THE ADVISORS' INNER CIRCLE FUND
PIN OAK AGGRESSIVE STOCK FUND
WHITE OAK GROWTH STOCK FUND
SEMI-ANNUAL REPORT TO SHAREHOLDERS
AS OF APRIL 30, 1996
THIS INFORMATION MUST BE PRECEDED OR ACCOMPANIED
BY A CURRENT PROSPECTUS FOR EACH FUND DESCRIBED.
<PAGE>
THE OAK FUNDS (LOGO)
[GRAPHIC OMITTED]
White Oak Growth Stock Fund (BULLET) Pin Oak Aggressive Stock Fund
ADVISED BY
OAK ASSOCIATES
3875 Embassy Pkwy (BULLET) Suite 250 (BULLET) Akron, Ohio 44333-8334
(216) 668-1234 (BULLET) Fax (216) 668-2901
INVESTMENT ADVISOR'S REPORT TO SHAREHOLDERS
APRIL 30, 1996
Dear Shareholders:
Enclosed is the 1996 semi-annual report for the Pin Oak Aggressive Stock Fund
and the White Oak Growth Stock Fund. This report lists the holdings for each
fund and gives us the opportunity to discuss recent results and any changes that
you can look forward to in the future. We hope you find it informative.
In the past, our funds have had some significant swings but it has paid to be
patient. Detailed performance results are shown below.
CALENDAR FROM
YTD 1 YR. 3 YRS. INCEPTION
--------------------------------------------
Pin Oak Aggressive Stock Fund 9.52% 38.56% 21.25% 17.52%
White Oak Growth Stock Fund 9.91% 48.09% 25.05% 20.24%
Standard & Poor's 500 Index 6.98% 30.20% 17.18% 15.27%
(All figures for annualized periods ending April 30, 1996
Inception date 8/3/92.)
Looking forward, our investment outlook remains positive. While a back-up in
interest rates, like the one that has occurred so far this year, always causes
us to review our outlook, we come away from the current situation believing it
will prove to be short-lived. We just don't see a return of the high-inflation
days. We remain comfortable with the holdings in both funds and would be
inclined to add to most of our positions at current valuations. While this year
may not be as rewarding as last year was, we still feel it could prove to be
"better than average", particularly if interest rates start to come back down.
On the administration side, you may notice several changes in the months ahead.
In response to several requests, we will be changing the format of your monthly
account statements to show both your Pin Oak and White Oak mutual fund shares on
a single report. This should cut down on unnecessary mailings. Also, our
acceptance into several no-load mutual fund networks like Schwab's OneSource
program has brought about a large increase in the number of mutual fund kits
being mailed to potential shareholders. With the increased interest by the
public at large, we believe we could approach the asset levels necessary for
daily listing in the Wall Street Journal.
<PAGE>
Finally, you can help us by calling the appropriate phone numbers for
shareholder service. If you have questions on an account you have already
established, are checking your balance, or wish to redeem shares, please call
DST Systems, the funds' transfer agent, at 800-808-4921. If you or someone else
are interested in opening an account and would like some information sent to
you, please call Fund Resources at 800-923-7781. Be sure to let them know if you
are interested in opening an IRA or a taxable account. Fund Resources will be
more than happy to assist you by mailing as many applications, performance
reports, and prospectuses detailing charges and expenses as you need.
On the other hand, if you know of a group of individuals that might be
interested in investing in our funds (for example, an employer 401(k) plan) and
you feel a presentation would be appropriate, please call our offices and ask
for either myself or Maria Hinton. Depending on the level of interest, we'd be
more than willing to arrange an appropriate meeting.
All of us at Oak Associates, Ltd. are proud of the results we have been able to
achieve over the years and by the opportunities that have been made available to
us by you, our clients and shareholders. Our firm has enjoyed sustained, rapid
growth over the last eleven years. While the mutual funds have represented a
relatively small portion of the $3 billion in assets our firm manages, they
remain very important to us and will likely become more so as we prepare
ourselves for managed growth in the years ahead.
We appreciate the confidence you have placed in our firm and look forward to the
future with thankful enthusiasm.
Kindest Regards,
/s/ DOUG MACKAY
Doug MacKay
Portfolios of the Advisors' Inner Circle Fund
SEI Financial Services Company, Distributor (BULLET) P.O. Box 32,
Wayne, PA 19087-0032
<PAGE>
STATEMENT OF NET ASSETS THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Market
PIN OAK AGGRESSIVE Value
STOCKFUND Shares (000)
- -----------------------------------------------------------------
COMMON STOCK (94.9%)
CELLULAR (1.2%)
Mobile Telecommunications
Technologies 15,000 $ 221
------
COMPUTER-AIDED DESIGN SOFTWARE (14.8%)
Epic Design Technology 14,000 479
Parametric Technology* 32,000 1,288
Synopsys* 25,000 1,031
------
2,798
------
COMPUTER COMMUNICATIONS
EQUIPMENT (25.5%)
3Com 34,000 1,568
Bay Networks* 23,100 728
Cisco Systems* 42,400 2,200
Xylan 5,000 320
------
4,816
------
COMPUTER SERVICES (0.3%)
ARI Network Services* 25,000 56
------
COMPUTERS-HARDWARE (9.1%)
Avid Technology* 20,000 390
Compaq Computer* 10,000 466
Sun Microsystems 16,000 868
------
1,724
------
MANAGED HEALTH CARE SERVICES (5.0%)
Express Scripts* 19,000 941
------
PREPACKAGED SOFTWARE (11.4%)
Adobe Systems 14,000 602
Imnet Systems 17,000 561
Intuit 19,000 988
------
2,151
------
SEMI-CONDUCTOR CAPITAL EQUIPMENT MFG. (2.5%)
Applied Materials* 12,000 480
------
SEMI-CONDUCTORS/ELECTRONICS (18.8%)
Atmel 28,000 1,120
Linear Technology 25,000 859
Maxim Integrated Products 19,000 651
Xilinx 25,000 922
------
3,552
------
TELECOMMUNICATIONS EQUIPMENT (6.3%)
Aspect Telecommunications* 20,500 $1,179
------
TOTAL COMMON STOCK
(Cost $10,642,640) 17,918
------
Face Market
Amount Value
(000) (000)
- -----------------------------------------------------------------
MONEY MARKET (4.0%)
SEI Daily Income Trust Money
Market Fund
5.250% $417 $ 417
SEI Daily Income Trust Prime
Obligation Fund
5.160% 345 345
-------
TOTAL MONEY MARKET
(Cost $761,778) 762
-------
TOTAL INVESTMENTS (98.9%)
(Cost $11,404,418) 18,680
-------
OTHER ASSETS AND LIABILITIES (1.1%)
Other Assets and Liabilities, Net 208
-------
NET ASSETS:
Portfolio shares (unlimited authorization,
no par value) based on 1,032,822
outstanding shares of beneficial
interest 12,144
Accumulated net investment loss (57)
Accumulated net realized loss on
investments (475)
Net unrealized appreciation on
investments 7,276
-------
TOTAL NET ASSETS (100.0%) $18,888
=======
Net Asset Value, Offering Price and
Redemption Price Per Share $ 18.29
=======
* NON-INCOME PRODUCING SECURITY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL
STATEMENTS.
<PAGE>
STATEMENT OF NET ASSETS THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Market
WHITE OAK GROWTH Value
STOCK FUND Shares (000)
- -----------------------------------------------------------------
COMMON STOCK (93.0%)
BANKS (9.7%)
Banker's Trust New York 4,200 $ 291
Citicorp 8,000 630
NationsBank 7,400 590
------
1,511
------
COMPUTER-AIDED DESIGN SOFTWARE (4.2%)
Parametric Technology* 16,400 660
------
COMPUTER COMMUNICATIONS
EQUIPMENT (18.6%)
3Com 17,700 816
Bay Networks* 21,000 662
Cisco Systems* 27,200 1,411
------
2,889
------
COMPUTERS-HARDWARE (8.5%)
Compaq Computer* 12,200 569
Sun Microsystems 14,000 760
------
1,329
------
CONGLOMERATES (2.7%)
General Electric 5,300 411
------
FINANCIAL SERVICES (3.2%)
First Data 6,502 494
------
HOSPITAL SUPPLY & MANAGEMENT (2.9%)
Columbia/HCA Healthcare 8,600 457
------
INSURANCE (6.7%)
American International Group 5,825 532
General Re 3,500 500
------
1,032
------
PHARMACEUTICALS (10.5%)
American Home Products 5,500 580
Merck 8,300 502
Pfizer 8,000 551
------
1,633
------
PREPACKAGED SOFTWARE (6.0%)
Microsoft 8,200 930
------
SEMI-CONDUCTORS/ELECTRONICS (13.0%)
Intel 10,700 725
Linear Technology 15,000 516
Motorola 12,750 781
------
2,022
------
SEMI-CONDUCTOR CAPITAL EQUIPMENT MFG. (4.4%)
Applied Materials* 17,300 692
------
SECURITIES BROKER (2.6%)
Morgan Stanley Group 8,000 402
------
Face Market
Amount Value
(000) (000)
- --------------------------------------------------------------
TOTAL COMMON STOCK
(Cost $9,129,897) $14,462
-------
MONEY MARKET (6.4%)
SEI Daily Income Trust Money
Market Fund
5.250% $581 581
SEI Daily Income Trust Prime
Obligation Fund
5.160% 411 411
-------
TOTAL MONEY MARKET
(Cost $992,169) 992
-------
TOTAL INVESTMENTS (99.4%)
(Cost $10,122,065) 15,454
-------
OTHER ASSETS AND LIABILITIES (0.6%)
Other Assets and Liabilities, Net 98
-------
NET ASSETS:
Portfolio shares (unlimited authorization,
no par value) based on 791,013
outstanding shares of beneficial
interest 10,369
Distributions in excess of net investment
income (2)
Accumulated net realized loss on
investments (147)
Net unrealized appreciation on
investments 5,332
-------
TOTAL NET ASSETS (100.0%) $15,552
=======
Net Asset Value, Offering Price and
Redemption Price Per Share $ 19.66
=======
*NON-INCOME PRODUCING SECURITY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL
STATEMENTS.
<PAGE>
STATEMENT OF OPERATIONS THE ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30,1996 Unaudited
PIN OAK WHITE OAK
AGGRESSIVE STOCK GROWTH STOCK
FUND FUND
---------------- ------------
11/01/95 11/01/95
TO 4/30/96 TO 4/30/96
(000) (000)
- --------------------------------------------------------------------------------
Investment Income:
Dividends ................................. $ 3 $ 52
Interest .................................. 19 21
- --------------------------------------------------------------------------------
Total Investment Income................... 22 73
- --------------------------------------------------------------------------------
Expenses:
Administrator Fees ......................... 25 25
Investment Advisory Fees ................... 60 45
Investment Advisory Fee Waiver.............. (45) (42)
Custodian Fees ............................. 2 2
Transfer Agent Fees ........................ 16 12
Professional Fees .......................... 6 6
Trustee Fees ............................... 3 3
Registration Fees .......................... 7 4
Printing ................................... 3 2
Insurance and Other Fees ................... 1 --
Amortization of Organizational Costs ....... 1 1
- --------------------------------------------------------------------------------
Total Expenses ........................... 79 58
- --------------------------------------------------------------------------------
Net Investment Income (Loss) ........... (57) 15
- --------------------------------------------------------------------------------
Net Realized Gain on Securities Sold ....... 337 17
Net Unrealized Appreciation of Investment
Securities .............................. 779 1,146
- --------------------------------------------------------------------------------
Net Realized and Unrealized Gain
on Investments ......................... 1,116 1,163
- --------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
From Operations .......................... $1,059 $1,178
================================================================================
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS THE ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30,1996 (Unaudited) and the periods ended October 31.
PIN OAK WHITE OAK
AGGRESSIVE STOCK GROWTH STOCK
FUND FUND
-------------------------- --------------------------
11/01/95 11/01/94 11/01/95 11/01/94
TO 4/30/96 TO 10/31/95 TO 4/30/96 TO 10/31/95
(000) (000) (000) (000)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Activities:
Net Investment Income (Loss) .................................... $ (57) $ (80) $ 15 $ 21
Net Realized Gain (Loss) on Securities Sold ..................... 337 (352) 17 298
Net Unrealized Appreciation of Investment Securities ............ 779 5,190 1,146 2,893
- -----------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
From Operations ............................................. 1,059 4,758 1,178 3,212
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Net Investment Income ........................................... -- -- (19) (17)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Distributions ........................................... -- -- (19) (17)
- -----------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Shares Issued ................................................... 3,077 2,432 4,887 1,820
Shares Issued in Lieu of Cash Distributions ..................... -- -- 19 17
Shares Redeemed ................................................. (900) (1,162) (1,008) (479)
- -----------------------------------------------------------------------------------------------------------------------------------
Increase in Net Assets From Capital Share
Transactions ................................................ 2,177 1,270 3,898 1,358
- -----------------------------------------------------------------------------------------------------------------------------------
Total Increase in Net Assets .............................. 3,236 6,028 5,057 4,553
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period ........................................... 15,652 9,624 10,495 5,942
- -----------------------------------------------------------------------------------------------------------------------------------
End of Period ................................................. $18,888 $15,652 $15,552 $10,495
- -----------------------------------------------------------------------------------------------------------------------------------
Share Issued and Redeemed:
Issued .......................................................... 184 163 264 119
Issued in Lieu of Cash Distributions ............................ -- -- 1 1
Redeemed ........................................................ (54) (89) (55) (38)
- -----------------------------------------------------------------------------------------------------------------------------------
Net Increase in Share Transactions .............................. 130 74 210 82
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS THE ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30, 1996 (Unaudited) and the periods ended October 31.
For a Share Outstanding Throughout each Period
Net Realized and Net Net
Asset Net Unrealized Distributions Distributions Asset Assets
Value Investment Gains or from Net from Value End
Beginning Income (Losses) on Investment Capital End Total of Period
of Period (Loss) Securities Income Gains of Period Return (000)
--------- ---------- ----------- ------------ ------------- --------- ------ ---------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------
PIN OAK AGGRESSIVE STOCK FUND
- -----------------------------
1996 $17.32 (0.06) 1.03 -- -- $18.29 5.60% $18,888
1995 $11.60 (0.08) 5.80 -- -- $17.32 49.31% $15,652
1994 $12.62 (0.06) (0.96) -- -- $11.60 (8.08)% $ 9,624
1993 $10.28 (0.05) 2.39 -- -- $12.62 22.76% $ 9,079
1992(1)$10.00 -- 0.28 -- -- $10.28 11.57% $ 4,127
- ---------------------------
WHITE OAK GROWTH STOCK FUND
- ---------------------------
1996 $18.08 0.02 1.59 (0.03) -- $19.66 8.90% $15,552
1995 $11.92 0.04 6.15 (0.03) -- $18.08 52.07% $10,495
1994 $10.64 0.02 1.28 (0.02) -- $11.92 12.24% $ 5,942
1993 $10.33 0.05 0.32 (0.06) -- $10.64 3.59% $ 5,539
1992(1)$10.00 0.02 0.33 (0.02) -- $10.33 14.30% $ 3,195
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS THE ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30, 1996 (Unaudited) and the periods ended October 31.
For a Share Outstanding Throughout each Period
Ratio
of Net
Ratio Income
Ratio of Expenses (Loss) to
of Net to Average Average
Ratio Income Net Assets Net Assets
of Expenses (Loss) (Excluding (Excluding Portfolio Average
to Average to Average Waivers and Waivers and Turnover Commission
Net Assets Net Assets Reimbursements) Reimbursements) Rate Rate (2)
----------- ----------- --------------- --------------- --------- ----------
<C> <C> <C> <C> <C> <C> <C>
- -----------------------------
PIN OAK AGGRESSIVE STOCK FUND
- -----------------------------
1996 0.97%* (0.70)%* 1.52%* (1.25)%* 13.57% $0.06
1995 0.98% (0.70)% 1.65% (1.37)% 49.28% --
1994 0.96% (0.62)% 1.74% (1.40)% 48.88% --
1993 0.98% (0.48)% 2.07% (1.57)% 68.32% --
1992(1) 1.00%* 0.03%* 4.06%* (3.03)%* 4.00% --
- ---------------------------
WHITE OAK GROWTH STOCK FUND
- ---------------------------
1996 0.95%* 0.25%* 1.64%* (0.44)%* 4.92% $0.06
1995 0.97% 0.29% 2.06% (0.80)% 22.43% --
1994 0.97% 0.19% 2.24% (1.08)% 37.42% --
1993 0.97% 0.54% 2.71% (1.20)% 27.48% --
1992(1) 1.00%* 0.74%* 4.78%* (3.04)%* -- --
<FN>
* Annualized
(1) The Pin Oak Aggressive Stock Fund and the White Oak Growth Stock Fund commenced operations
on August 3, 1992.
(2) Average commission rate paid per share for the security purchases and sales made during
the period.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
1. ORGANIZATION:
THE ADVISORS' INNER CIRCLE FUND (the "Trust") is organized as a Massachusetts
business trust under a Declaration of Trust dated July 18, 1991. The Trust is
registered under the Investment Company Act of 1940, as amended, as a
diversified open-end management investment company with nine portfolios. The
financial statements included herein are those of the Pin Oak Aggressive Stock
Fund and the White Oak Growth Stock Fund (the "Funds"). The financial statements
of the remaining portfolios are presented separately. The assets of each
portfolio are segregated, and a Shareholder's interest is limited to the
portfolio in which shares are held. The Funds' prospectus provides a description
of each Fund's investment objectives, policies and strategies.
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.
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 during the respective holding period.
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.
OTHER -- 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.
Distributions from net investment income are declared and paid to
Shareholders on a quarterly basis. Any net realized capital gains on sales
of securities are distributed to Shareholders at least annually.
Effective 1994, generally accepted accounting principles require that
differences between undistributed net investment income or accumulated net
realized capital gains for financial reporting and tax purposes, if
permanent, be reclassified to/from paid in capital. The Funds were not
affected by this standard.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amount 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. ORGANIZATION COSTS AND TRANSACTIONS WITH AFFILIATES:
The Funds incurred organization costs of approximately $12,000 each. These costs
have been deferred and are being amortized on a straight line basis over a
period of sixty months commencing with operations. Organization costs include
legal
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
fees of approximately $1,000 per Fund for organizational work performed by a law
firm of which a trustee of the Trust is a partner and two officers of the Trust
are partners. In the event any of the initial shares of the Funds are redeemed
by any holder thereof during the period that the Fund is amortizing its
organizational costs, the redemption proceeds payable to the holder thereof by
the Fund will be reduced by the unamortized organizational costs in the same
ratio as the number of initial shares being redeemed bears to the number of
initial shares outstanding at the time of redemption.
Certain officers of the Trust are also officers of SEI Financial Management
Corporation (the "Administrator") and/or SEI Financial Services Company (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 Trustand the Administrator are parties to an Administration Agreement dated
November 14, 1991, as amended and restated on May 17, 1994, under which the
Administrator provides management and administrative services for an annual fee
of .20% of the average daily net assets of each of the Funds. There is a minimum
annual fee of $50,000 per Fund.
DST Systems, Inc. (the "Transfer Agent") serves as the transfer agent and
dividend distributing agent for the Funds under a transfer agency agreement with
the Trust.
The Trust and the Distributor are parties to a Distribution Agreement dated
November 14, 1991, as amended and restated on August 8, 1994. The Distributor
receives no fees for its distribution services under this agreement.
5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
The Trust and Oak Associates (the "Adviser") are parties to an Investment
Advisory Agreement dated July 20, 1992 under which the Adviser receives an
annual fee equal to .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) 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.
CoreStates Bank, N.A. 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, 1996 are as follows:
PIN OAK WHITE OAK
AGGRESSIVE GROWTH
STOCK FUND STOCK FUND
(000) (000)
---------- ----------
Purchases
Government .......................... $ -- $ --
Other ............................... 4,315 4,181
Sales
Government .......................... $ -- $ --
Other ............................... 2,178 582
At April 30, 1996, 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, 1996, are as follows:
PIN OAK WHITE OAK
AGGRESSIVE GROWTH
STOCK FUND STOCK FUND
(000) (000)
---------- ----------
Aggregate gross unrealized
appreciation ............................ $ 8,152 $ 5,429
Aggregate gross unrealized
depreciation ............................ (876) (97)
------- -------
Net unrealized appreciation .................. $ 7,276 $ 5,332
======= =======
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONCLUDED) THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
7. CAPITAL LOSS CARRYFORWARDS:
The capital loss carryforwards at October 31, 1995, for Federal income tax
purposes are as follows:
Pin Oak Aggressive
Stock Fund................. $ 17,985 expiring in 2000
288,322 expiring in 2001
153,978 expiring in 2002
351,788 expiring in 2003
White Oak Growth
Stock Fund.................. $163,669 expiring in 2001
The capital loss carryforwards will be used to offset future net realized gains,
if any, and such gains so offset will not be distributed.
<PAGE>
OAK-F-020-05
