N-CSRS 1 oak_ncsrs.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------- FORM N-CSR -------- 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) -------- 101 Federal Street Boston, Massachusetts 02110 (Address of principal executive offices) (Zip code) William E. White Oak Associates, ltd. 3875 Embassy Parkway, Suite 250 Akron, Ohio 44333-8334 (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, 2007 Date of reporting period: April 30, 2007 Item 1. Reports to Stockholders. Semi-Annual Report April 30, 2007 White Oak Select Growth Rock Oak Core Growth Pin Oak Aggressive Stock River Oak Discovery Red Oak Technology Select Black Oak Emerging Technology Live Oak Health Sciences [LOGO OMITTED] [BLANK PAGE] To Our Shareholders Dear Fellow Shareholders: We are pleased to send you the Oak Associates Funds' Semi-Annual Report which contains information on the holdings of each of the Funds, along with the Financial Highlights and Statements of Net Assets, Operations and Changes in Net Assets for the six-month period ended April 30, 2007. We encourage you to read the report to help you stay informed about your investments. We recognize that this is only a six-month snapshot of your portfolio and we urge you to visit our website at www.oakfunds.com for more detailed fund information and market commentary. As always, we appreciate the trust you have placed in us and thank you for your investment. Sincerely, The Oak Associates Funds -------------------------------------------------------------------------------- TABLE OF CONTENTS Financial Highlights ..................................................... 2 Schedules of Investments ................................................. 6 Statements of Assets and Liabilities ..................................... 24 Statements of Operations ................................................. 26 Statements of Changes in Net Assets ...................................... 28 Notes to Financial Statements ............................................ 31 Disclosure of Fund Expenses .............................................. 39 Board Considerations in Approving the Advisory Agreement ................. 41 Financial Highlights FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS OR PERIODS ENDED OCTOBER 31,
REALIZED AND DIVIDENDS NET NET ASSET NET UNREALIZED FROM TOTAL ASSET VALUE INVESTMENT GAINS OR TOTAL NET DIVIDENDS VALUE BEGINNING INCOME (LOSSES) ON FROM INVESTMENT AND END OF OF PERIOD (LOSS) SECURITIES OPERATIONS INCOME DISTRIBUTIONS PERIOD ------------------------------------------------------------------------------------------ WHITE OAK SELECT GROWTH FUND ------------------------------------------------------------------------------------------ 2007* $31.91 $(0.08)# $ 3.58 $ 3.50 $ -- $ -- $35.41 2006 31.35 (0.13)# 0.71 0.58 (0.02) (0.02) 31.91 2005 31.41 0.01#++ (0.07)## (0.06) -- -- 31.35 2004 34.05 (0.19) (2.45) (2.64) -- -- 31.41 2003 23.22 (0.10) 10.93 10.83 -- -- 34.05 2002 34.54 (0.12) (11.20) (11.32) -- -- 23.22 ROCK OAK CORE GROWTH FUND ------------------------------------------------------------------------------------------ 2007* $10.68 $ (0.03)# $ 0.71 $ 0.68 $ -- $ -- $11.36 2006 10.10 (0.06)# 0.64 0.58 -- -- 10.68 2005(1) 10.00 (0.05)# 0.15 0.10 -- -- 10.10 PIN OAK GROWTH STOCK FUND ------------------------------------------------------------------------------------------ 2007* $21.18 $(0.08)# $ 3.09 $ 3.01 $ -- $ -- $24.19 2006 21.13 (0.16)# 0.21 0.05 -- -- 21.18 2005 19.02 (0.16)# 2.27 2.11 -- -- 21.13 2004 19.13 (0.17) 0.06 (0.11) -- -- 19.02 2003 11.63 (0.12) 7.62 7.50 -- -- 19.13 2002 21.61 (0.20) (9.78) (9.98) -- -- 11.63 RIVER OAK DISCOVERY FUND ------------------------------------------------------------------------------------------ 2007* $11.56 $(0.05)# $ 0.58 $ 0.53 $ -- $ -- $12.09 2006 10.10 (0.09)# 1.55 1.46 -- -- 11.56 2005(2) 10.00 (0.03)# 0.13 0.10 -- -- 10.10 RED OAK TECHNOLOGY SELECT FUND ------------------------------------------------------------------------------------------ 2007* $ 6.90 $(0.03)# $ 0.88 $ 0.85 $ -- $ -- $ 7.75 2006 6.55 (0.06)# 0.41 0.35 -- -- 6.90 2005 6.30 (0.03)#+++ 0.28 0.25 -- -- 6.55 2004 6.56 (0.08) (0.18) (0.26) -- -- 6.30 2003 4.23 (0.05) 2.38 2.33 -- -- 6.56 2002 8.45 (0.08) (4.14) (4.22) -- -- 4.23
RATIO OF EXPENSES RATIO OF TO AVERAGE RATIO OF EXPENSES NET ASSETS NET TO AVERAGE (EXCLUDING NET ASSETS RATIO OF INVESTMENT NET ASSETS WAIVERS END OF EXPENSES INCOME (LOSS) (EXCLUDING AND/OR PORTFOLIO TOTAL PERIOD TO AVERAGE TO AVERAGE FEES PAID FEES PAID TURNOVER RETURN+ (000) NET ASSETS NET ASSETS INDIRECTLY) INDIRECTLY) RATE --------------------------------------------------------------------------------------------------- WHITE OAK SELECT GROWTH FUND --------------------------------------------------------------------------------------------------- 2007* 10.97% $ 440,461 1.25% (0.49)% 1.25% 1.25% 19.51% 2006 1.85 538,516 1.19 (0.42) 1.20 1.20 51.51 2005 (0.19) 878,709 1.14 0.04++ 1.14 1.14 36.46 2004 (7.75) 1,569,899 1.07 (0.47) 1.07 1.07 15.83 2003 46.64 2,136,891 1.07 (0.36) 1.08 1.11 4.28 2002 (32.77) 1,593,995 1.00 (0.32) 1.01 1.01 10.76 ROCK OAK CORE GROWTH FUND --------------------------------------------------------------------------------------------------- 2007* 6.37% $ 7,875 1.25% (0.50)% 1.25% 1.47% 50.74% 2006 5.74 9,688 1.22 (0.54) 1.22 1.44 88.47 2005(1) 1.00 10,560 1.15 (0.67) 1.15 1.89 44.73 PIN OAK GROWTH STOCK FUND --------------------------------------------------------------------------------------------------- 2007* 14.21% $ 78,892 1.25% (0.70)% 1.25% 1.34% 5.46% 2006 0.24 92,549 1.21 (0.74) 1.21 1.27 19.81 2005 11.09 139,379 1.15 (0.78) 1.15 1.22 28.02 2004 (0.58) 190,839 1.15 (0.80) 1.15 1.17 21.10 2003 64.49 233,503 1.11 (0.83) 1.12 1.23 21.67 2002 (46.18) 143,775 1.00 (0.87) 1.09 1.09 17.68 RIVER OAK DISCOVERY FUND -------------------------------------------------------------------------------------------------- 2007* 4.58% $ 6,023 1.35% (0.93)% 1.35% 1.83% 76.37% 2006 14.46 5,943 1.35 (0.81) 1.35 2.74 71.90 2005(2) 1.00 3,063 1.35 (0.79) 1.35 4.05 15.68 RED OAK TECHNOLOGY SELECT FUND --------------------------------------------------------------------------------------------------- 2007* 12.32% $ 109,428 1.35% (0.95)% 1.35% 1.39% 0.87% 2006 5.34 116,449 1.27 (0.89) 1.27 1.34 92.90 2005 3.97 160,881 1.15 (0.50)+++ 1.15 1.27 40.47 2004 (3.96) 244,848 1.15 (1.01) 1.15 1.20 38.44 2003 55.08 327,853 1.11 (0.98) 1.11 1.24 60.35 2002 (49.94) 217,390 1.00 (0.97) 1.10 1.10 47.80
*THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 2 & 3 1-888-462-5386 Financial Highlights FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS OR PERIODS ENDED OCTOBER 31,
REALIZED AND DIVIDENDS NET NET ASSET NET UNREALIZED FROM ASSET VALUE INVESTMENT GAINS OR TOTAL NET VALUE BEGINNING INCOME (LOSSES) ON FROM INVESTMENT END OF OF PERIOD (LOSS) SECURITIES OPERATIONS INCOME PERIOD ----------------------------------------------------------------------------------------- BLACK OAK EMERGING TECHNOLOGY FUND ----------------------------------------------------------------------------------------- 2007* $ 2.21 $(0.01)# $ 0.15 $ 0.14 $ -- $ 2.35 2006 2.05 (0.02)# 0.18 0.16 -- 2.21 2005 2.08 (0.02)# (0.01)## (0.03) -- 2.05 2004 2.21 (0.03) (0.10) (0.13) -- 2.08 2003 1.23 (0.02) 1.00 0.98 -- 2.21 2002 2.98 (0.02) (1.73) (1.75) -- 1.23 LIVE OAK HEALTH SCIENCES FUND ----------------------------------------------------------------------------------------- 2007* $11.18 $ 0.02# $ 0.80 $ 0.82 $ -- $12.00 2006 11.66 (0.07)# (0.41) (0.48) -- 11.18 2005 9.44 (0.07)# 2.29 2.22 -- 11.66 2004 9.24 (0.07) 0.27 0.20 -- 9.44 2003 7.83 (0.05) 1.46 1.41 -- 9.24 2002 10.24 (0.05) (2.36) (2.41) -- 7.83
RATIO OF RATIO OF RATIO OF EXPENSES NET EXPENSES TO AVERAGE INVESTMENT TO AVERAGE NET ASSETS NET ASSETS RATIO OF INCOME NET ASSETS (EXCLUDING END OF EXPENSES (LOSS) (EXCLUDING WAIVERS AND/OR PORTFOLIO TOTAL PERIOD TO AVERAGE TO AVERAGE FEES PAID FEES PAID TURNOVER RETURN+ (000) NET ASSETS NET ASSETS INDIRECTLY) INDIRECTLY) RATE ------------------------------------------------------------------------------------------------- BLACK OAK EMERGING TECHNOLOGY FUND ------------------------------------------------------------------------------------------------- 2007* 6.33% $34,393 1.35% (1.05)% 1.35% 1.61% 46.74% 2006 7.80 39,617 1.28 (1.13) 1.28 1.53 97.05 2005 (1.44) 48,901 1.15 (1.13) 1.15 1.41 30.22 2004 (5.88) 72,093 1.15 (1.14) 1.15 1.33 33.71 2003 79.67 86,414 1.11 (1.08) 1.11 1.50 33.62 2002 (58.72) 40,583 1.00 (0.86) 1.20 1.20 57.15 LIVE OAK HEALTH SCIENCES FUND ------------------------------------------------------------------------------------------------- 2007* 7.33% $21,514 1.35% 0.37% 1.35% 1.36% 18.58% 2006 (4.12) 25,263 1.21 (0.59) 1.21 1.23 56.56 2005 23.52 36,304 1.15 (0.66) 1.15 1.22 15.69 2004 2.16 26,226 1.15 (0.75) 1.15 1.19 4.05 2003 18.01 22,520 1.10 (0.66) 1.10 1.28 12.55 2002 (23.54) 18,686 1.00 (0.56) 1.18 1.18 31.00
* FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 (UNAUDITED). ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED. # PER SHARE CALCULATIONS WERE PERFORMED USING AVERAGE SHARES FOR THE PERIOD. ## THE AMOUNT SHOWN FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD DOES NOT ACCRUAL WITH THE AGGREGATE NET GAINS ON INVESTMENT FOR THE PERIOD BECAUSE OF THE SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET VALUE OF THE INVESTMENTS OF THE FUND. + RETURNS ARE FOR THE PERIOD INDICATED AND HAVE NOT BEEN ANNUALIZED. FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THE SHAREHOLDER WILL PAY ON FUND DISTRIBUTIONS OR REDEMPTION OF FUND SHARES. ++ NET INVESTMENT INCOME PER SHARE AND THE NET INVESTMENT INCOME RATIO INCLUDE $0.13 AND 0.40%, RESPECTIVELY, RESULTING FROM A SPECIAL DIVIDEND FROM MICROSOFT IN NOVEMBER 2004. +++ NET INVESTMENT INCOME PER SHARE AND THE NET INVESMENT INCOME RATION INCLUDE $0.03 AND 0.51%, RESPECTIVELY RESULTING FROM A SPECIAL DIVIDEND FROM MICROSOFT IN NOVEMBER 2004. (1) THE ROCK OAK CORE GROWTH FUND COMMENCED OPERATIONS ON DECEMBER 31, 2004. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED. (2) THE RIVER OAK DISCOVERY FUND COMMENCED OPERATIONS ON JUNE 30, 2005. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED. AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 4 & 5 1-888-462-5386 Schedules of Investments APRIL 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- White Oak Select Growth Fund -------------------------------------------------------------------------------- INDUSTRY WEIGHTING+ [PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:] Biological Products (No Diagnostic Substances) 9.1% Computer Communications Equipment 7.0% Construction Machinary & Equipment 5.8% Diversified Manufacturing 1.1% Electronic Computers 2.3% E-Commerce - Services 11.5% Hospital & Medical Service Plans 4.8% Personal Credit Institutions 1.2% Pharmaceutical Preparations 6.1% Security Brokers, Dealers & Flotation Companies 10.8% Semiconductor Capital Equipment 3.3% Semiconductors & Related Devices 14.0% Services - Commercial Physical & Biological Research 3.1% Services - Computer Programming Services 2.7% Services - Home Health Care Services 4.9% Radiotelephone Communications 3.6% Web Portals/ISP 8.1% Repurchase Agreement 0.7% + Percentages are based on net assets. Included in net assets are other assets and liabilities of (0.1)%. MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK -- 99.4% BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) -- 9.1% Amgen* 343,000 $ 22,000 Genzyme* 275,000 17,960 ---------- 39,960 ---------- COMPUTER COMMUNICATIONS EQUIPMENT -- 7.0% Cisco Systems* 1,150,000 30,751 ---------- 30,751 ---------- CONSTRUCTION MACHINARY & EQUIPMENT -- 5.8% Caterpillar 349,000 25,344 ---------- 25,344 ---------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- DIVERSIFIED MANUFACTURING -- 1.1% ITT Industries* 75,000 $ 4,786 ---------- 4,786 ---------- ELECTRONIC COMPUTERS -- 2.3% Dell* 400,000 10,084 ---------- 10,084 ---------- E-COMMERCE - SERVICES -- 11.5% Amazon.Com* 470,000 28,825 eBay* 650,000 22,061 ---------- 50,886 ---------- HOSPITAL & MEDICAL SERVICE PLANS -- 4.8% UnitedHealth Group 402,000 21,330 ---------- 21,330 ---------- 6 1-888-462-5386 -------------------------------------------------------------------------------- White Oak Select GrowthFund (CONCLUDED) -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- PERSONAL CREDIT INSTITUTIONS -- 1.2% SLM 100,000 $ 5,383 ---------- 5,383 ---------- PHARMACEUTICAL PREPARATIONS -- 6.1% Teva Pharmaceutical Industries ADR 700,000 26,817 ---------- 26,817 ---------- SECURITY BROKERS, DEALERS & FLOTATION COMPANIES -- 10.8% Charles Schwab 1,455,000 27,820 Legg Mason 197,300 19,570 ---------- 47,390 ---------- SEMICONDUCTOR CAPITAL EQUIPMENT -- 3.3% Applied Materials 765,000 14,703 ---------- 14,703 ---------- SEMICONDUCTORS & RELATED DEVICES -- 14.0% Broadcom, Cl A* 680,000 22,134 Intel 965,000 20,748 Qualcomm 425,000 18,615 ---------- 61,497 ---------- SERVICES - COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH -- 3.1% Affymetrix* 520,000 13,660 ---------- 13,660 ---------- SERVICES - COMPUTER PROGRAMMING SERVICES -- 2.7% Cognizant Technology Solutions, Cl A* 135,000 12,069 ---------- 12,069 ---------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- SERVICES - HOME HEALTH CARE SERVICES -- 4.9% Express Scripts 225,000 $ 21,499 ---------- 21,499 ---------- RADIOTELEPHONE COMMUNICATIONS -- 3.6% Sprint Nextel 800,000 16,024 ---------- 16,024 ---------- WEB PORTALS/ISP -- 8.1% Google, Cl A* 49,000 23,098 Yahoo!* 450,000 12,618 ---------- 35,716 ---------- TOTAL COMMON STOCK (Cost $363,877)(000) 437,899 ---------- REPURCHASE AGREEMENT -- 0.7% Morgan Stanley (A) 5.00%, dated 04/30/07, to be repurchased on 05/01/07, repurchase price $2,865,436, (collateralized by a U.S. Treasury Bond, 8.125%, 08/15/19, total market value: $2,922,355) $2,865 2,865 ---------- TOTAL REPURCHASE AGREEMENT (Cost $2,865)(000) 2,865 ---------- TOTAL INVESTMENTS -- 100.1% (Cost $366,742)(000) $ 440,764 ========== PERCENTAGES ARE BASED ON NET ASSETS OF $440,461,183. * NON-INCOME PRODUCING SECURITY (A) TRI-PARTY REPURCHASE AGREEMENT ADR -- AMERICAN DEPOSITARY RECEIPT CL -- CLASS ISP -- INTERNET SERVICE PROVIDER THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS. 7 www.oakfunds.com Schedules of Investments APRIL 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- Rock Oak Core Growth Fund -------------------------------------------------------------------------------- INDUSTRY WEIGHTING+ [PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:] Amusement and Recreational Services 3.0% Biological Products (No Diagnostic Substances) 8.2% Consumer Wireless Devices 2.4% Crude Petroleum Natural Gas 1.0% Data Storage 0.2% Diversified Manufacturing 2.0% Fiber Optic Components 4.9% Electronic Computers 4.9% General Building Contractors - Residential Buildings 2.2% Hospital & Medical Service Plans 4.1% Measuring & Controlling Devices 0.2% Oil, Gas Field Services 6.6% Personal Credit Institutions 2.1% Pharmaceutical Preparations 2.2% Radiotelephone Communications 8.3% Retail - Apparel 2.4% Retail - Eating Places 2.2% Retail - Lumber & other Building, Materials Dealers 0.2% Security Brokers, Dealers & Flotation Companies 12.2% Semiconductor Capital Equipment 0.1% Semiconductors & Related Devices 8.9% Services - Copmuter Integrated Systems Design 2.1% Services - Computer Programming Services 4.8% Services - Prepackaged Software 3.5% Trucking & Courier Services 3.9% Web Portals/ISP 6.1% Well Equipment 1.1% Repurchase Agreement 0.7% + Percentages are based on net assets. Included in net assets are other assets and liabilities of (0.5)%. MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK -- 99.8% AMUSEMENT AND RECREATIONAL SERVICES -- 3.0% International Game Technology 6,200 $ 236 ---------- 236 ---------- BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) -- 8.2% Genzyme* 5,100 333 Gilead Sciences* 3,800 311 ---------- 644 ---------- CONSUMER WIRELESS DEVICES -- 2.4% Research In Motion* 1,200 158 Rockwell Collins 500 33 ---------- 191 ---------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- CRUDE PETROLEUM NATURAL GAS -- 1.0% XTO Energy 1,500 $ 81 ---------- 81 ---------- DATA STORAGE -- 0.2% Motorola 1,000 17 ---------- 17 ---------- DIVERSIFIED MANUFACTURING -- 2.0% ITT Industries 2,500 160 ---------- 160 ---------- FIBER OPTIC COMPONENTS -- 4.9% Corning* 16,200 384 ---------- 384 ---------- 8 1-888-462-5386 Rock Oak Core Growth Fund (CONTINUED) MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- ELECTRONIC COMPUTERS -- 4.9% Apple Computer* 3,900 $ 389 ---------- 389 ---------- GENERAL BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS -- 2.2% Toll Brothers* 5,900 176 ---------- 176 ---------- HOSPITAL & MEDICAL SERVICE PLANS -- 4.1% UnitedHealth Group 6,000 319 ---------- 319 ---------- MEASURING & CONTROLLING DEVICES -- 0.2% Rockwell Automation 200 12 ---------- 12 ---------- OIL, GAS FIELD SERVICES -- 6.6% Weatherford International Ltd.* 5,100 268 Schlumberger 3,400 251 ---------- 519 ---------- PERSONAL CREDIT INSTITUTIONS -- 2.1% SLM 3,000 161 ---------- 161 ---------- PHARMACEUTICAL PREPARATIONS -- 2.2% Novartis ADR 3,000 174 ---------- 174 ---------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- RADIOTELEPHONE COMMUNICATIONS -- 8.3% American Movil ADR 6,700 $ 352 Vimpel Communications ADR* 3,100 300 ---------- 652 ---------- RETAIL - APPAREL -- 2.4% AnnTaylor Stores 4,900 189 ---------- 189 ---------- RETAIL - EATING PLACES -- 2.2% Starbucks* 5,500 171 ---------- 171 ---------- RETAIL - LUMBER & OTHER BUILDING, MATERIALS DEALERS -- 0.2% Lowe's 500 15 ---------- 15 ---------- SECURITY BROKERS, DEALERS & FLOTATION COMPANIES -- 12.2% Chicago Mercantile Exchange Holdings, Cl A 500 258 E*Trade Financial* 3,700 82 Goldman Sachs Group 1,300 284 Legg Mason 3,400 337 ---------- 961 ---------- SEMICONDUCTOR CAPITAL EQUIPMENT -- 0.1% Applied Materials 500 10 ---------- 10 ---------- 9 www.oakfunds.com -------------------------------------------------------------------------------- Rock Oak Core Growth Fund (CONCLUDED) -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- SEMICONDUCTORS & RELATED DEVICES -- 8.9% Broadcom, Cl A* 6,200 $ 202 Marvel Technology Group* 8,500 137 Qualcomm 8,300 364 ---------- 703 ---------- SERVICES - COPMUTER INTEGRATED SYSTEMS DESIGN -- 2.1% Salesforce.com* 4,000 168 ---------- 168 ---------- SERVICES - COMPUTER PROGRAMMING SERVICES -- 4.8% Cognizant Technology Solutions, Cl A* 4,200 375 ---------- 375 ---------- SERVICES - PREPACKAGED SOFTWARE -- 3.5% Infosys Technologies ADR5,200 272 ---------- 272 ---------- TRUCKING & COURIER SERVICES -- 3.9% Expeditors International 7,400 309 ---------- 309 ---------- WEB PORTALS/ISP -- 6.1% Google, Cl A* 800 377 Yahoo!* 3,800 106 ---------- 483 ---------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- WELL EQUIPMENT -- 1.1% National Oilwell Varco* 1,000 $ 85 ---------- 85 ---------- TOTAL COMMON STOCK (Cost $6,723)(000) 7,856 ---------- REPURCHASE AGREEMENT -- 0.7% Morgan Stanley (A) 5.00%, dated 04/30/07, to be repurchased on 05/01/07, repurchase price $55,622 (collateralized by a U.S. Treasury Bond, 8.750%, 05/15/20, total market value: $56,727) $56 56 ---------- TOTAL REPURCHASE AGREEMENT (Cost $56)(000) 56 ---------- TOTAL INVESTMENTS -- 100.5% (Cost $6,779)(000) $ 7,912 ========== PERCENTAGES ARE BASED ON NET ASSETS OF $7,874,738. * NON-INCOME PRODUCING SECURITY (A) TRI-PARTY REPURCHASE AGREEMENT ADR -- AMERICAN DEPOSITARY RECEIPT CL -- CLASS ISP -- INTERNET SERVICE PROVIDER THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS. 10 1-888-462-5386 Schedules of Investments APRIL 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- Pin Oak AggressiveStock Fund -------------------------------------------------------------------------------- INDUSTRY WEIGHTING+ [PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:] Biological Products (No Diagnostic Substances) 5.8% Computer Communications Equipment 10.7% E-Commerce - Services 16.7% Electronic Computers 5.0% Motorcycles, Bicycles, and Parts 3.2% Newspapers, Publishing 2.1% Pharmaceutical Preparations 4.1% Retail - Jewelry Stores 5.7% Security Brokers, Dealers & Flotation Companies 4.6% Semiconductor Capital Equipment 10.2% Semiconductors & Related Devices 11.8% Services - Allied to Motion Picture Production 1.7% Services - Commercial Physical & Biological Research 3.5% Television Broadcasting Stations 5.0% Web Portals/ISP 8.5% Repurchase Agreement 1.1% + Percentages are based on net assets. Included in net assets are other assets and liabilities of 0.3%. MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK -- 98.6% BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) -- 5.8% Cell Genesys* 175,000 $ 765 Genzyme* 58,000 3,788 ---------- 4,553 ---------- COMPUTER COMMUNICATIONS EQUIPMENT -- 10.7% Cisco Systems* 168,000 4,492 Juniper Networks* 177,000 3,958 ---------- 8,450 ---------- E-COMMERCE - SERVICES -- 16.7% Amazon.com* 74,000 4,538 eBay* 131,000 4,446 Expedia* 177,000 4,181 ---------- 13,165 ---------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- ELECTRONIC COMPUTERS -- 5.0% Dell* 155,000 $ 3,907 ---------- 3,907 ---------- MOTORCYCLES, BICYCLES, AND PARTS -- 3.2% Harley-Davidson 39,600 2,507 ---------- 2,507 ---------- NEWSPAPERS, PUBLISHING -- 2.1% Gannett 29,000 1,655 ---------- 1,655 ---------- PHARMACEUTICAL PREPARATIONS -- 4.1% Watson Phamaceuticals*119,000 3,249 ---------- 3,249 ---------- 11 www.oakfunds.com -------------------------------------------------------------------------------- Pin Oak Aggressive Stock Fund (CONCLUDED) -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- RETAIL - JEWELRY STORES -- 5.7% Blue Nile* 80,718 $ 3,799 Tiffany 14,000 668 ---------- 4,467 ---------- SECURITY BROKERS, DEALERS & FLOTATION COMPANIES -- 4.6% Charles Schwab 190,000 3,633 ---------- 3,633 ---------- SEMICONDUCTOR CAPITAL EQUIPMENT -- 10.2% Applied Materials 209,000 4,017 Kla-Tencor 58,000 3,222 Novellus Systems* 26,000 841 ---------- 8,080 ---------- SEMICONDUCTORS & RELATED DEVICES -- 11.8% Broadcom, Cl A* 96,000 3,125 Linear Technolgoy 36,000 1,347 Maxim Integrated Products 9,000 285 Xilinx 155,000 4,569 ---------- 9,326 ---------- SERVICES - ALLIED TO MOTION PICTURE PRODUCTION -- 1.7% Avid Technology* 40,146 1,335 ---------- 1,335 ---------- SERVICES - COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH -- 3.5% Affymetrix* 104,676 2,750 ---------- 2,750 ---------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TELEVISION BROADCASTING STATIONS -- 5.0% IAC/InterActiveCorp 104,000 $ 3,965 ---------- 3,965 ---------- WEB PORTALS/ISP -- 8.5% Google, Cl A* 5,500 2,592 Yahoo!* 147,000 4,122 ---------- 6,714 ---------- TOTAL COMMON STOCK (Cost $52,605)(000) 77,756 ---------- REPURCHASE AGREEMENT -- 1.1% Morgan Stanley (A) 5.00%, dated 04/30/07, to be repurchased on 05/01/07, repurchase price $907,829 (collateralized by a U.S. Treasury Bond, 8.125%, 08/15/19, total market value: $925,861) $908 908 ---------- TOTAL REPURCHASE AGREEMENT (Cost $908)(000) 908 ---------- TOTAL INVESTMENTS -- 99.7% (Cost $53,513)(000) $ 78,664 ========== PERCENTAGES ARE BASED ON NET ASSETS OF $78,891,866. * NON-INCOME PRODUCING SECURITY (A) TRI-PARTY REPURCHASE AGREEMENT CL -- CLASS ISP -- INTERNET SERVICE PROVIDER THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS. 12 1-888-462-5386 Schedules of Investments APRIL 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- River Oak Discovery Fund -------------------------------------------------------------------------------- INDUSTRY WEIGHTING+ [PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:] Advertising 4.9% Amusement and Recreational Services 6.9% Biological Products (No Diagnostic Substances) 4.0% Computer Storage Devices 4.8% Consumer Wireless Devices 2.8% Diversified Manufacturing 2.7% Electromedical & Electrotherapeutic Apparatus 2.4% Oil, Gas Field Services 2.3% Retail - Eating Places 3.3% Scientific Gaming 2.0% Security Brokers, Dealers & Flotation Companies 2.5% Semiconductors & Related Devices 9.6% Services - Business Services 14.4% Services - Prepackaged Software 5.8% State Commercial Banks 2.9% Surgical & Medical Insturments & Apparates 4.3% Systems - Computer Integrated Systems Design 4.9% Vocational Schools 1.1% Web Portals/ISP 5.1% Well Equipment 2.0% Wholesale - Medical, Dental & Hospital Equipment & Supplies 3.4% Repurchase Agreement 5.0% + Percentages are based on net assets. Included in net assets are other assets and liabilities of 2.9%. MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK -- 92.1% ADVERTISING -- 4.9% aQuantive* 9,700 $ 297 --------- 297 --------- AMUSEMENT AND RECREATIONAL SERVICES -- 6.9% Shuffle Master* 10,800 184 WMS Industries* 5,800 231 --------- 415 --------- BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) -- 4.0% Digene 5,200 238 --------- 238 --------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMPUTER STORAGE DEVICES -- 4.8% Rackable Systems* 10,400 $ 122 Xyratex* 7,500 168 --------- 290 --------- CONSUMER WIRELESS DEVICES -- 2.8% Viasat* 4,900 168 --------- 168 --------- DIVERSIFIED MANUFACTURING -- 2.7% Roper Industries 2,900 163 --------- 163 --------- 13 www.oakfunds.com -------------------------------------------------------------------------------- River Oak Discovery Fund (CONTINUED) -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS -- 2.4% Palomar Medical Technologies* 3,500 $ 143 --------- 143 --------- OIL, GAS FIELD SERVICES -- 2.3% Oceaneering International* 2,900 138 --------- 138 --------- RETAIL - EATING PLACES -- 3.3% Chipotle Mexican Grill, Cl A* 3,000 196 --------- 196 --------- SCIENTIFIC GAMING -- 2.0% Scientifc Games, Cl A* 3,700 123 --------- 123 --------- SECURITY BROKERS, DEALERS & FLOTATION COMPANIES -- 2.5% GFI Group 1,200 83 Nuveen Investments, Cl A 1,300 69 --------- 152 --------- SEMICONDUCTORS & RELATED DEVICES -- 9.6% Formfactor* 5,500 227 Mattson Technology 18,700 189 Raven Industries 5,500 159 --------- 575 --------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- SERVICES - BUSINESS SERVICES -- 14.4% Ctrip.com Intermational ADR* 3,500 $ 248 inVentiv Health* 6,300 239 SI International 6,200 164 The9 Ltd. ADR* 5,300 217 --------- 868 --------- SERVICES - PREPACKAGED SOFTWARE -- 5.8% Patni Computer Systems ADR 8,200 217 THQ* 4,000 133 --------- 350 --------- STATE COMMERCIAL BANKS -- 2.9% East West Bancorp 800 32 SVB Financial Group* 2,800 143 --------- 175 --------- SURGICAL & MEDICAL INSTURMENTS & APPARATUS -- 4.3% Hologic 4,500 259 --------- 259 --------- SYSTEMS - COMPUTER INTEGRATED SYSTEMS DESIGN -- 4.9% Itron* 1,800 121 Salesforce.com* 4,200 176 --------- 297 --------- VOCATIONAL SCHOOLS -- 1.1% Universal Technical Institute* 2,500 63 --------- 63 --------- 14 1-888-462-5386 -------------------------------------------------------------------------------- River Oak Discovery Fund (CONCLUDED) -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- WEB PORTALS/ISP -- 5.1% Factset Research Systems 1,100 $ 68 GigaMedia* 17,100 241 --------- 309 --------- WELL EQUIPMENT -- 2.0% CARBO Ceramics 2,800 122 --------- 122 --------- WHOLESALE - MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES -- 3.4% Conceptus 9,900 205 --------- 205 --------- TOTAL COMMON STOCK (Cost $4,829)(000) 5,546 --------- FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT -- 5.0% Morgan Stanley (A) 5.00%, dated 04/30/07, to be repurchased on 05/01/07, repurchase price $305,006 (collateralized by a U.S. Treasury Bond, 8.750%, 05/15/20, total market value: $311,064) $305 $ 305 --------- TOTAL REPURCHASE AGREEMENT (Cost $305)(000) 305 --------- TOTAL INVESTMENTS -- 97.1% (Cost $5,134)(000) $ 5,851 ========= PERCENTAGES ARE BASED ON NET ASSETS OF $6,022,600. * NON-INCOME PRODUCING SECURITY (A) TRI-PARTY REPURCHASE AGREEMENT ADR -- AMERICAN DEPOSITARY RECEIPT CL -- CLASS ISP -- INTERNET SERVICE PROVIDER THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS. 15 www.oakfunds.com Schedules of Investments APRIL 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- Red Oak Technology Select Fund -------------------------------------------------------------------------------- INDUSTRY WEIGHTING+ [PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:] Biological Products (No Diagnostic Substances) 1.9% Computer Communications Equipment 9.2% Computer Peripheral Equipment 2.5% Consulting Services 3.9% Data Storage 1.5% E-Commerce - Services 15.1% Electronic Computers 11.1% Radiotelephone Communications 0.6% Retail - Jewelry Stores 4.1% Semiconductor Capital Equipment 10.6% Semiconductors & Related Devices 21.7% Services - Prepackaged Software 4.7% Systems - Computer Integrated Systems Design 0.1% Television Broadcasting Stations 3.9% Web Portals/ISP 8.1% Repurchase Agreement 0.9% + Percentages are based on net assets. Included in net assets are other assets and liabilities of 0.1%. MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK -- 99.0% BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) -- 1.9% Invitrogen* 32,000 $ 2,095 --------- 2,095 --------- COMPUTER COMMUNICATIONS EQUIPMENT -- 9.2% Cisco Systems* 191,000 5,107 Juniper Networks* 220,000 4,919 --------- 10,026 --------- COMPUTER PERIPHERAL EQUIPMENT -- 2.5% Lexmark Internations, Cl A* 50,000 2,725 --------- 2,725 --------- CONSULTING SERVICES -- 3.9% Accenture, Cl A 110,200 4,309 --------- 4,309 --------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- DATA STORAGE -- 1.5% Motorola 95,000 $ 1,646 --------- 1,646 --------- E-COMMERCE - SERVICES -- 15.1% Amazon.com* 94,000 5,765 eBay* 156,000 5,294 Expedia* 230,000 5,432 --------- 16,491 --------- ELECTRONIC COMPUTERS -- 11.1% Apple Computer* 11,000 1,098 Dell* 223,000 5,622 International Business Machines 53,000 5,417 --------- 12,137 --------- 16 1-888-462-5386 -------------------------------------------------------------------------------- Red Oak Technology Select Fund (CONCLUDED) -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- RADIOTELEPHONE COMMUNICATIONS -- 0.6% Sprint Nextel 33,000 $ 661 --------- 661 --------- RETAIL - JEWELRY STORES -- 4.1% Blue Nile* 96,000 4,518 --------- 4,518 --------- SEMICONDUCTOR CAPITAL EQUIPMENT -- 10.6% Applied Materials 171,000 3,287 Kla-Tencor 67,000 3,722 Novellus Systems* 142,000 4,597 --------- 11,606 --------- SEMICONDUCTORS & RELATED DEVICES -- 21.7% Broadcom, Cl A* 125,000 4,069 Linear Technology 45,000 1,684 Marvel Technology Group* 176,000 2,839 Maxin Intergrated Products 32,000 1,015 National Semiconductor 116,000 3,051 Taiwan Semiconductor Manufacturing ADR 323,147 3,406 United Microelectronics ADR 852,978 2,798 Xilinx 165,000 4,864 --------- 23,726 --------- SERVICES - PREPACKAGED SOFTWARE -- 4.7% BMC Software* 89,700 2,903 Micrsoft 75,000 2,246 --------- 5,149 --------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- SYSTEMS -- COMPUTER INTEGRATED SYSTEMS DESIGN -- 0.1% Medarex* 8,000 $ 110 --------- 110 --------- TELEVISION BROADCASTING STATIONS -- 3.9% IAC/InterActiveCorp*110,000 4,193 --------- 4,193 --------- WEB PORTALS/ISP -- 8.1% Google* 8,600 4,054 Yahoo!* 172,000 4,823 --------- 8,877 --------- TOTAL COMMON STOCK (Cost $85,774)(000) 108,269 --------- REPURCHASE AGREEMENT -- 0.9% Morgan Stanley (A) 5.00%, dated 04/30/07, to be repurchased on 05/01/07, repurchase price $1,015,603, (collateralized by a U.S. Treasury Bond, 8.125%, 08/15/19, total market value: $1,035,777) $1,015 1,015 --------- TOTAL REPURCHASE AGREEMENT (Cost $1,015)(000) 1,015 --------- TOTAL INVESTMENTS -- 99.9% (Cost $86,789)(000) $ 109,284 ========= PERCENTAGES ARE BASED ON NET ASSETS OF $109,427,822. * NON-INCOME PRODUCING SECURITY (A) TRI-PARTY REPURCHASE AGREEMENT ADR -- AMERICAN DEPOSITARY RECEIPT CL -- CLASS ISP -- INTERNET SERVICE PROVIDER THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS. 17 www.oakfunds.com Schedules of Investments APRIL 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- Black Oak Emerging Technology Fund -------------------------------------------------------------------------------- INDUSTRY WEIGHTING+ [PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:] Advertising Services 6.7% Amusement and Recreational Services 10.3% Biological Products (No Diagnostic Substances) 3.3% Computer Storage Devices 1.4% Consumer Wireless Devices 2.2% Data Storage 1.6% Fiber Optic Components 5.3% Electronic Connectors 5.2% Oil, Gas Field Services 2.1% Search, Detection, Navigation, Guidance, Auronautical Systems 4.4% Semiconductor Capital Equipment 4.4% Semiconductors & Related Devices 8.2% Services - Business Services 8.7% Services - Computer Programming Services 5.4% Services - Prepackaged Software 10.9% Systems - Computer Integrated Systems Design 10.5% Radiotelephone Communications 4.1% Well Equipment 2.1% Repurchase Agreement 0.7% + Percentages are based on net assets. Included in net assets are other assets and liabilities of 2.5%. MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK -- 96.8% ADVERTISING SERVICES -- 6.7% aQuantive* 41,900 $ 1,283 Valueclick 35,400 1,012 --------- 2,295 --------- AMUSEMENT AND RECREATIONAL SERVICES -- 10.3% Netease.com ADR* 38,100 689 Shuffle Master* 73,300 1,248 WMS Industries* 40,000 1,594 --------- 3,531 --------- BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) -- 3.3% Invitrogen* 17,100 1,120 --------- 1,120 --------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMPUTER STORAGE DEVICES -- 1.4% Rackable Systems* 40,000 $ 470 --------- 470 --------- CONSUMER WIRELESS DEVICES -- 2.2% Viasat* 22,400 768 --------- 768 --------- DATA STORAGE -- 1.6% Network Appliance* 14,800 551 --------- 551 --------- FIBER OPTIC COMPONENTS -- 5.3% Corning* 77,000 1,827 --------- 1,827 --------- 18 1-888-462-5386 -------------------------------------------------------------------------------- Black Oak Emerging Technology Fund (CONTINUED) -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- ELECTRONIC CONNECTORS -- 5.2% Thomas & Betts 32,500 $ 1,771 --------- 1,771 --------- OIL, GAS FIELD SERVICES -- 2.1% Oceaneering International* 15,100 718 --------- 718 --------- SEARCH, DETECTION, NAVIGATION, GUIDANCE, AURONAUTICAL SYSTEMS -- 4.4% Flir Systems* 37,600 1,522 --------- 1,522 --------- SEMICONDUCTOR CAPITAL EQUIPMENT -- 4.4% Varian Semiconductor Equipment Associates* 22,900 1,520 --------- 1,520 --------- SEMICONDUCTORS & RELATED DEVICES -- 8.2% Formfactor* 35,900 1,482 Marvell Technology Group* 83,800 1,352 --------- 2,834 --------- SERVICES - BUSINESS SERVICES -- 8.7% Ctrip.com International ADR* 22,200 1,574 Wipro ADR 86,700 1,432 --------- 3,006 MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- SERVICES - COMPUTER PROGRAMMING SERVICES -- 5.4% Cognizant Technology Solutions, Cl A* 20,600 $ 1,842 --------- 1,842 --------- SERVICES - PREPACKAGED SOFTWARE -- 10.9% Activision* 67,800 1,356 Cerner* 17,000 905 Citrix Systems* 45,300 1,477 --------- 3,738 --------- SYSTEMS - COMPUTER INTEGRATED SYSTEMS DESIGN -- 10.5% F5 Networks* 18,500 1,420 Itron* 13,000 875 Salesforce.com* 31,500 1,323 --------- 3,618 --------- RADIOTELEPHONE COMMUNICATIONS -- 4.1% Vimpel Communications ADR* 14,500 1,403 --------- 1,403 --------- WELL EQUIPMENT -- 2.1% CARBO Ceramics 17,200 747 --------- 747 --------- TOTAL COMMON STOCK (Cost $26,354)(000) 33,281 --------- 19 www.oakfunds.com -------------------------------------------------------------------------------- Black Oak Emerging Technology Fund (CONCLUDED) -------------------------------------------------------------------------------- FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT -- 0.7% Morgan Stanley (A) 5.00%, dated 04/30/07, to be repurchased on 05/01/07, repurchase price $234,726 (collateralized by a U.S. Treasury Bond, 8.750%, 05/15/20, total market value: $239,389) $235 $ 235 --------- TOTAL REPURCHASE AGREEMENT (Cost $235)(000) 235 --------- TOTAL INVESTMENTS -- 97.5% (Cost $26,589)(000) $ 33,516 ========= PERCENTAGES ARE BASED ON NET ASSETS OF $34,393,171. * NON-INCOME PRODUCING SECURITY (A) TRI-PARTY REPURCHASE AGREEMENT ADR -- AMERICAN DEPOSITARY RECEIPT CL -- CLASS THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS. 20 1-888-462-5386 Schedules of Investments APRIL 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- Live Oak Health Sciences Fund -------------------------------------------------------------------------------- INDUSTRY WEIGHTING+ [PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:] Biological Products (No Diagnostic Substances) 30.2% Electromedical & Electrotherapeutic Apparatus 6.6% Hospital & Medical Service Plans 3.4% Laboratory Analytical Instruments 4.6% Medical Laboratories 3.0% Orthopedic, Prosthetic & Surgical Appliances & Supplies 0.6% Pharmaceutical Preparations 34.4% Services - Commercial Physical & Biological Research 3.9% Services - Prepackaged Software 2.0% Surgical & Medical Instruments & Apparates 4.5% Wholesale - Drugs, Proprietaries & Druggists' Sundries 4.9% Repurchase Agreement 2.0% + Percentages are based on net assets. Included in net assets are other assets and liabilities of (0.1)%. MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK -- 98.1% BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) -- 30.2% Amgen* 21,500 $ 1,379 Biogen Idec* 9,000 425 Cell Genesys* 179,000 782 Charles River Laboratories International* 4,300 204 Genentech* 10,500 840 Genzyme* 17,000 1,110 Invitrogen* 21,500 1,408 Medimmune* 6,000 340 --------- 6,488 --------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS -- 6.6% Medtronic 27,000 $ 1,429 --------- 1,429 --------- HOSPITAL & MEDICAL SERVICE PLANS -- 3.4% UnitedHealth Group 13,700 727 --------- 727 --------- LABORATORY ANALYTICAL INSTRUMENTS -- 4.6% Waters* 16,500 981 --------- 981 --------- 21 www.oakfunds.com -------------------------------------------------------------------------------- Live Oak Health Sciences Fund (CONCLUDED) -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- MEDICAL LABORATORIES -- 3.0% Quest Diagnostics 13,000 $ 636 --------- 636 --------- ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES -- 0.6% Stryker 2,000 130 --------- 130 --------- PHARMACEUTICAL PREPARATIONS -- 34.4% Astrazeneca PLC ADR 8,000 434 Corcept Therapeutics* 180,052 279 Eli Lilly 15,000 887 Johnson & Johnson 11,000 706 King Pharmaceuticals* 32,000 654 Medicis Pharmaceutical, Cl A 6,200 188 Mylan Laboratories 29,000 636 Novartis ADR* 9,500 552 Pfizer 35,000 926 Teva Pharmaceutical Industries ADR 38,000 1,456 Watson Phamaceuticals 25,400 693 --------- 7,411 --------- SERVICES - COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH -- 3.9% Affymetrix* 32,000 841 --------- 841 --------- SERVICES - PREPACKAGED SOFTWARE -- 2.0% IMS Health 15,000 440 --------- 440 --------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- SURGICAL & MEDICAL INSTRUMENTS & APPARATUS -- 4.5% Techne* 16,500 $ 973 -------- 973 -------- WHOLESALE - DRUGS, PROPRIETARIES & DRUGGISTS' SUNDRIES -- 4.9% AmerisourceBergen 20,900 1,045 -------- 1,045 -------- TOTAL COMMON STOCK (Cost $16,551)(000) 21,101 -------- REPURCHASE AGREEMENT -- 2.0% Morgan Stanley (A) 5.00%, dated 04/30/07, to be repurchased on 05/01/07, repurchase price $423,397 (collateralized by a U.S. Treasury Bond, 8.750%, 05/15/20, total market value: $431,807) $423 423 -------- TOTAL REPURCHASE AGREEMENT (Cost $423)(000) 423 -------- TOTAL INVESTMENTS -- 100.1% (Cost $16,974)(000) $ 21,524 ======== PERCENTAGES ARE BASED ON NET ASSETS OF $21,514,338. * NON-INCOME PRODUCING SECURITY (A) TRI-PARTY REPURCHASE AGREEMENT ADR -- AMERICAN DEPOSITARY RECEIPT CL -- CLASS PLC -- PUBLIC LIABILITY COMPANY THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS. 22 1-888-462-5386 [THIS PAGE INTENTIONALLY LEFT BLANK] 23 www.oakfunds.com Statements of Assets and Liabilities (000) AS OF APRIL 30, 2007 (UNAUDITED)
WHITE OAK ROCK OAK SELECT GROWTH CORE GROWTH FUND FUND -------------------------------------------------------------------------------------------- Investments at cost $ 363,877 $ 6,723 Repurchase agreements at cost 2,865 56 ============================================================================================ ASSETS: Investments at value $ 437,899 $ 7,856 Repurchase agreements at value 2,865 56 Receivable for investment securities sold 1,349 239 Dividends and interest receivable 181 2 Receivable for capital shares sold 70 1 Prepaid expenses 73 1 -------------------------------------------------------------------------------------------- Total Assets 442,437 8,155 -------------------------------------------------------------------------------------------- LIABILITIES: Payable for fund shares redeemed 1,248 48 Payable for investment securtities purchased -- 212 Investment advisory fees payable 215 3 Administration fees payable 35 1 Trustees' fees payable 12 -- Other accrued expenses 466 16 -------------------------------------------------------------------------------------------- Total Liabilites 1,976 280 -------------------------------------------------------------------------------------------- Total Net Assets $ 440,461 $ 7,875 ============================================================================================ NET ASSETS: Paid in Capital (unlimited authorization -- no par value) $ 2,956,778 $ 6,478 Undistributed net investment income (loss) (1,154) (23) Accumulated net realized gain (loss) on investments (2,589,185) 287 Net unrealized appreciation on investments 74,022 1,133 -------------------------------------------------------------------------------------------- TOTAL NET ASSETS $ 440,461 $ 7,875 ============================================================================================ Portfolio Shares: Net Assets $ 440,461 $ 7,875 Total shares outstanding at end of year 12,437 693 Net asset value, offering and redemption price per share (net assets div shares outstanding) $ 35.41 $ 11.36 ============================================================================================
PIN OAK RIVER OAK RED OAK BLACK OAK LIVE OAK AGGRESSIVE STOCK DISCOVERY TECHNOLOGY EMERGING HEALTH SCIENCES FUND FUND SELECT FUND TECHNOLOGY FUND FUND ------------------------------------------------------------------------------------------------------------------------------------ Investments at cost $ 52,605 $4,829 $ 85,774 $ 26,354 $ 16,551 Repurchase agreements at cost 908 305 1,015 235 423 ==================================================================================================================================== ASSETS: Investments at value $ 77,756 $5,546 $ 108,269 $ 33,281 $ 21,101 Repurchase agreements at value 908 305 1,015 235 423 Receivable for investment securities sold 1,323 225 547 1,009 3 Dividends and interest receivable 6 -- 14 2 93 Receivable for capital shares sold 43 1 9 16 -- Prepaid expenses 12 1 16 5 4 ------------------------------------------------------------------------------------------------------------------------------------ Total Assets 80,048 6,078 109,870 34,548 21,624 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES: Payable for fund shares redeemed 44 37 235 77 66 Payable for investment securtities purchased 973 -- -- -- -- Investment advisory fees payable 41 2 62 13 12 Administration fees payable 6 -- 9 3 2 Trustees' fees payable 2 -- 3 1 1 Other accrued expenses 90 16 133 61 29 ------------------------------------------------------------------------------------------------------------------------------------ Total Liabilites 1,156 55 442 155 110 ------------------------------------------------------------------------------------------------------------------------------------ Total Net Assets $ 78,892 $6,023 $ 109,428 $ 34,393 $ 21,514 ==================================================================================================================================== NET ASSETS: Paid in Capital (unlimited authorization -- no par value) $ 889,968 $5,246 $ 1,749,838 $ 310,015 $ 17,810 Undistributed net investment income (loss) (289) (27) (540) (192) 39 Accumulated net realized gain (loss) on investments (835,938) 87 (1,662,365) (282,357) (885) Net unrealized appreciation on investments 25,151 717 22,495 6,927 4,550 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NET ASSETS $ 78,892 $6,023 $ 109,428 $ 34,393 $ 21,514 ==================================================================================================================================== Portfolio Shares: Net Assets $ 78,892 $6,023 $ 109,428 $ 34,393 $ 21,514 Total shares outstanding at end of year 3,262 498 14,121 14,648 1,793 Net asset value, offering and redemption price per share (net assets/shares outstanding) $ 24.19 $12.09 $ 7.75 $ 2.35 $ 12.00 ====================================================================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTGRAL PART OF THE FINANCIAL STATEMENTS. 24 & 25 1-888-462-5386 www.oakfunds.com Statements of Operations (000) FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 (UNAUDITED)
WHITE OAK ROCK OAK SELECT GROWTH CORE GROWTH FUND FUND ----------------------------------------------------------------------------------------- Investment Income: Dividends $ 1,751 $ 28 Interest 57 6 Less: Foreign Withholding Tax (1) -- ----------------------------------------------------------------------------------------- Total Investment Income 1,807 34 ----------------------------------------------------------------------------------------- Expenses: Investment Advisory Fees 1,752 33 Administration Fees 210 4 Transfer Agent Fees 743 16 Printing Fees 72 2 Professional Fees 69 9 Registration Fees 33 1 Trustees' Fees 26 1 Custodian Fees 18 -- Insurance and Other Fees 55 1 ----------------------------------------------------------------------------------------- Total Expenses 2,978 67 ----------------------------------------------------------------------------------------- Less: Investment Advisory Fees Waived (17) (10) ----------------------------------------------------------------------------------------- Net Expenses 2,961 57 ----------------------------------------------------------------------------------------- Net Investment Income (Loss) (1,154) (23) ----------------------------------------------------------------------------------------- Net Realized Gain on Securities Sold 52,979 601 Net Change in Unrealized Appreciation (Depreciation) of Investment Securities (3,810) (20) ----------------------------------------------------------------------------------------- Net Realized and Unrealized Gain on Investments 49,169 581 ----------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting From Operations $48,015 $558 =========================================================================================
PIN OAK RIVER OAK RED OAK BLACK OAK LIVE OAK AGGRESSIVE STOCK DISCOVERY TECHNOLOGY EMERGING HEALTH SCIENCES FUND FUND SELECT FUND TECHNOLOGY FUND FUND ------------------------------------------------------------------------------------------------------------------------------------ Investment Income: Dividends $ 202 $ 5 $ 201 $ 14 $ 183 Interest 25 8 23 42 7 Less: Foreign Withholding Tax -- -- -- -- (1) ------------------------------------------------------------------------------------------------------------------------------------ Total Investment Income 227 13 224 56 189 ------------------------------------------------------------------------------------------------------------------------------------ Expenses: Investment Advisory Fees 306 27 419 137 82 Administration Fees 37 3 50 16 10 Transfer Agent Fees 158 13 246 116 38 Printing Fees 13 1 21 6 3 Professional Fees 19 9 23 13 11 Registration Fees 6 -- 7 2 2 Trustees' Fees 4 -- 6 2 1 Custodian Fees 3 -- 5 1 1 Insurance and Other Fees 9 1 12 4 3 ------------------------------------------------------------------------------------------------------------------------------------ Total Expenses 555 54 789 297 151 ------------------------------------------------------------------------------------------------------------------------------------ Less: Investment Advisory Fees Waived (39) (14) (25) (49) (1) ------------------------------------------------------------------------------------------------------------------------------------ Net Expenses 516 40 764 248 150 ------------------------------------------------------------------------------------------------------------------------------------ Net Investment Income (Loss) (289) (27) (540) (192) 39 ------------------------------------------------------------------------------------------------------------------------------------ Net Realized Gain on Securities Sold 7,125 157 3,585 1,200 2,136 Net Change in Unrealized Appreciation (Depreciation) of Investment Securities 4,124 134 10,281 1,256 (730) ------------------------------------------------------------------------------------------------------------------------------------ Net Realized and Unrealized Gain on Investments 11,249 291 13,866 2,456 1,406 ------------------------------------------------------------------------------------------------------------------------------------ Net Increase in Net Assets Resulting From Operations $10,960 $264 $13,326 $2,264 $1,445 ====================================================================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTGRAL PART OF THE FINANCIAL STATEMENTS. 26 & 27 1-888-462-5386 www.oakfunds.com Statements of Changes in Net Assets (000) FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 (UNAUDITED) AND THE YEAR ENDED OCTOBER 31, 2006
WHITE OAK ROCK OAK SELECT GROWTH CORE GROWTH FUND FUND ----------------------------------------------------------------------------------------------- 11/01/06 11/01/05 11/01/06 11/01/05 TO 04/30/07 TO 10/31/06 TO 04/30/07 TO 10/31/06 ----------------------------------------------------------------------------------------------- Investment Activities: Net Investment Loss $ (1,154) $ (2,863) $ (23) $ (58) Net Realized Gain (Loss) on Securities Sold 52,979 92,680 601 (37) Net Unrealized Appreciation (Depreciation) of Investment Securities (3,810) (72,659) (20) 617 ----------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations 48,015 17,158 558 522 ----------------------------------------------------------------------------------------------- Dividends to Shareholders: Net Investment Income -- (498) -- -- ----------------------------------------------------------------------------------------------- Total Dividends -- (498) -- -- ----------------------------------------------------------------------------------------------- Capital Share Transactions (in dollars): Shares Issued 11,399 46,649 217 2,543 Shares Issued in Lieu of Cash Distributions -- 470 -- -- Shares Redeemed (157,469) (403,972) (2,588) (3,937) ----------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets from Capital Share Transactions (146,070) (356,853) (2,371) (1,394) ----------------------------------------------------------------------------------------------- Total Increase (Decrease) in Net Assets (98,055) (340,193) (1,813) (872) ----------------------------------------------------------------------------------------------- Net Assets: Beginning of Period 538,516 878,709 9,688 10,560 ----------------------------------------------------------------------------------------------- End of Period $440,461 $ 538,516 $ 7,875 $ 9,688 =============================================================================================== Undistributed Net Investment Income (Accmulated Net Investment Loss) $ (1,154) $ -- $ (23) $ -- =============================================================================================== Shares Issued and Redeemed: Issued 345 1,467 20 240 Issued in Lieu of Cash Distributions -- 14 -- -- Redeemed (4,782) (12,632) (234) (379) ----------------------------------------------------------------------------------------------- Net Increase (Decrease) in Share Transactions (4,437) (11,151) (214) (139) ===============================================================================================
PIN OAK RIVER OAK AGGRESSIVE STOCK DISCOVERY FUND FUND ----------------------------------------------------------------------------------------------- 11/01/06 11/01/05 11/01/06 11/01/05 TO 04/30/07 TO 10/31/06 TO 04/30/07 TO 10/31/06 ------------------------------------------------------------------------------------------------ Investment Activities: Net Investment Loss $ (289) $ (872) $ (27) $ (38) Net Realized Gain (Loss) on Securities Sold 7,125 18,792 157 (52) Net Unrealized Appreciation (Depreciation) of Investment Securities 4,124 (17,820) 134 557 ------------------------------------------------------------------------------------------------ Net Increase in Net Assets Resulting from Operations 10,960 100 264 467 ------------------------------------------------------------------------------------------------ Dividends to Shareholders: Net Investment Income -- -- -- -- ------------------------------------------------------------------------------------------------ Total Dividends -- -- -- -- ------------------------------------------------------------------------------------------------ Capital Share Transactions (in dollars): Shares Issued 2,204 9,862 810 3,713 Shares Issued in Lieu of Cash Distributions -- -- -- -- Shares Redeemed (26,821) (56,792) (994) (1,300) ------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets from Capital Share Transactions (24,617) (46,930) (184) 2,413 ------------------------------------------------------------------------------------------------ Total Increase (Decrease) in Net Assets (13,657) (46,830) 80 2,880 ------------------------------------------------------------------------------------------------ Net Assets: Beginning of Period 92,549 139,379 5,943 3,063 ------------------------------------------------------------------------------------------------ End of Period $78,892 $ 92,549 $6,023 $ 5,943 ================================================================================================ Undistributed Net Investment Income (Accmulated Net Investment Loss) $ (289) $ -- $ (27) $ -- ================================================================================================ Shares Issued and Redeemed: Issued 98 449 68 324 Issued in Lieu of Cash Distributions -- -- -- -- Redeemed (1,205) (2,677) (84) (113) ------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Share Transactions (1,107) (2,228) (16) 211 ================================================================================================
RED OAK BLACK OAK TECHNOLOGY EMERGING SELECT FUND TECHNOLOGY FUND ----------------------------------------------------------------------------------------------------- 11/01/06 11/01/05 11/01/06 11/01/05 TO 04/30/07 TO 10/31/06 TO 04/30/07 TO 10/31/06 ----------------------------------------------------------------------------------------------------- Investment Activities: Net Investment Loss $ (540) $ (1,215) $ (192) $ (514) Net Realized Gain (Loss) on Securities Sold 3,585 35,179 1,200 9,818 Net Unrealized Appreciation (Depreciation) of Investment Securities 10,281 (26,159) 1,256 (5,391) ----------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations 13,326 7,805 2,264 3,913 ----------------------------------------------------------------------------------------------------- Dividends to Shareholders: Net Investment Income -- -- -- -- ----------------------------------------------------------------------------------------------------- Total Dividends -- -- -- -- ----------------------------------------------------------------------------------------------------- Capital Share Transactions (in dollars): Shares Issued 3,184 4,019 1,076 4,586 Shares Issued in Lieu of Cash Distributions -- -- -- -- Shares Redeemed (23,531) (56,256) (8,564) (17,783) ----------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets from Capital Share Transactions (20,347) (52,237) (7,488) (13,197) ----------------------------------------------------------------------------------------------------- Total Increase (Decrease) in Net Assets (7,021) (44,432) (5,224) (9,284) ------------------------------------------------------------------------------------------------ Net Assets: Beginning of Period 116,449 160,881 39,617 48,901 ----------------------------------------------------------------------------------------------------- End of Period $109,428 $116,449 $34,393 $ 39,617 ===================================================================================================== Undistributed Net Investment Income (Accmulated Net Investment Loss) $ (540)$ -- $ (192) $ -- ===================================================================================================== Shares Issued and Redeemed: Issued 433 597 467 2,067 Issued in Lieu of Cash Distributions -- -- -- -- Redeemed (3,199) (8,274) (3,723) (8,044) ----------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Share Transactions (2,766) (7,677) (3,256) (5,977) =====================================================================================================
AMOUNTS DESIGNATED AS"--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 28 & 29 1-888-462-5386 www.oakfunds.com Statements of Changes in Net Assets (000) FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 (UNAUDITED) AND THE YEAR ENDED OCTOBER 31, 2006
LIVE OAK HEALTH SCIENCES FUND ---------------------------------------------------------------------------------------- 11/01/06 11/01/05 TO 04/30/07 TO 10/31/06 ---------------------------------------------------------------------------------------- Investment Activities: Net Investment Income (Loss) $ 39 $ (229) Net Realized Gain (Loss) on Securities Sold 2,136 (368) Net Unrealized Depreciation of Investment Securities (730) (1,557) ---------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets Resulting from Operations 1,445 (2,154) ---------------------------------------------------------------------------------------- Capital Share Transactions (in dollars): Shares Issued 2,420 24,285 Shares Redeemed (7,614) (33,172) ---------------------------------------------------------------------------------------- Decrease in Net Assets from Capital Share Transactions (5,194) (8,887) ---------------------------------------------------------------------------------------- Total Decrease in Net Assets (3,749) (11,041) Net Assets: Beginning of Period 25,263 36,304 ---------------------------------------------------------------------------------------- End of Period $21,514 $ 25,263 ======================================================================================== Undistributed Net Investment Income $ 39 $ -- ---------------------------------------------------------------------------------------- Shares Issued and Redeemed: Issued 209 2,029 Redeemed (675) (2,884) ---------------------------------------------------------------------------------------- Net Decrease in Share Transactions (466) (855) ========================================================================================
AMOUNTS DESIGNATED AS"--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 30 1-888-462-5386 Notes to Financial Statements APRIL 30, 2007 (UNAUDITED) 1. ORGANIZATION: -------------------------------------------------------------------------------- The Oak Associates Funds (the "Trust") is organized as a Massachusetts business trust under an Agreement and Declaration of Trust dated November 6, 1997. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with seven funds: White Oak Select Growth Fund, Rock Oak Core Growth Fund, Pin Oak Aggressive Stock Fund and River Oak Discovery Fund (diversified funds); Red Oak Technology Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund (non-diversified funds) (collectively referred to as "Funds" and individually referred to as a "Fund"). 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 objectives, policies and strategies. 2. SIGNIFICANT ACCOUNTING POLICIES: -------------------------------------------------------------------------------- The following is a summary of the significant accounting policies followed by the Funds. USE OF ESTIMATES--The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations and expenses during the reporting period. Actual results could differ from those estimates. 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. Securities for which market prices are not "readily available" (of which there were none as of April 31 www.oakfunds.com Notes to Financial Statements (continued) APRIL 30, 2007 30, 2007) are valued in accordance with Fair Value Procedures established by the Funds' Board of Trustees. The Funds' Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") designated by the Funds' Board of Trustees. 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). Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold. EXPENSES--Expenses that are directly related to one of the Funds are charged to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets. REPURCHASE AGREEMENTS--The Funds 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. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the 1-888-462-5386 32 collateral by the Funds may be delayed or limited. 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. 3. TRANSACTIONS WITH AFFILIATES: -------------------------------------------------------------------------------- Certain officers of the Trust are also officers of Oak Associates, ltd., SEI Investments Global Funds Services (the "Administrator") and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust for serving as officers of the Trust. 4. ADMINISTRATION, TRANSFER AGENT AND DISTRIBUTION AGREEMENTS: -------------------------------------------------------------------------------- The Trust and the Administrator are parties to an Administration Agreement dated February 27, 1998, last amended May 4, 2005, under which the Administrator provides management and administration services for an annual fee of 0.04% of the average daily net assets of each of the Funds up to $2.5 billion, 0.03% on the next $2.5 billion, 0.02% on the next $5 billion, and 0.015% of such assets in excess of $10 billion. There is a minimum annual administration fee of $665,000 for the trust. DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under an Agency Agreement with the Trust dated February 27, 1998. During the six-month period ended April 30, 2007, the following Funds reimbursed Oak Associates, ltd. (the "Adviser") for amounts paid to third parties that provide sub-transfer agency and other administration services relating to the Funds: AMOUNT (000) ----------- White Oak Select Growth Fund $364 Rock Oak Core Growth Fund 2 Pin Oak Aggressive Stock Fund 46 River Oak Discovery Fund 1 Red Oak Technology Select Fund 59 Black Oak Energing Technology Fund 18 Live Oak Health Sciences Fund 8 In 2006, the White Oak Select Growth Fund received a credit due from the Distributor of $36,433 based on an arrangement that was terminated where the Fund directed certain trades to SEI Brokerage via a network of executing brokers who paid a portion of the Fund's expenses. The Fund had expenses reduced by $36,433 which was used to pay administration expense. The Trust and the Distributor are parties to an Amended and restated Distribution Agreement dated February 27, 1998. The Distributor receives no fees for its distribution services under this agreement. 33 www.oakfunds.com Notes to Financial Statements (continued) APRIL 30, 2007 5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS: -------------------------------------------------------------------------------- The Trust and the Adviser are parties to an Investment Advisory Agreement dated February 27, 1998, as last amended May 4, 2005, 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 0.90% of the average daily net assets of the Fund. Effective March 1, 2006, the Advisor has agreed to contractually waive all or a portion of its fees (and to reimburse the Funds' expenses if necesssary) in order to limit operating expenses to not more than 1.25% of the average daily net assets of the White Oak Select Growth, Rock Oak Core Growth and Pin Oak Aggressive Stock Funds, and 1.35% of the average daily net assets of the River Oak Discovery, Red Oak Technology Select, Black Oak Emerging Technology and Live Oak Health Sciences Funds for a period of one year. Effective March 1, 2007 the Advisor has contractually agreed to continue this arrangement for a period of one year. U.S. Bank N.A. acts as custodian (the "Custodian") for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds. 6. INVESTMENT TRANSACTIONS: -------------------------------------------------------------------------------- The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended April 30, 2007, were as follows (000): PURCHASES SALES --------- ------ White Oak Select Growth Fund $92,144 $240,212 Rock Oak Core Growth Fund 4,409 6,520 Pin Oak Aggressive Stock Fund 4,461 29,146 River Oak Discovery Fund 4,344 4,690 Red Oak Technology Select Fund 976 21,762 Black Oak Emerging Technology Fund 16,596 24,103 Live Oak Health Sciences Fund 4,105 9,221 7. FEDERAL INCOME TAXES: -------------------------------------------------------------------------------- Each of the Funds is classified as a separate taxable entity for Federal income tax purposes. Each of the Funds intends to continue to qualify as a separate "regulated investment company" under Subchapter M of the Internal Revenue Code 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. To the extent that dividends from net investment income and distributions from net realized capital gains exceed amounts reported in the financial statements, such amounts are reported separately. 34 1-888-462-5386 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. These differences are primarily due to wash sales as well as net operating losses. The character of dividends from net investment income or distributions from net realized gains made during the year, and the timing of dividends and distributions where the fiscal year in which the amounts are distributed 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. The tax character of dividends and distributions declared during the year ended October 31, 2006, were as follows (000): ORDINARY INCOME -------- White Oak Growth Stock Fund, 2006 $498 There were no dividends or distributions declared during the year ended October 31, 2005. As of October 31, 2006, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000): TOTAL DISTRIBUTABLE CAPITAL NET EARNINGS LOSS UNREALIZED (ACCUMULATED CARRYFORWARD APPRECIATION LOSSES) ------------ ----------- --------- White Oak Select Growth Fund $(2,642,164) $77,832 $(2,564,332) Rock Oak Core Growth Fund (300) 1,139 839 Pin Oak Aggressive Stock Fund (843,063) 21,027 (822,036) River Oak Discovery Fund (58) 571 513 Red Oak Technology Select Fund (1,665,639) 11,903 (1,653,736) Black Oak Emerging Technology Fund (283,536) 5,650 (277,886) Live Oak Health Sciences Fund (3,021) 5,280 2,259 For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. 35 www.oakfunds.com Notes to Financial Statements (continued) APRIL 30, 2007 At October 31, 2006, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates (000):
EXPIRING OCTOBER 31, --------------------------------------------------------------------------------------- 2008 2009 2010 2011 2012 2013 2014 TOTAL ----- ----- ----- ----- ----- ----- ----- ----- White Oak Select Growth Fund $ -- $656,388 $712,973 $206,602 $744,257 $321,944 $ -- $2,642,164 Rock Oak Core Growth Fund -- -- -- -- -- 196 104 300 Pin Oak Aggressive Stock Fund -- 118,741 436,197 180,086 90,283 17,756 -- 843,063 River Oak Discovery Fund -- -- -- -- -- 16 42 58 Red Oak Technology Select Fund 643 610,821 726,266 293,676 34,233 -- -- 1,665,639 Black Oak Emerging Technology Fund -- 55,606 212,845 15,085 -- -- -- 283,536 Live Oak Health Sciences Fund -- -- 2,582 -- 71 -- 368 3,021
During the period ended October 31, 2006, the following Funds utilized capital loss carryforwards to offset capital gains (000): AMOUNT ------- White Oak Growth Stock Fund $92,680 Pin Oak Aggressive Stock Fund 18,792 Red Oak Technology Select Fund 35,354 Black Oak Emerging Technology Fund 9,839 For the six-month period ended April 30, 2007, 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 (000): FEDERAL AGGREGATE AGGREGATE TAX GROSS GROSS COST APPRECIATION DEPRECIATION NET ------- ------------ ------------ --- White Oak Select Growth Fund $366,742 $86,286 $(12,264) $74,022 Rock Oak Core Growth Fund 6,780 1,326 (194) 1,132 Pin Oak Aggressive Stock Fund 53,513 27,105 (1,954) 25,151 River Oak Discovery Fund 5,134 1,023 (306) 717 Red Oak Technology Select Fund 86,789 26,649 (4,154) 22,495 Black Oak Emerging Technology Fund 26,594 8,750 (1,828) 6,922 Live Oak Health Sciences Fund 16,974 5,500 (950) 4,550 36 1-888-462-5386 8. CONCENTRATION OF CREDIT RISK -------------------------------------------------------------------------------- The Red Oak Technology Select Fund and the Black Oak Emerging Technology Fund invest a substantial portion of their assets in securities in the technology industry. 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 industries than a general equity fund would be. In the normal course of business, the Fund's enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund's and, therefore, cannot be established; however based on experience, the risk of loss from such claims is considered remote. 9. NEW ACCOUNTING PRONOUNCEMENTS -------------------------------------------------------------------------------- On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. The Fund will not be required to adopt FIN 48 until April 30, 2008. As of April 30, 2007, the Funds have not completed their evaluation of the impact, if any, that will result from the adoption of FIN 48. In September 2006, the Financial Accounting Standards Board (FASB) issued STATEMENT ON FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 157, "FAIR VALUE MEASUREMENTS." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within 37 www.oakfunds.com Notes to Financial Statements (concluded) APRIL 30, 2007 those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of April 30, 2007 the Funds do not believe the adoption of SFAS No. 157 will impact the amounts reported in the financial statements, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements reported on the statement of changes in net assets for a fiscal period. 38 1-888-462-5386 Disclosure of Fund Expenses (Unaudited) All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. Operating expenses such as these are deducted from the fund's gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund's average net assets; this percentage is known as the fund's expense ratio. The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The table on the next page illustrates your Fund's costs in two ways: o ACTUAL FUND RETURN. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return. You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period". o HYPOTHETICAL 5% RETURN. This section helps you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expense Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds. 39 www.oakfunds.com NOTE: Because the return is set at 5% for comparison purposes -- NOT your Fund's actual return -- the account values shown may not apply to your specific investment.
---------------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT ANNUALIZED PAID VALUE VALUE EXPENSE DURING 11/01/06 04/30/07 RATIOS PERIOD* ---------------------------------------------------------------------------------------- White Oak Select Growth Fund ---------------------------------------------------------------------------------------- Actual Fund Return $1,000 $1,109.70 1.25% $6.54 Hypothetical 5% Return 1,000 1,018.60 1.25 6.26 ---------------------------------------------------------------------------------------- Rock Oak Core Growth Fund ---------------------------------------------------------------------------------------- Actual Fund Return 1,000 1,063.70 1.25 6.40 Hypothetical 5% Return 1,000 1,018.60 1.25 6.26 ---------------------------------------------------------------------------------------- Pin Oak Aggressive Stock Fund ---------------------------------------------------------------------------------------- Actual Fund Return 1,000 1,142.10 1.25 6.64 Hypothetical 5% Return 1,000 1,018.60 1.25 6.26 ---------------------------------------------------------------------------------------- River Oak Discovery Fund ---------------------------------------------------------------------------------------- Actual Fund Return 1,000 1,045.80 1.35 6.85 Hypothetical 5% Return 1,000 1,018.10 1.35 6.76 ---------------------------------------------------------------------------------------- Red Oak Technology Select Fund ---------------------------------------------------------------------------------------- Actual Fund Return 1,000 1,123.20 1.35 7.11 Hypothetical 5% Return 1,000 1,018.10 1.35 6.76 ---------------------------------------------------------------------------------------- Black Oak Emerging Technology Fund ---------------------------------------------------------------------------------------- Actual Fund Return 1,000 1,063.30 1.35 6.91 Hypothetical 5% Return 1,000 1,018.10 1.35 6.76 ---------------------------------------------------------------------------------------- Live Oak Health Sciences Fund ---------------------------------------------------------------------------------------- Actual Fund Return 1,000 1,073.30 1.35 6.94 Hypothetical 5% Return 1,000 1,018.10 1.35 6.76 ----------------------------------------------------------------------------------------
* 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). 40 1-888-462-5386 Board Considerations in Approving the Advisory Agreement. (Unaudited) The advisory agreement between the Trust and the Adviser (the "Advisory Agreement") must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. On February 5, 2007, the Trustees met in person to decide whether to renew the Advisory Agreement with respect to each Fund for an additional one-year term, effective March 1, 2007. In preparation for the meeting, the Board requested and reviewed a wide variety of information from the Adviser to assist in its deliberations (the "Adviser Materials"). The Independent Trustees discussed and considered the Adviser Materials and the renewal of the Agreement in a separate meeting of the Independent Trustees and were represented by independent counsel throughout their deliberations. Based on the Board's deliberations and its evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously voted to renew the Advisory Agreement for an additional one-year term. In determining to approve the Advisory Agreement for the Funds, the Board of Trustees, including the Independent Trustees, did not identify any single factor as determinative but took into account a number of factors. The Trustees considered the nature, extent, and quality of the services provided to each of the Funds by the Adviser. In this regard, the Trustees considered presentations by Fund officers and representatives of the Adviser. The Trustees also reviewed and considered the Adviser Materials. These presentations and the Adviser Materials contained information that assisted the Trustees in assessing the Adviser's organizational structure, personnel, investment capacity, investment process, and regulatory/compliance capabilities and record, as well as the Adviser's investment philosophy, performance record, and trade execution capabilities. The Trustees concluded that the Adviser was committed to the success of the Funds and had devoted an adequate amount of resources to manage the investment operations of the Funds and to perform the associated administrative and compliance duties related to the management of the Funds. Further, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser. The Independent Trustees also recommended that the Adviser review its current staffing levels to determine whether it had sufficient staff to conduct its current operations and in the event of a portfolio manager departure. The Trustees considered the investment performance of the Adviser. The Trustees reviewed presentations by Fund officers as well as a report prepared by the Trust's administrator that provided performance information for each of the Funds and performance information for various benchmarks and peer mutual funds as categorized by Lipper, Inc. and Morningstar. The Adviser also discussed its analysis of 41 www.oakfunds.com Board Considerations in Approving the Advisory Agreement. (Unaudited) the performance data and reviewed the various factors contributing to each Fund's long-term and more recent performance, including the recent changes to the portfolio management structure for the Funds implemented by the Adviser. The Trustees considered performance of the Adviser in managing the Funds and compared it to both benchmark and various peer group data. The Independent Trustees also discussed alternatives that may be available to them should they conclude not to renew the Advisory Agreement for one or more or all of the Funds. Taking note of the Adviser's discussion of (i) the various factors contributing to each Fund's performance, (ii) its continuing commitment to each Fund's current investment strategy and portfolio holdings, respectively; and (iii) the favorable performance of each of the Funds since September 1, 2006, the Trustees concluded that the investment performance of each Fund since September 1, 2006 was generally satisfactory based on each Fund's actual and comparative performance, but would remain committed to the continued monitoring of the Adviser's efforts to address the Funds' investment performance over longer-term periods. In this regard, the Independent Trustees requested that the Adviser provide the Board with (a) a written plan that outlines strategies for managing the Funds and measures to be undertaken to improve Fund performance; and (b) on a quarterly basis, a written discussion and analysis of the factors contributing to each Fund's performance over the preceding quarter. The Trustees considered the advisory fees paid to the Adviser, the total expenses of each Fund, and the Adviser's commitment to waive its advisory fees and/or reimburse Fund expenses in order to maintain stated caps on certain Fund's operating expenses. The Trustees reviewed presentations by Fund officers and comparative information on fees paid and expenses incurred by peer mutual funds as categorized by Lipper, Inc. The Trustees further considered the profits derived by the Adviser from its relationship with the Funds, based on information reported by the Adviser. The Trustees concluded that the advisory fees paid to the Adviser were reasonable, and that the Adviser's profits from the advisory fees did not result in an excessive profit to the Adviser, in relation to the level of services provided. The Trustees considered the Adviser's policies with respect to obtaining benefits from their use of the Funds' brokerage commissions to obtain research that could be used for the Adviser's other clients, and the Trustees concluded that the Adviser's policies were reasonably designed to achieve best execution on Fund trades. The Trustees considered the presence of economies of scale in the Funds, in light of the relatively small size and/or negative cash flow of the Funds, and determined that such economies were not present. As such, the Trustees did not consider whether any economies of scale were adequately shared with Fund shareholders. Based on their evaluation of the factors described above, the Trustees, including the Independent Trustees, concluded it was appropriate and desirable for the Adviser to continue its management of each of the Funds and approved the continuance of the Advisory Agreement. 42 1-888-462-5386 [This page intentionally left blank.] [This page intentionally left blank.] Contact Us BY MAIL Oak Associates Funds P.O. Box 219441 Kansas City, MO 64121-9441 BY TELEPHONE 1-888-462-5386 ON THE WEB www.oakfunds.com Click on the MY OAK ACCOUNT section to take advantage of these features: o Trade Online o Access and Update Account Information o Go Paperless with E-Delivery The Trust files its complete schedule of portfolio holdings of each Fund with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust's Forms N-Q is available on the Commission's website at HTTP://WWW.SEC.GOV, and may be reviewed and copied at the Commission's Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 1-866-462-5386; and (ii) on the Commission's website at HTTP://WWW.SEC.GOV. [LOGO OMITTED] 1-888-462-5386 P.O. Box 219441 Kansas City, MO 64121-9441 www.oakfunds.com OAK-F-023-07000 Item 2. Code of Ethics. Not applicable for semi-annual report. Item 3. Audit Committee Financial Expert. Not applicable for semi-annual report. Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual report. Item 5. Audit Committee of Listed Registrants. Not applicable to open-end management investment companies. Item 6. Schedule of Investments. Not applicable. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable to open-end management investment companies. Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005 Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. Not applicable to open-end management investment companies. Item 10. Submission of Matters to a Vote of Security Holders. Not applicable. Item 11. Controls and Procedures. (a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. Items 12. Exhibits. (a)(1) Not applicable for semi-annual report. (a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith. (b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit. 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/ William E. White --------------------------------- William E. White, President Date: June 27, 2007 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/ William E. White ---------------------------------- William E. White, President Date: June 27, 2007 By (Signature and Title)* /s/ Eric Kleinschmidt ---------------------------------- Eric Kleinschmidt, Treasurer & CFO Date: June 27, 2007 * Print the name and title of each signing officer under his or her signature.