July 31, 2002 — Oak Associates, known for its aggressive tech-oriented mutual funds, replaced Thomas Hipp as a co-manager on Black Oak Emerging Technology Fund (BOGSX).

Jim Travis, an analyst at Oak, will co-manage the portfolio with existing co-manager Jim Oelschlager, founder of the firm.

An Oak spokesman declined to comment on Hipp’s departure.

Launched in December 2000, the $59-million Black Oak Emerging Technology fund has struggled during its short life. The fund, with its focus on stocks of small emerging tech firms, has been one of the worst performing offerings in the tech category.

As of mid year the fund had lost 54.9%, versus a loss of 34.3% for tech funds on average. As of yesterday the portfolio was down 60.5% for 2002.

Black Oak Emerging Technology is too new to be ranked by Standard & Poor’s.