The Advisors' Inner Circle Fund
P.O. Box 419009
Kansas City, MO 64141-6009
PORTFOLIOS:
White Oak Growth Stock Fund
Pin Oak Aggressive Stock Fund
INVESTMENT ADVISER:
Oak Associates, ltd.
DISTRIBUTOR:
SEI Investments Distribution Co.
ADMINISTRATOR:
SEI Fund Resources
LEGAL COUNSEL:
Morgan, Lewis & Bockius LLP
INDEPENDENT PUBLIC ACCOUNTANTS:
Arthur Andersen LLP
[GRAPHIC OF TREE]
OAK ASSOCIATES, LTD.
To open an account, receive account information, make inquiries or request
literature, call toll free:
1-888-4OAK-FUND
(1-888-462-5386)
OAK-F-021-06
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
APRIL 30, 1997
[GRAPHIC OF TREE]
- --------------------------------------------------------------------------------
WHITE OAK GROWTH
STOCK FUND
- --------------------------------------------------------------------------------
PIN OAK AGGRESSIVE
STOCK FUND
ADVISED BY
OAK ASSOCIATES, LTD.
<PAGE>
INVESTMENT ADVISER'S REPORT TO SHAREHOLDERS
APRIL 30, 1997
Dear Shareholder:
I am pleased to present you with the 1997 semi-annual report for the White Oak
Growth Stock Fund and Pin Oak Aggressive Stock Fund. Enclosed you will find the
information on the holdings of each of the portfolios, along with Financial
Highlights and the Statement of Changes in Net Assets.
Although the past few months have seen swings in the stock market, the long term
investors have been rewarded nicely. We are especially pleased with the track
record of the White Oak Growth Stock Fund. For the three year period ending
March 31, 1997, White Oak was ranked #1 of 465 growth funds for performance by
Lipper Analytical Services.(1) White Oak has also received favorable media
coverage in such publications as KIPLINGER'S, BUSINESS WEEK, CONSUMER REPORTS
and FORTUNE.
The performance of the Pin Oak Aggressive Stock Fund has been disappointing,
reflecting weakness in the small to mid-capitalization sectors of the markets
during the past year and a half. While disappointed, we remain confident in the
fundamental growth prospects of the fund's holdings, and are focused on the long
term.
Detailed performance information on each of the funds is shown below.
SINCE
1 YEAR 3 YEARS INCEPTION
--------------------------------------------
Pin Oak Aggressive Stock Fund -12.08% 10.49% 10.54%
White Oak Growth Stock Fund 23.34% 30.56% 20.88%
Standard & Poor's 500 Index 25.11% 24.12% 17.28%
(All figures for annualized periods ending April 30, 1997. The Fund's
inception date is August 3, 1992.)
You may notice some administrative changes in the upcoming months. We will be
changing to a new toll-free telephone number for the funds, away from the
existing number that we share with other Advisors' Inner Circle Funds, and will
be enhancing our monthly statements to incorporate the funds' Oak tree logo.
Falling interest rates, solid earnings growth, and an increasingly productive
U.S. economy support our enthusiasm for the U.S. stock market.
We appreciate the confidence you have placed in our firm and look to the future
with great optimism.
Kindest Regards,
/S/ SIGNATURE
James D. Oeschlager
Portfolio Manager
(1) For the one year period ending March 31, 1997, White Oak was ranked #31
of 738 growth funds for performance by Lipper Analytical Services.
1
<PAGE>
STATEMENT OF NET ASSETS THE ADVISORS' INNER CIRCLE FUND
April 30, 1997 Unaudited
Market
PIN OAK AGGRESSIVE Value
STOCK FUND Shares (000)
- -------------------------------------------------------
COMMON STOCK (97.1%)
COMPUTER COMMUNICATIONS EQUIPMENT (15.9%)
3Com* 34,000 $ 986
Cisco Systems* 42,400 2,194
Xylan* 55,300 823
--------
4,003
--------
COMPUTER-AIDED DESIGN SOFTWARE (13.6%)
Parametric Technology* 32,000 1,448
Synopsys* 62,029 1,977
--------
3,425
--------
COMPUTERS & SERVICES (2.8%)
ARI Network Services* 20,000 22
International Network Services* 30,000 615
Objective Systems Integrator* 15,000 68
--------
705
--------
COMPUTERS - HARDWARE (10.1%)
Compaq Computer* 13,700 1,170
Sun Microsystems* 47,300 1,363
--------
2,533
--------
BANKS (2.0%)
MBNA 15,000 495
--------
INSURANCE (2.9%)
Mutual Risk Management Limited 19,866 730
--------
MANAGED HEALTH CARE SERVICES (5.8%)
Express Scripts* 40,000 1,470
--------
SEMI-CONDUCTORS/ ELECTRONICS (21.3%)
Atmel* 42,400 1,055
Linear Technology 30,500 1,533
Maxim Integrated Products* 29,700 1,570
Xilinx* 24,300 1,191
--------
5,349
--------
SEMI-CONDUCTORS CAPITAL
EQUIPMENT MANUFACTURING (7.7%)
Applied Materials* 35,500 1,948
--------
TELECOMMUNICATIONS EQUIPMENT (15.0%)
Ascend Communications* 18,000 823
Aspect Telecommunications* 53,900 957
Cascade Communications* 34,000 1,071
U.S. Robotics* 18,500 937
--------
3,788
--------
Face Market
Amount Value
(000) (000)
- -------------------------------------------------------
TOTAL COMMON STOCK
(Cost $19,353) $24,446
--------
REPURCHASE AGREEMENT (4.7%)
Lehman Brothers
4.92%, dated 04/30/97, matures
05/01/97, repurchase price
$1,185,195 (collateralized by
U.S. Treasury Bond, par value $959,445,
10.75%, matures 08/15/05: market value
$1,216,792) $1,185 1,185
--------
TOTAL REPURCHASE AGREEMENT
(Cost $1,185) 1,185
--------
TOTAL INVESTMENTS (101.8% )
(Cost $20,538) 25,631
--------
OTHER ASSETS AND LIABILITIES, NET (-1.8%) (465)
--------
NET ASSETS:
Portfolio Shares (unlimited
authorization -- no par value)
based on 1,565,430 outstanding
shares of beneficial interest 21,699
Net investment loss (97)
Accumulated net realized loss on investments (1,529)
Net unrealized appreciation on investments 5,093
--------
TOTAL NET ASSETS (100.0%) $25,166
========
Net Asset Value, Offering and
Redemption Price Per Share $16.08
========
* NON-INCOME PRODUCING SECURITY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2
<PAGE>
STATEMENT OF NET ASSETS THE ADVISORS' INNER CIRCLE FUND
April 30, 1997 Unaudited
Market
WHITE OAK GROWTH Value
STOCK FUND Shares (000)
- -------------------------------------------------------
COMMON STOCK (95.2%)
BANKS (16.9%)
Banker's Trust New York 40,500 $ 3,296
Citicorp 47,350 5,333
MBNA 180,000 5,940
NationsBank 97,000 5,856
--------
20,425
--------
COMPUTER COMMUNICATIONS EQUIPMENT (11.4%)
3Com* 175,200 5,081
Bay Networks* 91,000 1,615
Cisco Systems* 137,300 7,105
--------
13,801
--------
COMPUTER-AIDED DESIGN SOFTWARE (5.0%)
Parametric Technology* 135,200 6,118
--------
COMPUTER HARDWARE (13.8%)
Compaq Computer* 69,400 5,925
Hewlett Packard 103,000 5,407
Sun Microsystems* 186,100 5,362
--------
16,694
--------
CONGLOMERATES (0.5%)
General Electric 5,300 588
--------
FINANCIAL SERVICES (4.5%)
First Data 157,500 5,434
--------
INSURANCE (5.4%)
American International Group 44,075 5,664
General Re 4,900 819
--------
6,483
--------
PHARMACEUTICALS (8.8%)
American Home Products 11,000 729
Merck 54,800 4,959
Pfizer 52,100 5,002
--------
10,690
--------
PREPACKAGED SOFTWARE (6.7%)
Microsoft* 18,600 2,260
Oracle Systems* 146,900 5,839
--------
8,099
--------
SECURITIES BROKER (4.3%)
Morgan Stanley Group 81,500 5,145
--------
Shares/Face Market
Amount Value
(000) (000)
- -------------------------------------------------------
SEMI-CONDUCTOR CAPITAL
EQUIPMENT MANUFACTURING (5.0%)
Applied Materials* 110,300 $ 6,053
--------
SEMI-CONDUCTORS/ ELECTRONICS (12.9%)
Intel 40,400 6,186
Linear Technology 113,100 5,683
Motorola 65,250 3,736
--------
15,605
--------
TOTAL COMMON STOCK
(Cost $106,557) 115,135
--------
REPURCHASE AGREEMENT (6.1%)
Lehman Brothers
5.33%, dated 04/30/97, matures
05/01/97, repurchase price
$7,397,217 (collateralized
by various U.S. Treasury Notes,
total par value $7,342,000,
5.50%-8.00%, 08/15/97-05/15/01:
total market value $7,544,473) $7,396 7,396
--------
TOTAL REPURCHASE AGREEMENT
(Cost $7,396) 7,396
--------
TOTAL INVESTMENTS (101.3% )
(Cost $113,953) 122,531
--------
OTHER ASSETS AND LIABILITIES, NET (-1.3%) (1,599)
--------
NET ASSETS:
Portfolio Shares (unlimited
authorization -- no par value)
based on 5,014,045 outstanding
shares of beneficial interest 112,366
Distributions in excess of net
investment income (12)
Net unrealized appreciation on investments 8,578
--------
TOTAL NET ASSETS (100.0%) $120,932
========
Net Asset Value, Offering and Redemption
Price Per Share $24.12
========
* NON-INCOME PRODUCING SECURITY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
3
<PAGE>
STATEMENT OF OPERATIONS THE ADVISORS' INNER CIRCLE FUND
For the six month period ended April 30, 1997 Unaudited
<TABLE>
<CAPTION>
PIN OAK WHITE OAK
AGGRESSIVE STOCK GROWTH STOCK
FUND FUND
------------- ----------
(000) (000)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Income:
Dividends ................................................................... $ 7 $ 249
Interest .................................................................... 25 165
- ------------------------------------------------------------------------------------------------------------------
Total Investment Income.................................................... 32 414
- ------------------------------------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees .................................................... 98 253
Investment Advisory Fee Waiver .............................................. (41) (55)
Administrator Fees .......................................................... 27 68
Custodian Fees .............................................................. 2 2
Transfer Agent Fees ......................................................... 16 24
Professional Fees ........................................................... 7 11
Trustee Fees ................................................................ 2 4
Registration Fees ........................................................... 12 15
Printing .................................................................... 5 8
Insurance and Other Fees .................................................... 1 2
- ------------------------------------------------------------------------------------------------------------------
Total Expenses ............................................................ 129 332
- ------------------------------------------------------------------------------------------------------------------
Net Investment Income (Loss) ............................................ (97) 82
- ------------------------------------------------------------------------------------------------------------------
Net Realized Loss on Securities Sold ........................................ (225) --
Net Unrealized Appreciation (Depreciation) of Investment Securities ......... (1,950) 1,339
- ------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss) on Investments .................... (2,175) 1,339
- ------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting From Operations ............. $(2,272) $1,421
==================================================================================================================
<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.
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS THE ADVISORS' INNER CIRCLE FUND
For the six month period ended April 30, 1997 (Unaudited) and the year
ended October 31.
<TABLE>
<CAPTION>
PIN OAK WHITE OAK
AGGRESSIVE STOCK GROWTH STOCK
FUND FUND
------------------------- --------------------------
11/01/96 11/01/95 11/01/96 11/01/95
TO 4/30/97 TO 10/31/96 TO 4/30/97 TO 10/31/96
(000) (000) (000) (000)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Activities:
Net Investment Income (Loss) ....................... $ (97) $ (120) $ 82 $ 37
Net Realized Gain (Loss) on Securities Sold ........ (225) (492) -- 272
Net Unrealized Appreciation (Depreciation) of
Investment Securities ............................ (1,950) 546 1,339 3,054
- ---------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
From Operations ................................ (2,272) (66) 1,421 3,363
- ---------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Net Investment Income .............................. -- -- (93) (41)
Realized Net Gains................................... -- -- (108) --
- ---------------------------------------------------------------------------------------------------------------------
Total Distributions .............................. -- -- (201) (41)
- ---------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Shares Issued ...................................... 9,034 11,945 102,034 13,907
Shares Issued in Lieu of Cash Distributions ........ -- -- 196 40
Shares Redeemed .................................... (5,334) (3,793) (8,627) (1,655)
- ---------------------------------------------------------------------------------------------------------------------
Increase in Net Assets From Capital Share
Transactions ................................... 3,700 8,152 93,603 12,292
- ---------------------------------------------------------------------------------------------------------------------
Total Increase in Net Assets.................. 1,428 8,086 94,823 15,614
- ---------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period .............................. 23,738 15,652 26,109 10,495
- ---------------------------------------------------------------------------------------------------------------------
End of Period .................................... $25,166 $23,738 $120,932 $26,109
- ---------------------------------------------------------------------------------------------------------------------
(1) Share Issued and Redeemed:
Issued ............................................. 489 707 4,176 697
Issued in Lieu of Cash Distributions ............... -- -- 8 2
Redeemed ........................................... (314) (220) (364) (86)
- ---------------------------------------------------------------------------------------------------------------------
Net Increase in Share Transactions .................. 175 487 3,820 613
- ---------------------------------------------------------------------------------------------------------------------
<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.
5
<PAGE>
FINANCIAL HIGHLIGHTS THE ADVISORS' INNER CIRCLE FUND
For the six month period ended April 30, 1997 (Unaudited) and the periods
ended October 31,
For a Share Outstanding Throughout each Period
<TABLE>
<CAPTION>
RATIO
NET REALIZED AND NET NET OF NET
ASSET NET UNREALIZED DISTRIBUTIONS DISTRIBUTIONS ASSET ASSETS RATIO INCOME
VALUE INVESTMENT GAINS OR FROM NET FROM VALUE END OF EXPENSES (LOSS)
BEGINNING INCOME (LOSSES) ON INVESTMENT CAPITA L END TOTAL OF PERIOD TO AVERAGE TO AVERAGE
OF PERIOD (LOSS) SECURITIES INCOME GAINS OF PERIOD RETURN (000) NET ASSETS NET ASSETS
--------- ---------- ----------- ------------- ------------- --------- ------ --------- ---------- ----------
- ------------------------------
PIN OAK AGGRESSIVE STOCK FUND
- ------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
1997 $17.08 (0.06) (0.94) -- -- $16.08 (5.85)%+ $25,166 0.98%* (0.73)%*
1996 $17.32 (0.09) (0.15) -- -- $17.08 (1.39)% $23,738 0.96% (0.62)%
1995 $11.60 (0.08) 5.80 -- -- $17.32 49.31% $15,652 0.98% (0.70)%
1994 $12.62 (0.06) (0.96) -- -- $11.60 (8.08)% $ 9,624 0.96% (0.62)%
1993 $10.28 (0.05) 2.39 -- -- $12.62 22.76% $ 9,079 0.98% (0.48)%
1992(1) $10.00 -- 0.28 -- -- $10.28 11.57%+ $ 4,127 1.00%* 0.03%*
- ----------------------------
WHITE OAK GROWTH STOCK FUND
- ----------------------------
1997 $21.88 0.03 2.31 (0.03) (0.07) $24.12 10.70%+ $120,932 0.97%* 0.24%*
1996 $18.08 0.05 3.80 (0.05) -- $21.88 21.33% $ 26,109 0.95% 0.23%
1995 $11.92 0.04 6.15 (0.03) -- $18.08 52.07% $ 10,495 0.97% 0.29%
1994 $10.64 0.02 1.28 (0.02) -- $11.92 12.24% $ 5,942 0.97% 0.19%
1993 $10.33 0.05 0.32 (0.06) -- $10.64 3.59% $ 5,539 0.97% 0.54%
1992(1) $10.00 0.02 0.33 (0.02) -- $10.33 14.30%+ $ 3,195 1.00%* 0.74%*
</TABLE>
<TABLE>
<CAPTION>
RATIO
OF NET
RATIO INCOME
OF EXPENSES (LOSS) TO
TO AVERAGE AVERAGE
NET ASSETS NET ASSETS PORTFOLIO AVERAGE
(EXCLUDING (EXCLUDING TURNOVER COMMISSION
WAIVERS) WAIVERS) RATE RATE (2)
----------- ---------- --------- ----------
- ------------------------------
PIN OAK AGGRESSIVE STOCK FUND
- ------------------------------
<C> <C> <C> <C> <C>
1997 1.29%* (1.04)%* 12.28% $0.0600
1996 1.47% (1.13)% 31.65% $0.0617
1995 1.65% (1.37)% 49.28% n/a
1994 1.74% (1.40)% 48.88% n/a
1993 2.07% (1.57)% 68.32% n/a
1992(1) 4.06%* (3.03)%* 4.00% n/a
- ----------------------------
WHITE OAK GROWTH STOCK FUND
- ----------------------------
1997 1.13%* 0.08%* -- $0.0600
1996 1.50% (0.32)% 8.07% $0.0599
1995 2.06% (0.80)% 22.43% n/a
1994 2.24% (1.08)% 37.42% n/a
1993 2.71% (1.20)% 27.48% n/a
1992(1) 4.78%* (3.04)%* -- n/a
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
* Annualized
+ Total return is for the period indicated and has not been 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. Presentation of the rate is only required for fiscal
years beginning after September 1, 1995.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS THE ADVISORS' INNER CIRCLE FUND
April 30, 1997 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.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective
agreements mature. Provisions of the repurchase agreements ensure 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 into an insolvency proceeding, realization
of the collateral by the Funds may be delayed or limited.
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.
DISTRIBUTIONS TO SHAREHOLDERS -- 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. Distributions from
net investment income and net realized capital gains are determined in
accordance with the 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. To the extent these differ-
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) THE ADVISORS' INNER CIRCLE FUND
April 30, 1997 Unaudited
ences are permanent, they are charged or credited to paid-in capital in the
period that the difference arises. These reclassifications have no effect
on net assets or net asset value.
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 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. TRANSACTIONS WITH AFFILIATES:
Certain officers of the Trust are also officers of SEI Fund Resources (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 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, Ltd. (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, 1997 are as follows:
PIN OAK WHITE OAK
AGGRESSIVE GROWTH
STOCK FUND STOCK FUND
(000) (000)
---------- -----------
Purchases
Government $ -- $ --
Other 6,387 89,268
Sales
Government $ -- $ --
Other 3,175 --
At April 30,1997, 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 30,1997, are as follows:
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONCLUDED) THE ADVISORS' INNER CIRCLE FUND
April 30, 1997 Unaudited
PIN OAK WHITE OAK
AGGRESSIVE GROWTH
STOCK FUND STOCK FUND
(000) (000)
---------- ----------
Aggregate gross unrealized
appreciation $8,477 $15,821
Aggregate gross unrealized
depreciation (3,384) (7,243)
------ -------
Net unrealized appreciation $5,093 $ 8,578
====== =======
7. CAPITAL LOSS CARRYFORWARDS:
The capital loss carryforwards at October 31, 1996 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
492,382 expiring in 2004
----------
$1,304,455
The capital loss carryforwards will be used to offset future net realized gains,
if any, and such gains so offset will not be distributed.
9
<PAGE>
NOTES
