<PAGE> 1
HOLLAND BALANCED FUND
Semi-Annual Report
March 31, 2000 (Unaudited)
<PAGE> 2
------------------------------------------------
<TABLE>
<S> <C>
CONTENTS
Letter from the President.................... 1
Cumulative Performance....................... 2
Management Discussion of Fund Performance and
Notes to Performance....................... 3
Statement of Net Assets...................... 4
Statement of Operations...................... 7
Statements of Changes in Net Assets.......... 8
Financial Highlights......................... 9
Notes to Financial Statements................ 10
</TABLE>
<PAGE> 3
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - LETTER FROM THE PRESIDENT
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
PICTURE
Dear Fellow Shareholder:
I am pleased to report that our
Fund has achieved a return of 17.0%
for the six months ended March 31,
2000 (and a return of 17.9% for the
past 12 months). The Fund's
aggregate total return since
inception (October 2, 1995 through
March 31, 2000) has been 93.7%,
versus 80.8% for the Lipper Balanced Fund Index.
During this volatile six-month time frame, our Fund has produced a satisfactory
return with relatively low volatility.
Additionally, our Fund's portfolio turnover has been predictably modest,
resulting in a favorable capital gains tax distribution experience.
Thank you for your continuing support. Please visit our website at
www.thehollandfund.com.
With Bullish Regards,
[Michael F. Holland]
Michael F. Holland
President and Founder
1
<PAGE> 4
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - CUMULATIVE PERFORMANCE
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
Set forth below are the cumulative total return figures for the periods
indicated and a graph showing the hypothetical $10,000 investment made in the
Holland Balanced Fund, Standard & Poor's 500 Index, Salomon 10 Year Government
Bond Index, 90 Day US Treasury Bill and the Lipper Balanced Fund Index on
October 2, 1995. The cumulative and annualized total return figures and the
information in the graph represent past performance and are not indicative of
future results. The total returns reflect changes in the price of the Fund's
shares and assume that any income dividends and/or capital gain distributions
made by the Fund during the period were reinvested in additional shares of the
Fund. Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost.
<TABLE>
<CAPTION>
SALOMON 10 YEAR 90 DAY US
HOLLAND BALANCED LIPPER BALANCED STANDARD & POOR'S GOVERNMENT TREASURY BILL
FUND(A) FUND INDEX(B) 500 INDEX(B) BOND INDEX(B) RATE(B)
---------------- --------------- ----------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Inception 10000.00 10000.00 10000.00 10000.00 10000.00
3/96 10993.00 10675.00 11045.00 10110.00 10259.00
9/96 11566.00 11040.00 11761.00 10252.00 10522.00
3/97 12582.00 11703.00 12955.00 10412.00 10790.00
9/97 14192.00 13758.00 16209.00 11618.00 11067.00
3/98 14772.00 15037.00 18852.00 12562.00 11351.00
9/98 14537.00 14442.00 17402.00 14153.00 11628.00
3/99 16417.00 16363.00 22011.00 13431.00 11887.00
9/99 16554.00 16390.00 21949.00 13060.00 12167.00
3/00 19373.00 18076.00 25643.00 13757.00 12500.00
</TABLE>
INVESTMENT PERFORMANCE
For the Periods Ended March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN Average
Cumulative Since Annualized Since 12 Months
Inception (10/2/95) Inception (10/2/95) Ended
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOLLAND BALANCED FUND (a) 93.73% 15.84% 17.94%
Lipper Balanced Fund Index
(b) 80.76% 14.11% 10.47%
Standard & Poor's 500 Index
(b) 156.43% 23.36% 16.50%
Salomon 10 Year Government
Bond Index (b) 37.57% 7.37% 2.43%
90 Day US Treasury Bill
Rate (b) 25.00% 5.10% 5.15%
</TABLE>
2
<PAGE> 5
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - MANAGEMENT DISCUSSION OF FUND PERFORMANCE
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
Since inception (October 2, 1995 through March 31, 2000), our Fund's total
return has been 93.7% compared to 80.8% for the Lipper Balanced Fund Index. The
past six months have seen a confluence of low inflation, high economic growth
and excellent corporate profitability which we expect to continue for some time.
This environment has favored our Fund's "blue chip" equity investments.
Our Fund's long-term approach is characterized by minimal trading: This has the
effect of minimizing capital gains tax distributions, a growing mutual fund
industry objective.
--------------------------------------------------------------------------------
NOTES TO PERFORMANCE
--------------------------------------------------------------------------------
(a) Reflects waiver of fees and reimbursement of expenses by investment adviser.
Absent such waiver and reimbursement, the Fund's total return would have
been lower.
(b) The Lipper Balanced Fund is an index whose primary objective is to conserve
principal by maintaining at all times a balanced portfolio of both stocks
and bonds. Typically, the stock/bond ratio ranges around 60%/40%. The S&P
500 is a capitalization-weighted index of 500 widely held stocks recognized
by investors to be representative of the stock market in general. The
Salomon 10 Year Government Bond Index is a subsector of the Broad
Investment-Grade (BIG) Index. At present, this sector contains U.S. Treasury
securities with at least $1 billion public amount outstanding and U.S.
Agency and supranational issues with at least $100 million outstanding. All
securities in this index have a remaining maturity of at least 10 years and
carry a fixed rate coupon. The 90-Day T-Bill is the average return on three
month U.S. Treasury Bills. These indices are unmanaged and do not reflect
the actual cost of investing in the instruments that comprise each index.
3
<PAGE> 6
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
March 31, 2000 (Unaudited) Shares Value(+)
----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS-59.8%
BANKS-6.0%
Chase Manhattan Corp. 20,000 $ 1,743,750
J.P. Morgan & Co., Inc. 12,200 1,607,350
-----------
3,351,100
-----------
CHEMICALS-2.0%
DuPont (E.I.) de Nemours & Co. 21,100 1,115,663
-----------
COMPUTERS-3.8%
International Business Machines Corp. 17,800 2,100,400
-----------
ELECTRONICS-17.2%
Hewlett-Packard Co. 18,800 2,492,175
Intel Corp. 25,400 3,348,037
Oracle Corp.(a) 48,000 3,744,000
-----------
9,584,212
-----------
FOOD & BEVERAGES-2.3%
Coca Cola Co. 27,000 1,267,312
-----------
FINANCIAL-4.2%
Merrill Lynch & Co. 22,300 2,341,500
-----------
OIL/GAS-5.3%
Exxon Mobil Corp. 14,300 1,112,719
Schlumberger, Ltd. 24,500 1,874,250
-----------
2,986,969
-----------
PHARMACEUTICALS-4.6%
Johnson & Johnson 17,300 1,212,081
Merck & Co., Inc. 21,900 1,360,538
-----------
2,572,619
-----------
PRODUCER GOODS-6.1%
General Electric Co. 12,700 1,970,881
Minnesota Mining & Manufacturing Co. 16,300 1,443,569
-----------
3,414,450
-----------
RETAIL TRADE-2.5%
Wal-Mart Stores, Inc. 25,000 1,387,500
-----------
TELECOMMUNICATIONS-5.8%
AT&T Corp. 30,850 1,735,312
Lucent Technologies, Inc. 25,000 1,518,750
-----------
3,254,062
-----------
Total Common Stocks (Cost-$20,257,646) 33,375,787
-----------
</TABLE>
--------------------------------------------------------------------------------
See Notes to the Financial Statements
4
<PAGE> 7
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - STATEMENT OF NET ASSETS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
March 31, 2000 (Unaudited) Principal Value(+)
----------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES-28.9%
United States Treasury Bond, 6.250%
due 8/15/23 $1,500,000 $ 1,521,563
United States Treasury Note, 5.625%
due 11/30/00 1,000,000 995,313
United States Treasury Note, 5.625%
due 2/28/01 1,000,000 993,125
United States Treasury Note, 6.375%
due 8/15/02 1,000,000 997,188
United States Treasury Note, 5.375%
due 6/30/03 2,500,000 2,427,345
United States Treasury Note, 5.250%
due 8/15/03 2,800,000 2,703,750
United States Treasury Note, 5.875%
due 2/15/04 3,500,000 3,442,033
United States Treasury Note, 6.500%
due 5/15/05 3,000,000 3,019,689
-----------
Total U.S. Government Securities
(Cost-$16,200,634) 16,100,006
-----------
REPURCHASE AGREEMENTS-10.9%
State Street Bank and Trust Co. Repurchase
Agreement, 4.750% due 4/3/00 in the
amount of $6,106,416; issued 3/31/00
(Collateralized by $6,190,000, FHLMC,
7.00% due 2/15/03 with a market value
of $6,228,688) (Cost-$6,104,000) 6,104,000 6,104,000
-----------
Total Investments-99.6%
(Cost-$42,562,280) 55,579,793
-----------
OTHER ASSETS IN EXCESS OF LIABILITIES-0.4% 207,297
-----------
NET ASSETS-100%
Applicable to 3,153,458 outstanding $0.01
par value shares (authorized
1,000,000,000) $55,787,090
===========
Net asset value, offering price and
redemption price per share $ 17.69
===========
</TABLE>
5
<PAGE> 8
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - STATEMENT OF NET ASSETS (concluded)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
March 31, 2000 (Unaudited)
---------------------------------------------------------------------
<S> <C>
COMPONENTS OF NET ASSETS AS OF MARCH 31, 2000
Capital stock at par value ($0.01) $ 31,534
Capital stock in excess of par value 41,464,858
Undistributed net investment income 177,438
Accumulated net realized gain on investments 1,095,747
Net unrealized appreciation on investments 13,017,513
-----------
Net Assets $55,787,090
===========
</TABLE>
--------------------------------------------------------------------------------
See Notes to the Financial Statements
+See Note 2 to Financial Statements
FHLMC Federal Home Loan Mortgage Corp.
(a)Non-income producing
6
<PAGE> 9
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended March 31, 2000 (Unaudited)
---------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME
Interest $ 539,612
Dividends 179,027
-----------
Total investment income 718,639
-----------
EXPENSES
Investment advisory fees (Note 3) 185,314
Administration and custody fees (Note 4) 46,782
Shareholder reports 35,746
Legal fees 27,902
Shareholder account maintenance 20,191
Registration fees 17,343
Amortization of organizational costs 16,865
Audit fees 16,241
Directors fees 12,027
Insurance expense 7,071
Miscellaneous expense 5,143
-----------
Total operating expenses 390,625
Waiver of investment advisory fees (Note 3) (19,171)
-----------
Net expenses 371,454
-----------
Net investment income 347,185
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments 1,095,747
Net change in unrealized appreciation on investments 6,357,209
-----------
Net realized and unrealized gain on investments 7,452,956
-----------
Net increase in net assets resulting from
operations $ 7,800,141
===========
</TABLE>
--------------------------------------------------------------------------------
See Notes to the Financial Statements
7
<PAGE> 10
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended 3/31/00 Year Ended
(Unaudited) 9/30/99
-------------------------------------------------------------------------
<S> <C> <C>
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS
Net investment income $ 347,185 $ 651,200
Net realized gain on investments 1,095,747 162,221
Net change in unrealized appreciation
on investments 6,357,209 3,459,093
------------ -----------
Net increase in net assets resulting from
operations 7,800,141 4,272,514
------------ -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
FROM
Net investment income (360,591) (710,954)
Net realized gain on investments (162,221) (180,379)
------------ -----------
Total dividends and distributions (522,812) (891,333)
------------ -----------
CAPITAL SHARE TRANSACTIONS, NET (NOTE 7) 3,165,989 11,921,132
------------ -----------
Total increase in net assets 10,443,318 15,302,313
NET ASSETS
Beginning of period 45,343,772 30,041,459
------------ -----------
End of period $ 55,787,090 $45,343,772
============ ===========
UNDISTRIBUTED NET INVESTMENT INCOME,
END OF PERIOD $ 177,438 $ 190,844
============ ===========
</TABLE>
--------------------------------------------------------------------------------
See Notes to the Financial Statements
8
<PAGE> 11
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended Period
For a capital share outstanding March 31, 2000 For the Year Ended 10/2/95*
throughout the period (unaudited) 9/30/99 9/30/98 9/30/97 to 9/30/96
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value, beginning of
period $ 15.27 $ 13.74 $ 13.70 $ 11.39 $ 10.00
------- ------- ------- ------- ----------
INCREASE/DECREASES FROM
INVESTMENT OPERATIONS
Net investment income 0.12 0.23 0.28 0.26 0.23
Net realized and unrealized
gain on investments 2.48 1.66 0.05 2.30 1.33
------- ------- ------- ------- ----------
operations 2.60 1.89 0.33 2.56 1.56
------- ------- ------- ------- ----------
LESS DIVIDENDS AND
DISTRIBUTIONS FROM:
Net investment income (0.12) (0.28) (0.29) (0.25) (0.17)
Net realized gain on
investments (0.06) (0.08) -- (0.00)(#) --
------- ------- ------- ------- ----------
Total dividends and
distributions (0.18) (0.36) (0.29) (0.25) (0.17)
------- ------- ------- ------- ----------
Net asset value, end of period $ 17.69 $ 15.27 $ 13.74 $ 13.70 $ 11.39
======= ======= ======= ======= ==========
TOTAL RETURN(a) 17.03% 13.87% 2.43% 22.71% 15.65%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's) $55,787 $45,344 $30,041 $26,788 $ 7,606
Ratio of expenses to average
net assets after fee waivers
and reimbursement of other
expenses(b) 1.50% 1.50% 1.50% 1.50% 1.50%
Ratio of expenses to average
net assets before fee waivers
and reimbursement of other
expenses(b) 1.58% 1.62% 1.83% 2.55% 4.81%
Ratio of net investment income
to average net assets after
fee waivers and reimbursement
of other expenses(b) 1.40% 1.59% 2.05% 2.31% 2.36%
Ratio of net investment income
to average net assets before
fee waivers and reimbursement
of other expenses(b) 1.33% 1.47% 1.72% 0.31% 0.96%
Portfolio turnover 9.30% 15.76% 16.49% 5.07% 5.04%
</TABLE>
--------------------------------------------------------------------------------
See Notes to the Financial Statements
<TABLE>
<S> <C>
(a) Total return would have been lower had certain expenses not
been waived or reimbursed. Periods less than one year are
not annualized.
(b) Annualized for periods less than one year.
# Rounds to less than $0.01
* Commencement of Investment Operations
</TABLE>
9
<PAGE> 12
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
1. ORGANIZATION
The Holland Series Fund, Inc. (the "Company") was organized as a Maryland
corporation on June 26, 1995 and is registered under the Investment Company Act
of 1940, as amended, as an open-end, management investment company. The Company
currently has one portfolio, the Holland Balanced Fund (the "Fund"). The costs
incurred by the Company in connection with the organization and initial
registration of shares are being amortized on a straight-line basis by the Fund
over a sixty-month period beginning with commencement of its operations. The
unamortized balance of organizational expenses at March 31, 2000 was $22,770.
Investment Objective
The Fund is designed to provide investors with a convenient and professionally
managed vehicle for seeking a high total investment return. Total investment
return is the aggregate of dividend and interest income and realized and
unrealized capital gains/losses on investments. The Fund seeks to achieve its
objective through a combined portfolio of equity and investment grade
fixed-income securities.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
Securities
Securities transactions are accounted for as of the trade date. Interest income
and expenses are recorded on an accrual basis. The Fund amortizes discount or
premium using the yield-to-maturity method on a daily basis, except for
securities having a maturity date of less than sixty days at the time of
acquisition which are amortized on a straight-line basis. Dividend income is
recorded on the ex-dividend date. The Fund uses the specific identification
method for determining gain or loss on sales of securities.
Income Tax
There is no provision for Federal income or excise tax since the Fund continues
to qualify as a regulated investment company ("RIC") and intends to comply with
the requirements of Subchapter M of the Internal Revenue Code applicable to RICs
and to distribute substantially all of its taxable income and realized gains.
Valuation
Securities traded on an exchange are valued at their last sales price on that
exchange. Securities for which over-the-counter market quotations are available
are valued at the latest bid price. Debt securities purchased with sixty days or
less remaining to maturity are valued at amortized cost which approximates fair
value.
Expenses
Holland & Company L.L.C. (the "Investment Adviser") has agreed to voluntarily
waive its fee and to reimburse the Fund for expenses exceeding 1.50% of average
daily net assets. During the six months ended March 31, 2000, the Investment
Adviser voluntarily waived $19,171 of advisory fees.
10
<PAGE> 13
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Dividends and Distributions to Shareholders
It is the policy of the Fund to declare dividends according to the following
schedule:
<TABLE>
<CAPTION>
---------------------------------------------------------------------
Dividends from Net Capital Gain
Investment Income Distributions
---------------------------------------------------------------------
<S> <C>
Quarterly Annually
April, July, October and December December
</TABLE>
Distributions from net short-term capital gains and net long-term capital gains,
if any, are normally declared and paid annually, but the Fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. To the extent that a net realized
capital gain can be reduced by a capital loss carryover, such gain will not be
distributed.
Dividends and distributions to shareholders are recorded on the ex-date of the
dividend or the distribution. Distributions from net investment income and net
realized capital gains are determined in accordance with federal income tax
regulations, which may differ from those amounts determined under generally
accepted accounting principles. These book/tax differences are either temporary
or permanent in nature. To the extent these differences are permanent in nature,
such amounts are reclassified within the capital accounts based on their federal
tax-basis treatment; temporary differences do not require reclassification.
Dividends and distributions that exceed net investment income or net realized
capital gains for financial reporting purposes, but not for tax purposes, are
reported as dividends in excess of net investment income or distributions in
excess of net realized gains on investments. To the extent they exceed net
investment income or net realized gains for tax purposes, they are reported as
distributions of capital stock.
3. INVESTMENT ADVISORY AGREEMENT
The Company's Board of Directors has approved an investment advisory agreement
with the Investment Adviser. For its services as investment adviser, the Company
pays the Investment Adviser a monthly fee at an annual rate of 0.75% of the
Fund's average daily net assets. Currently, the Investment Adviser is
voluntarily waiving a portion of its fee. The Investment Adviser is controlled
by Michael F. Holland, its managing member and owner of 99% interest in the
Investment Adviser.
As of March 31, 2000, Michael F. Holland and affiliates owned 93,140 shares (3%
of the shares outstanding) of the Fund.
4. ACCOUNTING, CUSTODY AND
ADMINISTRATION AGREEMENTS
Pursuant to its Administration Agreement effective June 1, 1999, State Street
Bank and Trust Company ("State Street") provides, or arranges for the provision
of certain administrative and accounting services for the Company, including
11
<PAGE> 14
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
4. ACCOUNTING, CUSTODY AND
ADMINISTRATION AGREEMENTS (continued)
maintaining the books and records of the Company, and preparing certain reports
and other documents required by federal and/or state laws and regulations. For
these services, the Company pays State Street a fee at the annual rate of 0.10%
of the Fund's average daily net assets up to $100 million, 0.08% of the next
$100 million, and 0.06% of those assets in excess of $200 million, subject to
certain minimum requirements, and reimbursement for out-of-pocket expenses
pursuant to the Administration Agreement. Pursuant to the Administration
Agreement, the Administrator will be paid a minimum fee of $5,000 per month for
the first year of services provided to the Company, and a minimum fee of $7,000
per month thereafter unless waived by the Administrator. State Street also
serves as the Fund's custodian and accounting agent. Fees paid for custody and
accounting services rendered by State Street are based upon assets of the Fund
and on transactions entered into by the Fund during the period and are included
in the administration and custody fees in the Statement of Operations.
5. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities, other than short-term investments,
for the six months ended March 31, 2000 aggregated $8,326,902 and $4,036,703
respectively.
The components of net unrealized appreciation/(depreciation) of investments
based on Federal tax cost at March 31, 2000 for the Fund were as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------
Cost for Federal
Appreciation Depreciation Net Appreciation Tax Purposes
-----------------------------------------------------------------
<S> <C> <C> <C>
$13,415,963.. $(398,450) $13,017,513 $42,562,280
</TABLE>
6. REPURCHASE AGREEMENTS
The Fund may enter into repurchase agreements under which a bank or securities
firm that is a primary or reporting dealer in U.S. Government securities agrees,
upon entering into a contract, to sell U.S. Government securities to the Fund
and repurchase such securities from the Fund at a mutually agreed upon price and
date. The Fund will engage in repurchase transactions with parties selected on
the basis of such party's creditworthiness. The collateral on repurchase
agreements must have an aggregate market value greater than or equal to the
repurchase price plus accrued interest at all times. If the value of the
underlying securities falls below the value of the repurchase price plus accrued
interest, the Fund will require the seller to deposit additional collateral by
the next business day. If the request for additional collateral is not met, or
the seller defaults on its repurchase obligation, the Fund maintains the right
to sell the underlying securities at market value and may claim any resulting
loss against the seller. However, in the event of default or bankruptcy by the
counterparty to the agreement, realization and/or retention of the collateral
may be subject to legal proceedings.
12
<PAGE> 15
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
Holland Balanced Fund - NOTES TO FINANCIAL STATEMENTS (concluded)
--------------------------------------------------------------------------------
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
7. CAPITAL SHARE TRANSACTIONS
As of March 31, 2000, there were 1,000,000,000 shares of $.01 par value capital
stock authorized. Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Six Months Year Ended
Ended 3/31/00 9/30/99
---------------------------------------------------------------------------
Shares Amount Shares Amount
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares Sold 420,195 $7,060,145 1,162,789 $17,656,300
Shares Reinvested 29,379 476,260 55,096 830,190
-------- ---------- --------- -----------
449,574 7,536,405 1,217,885 18,486,490
Shares Redeemed (265,570) (4,370,416) (434,879) (6,565,358)
-------- ---------- --------- -----------
NET INCREASE 184,004 $3,165,989 783,006 $11,921,132
======== ========== ========= ===========
---------------------------------------------------------------------------
</TABLE>
13
<PAGE> 16
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<PAGE> 17
[This page is left blank intentionally]
<PAGE> 18
[This page is left blank intentionally]
<PAGE> 19
Holland Series Fund, Inc.
--------------------------------------------------------------------------------
BOARD OF DIRECTORS
Michael F. Holland*
Director and President
Chairman,
Holland & Company L.L.C.
Sheldon S. Gordon
Director
Chairman,
Union Bancaire Privee International Holdings, Inc.
Herbert S. Winokur, Jr.
Director
Managing General Partner,
Capicorn Investors, L.P.
Desmond G. FitzGerald
Director
Chairman,
North American Properties Group
Jeff C. Tarr
Director
Chairman,
Junction Advisors
*interested person as defined in the Investment Company Act of 1940
ADVISER
Holland & Company L.L.C.
375 Park Avenue
New York, NY 10152
phone (212) 486-2002
fax (212) 486-0744
email [email protected]
website www.thehollandfund.com
FUND ADMINISTRATOR,
CUSTODIAN AND FUND
ACCOUNTING AGENT
State Street Bank and Trust Co.
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
ALPS Mutual Fund Services
370 17th Street, Suite 3100
Denver, CO 80202
TRANSFER AGENT AND
DIVIDEND DISBURSING AGENT
Unified Fund Advisers, Inc.
429 N. Pennsylvania Street
Indianapolis, IN 46204
LEGAL COUNSEL
Simpson Thacher & Bartlett
425 Lexington Avenue
New York, NY 10017
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
<PAGE> 20
------------------------------------
Holland & Company L.L.C.
375 Park Avenue
New York, New York 10152
Phone 800-891-6181
212-486-2002
Fax 212-486-0744
Email [email protected]
Website www.thehollandfund.com
This report has been prepared for the
Holland Balanced Fund's Shareholders
and may be distributed to others only
if preceded or accompanied by a prospectus.
