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Oak Associates Funds

Filed: 29 Jun 21, 12:35pm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSRS

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

 

Investment Company Act file number : 811-08549

 

Oak Associates Funds

(Exact name of registrant as specified in charter)

 

3875 Embassy Parkway, Suite 250

Akron, Ohio 44333

(Address of principal executive offices) (Zip code)

 

Charles A. Kiraly

3875 Embassy Parkway, Suite 250

Akron, Ohio 44333

(Name and address of agent for service)

 

 

 

 

 

Registrant’s telephone number, including area code: 1-888-462-5386

 

Date of fiscal year end: October 31

 

Date of reporting period: April 30, 2021

 

Item 1. Reports to Stockholders.

 

(COVER PAGE)

 

 

 

(GRAPHIC)

TABLE of CONTENTS

(GRAPHIC)

 

 

Performance Update1
  
White Oak Select Growth Fund1
  
Pin Oak Equity Fund2
  
Rock Oak Core Growth Fund3
  
River Oak Discovery Fund4
  
Red Oak Technology Select Fund5
  
Black Oak Emerging Technology Fund6
  
Live Oak Health Sciences Fund7
  
Important Disclosures8
  
Disclosure of Fund Expenses11
  
Financial Statements 
  
Schedules of Investments13
  
Statements of Assets & Liabilities34
  
Statements of Operations36
  
Statements of Changes in Net Assets38
  
Financial Highlights44
  
Notes to Financial Statements48

 

 

White Oak Select Growth FundPerformance Update
All data below As of April 30, 2021 (Unaudited)

 

Fund Data 
TickerWOGSX
Share Price$134.67
Total Net Assets$435.4M
Portfolio Turnover—%
  
Sector Allocation^ 
Technology24.5%
Communications19.2%
Health Care18.5%
Consumer Discretionary17.9%
Financials17.0%
Real Estate2.6%
Cash & Other Assets0.3%
Top 10 Holdings^ 
1Alphabet, Inc.14.5%
2Amazon.com, Inc.12.5%
3Charles Schwab Corp. (The)7.1%
4Cisco Systems, Inc.5.7%
5JPMorgan Chase & Co.5.5%
6KLA Corp.5.5%
7Lowe’s Cos., Inc.5.4%
8Xilinx, Inc.5.1%
9Facebook, Inc. - Class A4.8%
10Amgen, Inc.4.5%


^Percentages are based on net assets. Holdings are subject to change.

 

Growth of $10,000 Chart

 

(LINE GRAPH)

 

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

 Average Annual Total Return
 1 Year3 Year5 Year10 Year
 ReturnReturnReturnReturn
White Oak Select Growth Fund43.69%17.08%18.14%13.45%
S&P 500® Total Return Index145.98%18.67%17.42%14.17%
Lipper Large-Cap Core Funds Average244.83%17.21%16.06%12.75%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 0.93%

Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 0.90%

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

 

1 Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.

 

1-888-462-5386 | www.oakfunds.com1

 

 

Pin Oak Equity FundPerformance Update
All data below As of April 30, 2021 (Unaudited)

 

Fund Data 
TickerPOGSX
Share Price$90.03
Total Net Assets$197.4M
Portfolio Turnover6%
  
Sector Allocation^ 
Consumer Discretionary28.3%
Health Care20.8%
Communications19.1%
Technology18.1%
Financials12.9%
Cash & Other Assets0.8%
Top 10 Holdings^ 
1Alphabet, Inc.15.1%
2Amazon.com, Inc.9.0%
3Charles Schwab Corp. (The)7.3%
4KLA Corp.5.6%
5Gentex Corp.5.2%
6eBay, Inc.4.5%
7DraftKings, Inc. - Class A4.0%
8Facebook, Inc.- Class A3.9%
9Illumina, Inc.3.9%
10Visa, Inc. - Class A3.7%


^Percentages are based on net assets. Holdings are subject to change.

 

Growth of $10,000 Chart

 

(LINE GRAPH)     This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

 Average Annual Total Return
 1 Year3 Year5 Year10 Year
 ReturnReturnReturnReturn
Pin Oak Equity Fund43.30%14.42%15.99%13.27%
Morningstar US Market Index150.06%19.03%17.71%14.11%
Lipper Multi-Cap Core Funds Average248.67%15.86%15.33%12.12%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 0.95%

Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 0.92%

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

 

1 Morningstar, Inc. is the source and owner of the Morningstar Classification data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.

 

2Semi-Annual Report | April 30, 2021

 

 

Rock Oak Core Growth FundPerformance Update
 All data below As of April 30, 2021 (Unaudited)

 

Fund Data 
TickerRCKSX
Share Price$18.88
Total Net Assets$13.0M
Portfolio Turnover2%
  
Sector Allocation^ 
Technology28.3%
Consumer Discretionary22.1%
Health Care17.5%
Industrials8.9%
Financials7.0%
Materials3.7%
Real Estate2.5%
Energy2.3%
Communications1.5%
Cash & Other Assets6.2%
Top 10 Holdings^ 
1Seagate Technology PLC5.7%
2Ubiquiti Networks, Inc.5.6%
3Hartford Financial Services Group, Inc. (The)4.9%
4Jazz Pharmaceuticals PLC4.6%
5DraftKings, Inc. - Class A4.3%
6F5 Networks, Inc.4.1%
7PulteGroup, Inc.4.0%
8Thor Industries, Inc.3.8%
9Colfax Corp.3.8%
10Carlisle Cos., Inc.3.7%


^Percentages are based on net assets. Holdings are subject to change.

 

Growth of $10,000 Chart

 

(LINE GRAPH) This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower.

 

 Average Annual Total Return
 1 Year3 Year5 Year10 Year
 ReturnReturnReturnReturn
Rock Oak Core Growth Fund42.93%10.29%15.88%10.03%
Morningstar US Mid-Cap Index160.28%17.33%16.38%13.19%
Lipper Multi-Cap Core Funds Average248.67%15.86%15.33%12.12%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 1.57%/1.25%

Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 1.42%/1.25%

 

The Adviser has contractually agreed for a period of one year from February 28, 2021, the date of the Fund’s Propsectus, to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any, to an annual rate of not more than 1.25% of average daily net assets. This contractual fee waiver may only be terminated subject to approval by the Board of Trustees of the Trust.

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

 

1 Morningstar, Inc. is the source and owner of the Morningstar Classification data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.

 

1-888-462-5386 | www.oakfunds.com3

 

 

River Oak Discovery FundPerformance Update
All data below As of April 30, 2021 (Unaudited)

 

Fund Data 
TickerRIVSX
Share Price$20.03
Total Net Assets$22.3M
Portfolio Turnover15%
  
Sector Allocation^ 
Technology40.8%
Financials18.5%
Consumer Discretionary14.7%
Industrials11.3%
Communications4.5%
Consumer Staples3.0%
Cash & Other Assets7.2%
Top 10 Holdings^ 
1Kulicke & Soffa Industries, Inc.5.0%
2M/I Homes, Inc.4.5%
3Silicon Motion Technology Corp. - ADR4.4%
4AllianceBernstein Holding LP4.2%
5Ambarella, Inc.4.1%
6Advanced Energy Industries, Inc.4.0%
7Cohu, Inc.3.9%
8Taylor Morrison Home Corp.3.8%
9Artisan Partners Asset Management, Inc. - Class A3.7%
10Cirrus Logic, Inc.3.4%


^Percentages are based on net assets. Holdings are subject to change.

 

Growth of $10,000 Chart

 

(LINE GRAPH) This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower.

 

 Average Annual Total Return
 1 Year3 Year5 Year10 Year
 ReturnReturnReturnReturn
River Oak Discovery Fund77.18%18.63%16.17%10.34%
Morningstar US Small-Cap Index172.55%14.83%14.96%11.45%
Lipper Small-Cap Core Funds Average272.17%12.48%13.46%10.25%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 1.45%/1.25%

Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 1.25%/1.23%

 

The Adviser has contractually agreed until at least February 28, 2022, to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any, to an annual rate of not more than 1.25% of average daily net assets. This contractual fee waiver may only be terminated subject to approval by the Board of Trustees of the Trust.

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

 

1 Morningstar, Inc. is the source and owner of the Morningstar Classification data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.

 

4Semi-Annual Report | April 30, 2021

 

 

Red Oak Technology Select FundPerformance Update
All data below As of April 30, 2021 (Unaudited)

 

Fund Data 
TickerROGSX
Share Price$41.37
Total Net Assets$663.8M
Portfolio Turnover—%
  
Sector Allocation^ 
Technology68.1%
Communications16.7%
Consumer Discretionary10.8%
Real Estate2.4%
Cash & Other Assets2.0%
Top 10 Holdings^ 
1Alphabet, Inc.9.7%
2Apple, Inc.8.8%
3Amazon.com, Inc.8.0%
4Facebook, Inc. - Class A7.0%
5Microsoft Corp.6.0%
6KLA Corp.5.0%
7Oracle Corp.4.7%
8Intel Corp.4.7%
9Cisco Systems, Inc.4.4%
10Skyworks Solutions, Inc.4.0%


^Percentages are based on net assets. Holdings are subject to change.

 

Growth of $10,000 Chart

 

(LINE GRAPH)

 

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

 Average Annual Total Return
 1 Year3 Year5 Year10 Year
 ReturnReturnReturnReturn
Red Oak Technology Select Fund43.97%21.60%25.57%18.13%
S&P 500 Equal Weight Information Technology Index154.04%24.47%27.11%18.52%
Lipper Science & Technology Funds Average266.70%27.43%28.01%17.29%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 0.94%

Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 0.91%

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

 

1 Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.

 

1-888-462-5386 | www.oakfunds.com5

 

 

Black Oak Emerging Technology FundPerformance Update
All data below As of April 30, 2021 (Unaudited)

 

Fund Data 
TickerBOGSX
Share Price$8.43
Total Net Assets$62.9M
Portfolio Turnover—%
  
Sector Allocation^ 
Technology70.9%
Communications7.6%
Energy6.2%
Consumer Discretionary5.7%
Industrials3.1%
Health Care2.9%
Cash & Other Assets3.6%
Top 10 Holdings^ 
1SolarEdge Technologies, Inc.6.2%
2Kulicke & Soffa Industries, Inc.4.5%
3Lam Research Corp.4.2%
4Apple, Inc.4.2%
5Tencent Holdings Ltd. - ADR4.1%
6KLA Corp.3.8%
7Cohu, Inc.3.8%
8Fortinet, Inc.3.6%
9Ambarella, Inc.3.4%
10Perficient, Inc.3.3%


^Percentages are based on net assets. Holdings are subject to change.

 

Growth of $10,000 Chart

 

(LINE GRAPH)

 

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower.

 

 Average Annual Total Return
 1 Year3 Year5 Year10 Year
 ReturnReturnReturnReturn
Black Oak Emerging Technology Fund72.98%26.03%24.22%13.37%
S&P 500 Equal Weight Information Technology Index154.04%24.47%27.11%18.52%
Lipper Science & Technology Funds Average266.70%27.43%28.01%17.29%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 1.12%

Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 1.01%

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

 

1 Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.

 

6Semi-Annual Report | April 30, 2021

 

 

Live Oak Health Sciences FundPerformance Update
All data below As of April 30, 2021 (Unaudited)

 

Fund Data 
TickerLOGSX
Share Price$21.00
Total Net Assets$52.9M
Portfolio Turnover12%
  
Sector Allocation^ 
Health Care99.4%
Cash & Other Assets0.6%
Top 10 Holdings^ 
1Charles River Laboratories International, Inc.6.5%
2UnitedHealth Group, Inc.5.9%
3Cigna Corp.5.9%
4United Therapeutics Corp.5.2%
5McKesson Corp.5.0%
6Medtronic PLC4.6%
7Amgen, Inc.4.6%
8Alcon, Inc.4.1%
9Anthem, Inc.3.9%
10Jazz Pharmaceuticals PLC3.8%


^Percentages are based on net assets. Holdings are subject to change.

 

Growth of $10,000 Chart

 

(LINE GRAPH)

 

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

 Average Annual Total Return
 1 Year3 Year5 Year10 Year
 ReturnReturnReturnReturn
Live Oak Health Sciences Fund21.16%11.02% 8.56%11.39%
S&P 500® Health Care Index123.70%16.12%13.84%15.33%
Lipper Health & Biotechnology Funds Average234.47%16.98%15.51%15.09%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 1.03%

Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 1.02%

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

 

1 Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.

 

1-888-462-5386 | www.oakfunds.com7

 

 

Important Disclosures
All data below As of April 30, 2021 (Unaudited)

 

Index Definitions and Disclosures

 

All indices are unmanaged and index performance figures include reinvestment of dividends but do not reflect any fees, expenses or taxes. Investors cannot invest directly in an index.

 

Lipper, a Thomson Reuters Company, is the source and owner of the Lipper Classification data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Lipper Inc. is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.

 

Lipper Health & Biotechnology Funds – Funds that invest primarily in the equity securities of domestic companies engaged in health care, medicine, and biotechnology.

 

Lipper Large-Cap Core Funds – Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

 

Lipper Multi-Cap Core Funds – Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap core funds typically have average characteristics compared to the S&P SuperComposite 1500 Index.

 

Lipper Science & Technology Funds – Funds that invest primarily in the equity securities of domestic companies engaged in science and technology.

 

Lipper Small-Cap Core Funds – Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

 

Oak Associates Funds (the “Funds) are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to individuals who invest in the Funds or any member of the public regarding the advisability of investing in equity securities generally or in the Funds in particular or the ability of the Funds to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUNDS OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. One cannot invest directly in an index

 

Morningstar U.S. Market Index – Measures the performance of US securities and targets 97% market capitalization coverage of the investable universe. It is a diversified broad market index. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

 

8Semi-Annual Report | April 30, 2021

 

 

Important Disclosures
All data below As of April 30, 2021 (Unaudited)

 

Morningstar U.S. Mid-Cap Index – Tracks the performance of U.S. mid-cap stocks that fall between 70th and 90th percentile in market capitalization of the investable universe. In aggregate the Mid-Cap Index represents 20 percent of the investable universe.

 

Morningstar U.S. Small-Cap Index – Measures the performance of U.S. small-cap stocks. These stocks fall between the 90th and 97th percentile in market capitalization of the investable universe. In aggregate, the Small-Cap Index represents 7 percent of the investable universe. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

 

Standard & Poor’s is the source and owner of the S&P Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Standard & Poor’s is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.

 

S&P 500 Index – is a commonly-recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

 

S&P 500 Equal Weight Information Technology Index – The S&P 500® Equal Weight Information Technology Index is an unmanaged equal weighted version of the S&P 500® Information Technology Index that consists of the common stocks of the following industries: internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services, and wireless telecommunication services that comprise the Information Technology sector of the S&P 500® Index.

 

S&P 500 Health Care Index – The S&P 500® Health Care Index is a capitalization-weighted index that encompasses two main industry groups. The first includes companies who manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health care services, and owners and operators of health care facilities and organizations. The second group consists of companies primarily involved in the research, development, production and marketing of pharmaceuticals and biotechnology products.

 

S&P 500 Total Return Index – The S&P 500® Total Return Index is a commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

 

Investment Definitions

 

Smart beta defines a set of investment strategies that emphasize the use of alternative index construction rules to traditional market capitalization based indices. Smart beta emphasizes capturing investment factors of market inefficiencies in a rules-based and transparent way.

 

Correlation is a statistic that measures the degree to which two securities move in relation to each other.

 

The P/E is the ratio for valuing a company that measures its current share price relative to its per share earnings. The price-earnings ratio can be calculated as market value per share divided by earnings per share.

 

1-888-462-5386 | www.oakfunds.com9

 

 

Important Disclosures
All data below As of April 30, 2021 (Unaudited)

 

Book value of an asset is the value at which the asset is carried on a balance sheet and calculated by taking the cost of an asset minus the accumulated depreciation. Book value is also the net asset value of a company, calculated as total assets minus intangible assets and liabilities.

 

Free cash flow yield is an overall return evaluation ratio of a stock, which standardizes the free cash flow per share a company is expected to earn against its market price per share. The ratio is calculated by taking the free cash flow per share divided by the share price.

 

10Semi-Annual Report | April 30, 2021

 

 

Disclosure of Fund Expenses
As of April 30, 2021 (Unaudited)

 

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020 through April 30, 2021.

 

Actual Expenses

 

The first line of the table for each Fund provides information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes

 

The second line of the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

Expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

 

1-888-462-5386 | www.oakfunds.com11

 

 

Disclosure of Fund Expenses
As of April 30, 2021 (Unaudited)

 

    Ending    
  Beginning Account    
  Account Value Value Annualized Expenses
  November 1, April 30, Expense Paid During
  2020 2021 Ratio Period(a)
White Oak Select Growth Fund        
Actual Return $1,000.00 $1,288.50 0.90% $5.09
Hypothetical 5% Return $1,000.00 $1,020.35 0.90% $4.49
Pin Oak Equity Fund        
Actual Return $1,000.00 $1,327.70 0.92% $5.30
Hypothetical 5% Return $1,000.00 $1,020.24 0.92% $4.60
Rock Oak Core Growth Fund        
Actual Return $1,000.00 $1,311.10 1.25% $7.16
Hypothetical 5% Return $1,000.00 $1,018.60 1.25% $6.26
River Oak Discovery Fund        
Actual Return $1,000.00 $1,514.30 1.23% $7.68
Hypothetical 5% Return $1,000.00 $1,018.68 1.23% $6.17
Red Oak Technology Select Fund        
Actual Return $1,000.00 $1,272.80 0.91% $5.15
Hypothetical 5% Return $1,000.00 $1,020.26 0.91% $4.58
Black Oak Emerging Technology Fund        
Actual Return $1,000.00 $1,384.90 1.01% $5.98
Hypothetical 5% Return $1,000.00 $1,019.78 1.01% $5.06
Live Oak Health Sciences Fund        
Actual Return $1,000.00 $1,243.10 1.02% $5.67
Hypothetical 5% Return $1,000.00 $1,019.74 1.02% $5.11

 

(a)Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 

12Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsWhite Oak Select Growth Fund
 As of April 30, 2021 (Unaudited)

 

     Fair 
  Shares  Value 
       
COMMON STOCKS — 99.68%        
COMMUNICATIONS — 19.24%        
Internet Media & Services — 19.24%        
Alphabet, Inc. - Class A(a)  11,750  $27,653,625 
Alphabet, Inc. - Class C(a)  14,695   35,416,713 
Facebook, Inc. - Class A(a)  63,650   20,691,342 
       83,761,680 
CONSUMER DISCRETIONARY — 17.89%        
E-Commerce Discretionary — 12.51%        
Amazon.com, Inc.(a)  15,705   54,455,831 
         
Retail - Discretionary — 5.38%        
Lowe’s Cos., Inc.  119,390   23,430,287 
         
FINANCIALS — 17.03%        
Asset Management — 7.10%        
Charles Schwab Corp. (The)  439,100   30,912,640 
         
Banking — 5.50%        
JPMorgan Chase & Co.  155,565   23,927,453 
         
Institutional Financial Services — 0.81%        
State Street Corp.  42,200   3,542,690 
         
Insurance — 3.62%        
Chubb Ltd.  91,890   15,767,405 
         
HEALTH CARE — 18.46%        
Biotech & Pharma — 10.00%        
Amgen, Inc.(b)  82,460   19,760,715 
Novartis AG - ADR  134,060   11,427,274 
Pfizer, Inc.  305,700   11,815,305 
Viatris, Inc.  41,653   553,985 
       43,557,279 
         
Health Care Facilities & Services — 2.92%        
Laboratory Corp. of America Holdings(a)  47,770   12,700,610 

  

1-888-462-5386 | www.oakfunds.com13

 

 

White Oak Select Growth FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

  

     Fair 
  Shares  Value 
       
Medical Equipment & Devices — 5.54%        
Alcon, Inc.(a)(b)  138,000  $10,409,340 
Zimmer Biomet Holdings, Inc.  77,390   13,710,412 
       24,119,752 
         
REAL ESTATE — 2.60%        
REIT — 2.60%        
Digital Realty Trust, Inc.(b)  73,490   11,340,242 
         
TECHNOLOGY — 24.46%        
Semiconductors — 14.53%        
KLA Corp.  75,835   23,914,567 
QUALCOMM, Inc.  122,300   16,975,240 
Xilinx, Inc.  174,905   22,380,844 
       63,270,651 
         
Software — 2.35%        
Salesforce.com, Inc.(a)  44,375   10,220,450 
         
Technology Hardware — 5.73%        
Cisco Systems, Inc.  490,000   24,945,900 
         
Technology Services — 1.85%        
Cognizant Technology Solutions Corp. - Class A  100,000   8,040,000 
         
TOTAL COMMON STOCKS (Cost $191,114,858)      433,992,870 

 

14Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsWhite Oak Select Growth Fund
 As of April 30, 2021 (Unaudited)

  

  Shares or  Fair 
  Principal ($)  Value 
       
SHORT-TERM INVESTMENTS — 3.77%        
REPURCHASE AGREEMENTS — 0.39%        
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $1,695,014 and a collateral value of $1,743,918  1,709,718  $1,709,718 
         
COLLATERAL FOR SECURITIES LOANED — 3.38%        
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c)  14,716,290   14,716,290 
         
TOTAL SHORT-TERM INVESTMENTS (Cost $16,426,008)      16,426,008 
         
TOTAL INVESTMENTS — 103.45% (Cost $207,540,866)      450,418,878 
         
Liabilities in Excess of Other Assets — (3.45)%      (15,037,643)
         
NET ASSETS — 100.00%     $435,381,235 

  

(a)Non-income producing security.

 

(b)Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 14,514,659.

  

(c)Rate disclosed is the seven day effective yield as of April 30, 2021.

 

ADR — American Depositary Receipt.

 

The accompanying notes are an integral part of the financial statements.

 

1-888-462-5386 | www.oakfunds.com15

 

 

Pin Oak Equity FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

  

     Fair 
  Shares  Value 
       
COMMON STOCKS — 99.22%        
COMMUNICATIONS — 19.08%        
Internet Media & Services — 19.08%        
Alphabet, Inc. - Class A(a)  2,985  $7,025,197 
Alphabet, Inc. - Class C(a)  9,489   22,869,629 
Facebook, Inc. - Class A(a)  23,900   7,769,412 
       37,664,238 
CONSUMER DISCRETIONARY — 28.29%        
Automotive — 5.21%        
Gentex Corp.  292,500   10,290,150 
         
E-Commerce Discretionary — 13.53%        
Amazon.com, Inc.(a)  5,120   17,753,190 
eBay, Inc.  160,500   8,954,295 
       26,707,485 
Home Construction — 5.57%        
M/I Homes, Inc.(a)  103,901   7,243,978 
Taylor Morrison Home Corp.(a)  120,000   3,745,200 
       10,989,178 
Leisure Facilities & Services — 3.98%        
DraftKings, Inc. - Class A(a)(b)  138,555   7,850,526 
         
FINANCIALS — 12.94%        
Asset Management — 7.32%        
Charles Schwab Corp. (The)  205,351   14,456,710 
         
Institutional Financial Services — 2.55%        
Bank of New York Mellon Corp. (The)  100,745   5,025,161 
         
Insurance — 3.07%        
Assurant, Inc.  38,900   6,052,840 
         
HEALTH CARE — 20.77%        
Biotech & Pharma — 5.56%        
Amgen, Inc.  18,500   4,433,340 
Gilead Sciences, Inc.  37,085   2,353,785 
GlaxoSmithKline PLC - ADR(b)  111,760   4,173,118 
       10,960,243 

 

16Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsPin Oak Equity Fund
 As of April 30, 2021 (Unaudited)

 

     Fair 
  Shares  Value 
       
Health Care Facilities & Services — 4.47%        
McKesson Corp.  36,500  $6,845,940 
Quest Diagnostics, Inc.  15,000   1,978,200 
       8,824,140 
Medical Equipment & Devices — 10.74%        
Illumina, Inc.(a)  19,655   7,721,270 
Intuitive Surgical, Inc.(a)  8,040   6,954,600 
Medtronic PLC  49,845   6,525,708 
       21,201,578 
         
TECHNOLOGY — 18.14%        
Semiconductors — 5.63%        
KLA Corp.  35,275   11,123,971 
         
Technology Services — 12.51%        
Amdocs Ltd.  81,587   6,260,987 
Paychex, Inc.  43,649   4,255,341 
PayPal Holdings, Inc.(a)  26,230   6,879,867 
Visa, Inc. - Class A(b)  31,220   7,291,743 
       24,687,938 
         
TOTAL COMMON STOCKS (Cost $102,055,383)      195,834,158 

 

1-888-462-5386 | www.oakfunds.com17

 

 

Pin Oak Equity FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

  

  Shares or  Fair 
  Principal ($)  Value 
       
SHORT-TERM INVESTMENTS — 10.92%        
REPURCHASE AGREEMENTS — 0.91%        
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $1,777,840 and a collateral value of $1,829,134  1,793,263  $1,793,263 
         
COLLATERAL FOR SECURITIES LOANED — 10.01%        
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c)  19,758,754   19,758,754 
         
TOTAL SHORT-TERM INVESTMENTS (Cost $21,552,017)      21,552,017 
         
TOTAL INVESTMENTS — 110.14% (Cost $123,607,400)      217,386,175 
         
Liabilities in Excess of Other Assets — (10.14)%      (20,021,580)
         
NET ASSETS — 100.00%     $197,364,595 

 

(a)Non-income producing security.

  

(b)Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $19,118,347.

  

(c)Rate disclosed is the seven day effective yield as of April 30, 2021.

 

ADR — American Depositary Receipt.

 

The accompanying notes are an integral part of the financial statements.

  

18Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsRock Oak Core Growth Fund
 As of April 30, 2021 (Unaudited)

 

     Fair 
  Shares  Value 
       
COMMON STOCKS — 93.74%        
COMMUNICATIONS — 1.49%        
Internet Media & Services — 1.49%        
iQIYI, Inc. - ADR(a)(b)  13,155  $193,510 
         
CONSUMER DISCRETIONARY — 22.10%        
Automotive — 3.46%        
Gentex Corp.  12,755   448,721 
         
Consumer Services — 3.21%        
TAL Education Group - ADR(a)  7,315   416,589 
         
Home Construction — 4.02%        
PulteGroup, Inc.  8,820   521,438 
         
Leisure Facilities & Services — 4.25%        
DraftKings, Inc. - Class A(a)(b)  9,745   552,152 
         
Leisure Products — 3.81%        
Thor Industries, Inc.(b)  3,490   494,149 
         
Wholesale - Discretionary — 3.35%        
Pool Corp.  1,030   435,196 
         
ENERGY — 2.27%        
Renewable Energy — 2.27%        
SolarEdge Technologies, Inc.(a)(b)  1,120   295,165 
         
FINANCIALS — 7.05%        
Insurance — 7.05%        
Assurant, Inc.  1,830   284,748 
Hartford Financial Services Group, Inc. (The)  9,565   630,908 
       915,656 
HEALTH CARE — 17.49%        
Biotech & Pharma — 9.32%        
Exelixis, Inc.(a)  14,921   367,355 
Jazz Pharmaceuticals PLC(a)  3,655   600,882 

 

1-888-462-5386 | www.oakfunds.com19

 

 

Rock Oak Core Growth FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

 

     Fair 
  Shares  Value 
       
Viatris, Inc.  18,120  $240,996 
       1,209,233 
Health Care Facilities & Services — 4.96%        
Cardinal Health, Inc.  5,770   348,162 
Quest Diagnostics, Inc.  2,245   296,071 
       644,233 
Medical Equipment & Devices — 3.21%        
Illumina, Inc.(a)  1,060   416,410 
         
INDUSTRIALS — 8.87%        
Aerospace & Defense — 2.53%        
TransDigm Group, Inc.  535   328,351 
         
Commercial Support Services — 2.56%        
Republic Services, Inc.  3,130   332,719 
         
Machinery — 3.78%        
Colfax Corp.(a)(b)  10,855   490,537 
         
MATERIALS — 3.67%        
Construction Materials — 3.67%        
Carlisle Cos., Inc.  2,485   476,250 
         
REAL ESTATE — 2.50%        
REIT — 2.50%        
CyrusOne, Inc.  4,465   325,186 
         
TECHNOLOGY — 28.30%        
Semiconductors — 3.38%        
KLA Corp.  1,390   438,337 
         
Software — 1.92%        
Citrix Systems, Inc.  2,015   249,558 
         
Technology Hardware — 18.75%        
F5 Networks, Inc.(a)  2,820   526,663 
NetApp, Inc.  5,805   433,575 
Seagate Technology PLC(b)  7,998   742,534 

 

20Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsRock Oak Core Growth Fund
 As of April 30, 2021 (Unaudited)

  

  Shares or  Fair 
  Principal ($)  Value 
       
Ubiquiti Networks, Inc.  2,565  $731,872 
       2,434,644 
Technology Services — 4.25%        
Amdocs Ltd.  2,475   189,931 
Cognizant Technology Solutions Corp. - Class A  4,500   361,800 
       551,731 
         
TOTAL COMMON STOCKS (Cost $7,826,049)      12,169,765 
         
SHORT-TERM INVESTMENTS — 23.90%        
REPURCHASE AGREEMENTS — 6.52%        
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $838,878 and a collateral value of $863,081  846,155   846,155 
         
COLLATERAL FOR SECURITIES LOANED — 17.38%        
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c)  2,255,738   2,255,738 
         
TOTAL SHORT-TERM INVESTMENTS (Cost $3,101,893)      3,101,893 
         
TOTAL INVESTMENTS — 117.64% (Cost $10,927,942)      15,271,658 
         
Liabilities in Excess of Other Assets — (17.64)%      (2,290,329)
         
NET ASSETS — 100.00%     $12,981,329 

 

(a)Non-income producing security.

 

(b)Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $2,151,465.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2021.

 

ADR — American Depositary Receipt.

 

The accompanying notes are an integral part of the financial statements.

  

1-888-462-5386 | www.oakfunds.com21

 

 

River Oak Discovery FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

  

     Fair 
  Shares  Value 
       
COMMON STOCKS — 92.88%        
COMMUNICATIONS — 4.54%        
Advertising & Marketing — 1.63%        
QuinStreet, Inc.(a)  17,875  $362,326 
         
Internet Media & Services — 2.91%        
Eventbrite, Inc. - Class A(a)(b)  27,530   648,882 
         
CONSUMER DISCRETIONARY — 14.69%        
Consumer Services — 6.34%        
Aaron’s Co., Inc. (The)  3,000   92,670 
Adtalem Global Education, Inc.(a)  19,770   678,309 
American Public Education, Inc.(a)  21,012   640,025 
       1,411,004 
Home Construction — 8.35%        
M/I Homes, Inc.(a)  14,386   1,002,992 
Taylor Morrison Home Corp.(a)  27,416   855,654 
       1,858,646 
CONSUMER STAPLES — 2.97%        
Household Products — 2.97%        
Edgewell Personal Care Co.  17,322   661,700 
         
FINANCIALS — 18.54%        
Asset Management — 10.37%        
AllianceBernstein Holding LP  21,518   927,641 
Artisan Partners Asset Management, Inc. - Class A  16,381   834,121 
Hamilton Lane, Inc. - Class A  6,050   547,222 
       2,308,984 
         
Banking — 2.11%        
Dime Community Bancshares, Inc.(b)  14,171   469,344 
         
Insurance — 4.03%        
CNO Financial Group, Inc.  17,345   442,818 
Selective Insurance Group, Inc.  5,960   453,794 
       896,612 
         
Specialty Finance — 2.03%        
PROG Holdings, Inc.(a)  8,850   450,819 

 

22Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsRiver Oak Discovery Fund
 As of April 30, 2021 (Unaudited)

  

     Fair 
  Shares  Value 
       
INDUSTRIALS — 11.31%        
Commercial Support Services — 2.01%        
Barrett Business Services, Inc.  6,101  $447,386 
         
Electrical Equipment — 3.97%        
Advanced Energy Industries, Inc.  8,000   882,480 
         
Machinery — 5.33%        
Hollysys Automation Technologies Ltd.  38,430   521,111 
Kadant, Inc.  3,740   665,832 
       1,186,943 
TECHNOLOGY — 40.83%        
Semiconductors — 23.14%        
Ambarella, Inc.(a)  9,360   912,506 
Cirrus Logic, Inc.(a)  10,136   754,220 
Cohu, Inc.  21,455   858,415 
Diodes, Inc.(a)  6,870   527,685 
Kulicke & Soffa Industries, Inc.  19,620   1,115,397 
Silicon Motion Technology Corp. - ADR  13,665   981,420 
       5,149,643 
         
Software — 13.51%        
Cognyte Software Ltd.(a)  22,970   600,206 
FireEye, Inc.(a)  24,590   488,726 
NextGen Healthcare, Inc.(a)  35,190   644,329 
Verint Systems, Inc.(a)(b)  13,948   677,454 
Workiva, Inc.(a)  6,335   595,490 
       3,006,205 
Technology Services — 4.18%        
LiveRamp Holdings, Inc.(a)  7,420   363,432 
Perficient, Inc.(a)(b)  8,630   566,214 
       929,646 
         
TOTAL COMMON STOCKS (Cost $13,626,761)      20,670,620 

 

1-888-462-5386 | www.oakfunds.com23

 

 

River Oak Discovery FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

 

  Shares or  Fair 
  Principal ($)  Value 
       
SHORT-TERM INVESTMENTS — 13.87%        
REPURCHASE AGREEMENTS — 7.44%        
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $1,640,636 and a collateral value of $1,687,971  1,654,868  $1,654,868 
         
COLLATERAL FOR SECURITIES LOANED — 6.43%        
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c)  1,431,205   1,431,205 
         
TOTAL SHORT-TERM INVESTMENTS (Cost $3,086,073)      3,086,073 
         
TOTAL INVESTMENTS — 106.75% (Cost $16,712,834)      23,756,693 
         
Liabilities in Excess of Other Assets — (6.75)%      (1,503,184)
         
NET ASSETS — 100.00%     $22,253,509 

 

(a)Non-income producing security.

  

(b)Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 1,394,779.

  

(c)Rate disclosed is the seven day effective yield as of April 30, 2021.

  

ADR — American Depositary Receipt.

 

The accompanying notes are an integral part of the financial statements.

  

24Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsRed Oak Technology Select Fund
 As of April 30, 2021 (Unaudited)

  

     Fair 
  Shares  Value 
       
COMMON STOCKS — 97.95%        
COMMUNICATIONS — 16.70%        
Internet Media & Services — 16.70%        
Alphabet, Inc. - Class A(a)  9,250  $21,769,875 
Alphabet, Inc. - Class C(a)  17,636   42,504,876 
Facebook, Inc. - Class A(a)  143,225   46,559,583 
       110,834,334 
CONSUMER DISCRETIONARY — 10.77%        
E-Commerce Discretionary — 10.77%        
Amazon.com, Inc.(a)  15,400   53,398,268 
eBay, Inc.  324,030   18,077,634 
       71,475,902 
REAL ESTATE — 2.35%        
REIT — 2.35%        
Digital Realty Trust, Inc.  100,770   15,549,819 
         
TECHNOLOGY — 68.13%        
Semiconductors — 21.63%        
Intel Corp.  537,450   30,919,499 
KLA Corp.  105,309   33,209,193 
NXP Semiconductors NV(b)  113,550   21,859,510 
QUALCOMM, Inc.  153,200   21,264,160 
Skyworks Solutions, Inc.  145,135   26,317,330 
Xilinx, Inc.  78,074   9,990,349 
       143,560,041 
         
Software — 23.61%        
Akamai Technologies, Inc.(a)(b)  136,780   14,867,986 
Check Point Software Technologies Ltd.(a)  74,700   8,725,707 
Citrix Systems, Inc.(b)  129,280   16,011,328 
Microsoft Corp.  157,970   39,836,874 
Oracle Corp.  408,601   30,967,870 
Synopsys, Inc.(a)  99,295   24,531,823 
VMware, Inc. - Class A(a)(b)  135,470   21,787,640 
       156,729,228 
         
Technology Hardware — 14.98%        
Apple, Inc.  442,200   58,131,612 
Cisco Systems, Inc.  576,180   29,333,324 

 

1-888-462-5386 | www.oakfunds.com25

 

 

Red Oak Technology Select FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

 

  Shares or  Fair 
  Principal ($)  Value 
       
NetApp, Inc.  160,690  $12,001,936 
       99,466,872 
Technology Services — 7.91%        
Accenture PLC - Class A  47,580   13,796,772 
Global Payments, Inc.  93,157   19,994,287 
Visa, Inc. - Class A(b)  80,000   18,684,800 
       52,475,859 
         
TOTAL COMMON STOCKS (Cost $248,015,976)      650,092,055 
         
SHORT-TERM INVESTMENTS — 10.39%        
REPURCHASE AGREEMENTS — 2.24%        
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $14,768,244 and a collateral value of $15,194,334  14,896,353   14,896,353 
         
COLLATERAL FOR SECURITIES LOANED — 8.15%        
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c)  54,109,840   54,109,840 
         
TOTAL SHORT-TERM INVESTMENTS (Cost $69,006,193)      69,006,193 
         
TOTAL INVESTMENTS — 108.34% (Cost $317,022,169)      719,098,248 
         
Liabilities in Excess of Other Assets — (8.34)%      (55,332,687)
         
NET ASSETS — 100.00%     $663,765,561 

 

(a)Non-income producing security.

 

(b)Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 51,991,635.

  

(c)Rate disclosed is the seven day effective yield as of April 30, 2021.

 

The accompanying notes are an integral part of the financial statements.

  

26Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsBlack Oak Emerging Technology Fund
 As of April 30, 2021 (Unaudited)

  

     Fair 
  Shares  Value 
       
COMMON STOCKS — 96.35%        
COMMUNICATIONS — 7.55%        
Internet Media & Services — 7.55%        
Facebook, Inc. - Class A(a)  5,525  $1,796,067 
iQIYI, Inc. - ADR(a)(b)  26,150   384,666 
Tencent Holdings Ltd. - ADR(b)  32,245   2,568,637 
       4,749,370 
CONSUMER DISCRETIONARY — 5.72%        
Automotive — 2.73%        
Tesla, Inc.(a)(b)  2,425   1,720,392 
         
Leisure Facilities & Services — 2.99%        
DraftKings, Inc. - Class A(a)(b)  33,140   1,877,712 
         
ENERGY — 6.19%        
Renewable Energy — 6.19%        
SolarEdge Technologies, Inc.(a)(b)  14,765   3,891,168 
         
HEALTH CARE — 2.89%        
Medical Equipment & Devices — 2.89%        
Illumina, Inc.(a)  4,635   1,820,814 
         
INDUSTRIALS — 3.08%        
Electrical Equipment — 3.08%        
Advanced Energy Industries, Inc.(b)  17,560   1,937,044 
         
TECHNOLOGY — 70.92%        
Information Technology — 2.22%        
Paylocity Holdings Corp.(a)  7,220   1,395,193 
         
Semiconductors — 30.09%        
Ambarella, Inc.(a)  22,000   2,144,780 
Cirrus Logic, Inc.(a)  20,830   1,549,960 
Cohu, Inc.(b)  59,077   2,363,671 
Diodes, Inc.(a)  25,770   1,979,394 
KLA Corp.  7,590   2,393,507 
Kulicke & Soffa Industries, Inc.  49,645   2,822,318 
Lam Research Corp.  4,285   2,658,628 

 

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Black Oak Emerging Technology FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

  

     Fair 
  Shares  Value 
       
QUALCOMM, Inc.  10,844  $1,505,147 
Silicon Motion Technology Corp. - ADR  20,940   1,503,911 
       18,921,316 
         
Software — 17.44%        
Citrix Systems, Inc.  12,595   1,559,891 
Cognyte Software Ltd.(a)  14,335   374,573 
Concentrix Corp.(a)  6,000   932,280 
Fortinet, Inc.(a)  11,090   2,264,911 
NextGen Healthcare, Inc.(a)(b)  88,315   1,617,048 
Palo Alto Networks, Inc.(a)  5,100   1,802,289 
Salesforce.com, Inc.(a)  7,480   1,722,793 
Verint Systems, Inc.(a)(b)  14,335   696,251 
       10,970,036 
         
Technology Hardware — 10.04%        
Apple, Inc.  20,120   2,644,975 
F5 Networks, Inc.(a)  7,705   1,438,986 
SYNNEX Corp.(b)  4,000   484,800 
Ubiquiti Networks, Inc.(b)  6,120   1,746,219 
       6,314,980 
         
Technology Services — 11.13%        
Cognizant Technology Solutions Corp. - Class A  9,600   771,840 
Jack Henry & Associates, Inc.(b)  8,120   1,322,180 
PayPal Holdings, Inc.(a)  7,250   1,901,602 
Perficient, Inc.(a)  31,260   2,050,969 
Science Applications International Corp.  10,665   953,664 
       7,000,255 
         
TOTAL COMMON STOCKS (Cost $23,294,802)      60,598,280 

 

28Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsBlack Oak Emerging Technology Fund
 As of April 30, 2021 (Unaudited)

  

  Shares or  Fair 
  Principal ($)  Value 
       
SHORT-TERM INVESTMENTS — 34.32%        
REPURCHASE AGREEMENTS — 3.75%        
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $2,337,056 and a collateral value of $2,404,484  2,357,329  $2,357,329 
         
COLLATERAL FOR SECURITIES LOANED — 30.57%        
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c)  19,222,831   19,222,831 
         
TOTAL SHORT-TERM INVESTMENTS (Cost $21,580,160)      21,580,160 
         
TOTAL INVESTMENTS — 130.67% (Cost $44,874,962)      82,178,440 
         
Liabilities in Excess of Other Assets — (30.67)%      (19,288,875)
         
NET ASSETS — 100.00%     $62,889,565 

 

(a)Non-income producing security.

  

(b)Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 18,595,061.

  

(c)Rate disclosed is the seven day effective yield as of April 30, 2021.

  

ADR — American Depositary Receipt.

 

The accompanying notes are an integral part of the financial statements.

  

1-888-462-5386 | www.oakfunds.com29

 

 

Live Oak Health Sciences FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

  

     Fair 
  Shares  Value 
       
COMMON STOCKS — 99.35%        
HEALTH CARE — 99.35%        
Biotech — 22.61%        
Amgen, Inc.(a)  10,240  $2,453,914 
Biogen, Inc.(a) (b)  6,850   1,831,210 
Exelixis, Inc.(b)  66,265   1,631,444 
Gilead Sciences, Inc.  15,390   976,803 
Regeneron Pharmaceuticals, Inc.(b)  2,855   1,374,112 
United Therapeutics Corp.(a) (b)  13,650   2,751,294 
Vertex Pharmaceuticals, Inc.(b)  4,315   941,533 
       11,960,310 
Health Care Services — 9.09%        
Charles River Laboratories International, Inc.(b)  10,285   3,419,248 
Quest Diagnostics, Inc.  10,545   1,390,675 
       4,809,923 
Health Care Supply Chain — 16.21%        
AmerisourceBergen Corp.  14,440   1,744,352 
Cardinal Health, Inc.  17,409   1,050,459 
Cigna Corp.  12,487   3,109,388 
McKesson Corp.(a)  14,206   2,664,477 
       8,568,676 
Large Pharma — 9.95%        
GlaxoSmithKline PLC - ADR(a)  43,490   1,623,917 
Johnson & Johnson  7,688   1,251,068 
Merck & Co., Inc.  18,800   1,400,600 
Novartis AG - ADR(a)  11,600   988,784 
       5,264,369 
Life Science & Diagnostics — 6.67%        
Illumina, Inc.(b)  5,035   1,977,949 
Thermo Fisher Scientific, Inc.  3,300   1,551,759 
       3,529,708 
Managed Care — 11.86%        
Anthem, Inc.(a)  5,415   2,054,397 
Humana, Inc.  2,500   1,113,100 
UnitedHealth Group, Inc.  7,800   3,110,640 
       6,278,137 

 

30Semi-Annual Report | April 30, 2021

 

 

Schedule of InvestmentsLive Oak Health Sciences Fund
 As of April 30, 2021 (Unaudited)

  

     Fair 
  Shares  Value 
       
Medical Devices — 11.65%        
Medtronic PLC  18,746  $2,454,226 
Stryker Corp.  7,060   1,854,168 
Zimmer Biomet Holdings, Inc.  10,460   1,853,094 
       6,161,488 
Medical Equipment — 7.42%        
Alcon, Inc.(a)(b)  28,995   2,187,093 
Intuitive Surgical, Inc.(b)  2,005   1,734,325 
       3,921,418 
Specialty & Generic Pharma — 3.89%        
Jazz Pharmaceuticals PLC(a) (b)  12,140   1,995,816 
Viatris, Inc.  4,636   61,659 
       2,057,475 
         
TOTAL COMMON STOCKS (Cost $32,942,782)      52,551,504 

 

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Live Oak Health Sciences FundSchedule of Investments
As of April 30, 2021 (Unaudited) 

  

  Shares or  Fair 
  Principal ($)  Value 
       
SHORT-TERM INVESTMENTS — 23.06%        
REPURCHASE AGREEMENTS — 0.77%        
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $405,532 and a collateral value of $417,232  409,050  $409,050 
         
COLLATERAL FOR SECURITIES LOANED — 22.29%        
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c)  11,794,241   11,794,241 
         
TOTAL SHORT-TERM INVESTMENTS (Cost $12,203,291)      12,203,291 
         
TOTAL INVESTMENTS — 122.41% (Cost $45,146,073)      64,754,795 
         
Liabilities in Excess of Other Assets — (22.41)%      (11,852,762)
         
NET ASSETS — 100.00%     $52,902,033 

 

(a)Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 11,566,695.

  

(b)Non-income producing security.

  

(c)Rate disclosed is the seven day effective yield as of April 30, 2021.

 

ADR — American Depositary Receipt.

 

The accompanying notes are an integral part of the financial statements.

  

32Semi-Annual Report | April 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OAK ASSOCIATES FUNDS
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Statements of Assets & Liabilities
April 30, 2021 (Unaudited)

 

  White Oak Select  Pin Oak 
  Growth Fund  Equity Fund 
ASSETS      
Investment securities at value
(cost, $207,540,866, $123,607,400, $10,927,942, $16,712,834, $317,022,169, $44,874,962 and $45,146,073), including, $14,514,659, $19,118,347, $2,151,465, $1,394,779, $51,991,635, $18,595,061 and $11,566,695 of securities on loan
 $450,418,878  $217,386,175 
Receivable for fund shares sold  66,322   6,452 
Dividends and interest receivable  71,634   31,231 
Tax reclaims receivable      
Prepaid expenses  21,654   17,486 
Total Assets  450,578,488   217,441,344 
         
LIABILITIES        
Payable for fund shares redeemed  168,989   147,555 
Payable for collateral upon return of securities loaned  14,716,290   19,758,754 
Investment advisory fees payable  260,701   119,026 
Administration fees payable  12,852   7,642 
Transfer agent fees payable  4,916   2,132 
Trustee fees payable      
Other accrued expenses  33,505   41,640 
Total Liabilities  15,197,253   20,076,749 
NET ASSETS $435,381,235  $197,364,595 
         
Net Assets consist of:        
Paid-in capital (unlimited authorization -no par value) $188,267,453  $89,423,729 
Accumulated earnings  247,113,782   107,940,866 
Net Assets $435,381,235  $197,364,595 
         
Total shares outstanding at end of period  3,233,034   2,192,265 
         
Net asset value, offering and redemption price per share (net assets/shares outstanding) $134.67  $90.03 

 

34Semi-Annual Report | April 30, 2021

 

 

 

 

      Red Oak  Black Oak    
Rock Oak Core  River Oak  Technology  Emerging  Live Oak Health 
Growth Fund  Discovery Fund  Select Fund  Technology Fund  Sciences Fund 
$15,271,658  $23,756,693  $719,098,248  $82,178,440  $64,754,795 
    1,378   218,612   1,595   316 
    935   41,875   1    
             6,695 
 12,804   6,749   23,892   13,573   19,317 
 15,284,462   23,765,755   719,382,627   82,193,609   64,781,123 
                   
    28,383   988,761      11,440 
 2,255,738   1,431,205   54,109,840   19,222,831   11,794,241 
 6,655   14,455   407,723   39,029   31,914 
 254      29,864   912   1,901 
 1,177   1,157   4,132   2,402   1,576 
       1,457       
 39,309   37,046   75,289   38,870   38,018 
 2,303,133   1,512,246   55,617,066   19,304,044   11,879,090 
$12,981,329  $22,253,509  $663,765,561  $62,889,565  $52,902,033 
                   
$8,324,297  $13,484,354  $221,952,736  $24,284,355  $31,933,750 
 4,657,032   8,769,155   441,812,825   38,605,210   20,968,283 
$12,981,329  $22,253,509  $663,765,561  $62,889,565  $52,902,033 
                   
 687,516   1,111,261   16,042,695   7,461,456   2,518,952 
                   
$18.88  $20.03  $41.37  $8.43  $21.00 

 

The accompanying notes are an integral part of the financial statements. 
1-888-462-5386 | www.oakfunds.com35

 

 

Statements of Operations
For the Six Months Ended April 30, 2021 (Unaudited)

 

  White Oak Select  Pin Oak 
  Growth Fund  Equity Fund 
INVESTMENT INCOME        
Dividends $2,709,584  $889,188 
Securities lending income  4,042   3,970 
Interest  191   179 
Less: Foreign withholding tax  (150,104)  (3,087)
Total Investment Income  2,563,713   890,250 
         
EXPENSES        
Investment adviser  1,468,809   685,970 
Administration  82,673   39,332 
Sub transfer agent  57,876   31,750 
Transfer agent  36,779   18,570 
Legal  33,376   13,739 
Trustee  27,345   11,951 
Report printing  11,712   6,603 
Registration  11,478   12,114 
Insurance  10,018   5,680 
Audit  7,923   7,923 
Custodian  6,699   3,590 
Pricing  2   2 
Miscellaneous  27,936   15,238 
Total Expenses  1,782,626   852,462 
Less: Investment advisory fees waived      
Net Expenses  1,782,626   852,462 
Net Investment Income (Loss)  781,087   37,788 
         
Realized and Unrealized Gain on Investments        
Net realized gain on investment securities transactions  3,311,069   14,026,541 
Net change in unrealized appreciation of investment securities  95,298,448   37,494,879 
Net Realized and Unrealized Gain on Investments  98,609,517   51,521,420 
Net Increase in Net Assets from Operations $99,390,604  $51,559,208 

 

36Semi-Annual Report | April 30, 2021

 

 

 

 

      Red Oak  Black Oak    
Rock Oak Core  River Oak  Technology  Emerging  Live Oak Health 
Growth Fund  Discovery Fund  Select Fund  Technology Fund  Sciences Fund 
$65,696  $71,082  $3,017,790  $113,263  $324,906 
 944   1,085   7,587   3,871   1,348 
 23   15,457   210   104   54 
 (409)  (270)  (15,968)  (1,047)  (14,757)
 66,254   87,354   3,009,619   116,191   311,551 
                   
 44,674   78,545   2,351,018   217,913   183,378 
 2,405   3,672   139,865   11,559   10,678 
 739   384   177,716   6,066   6,280 
 7,812   7,806   30,757   16,687   10,731 
 916   1,616   55,715   5,160   3,677 
 513   1,220   45,098   3,945   3,199 
 2,703   2,984   22,300   3,771   3,196 
 10,328   11,430   15,260   10,816   12,364 
 292   359   17,762   1,104   1,329 
 7,923   7,923   7,923   7,923   7,923 
 282   561   15,407   1,167   1,058 
 2   2   2   2   2 
 7,539   7,550   30,513   12,224   9,411 
 86,128   124,052   2,909,336   298,337   253,226 
 (10,495)  (1,293)         
 75,633   122,759   2,909,336   298,337   253,226 
 (9,379)  (35,405)  100,283   (182,146)  58,325 
                   
 311,850   1,785,348   39,808,664   1,630,337   1,853,886 
 2,802,706   5,680,172   111,584,072   15,963,201   8,753,482 
 3,114,556   7,465,520   151,392,736   17,593,538   10,607,368 
$3,105,177  $7,430,115  $151,493,019  $17,411,392  $10,665,693 

 

The accompanying notes are an integral part of the financial statements. 
1-888-462-5386 | www.oakfunds.com37

 

 

Statements of Changes in Net Assets

 

  White Oak Select 
  Growth Fund 
  For the Six    
  Months    
  Ended  For the 
  April 30,  Year Ended 
  2021  October 31, 
  (Unaudited)  2020 
INVESTMENT ACTIVITIES        
Net investment income (loss) $781,087  $2,504,899 
Net realized gain on investment securities transactions and foreign currency translations  3,311,069   9,346,902 
Net change in unrealized appreciation (depreciation) of investments securities  95,298,448   26,200,706 
Net Increase (Decrease) in Net Assets Resulting from Operations  99,390,604   38,052,507 
         
DISTRIBUTIONS TO SHAREHOLDERS FROM        
Earnings  (9,851,894)  (6,540,759)
Total Distributions  (9,851,894)  (6,540,759)
         
CAPITAL TRANSACTIONS        
Proceeds from shares sold  6,394,934   11,810,650 
Reinvestment of distributions  9,362,811   6,253,692 
Amount paid for shares redeemed  (19,897,751)  (55,599,534)
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions  (4,140,006)  (37,535,192)
         
Total Increase (Decrease) in Net Assets  85,398,704   (6,023,444)
         
NET ASSETS        
Beginning of period  349,982,531   356,005,975 
End of period $435,381,235  $349,982,531 
         
SHARE TRANSACTIONS        
Shares sold  51,173   118,214 
Shares issued in reinvestment of distributions  79,252   60,733 
Shares redeemed  (161,773)  (555,131)
Net Increase (Decrease) in Shares Outstanding  (31,348)  (376,184)

 

38Semi-Annual Report | April 30, 2021

 

 

 

 

Pin Oak  Rock Oak Core 
Equity Fund  Growth Fund 
For the Six     For the Six    
Months     Months    
Ended  For the  Ended  For the 
April 30,  Year Ended  April 30,  Year Ended 
2021  October 31,  2021  October 31, 
(Unaudited)  2020  (Unaudited)  2020 
$37,788  $1,714,148  $(9,379) $20,655 
 14,026,541   8,768,143   311,850   1,828,766 
 37,494,879   (13,435,080)  2,802,706   (1,448,025)
 51,559,208   (2,952,789)  3,105,177   401,396 
               
 (8,125,501)  (7,546,924)  (1,690,245)  (369,846)
 (8,125,501)  (7,546,924)  (1,690,245)  (369,846)
               
 3,926,005   11,743,734   247,117   203,391 
 7,571,016   7,126,191   1,520,187   331,685 
 (20,640,558)  (80,436,516)  (279,392)  (2,386,902)
 (9,143,537)  (61,566,591)  1,487,912   (1,851,826)
               
 34,290,170   (72,066,304)  2,902,844   (1,820,276)
               
 163,074,425   235,140,729   10,078,485   11,898,761 
$197,364,595  $163,074,425  $12,981,329  $10,078,485 
               
 47,326   171,243   13,501   12,068 
 96,348   95,359   89,318   18,803 
 (250,390)  (1,204,924)  (15,259)  (143,446)
 (106,716)  (938,322)  87,560   (112,575)

 

The accompanying notes are an integral part of the financial statements. 
1-888-462-5386 | www.oakfunds.com39

 

 

Statements of Changes in Net Assets

 

  River Oak 
  Discovery Fund 
  For the Six    
  Months    
  Ended  For the 
  April 30,  Year Ended 
  2021  October 31, 
  (Unaudited)  2020 
INVESTMENT ACTIVITIES        
Net investment income (loss) $(35,405) $(33,154)
Net realized gain on investment securities transactions and foreign currency translations  1,785,348   2,601,564 
Net change in unrealized appreciation (depreciation) of investments securities  5,680,172   (1,678,299)
Net Increase in Net Assets Resulting from Operations  7,430,115   890,111 
         
DISTRIBUTIONS TO SHAREHOLDERS FROM        
Earnings  (2,560,738)  (499,422)
Total Distributions  (2,560,738)  (499,422)
         
CAPITAL TRANSACTIONS        
Proceeds from shares sold  2,092,351   2,038,824 
Reinvestment of distributions  1,755,146   328,169 
Amount paid for shares redeemed  (964,081)  (774,773)
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions  2,883,416   1,592,220 
         
Total Increase (Decrease) in Net Assets  7,752,793   1,982,909 
         
NET ASSETS        
Beginning of period  14,500,716   12,517,807 
End of period $22,253,509  $14,500,716 
         
SHARE TRANSACTIONS        
Shares sold  107,250   134,021 
Shares issued in reinvestment of distributions  99,838   21,104 
Shares redeemed  (53,672)  (55,990)
Net Increase (Decrease) in Shares Outstanding  153,416   99,135 

 

40Semi-Annual Report | April 30, 2021

 

 

 

 

Red Oak Technology  Black Oak Emerging 
Select Fund  Technology Fund 
For the Six     For the Six    
Months     Months    
Ended  For the  Ended  For the 
April 30,  Year Ended  April 30,  Year Ended 
2021  October 31,  2021  October 31, 
(Unaudited)  2020  (Unaudited)  2020 
$100,283  $2,459,079  $(182,146) $(137,219)
 39,808,664   32,667,314   1,630,337   3,732,335 
 111,584,072   48,769,663   15,963,201   6,523,676 
 151,493,019   83,896,056   17,411,392   10,118,792 
               
 (28,140,362)  (17,483,737)  (3,408,982)  (2,132,576)
 (28,140,362)  (17,483,737)  (3,408,982)  (2,132,576)
               
 30,208,542   108,000,225   3,518,858   5,029,860 
 26,817,801   16,780,845   2,967,151   1,917,928 
 (93,086,208)  (251,679,737)  (3,143,134)  (5,629,709)
 (36,059,865)  (126,898,667)  3,342,875   1,318,079 
               
 87,292,792   (60,486,348)  17,345,285   9,304,295 
               
 576,472,769   636,959,117   45,544,280   36,239,985 
$663,765,561  $576,472,769  $62,889,565  $45,544,280 
               
 781,329   3,491,610   425,187   861,284 
 712,103   536,815   383,353   338,259 
 (2,418,803)  (8,326,122)  (391,076)  (1,027,895)
 (925,371)  (4,297,697)  417,464   171,648 

 

The accompanying notes are an integral part of the financial statements. 
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Statements of Changes in Net Assets

 

  Live Oak 
  Health Sciences Fund 
  For the Six    
  Months    
  Ended  For the 
  April 30,  Year Ended 
  2021  October 31, 
  (Unaudited)  2020 
INVESTMENT ACTIVITIES        
Net investment income $58,325  $401,897 
Net realized gain on investment securities transactions and foreign currency translations  1,853,886   3,642,306 
Net change in unrealized appreciation (depreciation) of investments securities  8,753,482   (3,516,639)
Net Increase in Net Assets Resulting from Operations  10,665,693   527,564 
         
DISTRIBUTIONS TO SHAREHOLDERS FROM        
Earnings  (3,288,388)  (446,446)
Total Distributions  (3,288,388)  (446,446)
         
CAPITAL TRANSACTIONS        
Proceeds from shares sold  688,834   1,566,604 
Reinvestment of distributions  3,068,428   415,073 
Amount paid for shares redeemed  (3,121,102)  (8,753,352)
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions  636,160   (6,771,675)
         
Total Increase (Decrease) in Net Assets  8,013,465   (6,690,557)
         
NET ASSETS        
Beginning of period  44,888,568   51,579,125 
End of period $52,902,033  $44,888,568 
         
SHARE TRANSACTIONS        
Shares sold  35,067   84,239 
Shares issued in reinvestment of distributions  163,041   21,462 
Shares redeemed  (158,791)  (469,586)
Net Increase (Decrease) in Shares Outstanding  39,317   (363,885)

 

42Semi-Annual Report | April 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OAK ASSOCIATES FUNDS
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Financial Highlights
For a share outstanding throughout each period

 

  Net Asset Net Realized and   Dividends
  Value Investment Unrealized   from Net
  Beginning of Income Gain (Loss) Total from Investment
  Period (Loss)(a) in Securities Operations Income
White Oak Select Growth Fund                    
For the six months ended April 30, 2021 (Unaudited) $107.21   0.24   30.27   30.51   (0.74)
For the year ended October 31, 2020 $97.79   0.74   10.53   11.27   (0.97)
For the year ended October 31, 2019 $89.55   0.94   8.47   9.41   (0.54)
For the year ended October 31, 2018 $82.36   0.58   7.18   7.76   (0.57)
For the year ended October 31, 2017 $67.44   0.65   15.00   15.65   (0.73)
For the year ended October 31, 2016 $65.21   0.66   1.99   2.65   (0.42)
                     
Pin Oak Equity Fund                    
For the six months ended April 30, 2021 (Unaudited) $70.93   0.02   22.69   22.71   (0.60)
For the year ended October 31, 2020 $72.63   0.62   0.08 (f)  0.70   (0.91)
For the year ended October 31, 2019 $66.18   0.81   7.41   8.22   (0.62)
For the year ended October 31, 2018 $63.72   0.59   3.05   3.64   (0.37)
For the year ended October 31, 2017 $53.35   0.40   11.15   11.55   (0.36)
For the year ended October 31, 2016 $52.45   0.43   2.38   2.81   (0.40)
                     
Rock Oak Core Growth Fund                    
For the six months ended April 30, 2021 (Unaudited) $16.80   (0.01)  4.93   4.92   (0.03)
For the year ended October 31, 2020 $16.70   0.03   0.63   0.66   (0.07)
For the year ended October 31, 2019 $17.02   0.05   (0.28)  (0.23)   (e)
For the year ended October 31, 2018 $16.07   0.01   1.86   1.87   (0.01)
For the year ended October 31, 2017 $12.74   0.03   3.40   3.43   (0.10)
For the year ended October 31, 2016 $12.64   0.18   0.31   0.49   (0.10)
                     
River Oak Discovery Fund                    
For the six months ended April 30, 2021 (Unaudited) $15.14   (0.03)  7.46   7.43    
For the year ended October 31, 2020 $14.58   (0.04)  1.19   1.15    
For the year ended October 31, 2019 $15.88   0.02   0.85   0.87    
For the year ended October 31, 2018 $17.42   (0.08)  (0.54)  (0.62)   
For the year ended October 31, 2017 $14.21   (0.10)  3.31   3.21    
For the year ended October 31, 2016 $13.76   (0.06)  0.53   (0.47)  (0.02)
                     
(a)Per share calculations were performed using average shares for the period.

 

(b)Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.

 

(c)Not annualized.

 

44Semi-Annual Report | April 30, 2021

 

 

                 
              Ratio of  
              Expenses  
              to Average  
            Ratio of Net Net Assets  
            Investment (Excluding  
  Total     Net Ratio of Net Income Waivers  
Distributions Dividends Net Asset   Assets, End Expenses to (Loss) to and/or Portfolio
from Capital and Value, End Total of Period Average Net Average Net Fees Paid Turnover
Gains Distributions of Period Return(b) (000) Assets Assets Indirectly) Rate
                                   
 (2.31)  (3.05) $134.67   28.85(c) $435,381   0.90(d)  0.39(d)  0.90(d)  (c)
 (0.88)  (1.85) $107.21   11.60% $349,983   0.93%  0.73%  0.93%  13%
 (0.63)  (1.17) $97.79   10.66% $356,006   0.95%  1.00%  0.95%  10%
  (e)  (0.57) $89.55   9.46% $318,037   0.93%  0.63%  0.93%  14%
    (0.73) $82.36   23.36% $285,658   0.98%  0.86%  0.98%  13%
    (0.42) $67.44   4.07% $248,433   1.06%  1.03%  1.06%  14%
                                   
                                   
 (3.01)  (3.61) $90.03   32.77(c) $197,365   0.92(d)  0.04(d)  0.92(d)  6(c)
 (1.49)  (2.40) $70.93   0.79% $163,074   0.95%  0.89%  0.95%  15%
 (1.15)  (1.77) $72.63   12.83% $235,141   0.96%  1.19%  0.96%  10%
 (0.81)  (1.18) $66.18   5.75% $260,859   0.95%  0.87%  0.95%  12%
 (0.82)  (1.18) $63.72   21.86% $222,085   0.98%  0.66%  0.98%  8%
 (1.51)  (1.91) $53.35   5.54% $109,928   1.08%  0.86%  1.08%  10%
                                   
                                   
 (2.81)  (2.84) $18.88   31.11(c) $12,981   1.25(d)  (0.16)% (d)  1.42(d)  2(c)
 (0.49)  (0.56) $16.80   3.78% $10,078   1.25%  0.20%  1.57%  52%
 (0.09)  (0.09) $16.70   (1.34)% $11,899   1.25%  0.29%  1.38%  16%
 (0.91)  (0.92) $17.02   12.15% $20,365   1.25%  0.08%  1.32%  14%
    (0.10) $16.07   27.02% $9,183   1.25%  0.20%  1.51%  31%
 (0.29)  (0.39) $12.74   3.98% $7,395   1.25%  0.48%  1.65%  11%
                                   
                                   
 (2.54)  (2.54) $20.03   51.43(c) $22,254   1.23(d)  (0.36)% (d)  1.25(d)  15(c)
 (0.59)  (0.59) $15.14   7.79% $14,501   1.35%  (0.27)%  1.56%  48%
 (2.17)  (2.17) $14.58   6.99% $12,518   1.35%  0.12%  1.60%  15%
 (0.92)  (0.92) $15.88   (3.82)% $12,950   1.35%  (0.46)%  1.50%  43%
      $17.42   22.59% $14,427   1.35%  (0.63)%  1.41%  43%
    (0.02) $14.21   3.39% $12,322   1.35%  (0.40)%  1.51%  21%
                                   
(d)Annualized

 

(e)Less than $0.005 per share.

 

(f)The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

 

The accompanying notes are an integral part of the financial statements.

 

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Financial Highlights
For a share outstanding throughout each period

 

  Net Asset Net Realized and   Dividends
  Value Investment Unrealized   from Net
  Beginning of Income Gain (Loss) Total from Investment
  Period (Loss)(a) in Securities Operations Income
Red Oak Technology Select Fund                    
For the six months ended April 30, 2021 (Unaudited) $33.97   0.01   9.09   9.10   (0.12)
For the year ended October 31, 2020 $29.95   0.13   4.72   4.85   (0.17)
For the year ended October 31, 2019 $26.90   0.27   4.03   4.30   (0.22)
For the year ended October 31, 2018 $25.78   0.10   2.72   2.82   (0.10)
For the year ended October 31, 2017 $19.27   0.09   6.71   6.80   (0.08)
For the year ended October 31, 2016 $17.17   0.20   2.62   2.82   (0.19)
                     
Black Oak Emerging Technology Fund                    
For the six months ended April 30, 2021 (Unaudited) $6.47   (0.02)  2.47   2.45    
For the year ended October 31, 2020 $5.27   (0.02)  1.53   1.51    
For the year ended October 31, 2019 $5.30     (e)  0.48   0.48    
For the year ended October 31, 2018 $5.28   (0.01)  0.42   0.41    
For the year ended October 31, 2017 $4.53   (0.01)  0.94   0.93    (e)
For the year ended October 31, 2016 $4.26   0.01   0.39   0.40    
                     
Live Oak Health Sciences Fund                    
For the six months ended April 30, 2021 (Unaudited) $18.10   0.02   4.23   4.25   (0.15)
For the year ended October 31, 2020 $18.14   0.15   (0.03) (f)  0.12   (0.16)
For the year ended October 31, 2019 $20.21   0.15   0.26   0.41   (0.13)
For the year ended October 31, 2018 $19.98   0.13   1.35   1.48   (0.09)
For the year ended October 31, 2017 $17.93   0.10   2.33   2.43   (0.10)
For the year ended October 31, 2016 $21.65   0.11   (0.33)  (0.22)  (0.67)

 

46Semi-Annual Report | April 30, 2021

 

 

                 
              Ratio of  
              Expenses  
              to Average  
            Ratio of Net Net Assets  
            Investment (Excluding  
  Total     Net Assets, Ratio of Net Income Waivers  
Distributions Dividends Net Asset  End of Expenses to (Loss) to and/or Portfolio 
from Capital and Value, End Total Period Average Net Average Net Fees Paid Turnover
Gains Distributions of Period Return(b) (000) Assets Assets Indirectly) Rate
                                   
 (1.58)  (1.70) $41.37   27.28(c) $663,766   0.91(d)  0.03(d)  0.91(d)  % (c) 
 (0.66)  (0.83) $33.97   16.44% $576,473   0.94%  0.40%  0.94%  4%
 (1.03)  (1.25) $29.95   16.92% $636,959   0.95%  0.94%  0.95%  10%
 (1.60)  (1.70) $26.90   11.56% $544,203   0.94%  0.38%  0.94%  9%
 (0.21)  (0.29) $25.78   35.76% $486,295   0.97%  0.38%  0.97%  16%
 (0.53)  (0.72) $19.27   17.14% $189,064   1.09%  1.17%  1.09%  6%
                                   
                                   
 (0.49)  (0.49) $8.43   38.49(c) $62,890   1.01(d)  (0.62)% (d)  1.01(d)  (c)
 (0.31)  (0.31) $6.47   29.48% $45,544   1.12%  (0.35)%  1.12%  22%
 (0.51)  (0.51) $5.27   10.36% $36,240   1.18%  (0.01)%  1.18%  25%
 (0.39)  (0.39) $5.30   8.12% $36,753   1.11%  (0.27)%  1.11%  19%
 (0.18)  (0.18) $5.28   21.16% $37,267   1.17%  (0.22)%  1.17%  39%
 (0.13)  (0.13) $4.53   9.59% $32,894   1.28%  0.22%  1.28%  35%
                                   
                                   
 (1.20)  (1.35) $21.00   24.31(c) $52,902   1.02(d)  0.23(d)  1.02(d)  12(c)
    (0.16) $18.10   0.62% $44,889   1.03%  0.81%  1.03%  33%
 (2.35)  (2.48) $18.14   2.40% $51,579   1.05%  0.87%  1.05%  23%
 (1.16)  (1.25) $20.21   7.68% $65,717   1.01%  0.65%  1.01%  23%
 (0.28)  (0.38) $19.98   13.78% $64,747   1.02%  0.50%  1.02%  14%
 (2.83)  (3.50) $17.93   (1.85)% $56,059   1.11%  0.59%  1.11%  14%

 

(a)Per share calculations were performed using average shares for the period.

 

(b)Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.

 

(c)Not annualized.

 

(d)Annualized

 

(e)Less than $0.005 per share.

 

(f)The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

 

The accompanying notes are an integral part of the financial statements.

 

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Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

1.ORGANIZATION:
 

 

The Oak Associates Funds (the “Trust”), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with seven diversified funds: White Oak Select Growth Fund, Pin Oak Equity Fund, Rock Oak Core Growth Fund, River Oak Discovery Fund, Red Oak Technology Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund (collectively referred to as “Funds” and individually referred to as a “Fund”). The investment objective of each Fund is to seek long-term capital growth. 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 objective, policies and strategies.

 

2.SIGNIFICANT ACCOUNTING POLICIES:

 

 

The following is a summary of significant accounting policies followed by the Funds.

 

Use of Estimates – These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services - Investment Companies.” The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities in the financial statements and the reported amounts of income and expenses during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon the sale of the securities.

 

Security Valuation – Investments in equity securities, which are traded on a national exchange, are stated at the last quoted sales price if readily available for such equity securities on each business day. Investments in equity securities, which are reported on the NASDAQ national market system are valued at the official closing price; 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, in the absence of a current quoted bid price. Investments in repurchase agreements are generally valued at par each business day.

 

Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value (“NAV”) as determined by those funds each business day.

 

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees. The Board of Trustees has determined to delegate responsibility for pricing and fair valuation determinations for portfolio securities to Funds’ adviser, Oak Associates, Ltd. (“Oak” or the “Adviser”), subject to oversight of the Board of Trustees. Oak may, in turn and subject to its oversight, delegate pricing of securities for which market prices are readily available to the Funds’ administrator. All fair valuation determinations shall be made by Oak’s Fair Value Committee (the

 

 

48Semi-Annual Report | April 30, 2021

 

 

Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

“Committee”), in accordance with policies and procedures established by the Board of Trustees and subject to oversight of the Board. Oak and the administrator have established and maintain policies and procedures reasonably designed to ensure that their pricing and valuation policies and procedures conform to the requirements of the Funds’ Fair Value Procedures. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de–listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; a significant event with respect to a security or securities has occurred after the close of the market or exchange on which the security or securities principally trades and before the time the Fund calculates net asset value; or trading of the security is subject to local government–imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

 

Security Transactions and Investment Income – Security transactions are accounted for on the date the security is purchased or sold (trade date) for financial reporting purposes. Dividend income is recognized on the ex-dividend date. Interest income is recognized on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold. If applicable, any foreign capital gains taxes are accrued, net of unrealized gains, and are payable upon the sale of such investments.

 

Expenses – Expenses that are directly related to one of the Funds are charged to that Fund. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable allocation method.

 

Repurchase Agreements – The Funds may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. 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. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if the counter-party enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

 

Master Agreements and Netting Arrangements – Certain Funds may participate in various repurchase agreements, such as, but not limited to Master Repurchase Agreements, which govern the terms of certain transactions with select counterparties (collectively “Master Agreements”). These Master Agreements generally include provisions for general obligations, agreements, representations, collateral and provisions for events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination or default event, the total market value exposure would be offset against collateral exchanged to date, which would result in a net

 

 

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Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. An election made by a counterparty to terminate a transaction early under a Master Agreement could have an adverse impact on a Fund’s financial statements. Master Agreements can also help limit counterparty risk by requiring collateral posting arrangements at pre-arranged exposure levels. Collateral under the Master Agreements is usually in the form of cash, U.S. Treasury or U.S. Government agency securities, but may include other types of securities. There can be no assurance that the Master Agreements will be successful in limiting credit or counterparty risk.

 

Securities Lending – The Trust has entered into a Securities Lending Agreement (“SLA”) with U.S. Bank National Association (the “Agent”). Under the terms of the SLA, the Funds may lend securities to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC (“Mount Vernon”), as noted in each lending Fund’s respective Schedule of Investments. Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay the Agent fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. The contractual maturity of repurchase agreements are on an overnight and continuous basis. Cash and cash equivalent collateral on securities lending transactions are on an overnight and continuous basis.

 

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of April 30, 2021:

 

  Market Value of  Cash Collateral 
  Securities on Loan  Received 
White Oak Select Growth Fund $14,514,659  $14,716,290 
Pin Oak Equity Fund  19,118,347   19,758,754 
Rock Oak Core Growth Fund  2,151,465   2,255,738 
River Oak Discovery Fund  1,394,779   1,431,205 
Red Oak Technology Select Fund  51,991,635   54,109,840 
Black Oak Emerging Technology Fund  18,595,061   19,222,831 
Live Oak Health Sciences Fund  11,566,695   11,794,241 
  $119,332,641  $123,288,899 

 

Dividends and Distributions to Shareholders – Dividends from net investment income are declared and paid to shareholders on an annual basis, as applicable. Net realized capital gains on sales of securities, if any, are distributed to shareholders at least annually. Distributions

 

 

50Semi-Annual Report | April 30, 2021

 

 

Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

to shareholders are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Therefore, the source of the Funds’ distributions may be shown in the accompanying financial statements as either accumulated earnings, or from paid-in capital, depending upon the type of book/tax differences that may exist.

 

3.FAIR VALUE MEASUREMENTS:

 

 

A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk. Inputs may be observable and unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

 

Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

 

The three-tier hierarchy is summarized as follows:

 

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access at the measurement date, including but not limited to:

 

Equity Securities – investments for which market quotations are readily available that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.

 

Investment Companies – investments in open-end registered investment companies which are valued at their closing NAV.

 

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities inactive markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability, including but not limited to:

 

Repurchase Agreements – investments in overnight tri-party repurchase agreements which are valued at par.

 

All Securities – quoted prices for similar securities, including matrix pricing; quoted prices based on recently executed transactions; adjusted quoted prices based on observable and formulaic inputs; or, prices using other observable correlated market inputs.

 

Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset and liability at the measurement date, including but not limited to:

 

All Securities – modeling or manual pricing based on the Adviser’s own assumptions in determining fair value of investments; or, the significant use of other unobservable or very stale inputs within fair valuation.

 

 

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Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2021:

 

  Level 1  Level 2  Level 3  Total 
WHITE OAK SELECT GROWTH FUND                
Common Stocks $433,992,870  $  $  $433,992,870 
Short Term Investments                
Repurchase Agreements     1,709,718      1,709,718 
Collateral for Securities Loaned*           14,716,290 
Total $433,992,870  $1,709,718  $  $450,418,878 
                 
  Level 1  Level 2  Level 3  Total 
PIN OAK EQUITY FUND                
Common Stocks $195,834,158  $  $  $195,834,158 
Short Term Investments                
Repurchase Agreements     1,793,263      1,793,263 
Collateral for Securities Loaned*           19,758,754 
Total $195,834,158  $1,793,263  $  $217,386,175 
                 
  Level 1  Level 2  Level 3  Total 
ROCK OAK CORE GROWTH FUND                
Common Stocks $12,169,765  $  $  $12,169,765 
Short Term Investments                
Repurchase Agreements     846,155      846,155 
Collateral for Securities Loaned*           2,255,738 
Total $12,169,765  $846,155  $  $15,271,658 
                 
  Level 1  Level 2  Level 3  Total 
RIVER OAK DISCOVERY FUND                
Common Stocks $20,670,620  $  $  $20,670,620 
Short Term Investments                
Repurchase Agreements     1,654,868      1,654,868 
Collateral for Securities Loaned*           1,431,205 
Total $20,670,620  $1,654,868  $  $23,756,693 

 

 

52Semi-Annual Report | April 30, 2021

 

 

Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

  Level 1  Level 2  Level 3  Total 
RED OAK TECHNOLOGY SELECT FUND                
Common Stocks $650,092,055  $  $  $650,092,055 
Short Term Investments                
Repurchase Agreements     14,896,353      14,896,353 
Collateral for Securities Loaned*           54,109,840 
Total $650,092,055  $14,896,353  $  $719,098,248 
                 
  Level 1  Level 2  Level 3  Total 
BLACK OAK EMERGING TECHNOLOGY FUND                
Common Stocks $60,598,280  $  $  $60,598,280 
Short Term Investments                
Repurchase Agreements     2,357,329      2,357,329 
Collateral for Securities Loaned*           19,222,831 
Total $60,598,280  $2,357,329  $  $82,178,440 
                 
  Level 1  Level 2  Level 3  Total 
LIVE OAK HEALTH SCIENCES FUND                
Common Stocks $52,551,504  $  $  $52,551,504 
Short Term Investments                
Repurchase Agreements     409,050      409,050 
Collateral for Securities Loaned*           11,794,241 
Total $52,551,504  $409,050  $  $64,754,795 

 

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

 

The above tables are presented by levels of disaggregation for each asset class. For detailed descriptions of the underlying industries, see the accompanying Schedules of Investments. There were no Level 3 securities held during the period.

 

4.FEES AND OTHER RELATED PARTY TRANSACTIONS:

 

 

The Trust and the Adviser are parties to an Investment Advisory Agreement, under which the Adviser receives an annual fee equal to 0.74% of the average daily net assets of each Fund, except for the River Oak Discovery Fund for which the Adviser receives 0.79% of the average daily net assets of the Fund. Prior to November 1, 2020, the Adviser received a fee of 0.90% for the River Oak Discovery Fund. The Adviser has contractually agreed through February 28, 2022 to waive all or a portion of its fees (and to reimburse the Funds’ expenses if necessary) in order to limit Fund total operating expenses to not more than 1.25% of the

 

 

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Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

average daily net assets of the White Oak Select Growth Fund, Pin Oak Equity Fund, River Oak Discovery Fund, and Rock Oak Core Growth Fund and 1.35% of the average daily net assets of the Red Oak Technology Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund. Prior to November 1, 2020, the expense cap for the River Oak Discovery Fund was 1.35% of average daily net assets.

 

The following table lists the contractual advisory fees and fee waivers that were in effect during the six months ended April 30, 2021:

 

Advisory Fees as a Percentage of Average Net Assets
      Net
Fund Annual Rate Fee Waiver Annual Rate
White Oak Select Growth Fund 0.74%   0.74%
Pin Oak Equity Fund 0.74%   0.74%
Rock Oak Core Growth Fund 0.74% (0.17)% 0.57%
River Oak Discovery Fund 0.79% (0.02)% 0.77%
Red Oak Technology Select Fund 0.74%   0.74%
Black Oak Emerging Technology Fund 0.74%   0.74%
Live Oak Health Sciences Fund 0.74%   0.74%

 

Ultimus Fund Solutions, LLC (“Ultimus”) provides the Funds with administration, fund accounting and transfer agency services, including all regulatory reporting. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, each Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and costs of pricing its portfolio securities.

 

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the “Distributor”) serves as the principal underwriter to each Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

 

Certain officers and trustees of the Trust are also officers of the Adviser, Ultimus and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers or trustees to the Trust.

 

 

54Semi-Annual Report | April 30, 2021

 

 

Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

5.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, 2021 were as follows:

 

Fund Purchases  Sales 
White Oak Select Growth Fund $  $13,248,274 
Pin Oak Equity Fund  10,556,953   27,491,287 
Rock Oak Core Growth Fund  287,293   995,645 
River Oak Discovery Fund  2,880,366   3,913,256 
Red Oak Technology Select Fund     75,945,237 
Black Oak Emerging Technology Fund     2,199,005 
Live Oak Health Sciences Fund  5,876,087   8,358,547 

 

6.FEDERAL INCOME TAXES AND TAX BASIS INFORMATION:

 

 

Each of the Funds is classified as a separate taxable entity for Federal income tax purposes. Each of the Funds has qualified and intends to continue to qualify as a separate “regulated investment company” under Sub–chapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.

 

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. The character of dividends from net investment income or distributions from net realized gains made during the year, and the timing may differ from the year that the income or realized gains (losses) were recorded by the Funds. To the extent these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise. These differences are primarily due to differences in the treatment of net operating losses, equalization, and certain other investments.

 

 

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Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

The tax character of the distributions paid by the Funds for the fiscal year ended October 31, 2020 was as follows:

 

  Ordinary  Long-Term    
Fund Income  Capital Gain  Total 
White Oak Select Growth Fund $3,415,633  $3,125,126  $6,540,759 
Pin Oak Equity Fund  2,857,537   4,689,387   7,546,924 
Rock Oak Core Growth Fund  47,283   322,563   369,846 
River Oak Discovery Fund     499,422   499,422 
Red Oak Technology Select Fund  3,512,413   13,971,324   17,483,737 
Black Oak Emerging Technology Fund     2,153,576   2,153,576 
Live Oak Health Sciences Fund  446,446      446,446 

 

As of October 31, 2020, the components of distributable earnings on a tax basis were as follows:

 

  Undistributed        Cumulative    
  Net  Accumulated  Unrealized  Effect of    
  Investment  Capital  Appreciation/  Timing    
Fund Income  Gain (Loss)  (Depreciation)  Differences  Total 
White Oak Select Growth Fund $2,399,571  $7,452,340  $147,723,161  $  $157,575,072 
Pin Oak Equity Fund  1,358,322   6,767,178   56,381,659      64,507,159 
Rock Oak Core Growth Fund  21,261   1,668,983   1,551,856      3,242,100 
River Oak Discovery Fund     2,560,736   1,414,603   (75,561)  3,899,778 
Red Oak Technology Select Fund  1,471,046   26,178,721   290,810,401      318,460,168 
Black Oak Emerging Technology Fund     3,380,247   21,350,315   (127,762)  24,602,800 
Live Oak Health Sciences Fund  264,666   2,930,674   10,395,638      13,590,978 

 

As of October 31, 2020, the difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to wash sales, return of capital adjustments and partnership basis adjustments.

 

 

56Semi-Annual Report | April 30, 2021

 

 

Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

The River Oak Discovery Fund and Black Oak Emerging Technology Fund elected to defer to the year ending October 31, 2021, late year ordinary losses in the amount of $75,561 and $127,762, respectively.

 

At April 30, 2021, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Funds is as follows:

 

  Federal  Gross  Gross  Net 
Fund Tax Cost  Appreciation  Depreciation  Appreciation 
White Oak Select Growth Fund $207,397,269  $243,118,541  $(96,932) $243,021,609 
Pin Oak Equity Fund  123,509,637   94,159,237   (282,699)  93,876,538 
Rock Oak Core Growth Fund  10,917,097   4,468,114   (113,553)  4,354,561 
River Oak Discovery Fund  16,661,918   7,210,672   (115,897)  7,094,775 
Red Oak Technology Select Fund  316,703,775   402,394,473      402,394,473 
Black Oak Emerging Technology Fund  44,864,924   37,400,566   87,050   37,487,616 
Live Oak Health Sciences Fund  45,605,675   19,974,819   (825,699)  19,149,120 

 

Management evaluates the Funds’ tax positions to determine if the taken tax positions meet the minimum recognition threshold by measuring and recognizing tax liabilities in the Financial Statements. The threshold is established by accounting for uncertainties in income tax positions, taken or expected. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

 

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that as of and for the fiscal year ended October 31, 2020, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years (current and prior three tax years) for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

 

7.CONCENTRATION OF CREDIT RISK AND OWNERSHIP:

 

 

The Red Oak Technology Select Fund and the Black Oak Emerging Technology Fund invest a substantial portion of their assets in securities in the information technology sector. The Live Oak Health Sciences Fund invests a substantial portion of its assets in securities in the health care, medicine and life sciences industries. Therefore, each of these Funds may be more affected by economic developments in those sectors than a general equity fund would be.

 

 

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Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however based on experience, the risk of loss from such claims is considered remote.

 

From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

 

8.TRUSTEE AND OFFICERS FEES:

 

 

As of April 30, 2021, there were five Trustees, four of whom are not “interested persons” (within the meaning of the 1940 Act) of the Trust (the “Independent Trustees”). Each Independent Trustee receives a retainer at an annual rate of $30,000 per year. Each Independent Trustee is also paid a fee of $3,500 for each meeting of the Board of Trustees attended or participated in person, and/or is also paid $1,000 per attendance at each telephonic board meeting, as applicable. Each Independent Trustee is paid $4,000 per telephonic or in-person meeting at which they receive and review preliminary materials provided in connection with the annual continuation of the advisory agreement in accordance with Section 15(c) of the 1940 Act. The chairperson of the Audit Committee receives an additional retainer of $1,000 per calendar quarter during which an Audit Committee Meeting is held and the Lead Independent Trustee receives an additional retainer of $3,500 per calendar quarter.

 

The Independent Trustees who do not serve as chairpersons of the applicable Board committee are not paid an additional fee from the Trust for attendance at and/or participation in such meetings of the various committees of the Board. The Independent Trustees are also reimbursed for meeting-related expenses. Officers of the Trust and Trustees who are interested persons of the Trust receive no salary or fees from the Trust, although they may be reimbursed for meeting-related expenses.

 

9.INDEMNIFICATIONS:

 

 

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

 

10.CORONAVIRUS (COVID-19) PANDEMIC:

 

 

The COVID-19 pandemic has caused financial markets to experience periods of increased volatility due to uncertainty that exists around its long-term effects. COVID-19 has resulted in varying levels of travel restrictions, quarantines, disruptions to supply chains and customer activity, leading to general concern and economic uncertainty. The full impact and duration of the pandemic cannot necessarily be foreseen. Management continues to monitor developments and navigate accordingly, further evaluating the anticipated impact to financial markets.

 

 

58Semi-Annual Report | April 30, 2021

 

 

Notes to Financial Statements
As of April 30, 2021 (Unaudited)

 

11.SUBSEQUENT EVENTS:

 

 

Management has evaluated events or transactions from April 30, 2021, through the date these financial statements were issued, that would merit recognition or disclosure in the financial statements. There were no other subsequent events to report that would have material impact in the Funds’ financial statements.

 

12.LIQUIDITY RISK MANAGEMENT PROGRAM:

 

 

The Funds have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Funds’ investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of an Administrator, who is responsible for the Program’s administration in conjunction with the Adviser’s Liquidity Risk Committee. The Administrator maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Report outlined the adequacy and effectiveness of the Program’s operations since its inception (the “Review Period”) and was presented to the Board of Trustees for consideration at its meeting held on May 12, 2021. During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that (i) the Program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Program has been effectively implemented.

 

 

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Oak Associates Funds

Privacy Policy

 

Oak Associates Funds recognizes and respects the privacy concerns of our shareholders. The Funds collect nonpublic personal information about you in the course of doing business and providing you with individualized service. “Nonpublic personal information” is personally identifiable financial information about you. We do not sell your personal information to anyone and we do not disclose it to anyone except as permitted or required by law or as described in this policy.

 

INFORMATION WE COLLECT

 

Information we receive from you on applications and other forms (such as your name, birth date, address and social security number);

 

Information about the transactions in your accounts;

 

Information about any bank account you use for transfers between your bank account and your Oak Associates accounts; and

 

Information we receive about you as a result of your inquiries by mail, email and telephone

 

INFORMATION WE SHARE

 

Oak Associates Funds only discloses your nonpublic personal information as required or permitted by law. The Funds may disclose this information:

 

So that we may complete transactions you authorize or request; and

 

So that we may provide you with information about Oak Associates Funds products and services; we may disclose information to companies that provide services to us, such as transfer agents or printers and mailers that prepare and distribute materials to you.

 

INFORMATION SECURITY

 

Within Oak Associates Funds, access to your information is restricted to the individuals who need to know the information to service your account. Each Fund conducts its business through its trustees, officers and third party service providers, pursuant to agreements with the Fund. The Fund and its service providers maintain physical, electronic and procedural safeguards that comply with federal standards to guard your information. In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary will govern how your nonpublic personal information will be shared with nonaffiliated third parties by that entity.

 

TO PROTECT YOUR PRIVACY

 

We recommend that you do not provide your account information or Oak Associates Funds user name or password to anyone. If you become aware of any suspicious activity relating to your account, please contact us immediately at 1-888-462-5386.

 

QUESTIONS

 

Should you have any questions regarding the Funds’ Privacy Policy, please call
1-888-462-5386

 

OAK ASSOCIATES FUNDS

 

 

(GRAPHIC)

 

By Mail 

Oak Associates Funds 

225 Pictoria Drive, Suite 450 

Cincinnati, OH 45246

 

By Telephone 1-888-462-5386 Monday through Friday, 8:00 a.m. to 6:00 p.m. ET

 

On The Web www.oakfunds.com

 

Click on the My Oak Account section to take advantage of these features:

 

Trade Online

 

Access and Update Account Information

 

Go Paperless with eDelivery

 

View and download account history

 

Establish a systematic investment plan

 

The Trust files its complete schedule of portfolio holdings of each Fund monthly on Form N-PORT, with every third month made available to the public by the Commission sixty days after the end of the Funds’ fiscal quarter.

 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-462-5386; and (ii) on the Commission’s website at http://www.sec.gov.

 

This report has been prepared for Oak Associates Funds Shareholders and may be distributed to others only if preceded or accompanied by a prospectus.

 

Oak Associates Funds are distributed by Ultimus Fund Distributors, LLC

 

(GRAPHIC)

 

 

(OAK LOGO)

225 Pictoria Drive, Suite 450
Cincinnati, OH 45246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oak Funds-SAR-21

 

 

Item 2. Code of Ethics.

 

Not applicable to semiannual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable to semiannual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable to semiannual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Schedule of Investments.

 

(a) Included as part of the report to Stockholders filed under Item 1 of this Form.

 

 

 

 

 

 

(b) Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

None.

 

Item 11. Controls and Procedures.

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.

 

Not applicable.

 

Item 13. Exhibits.

 

(a)(1) Not applicable.

 

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

 

(a)(3) Not applicable.

 

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

 

 

 

 

 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Oak Associates Funds

 

 

 

By (Signature and Title)/s/ Charles A. Kiraly
Charles A. Kiraly, President and Principal Executive Officer

 

 

Date6/28/2021                        

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By (Signature and Title)/s/ Charles A. Kiraly
Charles A. Kiraly, President and Principal Executive Officer

 

 

Date6/28/2021                        

 

 

By (Signature and Title)/s/ Zachary P. Richmond
Zachary P. Richmond, Treasurer and Principal Financial Officer

 

 

Date6/28/2021