LOU HOLLAND
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GROWTH FUND
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LETTER TO SHAREHOLDERS AUGUST 1996
Dear Shareholder:
Thank you for your subscription to the Lou Holland Growth Fund. We are
dedicated to achieving superior long-term performance and high quality
service.
The Lou Holland Growth Fund primarily invests in common stocks of medium and
large growth companies, with the receipt of dividend income as a secondary
consideration. Our focus is on companies whose earnings are growing faster
than the general market that can be purchased at a reasonable price or
valuation. While the Fund has only been in existence for two months, it is
appropriate to review the stock market over the last 18 months and make a few
comments regarding our views for the remainder of the year.
The U.S. equity markets began 1996 with a strong advance reflecting investors'
favorable expectations of lower interest rates. As the quarter progressed,
however, fears of rising inflation and a stronger than expected economy caused
interest rates to rise by more than 1% from their late January-early February
lows, creating a volatile stock market with considerable rotation among
sectors.
During the first half of 1996, smaller stocks dramatically outperformed larger
stocks until the end of the 2nd quarter when the smaller capitalization
stocks' superior performance narrowed to less than 1%. This is a sharp
contrast with 1995 when the 1000 largest stocks outperformed the next 2000
largest stocks by over 8%.
Since early February, the stock market has traded within a 6-8% trading range
interrupted only by a DJIA 160 point intra-day loss on July 16th. The major
market averages declined 10% and the secondary or more speculative stock
indexes were down 15-20% from their May peaks as the market experienced its
worst decline since early 1994. While this correction might be blamed on
weaker than expected 2nd quarter earnings or fear of a Federal Reserve Board
interest rate increase, our view is that the real cause was excess optimism
and speculative activity that developed after an almost 50% advance in the
major market averages over the last 18 months. While there have been some
disappointing earnings announcements, the majority of 2nd quarter earnings
reports have been better than expectations. The stock market has rallied
sharply since mid-July with the large capitalization stocks recouping 75-80%
of their losses and smaller stocks recovering only 40-50%.
<PAGE>
LOU HOLLAND
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GROWTH FUND
We continue to be optimistic about the U.S. stock market. However, we are
concerned about the lack of progress the market has made since early February
with record inflows into equity mutual funds. We expect more volatility in the
months ahead as views change regarding the strength or weakness of the economy
and its impact on corporate earnings and interest rates. However, we want to
reaffirm our long-term bullish outlook for common stocks even though investors
will have to reduce their expectations from the high rates of return achieved
during the decade of the 1980's.
Sincerely,
/s/Louis A. Holland
Louis A. Holland
President
CHART:
LOU HOLLAND GROWTH FUND'S TOTAL RETURN VS. THE S&P 500
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Date Growth Fund S&P 500
4/29/96 $10,000 $10,000
5/31/96 10,420 10,258
6/30/96 10,520 10,296
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FOR THE PERIOD ENDING JUNE 30, 1996
CUMULATIVE SINCE
COMMENCEMENT OF OPERATIONS
Growth Fund 5.20%
S&P 500 2.96%
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THE S&P 500 STOCK INDEX IS AN UNMANAGED BUT COMMONLY USED MEASURE OF COMMON
STOCK TOTAL RETURN PERFORMANCE. THIS CHART ASSUMES AN INITIAL GROSS
INVESTMENT OF $10,000 MADE ON 4/29/96 (COMMENCEMENT OF OPERATIONS). RETURNS
SHOWN INCLUDE THE REINVESTMENT OF ALL DIVIDENDS. PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE PERFORMANCE. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE, SO THAT YOUR SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN THE ORIGINAL COST.
<PAGE>
<TABLE>
<CAPTION>
LOU HOLLAND
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GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
(UNAUDITED)
<S> <C>
ASSETS:
Investments, at value
(cost $2,259,890) $2,348,923
Cash 114
Receivable for investments sold 20,668
Deferred organization charges 75,534
Dividends receivable 1,947
Interest receivable 291
Other assets 6,919
----------
Total Assets 2,454,396
----------
LIABILITIES:
Payable for securities purchased 113,885
Payable to adviser 69,052
Accrued expenses and other
liabilities 17,456
----------
Total Liabilities 200,393
----------
NET ASSETS $2,254,003
==========
NET ASSETS CONSIST OF:
Capital stock $2,158,198
Accumulated undistributed
net investment income 4,085
Accumulated undistributed net
realized gains on investments 2,687
Net unrealized appreciation
on investments 89,033
----------
Total Net Assets $2,254,003
==========
Shares outstanding 214,317
Net Asset Value, Redemption
Price and Offering Price
Per Share $10.52
==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
APRIL 29, 1996 (1) THROUGH JUNE 30, 1996
(UNAUDITED)
<S> <C>
INVESTMENT INCOME:
Dividend income $ 4,548
Interest income 938
--------
Total investment income 5,486
--------
EXPENSES:
Investment advisory fee 2,509
Administration fee 4,250
Shareholder servicing and
accounting costs 7,183
Custody fees 425
Federal and state registration 2,616
Professional fees 2,028
Amortization of deferred
organization charges 2,655
Reports to shareholders 1,667
Trustees' fees and expenses 1,050
Other 1,320
--------
Total expenses before
reimbursement 25,703
Less: Reimbursement from
Adviser (21,647)
--------
Net Expenses 4,056
--------
NET INVESTMENT INCOME 1,430
--------
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
Net realized gain on investments 2,687
Change in unrealized appreciation
on investments 89,033
--------
Net realized and unrealized gain
on investments 91,720
--------
NET INCREASE IN NET
ASSETS RESULTING FROM
OPERATIONS $ 93,150
========
<FN>
(1) Commencement of operations.
See notes to the financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
LOU HOLLAND
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GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
APRIL 29, 1996 (1) THROUGH JUNE 30, 1996
(UNAUDITED)
<S> <C>
OPERATIONS:
Net investment income $ 1,430
Net realized gain on investments 2,687
Change in unrealized
appreciation on investments 89,033
----------
Net increase in net assets
from operations 93,150
----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 2,160,923
Cost of shares redeemed (70)
----------
Net increase in net assets from
capital share transactions 2,160,853
----------
TOTAL INCREASE IN
NET ASSETS 2,254,003
----------
NET ASSETS:
Beginning of period 0
----------
End of period (including
undistributed net investment
income of $4,085) $2,254,003
==========
<FN>
(1) Commencement of operations.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
(UNAUDITED)
APRIL 29, 1996 (1)
THROUGH
JUNE 30, 1996
------------
<S> <C>
Per Share Data:
Net asset value, beginning
of period $10.00
------
Income from investment
operation:
Net investment income 0.02
Net realized and unrealized
gains on investments 0.50
------
Total from investment
operations 0.52
------
Net asset value, end of period $10.52
======
Total return (2) 5.20%
Supplemental data and ratios:
Net assets, end of period $2,254,003
Ratio of expenses to average
net assets (3) 1.35%
Ratio of net investment
income to average net
assets (3) 0.48%
Portfolio turnover rate 4.81%
Average commission rate
paid $0.0600
<FN>
(1) Commencement of operations.
(2) Not annualized for the period April 29, 1996 through June 30, 1996.
(3) Annualized for the period April 29, 1996 through June 30, 1996. Without
expense waivers of $21,647 for the period April 29, 1996 through June 30,
1996, the ratio of expenses to average net assets would have been 8.56%
and the ratio of net investment income (loss) to average net assets would
have been (6.73)%.
See notes to the financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
LOU HOLLAND
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GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 1996
(UNAUDITED)
NUMBER MARKET
OF SHARES VALUE
--------- --------
<S> <C> <C>
COMMON STOCKS - 100.0%
AUTO & TRANSPORTATION - 1.1%
550 Magna International, Inc. $ 25,300
--------
CONSUMER DISCRETIONARY - 15.8%
350 American Management
Systems, Inc. # 10,238
1,175 Carnival Corporation 33,928
900 CUC International, Inc. # 31,950
275 Walt Disney Company 17,291
1,050 Home Depot, Inc. 56,700
250 Interpublic Group of
Companies, Inc. 11,719
700 Kohls Corporation # 25,638
925 Lowe's Companies, Inc. 33,416
775 Service Corporation
International 44,562
1,025 Viking Office Products, Inc. # 32,159
1,075 Wal-Mart Stores, Inc. 27,278
1,650 Wendys International, Inc. 30,731
--------
355,610
--------
CONSUMER STAPLES - 11.4%
800 Albertson's, Inc. 33,100
450 Coca-Cola Company 21,994
375 Colgate-Palmolive Company 31,781
1,375 Eckerd Corporation # 31,109
725 Gillette Company 45,222
1,125 PepsiCo, Inc. 39,797
225 Proctor & Gamble Company 20,391
1,025 Walgreen Company 34,337
--------
257,731
--------
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
--------- --------
<S> <C> <C>
FINANCIAL SERVICES - 16.1%
400 American International
Group, Inc. $ 39,450
975 Automatic Data Processing, Inc. 37,659
425 Citicorp 35,116
325 Concord EFS, Inc. # 11,538
225 Federal Home Loan Mortgage
Corporation 19,238
1,050 Federal National Mortgage
Association 35,175
650 First Commerce Corporation 22,994
575 First Data Corporation 45,784
400 MBIA, Inc. 31,150
275 J.P. Morgan & Company
Incorporated 23,272
825 Norwest Corporation 28,772
450 Reuters Holdings PLC ADR 32,625
--------
362,773
--------
HEALTH CARE - 17.0%
500 Abbott Laboratories 21,750
600 Elan Corporation PLC ADR # 34,275
1,125 Johnson & Johnson 55,688
350 Eli Lilly & Company 22,750
400 Medtronic, Inc. 22,400
775 Merck & Co., Inc. 50,084
700 Nellcor Puritan Bennett, Inc. # 33,950
600 Pfizer, Inc. 42,825
775 Pharmacia & Upjohn, Inc. 34,391
450 Schering-Plough Corporation 28,237
450 Smithkline Beecham PLC ADR 24,469
200 Warner-Lambert Company 11,000
--------
381,819
--------
See notes to the financial statements.
<PAGE>
<CAPTION>
LOU HOLLAND
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GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 1996
(UNAUDITED)
NUMBER MARKET
OF SHARES VALUE
--------- --------
<S> <C> <C>
INTEGRATED OILS - 4.2%
325 Amoco Corporation $ 23,522
875 Enron Corporation 35,766
100 Mobil Corporation 11,213
150 Royal Dutch Petroleum
Company ADR 23,062
--------
93,563
--------
MATERIALS & PROCESSING - 4.2%
500 Fluor Corporation 32,688
1,150 Jacobs Engineering Group, Inc. # 30,331
700 Valspar Corporation 32,200
--------
95,219
--------
OTHER - 4.2%
1,300 Federal Signal Corporation 30,550
750 General Electric Company 64,875
--------
95,425
--------
OTHER ENERGY - 0.4%
300 Input/Output, Inc. # 9,712
--------
PRODUCER DURABLES - 3.4%
250 Boeing Company 21,781
450 Grainger (W.W.), Inc. 34,875
500 Idex Corporation 19,000
--------
75,656
--------
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
--------- --------
TECHNOLOGY - 17.1%
775 CISCO Systems, Inc. # $ 43,884
350 Computer Associates
International, Inc. 24,938
425 Digital Equipment
Corporation # 19,125
1,200 Telefonaktiebolaget LM
Ericsson ADR 25,800
350 Hewlett-Packard Company 34,869
700 Intel Corporation 51,406
575 Linear Technology
Corporation 17,250
700 Loral Space &
Communications # 9,537
950 LSI Logic Corporation # 24,700
275 Microsoft Corporation # 33,034
550 Motorola, Inc. 34,581
1,250 Oracle Corporation # 49,297
375 3Com Corporation # 17,156
-----------
385,577
-----------
UTILITIES - 5.1%
325 AT&T Corporation 20,150
700 Frontier Corporation 21,437
675 GTE Corporation 30,206
725 MCI Communications
Corporation 18,578
450 WorldCom, Inc. # 24,919
-----------
115,290
-----------
Total common stocks
(cost $2,164,642) 2,253,675
-----------
See notes to the financial statements.
<PAGE>
<CAPTION>
LOU HOLLAND
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GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 1996
(UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
--------- --------
<S> <C> <C>
SHORT-TERM INVESTMENTS - 4.2%
VARIABLE RATE DEMAND
NOTES* - 4.2%
$83,151 Southwestern Bell
Corporation, 5.1239% $ 83,151
12,097 Wisconsin Electric Power Co.,
5.1852% 12,097
-----------
Total variable rate demand
notes (cost $95,248) 95,248
-----------
Total investments - 104.2%
(cost $2,259,890) 2,348,923
-----------
Liabilities, less other
assets - (4.2)% (94,920)
-----------
TOTAL NET ASSETS - 100% $2,254,003
===========
<FN>
# Non-income producing security.
* Variable rate demand notes are considered short-term obligations and
are payable on demand. Interest rates change periodically on specified dates.
The rates listed are as of June 30, 1996.
See notes to the financial statements.
</FN>
</TABLE>
<PAGE>
LOU HOLLAND
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GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
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1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Lou Holland Trust (the "Trust") was organized on December 20, 1995, as a
Delaware business trust and is registered as a no-load, open-end diversified
management investment company under the Investment Company Act of 1940 (the
"1940 Act"). The Trust is organized as a series company and currently consists
of one series, the Growth Fund (the "Fund"). The principle investment
objective of the Fund is to seek long-term growth of capital by investing
primarily in common stocks of growth companies, with the receipt of dividend
income as a secondary consideration. The Fund commenced operations on April
29, 1996.
The costs incurred in connection with the organization, initial registration
and public offering of shares, aggregating $78,189, have been paid by Holland
Capital Management, L.P. (the "Investment Manager"). These costs are being
amortized over the period of benefit, but not to exceed sixty months from the
Fund's commencement of operations.
The following is a summary of significant accounting policies consistently
followed by the Fund.
a) Investment Valuation - Common stocks and other equity-type securities that
are listed on a securities exchange are valued at the last quoted sales price
on the day the valuation is made. Price information on listed stocks is taken
from the exchange where the security is primarily traded. Securities which are
listed on an exchange but which are not traded on the valuation date are
valued at the most recent bid prices. Unlisted securities for which market
quotations are readily available are valued at the latest quoted bid price.
Debt securities are valued at the latest bid prices furnished by independent
pricing services. Other assets and securities for which no quotations are
readily available are valued at fair value as determined in good faith by the
Investment Manager under the supervision of the Board of Trustees. Short-term
instruments (those with remaining maturities of 60 days or less) are valued at
amortized cost, which approximates market.
b) Federal Income Taxes - No provision for federal income taxes has been made
since the Fund intends to comply with the provisions of the Internal Revenue
Code available to regulated investment companies in the current and future
years.
c) Distributions to Shareholders - Dividends from net investment income and
distributions of net realized capital gains, if any, will be declared and paid
at least annually.
<PAGE>
LOU HOLLAND
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GROWTH FUND
d) Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
e) Other - Investment and shareholder transactions are recorded no later than
the first business day after the trade date. The Fund determines the gain or
loss realized from the investment transactions by comparing the original cost
of the security lot sold with the net sales proceeds. Dividend income is
recognized on the ex-divided date or as soon as information is available to
the Fund, and interest income is recognized on an accrual basis. Generally
accepted accounting principles require that permanent financial reporting and
tax differences be reclassified to capital stock.
- ------------------------------------------------------------------------------
2. CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Fund for the period April 29, 1996 through
June 30, 1996 were as follows:
Shares sold 214,324
Shares redeemed (7)
-------
Net increase 214,317
=======
- ------------------------------------------------------------------------------
3. INVESTMENT TRANSACTIONS
The aggregate purchases and sales of investments, excluding short-term
investments, by the Fund for the period April 29, 1996 through June 30, 1996,
were $2,228,048 and $66,111, respectively.
At June 30, 1996, gross unrealized appreciation and depreciation of
investments for tax purposes were as follows:
Appreciation $ 386,190
(Depreciation) (52,194)
---------
Net appreciation on investments $ 333,996
==========
<PAGE>
LOU HOLLAND
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GROWTH FUND
At the close of business on May 2, 1996, the partners of The Holland Fund,
L.P. transferred their assets to the Fund. As a result of the tax-free
transfer the Fund acquired $248,016 of unrealized appreciation for tax
purposes. As of June 30, 1996, the Fund realized $3,054 of the appreciation.
At June 30, 1996, the cost of investments for federal income tax purposes was
$2,014,927.
- ------------------------------------------------------------------------------
4. AGREEMENTS
The Fund has entered into an Investment Management and Administration
Agreement with Holland Capital Management, L.P. Pursuant to its management
agreement with the Fund, the Investment Manager is entitled to receive a fee,
calculated daily and payable monthly, at the annual rate of 0.85% as applied
to the Fund's daily net assets up to $500 million. The fee declines at
specified breakpoints as assets increase.
The Investment Manager voluntarily agrees to reimburse its management fee and
other expenses to the extent that total operating expenses (exclusive of
interest, taxes, brokerage commissions and other costs incurred in connection
with the purchase or sale of portfolio securities, and extraordinary items)
exceed the annual rate of 1.35% of the net assets of the Fund, computed on a
daily basis. This voluntary reimbursement shall be in effect for a period of
one year from the Fund's commencement of operations and may be terminated
thereafter under the approval of the Board of Trustees.
HCM Investments, Inc. serves as principal underwriter and the Distributor of
the shares of the Fund pursuant to a Distribution Agreement between the
Distributor and the Trust. The Distributor is an affiliate of the Investment
Manager. The Fund's shares are sold on a no-load basis and, therefore, the
Distributor receives no sales commission or sales load for providing services
to the Fund. The Fund has not currently entered into any plan or agreement for
the payment of fees pursuant to Rule 12b-1 under the 1940 Act.
Firstar Trust Company, a subsidiary of Firstar Corporation, a publicly held
bank holding company, serves as custodian, transfer agent, administrator and
accounting services agent for the Fund.
<PAGE>
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TRUSTEES AND OFFICERS
LOUIS A. HOLLAND, President, Trustee, and
Chairman of the Board of Trustees
Managing Partner and Chief Investment Officer, Holland Capital Management,
L.P. and President, Treasurer, and Director, HCM Investments, Inc.
MONICA L. WALKER, Secretary and Trustee
Portfolio Manager, Holland Capital Management, L.P.
Vice President, HCM Investments, Inc.
LAURA J. JANUS, Treasurer
Portfolio Manager, Holland Capital Management, L.P.
Vice President, HCM Investments, Inc.
LESTER H. MCKEEVER, JR., Trustee
Managing Partner, Washington, Pittman & McKeever
Certified Public Accountants & Management Consultants
KENNETH R. MEYER, Trustee
Executive Vice President and Managing Director
Lincoln Capital Management Company
JOHN D. MABIE, Trustee
President, Mid-Continent Capital
MANAGER
Holland Capital Management, L.P.
35 West Wacker Drive, Suite 3260
Chicago, IL 60601
Telephone (312) 553-1000
CUSTODIAN AND TRANSFER AGENT
Firstar Trust Company
Mutual Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701
Telephone (800) 295-9779
INDEPENDENT AUDITOR
Deloitte &Touche L L P
Chicago, IL
LEGAL COUNSEL
Katten Muchin & Zavis
Washington, D.C.
LOU HOLLAND
GROWTH FUND
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SEMI-ANNUAL REPORT
June 30, 1996
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007097
<NAME> THE LOU HOLLAND TRUST
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-29-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 2,259,890
<INVESTMENTS-AT-VALUE> 2,348,923
<RECEIVABLES> 22,906
<ASSETS-OTHER> 82,567
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,454,396
<PAYABLE-FOR-SECURITIES> 113,885
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86,508
<TOTAL-LIABILITIES> 200,393
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,158,198
<SHARES-COMMON-STOCK> 214,317
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,085
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,687
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 89,033
<NET-ASSETS> 2,254,003
<DIVIDEND-INCOME> 4,548
<INTEREST-INCOME> 938
<OTHER-INCOME> 0
<EXPENSES-NET> 4,056
<NET-INVESTMENT-INCOME> 1,430
<REALIZED-GAINS-CURRENT> 2,687
<APPREC-INCREASE-CURRENT> 89,033
<NET-CHANGE-FROM-OPS> 93,150
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 214,324
<NUMBER-OF-SHARES-REDEEMED> 7
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,254,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,509
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,703
<AVERAGE-NET-ASSETS> 1,772,590
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.50
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
