<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0001007097
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE LOU HOLLAND TRUST
001 B000000 811-7533
001 C000000 4142873651
002 A000000 615 EAST MICHIGAN STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 HOLLAND CAPITAL MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-38709
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60601
010 A000001 FIRSTAR MUTUAL FUND SERVICES LLC
010 B000001 85-11357
010 C010001 MILWAUKEE
010 C020001 WI
010 C030001 53202
011 A000001 HCM INVESTMENTS, INC.
011 B000001 8-43520
011 C010001 CHICAGO
011 C020001 IL
011 C030001 60601
012 A000001 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B000001 85-11357
012 C010001 MILWAUKEE
<PAGE> PAGE 2
012 C020001 WI
012 C030001 53202
013 A000001 KPMG
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60601
014 A000001 HCM INVESTMENTS, INC.
014 B000001 8-43520
015 A000001 FIRSTAR BANK MILWAUKEE, NA
015 B000001 C
015 C010001 MILWAUKEE
015 C020001 WI
015 C030001 53202
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 GOLDMAN SACHS
020 C000001 1
020 A000002 LEHMAN BROTHERS INC
020 C000002 1
020 A000003 DONALDSON LUFKIN JEN/PERSHING
020 C000003 0
020 A000004 ISI GROUP INC
020 C000004 0
020 A000005 CHICAGO CORPORATION
020 C000005 0
020 A000006 BLAIR WILLIAM & COMPANY
020 C000006 0
020 A000007 NED DAVIS
020 C000007 0
020 A000008 MELVIN SECURITIES
020 C000008 0
020 A000009 SESLIA SECURITIES
020 C000009 0
020 A000010 BEREAN CAPITAL INC.
020 C000010 0
021 000000 5
022 A000001 LEHMAN BROTHERS INC
022 C000001 229
022 D000001 234
022 A000002 GOLDMAN SACHS
022 C000002 255
022 D000002 34
022 A000003 DONALDSON LUFKIN JEN/PERSHING
022 C000003 62
022 D000003 138
022 A000004 BLAIR WILLIAM & COMPANY
022 C000004 0
022 D000004 57
022 A000005 MERRILL LYNCH
<PAGE> PAGE 3
022 C000005 0
022 D000005 43
022 A000006 SALOMON BROTHERS
022 C000006 10
022 D000006 30
022 A000007 ABN AMRO SECURITIES
022 C000007 0
022 D000007 38
022 A000008 CHICAGO CORPORATION
022 C000008 5
022 D000008 22
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 561
023 D000000 596
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 93
028 A020000 0
028 A030000 0
028 A040000 9
028 B010000 147
028 B020000 0
028 B030000 0
028 B040000 62
028 C010000 82
028 C020000 0
028 C030000 0
028 C040000 418
028 D010000 52
028 D020000 0
028 D030000 0
<PAGE> PAGE 4
028 D040000 33
028 E010000 335
028 E020000 0
028 E030000 0
028 E040000 35
028 F010000 502
028 F020000 19
028 F030000 0
028 F040000 20
028 G010000 1211
028 G020000 19
028 G030000 0
028 G040000 577
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 500000
048 A020000 0.850
048 B010000 500000
048 B020000 0.750
048 C010000 0
048 C020000 0.000
048 D010000 0
<PAGE> PAGE 5
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 1000000
048 K020000 0.650
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
<PAGE> PAGE 6
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
<PAGE> PAGE 7
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 3210
071 B000000 2139
071 C000000 6514
071 D000000 33
072 A000000 12
072 B000000 18
072 C000000 68
072 D000000 0
072 E000000 0
072 F000000 59
072 G000000 27
072 H000000 0
072 I000000 49
072 J000000 4
072 K000000 0
072 L000000 11
072 M000000 0
072 N000000 5
072 O000000 0
072 P000000 0
072 Q000000 6
072 R000000 9
072 S000000 2
072 T000000 0
072 U000000 15
072 V000000 0
072 W000000 9
072 X000000 196
072 Y000000 103
072 Z000000 -8
072AA000000 334
072BB000000 276
072CC010000 3356
072CC020000 0
072DD010000 2756
072DD020000 0
072EE000000 15843
073 A010000 0.0058
073 A020000 0.0000
073 B000000 0.0334
<PAGE> PAGE 8
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 943
074 D000000 0
074 E000000 0
074 F000000 8419
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 8
074 K000000 0
074 L000000 10
074 M000000 41
074 N000000 9421
074 O000000 251
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 35
074 S000000 0
074 T000000 9135
074 U010000 476
074 U020000 0
074 V010000 19.21
074 V020000 0.00
074 W000000 0.0000
074 X000000 162
074 Y000000 0
075 A000000 0
075 B000000 7058
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 Y
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
<PAGE> PAGE 9
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 GULF INSURANCE
080 C000000 200
081 A000000 N
081 B000000 0
082 A000000 Y
082 B000000 5
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE MONICA WALKER
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007097
<NAME> THE LOU HOLLAND TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 6,006,207
<INVESTMENTS-AT-VALUE> 9,362,335
<RECEIVABLES> 17,990
<ASSETS-OTHER> 35,673
<OTHER-ITEMS-ASSETS> 4,587
<TOTAL-ASSETS> 9,420,585
<PAYABLE-FOR-SECURITIES> 250,908
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,774
<TOTAL-LIABILITIES> 285,682
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,745,033
<SHARES-COMMON-STOCK> 475,504
<SHARES-COMMON-PRIOR> 442,363
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,356,128
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,356,128
<NET-ASSETS> 9,134,903
<DIVIDEND-INCOME> 67,858
<INTEREST-INCOME> 17,784
<OTHER-INCOME> 0
<EXPENSES-NET> 93,315
<NET-INVESTMENT-INCOME> (7,673)
<REALIZED-GAINS-CURRENT> 57,854
<APPREC-INCREASE-CURRENT> 2,077,211
<NET-CHANGE-FROM-OPS> 2,127,392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,756)
<DISTRIBUTIONS-OF-GAINS> (15,843)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 157,598
<NUMBER-OF-SHARES-REDEEMED> (56,762)
<SHARES-REINVESTED> 967
<NET-CHANGE-IN-ASSETS> 3,834,987
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196,416
<AVERAGE-NET-ASSETS> 6,444,168
<PER-SHARE-NAV-BEGIN> 14.18
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 5.09
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.21
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Independent Auditors' Report on Internal Accounting Control
The Shareholders and Board of Trustees
of the Lou Holland Growth Fund:
In planning and performing our audit of the financial statements of the Lou
Holland Growth Fund (the Fund) for the year ended December 31, 1998, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control. The
management of the Fund is responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition. Because of inherent limitations
in internal control, error or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate. Our consideration
of internal control would not necessarily disclose all matters in internal
control that might be material weakness under standards established by the
American Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31, 1998. This report
is intended solely for the information and use of management, the Board of
Trustees and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
Chicago, Illinois
February 12, 1999
SUB-ITEM 77K
Disclosure required by Regulation Section 229.304 Item(a)(2) Engagement of New
Certifying Accountants. Effective December 31, 1997, and ratified on August 27,
1998, the Board of Trustees, meeting in person, terminated Deloitte and Touche
LLP and appointed KPMG LLP as the Funds principal independent accountants for
the fiscal year ended December 31, 1998. At no time during the Funds two most
recent fiscal years nor any subsequent interim period prior to engaging KPMG LLP
did the Fund (or someone on its behalf) consult KPMG LLP regarding the
application of accounting principles, the type of opinion KPMG LLP would issue
on the Funds financial statements, or any other significant matter. Nor was
there any matter that was either the subject of a disagreement (as defined by
Regulation Section 229.304 (a)(1)(iv)) between Fund management and Deloitte and
Touche LLP prior to their termination nor a reportable event (as described in
Regulation Section 229.304(a)(1)(v)).
