As filed with the Securities and Exchange Commission on March 8, 2004 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
(Address of principal executive offices) (Zip code)
(Name and address of agent for service)
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The views expressed in this report and information about the funds’ portfolio holdings are for the period covered by this report, and are subject to change thereafter. This report must be preceded or accompanied by a prospectus. |
LINDNER LARGE-CAP GROWTH FUND | |
Schedule of Investments | 2 |
LINDNER GROWTH AND INCOME FUND | |
Schedule of Investments | 3 |
LINDNER COMMUNICATIONS FUND | |
Schedule of Investments | 4 |
LINDNER SMALL-CAP GROWTH FUND | |
Schedule of Investments | 5 |
LINDNER MARKET NEUTRAL FUND | |
Schedule of Investments | 7 |
Statements of Assets and Liabilities | 10 |
Statements of Operations | 11 |
Statements of Changes in Net Assets | 12 |
Notes to Financial Statements | 14 |
Financial Highlights | 19 |
1 | ||
Lindner Investments |
(Unaudited)
Number of Shares - | |||||||
Principal Amount | |||||||
Name of Issuer and Title of Issue | of Bonds | Value | |||||
Lindner Large-Cap Growth Fund | |||||||
Common Stocks (97.16%) | |||||||
Airfreight & Logistics (0.98%) | |||||||
FedEx Corp. | 14,400 | $ | 972,000 | ||||
Airlines (2.25%) | |||||||
Southwest Airlines Co. | 137,500 | 2,219,250 | |||||
Aluminum (1.75%) | |||||||
Alcoa Inc. | 45,400 | 1,725,200 | |||||
Banks (4.84%) | |||||||
Bank of America Corporation | 44,100 | 3,546,963 | |||||
J.P. Morgan Chase & Co. | 33,600 | 1,234,128 | |||||
4,781,091 | |||||||
Biotechnology (2.84%) | |||||||
Amgen Inc.* | 30,000 | 1,854,000 | |||||
Genentech, Inc.* | 10,100 | 945,057 | |||||
2,799,057 | |||||||
Chemicals (3.31%) | |||||||
The Dow Chemical Company | 78,700 | 3,271,559 | |||||
Communication Technology (7.89%) | |||||||
L-3 Communications Holdings, Inc.* | 52,900 | 2,716,944 | |||||
NCR Corporation* | 52,600 | 2,040,880 | |||||
Nokia OYJ-ADR | 178,600 | 3,036,200 | |||||
7,794,024 | |||||||
Computer Services, Software & Systems (4.12%) | |||||||
Intuit Inc.* | 30,200 | 1,597,882 | |||||
Microsoft Corporation | 41,900 | 1,153,926 | |||||
ScanSoft, Inc.* | 55,198 | 293,654 | |||||
VERITAS Software Corporation* | 27,400 | 1,018,184 | |||||
4,063,646 | |||||||
Computer Technology (1.28%) | |||||||
Dell Inc.* | 37,100 | 1,259,916 | |||||
Consumer Electronics (0.62%) | |||||||
Harman International Industries, Incorporated | 8,300 | 614,034 | |||||
Cosmetics (3.32%) | |||||||
Avon Products, Inc. | 48,500 | 3,273,265 | |||||
Diverse Financial Services (0.46%) | |||||||
The Goldman Sachs Group, Inc. | 4,600 | 454,158 | |||||
Diversified Production (4.27%) | |||||||
Danaher Corporation | 45,900 | 4,211,325 | |||||
Drug & Grocery Stores (1.47%) | |||||||
Walgreen Co. | 40,000 | 1,455,200 | |||||
Drugs & Pharmaceuticals (5.03%) | |||||||
Forest Laboratories, Inc.* | 32,500 | 2,008,500 | |||||
Gilead Sciences, Inc.* | 50,800 | 2,953,512 | |||||
4,962,012 | |||||||
Electronics - Semiconductors (0.87%) | |||||||
Intel Corporation | 26,600 | 856,520 | |||||
Entertainment (0.84%) | |||||||
Fox Entertainment Group, Inc.* | 28,500 | 830,775 | |||||
Financial Data Preparation Services (1.14%) | |||||||
Fair Isaac Corporation | 22,800 | 1,120,848 | |||||
Number of Shares - |
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| ||||
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| Principal Amount |
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Name of Issuer and Title of Issue |
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| of Bonds |
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| Value | |
Health Care - Services (2.85%) | |||||||
Anthem, Inc.* | 37,500 | $ | 2,812,500 | ||||
Industrial Conglomerates (4.01%) | |||||||
3M Co. | 46,600 | 3,962,398 | |||||
Insurance - Multi-Line (2.97%) | |||||||
Arthur J. Gallagher & Co. | 90,400 | 2,937,096 | |||||
Insurance - Property & Casualty (1.36%) | |||||||
Renaissance Re Holdings Ltd.F | 27,400 | 1,343,970 | |||||
Machine Oil-Well Equipment (3.88%) | |||||||
Schlumberger Limited | 54,900 | 3,004,128 | |||||
Smith International, Inc.* | 20,000 | 830,400 | |||||
3,834,528 | |||||||
Machinery (Industrial) (0.96%) | |||||||
Parker Hannifin Corporation | 16,000 | 952,000 | |||||
Medical & Dental Instruments/Supplies (5.26%) | |||||||
Boston Scientific Corporation* | 89,800 | 3,301,048 | |||||
Zimmer Holdings, Inc.* | 26,900 | 1,893,760 | |||||
5,194,808 | |||||||
Offshore Drilling (2.08%) | |||||||
GlobalSantaFe Corporation | 82,510 | 2,048,723 | |||||
Restaurants (1.03%) | |||||||
Starbucks Corporation* | 30,700 | 1,014,942 | |||||
Retail (13.39%) | |||||||
Chico’s FAS, Inc.* | 72,700 | 2,686,265 | |||||
Dick’s Sporting Goods, Inc.* | 15,700 | 763,962 | |||||
Fastenal Company | 86,800 | 4,334,792 | |||||
Staples, Inc.* | 97,800 | 2,669,940 | |||||
Wal-Mart Stores, Inc. | 52,200 | 2,769,210 | |||||
13,224,169 | |||||||
Services - Commercial (3.15%) | |||||||
eBay Inc.* | 48,100 | 3,106,779 | |||||
Soaps & Household Chemicals (3.32%) | |||||||
The Clorox Company | 67,600 | 3,282,656 | |||||
Toys (2.04%) | |||||||
Mattel, Inc. | 104,400 | 2,011,788 | |||||
Utilities - Cable TV & Radio (3.58%) | |||||||
Comcast Corporation* | 107,500 | 3,533,525 | |||||
Total Common Stocks | |||||||
(Cost $81,650,924) | 95,923,762 | ||||||
Short-Term Investments (13.39%) | |||||||
Lindner Government Money | |||||||
Market Funda | 13,219,554 | 13,219,554 | |||||
Total Short-Term Investments | |||||||
(Cost $13,219,554) | 13,219,554 | ||||||
Total Investments (110.55%) | |||||||
(Cost $94,870,478) | 109,143,316 | ||||||
Excess of Liabilities over Other Assets (-10.55%) | (10,416,171 | ) | |||||
Net Assets (100.00%) | $ | 98,727,145 | |||||
*Non-income producing. | |||||||
aDenotes security is affiliated. (See Note 4) | |||||||
FForeign security. |
2 | ||
Lindner Investments |
(Unaudited)
Number of Shares - |
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|
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| Principal Amount |
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| ||
Name of Issuer and Title of Issue |
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| of Bonds |
|
| Value | |
Lindner Growth and Income Fund | |||||||
Common Stocks (88.85%) | |||||||
Apparel Stores (3.12%) | |||||||
The TJX Companies, Inc. | 261,000 | $ | 5,755,050 | ||||
Banks (2.12%) | |||||||
The Bank of New York Company, Inc. | 118,000 | 3,908,160 | |||||
Cable & TV Broadcasting (1.83%) | |||||||
Univision Communications Inc.* | 85,000 | 3,373,650 | |||||
Consumer Finance (2.75%) | |||||||
MBNA Corporation | 204,000 | 5,069,400 | |||||
Data Processing (2.45%) | |||||||
First Data Corporation | 110,000 | 4,519,900 | |||||
Department Stores (1.14%) | |||||||
J.C. Penney Company, Inc. | 80,000 | 2,102,400 | |||||
Diverse Financial Services (8.22%) | |||||||
Citigroup Inc. | 122,433 | 5,942,898 | |||||
Franklin Resources, Inc. | 75,000 | 3,904,500 | |||||
J.P. Morgan Chase & Co. | 144,600 | 5,311,158 | |||||
15,158,556 | |||||||
Electronic Components (3.06%) | |||||||
Energizer Holdings, Inc.* | 150,000 | 5,634,000 | |||||
Electronics (2.42%) | |||||||
Jabil Circuit, Inc.* | 158,000 | 4,471,400 | |||||
Health Care - Equipment (4.73%) | |||||||
Boston Scientific Corporation* | 156,000 | 5,734,560 | |||||
Medtronic, Inc. | 61,500 | 2,989,515 | |||||
8,724,075 | |||||||
Health Care - Managed Care (3.67%) | |||||||
Aetna Inc. | 100,000 | 6,758,000 | |||||
Home Improvements (1.33%) | |||||||
The Home Depot, Inc. | 69,000 | 2,448,810 | |||||
Insurance - Life/Health (3.40%) | |||||||
Prudential Financial, Inc. | 150,000 | 6,265,500 | |||||
Insurance - Property/Casualty (8.42%) | |||||||
MBIA Inc. | 97,000 | 5,745,310 | |||||
SAFECO Corporation | 155,000 | 6,034,150 | |||||
The Chubb Corporation | 55,000 | 3,745,500 | |||||
15,524,960 | |||||||
Machinery - Industrial (12.65%) | |||||||
Dover Corporation | 181,000 | 7,194,750 | |||||
Eaton Corporation | 74,000 | 7,990,520 | |||||
Ingersoll-Rand CompanyF | 120,000 | 8,145,600 | |||||
23,330,870 | |||||||
Metal/Mining (0.13%) | |||||||
Uranium Resources, Inc.* | 1,308,609 | 235,550 | |||||
Networking Equipment (3.77%) | |||||||
Cisco Systems, Inc.* | 286,000 | 6,954,227 | |||||
Oil & Gas - Equipment/Services (2.97%) | |||||||
Baker Hughes Incorporated | 170,000 | 5,467,200 | |||||
Pharmaceuticals (7.68%) | |||||||
Abbott Laboratories | 97,000 | 4,520,200 | |||||
Johnson & Johnson | 73,000 | 3,771,180 |
Number of Shares - |
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| Principal Amount | |||||
Name of Issuer and Title of Issue | of Bonds |
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| Value | |||
Pfizer Inc. | 166,000 | $ | 5,864,780 | ||||
14,156,160 | |||||||
Semiconductor Equipment (2.28%) | |||||||
Novellus Systems, Inc.* | 100,000 | 4,205,000 | |||||
Semiconductors (5.89%) | |||||||
Intel Corporation | 152,600 | 4,913,720 | |||||
Texas Instruments Incorporated | 202,700 | 5,955,326 | |||||
10,869,046 | |||||||
Specialty Stores (1.88%) | |||||||
Bed Bath & Beyond Inc.* | 80,000 | 3,468,000 | |||||
Systems Software (2.94%) | |||||||
Microsoft Corporation | 196,800 | 5,419,872 | |||||
Total Common Stocks | |||||||
(Cost $149,126,942) | 163,819,786 | ||||||
Corporate Bonds (2.42%) | |||||||
Pharmaceuticals | |||||||
Abbott Labs 5.625% due 07-01-06 | 1,000,000 | 1,079,267 | |||||
Banks | |||||||
Bank of America 6.625% Due 10-15-07 | 1,000,000 | 1,115,834 | |||||
Diverse Financial Services | |||||||
Citigroup Notes 6.375% Due 11-15-08 | 1,000,000 | 1,107,228 | |||||
General Stores | |||||||
Wal-Mart Stores 6.875% Due 08-10-09 | 1,000,000 | 1,153,409 | |||||
Total Corporate Bonds | |||||||
(Cost $4,115,223) | 4,455,738 | ||||||
U.S. Government Agency Securities (1.15%) | |||||||
FHLB 4.875% Due 8-15-05 | 1,000,000 | 1,051,201 | |||||
FHLB 5.25% Due 8-15-06 | 1,000,000 | 1,071,357 | |||||
Total U.S. Government Agency Securities | |||||||
(Cost $2,019,130) | 2,122,558 | ||||||
Short-Term Investments (6.85%) | |||||||
Lindner Government Money | |||||||
Market Funda | 12,638,121 | 12,638,121 | |||||
Total Short-Term Investments | |||||||
(Cost $12,638,121) | 12,638,121 | ||||||
Total Investments (99.27%) | |||||||
(Cost $167,899,416) | 183,036,203 | ||||||
Excess of Other Assets over Liabilities (0.73%) | 1,340,671 | ||||||
Net Assets (100.00%) | $ | 184,376,874 | |||||
*Non-income producing. | |||||||
aDenotes security is affiliated. (See Note 4) | |||||||
FForeign security | |||||||
FHLB = Federal Home Loan Banks |
3 | ||
Lindner Investments |
(Unaudited)
Number of Shares - |
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| Principal Amount |
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Name of Issuer and Title of Issue |
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| of Bonds |
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| Value | |
Lindner Communications Fund | |||||||
Common Stocks (92.32%) | |||||||
Cable & Other Pay Television Services (9.77%) | |||||||
Cablevision Systems Corporation - | |||||||
New York Group | 4,581 | $ | 107,150 | ||||
Comcast Corporation* | 5,000 | 164,350 | |||||
COX Communications, Inc.* | 1,000 | 34,450 | |||||
EchoStar Communications Corporation* | 3,000 | 102,000 | |||||
Hughes Electronics Corporation* | 7,408 | 122,602 | |||||
Liberty Media Corporation* | 20,000 | 237,800 | |||||
UnitedGlobalCom, Inc.* | 6,400 | 54,272 | |||||
822,624 | |||||||
Communications Equipment (2.76%) | |||||||
Andrew Corporation* | 4,000 | 46,040 | |||||
Motorola, Inc. | 6,000 | 84,420 | |||||
Nokia OYJ - ADR | 1,300 | 22,100 | |||||
Nortel Networks Corporation*F | 5,900 | 24,957 | |||||
Scientific-Atlanta, Inc. | 2,000 | 54,600 | |||||
232,117 | |||||||
Incumbent Local Exchange Carriers (14.83%) | |||||||
CenturyTel, Inc. | 13,000 | 424,060 | |||||
Cincinnati Bell Inc.* | 35,000 | 176,750 | |||||
Citizens Communications Company* | 15,000 | 186,300 | |||||
Commonwealth Telephone Enterprises, Inc.* | 8,000 | 302,000 | |||||
D&E Communications, Inc. | 4,500 | 65,295 | |||||
SCANA Corporation | 1,000 | 34,250 | |||||
SureWest Communications | 1,500 | 60,630 | |||||
1,249,285 | |||||||
Integrated Telecommunication Services (41.33%) | |||||||
AT&T Corp. | 4,040 | 82,012 | |||||
ALLTEL Corporation | 4,000 | 186,320 | |||||
BCE Inc.F | 8,000 | 178,880 | |||||
BellSouth Corporation | 5,000 | 141,500 | |||||
BT Group plc - ADR | 1,800 | 61,596 | |||||
Cable and Wireless plc - ADR | 9,000 | 63,090 | |||||
Deutsche Telekom AG - ADR | 14,000 | 253,820 | |||||
General Communication, Inc.* | 5,000 | 43,500 | |||||
IDT Corporation* | 5,000 | 110,750 | |||||
Koninklijke KPN NV* - ADR | 5,000 | 38,550 | |||||
Nextel Partners, Inc.* | 5,000 | 67,250 | |||||
Nippon Telegraph & Telephone Corporation - ADR | 2,400 | 58,944 | |||||
Philippine Long Distance Telephone Company - ADR | 3,000 | 52,260 | |||||
Qwest Communications International Inc.* | 30,000 | 129,600 | |||||
Rogers Communications, Inc.F | 11,000 | 181,500 | |||||
SBC Communications, Inc. | 8,000 | 208,560 | |||||
SK Telecom Co., Ltd. - ADR | 4,000 | 74,600 | |||||
Sprint Corporation | 12,000 | 197,040 | |||||
Swisscom AG - ADR | 6,000 | 197,040 | |||||
Telecom Italia SpA.* - ADR | 3,000 | 89,070 | |||||
Telefonica, S.A. - ADR | 5,000 | 220,950 | |||||
Telefonos de Mexico S.A. de C.V. - ADR | 2,700 | 89,181 | |||||
Telephone & Data Systems, Inc. | 4,500 | 281,475 | |||||
TELUS CorporationF | 4,000 | 74,440 | |||||
Verizon Communications Inc. | 10,000 | 350,800 | |||||
Vivendi Universal S.A.* - ADR | 2,000 | 48,560 | |||||
3,481,288 | |||||||
Number of Shares - |
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Name of Issuer and Title of Issue | of Bonds |
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| Value | |||
Other Communication Services (1.63%) | |||||||
Lockheed Martin Corporation | 1,000 | 51,400 | |||||
PanAmSat Corporation* | 4,000 | 86,240 | |||||
13,7640 | |||||||
Printing & Publishing (1.14%) | |||||||
Media General, Inc. | 200 | 13,020 | |||||
R.H. Donnelley Corporation* | 1,000 | 39,840 | |||||
The News Corporation Ltd. - ADR | 500 | 18,050 | |||||
The News Corporation Ltd. - PRF ADR | 828 | 25,047 | |||||
95,957 | |||||||
Radio & Television Broadcasting Stations (0.49%) | |||||||
CanWest Global Communications Corp.*F | 2,800 | 29,932 | |||||
Paxson Communications Corporation* | 3,000 | 11,550 | |||||
41,482 | |||||||
Wireless Telecommunication Services (20.37%) | |||||||
AT&T Wireless Services Inc.* | 23,000 | 183,770 | |||||
America Movil S.A. de C.V. | 3,000 | 82,020 | |||||
AO VimpelCom* - ADR | 1,800 | 132,300 | |||||
mmO2 plc* - ADR | 3,000 | 40,980 | |||||
Nextel Communications, Inc.* | 8,000 | 224,480 | |||||
NTT DoCoMo, Inc. - ADR | 7,500 | 171,750 | |||||
Price Communications Corporation* | 6,000 | 82,380 | |||||
Rogers Wireless Communications, Inc.* | 8,000 | 171,750 | |||||
Sprint Corporation (PCS Group)* | 7,500 | 134,880 | |||||
Telecom Italia Mobile S.p.A. | 10,000 | 54,364 | |||||
United States Cellular Corporation* | 5,000 | 177,500 | |||||
Vodafone Group plc - ADR | 2,500 | 62,600 | |||||
Western Wireless Corporation* | 4,000 | 73,440 | |||||
1,715,641 | |||||||
Total Common Stocks | |||||||
(Cost $7,600,579) | 7,776,034 | ||||||
Short-Term Investments (7.81%) | |||||||
Lindner Government Money | |||||||
Market Funda | 657,561 | ||||||
Total Short Term Investments | |||||||
(Cost $657,561) | 657,561 | ||||||
Total Investments (100.13%) | |||||||
(Cost $8,258,140) | 8,433,595 | ||||||
Excess of Liabilities over Other Assets (-0.13%) | (10,879 | ) | |||||
Net Assets (100.00%) | 8,422,716 | ||||||
*Non-income producing. | |||||||
aDenotes security is affiliated. (See Note 4) | |||||||
FForeign Security | |||||||
ADR - American Depository Receipt |
4 | ||
Lindner Investments |
(Unaudited)
Number of Shares - |
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|
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| Principal Amount | |||||
Name of Issuer and Title of Issue | of Bonds |
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| Value | |||
Lindner Small-Cap Growth Fund | |||||||
Common Stocks (97.44%) | |||||||
Air Transportation (1.86%) | |||||||
Eagle Supply Group, Inc.* | 8,500 | $ | 149,260 | ||||
Auto Parts (0.96%) | |||||||
TBC Corporation* | 3,000 | 77,430 | |||||
Banks (4.28%) | |||||||
East West Bancorp, Inc. | 2,700 | 144,936 | |||||
UCBH Holdings, Inc. | 5,100 | 198,747 | |||||
343,683 | |||||||
Biotechnology (2.42%) | |||||||
Telik, Inc.* | 4,500 | 103,545 | |||||
Vicuron Pharmaceuticals Inc.* | 4,900 | 91,385 | |||||
194,930 | |||||||
Cable TV Services (0.59%) | |||||||
TiVo Inc.* | 6,400 | 47,360 | |||||
Chemicals (1.23%) | |||||||
Airgas, Inc. | 4,600 | 98,808 | |||||
Coal (1.40%) | |||||||
Massey Energy Company | 5,400 | 112,320 | |||||
Communication Technology (4.38%) | |||||||
Avocent Corporation* | 5,100 | 186,252 | |||||
Ixia* | 8,400 | 98,280 | |||||
Packeteer, Inc.* | 4,000 | 67,920 | |||||
352,452 | |||||||
Computer Services, Software & Systems (15.41%) | |||||||
Altiris, Inc.* | 4,400 | 160,512 | |||||
Ascential Software Corporation* | 6,700 | 173,731 | |||||
At Road, Inc.* | 7,000 | 93,100 | |||||
CACI International Inc.* | 1,700 | 82,654 | |||||
Chordiant Software, Inc.* | 15,000 | 81,750 | |||||
Digital River, Inc.* | 3,000 | 66,300 | |||||
F5 Networks, Inc.* | 6,700 | 168,170 | |||||
NetScreen Technologies, Inc.* | 3,400 | 84,150 | |||||
SupportSoft, Inc.* | 11,200 | 147,280 | |||||
WebMethods, Inc.* | 7,600 | 69,540 | |||||
Websense, Inc.* | 3,800 | 111,112 | |||||
1,238,299 | |||||||
Computer Technology (3.59%) | |||||||
Dot Hill Systems Corp.* | 6,700 | 101,505 | |||||
Lexar Media, Inc.* | 6,200 | 108,066 | |||||
Mobility Electronics, Inc.* | 8,800 | 78,681 | |||||
288,252 | |||||||
Consumer Electronics (3.39%) | |||||||
Digital Theater Systems Inc.* | 3,300 | 81,477 | |||||
Netflix Inc.* | 3,500 | 191,415 | |||||
272,892 | |||||||
Drugs & Pharmaceuticals (2.24%) | |||||||
Adolor Corporation* | 4,600 | 92,092 | |||||
The Medicines Company* | 3,000 | 88,380 | |||||
180,472 | |||||||
Education Services (2.30%) | |||||||
Strayer Education, Inc. | 1,700 | 185,011 | |||||
Number of Shares - |
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| Principal Amount |
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Name of Issuer and Title of Issue |
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| of Bonds |
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| Value | |
Electrical (1.29%) | |||||||
Power Integrations, Inc.* | 3,100 | $ | 103,726 | ||||
Electronics (1.18%) | |||||||
FLIR Systems, Inc.* | 2,600 | 94,900 | |||||
Entertainment (2.21%) | |||||||
Alliance Gaming Corporation* | 7,200 | 177,480 | |||||
Finance - Small Loan (0.67%) | |||||||
Nelnet, Inc.* | 2,400 | 53,760 | |||||
Financial - Miscellaneous (1.16%) | |||||||
Portfolio Recovery Associates, Inc.* | 3,500 | 92,925 | |||||
Healthcare - Management Services (2.25%) | |||||||
AMERIGROUP Corporation* | 2,100 | 89,565 | |||||
Select Medical Corporation | 5,600 | 91,168 | |||||
180,733 | |||||||
Healthcare - Services (5.54%) | |||||||
Odyssey Healthcare, Inc.* | 6,350 | 185,801 | |||||
Stericycle, Inc.* | 2,100 | 98,070 | |||||
VistaCare, Inc.* | 4,600 | 161,690 | |||||
445,561 | |||||||
Insuarnce - Property & Casualty (4.14%) | |||||||
Infinity Property & Casualty Corporation | 5,000 | 165,250 | |||||
ProAssurance Corporation* | 5,200 | 167,180 | |||||
332,430 | |||||||
Machinery - Industrial (3.19%) | |||||||
Actuant Corporation* | 4,500 | 162,900 | |||||
Roper Industries, Inc. | 1,900 | 93,594 | |||||
256,494 | |||||||
Materials & Minerals (2.50%) | |||||||
GrafTech International Ltd.* | 14,900 | 201,150 | |||||
Medical & Dental Instruments/ Supplies (4.59%) | |||||||
Advanced Neuromodulation Systems, Inc.* | 2,350 | 108,053 | |||||
Gen-Probe Incorporated* | 3,200 | 116,704 | |||||
Kyphon Inc.* | 3,400 | 84,422 | |||||
Thoratec Corporation* | 4,600 | 59,846 | |||||
369,025 | |||||||
Medical & Dental Services (2.47%) | |||||||
VCA Antech, Inc.* | 6,400 | 198,272 | |||||
Oil Crude Producer (1.17%) | |||||||
Evergreen Resources, Inc.* | 2,900 | 94,279 | |||||
Production Technology Equipment (3.88%) | |||||||
ATMI, Inc.* | 2,700 | 62,478 | |||||
Brooks Automation, Inc.* | 3,700 | 89,429 | |||||
Entegris Inc.* | 4,600 | 59,110 | |||||
Varian Semiconductor Equipment | |||||||
Associates, Inc.* | 2,300 | 100,487 | |||||
311,504 | |||||||
Radio & TV Broadcasting (1.36%) | |||||||
Spanish Broadcasting Systems, Inc.* | 10,400 | 109,200 | |||||
Rental Services - Consumer (1.82%) | |||||||
Aaron Rents, Inc. | 7,250 | 145,942 | |||||
Restaurants (2.07%) | |||||||
P.F. Chang’s China Bistro, Inc.* | 1,800 | 91,584 | |||||
Panera Bread Company* | 1,900 | 75,107 | |||||
166,691 | |||||||
See Notes to Financial Statements
5 | ||
Lindner Investments |
(Unaudited)
Number of Shares - |
|
|
| ||||
|
| Principal Amount |
|
|
| ||
Name of Issuer and Title of Issue |
|
| of Bonds |
|
| Value | |
Retail (5.20%) | |||||||
Hot Topic, Inc.* | 7,300 | $ | 215,058 | ||||
Sharper Image Corporation* | 3,000 | 97,950 | |||||
Tractor Supply Company* | 2,700 | 105,003 | |||||
418,011 | |||||||
Services - Commercial (2.25%) | |||||||
Regis Corporation | 2,100 | 82,992 | |||||
The Corporate Executive | |||||||
Board Company* | 2,100 | 98,007 | |||||
180,999 | |||||||
Shoes (1.02%) | |||||||
K-Swiss, Inc. | 3,400 | 81,804 | |||||
Telecommunications (1.12%) | |||||||
Symmetricom, Inc.* | 12,400 | 90,272 | |||||
Textile - Apparel Manufacturers (1.37%) | |||||||
Quicksilver, Inc.* | 6,200 | 109,926 | |||||
Textile - Wholesalers (0.94%) | |||||||
LKQ Corporation* | 4,200 | 75,390 | |||||
Total Common Stocks | |||||||
(Cost $5,654,335) | 7,831,643 | ||||||
Number of Shares - |
|
|
| ||||
|
| Principal Amount |
|
|
| ||
Name of Issuer and Title of Issue |
|
| of Bonds |
|
| Value | |
Short-Term Investments (11.96%) | |||||||
Lindner Government Money | |||||||
Market Funda | 961,267 | $ | 961,267 | ||||
Total Short-Term Investments | |||||||
(Cost $961,267) | 961,267 | ||||||
Total Investments (109.40%) | |||||||
(Cost $6,615,602) | 8,792,910 | ||||||
Excess of Liabilities over Other Assets (-9.40%) | (755,483 | ) | |||||
Net Assets (100.00%) | $ | 8,037,427 | |||||
*Non-income producing. | |||||||
aDenotes security is affiliated. (See Note 4) |
See Notes to Financial Statements
6 | ||
Lindner Investments |
(Unaudited)
Number of Shares - |
|
|
| ||||
|
| Principal Amount |
|
|
| ||
Name of Issuer and Title of Issue |
|
| of Bonds |
|
| Value | |
Lindner Market Neutral Fund | |||||||
Common Stocks (91.96%) | |||||||
Commercial Services (2.86%) | |||||||
Labor Ready, Inc.* | 6,650 | $ | 87,115 | ||||
Tribune Company | 2,150 | 110,940 | |||||
Viacom Inc. | 2,500 | 110,950 | |||||
309,005 | |||||||
Communication Services (2.39%) | |||||||
Cox Communications, Inc.* | 4,250 | 146,413 | |||||
Vodafone Group Plc - ADR | 4,450 | 111,428 | |||||
257,841 | |||||||
Communications (1.39%) | |||||||
Foundry Networks, Inc.* | 1,600 | 43,776 | |||||
Juniper Networks, Inc.* | 1,600 | 29,888 | |||||
UTStarcom, Inc.* | 2,050 | 75,993 | |||||
149,657 | |||||||
Consumer Cyclical (10.05%) | |||||||
AnnTaylor Stores Corporation* | 2,000 | 78,000 | |||||
Aztar Corporation* | 2,500 | 56,250 | |||||
Brookstone, Inc.* | 2,400 | 51,144 | |||||
Dick’s Sporting Goods, Inc.* | 1,350 | 65,691 | |||||
Foot Locker, Inc. | 5,300 | 124,285 | |||||
Fossil, Inc.* | 1,800 | 50,418 | |||||
Landry’s Restaurants, Inc. | 1,800 | 46,296 | |||||
Linens ‘n things, Inc.* | 1,700 | 51,136 | |||||
Lithia Motors, Inc. | 2,150 | 54,202 | |||||
Lowe’s Companies, Inc. | 2,100 | 116,319 | |||||
PETCO Animal Supplies, Inc.* | 1,600 | 48,720 | |||||
Pinnacle Entertainment, Inc.* | 6,500 | 60,580 | |||||
Ruby Tuesday, Inc. | 1,800 | 51,282 | |||||
Staples, Inc.* | 5,750 | 156,975 | |||||
The Gap, Inc. | 3,200 | 74,272 | |||||
1,085,570 | |||||||
Consumer Staples (10.11%) | |||||||
Coca-Cola Enterprises Inc. | 4,850 | 106,069 | |||||
CVS Corporation | 3,100 | 111,972 | |||||
Delta and Pine Land Company | 2,050 | 52,070 | |||||
Energizer Holdings, Inc.* | 2,850 | 107,046 | |||||
Fortune Brands, Inc. | 1,300 | 92,937 | |||||
General Mills, Inc. | 1,100 | 49,830 | |||||
Groupe Danone - ADR | 1,800 | 58,482 | |||||
Hain Celestial Group, Inc.* | 2,300 | 53,383 | |||||
Kellogg Company | 2,850 | 108,528 | |||||
PepsiCo, Inc. | 1,700 | 79,254 | |||||
Ralcorp Holdings, Inc.* | 2,500 | 78,400 | |||||
Tesco plc - ADR | 4,600 | 63,675 | |||||
The Yankee Candle Company, Inc.* | 2,500 | 68,325 | |||||
Winn-Dixie Stores, Inc. | 6,300 | 62,685 | |||||
1,092,656 | |||||||
Drugs & Devices (12.02%) | |||||||
Alcon, Inc.F | 900 | 54,486 | |||||
Amgen Inc.* | 2,100 | 129,780 | |||||
Beckman Coulter, Inc.* | 1,650 | 83,870 | |||||
Becton, Dickinson and Company | 2,050 | 84,337 | |||||
Boston Scientific Corporation* | 2,200 | 80,872 | |||||
Galen Holdings PLC ADR | 1,000 | 51,999 | |||||
Hillenbrand Industries, Inc. | 1,700 | 105,502 | |||||
Invitrogen Corporation* | 750 | 52,500 |
Number of Shares - |
|
|
| ||||
|
| Principal Amount |
|
|
| ||
Name of Issuer and Title of Issue |
|
| of Bonds |
|
| Value | |
Johnson & Johnson | 1,500 | $ | 77,490 | ||||
Pfizer Inc. | 4,780 | 168,877 | |||||
Shire Pharmaceuticals Group PLC* ADR | 2,000 | 58,100 | |||||
STERIS Corporation* | 6,350 | 143,510 | |||||
Varian Medical Systems, Inc.* | 1,800 | 124,380 | |||||
Watson Pharmaceuticals, Inc.* | 1,800 | 82,800 | |||||
1,298,503 | |||||||
Early Cyclical (4.46%) | |||||||
BorgWarner, Inc. | 1,250 | 106,337 | |||||
Johnson Controls, Inc. | 750 | 87,090 | |||||
NISSAN MOTOR CO., LTD - ADR | 4,550 | 102,193 | |||||
The Black & Decker Corporation | 1,300 | 64,116 | |||||
Volvo AB - ADR | 4,000 | 122,640 | |||||
482,376 | |||||||
Energy (5.42%) | |||||||
Anadarko Petroleum Corporation | 1,600 | 81,616 | |||||
BP Plc - ADR | 2,250 | 111,038 | |||||
Chesapeake Energy Corporation | 6,800 | 92,344 | |||||
ConocoPhillips | 1,550 | 101,633 | |||||
Newfield Exploration Company* | 1,250 | 55,675 | |||||
Pride International, Inc.* | 3,100 | 57,784 | |||||
Valero Energy Corporation | 1,850 | 85,729 | |||||
585,819 | |||||||
Financial Services (12.12%) | |||||||
Affliliated Managers Group, Inc.* | 1,150 | 80,029 | |||||
Anglo Irish Bank Corporation plc - ADR | 350 | 55,493 | |||||
Bank of America Corporation | 2,400 | 193,032 | |||||
Citigroup Inc. | 1,350 | 65,529 | |||||
Investors Financial Services Corp. | 1,340 | 51,469 | |||||
Knight Trading Group, Inc.* | 5,050 | 73,932 | |||||
Morgan Stanley | 1,150 | 66,551 | |||||
Prudential Financial, Inc. | 2,500 | 104,425 | |||||
Scottish Re Group LimitedF | 2,400 | 49,872 | |||||
Societe Generale ADR | 3,000 | 52,977 | |||||
Sterling Bancshares, Inc. | 4,200 | 55,986 | |||||
The Goldman Sachs Group, Inc. | 900 | 88,857 | |||||
Triad Guaranty Inc.* | 2,150 | 108,253 | |||||
Wachovia Corporation | 4,500 | 209,655 | |||||
Wells Fargo & Company | 900 | 53,001 | |||||
1,309,061 | |||||||
Forest Products (0.43%) | |||||||
Louisiana Pacific Corporation* | 2,600 | 46,488 | |||||
Health Care Services (6.33%) | |||||||
Fisher Scientific International Inc.* | 4,550 | 188,233 | |||||
Laboratory Corporation of America Holdings* | 3,350 | 123,783 | |||||
Medco Health Solutions, Inc.* | 3,700 | 125,763 | |||||
Omnicare, Inc. | 2,200 | 88,858 | |||||
Sierra Health Services, Inc.* | 2,040 | 55,998 | |||||
WellPoint Health Networks Inc.* | 1,050 | 101,839 | |||||
684,474 | |||||||
Industrial Machinery (10.62%) | |||||||
Caterpillar Inc. | 1,800 | 149,436 | |||||
Cummins Inc. | 1,000 | 48,940 | |||||
Danaher Corporation | 1,500 | 137,625 | |||||
Deere & Company | 2,100 | 136,605 | |||||
Eaton Corporation | 1,150 | 124,177 | |||||
Ingersoll-Rand CompanyF | 2,500 | 169,700 | |||||
Northrop Grumman Corporation | 600 | 57,360 | |||||
PACCAR INC | 1,200 | 102,144 | |||||
7 | ||
Lindner Investments |
(Unaudited)
Number of Shares - |
|
|
| ||||
|
| Principal Amount |
|
|
| ||
Name of Issuer and Title of Issue |
|
| of Bonds |
|
| Value | |
Lindner Market Neutral Fund | |||||||
Precision Castparts Corp. | 2,900 | $ | 131,689 | ||||
United Technologies Corporation | 950 | 90,032 | |||||
1,147,708 | |||||||
Industrial Services (0.44%) | |||||||
FedEx Corporation | 700 | 47,250 | |||||
IT Services (0.63%) | |||||||
Cognizant Technology Solution Corporation* | 1,500 | 68,460 | |||||
Metals (1.70%) | |||||||
BHP Billiton Limited - ADR | 6,950 | 126,907 | |||||
Reliance Steel & Aluminum Co. | 1,700 | 56,457 | |||||
183,364 | |||||||
Misc Utilities (1.21%) | |||||||
E. ON AG - ADR | 2,000 | 130,880 | |||||
Property and Casualty (0.96%) | |||||||
Axis Capital Holdings Limited F | 1,800 | 52,704 | |||||
Old Republic International Corporation | 2,025 | 51,354 | |||||
104,058 | |||||||
Reits (6.43%) | |||||||
CarrAmerica Realty Corporation | 3,000 | 89,340 | |||||
CBL & Associates Properties, Inc. | 1,600 | 90,400 | |||||
General Growth Properties, Inc. | 3,450 | 95,737 | |||||
Kilroy Realty Corporation | 2,700 | 88,425 | |||||
Liberty Property Trust | 2,200 | 85,580 | |||||
Parkway Properties, Inc. | 1,150 | 47,840 | |||||
The Macerich Company | 2,050 | 91,225 | |||||
Vornado Realty Trust | 1,950 | 106,763 | |||||
695,310 | |||||||
Semi’s (1.86%) | |||||||
ASML Holding N.V.* F | 2,500 | 50,125 | |||||
Lam Research Corporation* | 1,700 | 54,910 | |||||
National Semiconductor Corporation* | 1,150 | 45,321 | |||||
TDK CORPORATION ADR | 700 | 50,239 | |||||
200,595 | |||||||
Software (0.53%) | |||||||
PeopleSoft, Inc.* | 2,500 | 57,000 | |||||
Total Common Stocks | |||||||
(Cost $8,199,469) | 9,936,075 | ||||||
Short-Term Investments (16.32%) | |||||||
Lindner Government Money | |||||||
Market Funda | 1,763,838 | 1,763,838 | |||||
Total Short-Term Investments | |||||||
(Cost $1,763,838) | 1,763,838 | ||||||
Total Investments (108.28%) | |||||||
(Cost $9,963,307) | 11,699,913 | ||||||
Cash Deposits with Broker for | |||||||
Securities Sold Short (2.48%) | 268,470 | ||||||
Receivable from Brokers for | |||||||
Securities Sold Short (80.95%) | 8,746,898 | ||||||
Number of Shares - |
|
|
| ||||
|
| Principal Amount |
|
|
| ||
Name of Issuer and Title of Issue |
|
| of Bonds |
|
| Value | |
Securities Sold Short (-92.02%) | $ | (9,943,202 | ) | ||||
Excess of Other Assets over Liabilities (0.31%) | 32,897 | ||||||
Net Assets (100.00%) | 10,804,976 | ||||||
Schedule of Securities Sold Short | |||||||
Abbott Laboratories | (3,750.00 | ) | (174,750 | ) | |||
Acxiom Corporation | (3,100.00 | ) | (57,567 | ) | |||
Administaff, Inc. | (6,600.00 | ) | (114,708 | ) | |||
Allergan, Inc. | (1,600.00 | ) | (122,896 | ) | |||
Allied Irish Banks-Plc - ADR | (1,600.00 | ) | (50,800 | ) | |||
American Italian Pasta Company | (1,850.00 | ) | (77,515 | ) | |||
Applera Corporation - Applied Biosystems Group | (6,500.00 | ) | (134,615 | ) | |||
Argosy Gaming Company | (2,150.00 | ) | (55,879 | ) | |||
Ashland Inc. | (2,050.00 | ) | (90,323 | ) | |||
Automatic Data Processing, Inc. | (1,350.00 | ) | (53,473 | ) | |||
Banc One Corporation | (3,150.00 | ) | (143,609 | ) | |||
BB&T Corporation | (3,400.00 | ) | (131,376 | ) | |||
BRE Properties, Inc. | (2,500.00 | ) | (83,500 | ) | |||
Brown & Brown, Inc. | (3,300.00 | ) | (107,613 | ) | |||
Brown-Foreman Corporation | (1,900.00 | ) | (177,555 | ) | |||
CarMax, Inc. | (3,300.00 | ) | (102,069 | ) | |||
Cephalon, Inc. | (2,350.00 | ) | (113,763 | ) | |||
Check Point Software Technologies Ltd.F | (1,500.00 | ) | (25,230 | ) | |||
Cintas Corporation | (1,600.00 | ) | (80,208 | ) | |||
Clear Channel Communication, Inc. | (2,500.00 | ) | (117,075 | ) | |||
Colgate-Palmolive Company | (2,800.00 | ) | (140,140 | ) | |||
Columbia Sportswear Company | (1,300.00 | ) | (70,850 | ) | |||
Comerica Incorporated | (1,600.00 | ) | (89,696 | ) | |||
Commerce Bancshares, Inc. | (1,680.00 | ) | (82,354 | ) | |||
Commercial Net Lease Realty | (3,150.00 | ) | (56,070 | ) | |||
Convergys Corporation | (2,600.00 | ) | (45,396 | ) | |||
Cousins Properties, Inc. | (2,950.00 | ) | (90,270 | ) | |||
Diageo plc - ADR | (1,150.00 | ) | (60,789 | ) | |||
Diagnostic Products Corporation | (2,050.00 | ) | (94,115 | ) | |||
Dow Jones & Company, Inc. | (2,000.00 | ) | (99,700 | ) | |||
Eaton Vance Corp. | (1,950.00 | ) | (71,448 | ) | |||
Edwards Lifesciences Corporation | (1,700.00 | ) | (51,136 | ) | |||
Electronic Data Systems Corporation | (2,300.00 | ) | (56,442 | ) | |||
Emerson Electric Co. | (1,750.00 | ) | (113,313 | ) | |||
Equtitable Resources, Inc. | (1,800.00 | ) | (77,256 | ) | |||
Essex Property Trust, Inc. | (800.00 | ) | (51,376 | ) | |||
Fastenal Company | (2,500.00 | ) | (124,850 | ) | |||
Fifth Third Bancorp | (1,750.00 | ) | (103,425 | ) | |||
First Health Group Corp. | (7,500.00 | ) | (145,950 | ) | |||
Flagstar Bancorp, Inc. | (4,650.00 | ) | (99,603 | ) | |||
Galyan’s Trading Company | (5,650.00 | ) | (68,026 | ) | |||
General Electric Company | (1,600.00 | ) | (49,568 | ) | |||
Genuine Parts Company | (3,850.00 | ) | (127,820 | ) | |||
Gilead Sciences, Inc. | (1,700.00 | ) | (98,838 | ) | |||
Goodrich Corporation | (3,050.00 | ) | (90,554 | ) | |||
Hancock Fabrics, Inc. | (2,950.00 | ) | (42,716 | ) | |||
HCA Inc. | (2,600.00 | ) | (111,696 | ) | |||
Hellenic Telecommunications Organization SA - ADR | (7,950.00 | ) | (53,186 | ) | |||
Hitachi, Ltd. - ADR | (800.00 | ) | (48,056 | ) | |||
Honeywell International Inc. | (3,850.00 | ) | (128,705 | ) | |||
Illinois Tool Works Inc. | (1,050.00 | ) | (88,106 | ) | |||
IMS Health Incorporated | (3,350.00 | ) | (83,281 | ) | |||
Interstate Bakeries Corporation | (4,800.00 | ) | (68,304 | ) | |||
IVAX Corporation | (2,850.00 | ) | (68,058 | ) | |||
8 | ||
Lindner Investments |
(Unaudited)
Number of Shares - |
|
|
| ||||
|
| Principal Amount |
|
|
| ||
Name of Issuer and Title of Issue |
|
| of Bonds |
|
| Value | |
Lindner Market Neutral Fund | |||||||
Schedule of Securities Sold Short (Continued) | |||||||
J.C. Penney Company, Inc. | (2,500.00 | ) | $ | (65,700 | ) | ||
KeyCorp | (2,200.00 | ) | (64,504 | ) | |||
Kohl’s Corporation | (3,150.00 | ) | (141,561 | ) | |||
Kraft Foods Inc. | (3,100.00 | ) | (99,882 | ) | |||
Krispy Creme Doughnuts, Inc. | (1,200.00 | ) | (43,920 | ) | |||
Leggett & Platt, Incorporated | (5,700.00 | ) | (123,291 | ) | |||
Lloyds TSB Group PLC - ADR | (1,700.00 | ) | (55,335 | ) | |||
Luxottica Group S.p.A. - ADR | (3,300.00 | ) | (57,420 | ) | |||
Manufactured Home Communities, Inc. | (1,600.00 | ) | (60,240 | ) |
Mentor Corporation | (2,200.00 | ) | (52,932 | ) | |||
Murphy Oil Corporation | (450.00 | ) | (29,389 | ) | |||
National Grid Transco PLC - ADR | (3,400.00 | ) | (123,250 | ) | |||
Navistar International Corporation | (1,150.00 | ) | (55,074 | ) | |||
Nestle SA -ADR | (1,050.00 | ) | (65,585 | ) | |||
New Century Financial Corporation | (1,300.00 | ) | (51,571 | ) | |||
99 Cents Only Stores | (3,450.00 | ) | (93,943 | ) | |||
Noble Energy, Inc. | (1,700.00 | ) | (75,531 | ) | |||
Ohio Casualty Corporation | (4,100.00 | ) | (71,176 | ) | |||
Oxford Health Plans, Inc. | (1,210.00 | ) | (52,635 | ) | |||
Panera Bread Company | (2,300.00 | ) | (90,919 | ) | |||
Parker Hannifin Corporation | (1,700.00 | ) | (101,150 | ) | |||
Performance Food Group Company | (2,500.00 | ) | (90,425 | ) | |||
Pioneer Natural Resources Company | (2,300.00 | ) | (73,439 | ) | |||
Post Properties, Inc. | (2,500.00 | ) | (69,800 | ) | |||
Priority Healthcare Corporation | (5,800.00 | ) | (139,838 | ) | |||
ProLogis | (1,950.00 | ) | (62,575 | ) | |||
Quest Diagnostics Incorporated | (1,500.00 | ) | (109,665 | ) | |||
RadioShack Corporation | (3,150.00 | ) | (96,642 | ) | |||
Realty Income Corporation | (2,500.00 | ) | (100,000 | ) | |||
Rio Tinto plc - ADR | (1,150.00 | ) | (128,007 | ) | |||
Roche Holding AG - ADR | (750.00 | ) | (75,652 | ) | |||
Roper Industries, Inc. | (1,250.00 | ) | (61,575 | ) | |||
Rowan Companies, Inc. | (2,050.00 | ) | (47,498 | ) | |||
Ryanair Holdings plc - ADR | (2,500.00 | ) | (126,600 | ) | |||
Sanofi-Synthelabo SA - ADR | (1,500.00 | ) | (56,625 | ) |
Number of Shares - |
|
|
| ||||
|
| Principal Amount |
|
|
| ||
Name of Issuer and Title of Issue |
|
| of Bonds |
|
| Value | |
Schedule of Securities Sold Short (Continued) | |||||||
The Boeing Company | (3,150.00 | ) | $ | (132,741 | ) | ||
The Charles Schwab Corporation | (4,200.00 | ) | (49,728 | ) | |||
The Cheesecake Factory Incorporated | (1,150.00 | ) | (50,635 | ) | |||
The Clorox Company | (2,500.00 | ) | (121,400 | ) | |||
The Commerce Group, Inc. | (2,350.00 | ) | (92,825 | ) | |||
The Finish Line, Inc. | (3,300.00 | ) | (98,901 | ) | |||
The Gymboree Corporation | (4,500.00 | ) | (77,535 | ) | |||
The ServiceMaster Company | (4,650.00 | ) | (54,173 | ) | |||
The Stanley Works | (3,850.00 | ) | (145,800 | ) | |||
Snap-on Incorporated | (3,450.00 | ) | (111,228 | ) | |||
SONY CORPORATION - ADR | (1,350.00 | ) | (46,804 | ) | |||
SPDR Trust Series 1 | (500.00 | ) | (55,640 | ) | |||
Stewart Information Services Corporation | (3,300.00 | ) | (133,815 | ) | |||
STMicroelectronics N.V. - ADR | (1,400.00 | ) | (37,814 | ) | |||
Summit Properties Inc. | (3,400.00 | ) | (81,668 | ) | |||
SunGard Data Systems, Inc. | (1,350.00 | ) | (37,408 | ) | |||
Swisscom AG - ADR | (1,600.00 | ) | (52,544 | ) | |||
Technip SA - ADR | (3,700.00 | ) | (99,604 | ) | |||
3M Co. | (1,150.00 | ) | (97,785 | ) | |||
United Auto Group, Inc. | (2,150.00 | ) | (67,295 | ) | |||
Universal Forest Products, Inc. | (1,600.00 | ) | (51,488 | ) | |||
Unocal Corporation | (1,400.00 | ) | (51,562 | ) | |||
Valeant Pharmaceuticals International | (7,850.00 | ) | (197,427 | ) | |||
Valley National Bancorp | (2,710.00 | ) | (79,132 | ) | |||
Waste Management, Inc. | (2,550.00 | ) | (75,480 | ) | |||
Waters Corporation | (3,400.00 | ) | (112,744 | ) | |||
Xerox Corporation | (3,700.00 | ) | (51,060 | ) | |||
$ | (9,943,202 | ) | |||||
*Non-income producing. | |||||||
aDenotes security is affiliated. (See Note 4) | |||||||
FForeign Security. | |||||||
ADR - American Depository Receipt. |
9 | ||
Lindner Investments |
|
| Lindner Large-Cap Growth Fund |
|
| Lindner Growth and Income Fund |
|
| Lindner Commun-ications Fund |
|
| Lindner Small-Cap Growth Fund |
|
| Lindner Market Neutral Fund | ||
Assets: | ||||||||||||||||
Investment in securities at fair value | $ | 109,143,316 | $ | 183,036,203 | $ | 8,433,595 | $ | 8,792,910 | $ | 11,699,913 | ||||||
Receivable from Adviser | — | — | 350 | — | — | |||||||||||
Receivable for securities sold | 860,876 | 1,761,589 | — | — | 71,053 | |||||||||||
Receivable for capital shares sold | 46 | 34,210 | 1,500 | 77 | — | |||||||||||
Receivable from broker for proceeds on securities sold short | — | — | — | — | 8,746,898 | |||||||||||
Cash deposits with broker for securities sold short | — | — | — | — | 268,470 | |||||||||||
Receivable for dividends and interest | 60,309 | 198,811 | 7,665 | 1,008 | 14,886 | |||||||||||
Prepaid expenses and other assets | 14,143 | 15,307 | 9,222 | 11,205 | 10,316 | |||||||||||
Total assets | 110,078,690 | 185,046,120 | 8,452,332 | 8,805,200 | 20,811,536 | |||||||||||
Liabilities | ||||||||||||||||
Securities sold short, at fair value | — | — | — | — | 9,943,202 | |||||||||||
Payable for securities purchased | 11,094,390 | — | — | 744,611 | — | |||||||||||
Payable for capital shares redeemed | 82,045 | 274,805 | 4,962 | 6,982 | 25,089 | |||||||||||
Payable to Adviser | 57,973 | 102,804 | — | 1,645 | 9,298 | |||||||||||
Accrued distribution fee | 4,061 | 11,315 | 1,781 | 1,739 | 2,324 | |||||||||||
Dividends payable to shareholders | — | — | — | — | — | |||||||||||
Dividends payable on short positions | — | — | — | — | 12,918 | |||||||||||
Accrued expenses and other liabilities | 113,076 | 280,322 | 22,873 | 12,796 | 13,729 | |||||||||||
Total liabilities | 11,351,545 | 669,246 | 29,616 | 767,773 | 10,006,560 | |||||||||||
Net Assets | $ | 98,727,145 | $ | 184,376,874 | $ | 8,422,716 | $ | 8,037,427 | $ | 10,804,976 | ||||||
Net assets consist of: | ||||||||||||||||
Capital (par value, $0.01, $0.01, $0.01, $0.01, $0.01 and $1.00 per share and additional paid-in capital, respectively) | $ | 198,729,490 | $ | 333,950,408 | $ | 24,152,923 | $ | 9,469,528 | $ | 35,832,613 | ||||||
Undistributed net investment income (loss) | (211,385 | ) | (51,087 | ) | (25,175 | ) | (58,586 | ) | (94,956 | ) | ||||||
Accumulated net realized (loss) on investments and foreign currency transactions | (114,063,798 | ) | (164,659,234 | ) | (15,880,498 | ) | (3,550,823 | ) | (25,525,805 | ) | ||||||
Net unrealized appreciation (depreciation) on investments | 14,272,838 | 15,136,787 | 175,466 | 2,177,308 | 593,124 | |||||||||||
Total Net Assets | $ | 98,727,145 | $ | 184,376,874 | $ | 8,422,716 | $ | 8,037,427 | $ | 10,804,976 | ||||||
Shares of beneficial interest outstanding | 12,149,270 | 9,054,417 | �� | 1,143,366 | 1,267,262 | 1,759,787 | ||||||||||
Net Asset Value, Offering Price and Redemption | ||||||||||||||||
Price Per Share | $ | 8.13 | $ | 20.36 | $ | 7.37 | $ | 6.34 | $ | 6.14 | ||||||
Investment in securities at cost: | $ | 94,870,478 | $ | 167,899,416 | $ | 8,258,140 | $ | 6,615,602 | $ | 9,963,307 | ||||||
Proceeds from securities sold short: | $ | — | $ | — | $ | — | $ | — | $ | 8,799,719 |
See Notes to Financial Statements
10 | ||
Lindner Investments |
|
| Lindner Large-Cap Growth Fund |
|
| Lindner Growth and Income Fund |
|
| Lindner Commun-ications Fund |
|
| Lindner Small-Cap Growth Fund |
|
| Lindner Market Neutral Fund | ||
Investment Income | ||||||||||||||||
Income: | ||||||||||||||||
Dividends* | $ | 433,617 | $ | 1,079,786 | $ | 40,122 | $ | 3,611 | $ | 61,337 | ||||||
Interest | 13,433 | 430,030 | 1,003 | 1,250 | 31,258 | |||||||||||
Total income | 447,050 | 1,509,816 | 41,125 | 4,861 | 92,595 | |||||||||||
Expenses: (Note 3) | ||||||||||||||||
Management fees | 390,184 | 645,160 | 42,774 | 40,183 | 48,885 | |||||||||||
Transfer agent fees | 131,744 | 181,424 | 16,008 | 11,776 | 10,488 | |||||||||||
Legal fees | 29,440 | 56,304 | 2,392 | 2,392 | 2,576 | |||||||||||
Audit fees | 16,560 | 31,280 | 1,288 | 1,288 | 1,472 | |||||||||||
Administration fees | 48,773 | 92,166 | 4,277 | 4,230 | 4,889 | |||||||||||
Report printing | 14,168 | 20,240 | 1,656 | 1,472 | 1,104 | |||||||||||
Insurance expense | 16,928 | 33,304 | 1,840 | 1,472 | 1,656 | |||||||||||
Fund accounting fees | 20,792 | 26,496 | 14,904 | 11,224 | 15,824 | |||||||||||
12b-1 fees | 24,104 | 67,160 | 10,694 | 10,574 | 12,221 | |||||||||||
Custodian fees | 6,808 | 13,064 | 7,176 | 552 | 736 | |||||||||||
Trustee fees | 10,856 | 21,528 | 920 | 920 | 920 | |||||||||||
Registration and regulatory fees | 7,360 | 6,992 | 6,440 | 6,440 | 6,440 | |||||||||||
Dividend expense on short positions** | — | — | — | — | 82,769 | |||||||||||
Other expenses | 184 | 184 | 184 | 184 | 184 | |||||||||||
Total expenses | 717,901 | 1,195,302 | 110,553 | 92,707 | 190,164 | |||||||||||
Expenses waived by advisor (Note 3) | (59,466 | ) | (43,230 | ) | (44,253 | ) | (29,260 | ) | (2,613 | ) | ||||||
Net expenses | 658,435 | 1,152,072 | 66,300 | 63,447 | 187,551 | |||||||||||
Net investment income (loss) | (211,385 | ) | 357,744 | (25,175 | ) | (58,586 | ) | (94,956 | ) | |||||||
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 6,390,287 | 1,288,595 | 73,054 | 1,069,235 | (199,191 | ) | ||||||||||
Short sale transactions | — | — | — | — | (726,374 | ) | ||||||||||
Net realized gain (loss) | 6,390,287 | 1,288,595 | 73,054 | 1,069,235 | (925,565 | ) | ||||||||||
Change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | 8,389,117 | 24,031,315 | 982,566 | 630,422 | 2,000,162 | |||||||||||
Short positions | — | �� | — | — | — | (851,923 | ) | |||||||||
Net change in unrealized appreciation or depreciation | 8,389,117 | 24,031,315 | 982,566 | 630,422 | 1,148,239 | |||||||||||
Net realized and unrealized gain on investments | 14,779,404 | 25,319,910 | 1,055,620 | 1,699,657 | 222,674 | |||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 14,568,019 | $ | 25,677,654 | $ | 1,030,445 | $ | 1,641,071 | $ | 127,718 | ||||||
* Net of withholding taxes of: | $ | — | $ | — | $ | 33 | $ | — | $ | 1,364 | ||||||
**Net of withholding taxes of: | $ | — | $ | — | $ | — | $ | — | $ | — |
11 | ||
Lindner Investments |
Lindner |
| Lindner |
| Lindner | |||||||||||||||
Large-Cap Growth Fund |
| Growth and Income Fund |
| Communications Fund | |||||||||||||||
For the Six Months Ended December 31, 2003 (Unaudited) |
| For the Year Ended June 30, 2003 |
|
| For the Six Months Ended December 31, 2003 (Unaudited) |
| For the Year Ended June 30, 2003 |
|
| For the Six Months Ended December 31, 2003 (Unaudited) |
| For the Year Ended June 30, 2003 | |||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net investment income (loss) | $ | (211,385 | ) | $ | (510,428 | ) | $ | 357,744 | $ | 1,601,151 | $ | (25,175 | ) | $ | (16,909 | ) | |||
Net realized gain (loss) on investments | 6,390,287 | (27,520,431 | ) | 1,288,595 | (31,679,518 | ) | 73,054 | (849,549 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments | 8,389,117 | 23,019,264 | 24,031,315 | 27,693,067 | 982,566 | 2,769,094 | |||||||||||||
Net increase (decrease) in net | |||||||||||||||||||
assets from operations | 14,568,019 | (5,011,595 | ) | 25,677,654 | (2,385,300 | ) | 1,030,445 | 1,902,636 | |||||||||||
Distributions to Shareholders: | |||||||||||||||||||
From net investment income | — | — | (408,831 | ) | (1,602,731 | ) | — | — | |||||||||||
From return of capital | — | — | — | (51,250 | ) | — | — | ||||||||||||
Net decrease in net assets from | |||||||||||||||||||
distributions to shareholders | — | — | (408,831 | ) | (1,653,981 | ) | — | — | |||||||||||
Net Fund Share Transactions (Note 5): | |||||||||||||||||||
Investor shares | (7,921,156 | ) | (15,251,181 | ) | (18,528,175 | ) | (29,408,001 | ) | (987,033 | ) | (1,217,579 | ) | |||||||
Net Decrease from Fund | |||||||||||||||||||
Share Transactions | (7,921,156 | ) | (15,251,181 | ) | (18,528,175 | ) | (29,408,001 | ) | (987,033 | ) | (1,217,579 | ) | |||||||
Total Increase (Decrease) in Net Assets | 6,646,863 | (20,262,776 | ) | 6,740,648 | (33,447,282 | ) | 43,412 | 685,057 | |||||||||||
Net Assets at the Beginning of the period | 92,080,282 | 112,343,058 | 177,636,226 | 211,083,508 | 8,379,304 | 7,694,247 | |||||||||||||
Net Assets at the End of period* | $ | 98,727,145 | $ | 92,080,282 | $ | 184,376,874 | $ | 177,636,226 | $ | 8,422,716 | 8,379,304 | ||||||||
* Including Undistributed Net Investment Income (Loss) of: | $ | (211,385 | ) | $ | — | $ | (51,087 | ) | $ | — | $ | (25,175 | ) | $ | — | ||||
12 | ||
Lindner Investments |
Lindner |
| Lindner |
| |||||||||||
|
|
|
|
| ||||||||||
|
|
| Small-Cap Growth Fund |
| Market Neutral Fund | |||||||||
For the Six Months Ended December 31, 2003 (Unaudited) |
| For the Year Ended June 30, 2003 |
| For the Six Months Ended December 31, 2003 (Unaudited) |
| For the Year Ended June 30, 2003 | ||||||||
Increase (Decrease) in Net Assets: | ||||||||||||||
Operations: | ||||||||||||||
Net investment income (loss) | $ | (58,586 | ) | $ | (101,131 | ) | $ | (94,956 | ) | $ | (69,506 | ) | ||
Net realized gain (loss) on investments | 1,069,235 | (1,547,209 | ) | (925,565 | ) | (335,463 | ) | |||||||
Net change in unrealized appreciation or depreciation on investments | 630,422 | 585,136 | 1,148,239 | 633,825 | ||||||||||
Net increase (decrease) in net assets from operations | 1,641,071 | (1,063,204 | ) | 127,718 | 228,856 | |||||||||
Distributions to Shareholders: | ||||||||||||||
From net investment income | — | — | — | — | ||||||||||
From return of capital | — | — | — | — | ||||||||||
Net decrease in net assets from distributions to shareholders | — | — | — | — | ||||||||||
Net Fund Share Transactions (Note 5): | ||||||||||||||
Investor shares | (1,063,700 | ) | (1,435,253 | ) | 2,873,585 | (565,941 | ) | |||||||
Net Decrease from Fund Share Transactions | (1,063,700 | ) | (1,435,253 | ) | 2,873,585 | (565,941 | ) | |||||||
Total Increase (Decrease) in Net Assets | 577,371 | (2,498,457 | ) | 3,001,303 | (337,085 | ) | ||||||||
Net Assets at the Beginning of the period | 7,460,056 | 9,958,513 | 7,803,673 | 8,140,758 | ||||||||||
Net Assets at the End of period* | $ | 8,037,427 | $ | 7,460,056 | $ | 10,804,976 | $ | 7,803,673 | ||||||
* Including Undistributed Net Investment Income (Loss) of: | $ | (58,586 | ) | $ | — | $ | (94,956 | ) | $ | — | ||||
13 | ||
Lindner Investments |
14 | ||
Lindner Investments |
Purchases |
|
| Sales | ||||
Lindner Large-Cap Growth Fund | $ | 56,493,543 | $ | 63,666,071 | |||
Lindner Growth and Income Fund | 38,522,310 | 66,477,893 | |||||
Lindner Communications Fund | 679,205 | 2,074,505 | |||||
Lindner Small-Cap Growth Fund | 4,491,184 | 5,595,935 | |||||
Lindner Market Neutral Fund | 13,364,914 | 13,654,186 |
Purchases |
|
| Sales | ||||
Lindner Large-Cap Growth Fund | $ | 0 | $ | 0 | |||
Lindner Growth and Income Fund | 0 | 6,292,078 | |||||
Lindner Communications Fund | 0 | ||||||
Lindner Small-Cap Growth Fund | 0 | ||||||
Lindner Market Neutral Fund | 0 |
15 | ||
Lindner Investments |
Lindner Large-Cap Growth Fund |
|
| Lindner Growth and Income Fund |
|
| Lindner Commun-ications Fund |
|
| Lindner Small-Cap Growth Fund |
|
| Lindner Market Neutral Fund | ||||
Cost of Investments (a) | $ | 95,018,188 | $ | 167,951,795 | $ | 8,644,522 | $ | 6,616,943 | $ | 9,981,524 | ||||||
Gross unrealized appreciation | 15,455,964 | 26,541,098 | 1,109,683 | 2,266,563 | 1,864,433 | |||||||||||
Gross unrealized depreciation | (1,330,836 | ) | (11,456,690 | ) | (1,320,599 | ) | (90,596 | ) | (1,289,526 | ) | ||||||
Net unrealized appreciation/(depreciation) | 14,125,128 | 15,084,408 | (210,916 | ) | 2,175,967 | 574,907 | ||||||||||
Cumulative tax cost adjustments | 147,710 | 52,379 | 386,382 | 1,341 | 18,217 | |||||||||||
Distributable ordinary income | — | — | — | — | — | |||||||||||
Distributable long-term capital gain | — | — | — | — | — | |||||||||||
Total distributable earnings | — | — | — | — | — | |||||||||||
Other accumulated losses | (120,454,085 | ) | (165,947,829 | ) | (15,953,552 | ) | (4,620,058 | ) | (24,891,799 | ) | ||||||
Total net losses | $ | (106,181,247 | ) | $ | (150,811,042 | ) | $ | (15,778,086 | ) | $ | (2,442,750 | ) | $ | (24,298,675 | ) |
Lindner Large-Cap Growth Fund For |
| Lindner Growth and Income Fund |
| Lindner Communications Fund |
| Lindner Small-Cap Growth Fund |
| Lindner Market Neutral Fund |
| ||||||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||||
|
| the Period Ended |
| For the Year Ended |
| For the Year Ended |
| For the Year Ended |
| For the Year Ended |
| ||||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||||
|
| December 31, 2003 |
|
| June 30, 2003 |
|
| December 31, 2003 |
|
| June 30, 2003 |
|
| December 31, 2003 |
|
| June 30, 2003 |
|
| December 31, 2003 |
|
| June 30, 2003 |
|
| December 31, 2003 |
|
| June 30, 2003 | ||
Ordinary income | |||||||||||||||||||||||||||||||
dividends | $ | — | $ | — | $ | 408,831 | $ | 1,602,731 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Return of capital | |||||||||||||||||||||||||||||||
distributions | — | — | — | 51,250 | — | — | — | — | — | — |
16 | ||
Lindner Investments |
Fund | Total Operating Expenses | |
Large-Cap Growth Fund | 1.35% | |
Growth and Income Fund | 1.25% | |
Communications Fund | 1.55% | |
Small-Cap Growth Fund | 1.50% | |
Market Neutral Fund | 2.18% |
Fund | Sub-Adviser | |
Large-Cap Growth' Fund | CastleArk Management, LLC | |
Growth and Income Fund | Argent Capital Management LLC | |
Communications Fund | Gamco Investors Inc. d/b/a | |
Gabelli Asset Management Company | ||
Small-Cap Growth Fund | CastleArk Management, LLC | |
Market Neutral Fund | The Boston Company Asset Management |
17 | ||
Lindner Investments |
Six Months Ended | Year Ended June 30, 2003 | ||||||||||||
Shares |
| Amount |
| Shares |
| Amount | |||||||
Lindner Large-Cap Growth Fund | |||||||||||||
Sold | 123,826 | $ | 893,862 | 68,604 | $ | 447,502 | |||||||
Dividends and distributions reinvested | — | — | — | — | |||||||||
Redeemed | (1,152,989 | ) | (8,815,018 | ) | (2,419,150 | ) | (15,698,683 | ) | |||||
Net decrease | (1,029,163 | ) | $ | (7,921,156 | ) | (2,350,546 | ) | $ | (15,251,181 | ) | |||
Lindner Growth and Income Fund | |||||||||||||
Sold | 42,515 | $ | 812,657 | 159,386 | $ | 2,606,346 | |||||||
Dividends and distributions reinvested | 18,325 | 349,152 | 84,101 | 1,363,116 | |||||||||
Redeemed | (1,016,414 | ) | (19,689,984 | ) | (2,034,583 | ) | (33,377,463 | ) | |||||
Net decrease | (955,574 | ) | $ | (18,528,175 | ) | (1,791,096 | ) | $ | (29,408,001 | ) | |||
Lindner Communications Fund | |||||||||||||
Sold | 32,946 | $ | 216,267 | 316,943 | $ | 1,741,048 | |||||||
Dividends and distributions reinvested | — | — | — | — | |||||||||
Redeemed | (174,271 | ) | (1,203,300 | ) | (571,299 | ) | (2,958,627 | ) | |||||
Net decrease | (141,325 | ) | $ | (987,033 | ) | (254,356 | ) | $ | (1,217,579 | ) | |||
Lindner Small-Cap Growth Fund | |||||||||||||
Sold | 57,199 | $ | 344,599 | 34,266 | $ | 158,028 | |||||||
Dividends and distributions reinvested | — | — | — | — | |||||||||
Redeemed | (228,305 | ) | (1,408,299 | ) | (349,022 | ) | (1,593,281 | ) | |||||
Net decrease | (171,106 | ) | $ | (1,063,700 | ) | (314,756 | ) | $ | (1,435,253 | ) | |||
Lindner Market Neutral Fund | |||||||||||||
Sold | 861,631 | $ | 5,243,337 | 1,267,418 | $ | 7,502,996 | |||||||
Dividends and distributions reinvested | — | — | — | — | |||||||||
Redeemed | (389,367 | ) | (2,369,752 | ) | (1,365,570 | ) | (8,068,937 | ) | |||||
Net increase (decrease) | 472,264 | $ | 2,873,585 | (98,152 | ) | $ | (565,941 | ) | |||||
18 | ||
Lindner Investments |
Six Months Ended December 31, 2003 | Year Ended June 30 | ||||||||||||||||||
(unaudited) |
|
| 2003 |
|
| 2002 |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Net asset value, beginning of period | $ | 6.99 | $ | 7.23 | $ | 10.92 | $ | 16.42 | $ | 16.14 | $ | 22.27 | |||||||
Income from investment operations | |||||||||||||||||||
Net investment income (loss) | (0.02) | 2 | (0.04) | 2 | (0.07) | 2 | 0.022 | 0.13 | 0.29 | ||||||||||
Net realized and unrealized gains (losses) on investments | 1.16 | (0.20 | ) | (3.62 | ) | (3.61 | ) | 1.25 | (3.36 | ) | |||||||||
Total from investment operations | 1.14 | (0.24 | ) | (3.69 | ) | (3.59 | ) | 1.38 | (3.07 | ) | |||||||||
Less distributions | |||||||||||||||||||
Dividends from net investment income | — | — | — | (0.10 | ) | (0.23 | ) | (0.32 | ) | ||||||||||
Dividends from net realized gains | — | — | — | (1.81 | ) | (0.87 | ) | (2.74 | ) | ||||||||||
Total distributions | — | — | — | (1.91 | ) | (1.10 | ) | (3.06 | ) | ||||||||||
Change in net asset value | 1.14 | (0.24 | ) | (3.69 | ) | (5.50 | ) | 0.28 | (6.13 | ) | |||||||||
Net asset value, end of period | $ | 8.13 | $ | 6.99 | $ | 7.23 | $ | 10.92 | $ | 16.42 | $ | 16.14 | |||||||
Total return1 | 16.31 | % | (3.32 | %) | (33.79 | %) | (22.84 | %) | 8.61 | % | (13.66 | %) | |||||||
Ratios/supplemental data: | |||||||||||||||||||
Ratio of expenses to average net assets: | |||||||||||||||||||
Before expense waivers | 1.47 | % | 1.52 | % | 1.33 | % | 0.70 | % | 0.82 | % | 0.57 | % | |||||||
After expense waivers | 1.35 | % | 1.35 | % | 1.33 | % | 0.70 | % | 0.82 | % | 0.57 | % | |||||||
Ratio of net investment income (loss) to average net assets: | |||||||||||||||||||
Before expense waivers | (0.55 | %) | (0.72 | %) | (0.79 | %) | 0.11 | % | 0.57 | % | 1.27 | % | |||||||
After expense waivers | (0.43 | %) | (0.55 | %) | (0.79 | %) | 0.11 | % | 0.57 | % | 1.27 | % | |||||||
Portfolio turnover rate | 60.32 | % | 119.35 | % | 135.50 | % | 232.94 | % | 129.68 | % | 53.41 | % | |||||||
Net assets, end of period (in millions) | $ | 99 | $ | 92 | $ | 112 | $ | 213 | $ | 342 | $ | 434 |
1 | Total return is the percentage increase in value for a period, assuming initial investment at 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. |
2 | Net investment income (loss) per share represents net investment income (loss) divided by the daily average shares of beneficial interest outstanding throughout each period. |
19 | ||
Lindner Investments |
Six Months Ended December 31, 2003 | Year Ended June 30 | ||||||||||||||||||
(unaudited) |
| 2003 |
|
| 20023 |
|
| 2001 |
|
| 2000 |
|
| 1999 | |||||
Net asset value, beginning of period | $ | 17.75 | $ | 17.89 | $ | 21.14 | $ | 21.14 | $ | 23.50 | $ | 27.59 | |||||||
Income from investment operations | |||||||||||||||||||
Net investment income | 0.04 | 2 | 0.15 | 2 | 0.24 | 2 | 0.56 | 2 | 1.07 | 2.16 | |||||||||
Net realized and unrealized gains (losses) on investments | 2.61 | (0.13 | ) | (3.24 | ) | 0.01 | (2.30 | ) | (3.80 | ) | |||||||||
Total from investment operations | 2.65 | 0.02 | (3.00 | ) | 0.57 | (1.23 | ) | (1.64 | ) | ||||||||||
Less distributions | |||||||||||||||||||
Dividends from net investment income | (0.04 | ) | (0.16 | ) | (0.25 | ) | (0.57 | ) | (1.13 | ) | (1.95 | ) | |||||||
Dividends from net realized gains | — | — | — | — | — | (0.50 | ) | ||||||||||||
Total distributions | (0.04 | ) | (0.16 | ) | (0.25 | ) | (0.57 | ) | (1.13 | ) | (2.45 | ) | |||||||
Change in net asset value | 2.61 | (0.14 | ) | (3.25 | ) | — | (2.36 | ) | (4.09 | ) | |||||||||
Net asset value, end of period | $ | 20.36 | $ | 17.75 | $ | 17.89 | $ | 21.14 | $ | 21.14 | $ | 23.50 | |||||||
Total return1 | 14.96 | % | 0.17 | % | (14.27 | %) | 2.78 | % | (5.48 | %) | (5.57 | %) | |||||||
Ratios/supplemental data: | |||||||||||||||||||
Ratio of expenses to average net assets: | |||||||||||||||||||
Before expense waivers | 1.30 | % | 1.31 | % | 1.14 | % | 0.84 | % | 0.73 | % | 0.66 | % | |||||||
After expense waivers | 1.25 | % | 1.25 | % | 1.14 | % | 0.84 | % | 0.73 | % | 0.66 | % | |||||||
Ratio of net investment income to average net assets: | |||||||||||||||||||
Before expense waivers | 0.34 | % | 0.84 | % | 1.21 | % | 2.63 | % | 4.14 | % | 8.03 | % | |||||||
After expense waivers | 0.39 | % | 0.90 | % | 1.21 | % | 2.63 | % | 4.14 | % | 8.03 | % | |||||||
Portfolio turnover rate | 21.73 | % | 32.80 | % | 58.12 | % | 170.40 | % | 124.63 | % | 31.74 | % | |||||||
Net assets, end of period (in millions) | $ | 184 | $ | 178 | $ | 211 | $ | 316 | $ | 448 | $ | 768 |
1 | Total return is the percentage increase in value for a period, assuming initial investment at 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. |
2 | Net investment income (loss) per share represents net investment income (loss) divided by the daily average shares of beneficial interest outstanding throughout each period. |
3 | The Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and adopted the yield to maturity premium and discount amortization method on fixed-income securities.The effect of this change for the year ended June 30, 2002 was an increase less than $0.01 in net investment income per share, and an increase less than $0.01 in net realized and unrealized loss per share. The periods prior to July 1, 2001 have not been restated to reflect the change in presentation. |
20 | ||
Lindner Investments |
Six Months Ended December 31, 2003 | Year Ended June 30 | ||||||||||||||||||
(unaudited) | 2003 |
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| 2002 |
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| 2001 |
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| 2000 |
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| 1999 | ||||||
Net asset value, beginning of period | $ | 6.52 | $ | 5.00 | $ | 9.62 | $ | 19.04 | $ | 14.81 | $ | 16.78 | |||||||
Income from investment operations | |||||||||||||||||||
Net investment income (loss) | (0.02) | 2 | (0.01) | 2 | 0.02 | 2 | 0.17 | 2 | 0.21 | 0.33 | |||||||||
Net realized and unrealized gains (losses) on investments | 0.87 | 1.53 | (4.61 | ) | (6.90 | ) | 4.55 | 0.44 | |||||||||||
Total from investment operations | 0.85 | 1.52 | (4.59 | ) | (6.73 | ) | 4.76 | 0.77 | |||||||||||
Less distributions | |||||||||||||||||||
Dividends from net investment income | — | — | (0.02 | ) | (0.18 | ) | (0.22 | ) | (0.33 | ) | |||||||||
Dividends from net realized gains | — | — | — | (2.51 | ) | (0.31 | ) | (2.41 | ) | ||||||||||
Return of capital | — | — | (0.01 | ) | — | — | — | ||||||||||||
Total distributions | — | — | (0.03 | ) | (2.69 | ) | (0.53 | ) | (2.74 | ) | |||||||||
Change in net asset value | 0.85 | 1.52 | (4.62 | ) | (9.42 | ) | 4.23 | (1.97 | ) | ||||||||||
Net asset value, end of period | $ | 7.37 | $ | 6.52 | $ | 5.00 | $ | 9.62 | $ | 19.04 | $ | 14.81 | |||||||
Total return1 | 13.04 | % | (34.40 | %) | (47.82 | %) | (38.99 | %) | 32.49 | % | 8.62 | % | |||||||
Ratios/supplemental data: | |||||||||||||||||||
Ratio of expenses to average net assets: | |||||||||||||||||||
Before expense waivers | 2.58 | % | 2.71 | % | 1.85 | % | 1.06 | % | 0.93 | % | 0.97 | % | |||||||
After expense waivers | 1.55 | % | 1.55 | % | 1.40 | % | 1.06 | % | 0.93 | % | 0.97 | % | |||||||
Ratio of net investment income (loss) to average net assets: | |||||||||||||||||||
Before expense waivers | (1.62 | %) | (1.39 | %) | (0.13 | %) | 1.21 | % | 1.22 | % | 2.40 | % | |||||||
After expense waivers | (0.59 | %) | (0.23 | %) | (0.32 | %) | 1.21 | % | 1.22 | % | 2.40 | % | |||||||
Portfolio turnover rate | 8.37 | % | 11.87 | % | 250.47 | % | 246.70 | % | 69.46 | % | 137.51 | % | |||||||
Net assets, end of period (in millions) | $ | 8 | $ | 8 | $ | 8 | $ | 21 | $ | 42 | $ | 26 |
1 | Total return is the percentage increase in value for a period, assuming initial investment at 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. |
2 | Net investment income (loss) per share represents net investment income (loss) divided by the daily average shares of beneficial interest outstanding throughout each period. |
21 | ||
Lindner Investments |
Six Months Ended December 31, 2003 |
|
| Year Ended June 30 |
| |||||||||||||||
|
|
| |||||||||||||||||
|
| (unaudited) |
| 2003 |
|
| 2002 |
|
| 2001 |
|
| 2000 |
|
| 1999 | |||
Net asset value, beginning of period | $ | 5.19 | $ | 5.68 | $ | 7.83 | $ | 9.21 | $ | 8.06 | $ | 8.49 | |||||||
Income from investment operations | |||||||||||||||||||
Net investment income (loss) | (0.05) | 2 | (0.07) | 2 | (0.09) | 2 | (0.04) | 2 | 0.07 | 0.08 | |||||||||
Net realized and unrealized gains (losses) on investments | 1.20 | (0.42 | ) | (2.06 | ) | (0.61 | ) | 1.22 | (0.12 | ) | |||||||||
Total from investment operations | 1.15 | (0.49 | ) | (2.15 | ) | (0.65 | ) | 1.29 | (0.04 | ) | |||||||||
Less distributions | |||||||||||||||||||
Dividends from net investment income | — | — | — | (0.02 | ) | (0.10 | ) | (0.08 | ) | ||||||||||
Dividends from net realized gains | — | — | — | (0.71 | ) | (0.04 | ) | (0.31 | ) | ||||||||||
Total distributions | — | — | — | (0.73 | ) | (0.14 | ) | (0.39 | ) | ||||||||||
Change in net asset value | 1.15 | (0.49 | ) | (2.15 | ) | (1.38 | ) | 1.15 | (0.43 | ) | |||||||||
Net asset value, end of period | $ | 6.34 | $ | 5.19 | $ | 5.68 | $ | 7.83 | $ | 9.21 | $ | 8.06 | |||||||
Total return1 | 22.16 | % | (8.63 | %) | (27.46 | %) | (6.58 | %) | 16.26 | % | 0.11 | % | |||||||
Ratios/supplemental data: | |||||||||||||||||||
Ratio of expenses to average net assets: | |||||||||||||||||||
Before expense waivers | 2.19 | % | 2.34 | % | 1.69 | % | 1.07 | % | 0.97 | % | 0.94 | % | |||||||
After expense waivers | 1.50 | % | 1.50 | % | 1.47 | % | 1.07 | % | 0.97 | % | 0.94 | % | |||||||
Ratio of net investment income (loss) to average net assets: | |||||||||||||||||||
Before expense waivers | (2.08 | %) | (2.23 | %) | (1.56 | %) | (0.50 | %) | 0.61 | % | 0.99 | % | |||||||
After expense waivers | (1.39 | %) | (1.39 | %) | (1.33 | %) | (0.50 | %) | 0.61 | % | 0.99 | % | |||||||
Portfolio turnover rate | 56.06 | % | 105.60 | % | 129.32 | % | 210.65 | % | 174.02 | % | 65.98 | % | |||||||
Net assets, end of period (in millions) | $ | 8 | $ | 7 | $ | 10 | $ | 20 | $ | 27 | $ | 38 |
1 | Total return is the percentage increase in value for a period, assuming initial investment at 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. |
2 | Net investment income (loss) per share represents net investment income (loss) divided by the daily average shares of beneficial interest outstanding throughout each period. |
22 | ||
Lindner Investments |
Six Months Ended December 31, 2003 |
| Year Ended June 30 |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| (unaudited) |
|
| 2003 |
|
| 2002 |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||
Net asset value, beginning of period | $ | 6.06 | $ | 5.87 | $ | 6.54 | $ | 6.60 | $ | 5.72 | $ | 5.65 | |||||||
Income from investment operations | |||||||||||||||||||
Net investment income (loss) | (0.05) | 2 | (0.05) | 2 | (0.09) | 2 | 0.30 | 2 | 0.23 | 0.23 | |||||||||
Net realized and unrealized gains (losses) on investments | 0.13 | 0.24 | (0.37 | ) | (0.12 | ) | 0.86 | 0.01 | |||||||||||
Total from investment operations | 0.08 | 0.19 | (0.46 | ) | 0.18 | 1.09 | 0.24 | ||||||||||||
Less distributions | |||||||||||||||||||
Dividends from net investment income | — | — | (0.21 | ) | (0.24 | ) | (0.21 | ) | (0.17 | ) | |||||||||
Dividends from net realized gains | — | — | — | — | — | — | |||||||||||||
Total distributions | — | — | (0.21 | ) | (0.24 | ) | (0.21 | ) | (0.17 | ) | |||||||||
Change in net asset value | 0.08 | 0.19 | (0.67 | ) | (0.06 | ) | 0.88 | 0.07 | |||||||||||
Net asset value, end of period | $ | 6.14 | $ | 6.06 | $ | 5.87 | $ | 6.54 | $ | 6.60 | $ | 5.72 | |||||||
Total return1 | 1.32 | % | 3.24 | % | (7.09 | %) | 2.58 | % | 19.26 | % | 4.29 | % | |||||||
Ratios/supplemental data: | |||||||||||||||||||
Ratio of expenses to average net assets: | |||||||||||||||||||
Before expense waivers | 3.89 | %3 | 4.10 | %3 | 3.28 | %3 | 2.13 | %3 | 1.93 | % | 1.45 | % | |||||||
After expense waivers | 3.84 | %4 | 3.93 | %4 | 3.28 | % | 2.13 | % | 1.93 | % | 1.45 | % | |||||||
Ratio of net investment income (loss) to average net assets: | |||||||||||||||||||
Before expense waivers | (1.99 | %)5 | (1.02 | %)5 | (1.47 | %)5 | 4.46 | %5 | 3.71 | % | 3.46 | % | |||||||
After expense waivers | (1.94 | %)6 | (0.85 | %)6 | (1.47 | %) | 4.46 | % | 3.71 | % | 3.46 | % | |||||||
Portfolio turnover rate | 76.19 | % | 187.39 | % | 247.83 | % | 497.77 | % | 817.43 | % | 104.92 | % | |||||||
Net assets, end of period (in millions) | $ | 11 | $ | 8 | $ | 8 | $ | 15 | $ | 22 | $ | 18 |
1 | Total return is the percentage increase in value for a period, assuming initial investment at 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. |
2 | Net investment income (loss) per share represents net investment income (loss) divided by the daily average shares of beneficial interest outstanding throughout each period. Net investment income before dividends on short positions for the periods ended December 31, 2003, June 30, 2003, June 30, 2002 and June 30, 2001 were ($0.01), $0.05, ($0.01) and $0.35, respectively. |
3 | The operating expense ratio before expense waivers includes dividends on short positions. The ratios excluding dividends on short positions for the periods ended December 31, 2003, June 30, 2003, June 30, 2002 and June 30, 2001 were 2.20%, 2.35%, 1.99% and 1.31%, respectively. |
4 | The operating expense ratio after expense waivers includes dividends on short positions. The ratio excluding dividends on short positions for the periods ended December 31, 2003 and June 30, 2003, were 2.14% and 2.18%. |
5 | The net investment income ratio before expense waivers includes dividends on short positions. The ratios excluding dividends on short positions for the periods ended December 31, 2003, June 30, 2003, June 30, 2002 and June 30, 2001 were (0.30%), 0.73%, (0.18%) and 5.28%, respectively. |
6 | The net investment income ratio after expense waivers includes dividends on short positions. The ratio excluding dividends on short positions for the periods ended December 31, 2003 and June 30, 2003, were (0.25%) and 0.90%. |
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24 | ||
LINDNER INVESTMENTS 520 Lake Cook Road, Suite 381 Deerfield, Illinois 60015 TEL: 800-995-7777 Website: www.lindnerfunds.com Email: lindnerfunds@usbank.com BOARD OF TRUSTEES Robert L. Byman Terence P. Fitzgerald Marc P. Hartstein Peter S. Horos Donald J. Murphy Dennis P. NashEric E. Ryback Doug T. Valassis INVESTMENT ADVISER Lindner Asset Management, Inc. CUSTODIAN U.S. Bank, N.A. COUNSEL Dykema Gossett PLLC TRANSFER AGENT U.S. Bancorp Fund Services, LLC DISTRIBUTOR Quasar Distributors, LLC INDEPENDENT AUDITORS Deloitte & Touche LLP | ||
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25 | ||
Item 2. Code of Ethics.
- Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of a date within 90 days prior to the filing of this report, the registrant’s principal executive officer and principal financial officer determined that the registrant’s disclosure controls and procedures are appropriately designed to ensure that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
- There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect the registrant’s internal controls subsequent to the date of the most recent evaluation as indicated, including no significant deficiencies or material weaknesses that required corrective action.
- (1) Any code of ethics or amendment thereto. Not applicable for semi-annual reports.
(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
- Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.