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, 2022

 

Item 1. Reports to Stockholders.

 

(COVER PAGE)

 

 

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TABLE of CONTENTS
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Performance Update 1
   
White Oak Select Growth Fund 1
   
Pin Oak Equity Fund 2
   
Rock Oak Core Growth Fund 3
   
River Oak Discovery Fund 4
   
Red Oak Technology Select Fund 5
   
Black Oak Emerging Technology Fund 6
   
Live Oak Health Sciences Fund 7
   
Important Disclosures 8
   
Disclosure of Fund Expenses 11
   
Financial Statements  
   
Schedules of Investments 13
   
Statements of Assets & Liabilities 34
   
Statements of Operations 36
   
Statements of Changes in Net Assets 38
   
Financial Highlights 44
   
Notes to Financial Statements 48
   
Board Considerations in Approving the Renewal of the Advisory Agreement 60

 

 

White Oak Select Growth Fund Performance Update
  All data below as of April 30, 2022 (Unaudited)

 

Fund Data     Top 10 Holdings^  
Ticker WOGSX   1 Alphabet, Inc. 13.1%
Share Price $115.39   2 Amazon.com, Inc. 10.4%
Total Net Assets $373.6M   3 Charles Schwab Corp. (The) 7.2%
Portfolio Turnover 2%   4 Cisco Systems, Inc. 6.4%
      5 Lowe’s Cos., Inc. 5.7%
Sector Allocation^     6 Amgen, Inc. 5.1%
Technology 25.6%   7 Chubb Ltd. 5.1%
Health Care 20.2%   8 KLA Corp. 5.0%
Financials 18.0%   9 JPMorgan Chase & Co. 5.0%
Communications 16.7%   10 QUALCOMM, Inc. 4.6%
Consumer Discretionary 16.3%        
Real Estate 2.8%        
Cash & Other Assets 0.4%        

 

^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.

 

  Average Annual Total Return
  1 Year 3 Year 5 Year 10 Year
  Return Return Return Return
White Oak Select Growth Fund (9.92)%   8.54% 11.11% 12.09%
S&P 500® Total Return Index1   0.21% 13.85% 13.66% 13.67%
Morningstar Large Blend Category2 (1.68)% 12.17% 11.99% 12.20%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2022): 0.89%

Gross/Net Expense Ratio (as of the six months ended April 30, 2022): 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.

 

1Standard & Poor’s is the source and owner of the S&P Index data.

 

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

 

1-888-462-5386  |  www.oakfunds.com 1

 

 

Pin Oak Equity Fund Performance Update
  All data below as of April 30, 2022 (Unaudited)

 

Fund Data     Top 10 Holdings^  
Ticker POGSX   1 Alphabet, Inc. 12.8%
Share Price $71.28   2 Amazon.com, Inc. 8.6%
Total Net Assets $147.4M   3 McKesson Corp. 7.2%
Portfolio Turnover —%   4 Charles Schwab Corp. (The) 6.3%
      5 Gentex Corp. 5.0%
Sector Allocation^     6 Assurant, Inc. 4.8%
Health Care 26.9%   7 Visa, Inc. - Class A 4.5%
Consumer Discretionary 24.0%   8 Amdocs Ltd. 4.4%
Technology 18.2%   9 eBay, Inc. 4.2%
Communications 16.1%   10 KLA Corp. 4.0%
Financials 13.9%        
Cash & Other Assets 0.9%        

 

^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 Year 3 Year 5 Year 10 Year
  Return Return Return Return
Pin Oak Equity Fund (12.25)%     6.46%   8.09% 11.40%
Morningstar US Market Index1 (2.93)% 13.14% 13.12% 13.33%
Morningstar Large Blend Category1 (1.68)% 12.17% 11.99% 12.20%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2022): 0.91%

Gross/Net Expense Ratio (as of the six months ended April 30, 2022): 0.93%

 

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.

 

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

 

2 Semi-Annual Report  |  April 30, 2022

 

 

Rock Oak Core Growth Fund Performance Update
  All data below as of April 30, 2022 (Unaudited)

 

Fund Data     Top 10 Holdings^  
Ticker RCKSX   1 Carlisle Cos., Inc. 5.9%
Share Price $15.96   2 Hartford Financial Services Group, Inc. (The) 5.8%
Total Net Assets $10.9M   3 Ubiquiti Networks, Inc. 5.5%
Portfolio Turnover —%   4 Jazz Pharmaceuticals PLC 5.4%
      5 Seagate Technology PLC 4.3%
Sector Allocation^     6 F5 Networks, Inc. 4.3%
Technology 25.8%   7 Gentex Corp. 4.2%
Health Care 23.5%   8 Cognizant Technology Solutions Corp. - Class A 4.1%
Consumer Discretionary 15.1%   9 NetApp, Inc. 3.9%
Industrials 14.1%   10 Republic Services, Inc. 3.8%
Financials 8.8%        
Materials 5.9%        
Energy 2.6%        
Cash & Other Assets 4.2%        

 

^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 Year 3 Year 5 Year 10 Year
  Return Return Return Return
Rock Oak Core Growth Fund (11.82)%   4.62%   7.76%   8.91%
Morningstar US Mid Cap Index1   (3.97)% 11.72% 11.67% 12.71%
Morningstar Mid Blend Category1   (5.53)%   9.55%   9.09% 10.53%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2022): 1.40%/1.25%

Gross/Net Expense Ratio (as of the six months ended April 30, 2022): 1.44%/1.25%

 

The Adviser has contractually agreed for a period of one year from February 28, 2022, the date of the Fund’s Prospectus, 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.

 

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

 

1-888-462-5386  |  www.oakfunds.com 3

 

 

River Oak Discovery Fund Performance Update
  All data below as of April 30, 2022 (Unaudited)

 

Fund Data     Top 10 Holdings^  
Ticker RIVSX   1 Silicon Motion Technology Corp. - ADR 4.6%
Share Price $15.24   2 Kulicke & Soffa Industries, Inc. 4.1%
Total Net Assets $22.4M   3 Cirrus Logic, Inc. 3.9%
Portfolio Turnover 9%   4 AllianceBernstein Holding LP 3.8%
      5 Asbury Automotive Group, Inc. 3.5%
Sector Allocation^     6 Verint Systems, Inc. 3.4%
Technology 36.3%   7 Mandiant, Inc. 3.4%
Industrials 17.7%   8 Korn Ferry 3.2%
Consumer Discretionary 14.3%   9 Taylor Morrison Home Corp. 3.2%
Financials 14.1%   10 Advanced Energy Industries, Inc. 3.2%
Consumer Staples 2.9%        
Communications 2.1%        
Cash & Other Assets 12.6%        

 

^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 Year 3 Year 5 Year 10 Year
  Return Return Return Return
River Oak Discovery Fund (11.08)% 14.55% 9.94%   9.65%
Morningstar US Small Cap Index1 (14.22)%   6.89% 7.29% 10.05%
Morningstar Small Blend Category1   (9.66)%   7.99% 7.41%   9.91%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2022): 1.18%

Gross/Net Expense Ratio (as of the six months ended April 30, 2022): 1.18%

 

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.

 

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

 

4 Semi-Annual Report  |  April 30, 2022

 

 

Red Oak Technology Select Fund Performance Update
  All data below as of April 30, 2022 (Unaudited)

 

Fund Data     Top 10 Holdings^  
Ticker ROGSX   1 Alphabet, Inc. 9.6%
Share Price $34.11   2 Apple, Inc. 8.6%
Total Net Assets $543.6M   3 Amazon.com, Inc. 7.0%
Portfolio Turnover —%   4 Microsoft Corp. 5.7%
      5 Cisco Systems, Inc. 5.5%
Sector Allocation^     6 Meta Platforms, Inc. - Class A 5.3%
Technology 70.3%   7 Intel Corp. 4.5%
Communications 15.0%   8 Broadcom, Inc. 4.3%
Consumer Discretionary 10.1%   9 Oracle Corp. 4.3%
Real Estate 2.7%   10 KLA Corp. 4.1%
Cash & Other Assets 1.9%        

 

^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 Year 3 Year 5 Year 10 Year
  Return Return Return Return
Red Oak Technology Select Fund   (8.76)% 11.06% 15.18% 16.43%
S&P 500® Equal Weight Information Technology Index1   (5.73)% 14.40% 17.73% 18.18%
Morningstar Technology Sector Category2 (19.61)% 12.85% 16.14% 15.80%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2022): 0.90%

Gross/Net Expense Ratio (as of the six months ended April 30, 2022): 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.

 

1Standard & Poor’s is the source and owner of the S&P Index data.

 

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

 

1-888-462-5386  |  www.oakfunds.com 5

 

 

Black Oak Emerging Technology Fund Performance Update
  All data below as of April 30, 2022 (Unaudited)

 

Fund Data     Top 10 Holdings^  
Ticker BOGSX   1 Apple, Inc. 5.7%
Share Price $6.89   2 Cirrus Logic, Inc. 4.6%
Total Net Assets $55.6M   3 SolarEdge Technologies, Inc. 4.5%
Portfolio Turnover 8%   4 Palo Alto Networks, Inc. 4.2%
      5 Kulicke & Soffa Industries, Inc. 4.1%
Sector Allocation^     6 QUALCOMM, Inc. 3.9%
Technology 76.3%   7 KLA Corp. 3.9%
Industrials 10.0%   8 Advanced Energy Industries, Inc. 3.7%
Energy 4.5%   9 Nordson Corp. 3.7%
Consumer Discretionary 3.8%   10 Illumina, Inc. 3.4%
Health Care 3.5%        
Communications 0.9%        
Cash & Other Assets 1.0%        

 

^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 Year 3 Year 5 Year 10 Year
  Return Return Return Return
Black Oak Emerging Technology Fund   (9.11)% 17.46% 15.85% 13.47%
S&P 500® Equal Weight Information Technology Index1   (5.73)% 14.40% 17.73% 18.18%
Morningstar Technology Sector Category2 (19.61)% 12.85% 16.14% 15.80%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2022): 1.01%

Gross/Net Expense Ratio (as of the six months ended April 30, 2022): 1.00%

 

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.

 

1Standard & Poor’s is the source and owner of the S&P Index data.

 

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

 

6 Semi-Annual Report  |  April 30, 2022

 

 

Live Oak Health Sciences Fund Performance Update
  All data below as of April 30, 2022 (Unaudited)

 

Fund Data     Top 10 Holdings^  
Ticker LOGSX   1 UnitedHealth Group, Inc. 7.3%
Share Price $20.31   2 Cigna Corp. 5.7%
Total Net Assets $54.5M   3 McKesson Corp. 5.1%
Portfolio Turnover 16%   4 Anthem, Inc. 5.0%
      5 United Therapeutics Corp. 4.4%
Sector Allocation^     6 Amgen, Inc. 4.4%
Health Care 99.1%   7 Jazz Pharmaceuticals PLC 4.2%
Cash & Other Assets 0.9%   8 Regeneron Pharmaceuticals, Inc. 3.9%
      9 Medtronic PLC 3.6%
      10 Illumina, 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.

 

  Average Annual Total Return
  1 Year 3 Year 5 Year 10 Year
  Return Return Return Return
Live Oak Health Sciences Fund    3.50% 12.08%   7.55% 11.49%
S&P 500® Health Care Index1    9.16% 15.64% 13.65% 15.34%
Morningstar Health Care Sector Category2 (13.95)%   8.83%   8.85% 13.01%

 

Gross/Net Expense Ratio (per the prospectus dated February 28, 2022): 1.00%

Gross/Net Expense Ratio (as of the six months ended April 30, 2022): 1.00%

 

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.

 

1Standard & Poor’s is the source and owner of the S&P Index data.

 

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

 

1-888-462-5386  |  www.oakfunds.com 7

 

 

Important Disclosures
All data below As of April 30, 2022 (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.

 

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 Health Care Category - Health portfolios focus on the medical and health-care industries. Most invest in a range of companies, buying everything from pharmaceutical and medical-device makers to HMOs, hospitals, and nursing homes. A few portfolios concentrate on just one industry segment, such as service providers or biotechnology firms.

 

Morningstar Large Blend Category - Large-blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios’ returns are often similar to those of the S&P 500 Index.

 

Morningstar Mid Blend Category - The typical mid-cap blend portfolio invests in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. Most shy away from high-priced growth stocks, but aren’t so price-conscious that they land in value territory. The U.S. mid-cap range for market capitalization typically falls between $1 billion-$8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

 

Morningstar Small Blend Category - Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

 

Morningstar Technology Category - Technology portfolios buy high-tech businesses in the U.S. or outside of the U.S. Most concentrate on computer, semiconductor, software, networking, and Internet stocks. A few also buy medical-device and biotechnology stocks and some concentrate on a single technology industry.

 

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.

 

8 Semi-Annual Report  |  April 30, 2022

 

 

Important Disclosures
All data below As of April 30, 2022 (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.

 

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Important Disclosures
All data below is as of April 30, 2022 (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.

 

10 Semi-Annual Report | April 30, 2022

 

 

Disclosure of Fund Expenses
As of April 30, 2022 (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 six-month period from November 1, 2021 through April 30, 2022.

 

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.

 

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Disclosure of Fund Expenses
As of April 30, 2022 (Unaudited)

 

  Beginning Ending    
  Account Value Account Value Annualized Expenses
  November 1, April 30, Expense Paid During
  2021 2022 Ratio Period(a)
White Oak Select Growth Fund        
Actual Return $1,000.00 $   836.60 0.90% $4.08
Hypothetical 5% Return $1,000.00 $1,020.35 0.90% $4.49
Pin Oak Equity Fund        
Actual Return $1,000.00 $   820.00 0.93% $4.20
Hypothetical 5% Return $1,000.00 $1,020.18 0.93% $4.66
Rock Oak Core Growth Fund        
Actual Return $1,000.00 $   891.20 1.25% $5.86
Hypothetical 5% Return $1,000.00 $1,018.60 1.25% $6.26
River Oak Discovery Fund        
Actual Return $1,000.00 $   836.50 1.18% $5.37
Hypothetical 5% Return $1,000.00 $1,018.95 1.18% $5.90
Red Oak Technology Select Fund        
Actual Return $1,000.00 $   849.00 0.91% $4.15
Hypothetical 5% Return $1,000.00 $1,020.30 0.91% $4.54
Black Oak Emerging Technology Fund        
Actual Return $1,000.00 $   812.50 1.00% $4.51
Hypothetical 5% Return $1,000.00 $1,019.81 1.00% $5.03
Live Oak Health Sciences Fund        
Actual Return $1,000.00 $   988.00 1.00% $4.94
Hypothetical 5% Return $1,000.00 $1,019.82 1.00% $5.02

 

(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)

 

12 Semi-Annual Report  |  April 30, 2022

 

 

Schedule of Investments White Oak Select Growth Fund
  As of April 30, 2022 (Unaudited)

 

       Fair 
   Shares   Value 
COMMON STOCKS — 99.62%          
COMMUNICATIONS — 16.75%          
Internet Media & Services — 16.75%          
Alphabet, Inc. - Class A(a)   8,337   $19,026,618 
Alphabet, Inc. - Class C(a)(b)   13,000    29,891,290 
Meta Platforms, Inc. - Class A(a)   68,150    13,662,030 
         62,579,938 
CONSUMER DISCRETIONARY — 16.19%          
E-Commerce Discretionary — 10.45%          
Amazon.com, Inc.(a)   15,705    39,036,819 
           
Retail - Discretionary — 5.74%          
Lowe’s Cos., Inc.   108,390    21,431,955 
           
FINANCIALS — 17.98%          
Asset Management — 7.17%          
Charles Schwab Corp. (The)   404,100    26,803,953 
           
Banking — 4.97%          
JPMorgan Chase & Co.   155,565    18,568,238 
           
Institutional Financial Services — 0.76%          
State Street Corp.   42,200    2,826,134 
           
Insurance — 5.08%          
Chubb Ltd.   91,890    18,970,691 
           
HEALTH CARE — 20.18%          
Biotech & Pharma — 11.93%          
Amgen, Inc.   82,460    19,228,847 
Novartis AG - ADR   134,060    11,801,302 
Pfizer, Inc.   275,700    13,528,599 
         44,558,748 
Health Care Facilities & Services — 3.07%          
Laboratory Corp. of America Holdings(a)   47,770    11,478,176 

 

1-888-462-5386 | www.oakfunds.com 13

 

 

White Oak Select Growth Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

       Fair 
   Shares   Value 
Medical Equipment & Devices — 5.18%          
Alcon, Inc.(b)   138,000   $9,826,980 
Zimmer Biomet Holdings, Inc.   77,390    9,344,842 
Zimvie, Inc.(a)   7,739    174,128 
         19,345,950 
REAL ESTATE — 2.87%          
REIT — 2.87%          
Digital Realty Trust, Inc.   73,490    10,738,359 
           
TECHNOLOGY — 25.65%          
Semiconductors — 14.41%          
KLA Corp.   58,835    18,783,662 
NXP Semiconductors NV   63,125    10,788,062 
QUALCOMM, Inc.   122,300    17,084,087 
Skyworks Solutions, Inc.   63,196    7,160,107 
         53,815,918 
Software — 2.65%          
Salesforce.com, Inc.(a)   56,375    9,918,618 
           
Technology Hardware — 6.42%          
Cisco Systems, Inc.   490,000    24,000,200 
           
Technology Services — 2.17%          
Cognizant Technology Solutions Corp. - Class A   100,000    8,090,000 
           
TOTAL COMMON STOCKS          
(Cost $203,167,109)        372,163,697 

 

14 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments White Oak Select Growth Fund
  As of April 30, 2022 (Unaudited)

 

   Shares or   Fair 
   Principal ($)   Value 
SHORT-TERM INVESTMENTS — 8.62%          
REPURCHASE AGREEMENTS — 0.31%          
Tri-Party Repurchase Agreement with South Street  Securities LLC and Bank of New York Mellon, 0.14%, dated 4/29/2022 and maturing 5/2/2022, collateralized by U.S. Treasury Securities with rates ranging from 0.13% to 2.25% and maturity dates ranging from 9/15/2023 to 8/15/2029 with a par value of $1,263,165 and a collateral value of $1,182,919   1,159,717   $1,159,717 
           
COLLATERAL FOR SECURITIES LOANED — 8.31%          
Mount Vernon Liquid Assets Portfolio, LLC, 0.45%(c)   31,048,562    31,048,562 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $32,208,279)        32,208,279 
           
TOTAL INVESTMENTS — 108.24%          
(Cost $235,375,388)        404,371,976 
           
Liabilities in Excess of Other Assets — (8.24)%        (30,787,764)
           
NET ASSETS — 100.00%       $373,584,212 

 

(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 $29,395,616.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

ADR — American Depositary Receipt.

 

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

 

1-888-462-5386 | www.oakfunds.com 15

 

 

Pin Oak Equity Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

       Fair 
   Shares   Value 
COMMON STOCKS — 99.09%          
COMMUNICATIONS — 16.07%          
Internet Media & Services — 16.07%          
Alphabet, Inc. - Class A(a)   2,085   $4,758,366 
Alphabet, Inc. - Class C(a)(b)   6,150    14,140,879 
Meta Platforms, Inc. - Class A(a)   23,900    4,791,233 
         23,690,478 
CONSUMER DISCRETIONARY — 23.98%          
Automotive — 5.03%          
Gentex Corp.(b)   252,500    7,410,875 
           
E-Commerce Discretionary — 12.88%          
Amazon.com, Inc.(a)   5,120    12,726,426 
eBay, Inc.   120,500    6,256,360 
         18,982,786 
Home Construction — 5.25%          
M/I Homes, Inc.(a)   103,901    4,600,736 
Taylor Morrison Home Corp.(a)   120,000    3,142,800 
         7,743,536 
Leisure Facilities & Services — 0.82%          
DraftKings, Inc. - Class A(a)(b)   88,555    1,211,432 
           
FINANCIALS — 13.93%          
Asset Management — 6.26%          
Charles Schwab Corp. (The)   139,101    9,226,569 
           
Institutional Financial Services — 2.87%          
Bank of New York Mellon Corp. (The)   100,745    4,237,335 
           
Insurance — 4.80%          
Assurant, Inc.   38,900    7,075,132 
           
HEALTH CARE — 26.86%          
Biotech & Pharma — 7.65%          
Amgen, Inc.   18,500    4,314,015 
Gilead Sciences, Inc.   32,085    1,903,924 
GlaxoSmithKline PLC - ADR(b)   111,760    5,060,493 
         11,278,432 

 

16 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments Pin Oak Equity Fund
  As of April 30, 2022 (Unaudited)

 

       Fair 
   Shares   Value 
Health Care Facilities & Services — 8.58%          
McKesson Corp.   34,400   $10,650,584 
Quest Diagnostics, Inc.   15,000    2,007,600 
         12,658,184 
Medical Equipment & Devices — 10.63%          
Illumina, Inc.(a)   18,655    5,534,006 
Intuitive Surgical, Inc.(a)   20,620    4,934,366 
Medtronic PLC   49,845    5,201,824 
         15,670,196 
TECHNOLOGY — 18.25%          
Semiconductors — 4.01%          
KLA Corp.   18,498    5,905,672 
           
Technology Services — 14.24%          
Amdocs Ltd.   81,587    6,501,668 
Paychex, Inc.   43,649    5,531,638 
PayPal Holdings, Inc.(a)   26,230    2,306,404 
Visa, Inc. - Class A(b)   31,220    6,653,918 
         20,993,628 
TOTAL COMMON STOCKS          
(Cost $90,141,622)        146,084,255 

 

1-888-462-5386 | www.oakfunds.com 17

 

 

Pin Oak Equity Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

   Shares or   Fair 
   Principal ($)   Value 
SHORT-TERM INVESTMENTS — 20.96%          
REPURCHASE AGREEMENTS — 0.43%          
Tri-Party Repurchase Agreement with South Street  Securities LLC and Bank of New York Mellon, 0.14%, dated 4/29/2022 and maturing 5/2/2022, collateralized by U.S. Treasury Securities with rates  ranging from 0.13% to 2.25% and maturity dates ranging from 9/15/2023 to 8/15/2029 with a par value of $692,976 and a collateral value of $648,953   636,225   $636,225 
           
COLLATERAL FOR SECURITIES LOANED — 20.53%          
Mount Vernon Liquid Assets Portfolio, LLC, 0.45%(c)   30,264,396    30,264,396 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $30,900,621)        30,900,621 
           
TOTAL INVESTMENTS — 120.05%          
(Cost $121,042,243)        176,984,876 
           
Liabilities in Excess of Other Assets — (20.05)%        (29,555,762)
           
NET ASSETS — 100.00%       $147,429,114 

 

(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 $28,716,072.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

ADR - American Depositary Receipt.

 

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

 

18 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments Rock Oak Core Growth Fund
  As of April 30, 2022 (Unaudited)

 

       Fair 
   Shares   Value 
COMMON STOCKS — 95.82%          
CONSUMER DISCRETIONARY — 15.08%          
Automotive — 4.23%          
Gentex Corp.   15,785   $463,290 
           
Home Construction — 3.37%          
PulteGroup, Inc.   8,820    368,323 
           
Leisure Facilities & Services — 1.22%          
DraftKings, Inc. - Class A(a)(b)   9,745    133,312 
           
Leisure Products — 2.44%          
Thor Industries, Inc.(b)   3,490    267,159 
           
Wholesale - Discretionary — 3.82%          
Pool Corp.(b)   1,030    417,377 
           
ENERGY — 2.57%          
Renewable Energy — 2.57%          
SolarEdge Technologies, Inc.(a)   1,120    280,459 
           
FINANCIALS — 8.84%          
Insurance — 8.84%          
Assurant, Inc.   1,830    332,840 
Hartford Financial Services Group, Inc. (The)   9,065    633,916 
         966,756 
HEALTH CARE — 23.57%          
Biotech & Pharma — 13.31%          
Exelixis, Inc.(a)   18,149    405,449 
Jazz Pharmaceuticals PLC(a)(b)   3,655    585,604 
Neurocrine Biosciences Inc.(a)   3,080    277,292 
Viatris, Inc.   18,120    187,180 
         1,455,525 
Health Care Facilities & Services — 8.20%          
Cardinal Health, Inc.   5,770    334,948 
Medpace Holdings, Inc.(a)   1,186    158,414 
Quest Diagnostics, Inc.   3,015    403,528 
         896,890 

 

1-888-462-5386 | www.oakfunds.com 19

 

 

Rock Oak Core Growth Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

       Fair 
   Shares   Value 
Medical Equipment & Devices — 2.06%          
Illumina, Inc.(a)   760   $225,454 
           
INDUSTRIALS — 14.08%          
Aerospace & Defense — 2.91%          
TransDigm Group, Inc.(a)   535    318,223 
           
Commercial Support Services — 3.84%          
Republic Services, Inc.   3,130    420,265 
           
Machinery — 7.33%          
Enovis Corp.(a)   3,618    234,700 
Esab Corp.(a)   3,618    170,046 
Nordson Corp.   1,839    396,654 
         801,400 
MATERIALS — 5.89%          
Construction Materials — 5.89%          
Carlisle Cos., Inc.   2,485    644,509 
           
TECHNOLOGY — 25.79%          
Software — 1.85%          
Citrix Systems, Inc.(b)   2,015    201,702 
           
Technology Hardware — 18.06%          
F5, Inc.(a)   2,820    472,096 
NetApp, Inc.   5,805    425,216 
Seagate Technology PLC   5,760    472,551 
Ubiquiti Networks, Inc.(b)   2,145    605,426 
         1,975,289 
Technology Services — 5.88%          
Amdocs Ltd.   2,475    197,233 
Cognizant Technology Solutions Corp. - Class A   5,507    445,516 
         642,749 
TOTAL COMMON STOCKS          
(Cost $8,124,944)        10,478,682 

 

20 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments Rock Oak Core Growth Fund
  As of April 30, 2022 (Unaudited)

 

       Fair 
   Shares   Value 
SHORT-TERM INVESTMENTS — 19.93%          
COLLATERAL FOR SECURITIES LOANED — 19.93%          
Mount Vernon Liquid Assets Portfolio, LLC, 0.45%(c)   2,179,162   $2,179,162 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $2,179,162)        2,179,162 
           
TOTAL INVESTMENTS — 115.75%          
(Cost $10,304,106)        12,657,844 
           
Liabilities in Excess of Other Assets — (15.75)%        (1,722,731)
           
NET ASSETS — 100.00%       $10,935,113 

 

(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 $2,095,266.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

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

 

1-888-462-5386 | www.oakfunds.com 21

 

 

River Oak Discovery Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

       Fair 
   Shares   Value 
COMMON STOCKS — 87.37%          
COMMUNICATIONS — 2.06%          
Advertising & Marketing — 0.76%          
QuinStreet, Inc.(a)   17,875   $169,991 
           
Internet Media & Services — 1.30%          
Eventbrite, Inc. - Class A(a)   27,530    291,268 
           
CONSUMER DISCRETIONARY — 14.26%          
Consumer Services — 4.69%          
Aaron’s Co., Inc. (The)   3,000    61,590 
Adtalem Global Education, Inc.(a)(b)   19,770    579,459 
American Public Education, Inc.(a)   21,012    408,473 
         1,049,522 
Home Construction — 6.06%          
M/I Homes, Inc.(a)   14,386    637,012 
Taylor Morrison Home Corp.(a)   27,416    718,025 
         1,355,037 
Retail - Discretionary — 3.51%          
Asbury Automotive Group, Inc.(a)(b)   4,275    785,360 
           
CONSUMER STAPLES — 2.95%          
Household Products — 2.95%          
Edgewell Personal Care Co.(b)   17,322    660,661 
           
FINANCIALS — 14.11%          
Asset Management — 6.18%          
AllianceBernstein Holding LP   21,518    856,632 
Artisan Partners Asset Management, Inc. - Class A(b)   16,381    526,485 
         1,383,117 
Banking — 2.81%          
Atlantic Union Bancshares Corp.   4,000    135,120 
Dime Community Bancshares, Inc.   15,671    492,696 
         627,816 
Insurance — 4.07%          
CNO Financial Group, Inc.(b)   17,345    418,708 
Selective Insurance Group, Inc.   5,960    490,866 
         909,574 

 

22 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments River Oak Discovery Fund
  As of April 30, 2022 (Unaudited)

 

       Fair 
   Shares   Value 
Specialty Finance — 1.05%          
PROG Holdings, Inc.(a)(b)   8,850   $234,259 
           
INDUSTRIALS — 17.70%          
Commercial Support Services — 7.77%          
Barrett Business Services, Inc.   6,101    439,089 
Korn Ferry   11,772    723,272 
Vectrus, Inc.(a)   15,923    574,820 
         1,737,181 
Electrical Equipment — 3.20%          
Advanced Energy Industries, Inc.   9,353    715,691 
           
Industrial Support Services — 2.20%          
Applied Industrial Technologies, Inc.   4,694    491,415 
           
Machinery — 3.09%          
Kadant, Inc.   3,740    691,900 
           
Transportation Equipment — 1.44%          
Meritor, Inc.(a)   9,000    323,190 
           
TECHNOLOGY — 36.29%          
Semiconductors — 17.36%          
Cirrus Logic, Inc.(a)   11,397    863,893 
Cohu, Inc.(a)   21,455    569,845 
Diodes, Inc.(a)   6,870    501,716 
Kulicke & Soffa Industries, Inc.(b)   19,620    910,564 
Silicon Motion Technology Corp. - ADR   13,665    1,037,583 
         3,883,601 
Software — 14.28%          
Calix, Inc.(a)(b)   14,095    562,531 
Cerence, Inc.(a)(b)   15,147    446,836 
Mandiant, Inc.(a)   34,558    759,585 
NextGen Healthcare, Inc.(a)   35,190    663,332 
Verint Systems, Inc.(a)   13,948    761,003 
         3,193,287 

 

1-888-462-5386 | www.oakfunds.com 23

 

 

River Oak Discovery Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

   Shares or   Fair 
   Principal ($)   Value 
Technology Services — 4.65%          
CSG Systems International, Inc.   7,000   $430,290 
Perficient, Inc.(a)(b)   6,121    608,489 
         1,038,779 
TOTAL COMMON STOCKS          
(Cost $16,878,010)        19,541,649 
           
SHORT-TERM INVESTMENTS — 34.83%          
REPURCHASE AGREEMENTS — 10.26%          
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.14%, dated 4/29/2022 and maturing 5/2/2022, collateralized by U.S. Treasury Securities with rates ranging from 0.13% to 2.25% and maturity dates ranging from 9/15/2023 to 8/15/2029 with a par value of $2,499,583 and a collateral value of $2,340,791   2,294,879    2,294,879 
           
COLLATERAL FOR SECURITIES LOANED — 24.57%          
Mount Vernon Liquid Assets Portfolio, LLC, 0.45%(c)   5,494,961    5,494,961 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $7,789,840)        7,789,840 
           
TOTAL INVESTMENTS — 122.20%          
(Cost $24,667,850)        27,331,489 
           
Liabilities in Excess of Other Assets — (22.20)%        (4,964,615)
           
NET ASSETS — 100.00%       $22,366,874 

 

(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 $5,249,648.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

ADR — American Depositary Receipt.

 

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

 

24 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments Red Oak Technology Select Fund
  As of April 30, 2022 (Unaudited)

 

       Fair 
   Shares   Value 
COMMON STOCKS — 98.03%          
COMMUNICATIONS — 14.89%          
Internet Media & Services — 14.89%          
Alphabet, Inc. - Class A(a)   5,517   $12,590,842 
Alphabet, Inc. - Class C(a)(b)   17,236    39,631,252 
Meta Platforms, Inc. - Class A(a)   143,225    28,712,316 
         80,934,410 
CONSUMER DISCRETIONARY — 10.13%          
E-Commerce Discretionary — 10.13%          
Amazon.com, Inc.(a)   15,400    38,278,702 
eBay, Inc.   324,030    16,786,176 
         55,064,878 
REAL ESTATE — 2.71%          
REIT — 2.71%          
Digital Realty Trust, Inc.   100,770    14,724,512 
           
TECHNOLOGY — 70.30%          
Semiconductors — 23.41%          
Broadcom, Inc.   42,220    23,406,346 
Intel Corp.   557,915    24,319,515 
KLA Corp.   69,809    22,287,221 
NXP Semiconductors NV   113,550    19,405,695 
QUALCOMM, Inc.   153,200    21,400,508 
Skyworks Solutions, Inc.   145,135    16,443,795 
         127,263,080 
Software — 20.76%          
Akamai Technologies, Inc.(a)(b)   136,780    15,357,659 
Check Point Software Technologies Ltd.(a)   58,700    7,413,223 
Citrix Systems, Inc.(b)   13,280    1,329,328 
Microsoft Corp.   111,403    30,916,561 
Oracle Corp.   316,171    23,206,951 
Synopsys, Inc.(a)   69,970    20,066,696 
VMware, Inc. - Class A   135,470    14,582,953 
         112,873,371 
Technology Hardware — 16.40%          
Apple, Inc.   296,786    46,788,313 
Cisco Systems, Inc.   609,245    29,840,820 
NetApp, Inc.   170,690    12,503,042 
         89,132,175 

 

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Red Oak Technology Select Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

   Shares or   Fair 
   Principal ($)   Value 
Technology Services — 9.73%          
Accenture PLC - Class A   40,580   $12,188,609 
Cognizant Technology Solutions Corp. - Class A   135,000    10,921,500 
Global Payments, Inc.   93,157    12,760,646 
Visa, Inc. - Class A(b)   80,000    17,050,400 
         52,921,155 
TOTAL COMMON STOCKS          
(Cost $244,301,684)        532,913,581 
           
SHORT-TERM INVESTMENTS — 10.46%          
REPURCHASE AGREEMENTS — 1.06%          
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.14%, dated 4/29/2022 and maturing 5/2/2022, collateralized by U.S. Treasury Securities with rates ranging from 0.13% to 2.25% and maturity dates ranging from 9/15/2023 to 8/15/2029 with a par value of $6,305,494 and a collateral value of $5,904,920   5,789,102    5,789,102 
           
COLLATERAL FOR SECURITIES LOANED — 9.40%          
Mount Vernon Liquid Assets Portfolio, LLC, 0.45%(c)   51,095,587    51,095,587 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $56,884,689)        56,884,689 
           
TOTAL INVESTMENTS — 108.49%          
(Cost $301,186,373)        589,798,270 
           
Liabilities in Excess of Other Assets — (8.49)%        (46,153,687)
           
NET ASSETS — 100.00%       $543,644,583 

 

(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 $48,400,799.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

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

 

26 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments Black Oak Emerging Technology Fund
  As of April 30, 2022 (Unaudited)

 

       Fair 
   Shares   Value 
COMMON STOCKS — 99.00%          
COMMUNICATIONS — 0.91%          
Internet Media & Services — 0.91%          
Meta Platforms, Inc. - Class A(a)   2,525   $506,187 
           
CONSUMER DISCRETIONARY — 3.79%          
Automotive — 3.03%          
Tesla, Inc.(a)   1,939    1,688,404 
           
Leisure Facilities & Services — 0.76%          
DraftKings, Inc. - Class A(a)(b)   30,740    420,523 
           
ENERGY — 4.53%          
Renewable Energy — 4.53%          
SolarEdge Technologies, Inc.(a)   10,055    2,517,872 
           
HEALTH CARE — 3.43%          
Medical Equipment & Devices — 3.43%          
Illumina, Inc.(a)   6,435    1,908,943 
           
INDUSTRIALS — 10.02%          
Electrical Equipment — 3.71%          
Advanced Energy Industries, Inc.(b)   26,957    2,062,750 
           
Industrial Support Services — 2.63%          
Applied Industrial Technologies, Inc.   14,000    1,465,660 
           
Machinery — 3.68%          
Nordson Corp.   9,500    2,049,055 
           
TECHNOLOGY — 76.32%          
Information Technology — 2.46%          
Paylocity Holdings Corp.(a)(b)   7,220    1,369,128 

 

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Black Oak Emerging Technology Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

       Fair 
   Shares   Value 
Semiconductors — 30.83%        
Ambarella, Inc.(a)   16,604   $1,362,856 
Cirrus Logic, Inc.(a)   33,492    2,538,694 
Cohu, Inc.(a)(b)   59,077    1,569,085 
Diodes, Inc.(a)   25,770    1,881,983 
KLA Corp.   6,750    2,155,005 
Kulicke & Soffa Industries, Inc.(b)   49,645    2,304,024 
Lam Research Corp.   2,785    1,297,142 
QUALCOMM, Inc.   15,497    2,164,776 
Silicon Motion Technology Corp. - ADR   24,734    1,878,053 
         17,151,618 
Software — 20.73%          
Calix, Inc.(a)(b)   16,424    655,482 
Citrix Systems, Inc.(b)   7,595    760,259 
Cognyte Software Ltd.(a)   17,933    121,586 
Concentrix Corp.(b)   12,000    1,889,760 
Fortinet, Inc.(a)   4,160    1,202,282 
NextGen Healthcare, Inc.(a)   88,315    1,664,738 
Palo Alto Networks, Inc.(a)(b)   4,125    2,315,280 
Salesforce.com, Inc.(a)   7,480    1,316,031 
Verint Systems, Inc.(a)   29,477    1,608,265 
         11,533,683 
Technology Hardware — 10.80%          
Apple, Inc.   20,120    3,171,918 
F5, Inc.(a)   7,705    1,289,894 
SYNNEX Corp.(b)   4,000    400,360 
Ubiquiti Networks, Inc.(b)   4,067    1,147,911 
         6,010,083 
Technology Services — 11.50%          
Cognizant Technology Solutions Corp. - Class A   9,600    776,640 
CSG Systems International, Inc.   10,000    614,700 
Jack Henry & Associates, Inc.   8,120    1,539,390 
PayPal Holdings, Inc.(a)   16,125    1,417,871 
Perficient, Inc.(a)(b)   11,652    1,158,325 
Science Applications International Corp.(b)   10,665    887,648 
         6,394,574 
TOTAL COMMON STOCKS          
(Cost $30,796,023)        55,078,480 

 

28 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments Black Oak Emerging Technology Fund
  As of April 30, 2022 (Unaudited)

 

       Fair 
   Shares   Value 
SHORT-TERM INVESTMENTS — 31.12%          
COLLATERAL FOR SECURITIES LOANED — 31.12%          
Mount Vernon Liquid Assets Portfolio, LLC, 0.45%(c)   17,312,656   $17,312,656 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $17,312,656)        17,312,656 
           
TOTAL INVESTMENTS — 130.12%          
(Cost $48,108,679)        72,391,136 
           
Liabilities in Excess of Other Assets — (30.12)%        (16,757,518)
           
NET ASSETS — 100.00%       $55,633,618 

 

(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 $16,422,808.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

ADR - American Depositary Receipt.

 

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

 

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Live Oak Health Sciences Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

       Fair 
   Shares   Value 
COMMON STOCKS — 99.13%          
HEALTH CARE — 99.13%          
Biotech — 21.16%          
Amgen, Inc.   10,240   $2,387,866 
Biogen, Inc.(a)   5,006    1,038,445 
Exelixis, Inc.(a)   66,265    1,480,360 
Gilead Sciences, Inc.   15,390    913,243 
Regeneron Pharmaceuticals, Inc.(a)   3,190    2,102,561 
United Therapeutics Corp.(a)(b)   13,650    2,423,694 
Vertex Pharmaceuticals, Inc.(a)(b)   4,315    1,178,944 
         11,525,113 
Health Care Services — 6.84%          
Charles River Laboratories International, Inc.(a)(b)   5,073    1,225,180 
Medpace Holdings, Inc.(a)(b)   8,169    1,091,133 
Quest Diagnostics, Inc.   10,545    1,411,343 
         3,727,656 
Health Care Supply Chain — 16.80%          
AmerisourceBergen Corp.   10,684    1,616,382 
Cardinal Health, Inc.(b)   28,409    1,649,143 
Cigna Corp.   12,487    3,081,542 
McKesson Corp.(b)   9,051    2,802,280 
         9,149,347 
Large Pharmaceuticals — 13.16%          
GlaxoSmithKline PLC - ADR(b)   33,490    1,516,427 
Johnson & Johnson   7,688    1,387,377 
Merck & Co., Inc.(b)   18,800    1,667,372 
Novartis AG - ADR   11,600    1,021,148 
Pfizer, Inc.   32,264    1,583,194 
         7,175,518 
Life Science & Diagnostics — 6.44%          
Illumina, Inc.(a)   6,224    1,846,350 
Thermo Fisher Scientific, Inc.   3,000    1,658,760 
         3,505,110 
Managed Care — 14.31%          
Anthem, Inc.(b)   5,415    2,717,951 
Humana, Inc.   2,500    1,111,400 
UnitedHealth Group, Inc.   7,800    3,966,690 
         7,796,041 

 

30 Semi-Annual Report | April 30, 2022

 

 

Schedule of Investments Live Oak Health Sciences Fund
  As of April 30, 2022 (Unaudited)

 

   Shares or   Fair 
   Principal ($)   Value 
Medical Devices — 9.04%          
Medtronic PLC   18,746   $1,956,332 
Stryker Corp.   7,060    1,703,296 
Zimmer Biomet Holdings, Inc.   10,460    1,263,045 
         4,922,673 
Medical Equipment — 5.38%          
Alcon, Inc.(b)   20,995    1,495,054 
Intuitive Surgical, Inc.(a)   6,015    1,439,389 
         2,934,443 
Specialty & Generic Pharmaceuticals — 6.00%          
Jazz Pharmaceuticals PLC(a)(b)   14,387    2,305,085 
Neurocrine Biosciences Inc.(a)(b)   10,706    963,861 
         3,268,946 
TOTAL COMMON STOCKS          
(Cost $35,881,995)        54,004,847 
           
SHORT-TERM INVESTMENTS — 22.05%          
REPURCHASE AGREEMENTS — 0.90%          
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.14%, dated 4/29/2022 and maturing 5/2/2022, collateralized by U.S. Treasury Securities with rates ranging from 0.13% to 2.25% and maturity dates ranging from 9/15/2023 to 8/15/2029 with a par value of $534,482 and a collateral value of $500,527   490,710    490,710 
           
COLLATERAL FOR SECURITIES LOANED — 21.15%          
Mount Vernon Liquid Assets Portfolio, LLC, 0.45%(c)   11,525,631    11,525,631 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $12,016,341)        12,016,341 

 

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Live Oak Health Sciences Fund Schedule of Investments
As of April 30, 2022 (Unaudited)  

 

   Fair 
   Value 
TOTAL INVESTMENTS — 121.18%     
(Cost $47,898,336)  $66,021,188 
      
Liabilities in Excess of Other Assets — (21.18)%   (11,538,444)
      
NET ASSETS — 100.00%  $54,482,744 

 

(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 $11,102,904.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

ADR — American Depositary Receipt.

 

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

 

32 Semi-Annual Report | April 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OAK ASSOCIATES FUNDS
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Statements of Assets & Liabilities
April 30, 2022 (Unaudited)

 

   White Oak Select   Pin Oak 
   Growth Fund   Equity Fund 
ASSETS          
Investment securities at value (cost, $235,375,388, $121,042,243, $10,304,106, $24,667,850, $301,186,373, $48,108,679 and $47,898,336), including , $29,395,616, $28,716,072, $2,095,266, $5,249,648, $48,400,799, $16,422,808 and $11,102,904 and of securities on loan  $404,371,976   $176,984,876 
Cash   155,565    32,227 
Receivable for fund shares sold   29,007    105,973 
Receivable for investments sold   329,785    690,520 
Dividends and interest receivable   86,721    34,258 
Tax reclaims receivable   161,062     
Prepaid expenses   24,595    19,806 
Total Assets   405,158,711    177,867,660 
           
LIABILITIES          
Payable for fund shares redeemed   130,021    6,552 
Payable for investments purchased        
Payable for collateral upon return of securities loaned   31,048,562    30,264,396 
Investment advisory fees payable   248,514    97,768 
Administration fees payable   30,640    12,763 
Transfer agent fees payable   12,032    6,287 
Trustee fees payable   11,443    4,767 
Other accrued expenses   93,287    46,013 
Total Liabilities   31,574,499    30,438,546 
NET ASSETS  $373,584,212   $147,429,114 
           
Net Assets consist of:          
Paid-in capital (unlimited authorization - no par value)  $192,036,527   $80,843,426 
Accumulated earnings   181,547,685    66,585,688 
Net Assets  $373,584,212   $147,429,114 
           
Total shares outstanding at end of period   3,237,679    2,068,326 
           
Net asset value, offering and redemption price per share (net assets/shares outstanding)  $115.39   $71.28 

 

34 Semi-Annual Report  |  April 30, 2022

 

 

                  
        Red Oak   Black Oak     
Rock Oak Core   River Oak   Technology   Emerging   Live Oak Health 
Growth Fund   Discovery Fund   Select Fund   Technology Fund   Sciences Fund 
                  
$12,657,844   $27,331,489   $589,798,270   $72,391,136   $66,021,188 
 463,058            432,986    2,510 
 250    13,648    26,577    24,123    13,610 
     529,336    6,151,963    644,003     
     990    39,408    3,000    4 
                 14,410 
 12,297    16,845    26,561    13,264    17,849 
 13,133,449    27,892,308    596,042,779    73,508,512    66,069,571 
                       
                       
 6        720,865    8,252     
             483,552     
 2,179,162    5,494,961    51,095,587    17,312,656    11,525,631 
 4,823    14,180    356,695    36,045    34,819 
 797    1,647    45,109    4,334    3,648 
 2,723    2,760    10,117    5,548    3,679 
     291    17,158    1,273    1,081 
 10,825    11,595    152,665    23,234    17,969 
 2,198,336    5,525,434    52,398,196    17,874,894    11,586,827 
$10,935,113   $22,366,874   $543,644,583   $55,633,618   $54,482,744 
                       
                       
                       
$8,327,540   $20,000,285   $227,553,207   $30,122,245   $35,494,122 
 2,607,573    2,366,589    316,091,376    25,511,373    18,988,622 
$10,935,113   $22,366,874   $543,644,583   $55,633,618   $54,482,744 
                       
 685,077    1,467,681    15,936,763    8,075,329    2,682,549 
                       
$15.96   $15.24   $34.11   $6.89   $20.31 

 

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

 

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Statements of Operations
For the six months ended April 30, 2022 (Unaudited)

 

   White Oak Select   Pin Oak 
   Growth Fund   Equity Fund 
INVESTMENT INCOME          
Dividends  $2,927,513   $826,882 
Securities lending income   17,213    9,610 
Interest   241    147 
Less: Foreign withholding tax   (10,549)   (1,676)
Total Investment Income   2,934,418    834,963 
           
EXPENSES          
Investment adviser   1,638,756    656,889 
Administration   92,803    38,111 
Sub transfer agent   61,373    31,148 
Transfer agent   36,913    19,187 
Trustee   33,992    13,876 
Legal   30,644    12,825 
Report printing   13,930    6,053 
Registration   12,702    12,044 
Insurance   11,673    5,355 
Custodian   9,470    3,940 
Audit   8,182    8,182 
Pricing   162    168 
Miscellaneous   30,249    16,804 
Total Expenses   1,980,849    824,582 
Less: Investment advisory fees waived        
Net Expenses   1,980,849    824,582 
Net Investment Income (Loss)   953,569    10,381 
           
Realized and Unrealized Gain (Loss) on Investments          
Net realized gain (loss) on investment securities transactions   11,630,513    10,682,368 
Net change in unrealized depreciation of investment securities   (86,768,521)   (44,584,440)
Net Realized and Unrealized Loss on Investments   (75,138,008)   (33,902,072)
Net Decrease in Net Assets from Operations  $(74,184,439)  $(33,891,691)

 

36 Semi-Annual Report  |  April 30, 2022

 

 

                  
        Red Oak   Black Oak     
Rock Oak Core   River Oak   Technology   Emerging   Live Oak Health 
Growth Fund   Discovery Fund   Select Fund   Technology Fund   Sciences Fund 
                  
$66,246   $102,304   $7,672,480   $164,560   $352,071 
 1,004    2,064    103,567    6,450    3,400 
 7    47,342    739    25    53 
     (68)   (23,973)   (133)   (6,923)
 67,257    151,642    7,752,813    170,902    348,601 
                       
                       
 43,732    91,640    2,377,562    239,171    198,760 
 2,449    4,836    135,643    13,290    10,856 
 912    1,070    165,698    7,345    5,732 
 8,320    8,479    30,953    16,968    11,268 
 899    1,774    49,545    4,909    3,977 
 860    1,587    45,107    4,336    3,671 
 1,537    1,716    19,629    3,204    2,334 
 10,096    11,164    12,590    10,251    11,976 
 319    579    17,771    1,634    1,401 
 305    457    14,132    1,585    1,068 
 8,182    8,182    8,182    8,182    8,182 
 187    225    173    241    198 
 7,516    7,754    31,152    13,208    9,977 
 85,314    139,463    2,908,137    324,324    269,400 
 (11,500)                
 73,814    139,463    2,908,137    324,324    269,400 
 (6,557)   12,179    4,844,676    (153,422)   79,201 
                       
                       
 270,398    (329,967)   27,290,116    1,417,704    1,354,916 
 (1,611,044)   (3,907,239)   (129,611,242)   (14,129,775)   (2,086,790)
 (1,340,646)   (4,237,206)   (102,321,126)   (12,712,071)   (731,874)
$(1,347,203)  $(4,225,027)  $(97,476,450)  $(12,865,493)  $(652,673)

 

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

 

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Statements of Changes in Net Assets

 

   White Oak Select 
   Growth Fund 
   For the     
   Six Months     
   Ended   For the 
   April 30,   Year Ended 
   2022   October 31, 
   (Unaudited)   2021 
INVESTMENT ACTIVITIES          
Net investment income (loss)  $953,569   $1,121,690 
Net realized gain on investment securities transactions and foreign currency translations   11,630,513    23,023,697 
Net change in unrealized appreciation (depreciation) of investments securities   (86,768,521)   108,185,545 
Net Increase (Decrease) in Net Assets Resulting from Operations   (74,184,439)   132,330,932 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM          
Earnings   (23,574,884)   (9,851,894)
Total Distributions   (23,574,884)   (9,851,894)
           
CAPITAL TRANSACTIONS          
Proceeds from shares sold   19,260,706    10,800,437 
Reinvestment of distributions   22,616,161    9,362,811 
Amount paid for shares redeemed   (30,081,518)   (33,076,631)
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions   11,795,349    (12,913,383)
           
Total Increase (Decrease) in Net Assets   (85,963,974)   109,565,655 
           
NET ASSETS          
Beginning of period   459,548,186    349,982,531 
End of period  $373,584,212   $459,548,186 
           
SHARE TRANSACTIONS          
Shares sold   137,013    83,076 
Shares issued in reinvestment of distributions   154,958    79,252 
Shares redeemed   (223,697)   (257,305)
Net Increase (Decrease) in Shares Outstanding   68,274    (94,977)

 

38 Semi-Annual Report  |  April 30, 2022

 

 

      
Pin Oak   Rock Oak Core 
Equity Fund   Growth Fund 
For the       For the     
Six Months       Six Months     
Ended   For the   Ended   For the 
April 30,   Year Ended   April 30,   Year Ended 
2022   October 31,   2022   October 31, 
(Unaudited)   2021   (Unaudited)   2021 
              
$10,381   $22,171   $(6,557)  $(20,396)
 10,682,368    20,810,196    270,398    560,363 
 (44,584,440)   44,243,177    (1,611,044)   2,423,772 
 (33,891,691)   65,075,544    (1,347,203)   2,963,739 
                  
                  
 (19,354,347)   (8,125,501)   (525,505)   (1,690,245)
 (19,354,347)   (8,125,501)   (525,505)   (1,690,245)
                  
                  
 1,913,797    6,124,511    65,337    494,765 
 18,365,328    7,571,016    519,071    1,520,187 
 (21,047,759)   (32,276,209)   (408,245)   (735,273)
 (768,634)   (18,580,682)   176,163    1,279,679 
                  
 (54,014,672)   38,369,361    (1,696,545)   2,553,173 
                  
                  
 201,443,786    163,074,425    12,631,658    10,078,485 
$147,429,114   $201,443,786   $10,935,113   $12,631,658 
                  
                  
 22,666    71,014    3,774    27,103 
 211,631    96,348    28,773    89,317 
 (256,620)   (375,694)   (23,704)   (40,142)
 (22,323)   (208,332)   8,843    76,278 

 

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

 

1-888-462-5386  |  www.oakfunds.com 39

 

 

Statements of Changes in Net Assets

 

   River Oak 
   Discovery Fund 
   For the     
   Six Months     
   Ended   For the 
   April 30,   Year Ended 
   2022   October 31, 
   (Unaudited)   2021 
INVESTMENT ACTIVITIES          
Net investment income (loss)  $12,179   $(93,695)
Net realized gain (loss) on investment securities transactions and foreign currency translations   (329,967)   3,712,992 
Net change in unrealized appreciation (depreciation) of investments securities   (3,907,239)   5,207,191 
Net Increase (Decrease) in Net Assets Resulting from Operations   (4,225,027)   8,826,488 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM          
Earnings   (3,510,455)   (2,560,738)
Total Distributions   (3,510,455)   (2,560,738)
           
CAPITAL TRANSACTIONS          
Proceeds from shares sold   4,397,587    3,045,704 
Reinvestment of distributions   3,505,905    1,755,146 
Amount paid for shares redeemed   (1,505,728)   (1,862,724)
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions   6,397,764    2,938,126 
           
Total Increase (Decrease) in Net Assets   (1,337,718)   9,203,876 
           
NET ASSETS          
Beginning of period   23,704,592    14,500,716 
End of period  $22,366,874   $23,704,592 
           
SHARE TRANSACTIONS          
Shares sold   251,987    153,868 
Shares issued in reinvestment of distributions   188,489    99,838 
Shares redeemed   (86,171)   (98,175)
Net Increase (Decrease) in Shares Outstanding   354,305    155,531 

 

40 Semi-Annual Report  |   April 30, 2022

 

 

      
Red Oak Technology   Black Oak Emerging 
Select Fund   Technology Fund 
For the       For the     
Six Months       Six Months     
Ended   For the   Ended   For the 
April 30,   Year Ended   April 30,   Year Ended 
2022   October 31,   2022   October 31, 
(Unaudited)   2021   (Unaudited)   2021 
              
$4,844,676   $327,394   $(153,422)  $(376,160)
 27,290,116    71,876,103    1,417,704    8,014,373 
 (129,611,242)   127,731,132    (14,129,775)   17,071,955 
 (97,476,450)   199,934,629    (12,865,493)   24,710,168 
                  
                  
 (69,834,196)   (28,140,362)   (7,330,084)   (3,408,982)
 (69,834,196)   (28,140,362)   (7,330,084)   (3,408,982)
                  
                  
 19,864,421    56,168,290    2,578,849    5,089,302 
 66,948,402    26,817,801    7,142,109    2,967,151 
 (63,776,528)   (143,334,193)   (2,985,348)   (5,808,334)
 23,036,295    (60,348,102)   6,735,610    2,248,119 
                  
 (144,274,351)   111,446,165    (13,459,967)   23,549,305 
                  
                  
 687,918,934    576,472,769    69,093,585    45,544,280 
$543,644,583   $687,918,934   $55,633,618   $69,093,585 
                  
 489,103    1,384,040    313,176    605,680 
 1,557,302    712,103    803,387    383,353 
 (1,583,220)   (3,590,631)   (371,777)   (702,482)
 463,185    (1,494,488)   744,786    286,551 

 

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

 

1-888-462-5386   |   www.oakfunds.com 41

 

 

Statements of Changes in Net Assets

 

   Live Oak 
   Health Sciences Fund 
   For the     
   Six Months     
   Ended   For the 
   April 30,   Year Ended 
   2022   October 31, 
   (Unaudited)   2021 
INVESTMENT ACTIVITIES          
Net investment income  $79,201   $87,720 
Net realized gain on investment securities transactions and foreign currency translations   1,354,916    3,719,645 
Net change in unrealized appreciation (depreciation) of investments securities   (2,086,790)   9,354,400 
Net Increase (Decrease) in Net Assets Resulting from Operations   (652,673)   13,161,765 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM          
Earnings   (3,678,422)   (3,288,388)
Total Distributions   (3,678,422)   (3,288,388)
           
CAPITAL TRANSACTIONS          
Proceeds from shares sold   2,434,481    2,207,269 
Reinvestment of distributions   3,543,183    3,068,428 
Amount paid for shares redeemed   (2,351,594)   (4,849,873)
Net Increase in Net Assets Resulting from Capital Transactions   3,626,070    425,824 
           
Total Increase (Decrease) in Net Assets   (705,025)   10,299,201 
           
NET ASSETS          
Beginning of period   55,187,769    44,888,568 
End of period  $54,482,744   $55,187,769 
           
SHARE TRANSACTIONS          
Shares sold   117,508    105,470 
Shares issued in reinvestment of distributions   169,045    163,041 
Shares redeemed   (112,963)   (239,187)
Net Increase in Shares Outstanding   173,590    29,324 

 

42 Semi-Annual Report  |  April 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2022 (Unaudited)  $145.00    0.29    (22.41)   (22.12)   (0.41)
For the year ended October 31, 2021  $107.21    0.35    40.49    40.84    (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)
                          
Pin Oak Equity Fund                         
For the six months ended April 30, 2022 (Unaudited)  $96.35     (e)   (15.67)   (15.67)   (0.08)
For the year ended October 31, 2021  $70.93    0.01    29.02    29.03    (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)
                          
Rock Oak Core Growth Fund                         
For the six months ended April 30, 2022 (Unaudited)  $18.68    (0.01)   (1.93)   (1.94)    
For the year ended October 31, 2021  $16.80    (0.03)   4.75    4.72    (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)
                          
River Oak Discovery Fund                         
For the six months ended April 30, 2022 (Unaudited)  $21.29    0.01    (2.92)   (2.91)    
For the year ended October 31, 2021  $15.14    (0.09)   8.78    8.69      
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     

 

(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.

 

44 Semi-Annual Report  |  April 30, 2022

 

 

                                   
Distributions
from Capital
Gains
   Total
Dividends
and
Distributions
    Net Asset
Value,
End of
Period
   Total
Return(b)
   Net Assets,
End of
Period
(000)
   Ratio of Net
Expenses to
Average Net
Assets
   Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
   Ratio of
Expenses
to Average
Net Assets
(Excluding
Waivers
and/or
Fees Paid
Indirectly)
   Portfolio
Turnover
Rate
 
                                  
 (7.08)   (7.49)  $115.39    (16.34)% (c)  $373,584    0.90(d)   0.43(d)   0.90(d)   2(c)
 (2.31)   (3.05)  $145.00    38.74%  $459,548    0.89%   0.27%   0.89%   5%
 (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%
                                           
                                           
 (9.32)   (9.40)  $71.28    (18.00)% (c)  $147,429    0.93(d)   0.01(d)   0.93(d)   0(c)
 (3.01)   (3.61)  $96.35    42.09%  $201,444    0.91%   0.01%   0.91%   6%
 (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%
                                           
                                           
 (0.78)   (0.78)  $15.96    (10.88)% (c)  $10,935    1.25(d)   (0.11)% (d)   1.44(d)   0(c)
 (2.81)   (2.84)  $18.68    29.72%  $12,632    1.25%   (0.16)%   1.40%   14%
 (0.49)