A crowd in stands holding up the letters "K"," R"," U"," N", and" C".
The crowd is holding up signs.
A crowd is holding up the letters means the crowd is holding up signs on which the letters are written.
(x)
exists e1 s1 x1 x2.(n_crowd(x1) & a_up(s1) & Manner(e1,s1) & Theme(e1,x2) & Actor(e1,x1) & v_hold(e1) & n_sign(x2))