05%
MEDIAN MARKET CAPITALIZATION
$452.9MM
PRICE/EARNINGS RATIO
15.5
Investment Professional Use Only -- Not For Public Distribution/ 13
This Report Is Unaudited
<PAGE>
<PAGE>
Lindner
LARGE-CAP FUND
OPPORTUNITIES SMALL-CAP LARGE-CAP UTILITY ASSET ALLOCATION
MARKET NEUTRAL GOVERNMENT MONEY MARKET
CAPITAL APPRECIATION
The Lindner Large-Cap Fund may be appropriate for investors who seek
diversification through investment in large companies.
INVESTMENT STRATEGY
The Lindner Large-Cap Fund intends to invest substantially all of its
assets in common stocks and equity securities of U.S. large
capitalization companies. It may utilize preferred stocks, securities
convertible into common stock, and warrants to purchase common stock,
Rule 144A securities and REITs. At least 65% of its total assets will be
invested in companies with a market capitalization in the range of the
Russell 1000 Index.
COMPARATIVE INDEX:
RUSSELL 1000
The Russell 1000 measures the performance of the 1000 largest companies
in the Russell 3000 index. It represents approximately 92% of the total
market capitalization of the Russell 3000 index.
DESCRIPTION
Inception Date 5/24/73
Investor-Class CUSIP 535516843
Institutional-Class CUSIP 535516702
Ticker Symbol - Investor-Class LDNRX
Wall Street Journal Abbreviation LrgCap
Fiscal Year End 6/30
Anticipated Dividend Schedule Annually
PRICING OPTIONS
INVESTOR CLASS
Sales Charge None
12b-1 Fee None
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $2,000
For IRA $250
INSTITUTIONAL CLASS
Sales Charge None
12b-1 Fee 0.25%
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $250
NET ASSETS 12/31/99
$403MM
CUMULATIVE TOTAL RETURNS
12/31/99 NAV Russell 1000
1 Year 11.32% 20.93%
3 Years 1.88% 103.06%
5 Years 47.82% 239.32%
10 Years 117.18% 348.35%
Since Inception 4909.45%
(5/24/73)
AVERAGE ANNUAL RETURNS
12/31/99 NAV Russell 1000
1 Year 11.32% 20.93%
3 Years 0.62% 26.63%
5 Years 8.13% 27.65%
10 Years 8.06% 16.19%
Since Inception 15.85%
(5/24/73)
14 Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
<PAGE>
<PAGE>
<TABLE>
FUND DATA
<CAPTION>
1993 1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C> <C>
Total Return 19.85% -0.66% 19.89% 21.02% 8.69% -15.80% 11.32%
Russell 1000 10.15% 0.39% 37.77% 22.45% 32.84% 27.02% 20.93%
Capital Gain Distribution $0.5342 $1.8430 $1.3441 $3.1000 $3.4750 $2.7355 $0.8735
Dividends $0.4570 $0.3396 $0.4670 $0.3900 $0.3350 $0.3200 $0.2300
Net Assets $MM $1,469 $1,503 $1,353 $1,495 $1,372 $617 $403
</TABLE>
- ------------------------------------------------------------------------------
ASSET ALLOCATION 12/31/99
Common Stock -- Domestic 90.15%
Foreign Securities 1.16% [GRAPH]
U.S. Agency Obligations 10.02%
Cash & Equivalents -1.33%
- ------------------------------------------------------------------------------
LARGEST INDUSTRY SECTORS 12/31/99
(% of Net Assets)
Technology 36.37%
Consumer Cyclicals 16.00%
Consumer Staples 7.82%
Capital Goods 7.51%
Healthcare 5.49%
Financials 4.63%
Communication Services 4.18%
Transportation 3.00%
Basic Materials 1.85%
REIT 0.91%
TOP HOLDINGS 12/31/99
General Instrument 2.95%
Amgen, Inc. 2.39%
Qwest Communications 2.14%
Cadence Design Systems 1.94%
CSG Systems International 1.78%
Legato Systems, Inc. 1.78%
3COM Corp. 1.75%
Microsoft 1.74%
American Power Conversion 1.73%
Oracle 1.67%
TOTAL NUMBER OF HOLDINGS 117
PRICE HISTORY
12-Month Low-High $14.15-$17.51
December 1999 Low-High $16.29-$17.51
On 12/1/99 $17.04
On 12/31/99 $16.84
MPT STATISTICS (RUSSELL 2000)
Beta 0.79
Standard Deviation (5 YR) 16.51
R-squared 85
FUND RATIOS
Expense Ratio 0.83%
Turnover Ratio 62.30%
MEDIAN MARKET CAPITALIZATION
$4B
PRICE/EARNINGS RATIO
30.3
Investment Professional Use Only -- Not For Public Distribution/ 15
This Report Is Unaudited
<PAGE>
<PAGE>
Lindner
UTILITY FUND
OPPORTUNITIES SMALL-CAP LARGE-CAP UTILITY ASSET ALLOCATION
MARKET NEUTRAL GOVERNMENT MONEY MARKET
CURRENT INCOME AND
CAPITAL APPRECIATION
The Lindner Utility Fund may be appropriate for investors who seek
current income and diversification through companies engaged in the
utility industry.
INVESTMENT STRATEGY
The Lindner Utility Fund intends to invest substantially all of its
assets in common stocks or securities that are convertible into common
stocks. It may also utilize preferred stocks or bonds, and Rule 144A
securities. At least 65% of the Utility Fund's total assets will be
invested in common or preferred stocks issued by utility companies.
Single-sector investments are subject to certain risks, such as limited
diversification, compared to other market investments, interest rate
risk and economic risks.
COMPARATIVE INDEX:
DOW JONES UTILITY INDEX
The Dow Jones Utility Index is an index of utility company stocks. They
are represented on the New York Stock Exchange.
DESCRIPTION
Inception Date 8/30/93
Investor-Class CUSIP 535516108
Institutional-Class CUSIP 535516884
Ticker Symbol - Investor-Class LDUTX
Wall Street Journal Abbreviation Util
Fiscal Year End 6/30
Anticipated Dividend Schedule Quarterly
PRICING OPTIONS
INVESTOR CLASS
Sales Charge None
12b-1 Fee None
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $2,000
For IRA $250
INSTITUTIONAL CLASS
Sales Charge None
12b-1 Fee 0.25%
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $250
NET ASSETS 12/31/99
$34MM
CUMULATIVE TOTAL RETURNS
12/31/99 NAV DJ Utility Index
1 Year 60.46% -5.67%
3 Years 76.21% 37.91%
5 Years 168.92% 98.96%
Since Inception 182.61%
(8/30/93)
AVERAGE ANNUAL RETURNS
12/31/99 NAV DJ Utility Index
1 Year 60.46% -5.67%
3 Years 20.79% 11.31%
5 Years 21.88% 14.73%
Since Inception 18.11%
(8/30/93)
16 Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
<PAGE>
<PAGE>
<TABLE>
FUND DATA
<CAPTION>
1993 1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C> <C>
Total Return 6.10% -.95% 23.89% 23.18% 19.81% -8.34% 60.46%
DJ Utility Index 9.63% -15.29% 31.98% 9.10% 23.00% 18.88% -5.67%
Capital Gain Distribution $0.00 $0.0880 $0.0000 $0.0157 $0.9330 $2.4138 $0.3100
Dividends $0.00 $0.1500 $0.4500 $0.3800 $0.3650 $0.4100 $0.2240
Net Assets $MM $7 $43 $23 $35 $47 $28 $34
</TABLE>
- ------------------------------------------------------------------------------
ASSET ALLOCATION 12/31/99
Common Stock 68.28%
Convertible Preferred Stock 22.80% [GRAPH]
US Agency Obligations 10.17%
Other Cash & Equivalents -1.25%
- ------------------------------------------------------------------------------
LARGEST INDUSTRY SECTORS 12/31/99
(% of Net Assets)
Communication Services 53.32%
Utilities 20.37%
Technology 8.82%
Consumer Staples 4.45%
Energy 2.39%
Capital Goods 1.67%
TOP HOLDINGS 12/31/99
Omnipoint Corp. 7% Conv. Pfd. 16.91%
MCI Worldcom 4.80%
Nextel Communication 3.91%
Winstar Communications 3.73%
Enron Corp. 3.62%
Qwest Trends Trust 5.75% Conv. Pfd. 144A 3.10%
AT&T 2.96%
Western Wireless 2.92%
Covad Communications 2.85%
Nextlink 6.5% Conv. Pfd. 2.79%
TOTAL NUMBER OF HOLDINGS 49
PRICE HISTORY
12-Month Low-High $12.04-$18.62
December 1999 Low-High $17.06-$18.62
On 12/1/99 $17.06
On 12/31/99 $18.62
MPT STATISTICS (DJ UTILITY INDEX)
Beta 0.41
Standard Deviation (5 YR) 5.37
R-squared 8
FUND RATIOS
Expense Ratio 0.98%
Turnover Ratio 17.91%
MEDIAN MARKET CAPITALIZATION
$4.3B
PRICE/EARNINGS RATIO
25.8
30 DAY SEC YIELD
1.49%
Investment Professional Use Only -- Not For Public Distribution/ 17
This Report Is Unaudited
<PAGE>
<PAGE>
Lindner
ASSET ALLOCATION FUND
OPPORTUNITIES SMALL-CAP LARGE-CAP UTILITY ASSET ALLOCATION
MARKET NEUTRAL GOVERNMENT MONEY MARKET
CURRENT INCOME AND
CAPITAL APPRECIATION
The Lindner Asset Allocation Fund may be appropriate for investors who
seek current income while trying to achieve capital appreciation on
their principal.
INVESTMENT STRATEGY
The Lindner Asset Allocation Fund's investment objective is to produce
current income through investments in common stocks, convertible and
non-convertible preferred stocks, corporate bonds and debt securities
issued or guaranteed by the U.S. government that provide a yield higher
than that paid on either the S&P 500 Stock Index or on passbook savings
accounts. The Asset Allocation Fund normally invests 45% to 60% of its
total assets in common stocks and securities convertible into common
stocks; 25% to 50% of its total assets in fixed income securities; and,
up to 30% of its total assets in cash equivalent securities.
COMPARATIVE INDEX:
S&P 500 INDEX
The S&P index is an index of 500 stocks representing diversified
industries. This is a broad index meant to indicate the general
direction of the stock market.
DESCRIPTION
Inception Date 6/22/76
Investor-Class CUSIP 535516835
Institutional-Class CUSIP 535516801
Ticker Symbol - Investor-Class LDDVX
Wall Street Journal Abbreviation AstAlloc
Fiscal Year End 6/30
Anticipated Dividend Schedule Quarterly
PRICING OPTIONS
INVESTOR CLASS
Sales Charge None
12b-1 Fee None
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $2,000
For IRA $250
INSTITUTIONAL CLASS
Sales Charge None
12b-1 Fee 0.25%
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $250
NET ASSETS 12/31/99
$645MM
CUMULATIVE TOTAL RETURNS
12/31/99 NAV S&P 500 Index
1 Year 10.00% 21.04%
3 Years 20.35% 107.54%
5 Years 63.16% 250.93%
10 Years 161.44% 431.98%
Since Inception 3008.22%
(6/22/76)
AVERAGE ANNUAL RETURNS
12/31/99 NAV S&P 500 Index
1 Year 10.00% 21.04%
3 Years 6.37% 27.56%
5 Years 10.29% 28.51%
10 Years 10.09% 18.17%
Since Inception 15.73%
(6/22/76)
18 Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
<PAGE>
<PAGE>
<TABLE>
FUND DATA
<CAPTION>
1993 1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C> <C>
Total Return 14.92% -3.31% 21.55% 11.54% 13.97% -4.01% 10.00%
S&P 500 Index 10.06% 1.32% 37.53% 22.95% 33.35% 28.58% 21.04%
Capital Gain Distribution $0.5829 $0.5725 $0.2300 $0.7800 $2.4850 $0.5017 $0.00
Dividends $1.7400 $1.9000 $1.8300 $1.7200 $1.6800 $1.9600 $1.67
Net Assets $MM $1,375 $1,605 $2,089 $2,281 $1,800 $1,164 $645M
</TABLE>
- ------------------------------------------------------------------------------
ASSET ALLOCATION 12/31/99
Common Stock 55.73%
Preferred Stock 1.66%
Convertible Preferred 28.20% [GRAPH]
Non-ConvertibleBonds 8.56%
Convertible Bonds 1.58%
US Agency Obligations 4.71%
Other Cash & Equivalents -0.44%
- ------------------------------------------------------------------------------
LARGEST INDUSTRY SECTORS 12/31/99
(% of Net Assets)
Technology 16.64%
Consumer Cyclicals 15.48%
Communication Services 12.23%
Financials 10.60%
Consumer Staples 7.97%
Capital Goods 7.15%
Energy 6.55%
Basic Materials 6.03%
Utilities 5.31%
Health Care 3.99%
TOP HOLDINGS 12/31/99
Omnipoint Corp 7% cv pfd 7.50%
Nextlink 6.5% cv pfd. 2.97%
Western Gas Resources $2.625 pfd 2.72%
Beal Financial Corp. 12.75% due 2000 2.35%
Cendant Corp. 7.5% conv. pfd 2.32%
Hartmarx Corp. 10.875% due 2002 2.09%
Metricom 2.03%
TWA 8% cv pfd 1.94%
Lasmo 10% pfd. 1.94%
Unocal Corp $3.125 conv. pf 1.91%
TOTAL NUMBER OF HOLDINGS 133
PRICE HISTORY
12-Month Low-High $22.00-$24.35
December 1999 Low-High $22.97-$24.06
On 12/1/99 $22.97
On 12/31/99 $24.06
MPT STATISTICS (S&P 500 INDEX)
Beta 0.40
Standard Deviation (5 YR) 9.44
R-squared 44
FUND RATIOS
Expense Ratio 0.72%
Turnover Ratio 59.35%
MEDIAN MARKET CAPITALIZATION
$15B
PRICE/EARNINGS RATIO
26.2
30 DAY SEC YIELD
4.77%
Investment Professional Use Only -- Not For Public Distribution/ 19
This Report Is Unaudited
<PAGE>
<PAGE>
Lindner
MARKET NEUTRAL FUND
OPPORTUNITIES SMALL-CAP LARGE-CAP UTILITY ASSET ALLOCATION
MARKET NEUTRAL GOVERNMENT MONEY MARKET
CAPITAL APPRECIATION
The Lindner Market Neutral Fund, may be appropriate for investors who
seek long-term capital appreciation in both bull and bear markets with
minimal exposure to general equity market risk.
INVESTMENT STRATEGY
The Lindner Market Neutral Fund intends to invest substantially all of
its assets in a combination of long and short positions, respectively in
undervalued and overvalued equity securities. By being simultaneously
long and short in equities with similar characteristics the Market
Neutral Fund intends to neutralize the effects of general stock market
movements on the Fund's performance.
COMPARATIVE INDEX:
S&P 500 INDEX
The S&P index is an index of 500 stocks representing diversified
industries. This is a broad index meant to indicate the general
direction of the stock market.
DESCRIPTION
Inception Date 2/10/94
Investor-Class CUSIP 535516207
Institutional-Class CUSIP 535516876
Ticker Symbol - Investor-Class LDNBX
Wall Street Journal Abbreviation MktNeut
Fiscal Year End 6/30
Anticipated Dividend Schedule Annually
PRICING OPTIONS
INVESTOR CLASS
Sales Charge None
12b-1 Fee None
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $2,000
For IRA $250
INSTITUTIONAL CLASS
Sales Charge None
12b-1 Fee 0.25%
Redemption Fee (payable only on shares
redeemed within 60 days of purchase) 2%
Minimum Initial Investment $250
NET ASSETS 12/31/99
$18MM
CUMULATIVE TOTAL RETURNS
12/31/99 NAV S&P 500 Index
1 Year 12.87% 21.04%
3 Years -12.11% 107.54%
5 Years 0.71% 250.93%
Since Inception -7.95%
(2/10/94)
AVERAGE ANNUAL RETURNS
12/31/99 NAV S&P 500 Index
1 Year 12.87% 21.04%
3 Years -4.21% 27.56%
5 Years 0.14% 28.54%
Since Inception 1.31%
(2/10/94)
20 Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
<PAGE>
<PAGE>
<TABLE>
FUND DATA
<CAPTION>
1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C>
Total Return 7.18% -11.01% 28.77% -22.27% 0.18% 12.87%
S&P 500 Index 1.32% 37.53% 22.95% 33.35% 28.58% 21.04%
Capital Gain Distribution $0.0004 $0.0377 $0.0000 $0.0000 $0.0000 $0.0000
Dividends $0.0520 $0.3050 $0.1430 $0.3850 $0.1720 $0.2050
Net Assets $MM $83 $25 $75 $42 $24 $18
</TABLE>
- ------------------------------------------------------------------------------
ASSET ALLOCATION 12/31/99
Common Stock 83.19%
Convertible Bonds 4.93%
US Agency Obligations 10.94% [GRAPH]
Short Sales -80.22%
Cash 6.61%
Other Assets, Net 74.55%
- ------------------------------------------------------------------------------
LARGEST INDUSTRY SECTORS 12/31/99
(% of Net Assets)
Technology 3.25%
Basic Materials 2.53%
Consumer Cyclicals 2.21%
Transportation 1.37%
Consumer Staples 1.29%
Capital Goods 1.10%
REIT 0.48%
TOP HOLDINGS 12/31/99
Uranium Resources 6% Conv. Bond 4.93%
Hand Technologies 144A 1.81%
Proxim 1.02%
Copart 0.86%
Micro Warehouse 0.82%
Comdisco 0.82%
Gentex 0.81%
TranSwitch 0.79%
Xircom 0.78%
ValueVision 0.75%
TOTAL NUMBER OF HOLDINGS 291
PRICE HISTORY
12-Month Low-High $5.66-$6.30
December 1999 Low-High $6.10-$6.30
On 12/1/99 $6.21
On 12/31/99 $6.17
MPT STATISTICS (S&P 500 INDEX)
Beta -0.11
Standard Deviation (5 YR) 15.34
R-squared 2
FUND RATIOS
Expense Ratio 2.14%
Turnover Ratio 252.53%
PRICE/EARNINGS RATIO
41.9
Investment Professional Use Only -- Not For Public Distribution/ 21
This Report Is Unaudited
<PAGE>
<PAGE>
Lindner
GOVERNMENT
MONEY MARKET FUND
OPPORTUNITIES SMALL-CAP LARGE-CAP UTILITY ASSET ALLOCATION
MARKET NEUTRAL GOVERNMENT MONEY MARKET
CURRENT INCOME
High level of current income consistent with the preservation of capital
and liquidity.
INVESTMENT STRATEGY
The Fund may invest in securities issued or guaranteed by the United
States government, its agencies and instrumentalities and in repurchase
agreements secured by such securities.
DESCRIPTION
Inception Date 7/6/96
CUSIP 535516827
PRICING OPTIONS
Sales Charge None
12b-1 Fee None
Minimum Initial Investment $2,000
For IRA $250
NET ASSETS 12/31/99
$47MM
A month-end total of net assets, in millions, invested in
the Fund.
YIELDS
7-Day Yield (12/31/99) 5.00%
Effective 7-Day Yield (12/31/99) 5.12%
30-Day Yield<F*> 5.08%
[FN]
<F*>Based on yield to maturity of the Fund's investments and not on the
dividends paid by the Fund, which may be different.
NET ASSET VALUE
$1.00
While money-market funds seek to maintain a stable share price of $1.00,
there is no assurance that they will be able to do so. An investment in
a money market fund is neither insured nor guaranteed by the U.S.
government.
22 Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
<PAGE>
<PAGE>
[Lindner Logo] FUND LEGEND
- ------------------------------------------------------------------------------
CHART: GROWTH OF $10,000 (SINCE INCEPTION) - Returns for the Fund are
net of all charges and fees for investor class shares. All performance
is historical, assumes reinvestment of all dividends and capital gains,
and is not predictive of future results. Investment return and principal
value will fluctuate, so redemption value may be more or less than when
produced.
COMPARATIVE INDEX - The indices used for comparison are those that, in our
opinion, best fit the Fund's investment style and objective. These indices
are published in many financial publications.
DESCRIPTION
FISCAL YEAR END - Annual reports will be mailed within 60 days of this
date.
PRICING OPTIONS
SALES CHARGE - The Lindner Funds are a family of no-load funds.
Therefore, there are no sales charges.
CUMULATIVE TOTAL RETURNS - Return on an investment, taking into account
capital appreciation and dividends or interest.
AVERAGE ANNUAL RETURNS - Assumes a steady compounded rate of return. Not
the Fund's actual year-by-year total returns. An individual's actual
return will vary depending upon the price at the purchase date. Past
performance is not a guarantee of future results.
FUND DATA
TOTAL RETURN - Calendar year-end total returns for the Fund.
COMPARATIVE INDEX<F*> - Calendar year-end total returns for comparison
with Fund %.
CAPITAL GAINS - Distributions for the year.
DIVIDENDS - Income distributions for the year.
NET ASSETS $MM<F*> - Month-end total of net assets (in millions)
invested in the Fund.
ASSET ALLOCATION - Percent of net assets invested in equities (i.e.,
common stocks, preferred stocks, ADRs, convertible preferred and foreign
securities), bonds (i.e., straight, foreign and convertible), and cash
(i.e., Treasury bills, warrants/ rights, short sales, metals and other
cash equivalents).
LARGEST INDUSTRY SECTORS - Diversification of Fund assets by largest
industry sectors, ranked in descending order, as of the stated date.
TOP HOLDINGS - Top holdings of the Fund, excluding Treasury bills,
ranked in descending order, as of the stated date.
PRICE HISTORY - Asset value range for the past 12 months and most recent
month, plus net asset value on the first and last day of the most recent
month.
MPT (MODERN PORTFOLIO THEORY) STATISTICS
BETA<F*> - A measure of volatility. It is a ratio of the fund's price
fluctuation compared to a benchmark index, calculated over the past 36
months. The benchmark index will, as a generally accepted rule, have a
beta equal to 1.00. A beta less than 1.00 indicates that a fund's share
price has fluctuated less than the benchmark index (positive or
negative.) A beta greater than 1.00 indicates that a fund's share price
has fluctuated more than the benchmark index (positive or negative). The
benchmark index used for each Fund is the stated "Comparative Index."
STANDARD DEVIATION<F*> - Measures the variation from the mean of a series
of numbers or returns, computed over the previous 36 months.
R-SQUARED<F*> - A measurement of how closely the portfolio's performance
correlates with the performance of a benchmark index, such as the S&P
500. R-squared is a proportion that ranges between 0.00 and 100. An R-
squared of 100 indicates perfect correlation to the benchmark index,
that is, all of the portfolio's fluctuations are explained by
performance fluctuations of the index, while an R-squared of 0.00
indicates no correlation. Therefore, the lower the R-squared, the more
the Fund's performance is affected by factors other than the market, as
measured by that benchmark index, such as individual stock selection.
FUND EXPENSES
EXPENSE RATIO - Total percent of the Fund's average net assets spent for
the operation and management of the Fund. Only reflects fees for
Investor-Class shares. Institutional-Class shares may also be subject to
a 12b-1 distribution fee (0.25%).
TURNOVER RATIO<F*> - Measure of the Fund's trading activity, calculated
by dividing the total purchase of sales of portfolio securities by the
Fund's net assets. All figures are unaudited and based on the most
recent published annualized numbers.
DIVIDEND YIELD - Dividends paid over the last 12 months, expressed as a
percentage of the current selling price plus gains distributed over the
same period.
SEC DIVIDEND YIELD - 30-day yield based on yield-to-maturity of the
Fund's investments and not on the dividends paid by the Fund, which may
differ.
MEDIAN MARKET CAPITALIZATION<F*> - "Median" is the middle number within
a set of numbers arranged in an ascending or descending scale. "Market
capitalization" is the value of the company, obtained by multiplying the
number of its issued shares by their market price.
PRICE/EARNINGS RATIO - The current market price of a company share
divided by the earnings-per-share of the company. The stated rate is an
average of the P/E ratios for all the securities held in the equity
portion of the portfolio.
[FN]
<F*>Statistics are from Morningstar Inc., at the stated date of this
publication.
Investment Professional Use Only -- Not For Public Distribution/ 23
This Report Is Unaudited
<PAGE>
<PAGE>
[Lindner Logo] COMPARATIVE
INDEXES
<TABLE>
<CAPTION>
1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER YTD
RETURN RETURN RETURN RETURN RETURN
(JAN.-MAR. '99) (APR.-JUNE '99) (JULY-SEPT. '99) (OCT.-DEC. '99) (JAN.-DEC. '99)
<S> <C> <C> <C> <C> <C> <C>
LINDNER LARGE-CAP -12.38% 14.06% -4.52% 16.67% 11.32%
INDEX Russell 1000 4.15% 7.24% -6.70% 16.05% 20.93%
LINDNER ASSET ALLOCATION -4.34% 8.60% -2.72% 8.86% 10.00%
INDEX S&P 500 4.98% 7.05% -6.24% 14.87% 21.04%
LINDNER UTILITY 6.51% 16.92% 3.11% 24.98% 60.46%
INDEX S&P 500 Utilities -9.34% 11.61% -4.77% -5.37% -8.81%
LINDNER SMALL-CAP -9.12% 17.15% -7.94% 20.81% 18.41%
INDEX Russell 2000 -5.43% 15.52% -6.33% 18.60% 21.36%
LINDNER MARKET NEUTRAL 1.06% 0.17% 2.80% 8.46% 12.87%
INDEX 90 Day T-Bill 1.10% 1.13% 1.18% 1.24% 4.74%
</TABLE>
THE LINDNER LARGE-CAP FUND seeks its primary objective of long-term
- --------------------------
capital appreciation through an investment of at least 65% of its total
assets in large capitalization U.S. companies, which are those that have
a market capitalization in the range of the Russell 1000 index. The
Russell 1000 Index measures the performance of the 1,000 largest
companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index. As of the
latest reconstitution, the average market capitalization was
approximately $12.1 billion; the median market capitalization was
approximately $3.8 billion. The smallest company in the index had an
approximate market capitalization of $1.4 billion.
THE LINDNER ASSET ALLOCATION FUND's primary objective is to produce
- ---------------------------------
current income with capital appreciation being its secondary objective.
Because of this dual objective and heavy fixed income security holdings,
the most accurate benchmark is a combination of 60% S&P 500 and 40%
Lehman Brothers Intermediate Corporate Bond Aggregate.
THE LINDNER UTILITY FUND's primary objective is to produce current
- ------------------------
income through investments in securities of domestic and foreign public
utility companies. Capital appreciation is a secondary investment
objective. The fund is most accurately measured against the S&P 500
Utility Index which is a capitalization-weighted index of all stocks
designed to measure the performance of the utility sector of the S&P 500
Index.
THE LINDNER SMALL-CAP FUND's primary objective is capital appreciation
- --------------------------
with the production of current income a secondary objective. To pursue
this goal, under normal circumstances, the fund will invest at least 65%
of its total assets in common stocks and equity securities in companies
having a market capitalization in the range of the Russell 2000 Index.
The Russell 2000 index measures the performance of the 2,000 smallest
companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index. As of the
latest reconstitution, the average market capitalization was
approximately $526.4 million; the median market capitalization was
approximately $428.0 million. The largest company in the index had an
approximate market capitalization of $1.3 billion.
THE LINDNER MARKET NEUTRAL FUND's objective is long-term capital
- -------------------------------
appreciation in both bull and bear markets. Although the fund is not
expected to correlate with the direction of any major U.S. stock market
or any general stock market index; we are striving for a total return in
excess of the 3-month U.S. Treasury Bill.
24 Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
<PAGE>
<PAGE>
- ------------------------------------------------------------------------------
REVISED COMPETENCY EXAM INAUGURATED
FOR NEW ADVISORS
January 1, 2000, not only ushered in the new century, but also saw introduction
of a new competency exam for individuals entering the field of providing
financial advice.
New advisors now will have to take a 130-question state examination
measuring their understanding of economics, investment vehicles,
investment strategies and ethics. The new test replaces the 75-question
Uniform Investment Advisor Law Examination (Series 65), which focused
primarily on securities law. And, because the existing Uniform Combined
State Law Examination (Series 66) includes the Series 65 test, that test
is affected as well.
All U.S. jurisdictions that currently register or qualify investment
advisor representatives (now up to 42 states and the District of
Columbia), are expected to implement the new exam and adopt the liberal
grandfathering and waiver provisions proposed by the North American
Securities Administrators Association (NASAA).
The Association has proposed, and most affected states have adopted, a
policy to exempt practicing advisors who currently hold the
designations:
* Certified Financial Planner (CFP)
from the International Board of Standards and
Practices for Certified Financial Planners, Inc.
* Chartered Financial Consultant (ChFC)
from the American College, Bryn Mar, PA.
* Personal Financial Specialist (PFS)
from the American Institute of Certified Public
Accountants.
* Chartered Financial Analyst (CFA)
from the Institute of Chartered Financial Analysts.
* Chartered Investment Counselor (CIC)
from the Investment Counsel Association of
America, Inc.
[PHOTO]
Since 1997, NASAA has been working to revise the examination with input
from more than 60 financial industry experts and in consultation with
Chauncey Group, a leader in test development (an affiliate of
Educational Testing Service, which administers SATs, etc.). The new
exam will be administered by the regulatory arm of the National
Association of Securities Dealers (NASD) at testing centers nationwide.
Applicants will have 180 minutes to complete the exam, which will cost
$110.
More information about the exam and the status of state-by-state
adoption of the new procedures can be found on NASAA's Web site:
WWW.NASAA.ORG/EXAM/MODIFIED/DEFAULT.HTML.
TAKE THE TEST -->
Investment Professional Use Only -- Not For Public Distribution/ 25
This Report Is Unaudited
<PAGE>
<PAGE>
- ------------------------------------------------------------------------------
WHAT'S YOUR SCORE?
Here are some sample questions from the new Series 65 examination now required
for those entering the financial advisory field in the 43 U.S. jurisdictions
that register or qualify financial advisors. The new, more comprehensive exam
was developed by the North American Securities Administrators Association and
will be administered by the regulatory arm of the National Association of
Securities Dealers.
What's your score? Try the sample questions and find
out. Answers are below. You can learn more about the exam at
www.nasaa.org/exam/Modified/default.html.
1. USING MULTIPLE ASSET CLASSES IN AN INVESTMENT
PORTFOLIO REDUCES WHICH OF THE FOLLOWING?
a. liquidity risk
b. credit risk
c. interest rate risk
d. market risk
2. UNDER THE SECURITIES ACT OF 1933, WHICH OF THE
FOLLOWING IS NOT A SECURITY?
a. futures contracts
b. corporate bonds
c. investment contracts
d. stock options
3. UNDER THE UNIFORM SECURITIES ACT, "SALES"
INCLUDE WHICH OF THE FOLLOWING?
I. giving a security as a bonus for a securities purchase
II. making a bona fide loan of stock
III. entering into a contract to sell a security for value
a. III only
b. I and II only
c. I and III only
d. I, II and III
4. WHICH OF THE FOLLOWING STATEMENTS IS TRUE ABOUT
REQUIRED MINIMUM DISTRIBUTIONS FOR TRADITIONAL
IRAS?
a. they must begin when the individual retires.
b. they must be completed over a five-year period.
c. they are mandatory as of April 1 following the
calendar year in which the owner reaches age 59 1/2.
d. they are mandatory as of April 1 following the
calendar year in which the owner reaches age 70 1/2.
5. A HUSBAND AND WIFE ARE 55 AND 57 YEARS OLD,
RESPECTIVELY. THE HUSBAND PLANS TO RETIRE AT 62
AND THE WIFE AT 65 AND BOTH ARE HEALTHY. WHAT IS
THE MOST APPROPRIATE ESTIMATE OF THE TIME
HORIZON FOR THEIR RETIREMENT PORTFOLIO?
a. 5 years
b. 7 years
c. 8 years
d. 20+ years
Answers: 1. d; 2. a; 3. c; 4. d; 5. d
- -------------------------------------
26 Investment Professional Use Only -- Not For Public Distribution/
This Report Is Unaudited
<PAGE>
<PAGE>
[Lindner Logo] DISTRIBUTION
CHANNELS
<TABLE>
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NETWORKS MARKETPLACE NTF
Datalynx Yes Yes
Fidelity Funds Network Yes Yes
Muriel Siebert Yes (Not Lindner Small-Cap) No
Schwab Yes No
Vanguard Brokerage Services Yes N/A
Waterhouse Yes Yes
(National Investor Services Corp.)
- ------------------------------------------------------------------------------------------------------------------
CORRESPONDENCE
SERVICE PROVIDERS MARKETPLACE NTF
Bear Stearns Yes Yes
National Financial Services Yes Yes
Pershing Yes Yes (FundVest)
RPR Correspondent Clearing Yes Yes
U.S. Clearing Corp. Yes Yes
- ------------------------------------------------------------------------------------------------------------------
WRAP PROGRAM
BROKER/DEALER AVAILABILITY FUND AVAILABILITY
Financial Network (FNIC) Yes Lindner Large-Cap, Lindner Asset Allocation,
Lindner Utility, Lindner Market Neutral
FSC Yes Lindner Large-Cap, Lindner Asset Allocation,
Lindner Utility, Lindner Market Neutral
Linsco/Private Ledger (LPL) Yes All Funds
McDonald & Company Yes All Funds
Merrill Lynch Yes All Funds
Raymond James/IM&R Yes All Funds
Royal Alliance Yes Lindner Large-Cap, Lindner Asset Allocation,
Lindner Utility, Lindner Market Neutral
Quick & Reilly Yes All Funds
SunAmerica Yes All Funds
Prudential Yes Lindner Large-Cap
- ------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
The Lindner Funds are available either in our traditional no-load class
of shares or our new institutional class of shares. The institutional
class is identical to the traditional share with the exception of a
0.25% 12B-1 FEE. This class of shares is ideal for investment advisors
or retirement plans looking for a means of offsetting administrative
charges. Contact the Marketing Department at 1-800-792-2251 to inquire
about a selling agreement.
- -------------------------------------------------------------------------------
Investment Professional Use Only -- Not For Public Distribution/ 27
This Report Is Unaudited
<PAGE>
<PAGE>
[LOGO] LINDNER
FUNDS
7711 Carondelet Avenue, Suite 700
Saint Louis, Missouri 63105
</TABLE>
