-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G61kGvqMEUaMQ7fAxcjVXCQbPO3jWeuSFxiW7BbAarNPMYLp+A5YXakSqm7sa7IW GV9Li4UCy3BKeVhcUcCXSw== 0001111830-04-000421.txt : 20050513 0001111830-04-000421.hdr.sgml : 20050513 20041209085610 ACCESSION NUMBER: 0001111830-04-000421 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20041209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OAK VALUE TRUST CENTRAL INDEX KEY: 0000941722 IRS NUMBER: 311435225 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 3100 TOWER BLVD STREET 2: STE 700 CITY: DURHAM STATE: NC ZIP: 27707 BUSINESS PHONE: 513-587-3400 MAIL ADDRESS: STREET 1: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 FORMER COMPANY: FORMER CONFORMED NAME: TUSCARORA INVESTMENT TRUST DATE OF NAME CHANGE: 19950316 CORRESP 1 corresp-1204.txt OAK VALUE TRUST - CORRESPONDENCE OAK VALUE FUND FILED VIA EDGAR --------------- December 8, 2004 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Oak Value Trust (the "Trust") File Nos. 811-09000; 33-90358 Response to Commission's Comments on Form N-CSR for Fiscal Year Ended June 30, 2004 Ladies and Gentlemen: Ms. Christina Delano of the Commission's staff contacted us to provide comments on the Trust's Form N-CSR for the fiscal year ended June 30, 2004. The following are the comments provided and the Trust's response to each: 1. It should be disclosed in the Statement of Assets and Liabilities (page 9) that the redemption price per share may differ from the net asset value per share. RESPONSE: Currently a cross-reference is given to Note 1, which discloses the terms of the redemption fee. In future Annual and Semiannual Reports, disclosure will also be added to the Statement of Assets and Liabilities itself stating that the redemption price may differ from the net asset value per share depending upon the length of time the shares are held. 2. It is recommended that the discussion of fair valuation of portfolio securities in the Notes to Financial Statements (page 15) be expanded to discuss the factors considered in determining fair valuation. RESPONSE: In future Annual and Semiannual Reports, the discussion of fair valuation will be expanded to discuss the factors considered in determining the fair valuation of portfolio securities. Securities that are fair valued will be identified in the Portfolio of Investments.
P.O. Box 46707 Cincinnati, Ohio 45246-0707 Phone: 1-800-622-2474 Fax: 513-587-3438 www.oakvaluefund.com
3. Within the discussion of the Bank Line of Credit in the Notes to Financial Statements (page 17), it should be disclosed whether or not there were any borrowings during the fiscal year. RESPONSE: In future Annual and Semiannual Reports, it will be disclosed whether or not there were any borrowings against the Bank Line of Credit during the period covered by the report, and the outstanding balance as of the end of such period. We acknowledge that: o the Trust is responsible for the adequacy and accuracy of the disclosure in Trust filings; o staff comments or changes to disclosure in response to staff comments in the filings reviewed by the staff do not foreclose the Commission from taking any action with respect to such filings; and o the Trust may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. Thank you for your comments. Please contact the undersigned at 513/587-3402 if you have any questions. Very truly yours, /s/ Mark J. Seger Mark J. Seger Treasurer
-----END PRIVACY-ENHANCED MESSAGE-----