<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000947441
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 HOLLAND SERIES FUND, INC.
001 B000000 811-9060
001 C000000 2124862002
002 A000000 375 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10152
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 HOLLAND BALANCED FUND
007 C030100 N
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
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
020 A000001 PAINE WEBBER, INC.
020 B000001 13-2638166
020 C000001 1
020 A000002 J.P. MORGAN SECURITIES
020 B000002 13-3224016
020 C000002 3
020 C000003 0
<PAGE> PAGE 2
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 4
022 A000001 INVESTORS BANK & TRUST COMPANY
022 B000001 04-2447211
022 C000001 129332
022 D000001 0
022 A000002 PRUDENTIAL SECURITIES
022 B000002 23-2347336
022 C000002 86930
022 D000002 0
022 A000003 J.P. MORGAN SECURITIES
022 B000003 13-3224016
022 C000003 1430
022 D000003 204
022 A000004 PAINE WEBBER
022 B000004 13-2638166
022 C000004 300
022 D000004 0
022 C000005 0
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022 C000006 0
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022 C000007 0
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022 C000008 0
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022 C000009 0
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022 C000010 0
022 D000010 0
023 C000000 217992
023 D000000 204
026 A000000 N
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026 C000000 N
026 D000000 Y
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026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
077 Q010000 Y
<PAGE> PAGE 3
077 Q020000 N
077 Q030000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
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008 A000101 HOLLAND & CO. L.L.C.
008 B000101 A
008 C000101 801-43969
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10152
010 A000101 AMT CAPITAL SERVICES, INC.
010 B000101 8-47718
010 C010101 NEW YORK
010 C020101 NY
010 C030101 10020
011 A000101 AMT CAPITAL SERVICES, INC.
011 B000101 8-47718
011 C010101 NEW YORK
011 C020101 NY
011 C030101 10020
012 A000101 UNIFIED ADVISERS, INC
012 B000101 84-45869
012 C010101 INDIANAPOLIS
012 C020101 IN
012 C030101 46206
012 C040101 6110
013 A000101 PRICE WATERHOUSE
013 B010101 NEW YORK
<PAGE> PAGE 4
013 B020101 NY
013 B030101 10036
014 A000101 AMT CAPITAL SERVICES, INC.
014 B000101 8-44718
015 A000101 INVESTORS BANK & TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02205
015 C040101 1537
015 E040101 X
018 000100 Y
019 A000100 N
019 B000100 0
024 000100 N
025 D000101 0
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<PAGE> PAGE 5
028 H000100 0
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030 C000100 0.00
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034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
041 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
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045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
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048 C010100 0
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<PAGE> PAGE 6
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 N
054 K000100 Y
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
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062 H000100 0.0
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062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
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062 O000100 0.0
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062 Q000100 0.0
062 R000100 0.0
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<PAGE> PAGE 7
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 4977
071 B000100 204
071 C000100 4045
<PAGE> PAGE 8
071 D000100 5
072 A000100 12
072 B000100 115
072 C000100 82
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072 G000100 25
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072 J000100 12
072 K000100 4
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072 M000100 12
072 N000100 2
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074 C000100 0
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<PAGE> PAGE 9
074 N000100 7637
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080 A000100 VIGILANT INSURANCE COMPANY
080 C000100 250
081 A000100 N
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082 B000100 10
083 A000100 N
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084 A000100 N
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SIGNATURE BHOGE RAMKUMAR
TITLE SYSTEMS ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> HOLLAND BALANCED FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 6,773
<INVESTMENTS-AT-VALUE> 7,311
<RECEIVABLES> 174
<ASSETS-OTHER> 152
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,637
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31
<TOTAL-LIABILITIES> 31
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,025
<SHARES-COMMON-STOCK> 668
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 43
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 538
<NET-ASSETS> 7,606
<DIVIDEND-INCOME> 82
<INTEREST-INCOME> 115
<OTHER-INCOME> 0
<EXPENSES-NET> 76
<NET-INVESTMENT-INCOME> 121
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 538
<NET-CHANGE-FROM-OPS> 659
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 78
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 691
<NUMBER-OF-SHARES-REDEEMED> 30
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 7,606
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 245
<AVERAGE-NET-ASSETS> 5,110
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 1.33
<PER-SHARE-DIVIDEND> .17
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.39
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Item 77B - Accountant's report on internal control
November 4, 1996
To the Board of Directors of
Holland Balanced Fund, Inc.
In planning and performing our audit of the financial statements of Holland
Balanced Fund, Inc. (the "Fund"), for the period October 2, 1995 (commencement
of operations) through September 30, 1996, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our opinion
on the financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of September 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
