SEMI-ANNUAL REPORT
[OAK LOGO OMITTED]
OAK ASSOCIATES FUNDS
PIN OAK AGGRESSIVE STOCK FUND
WHITE OAK GROWTH STOCK FUND
RED OAK TECHNOLOGY SELECT FUND
APRIL 30, 2000
<PAGE>
TABLE OF CONTENTS
Shareholder Letter ....................... 1
Pin Oak Aggressive Profile ............... 3
White Oak Growth Profile ................. 4
Red Oak Technology Select Profile ........ 5
Financial Highlights ..................... 6
Statement of Net Assets .................. 8
Statement of Operations .................. 14
Statement of Changes in Net Assets ....... 15
Notes to Financial Statements ............ 16
CALL: [ICON OMITTED]
--------------------------------------------------------------------------------
1-888-462-5386
Option 1 To order a free investor kit Option 2 To hear the latest fund prices
Option 3 To obtain fund information & performance
Option 4 For existing shareholders to obtain account information & place
transactions
CLICK: [ICON OMITTED]
--------------------------------------------------------------------------------
WWW.OAKASSOCIATES.COM
[BULLET] To obtain fund prices
[BULLET] Access your account on-line
[BULLET] For portfolio manager commentary
[BULLET] To download forms & applications
[LOGO OF TREE OMITTED]
OAK ASSOCIATES, LTD., THE INVESTMENT ADVISER TO THE FUNDS, WAS ESTABLISHED IN
1985 AND CURRENTLY MANAGES OVER $25 BILLION IN PENSION, ENDOWMENT, INDIVIDUAL
AND MUTUAL FUND ASSETS. OAK CONCENTRATES IN THE MARKET SECTORS BELIEVED TO HAVE
THE GREATEST LONG-TERM GROWTH POTENTIAL AND THEN FOCUSES ON KEY COMPANIES IN
THOSE AREAS. OAK BELIEVES THAT A PATIENT BUY-AND-HOLD STRATEGY, LOW PORTFOLIO
TURNOVER, AND CONTROLLED FUND OPERATING EXPENSES ARE INTEGRAL TO ACHIEVING
SUPERIOR LONG-TERM PERFORMANCE.
<PAGE>
TO OUR SHAREHOLDERS
--------------------------------------------------------------------------------
Dear Fellow Shareholders:
We are pleased to send you the Oak Associates Funds' Semi-Annual Report, which
contains information on the holdings of each of the Funds, along with the
Financial Highlights and Statement of Operations for the six-month period ended
April 30, 2000. We encourage you to read them to help you stay informed about
your mutual fund investment.
While the market has experienced much volatility in the past six months, we
believe the long-term prospects for U.S. stocks, particularly our areas of
investment, remain good. We are experiencing a boom in productivity in
conjunction with strong gross national product growth and low inflation, all of
which are likely to continue farther in time and higher in magnitude than most
people ever dreamed. We are seeing new examples of enhanced productivity related
to technology every day, which should continue to serve as a deflationary force
over time. As we have said previously, we are in the midst of a Second
Industrial Revolution, and the steady, long-term investor should continue to
enjoy solid performance returns for some time.
The last six months have been very positive for the Oak Associates Funds. Some
noteworthy accomplishments include:
SOLID PERFORMANCE
The stock market has been a roller coaster ride for investors, but overall the
Oak Associates Funds have performed well compared to both our benchmarks and our
peers. White Oak Growth, Pin Oak Aggressive and Red Oak Technology Select
returned 34.22%, 63.44% and 83.83% respectively for the six-month period ended
April 30, 2000. The S&P 500 Composite Index was up 7.20% and the Nasdaq 100 was
up 43.10% over the same period of time. Strong one-year performance numbers are
reflected in the chart below.
1 YEAR PERFORMANCE AS OF 4/30/00
--------------------------------------------------------------------------------
[BAR CHART OMITTED]
PIN OAK AGGRESSIVE STOCK 133.13%
S&P 400 MID-CAP INDEX 23.52%
[BAR CHART OMITTED]
WHITE OAK GROWTH STOCK 56.92%
S&P 500 COMPOSITE INDEX 10.13%
[BAR CHART OMITTED]
RED OAK TECHNOLOGY SELECT 179.28%
NASDAQ 100 INDEX 76.71%
--------------------------------------------------------------------------------
1
<PAGE>
TO OUR SHAREHOLDERS (CONTINUED)
--------------------------------------------------------------------------------
CONTINUED ASSET GROWTH
We have also continued to have tremendous asset growth. As of April 30, 2000 the
Funds have grown to a $5.2 billion fund company, up from $2.5 billion in assets
six months earlier.
POSITIVE MEDIA ATTENTION
White Oak Growth, for the third year in a row, was named to the "Money100" list
of the best mutual funds in America, as selected by MONEY magazine. Pin Oak
Aggressive and Red Oak Technology Select were highlighted in a BUSINESS WEEK
article about actively managed mutual funds trouncing S&P Index Funds. And all
three Funds have been listed as top performers in the WALL STREET JOURNAL,
BARRONS and the NEW YORK TIMES over the past six months.
As we continue to grow, our team will constantly be looking for ways to enhance
the services we provide to you, our clients. If you have any suggestions,
comments or questions, please visit our web site at WWW.OAKASSOCIATES.COM or
call us toll-free at 1-888-462-5386.
As always, we appreciate the trust you have placed in us, and look forward to
helping you achieve your long-term financial objectives.
Sincerely,
/S/SIGNATURE /S/SIGNATURE
[PHOTO OMITTED] [PHOTO OMITTED]
James D. Oelschlager Douglas S. MacKay
CHIEF INVESTMENT OFFICER CO-PORTFOLIO MANAGER
PORTFOLIO MANAGER
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<PAGE>
PIN OAK AGGRESSIVE STOCK FUND
--------------------------------------------------------------------------------
APRIL 30, 2000
--------------------------------------------------------------------------------
OBJECTIVE
--------------------------------------------------------------------------------
The Fund invests primarily in common stocks of U.S. companies with small to
medium market capitalizations (between $500 million and $5 billion) that are key
performers within growing industries.
--------------------------------------------------------------------------------
PERFORMANCE UPDATE
--------------------------------------------------------------------------------
AVERAGE ANNUALIZED TOTAL RETURNS
--------------------------------------------------------------------------------
1 YEAR 3 YEAR 5 YEAR INCEPTION TO
RETURN RETURN RETURN DATE
--------------------------------------------------------------------------------
PIN OAK AGGRESSIVE STOCK FUND 133.13% 62.03% 38.96% 28.18%
--------------------------------------------------------------------------------
S&P 400 Mid-Cap Index 23.52% 24.81% 22.68% 18.49%
--------------------------------------------------------------------------------
Lipper Multi-Cap Growth Average 48.76% 34.75% 27.66% 20.86%
--------------------------------------------------------------------------------
Inception 8/2/92
--------------------------------------------------------------------------------
TOP 10 HOLDINGS
--------------------------------------------------------------------------------
Applied Materials................... 5.2%
Cacheflow........................... 5.2%
Exodus.............................. 5.1%
Cisco Systems....................... 5.1%
Linear Technology................... 5.1%
Network Appliance................... 4.9%
Veritas............................. 4.6%
JDS Uniphase........................ 4.5%
Maxim Integrated ................... 4.2%
Brocade Communications.............. 4.1%
--------------------------------------------------------------------------------
FUND DATA
--------------------------------------------------------------------------------
Ticker Symbol.................... POGSX
Share Price...................... $66.24
Total Net Assets................. $520M
Total Portfolio Holdings......... 27
--------------------------------------------------------------------------------
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<PAGE>
WHITE OAK GROWTH STOCK FUND
--------------------------------------------------------------------------------
APRIL 30, 2000
--------------------------------------------------------------------------------
OBJECTIVE
--------------------------------------------------------------------------------
The Fund invests primarily in common stocks of large capitalization companies
(in excess of $5 billion) that are key performers within growing industries.
--------------------------------------------------------------------------------
PERFORMANCE UPDATE
--------------------------------------------------------------------------------
AVERAGE ANNUALIZED TOTAL RETURNS
--------------------------------------------------------------------------------
1 YEAR 3 YEAR 5 YEAR INCEPTION TO
RETURN RETURN RETURN DATE
--------------------------------------------------------------------------------
WHITE OAK GROWTH STOCK FUND 56.92% 43.78% 40.26% 29.27%
--------------------------------------------------------------------------------
S&P 500 Composite Index 10.13% 23.70% 25.25% 19.74%
--------------------------------------------------------------------------------
Lipper Large-Cap Growth Average 30.02% 31.85% 27.45% 20.76%
--------------------------------------------------------------------------------
Inception 8/2/92
--------------------------------------------------------------------------------
TOP 10 HOLDINGS
--------------------------------------------------------------------------------
Applied Materials................... 8.1%
Eli Lilly........................... 6.0%
EMC................................. 6.0%
Merck............................... 5.7%
Cisco Systems....................... 5.5%
Intel............................... 5.1%
Sun Microsystems.................... 5.1%
Ciena............................... 5.0%
American Int'l Group................ 4.7%
Charles Schwab...................... 4.6%
--------------------------------------------------------------------------------
FUND DATA
--------------------------------------------------------------------------------
Ticker Symbol................... WOGSX
Share Price..................... $71.51
Total Net Assets................ $3.7B
Total Portfolio Holdings........ 24
--------------------------------------------------------------------------------
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RED OAK TECHNOLOGY SELECT FUND
--------------------------------------------------------------------------------
APRIL 30, 2000
--------------------------------------------------------------------------------
OBJECTIVE
--------------------------------------------------------------------------------
The Fund primarily invests in common stocks of a small number of companies which
rely extensively on technology in their product development or operations, or
which are expected to benefit from technological advances and improvements.
--------------------------------------------------------------------------------
PERFORMANCE UPDATE
--------------------------------------------------------------------------------
1 YEAR INCEPTION TO
RETURN DATE
--------------------------------------------------------------------------------
RED OAK TECHNOLOGY SELECT FUND 179.28% 134.69%
--------------------------------------------------------------------------------
NASDAQ 100 Index 76.71% 71.64%
--------------------------------------------------------------------------------
Lipper Science & Technology Average 101.64% 94.91%
--------------------------------------------------------------------------------
Inception 12/31/98
--------------------------------------------------------------------------------
TOP 10 HOLDINGS
--------------------------------------------------------------------------------
TriQuint............................ 5.7%
JDS Uniphase........................ 5.5%
Cisco Systems....................... 5.4%
Novellus............................ 5.3%
Applied Materials................... 5.2%
EMC................................. 5.1%
Brocade Communications.............. 5.0%
Network Appliance................... 5.0%
Sun Microsystems.................... 4.8%
PMC-Sierra.......................... 4.8%
--------------------------------------------------------------------------------
FUND DATA
--------------------------------------------------------------------------------
Ticker Symbol................... ROGSX
Share Price..................... $31.14
Total Net Assets................ $946M
Total Portfolio Holdings........ 23
--------------------------------------------------------------------------------
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<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS ENDED APRIL 30, 2000 (UNAUDITED)
AND THE PERIODS ENDED OCTOBER 31,
<TABLE>
<CAPTION>
REALIZED AND NET
NET ASSET NET UNREALIZED DISTRIBUTIONS DISTRIBUTIONS ASSET NET ASSETS RATIO OF
VALUE INVESTMENT GAINS OR FROM NET FROM VALUE END OF EXPENSES TO
BEGINNING INCOME (LOSSES) ON INVESTMENT CAPITAL END OF TOTAL PERIOD AVERAGE
OF PERIOD (LOSS) SECURITIES INCOME GAINS PERIOD RETURN+ (000) NET ASSETS
------------------------------------------------------------------------------------------------------------------------------------
PIN OAK AGGRESSIVE STOCK FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2000* $41.85 $(0.10) $26.02 -- (1.53) $66.24 63.44% $520,151 1.00%
------------------------------------------------------------------------------------------------------------------------------------
1999 $21.96 (0.13) 20.02 -- -- $41.85 90.57% $131,755 1.00%
------------------------------------------------------------------------------------------------------------------------------------
1998(1) $19.46 (0.15) 2.65 -- -- $21.96 12.85% $41,444 1.00%
------------------------------------------------------------------------------------------------------------------------------------
1997 $17.08 (0.11) 2.49 -- -- $19.46 13.93% $31,681 0.99%
------------------------------------------------------------------------------------------------------------------------------------
1996 $17.32 (0.09) (0.15) -- -- $17.08 (1.39)% $23,738 0.96%
------------------------------------------------------------------------------------------------------------------------------------
1995 $11.60 (0.08) 5.80 -- -- $17.32 49.31% $15,652 0.98%
WHITE OAK GROWTH STOCK FUND
2000* $53.28 $(0.10) $18.33 -- -- $71.51 34.22% $3,720,675 0.98%
------------------------------------------------------------------------------------------------------------------------------------
1999 $34.04 (0.13) 19.37 -- -- $53.28 56.52% $2,196,364 1.00%
------------------------------------------------------------------------------------------------------------------------------------
1998(1) $29.29 (0.05) 4.86 -- (0.06) $34.04 16.48% $830,219 1.00%
------------------------------------------------------------------------------------------------------------------------------------
1997 $21.88 0.03 7.49 (0.04) (0.07) $29.29 34.46% $362,404 0.98%
------------------------------------------------------------------------------------------------------------------------------------
1996 $18.08 0.05 3.80 (0.05) -- $21.88 21.33% $26,109 0.95%
------------------------------------------------------------------------------------------------------------------------------------
1995 $11.92 0.04 6.15 (0.03) -- $18.08 52.07% $10,495 0.97%
RED OAK TECHNOLOGY SELECT FUND
2000* $16.94 $(0.07) $14.27 -- -- $31.14 83.83% $946,314 1.00%
------------------------------------------------------------------------------------------------------------------------------------
1999(2) $10.00 $(0.05) $6.99 -- -- $16.94 69.40%+ $168,562 1.00%
</TABLE>
<TABLE>
<CAPTION>
RATIO OF NET
RATIO OF INVESTMENT
RATIO OF EXPENSES INCOME (LOSS)
NET INVESTMENT TO AVERAGE TO AVERAGE
INCOME (LOSS) NET ASSETS NET ASSETS PORTFOLIO
TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER
NET ASSETS WAIVERS) WAIVERS) RATE
-----------------------------------------------------------------
PIN OAK AGGRESSIVE STOCK FUND
<S> <C> <C> <C> <C>
2000* (0.47)% 1.05% (0.52)% 7.06%
---------------------------------------------------------------
1999 (0.57)% 1.10% (0.67)% 26.47%
---------------------------------------------------------------
1998(1) (0.79)% 1.14% (0.93)% 10.04%
---------------------------------------------------------------
1997 (0.75)% 1.23% (0.99)% 17.30%
---------------------------------------------------------------
1996 (0.62)% 1.47% (1.13)% 31.65%
---------------------------------------------------------------
1995 (0.70)% 1.65% (1.37)% 49.28%
WHITE OAK GROWTH STOCK FUND
2000* (0.34)% 0.98% (0.34)% 7.19%
---------------------------------------------------------------
1999 (0.34)% 1.04% (0.38)% 6.27%
---------------------------------------------------------------
1998(1) (0.22)% 1.07% (0.29)% 6.16%
---------------------------------------------------------------
1997 0.06 % 1.14% (0.10)% 7.90%
---------------------------------------------------------------
1996 0.23 % 1.50% (0.32)% 8.07%
---------------------------------------------------------------
1995 0.29 % 2.06% (0.80)% 22.43%
RED OAK TECHNOLOGY SELECT FUND
2000* (0.77)% 1.04% (0.81)% 27.26%
---------------------------------------------------------------
1999(2) (0.81)% 1.20% (1.01)% 16.54%
<FN>
* FOR THE SIX MONTHS ENDED APRIL 30, 2000. ALL RATIOS FOR THE PERIOD HAVE BEEN
ANNUALIZED.
+ RETURNS ARE FOR THE PERIOD INDICATED AND HAVE NOT BEEN ANNUALIZED.
(1) THE INFORMATION SET FORTH IN THIS TABLE FOR THE PERIODS PRIOR TO FEBRUARY
27, 1998 IS THE FINANCIAL DATA OF THE PIN OAK AGGRESSIVE STOCK FUND AND THE
WHITE OAK GROWTH STOCK FUND, RESPECTIVELY, EACH A SERIES OF THE ADVISORS'
INNER CIRCLE FUND.
(2) THE RED OAK TECHNOLOGY SELECT FUND COMMENCED OPERATIONS ON DECEMBER 31,
1998. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
</FN>
</TABLE>
--------------------------------------------------------------------------------
6 & 7
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<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
APRIL 30, 2000 (UNAUDITED)
PIN OAK AGGRESSIVE STOCK FUND
--------------------------------------------------------------------------------
Market
Description Shares Value (000)
--------------------------------------------------------------------------------
COMMON STOCKS -- 93.7%
--------------------------------------------------------------------------------
APPLICATION SERVICE PROVIDER -- 9.0%
Digex 257,000 $ 20,046
Exodus Communications 300,000 26,531
--------
46,577
--------
--------------------------------------------------------------------------------
ATM MACHINES -- 0.6%
Diebold 100,000 2,888
--------
2,888
--------
--------------------------------------------------------------------------------
BANKS -- 3.7%
MBNA 715,000 18,992
--------
18,992
--------
--------------------------------------------------------------------------------
COMPUTER STORAGE-- 9.5%
Network Appliance 342,000 25,287
Veritas Software 225,000 24,135
--------
49,422
--------
--------------------------------------------------------------------------------
FIBER OPTICS -- 9.6%
Ciena 90,700 11,213
JDS Uniphase 228,000 23,641
Sycamore Networks 195,000 15,308
--------
50,162
--------
--------------------------------------------------------------------------------
INSURANCE -- 0.0%
Mutual Risk Management
Limited 24,101 378
--------
378
--------
--------------------------------------------------------------------------------
INTERNET SERVICE PROVIDER -- 3.9%
Earthlink 1,080,000 20,385
--------
20,385
--------
--------------------------------------------------------------------------------
Market
Description Shares Value (000)
--------------------------------------------------------------------------------
MANAGED HEALTH CARE SERVICES -- 1.9%
Express Scripts, Class A 275,000 $ 9,831
--------
9,831
--------
--------------------------------------------------------------------------------
NETWORKING PRODUCTS-- 17.6%
Cacheflow 365,000 27,101
Cisco Systems 381,600 26,455
Foundry Networks 185,000 16,835
Juniper Networks 98,300 20,907
--------
91,298
--------
--------------------------------------------------------------------------------
PREPACKAGED SOFTWARE -- 3.0%
Advent Software 294,000 15,435
--------
15,435
--------
--------------------------------------------------------------------------------
SEMI-CONDUCTOR CAPITAL EQUIPMENT MANUFACTURING -- 5.2%
Applied Materials 267,000 27,184
--------
27,184
--------
--------------------------------------------------------------------------------
SEMICONDUCTORS/ELECTRONICS-- 24.5%
Atmel 300,000 14,681
Linear Technology 460,000 26,277
Maxim Integrated
Products 340,000 22,035
PMC-Sierra 90,000 17,269
TriQuint Semiconductor 112,000 11,515
Vitesse Semiconductor 250,000 17,016
Xilinx 250,000 18,313
--------
127,106
--------
--------------------------------------------------------------------------------
STORAGE AREA NETWORKING -- 4.1%
Brocade Communication
Systems 173,000 21,452
--------
21,452
--------
--------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT -- 1.1%
Aspect Communications 167,600 5,950
--------
5,950
--------
TOTAL COMMON STOCKS
(Cost $353,421) 487,060
--------
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--------------------------------------------------------------------------------
PIN OAK AGGRESSIVE STOCK FUND -- CONTINUED
--------------------------------------------------------------------------------
Face Market
Description Amount (000) Value (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 7.8%
J.P. Morgan
5.670%, dated 04/28/00, matures
05/01/00, repurchase price $40,674,936
(collateralized by U.S. Treasury
Note, par value $41,868,000,
5.625%, 09/30/01, total market
value: $41,469,219) $40,656 $ 40,656
--------
TOTAL REPURCHASE AGREEMENT
(Cost $40,656) 40,656
--------
TOTAL INVESTMENTS -- 101.5%
(Cost $394,077) 527,716
--------
OTHER ASSETS AND LIABILITIES,
NET-- (1.5%) (7,565)
--------
--------------------------------------------------------------------------------
Market
Description Value (000)
--------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares (unlimited authorization
-- no par value) based on 7,852,311
outstanding shares of beneficial
interest $383,781
Accumulated net investment loss (763)
Accumulated net realized gain
on investments 3,494
Net unrealized appreciation
on investments 133,639
---------
TOTAL NET ASSETS -- 100.0% $520,151
---------
---------
Net Asset Value, Offering and Redemption
Price Per Share $66.24
---------
---------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
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<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
APRIL 30, 2000 (UNAUDITED)
WHITE OAK GROWTH STOCK FUND
--------------------------------------------------------------------------------
Market
Description Shares Value (000)
--------------------------------------------------------------------------------
COMMON STOCKS -- 96.4%
--------------------------------------------------------------------------------
BANKS -- 8.9%
Bank of America 1,800,000 $ 88,200
Citigroup 2,430,000 144,433
MBNA 3,650,000 96,953
--------
329,586
--------
--------------------------------------------------------------------------------
COMPUTER HARDWARE -- 9.5%
Dell Computer 3,290,000 164,911
Sun Microsystems 2,050,800 188,545
--------
353,456
--------
--------------------------------------------------------------------------------
COMPUTER STORAGE -- 6.0%
EMC 1,595,000 221,605
--------
221,605
--------
--------------------------------------------------------------------------------
FIBER OPTICS -- 7.1%
Ciena 1,491,200 184,350
Corning 100,000 19,750
JDS Uniphase 600,000 62,212
--------
266,312
--------
--------------------------------------------------------------------------------
FINANCIAL SERVICES -- 4.9%
First Data 235,100 11,446
Schwab Charles 3,845,000 171,103
--------
182,549
--------
--------------------------------------------------------------------------------
MEDICAL PRODUCTS & SERVICES -- 4.5%
Medtronic 3,238,000 168,174
--------
168,174
--------
--------------------------------------------------------------------------------
INSURANCE -- 4.7%
American International
Group 1,600,000 175,500
--------
175,500
--------
--------------------------------------------------------------------------------
Market
Description Shares Value (000)
--------------------------------------------------------------------------------
NETWORKING PRODUCTS -- 5.5%
Cisco Systems 2,943,000 $ 204,033
--------
204,033
--------
--------------------------------------------------------------------------------
PHARMACEUTICALS -- 16.2%
Eli Lilly & Company 2,875,000 222,274
Merck & Company 3,050,000 211,975
Pfizer 3,995,000 168,289
--------
602,538
--------
--------------------------------------------------------------------------------
SECURITY BROKERS -- 4.5%
Morgan Stanley, Dean
Witter, Discover 2,195,000 168,466
--------
168,466
--------
--------------------------------------------------------------------------------
SEMICONDUCTORS/ELECTRONICS -- 9.4%
Intel 1,510,000 191,487
Linear Technology 2,764,800 157,939
--------
349,426
--------
--------------------------------------------------------------------------------
PREPACKED SOFTWARE -- 3.9%
Microsoft 2,065,000 144,034
--------
144,034
--------
--------------------------------------------------------------------------------
SEMI-CONDUCTOR CAPITAL EQUIPMENT MANUFACTURING -- 8.1%
Applied Materials 2,948,400 300,184
--------
300,184
--------
--------------------------------------------------------------------------------
TELECOMMUNICATION EQUIPMENT -- 3.2%
Nortel Networks 109,200 12,367
Tellabs 1,950,000 106,884
--------
119,251
--------
TOTAL COMMON STOCKS
(Cost $2,075,854) 3,585,114
--------
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
WHITE OAK GROWTH STOCK FUND -- CONTINUED
--------------------------------------------------------------------------------
Face Market
Description Amount (000) Value (000)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 4.0%
J.P. Morgan
5.670%, dated 04/28/00, matures
05/01/00, repurchase price $61,034,040
(collateralized by U.S. Treasury
Bond, par value $42,001,000,
11.250%, 02/15/15, total market
value: $62,226,406) $61,005 $ 61,005
Lehman Brothers
5.670%, dated 04/28/00, matures
05/01/00, repurchase price $88,912,540
(collateralized by various U.S. Treasury
Bonds, total market value:
$90,649,377) 88,871 88,871
--------
TOTAL REPURCHASE AGREEMENTS
(Cost $149,876) 149,876
--------
TOTAL INVESTMENTS -- 100.4%
(Cost $2,225,730) 3,734,990
--------
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES,
NET-- (0.4%) (14,315)
---------
--------------------------------------------------------------------------------
Market
Description Value (000)
--------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares (unlimited authorization
-- no par value) based on 52,032,379
outstanding shares of beneficial
interest $2,215,988
Accumulated net investment loss (5,049)
Accumulated net realized gain
on investments 476
Net unrealized appreciation
on investments 1,509,260
---------
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $3,720,675
---------
---------
Net Asset Value, Offering and Redemption
Price Per Share $71.51
---------
---------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE
FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
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<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
APRIL 30, 2000 (UNAUDITED)
RED OAK TECHNOLOGY SELECT FUND
--------------------------------------------------------------------------------
Market
Description Shares Value (000)
--------------------------------------------------------------------------------
COMMON STOCKS -- 99.0%
--------------------------------------------------------------------------------
APPLICATION SERVICE PROVIDER -- 4.4%
Exodus Communications 475,800$ 42,078
--------
42,078
--------
--------------------------------------------------------------------------------
COMPUTER HARDWARE-- 6.1%
Gateway 222,900 12,315
Sun Microsystems 491,000 45,141
--------
57,456
--------
--------------------------------------------------------------------------------
COMPUTER STORAGE-- 10.1%
EMC 350,100 48,642
Network Appliance 639,800 47,305
--------
95,947
--------
--------------------------------------------------------------------------------
FIBER OPTICS -- 12.3%
Ciena 328,700 40,636
JDS Uniphase 504,800 52,341
Newport 194,400 23,583
--------
116,560
--------
--------------------------------------------------------------------------------
NETWORKING PRODUCTS-- 13.0%
Cisco Systems 733,800 50,873
Foundry Networks 375,000 34,125
Juniper Networks 180,000 38,284
--------
123,282
--------
--------------------------------------------------------------------------------
PREPACKAGED SOFTWARE -- 3.8%
Microsoft 512,600 35,754
--------
35,754
--------
--------------------------------------------------------------------------------
SEMI-CONDUCTORS/ELECTRONICS -- 27.9%
Broadcom, Class A 228,000 39,301
Intel 325,700 41,303
Maxim Integrated
Products 637,600 41,324
PMC-Sierra 235,000 45,091
--------------------------------------------------------------------------------
Shares/Face Market
Description Amount (000) Value (000)
--------------------------------------------------------------------------------
SEMI-CONDUCTORS/ELECTRONICS (CONTINUED)
Semtech 623,000 $ 42,481
TriQuint Semiconductor 525,600 54,038
--------
263,538
--------
--------------------------------------------------------------------------------
STORAGE AREA NETWORKING -- 6.9%
Brocade Communication
Systems 383,800 47,591
JNI Corp. 455,000 18,172
--------
65,763
--------
--------------------------------------------------------------------------------
SEMI-CONDUCTOR CAPITAL EQUIPMENT MANUFACTURING -- 10.5%
Applied Materials 482,600 49,135
Novellus Systems 750,000 50,016
--------
99,151
--------
--------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT -- 4.0%
Digital Microwave 1,015,000 37,492
--------
37,492
--------
TOTAL COMMON STOCKS
(Cost $685,009) 937,021
--------
--------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 2.4%
J.P. Morgan
5.670%, dated 04/28/00, matures
05/01/00, repurchase price $23,083,524
(collateralized by U.S. Treasury
Note, par value $23,727,000,
6.000%, 08/15/04, total market
value: $23,534,407) $23,073 23,073
--------
TOTAL REPURCHASE AGREEMENT
(Cost $23,073) 23,073
--------
TOTAL INVESTMENTS -- 101.4%
(Cost $708,082) 960,094
--------
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES,
Net-- (1.4%) (13,780)
---------
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--------------------------------------------------------------------------------
RED OAK TECHNOLOGY SELECT FUND -- CONTINUED
--------------------------------------------------------------------------------
Market
Description Value (000)
--------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares (unlimited authorization
-- no par value) based on 30,393,892
outstanding shares of beneficial
interest $706,541
Accumulated net investment loss (2,193)
Accumulated net realized loss
on investments (10,046)
Net unrealized appreciation
on investments 252,012
---------
TOTAL NET ASSETS -- 100.0% $946,314
---------
---------
Net Asset Value, Offering and Redemption
Price Per Share $31.14
---------
---------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
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STATEMENTS OF OPERATIONS (000)
--------------------------------------------------------------------------------
(UNAUDITED)
<TABLE>
<CAPTION>
PIN OAK WHITE OAK RED OAK
AGGRESSIVE STOCK GROWTH STOCK TECHNOLOGY SELECT
FUND FUND FUND
---------------- ------------ ------------------
11/01/99 11/01/99 11/01/99
TO 4/30/00 TO 4/30/00 TO 4/30/00
-------------------------------------------------------------------------------------------------
Investment Income:
<S> <C> <C> <C>
Dividends .................................. $ 131 $ 7,100 $ 12
Interest ................................... 727 2,478 619
-------------------------------------------------------------------------------------------------
Total Investment Income ................. 858 9,578 631
-------------------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees ................... 1,200 11,029 2,092
Investment Advisory Fee Waiver ............. (73) -- (108)
Administration Fees ........................ 226 1,339 348
Custodian Fees ............................. 8 87 14
Transfer Agent Fees and Expenses ........... 145 1,672 264
Professional Fees .......................... 5 38 10
Trustee Fees ............................... 1 13 2
Registration Fees .......................... 92 269 169
Printing ................................... 16 174 32
Insurance and Other Fees ................... 1 6 1
-------------------------------------------------------------------------------------------------
Total Expenses .......................... 1,621 14,627 2,824
-------------------------------------------------------------------------------------------------
Net Investment Loss ..................... (763) (5,049) (2,193)
-------------------------------------------------------------------------------------------------
Net Realized Gain (Loss) on
Securities Sold ......................... 3,496 10,188 (8,680)
Net Change in Unrealized Appreciation
of Investment Securities ............... 78,616 816,365 201,576
-------------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain
on Investments ....................... 82,112 826,553 192,896
-------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
From Operations ...................... $81,349 $821,504 $190,703
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
The accompanying notes are an integral part of the financial statements.
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STATEMENTS OF CHANGES IN NET ASSETS (000)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PIN OAK WHITE OAK RED OAK
AGGRESSIVE STOCK GROWTH STOCK TECHNOLOGY
FUND FUND SELECT FUND
----------------------- ----------------------- -----------------------
11/01/99 11/01/99 11/01/99
TO 04/30/00 11/01/98 TO 04/30/00 11/01/98 TO 04/30/00 12/31/98 (1)
(UNAUDITED) TO 10/31/99 (UNAUDITED) TO 10/31/99 (UNAUDITED) TO 10/31/99
---------------------------------------------------------------------------------------------------------------------
Investment Activities:
<S> <C> <C> <C> <C> <C> <C>
Net Investment Loss ................... $ (763) $ (419) $ (5,049) $ (5,231) $ (2,193) $ (531)
Net Realized Gain (Loss)
on Securities Sold .............. 3,496 6,073 10,188 (3,755) (8,680) (1,366)
Net Unrealized Appreciation of
Investment Securities .............. 78,616 41,997 816,365 613,797 201,576 50,436
---------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
From Operations .................... 81,349 47,651 821,504 604,811 190,703 48,539
---------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Net Investment Income ................. -- -- -- -- -- --
Realized Capital Gains ................ (5,465) -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------
Total Distributions ................ (5,465) -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares Issued ......................... 400,174 84,532 1,159,206 1,169,912 759,552 137,216
Shares Issued in Lieu of Cash Distributions 5,222 -- -- -- -- --
Shares Redeemed ....................... (92,884) (41,872) (456,399) (408,578) (172,503) (17,193)
---------------------------------------------------------------------------------------------------------------------
Increase in Net Assets From Capital
Share Transactions .............. 312,512 42,660 702,807 761,334 587,049 120,023
---------------------------------------------------------------------------------------------------------------------
Total Increase in Net Assets . 388,396 90,311 1,524,311 1,366,145 777,752 168,562
---------------------------------------------------------------------------------------------------------------------
Net Assets
Beginning of Period ................ 131,755 41,444 2,196,364 830,219 168,562 --
---------------------------------------------------------------------------------------------------------------------
End of Period ...................... $520,151 $131,755 $3,720,675 $2,196,364 $946,314 $168,562
---------------------------------------------------------------------------------------------------------------------
Shares Issued and Redeemed:
Issued ................................ 6,080 2,631 17,901 25,841 26,483 11,337
Issued in Lieu of Cash Distributions .. 112 -- -- -- -- --
Redeemed .............................. (1,488) (1,369) (7,090) (9,008) (6,041) (1,385)
---------------------------------------------------------------------------------------------------------------------
Net Increase in Share Transactions .... 4,704 1,262 10,811 16,833 20,442 9,952
---------------------------------------------------------------------------------------------------------------------
<FN>
(1) THE RED OAK TECHNOLOGY SELECT FUND COMMENCED OPERATIONS ON DECEMBER 31,
1998.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
The accompanying notes are an integral part of the financial statements.
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<PAGE>
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
APRIL 30, 2000 (UNAUDITED)
1. ORGANIZATION:
THE OAK ASSOCIATES FUNDS (the "Trust") is organized as a Massachusetts business
trust under an Agreement and Declaration of Trust dated November 6, 1997. The
Trust is registered under the Investment Company Act of 1940, as amended, as a
diversified open-end management investment company with three funds: Pin Oak
Aggressive Stock Fund, White Oak Growth Stock Fund and Red Oak Technology Select
Fund (the "Funds"). The assets of each Fund are segregated, and a shareholder's
interest is limited to the Fund in which shares are held. The Funds' prospectus
provides a description of each Fund's investment objectives, policies and
strategies.
On February 25, 1998, the shareholders of the Advisors' Inner Circle White Oak
Growth Stock Fund and the Pin Oak Aggressive Stock Fund (the "Oak Funds") voted
to approve a tax-free reorganization of the Oak Funds through a transfer of all
assets and liabilities to the Oak Associates Funds White Oak Growth Stock Fund
and Pin Oak Aggressive Stock Fund. The reorganization took place on February 27,
1998.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of the significant accounting policies followed by
the Funds.
SECURITY VALUATION--Investments in equity securities, which are traded on a
national exchange (or reported on the NASDAQ national market system), are stated
at the last quoted sales price if readily available for such equity securities
on each business day; other equity securities traded in the over-the-counter
market and listed equity securities for which no sale was reported on that date
are stated at the last quoted bid price. Debt obligations exceeding sixty days
to maturity for which market quotations are readily available are valued at the
most recently quoted bid price. Debt obligations with sixty days or less
remaining until maturity may be valued at their amortized cost, which
approximates market value.
Securities for which market quotations are not readily available are valued
at fair value as determined in good faith by, or in accordance with
procedures approved by the Board of Trustees.
FEDERAL INCOME TAXES--It is each Fund's intention to qualify as a regulated
investment company by complying with the appropriate provisions of the Internal
Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income
taxes are required.
SECURITY TRANSACTIONS AND RELATED INCOME--Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date, and interest income is
recognized on the accrual basis. Costs used in determining realized gains and
losses on the sales of investment securities are those of the specific
securities sold.
NET ASSET VALUE PER SHARE--The net asset value per share of each Fund is
calculated on each business day by dividing the total value of each Fund's
assets, less liabilities, by the number of shares outstanding.
EXPENSES--Expenses that are directly related to one of the Funds are charged
to that Fund. Other operating expenses of the Trust are prorated to the Funds on
the basis of relative daily net assets.
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REPURCHASE AGREEMENTS--Securities pledged as collateral for repurchase
agreements are held by the custodian bank until maturity of the repurchase
agreements. Provisions of the repurchase agreements and procedures adopted by
the Board of Trustees require that the market value of the collateral, including
accrued interest thereon, is sufficient in the event of default by the
counterparty. If the counterparty defaults and the value of the collateral
declines or if the counterparty enters an insolvency proceeding, realization of
the collateral by the Portfolio may be delayed or limited.
DISTRIBUTIONS TO SHAREHOLDERS--Distributions from net investment income are
declared and paid to Shareholders on an annual basis, as applicable. Any net
realized capital gains on sales of securities are distributed to Shareholders at
least annually.
Distributions from net investment income and net realized capital gains are
determined in accordance with U.S. 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.
USE OF ESTIMATES--The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
3. TRANSACTIONS WITH AFFILIATES:
Certain officers of the Trust are also officers of SEI Investments Mutual Funds
Services (the "Administrator") and/or SEI Investments Distribution Co. (the
"Distributor"). Such officers are paid no fees by the Trust for serving as
officers of the Trust.
4. ADMINISTRATION, SHAREHOLDER SERVICING AND DISTRIBUTION AGREEMENTS:
The Trust and the Administrator are parties to an Administrative Agreement dated
February 27, 1998, under which the Administrator provides management and
administrative services for an annual fee of 0.15% of the average daily net
assets of each of the Funds up to $250 million, 0.12% on the next $200 million,
0.10% on the next $200 million, and 0.08% of such assets in excess of $650
million.
There is a minimum annual fee of $75,000 per fund.
The Trust has entered into an agreement with SEI Investments to manage the
investments of repurchase agreements for the Funds. For its services the
Liquidity Desk received $29,802 for the six months ended April 30, 2000.
DST Systems, Inc. (the "Transfer Agent") serves as the transfer agent and
dividend disbursing agent for the Funds under a transfer agency agreement with
the Trust. From time to time, the Funds may pay amounts to third parties that
provide sub-transfer agency and other administrative services relating to the
Funds to persons who beneficially own interests in the Funds.
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<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
APRIL 30, 2000 (UNAUDITED)
The Trust and the Distributor are parties to a Distribution Agreement dated
February 27, 1998. The Distributor receives no fees for its distribution
services under this agreement.
5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
The Trust and Oak Associates, ltd. (the "Adviser") are parties to an Investment
Advisory Agreement dated February 27, 1998, under which the Adviser receives an
annual fee equal to 0.74% of the average daily net assets of each Fund. The
Adviser has voluntarily agreed to waive all or a portion of its fees (and to
reimburse the Funds' expenses if necessary) in order to limit operating expenses
to not more than 1.00% of the average daily net assets of each of the Funds. Fee
waivers and expense reimbursements are voluntary and may be terminated at any
time.
First Union National Bank acts as custodian (the "Custodian") for the Funds.
Fees of the Custodian are being paid on the basis of the net assets of the
Funds. The Custodian plays no role in determining the investment policies of the
Funds or which securities are to be purchased or sold by the Funds.
6. INVESTMENT TRANSACTIONS:
The cost of security purchases and the proceeds from security sales, other than
short-term investments, for the six months ended April 30, 2000, are as follows:
PIN OAK WHITE OAK RED OAK
AGGRESSIVE GROWTH TECHNOLOGY
STOCK STOCK SELECT
FUND FUND FUND
(000) (000) (000)
-------------------------------
Purchases ... $300,797 $822,152 $733,420
Sales ....... 21,762 208,246 153,392
At April 30, 2000, the total cost of securities and the net realized gains or
losses on securities sold for Federal income tax purposes were not materially
different from amounts reported for financial reporting purposes. The aggregate
gross unrealized appreciation and depreciation for securities held by the Funds
at April 30, 2000, are as follows:
PIN OAK WHITE OAK RED OAK
AGGRESSIVE GROWTH TECHNOLOGY
STOCK STOCK SELECT
FUND FUND FUND
(000) (000) (000)
----------- ---------- ----------
Aggregate gross
unrealized
appreciation $178,573 $1,579,703 $287,733
Aggregate gross
unrealized
depreciation (44,934) (70,443) (35,721)
-------- ---------- --------
Net unrealized
appreciation $133,639 $1,509,260 $252,012
-------- ---------- --------
-------- ---------- --------
7. CAPITAL LOSS CARRYFORWARDS:
The capital loss carryforwards at October 31, 1999, for federal income tax
purposes are as follows (000):
EXPIRES EXPIRES
2006 2007
------- -------
White Oak Growth
Stock Fund .......... $5,957 $3,755
Red Oak Technology
Select Fund ......... $ -- $1,366
The capital loss carryforwards will be used to offset future net realized gains,
if any, and such gains offset will not be distributed.
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NOTES
[LOGO OF TREE OMITTED]
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<PAGE>
NOTES
[LOGO OF TREE OMITTED]
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1-888-462-5386
<PAGE>
[OAK LOGO OMITTED]
OAK
ASSOCIATES
FUNDS
P.O. BOX 219441
KANSAS CITY, MO 64121-9441
CALL TOLL FREE
1-888-4OAK-FUND
(1-888-462-5386)
WWW.OAKASSOCIATES.COM
OAK-F-023-01000
