<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0001007097
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000 F000000 Y
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000 I000000 6.1
000 J000000 A
001 A000000 THE LOU HOLLAND TRUST
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002 B000000 CHICAGO
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002 D010000 60601
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020 A000001 LEHMAN BROTHERS INC
020 C000001 2
020 A000002 NED DAVIS
020 C000002 2
020 A000003 GOLDMAN SACHS
020 C000003 1
020 A000004 DONALSON LUFKIN JEN/PERSHING
020 C000004 1
020 A000005 ISI GROUP INC
020 C000005 1
020 A000006 MELVIN SECURITIES
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020 A000007 BLAIR WILLIAMS & COMPANY
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020 A000008 WILLIAM O'NEIL & CO
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE FREDDIE G. JACOBS JR.
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007097
<NAME> THE LOU HOLLAND GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 6,865,902
<INVESTMENTS-AT-VALUE> 11,086,987
<RECEIVABLES> 328,765
<ASSETS-OTHER> 12,866
<OTHER-ITEMS-ASSETS> 10,631
<TOTAL-ASSETS> 11,439,249
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 267,589
<TOTAL-LIABILITIES> 267,589
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,857,535
<SHARES-COMMON-STOCK> 535,245
<SHARES-COMMON-PRIOR> 475,504
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 11,171,660
<DIVIDEND-INCOME> 88,021
<INTEREST-INCOME> 31,968
<OTHER-INCOME> 0
<EXPENSES-NET> 136,563
<NET-INVESTMENT-INCOME> (16,574)
<REALIZED-GAINS-CURRENT> 90,771
<APPREC-INCREASE-CURRENT> 864,957
<NET-CHANGE-FROM-OPS> 939,154
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (37,974)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 161,143
<NUMBER-OF-SHARES-REDEEMED> (103,224)
<SHARES-REINVESTED> 1,822
<NET-CHANGE-IN-ASSETS> 2,036,757
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 19.21
<PER-SHARE-NII> (0.03)
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</TABLE>
INDEPENDENT AUDITORS' REPORT
The Shareholders and Board of Trustees of
Lou Holland Trust:
In planning and performing our audit of the financial statements of the Lou
Holland Growth Fund (the "Fund") for the year ended December 31, 1999, 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, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of the Fund, and the Securities and Exchange Commission.
KPMG LLP
Chicago, Illinois
February 4, 2000
