White Oak Select Growth Fund
Schedule of Investments
As of July 31, 2020 (Unaudited)
COMMON STOCKS - 98.23%	Shares		Fair Value
COMMUNICATIONS - 15.43%
Internet Media & Services - 15.43%
Alphabet, Inc. - A(a)		12,680	$	18,867,206
Alphabet, Inc. - C(a)		14,695		21,792,097
Facebook, Inc. - A(a)		56,310		14,284,158
				54,943,461
CONSUMER DISCRETIONARY - 18.94%
E-Commerce Discretionary - 13.95%
Amazon.com, Inc.(a)		15,705		49,701,299
Retail - Discretionary - 4.99%
Lowe's Cos., Inc.		119,390		17,778,365
CONSUMER STAPLES - 0.71%
Beverages - 0.71%
PepsiCo, Inc.		18,465		2,541,892
FINANCIALS - 8.94%
Asset Management - 4.09%
Charles Schwab Corp./The(b)		439,100		14,556,165
Banking - 0.46%
JPMorgan Chase & Co.		17,000		1,642,880
Institutional Financial Services - 1.11%
State Street Corp.(b)		62,200		3,967,738
Insurance - 3.28%
Chubb Ltd.		91,890		11,692,084
HEALTH CARE - 25.67%
Biotech & Pharma - 15.76%
Amgen, Inc.		82,460		20,175,488
Gilead Sciences, Inc.		141,385		9,830,499
Novartis AG - ADR		160,990		13,223,719

The accompanying notes are an integral part of the quarterly schedule of investments.

White Oak Select Growth Fund
Schedule of Investments (Continued)
COMMON STOCKS - 98.23% (Continued)	Shares		Fair Value
HEALTH CARE - 25.67% (Continued)
Biotech & Pharma - 15.76% (Continued)
Pfizer, Inc.		335,700	$	12,917,736
				56,147,442
Health Care Facilities & Services - 4.53%
Cigna Corp.		45,606		7,875,700
Laboratory Corp of America Holdings(a)		42,770		8,251,188
				16,126,888
Medical Equipment & Devices - 5.38%
Alcon, Inc.(a)(b)		178,972		10,734,741
Zimmer Biomet Holdings, Inc.		62,390		8,413,915
				19,148,656
REAL ESTATE - 2.86%
REIT - 2.86%
Digital Realty Trust, Inc.(b)		63,490		10,192,685
TECHNOLOGY - 25.68%
Semiconductors - 13.41%
KLA Corp.(b)		80,425		16,071,327
QUALCOMM, Inc.		122,300		12,916,103
Xilinx, Inc.		174,905		18,776,052
				47,763,482
Software - 1.70%
Salesforce.com, Inc.(a)		31,100		6,059,835
Technology Hardware - 6.48%
Cisco Systems, Inc.		490,000		23,079,000
Technology Services - 4.09%
Cognizant Technology Solutions Corp. - A		100,000		6,832,000
International Business Machines Corporation (IBM)(b)		62,900		7,732,926
				14,564,926
TOTAL COMMON STOCKS (Cost $208,667,422)				349,906,798

The accompanying notes are an integral part of the quarterly schedule of investments.

White Oak Select Growth Fund
Schedule of Investments (Continued)
SHORT-TERM INVESTMENTS - 15.62%	Shares		Fair Value
MONEY MARKET FUNDS - 1.82%
Fidelity Investments Money Market Funds - Institutional, 0.05% (c)		6,489,147	$	6,489,147
COLLATERAL FOR SECURITIES LOANED - 13.80%
Mount Vernon Liquid Assets Portfolio, LLC, 0.26%(c)		49,141,216		49,141,216
TOTAL SHORT-TERM INVESTMENTS (Cost $55,630,363)				55,630,363
TOTAL INVESTMENTS- 113.85% (Cost $264,297,785)				405,537,161
Liabilities in Excess of Other Assets - (13.85)%				(49,339,517	)
NET ASSETS - 100.00%			$	356,197,644

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $48,069,952.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2020.

ADR - American Depositary Receipt.

The accompanying notes are an integral part of the quarterly schedule of investments.

Pin Oak Equity Fund
Schedule of Investments
As of July 31, 2020 (Unaudited)
COMMON STOCKS - 97.90%	Shares		Fair Value
COMMUNICATIONS - 15.38%
Internet Media & Services - 15.38%
Alphabet, Inc. - A(a)		4,030	$	5,996,439
Alphabet, Inc. - C(a)		10,089		14,961,583
Facebook, Inc. - A(a)		23,900		6,062,713
				27,020,735
CONSUMER DISCRETIONARY - 18.76%
Automotive - 4.49%
Gentex Corp.		292,500		7,894,575
E-Commerce Discretionary - 14.27%
Amazon.com, Inc.(a)		5,120		16,203,162
eBay, Inc.		160,500		8,872,440
				25,075,602
FINANCIALS - 15.26%
Asset Management - 3.87%
Charles Schwab Corp./The(b)		205,351		6,807,386
Institutional Financial Services - 2.06%
Bank of New York Mellon Corp./The		100,745		3,611,708
Insurance - 7.44%
Assurant, Inc.		38,900		4,180,583
Everest Re Group Ltd.		10,600		2,319,174
Travelers Cos., Inc./The		57,400		6,567,708
				13,067,465
Specialty Finance - 1.89%
Synchrony Financial(b)		150,300		3,326,139
HEALTH CARE - 29.50%
Biotech & Pharma - 13.56%
Amgen, Inc.		18,500		4,526,395
Biogen, Inc.(a)		7,100		1,950,299
Gilead Sciences, Inc.		37,085		2,578,520
GlaxoSmithKline PLC - ADR		111,760		4,506,163
Roche Holding AG - ADR		162,000		6,982,200

The accompanying notes are an integral part of the quarterly schedule of investments.

Pin Oak Equity Fund
Schedule of Investments (Continued)
COMMON STOCKS - 97.90% (Continued)	Shares		Fair Value
HEALTH CARE - 29.50% (Continued)
Biotech & Pharma - 13.56% (Continued)
Vertex Pharmaceuticals, Inc.(a)		12,090	$	3,288,480
				23,832,057
Health Care Facilities & Services - 4.92%
McKesson Corp.		36,500		5,480,840
Quest Diagnostics, Inc.		25,000		3,176,750
				8,657,590
Medical Equipment & Devices - 11.02%
Illumina, Inc.(a)(b)		23,675		9,047,638
Intuitive Surgical, Inc.(a)		8,040		5,510,938
Medtronic PLC		49,845		4,809,045
				19,367,621
TECHNOLOGY - 19.00%
Semiconductors - 11.22%
KLA Corp.(b)		54,460		10,882,742
Xilinx, Inc.		82,300		8,834,905
				19,717,647
Technology Services - 7.78%
Amdocs Ltd.		81,587		5,066,552
Paychex, Inc.		43,649		3,139,236
Visa, Inc. - A(b)		28,720		5,468,288
				13,674,076
TOTAL COMMON STOCKS (Cost $112,880,007)				172,052,601

SHORT-TERM INVESTMENTS - 16.33%
MONEY MARKET FUNDS - 2.18%
Fidelity Investments Money Market Funds - Institutional, 0.05% (c)	3,835,073	3,835,073
COLLATERAL FOR SECURITIES LOANED - 14.15%
Mount Vernon Liquid Assets Portfolio, LLC, 0.26%(c)	24,866,507	24,866,507
TOTAL SHORT-TERM INVESTMENTS (Cost $28,701,580)		28,701,580

The accompanying notes are an integral part of the quarterly schedule of investments.

Pin Oak Equity Fund
Schedule of Investments (Continued)
	Fair Value
TOTAL INVESTMENTS- 114.23% (Cost $141,581,587)	$	200,754,181
Liabilities in Excess of Other Assets - (14.23)%		(25,005,483	)
NET ASSETS - 100.00%	$	175,748,698

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $24,068,297.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2020.

ADR - American Depositary Receipt.

The accompanying notes are an integral part of the quarterly schedule of investments.

Rock Oak Core Growth Fund
Schedule of Investments
As of July 31, 2020 (Unaudited)
COMMON STOCKS - 92.68%	Shares		Fair Value
COMMUNICATIONS - 5.75%
Internet Media & Services - 5.75%
Alphabet, Inc. - C(a)		220	$	326,251
iQIYI, Inc. - ADR(a)(b)		13,155		277,571
				603,822
CONSUMER DISCRETIONARY - 20.51%
Automotive - 2.13%
Gentex Corp.		8,275		223,342
Consumer Services - 5.45%
TAL Education Group - ADR(a)		7,315		571,813
E-Commerce Discretionary - 6.15%
Amazon.com, Inc.(a)		204		645,595
Home Construction - 3.67%
PulteGroup, Inc.		8,820		384,552
Wholesale - Discretionary - 3.11%
Pool Corp.		1,030		326,201
CONSUMER STAPLES - 2.64%
Beverages - 2.64%
Molson Coors Beverage Company - B		7,385		277,085
FINANCIALS - 5.73%
Insurance - 5.73%
Assurant, Inc.		1,830		196,670
Hartford Financial Services Group, Inc./The		9,565		404,791
				601,461
HEALTH CARE - 20.22%
Biotech & Pharma - 10.63%
Amgen, Inc.		1,325		324,188
Gilead Sciences, Inc.		3,591		249,682
Jazz Pharmaceuticals PLC(a)		3,655		395,654

The accompanying notes are an integral part of the quarterly schedule of investments.

Rock Oak Core Growth Fund
Schedule of Investments (Continued)
COMMON STOCKS - 92.68% (Continued)	Shares		Fair Value
HEALTH CARE - 20.22% (Continued)
Biotech & Pharma - 10.63% (Continued)
Mylan NV(a)		9,060	$	145,956
				1,115,480
Health Care Facilities & Services - 5.73%
Cardinal Health, Inc.		5,770		315,157
Quest Diagnostics, Inc.		2,245		285,272
				600,429
Medical Equipment & Devices - 3.86%
Illumina, Inc.(a)		1,060		405,090
INDUSTRIALS - 5.61%
Commercial Support Services - 2.60%
Republic Services, Inc.		3,130		273,093
Machinery - 3.01%
Colfax Corp.(a)(b)		10,855		315,663
REAL ESTATE - 3.55%
REIT - 3.55%
CyrusOne, Inc.(b)		4,465		372,470
TECHNOLOGY - 28.67%
Semiconductors - 5.72%
KLA Corp.(b)		3,000		599,490
Software - 2.74%
Citrix Systems, Inc.		2,015		287,661
Technology Hardware - 14.08%
F5 Networks, Inc.(a)		2,820		383,238
NetApp, Inc.		5,805		257,161
Seagate Technology PLC(b)		7,998		361,670
Ubiquiti Networks, Inc.(b)		2,565		475,295
				1,477,364
Technology Services - 6.13%
Amdocs Ltd.		2,475		153,698

The accompanying notes are an integral part of the quarterly schedule of investments.

Rock Oak Core Growth Fund
Schedule of Investments (Continued)
COMMON STOCKS - 92.68% (Continued)	Shares		Fair Value
TECHNOLOGY - 28.67% (Continued)
Technology Services - 6.13% (Continued)
Cognizant Technology Solutions Corp. - A		7,160	$	489,171
				642,869
TOTAL COMMON STOCKS (Cost $7,406,963)				9,723,480

SHORT-TERM INVESTMENTS - 26.37%
MONEY MARKET FUNDS - 3.67%
Fidelity Investments Money Market Funds - Institutional, 0.05% (c)	384,523		384,523
COLLATERAL FOR SECURITIES LOANED - 22.70%
Mount Vernon Liquid Assets Portfolio, LLC, 0.26%(c)	2,380,934		2,380,934
TOTAL SHORT-TERM INVESTMENTS (Cost $2,765,457)			2,765,457
TOTAL INVESTMENTS- 119.05% (Cost $10,172,420)			12,488,937
Liabilities in Excess of Other Assets - (19.05)%			(1,998,176	)
NET ASSETS - 100.00%		$	10,490,761

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $2,338,877.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2020.

ADR - American Depositary Receipt.

The accompanying notes are an integral part of the quarterly schedule of investments.

River Oak Discovery Fund
Schedule of Investments
As of July 31, 2020 (Unaudited)
COMMON STOCKS - 98.41%	Shares		Fair Value
COMMUNICATIONS - 3.68%
Advertising & Marketing - 0.86%
QuinStreet, Inc.(a)		9,100	$	106,243
Internet Media & Services - 2.82%
Eventbrite, Inc. - Class A(a)(b)		41,000		349,320
CONSUMER DISCRETIONARY - 11.43%
Consumer Services - 8.59%
Aaron's, Inc.		8,870		462,836
Adtalem Global Education, Inc.(a)		9,050		310,777
American Public Education, Inc.(a)		10,000		291,100
				1,064,713
Home Construction - 2.84%
Taylor Morrison Home Corp.(a)(b)		15,015		352,102
CONSUMER STAPLES - 6.11%
Beverages - 6.11%
Boston Beer Co., Inc./The - A(a)		935		757,761
ENERGY - 5.67%
Renewable Energy - 5.67%
SolarEdge Technologies, Inc.(a)(b)		4,010		702,151
FINANCIALS - 9.84%
Asset Management - 3.04%
AllianceBernstein Holding LP		9,935		282,253
Blucora, Inc.(a)		8,000		94,320
				376,573
Banking - 2.07%
Dime Community Bancshares, Inc.		21,870		256,863
Insurance - 4.73%
CNO Financial Group, Inc.(b)		17,335		261,759
Selective Insurance Group, Inc.(b)		5,960		323,866
				585,625

The accompanying notes are an integral part of the quarterly schedule of investments.

River Oak Discovery Fund
Schedule of Investments (Continued)
COMMON STOCKS - 98.41% (Continued)	Shares		Fair Value
HEALTH CARE - 11.86%
Biotech & Pharma - 9.13%
Eagle Pharmaceuticals, Inc.(a)(b)		7,725	$	358,363
Innoviva, Inc.(a)		21,895		296,568
United Therapeutics Corp.(a)		4,275		476,534
				1,131,465
Health Care Facilities & Services - 2.73%
Magellan Health, Inc.(a)		4,570		338,957
INDUSTRIALS - 11.09%
Commercial Support Services - 2.59%
Barrett Business Services, Inc.		6,101		321,401
Electrical Equipment - 5.09%
Advanced Energy Industries, Inc.(a)		8,575		630,863
Machinery - 3.41%
Hollysys Automation Technologies Ltd.		15,500		187,550
Kadant, Inc.(b)		2,160		234,381
				421,931
MATERIALS - 2.11%
Forestry, Paper & Wood Products - 2.11%
Mercer International, Inc.(b)		35,145		261,830
TECHNOLOGY - 36.62%
Semiconductors - 21.42%
Ambarella, Inc.(a)		6,000		271,680
Cirrus Logic, Inc.(a)		5,995		410,837
Cohu, Inc.		31,964		601,882
Diodes, Inc.(a)		6,870		353,462
Kulicke & Soffa Industries, Inc.		25,285		599,255
Silicon Motion Technology Corp. - ADR		10,095		417,630
				2,654,746
Software - 10.96%
FireEye, Inc.(a)		24,590		371,309
NextGen Healthcare, Inc.(a)		21,945		320,836
Verint Systems, Inc.(a)		7,760		348,346

The accompanying notes are an integral part of the quarterly schedule of investments.

River Oak Discovery Fund
Schedule of Investments (Continued)
COMMON STOCKS - 98.41% (Continued)	Shares		Fair Value
TECHNOLOGY - 36.62% (Continued)
Software - 10.96% (Continued)
Workiva, Inc.(a)		5,690	$	318,071
				1,358,562
Technology Services - 4.24%
Perficient, Inc.(a)		6,485		254,277
Perspecta, Inc.		12,690		271,566
				525,843
TOTAL COMMON STOCKS (Cost $9,852,643)				12,196,949

SHORT-TERM INVESTMENTS - 23.07%
MONEY MARKET FUNDS - 1.58%
Fidelity Investments Money Market Funds - Institutional, 0.05% (c)	196,288		196,288
COLLATERAL FOR SECURITIES LOANED - 21.49%
Mount Vernon Liquid Assets Portfolio, LLC, 0.26%(c)	2,663,705		2,663,705
TOTAL SHORT-TERM INVESTMENTS (Cost $2,859,993)			2,859,993
TOTAL INVESTMENTS- 121.48% (Cost $12,712,636)			15,056,942
Liabilities in Excess of Other Assets - (21.48)%			(2,662,255	)
NET ASSETS - 100.00%		$	12,394,687

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $2,568,471.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2020.

ADR - American Depositary Receipt.

The accompanying notes are an integral part of the quarterly schedule of investments.

Red Oak Technology Select Fund
Schedule of Investments
As of July 31, 2020 (Unaudited)
COMMON STOCKS - 99.46%	Shares		Fair Value
COMMUNICATIONS - 14.32%
Internet Media & Services - 14.32%
Alphabet, Inc. - A(a)		17,630	$	26,232,558
Alphabet, Inc. - C(a)		17,636		26,153,483
Facebook, Inc. - A(a)		143,225		36,331,886
				88,717,927
CONSUMER DISCRETIONARY - 10.75%
E-Commerce Discretionary - 10.75%
Amazon.com, Inc.(a)		15,400		48,736,072
eBay, Inc.		324,030		17,912,378
				66,648,450
REAL ESTATE - 1.96%
REIT - 1.96%
Digital Realty Trust, Inc.(b)		75,770		12,164,116
TECHNOLOGY - 72.43%
Semiconductors - 20.70%
Intel Corp.		537,450		25,652,489
KLA Corp.(b)		152,400		30,454,092
NXP Semiconductors NV		113,550		13,345,531
QUALCOMM, Inc.		153,200		16,179,452
Skyworks Solutions, Inc.		145,135		21,128,753
Xilinx, Inc.		200,585		21,532,800
				128,293,117
Software - 24.18%
Akamai Technologies, Inc.(a)		136,780		15,379,543
Check Point Software Technologies Ltd.(a)		129,700		16,257,895
Citrix Systems, Inc.		129,280		18,456,013
Microsoft Corp.		182,970		37,510,680
Oracle Corp.		423,601		23,488,675
Synopsys, Inc.(a)		99,295		19,781,550
VMware, Inc. - Class A(a)(b)		135,470		18,994,249
				149,868,605
Technology Hardware - 18.96%
Apple, Inc.		133,720		56,836,349
Cisco Systems, Inc.		576,180		27,138,078

The accompanying notes are an integral part of the quarterly schedule of investments.

Red Oak Technology Select Fund
Schedule of Investments (Continued)
COMMON STOCKS - 99.46% (Continued)	Shares		Fair Value
TECHNOLOGY - 72.43% (Continued)
Technology Hardware - 18.96% (Continued)
HP, Inc.		462,970	$	8,139,012
Juniper Networks, Inc.		303,865		7,712,094
NetApp, Inc.(b)		240,690		10,662,567
Seagate Technology PLC(b)		154,400		6,981,968
				117,470,068
Technology Services - 8.59%
Accenture PLC - A		47,580		10,695,032
Global Payments, Inc.		118,157		21,034,309
International Business Machines Corp.		50,900		6,257,646
Visa, Inc. - A(b)		80,000		15,232,000
				53,218,987
TOTAL COMMON STOCKS (Cost $308,964,870)				616,381,270

SHORT-TERM INVESTMENTS - 9.79%
MONEY MARKET FUNDS - 0.65%
Fidelity Investments Money Market Funds - Institutional, 0.05% (c)	4,056,990		4,056,990
COLLATERAL FOR SECURITIES LOANED - 9.14%
Mount Vernon Liquid Assets Portfolio, LLC, 0.26%(c)	56,630,908		56,630,908
TOTAL SHORT-TERM INVESTMENTS (Cost $60,687,898)			60,687,898
TOTAL INVESTMENTS- 109.25% (Cost $369,652,768)			677,069,168
Liabilities in Excess of Other Assets - (9.25)%			(57,316,196	)
NET ASSETS - 100.00%		$	619,752,972

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $55,690,288.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2020.

The accompanying notes are an integral part of the quarterly schedule of investments.

Black Oak Emerging Technology Fund
Schedule of Investments
As of July 31, 2020 (Unaudited)
COMMON STOCKS - 97.95%	Shares		Fair Value
COMMUNICATIONS - 9.78%
Internet Media & Services - 9.78%
Facebook, Inc. - A(a)		5,525	$	1,401,527
iQIYI, Inc. - ADR(a)(b)		26,150		551,765
Tencent Holdings Ltd. - ADR		32,245		2,208,460
				4,161,752
CONSUMER DISCRETIONARY - 2.57%
Automotive - 2.57%
Tesla, Inc.(a)		765		1,094,531
ENERGY - 6.07%
Renewable Energy - 6.07%
SolarEdge Technologies, Inc.(a)(b)		14,765		2,585,351
HEALTH CARE - 4.16%
Medical Equipment & Devices - 4.16%
Illumina, Inc.(a)(b)		4,635		1,771,312
INDUSTRIALS - 2.35%
Electrical Equipment - 2.35%
Advanced Energy Industries, Inc.(a)		13,560		997,609
TECHNOLOGY - 73.02%
Information Technology - 1.83%
Paylocity Holdings Corp.(a)		5,855		779,886
Semiconductors - 23.94%
Ambarella, Inc.(a)		18,000		815,040
Cirrus Logic, Inc.(a)		12,990		890,205
Cohu, Inc.		70,552		1,328,494
Diodes, Inc.(a)		24,800		1,275,960
KLA Corp.(b)		7,590		1,516,710
Kulicke & Soffa Industries, Inc.		31,150		738,255
Lam Research Corp.		4,285		1,616,130
QUALCOMM, Inc.		10,844		1,145,235

The accompanying notes are an integral part of the quarterly schedule of investments.

Black Oak Emerging Technology Fund
Schedule of Investments (Continued)
COMMON STOCKS - 97.95% (Continued)	Shares		Fair Value
TECHNOLOGY - 73.02% (Continued)
Semiconductors - 23.94% (Continued)
Silicon Motion Technology Corp. - ADR		20,940	$	866,288
				10,192,317
Software - 17.34%
Citrix Systems, Inc.		12,595		1,798,062
Fortinet, Inc.(a)		11,090		1,533,747
NextGen Healthcare, Inc.(a)		43,900		641,818
Palo Alto Networks, Inc.(a)		5,100		1,305,192
Salesforce.com, Inc.(a)		7,480		1,457,478
Verint Systems, Inc.(a)		14,335		643,498
				7,379,795
Technology Hardware - 19.01%
Apple, Inc.		8,005		3,402,445
F5 Networks, Inc.(a)		7,705		1,047,110
NetApp, Inc.		21,945		972,164
Seagate Technology PLC(b)		16,355		739,573
SYNNEX Corp.		6,380		795,841
Ubiquiti Networks, Inc.(b)		6,120		1,134,036
				8,091,169
Technology Services - 10.90%
Cognizant Technology Solutions Corp. - A		9,600		655,872
Jack Henry & Associates, Inc.		6,520		1,162,516
PayPal Holdings, Inc.(a)		7,250		1,421,507
Perficient, Inc.(a)		24,185		948,294
Science Applications International Corp.		5,665		453,087
				4,641,276
TOTAL COMMON STOCKS (Cost $21,086,088)				41,694,998

SHORT-TERM INVESTMENTS - 18.75%
MONEY MARKET FUNDS - 2.18%
Fidelity Investments Money Market Funds - Institutional, 0.05% (c)	928,873	928,873

The accompanying notes are an integral part of the quarterly schedule of investments.

Black Oak Emerging Technology Fund
Schedule of Investments (Continued)
SHORT-TERM INVESTMENTS - 18.75% (Continued)	Shares		Fair Value
COLLATERAL FOR SECURITIES LOANED - 16.57%
Mount Vernon Liquid Assets Portfolio, LLC, 0.26%(c)		7,054,473	$	7,054,473
TOTAL SHORT-TERM INVESTMENTS (Cost $7,983,346)				7,983,346
TOTAL INVESTMENTS- 116.70% (Cost $29,069,434)				49,678,344
Liabilities in Excess of Other Assets - (16.70)%				(7,110,042	)
NET ASSETS - 100.00%			$	42,568,302

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $6,939,898.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2020.

ADR - American Depositary Receipt.

The accompanying notes are an integral part of the quarterly schedule of investments.

Live Oak Health Sciences Fund
Schedule of Investments
As of July 31, 2020 (Unaudited)
COMMON STOCKS - 98.77%	Shares		Fair Value
HEALTH CARE - 98.77%
Biotech - 23.39%
Alexion Pharmaceuticals, Inc.(a)		10,610	$	1,087,419
Amgen, Inc.		10,240		2,505,421
Biogen, Inc.(a)		9,405		2,583,459
Gilead Sciences, Inc.		32,895		2,287,189
Regeneron Pharmaceuticals, Inc.(a)		1,180		745,843
United Therapeutics Corp.(a)		7,755		864,450
Vertex Pharmaceuticals, Inc.(a)		4,315		1,173,680
				11,247,461
Health Care Services - 8.65%
Charles River Laboratories International, Inc.(a)		14,165		2,818,693
Quest Diagnostics, Inc.		10,545		1,339,953
				4,158,646
Health Care Supply Chain - 14.28%
Cardinal Health, Inc.		17,409		950,880
Cigna Corp.		15,148		2,615,908
CVS Health Corp.		18,480		1,163,131
McKesson Corp.		14,206		2,133,173
				6,863,092
Large Pharma - 26.36%
AbbVie, Inc.		14,894		1,413,589
Bristol-Myers Squibb Co.(a)		24,315		87,534
GlaxoSmithKline PLC - ADR		62,505		2,520,202
Johnson & Johnson		7,688		1,120,603
Merck & Co., Inc.		18,800		1,508,512
Novartis AG - ADR		14,600		1,199,244
Novo Nordisk A/S - ADR		25,330		1,654,809
Pfizer, Inc.		37,370		1,437,997
Sanofi - ADR		33,002		1,730,955
				12,673,445
Life Science & Diagnostics - 3.21%
Illumina, Inc.(a)(b)		4,040		1,543,926
Managed Care - 7.99%
Anthem, Inc.		5,415		1,482,627

The accompanying notes are an integral part of the quarterly schedule of investments.

Live Oak Health Sciences Fund
Schedule of Investments (Continued)
COMMON STOCKS - 98.77% (Continued)	Shares		Fair Value
HEALTH CARE - 98.77% (Continued)
Managed Care - 7.99% (Continued)
UnitedHealth Group, Inc.		7,800	$	2,361,684
				3,844,311
Medical Devices - 9.13%
Medtronic PLC		18,746		1,808,614
Stryker Corp.		6,060		1,171,398
Zimmer Biomet Holdings, Inc.		10,460		1,410,636
				4,390,648
Medical Equipment - 4.85%
Alcon, Inc.(a)(b)		28,995		1,739,120
Intuitive Surgical, Inc.(a)		865		592,906
				2,332,026
Specialty & Generic Pharma - 0.91%
Eagle Pharmaceuticals, Inc.(a)(b)		9,380		435,138
TOTAL COMMON STOCKS (Cost $34,792,595)				47,488,693

SHORT-TERM INVESTMENTS - 9.33%
MONEY MARKET FUNDS - 1.41%
Fidelity Investments Money Market Funds - Institutional, 0.05% (c)	680,010		680,010
COLLATERAL FOR SECURITIES LOANED - 7.92%
Mount Vernon Liquid Assets Portfolio, LLC, 0.26%(c)	3,808,365		3,808,365
TOTAL SHORT-TERM INVESTMENTS (Cost $4,488,375)			4,488,375
TOTAL INVESTMENTS- 108.10% (Cost $39,280,970)			51,977,068
Liabilities in Excess of Other Assets - (8.10)%			(3,894,633	)
NET ASSETS - 100.00%		$	48,082,435

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $3,680,761.
(c)	Rate disclosed is the seven day effective yield as of July 31, 2020.

ADR - American Depositary Receipt.

The accompanying notes are an integral part of the quarterly schedule of investments.

Notes to Quarterly Schedule of Investments

As of July 31, 2020 (Unaudited)

1. ORGANIZATION:

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

2. SIGNIFICANT ACCOUNTING POLICIES:

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

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

Security Valuation – Investments in equity securities, which are traded on a national exchange, are stated at the last quoted sales price if readily available for such equity securities on each business day. Investments in equity securities, which are reported on the NASDAQ national market system are valued at the official closing price; other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding sixty days to maturity for which market quotations are readily available are valued at the most recently quoted bid price. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost, which approximates market value, in the absence of a current quoted bid price. Investments in repurchase agreements are generally valued at par each business day.

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

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

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

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

Repurchase Agreements – The Funds may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the repurchase agreements and procedures adopted by the Board of Trustees require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if the counter-party enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. At period end, none of the Funds had investments in repurchase agreements.

Master Agreements and Netting Arrangements – Certain Funds may participate in various repurchase agreements, such as, but not limited to Master Repurchase Agreements, which govern the terms of certain transactions with select counterparties (collectively “Master Agreements”). These Master Agreements generally include provisions for general obligations, agreements, representations, collateral and provisions for events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination or default event, the total market value exposure would be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. An election made by a counterparty to terminate a transaction early under a Master Agreement could have an adverse impact on a Fund’s financial statements. Master Agreements can also help limit counterparty risk by requiring collateral posting arrangements at pre-arranged exposure levels. Collateral under the Master Agreements is usually in the form of cash, U.S. Treasury or U.S. Government agency securities, but may include other types of securities. There can be no assurance that the Master Agreements will be successful in limiting credit or counterparty risk.

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

The following is a summary of each Funds’ securities lending agreements and related cash and non-cash collateral received as of July 31, 2020:

	Market Value of		Cash Collateral
	Securities on Loan		Received
White Oak Select Growth Fund	$	48,069,952	$	49,141,216
Pin Oak Equity Fund		24,068,297		24,866,507
Rock Oak Core Growth Fund		2,338,877		2,380,934
River Oak Discovery Fund		2,568,471		2,663,705
Red Oak Technology Select Fund		55,690,288		56,630,908
Black Oak Emerging Technology Fund		6,939,898		7,054,473
Live Oak Health Sciences Fund		3,680,761		3,808,365

Dividends and Distributions to Shareholders – Dividends from net investment income are declared and paid to shareholders on an annual basis, as applicable. Net realized capital gains on sales of securities, if any, are distributed to shareholders at least annually. Distributions to shareholders are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Therefore, the source of the Funds’ distributions may be shown in the accompanying financial statements as either accumulated earnings, or from paid-in capital, depending upon the type of book/tax differences that may exist.

3. Unrealized Appreciation and Depreciation on Investments (Tax Basis):

At July 31, 2020, 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:

Fund	Federal Tax Cost		Gross Appreciation		Gross Depreciation			Net Appreciation
White Oak Select Growth Fund	$	262,199,940	$	148,437,874	$	(5,100,653	)	$	143,337,221
Pin Oak Equity Fund		140,361,486		62,379,287		(1,986,592	)		60,392,695
Rock Oak Core Growth Fund		10,092,540		2,900,993		(504,596	)		2,396,397
River Oak Discovery Fund		12,611,289		3,198,523		(752,870	)		2,445,653
Red Oak Technology Select Fund		366,635,739		312,161,808		(1,728,379	)		310,433,429
Black Oak Emerging Technology Fund		28,838,482		21,100,429		(260,567	)		20,839,862
Live Oak Health Sciences Fund		39,553,447		13,079,669		(656,048	)		12,423,621

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

4. FAIR VALUE MEASUREMENTS:

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

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

The three-tier hierarchy is summarized as follows:

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

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

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

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

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

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

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

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

The following is a summary of the inputs used to value each Fund’s investments as of July 31, 2020:

	Level 1		Level 2		Level 3		Total
WHITE OAK SELECT GROWTH FUND
Common Stocks	$	349,906,798	$	-	$	-	$	349,906,798
Short Term Investments
Money Market Funds		6,489,147		-		-		6,489,147
Collateral for Securities Loaned*		-		-		-		49,141,216
Total	$	356,395,945	$	-	$	-	$	405,537,161

PIN OAK EQUITY FUND
Common Stocks	$	172,052,601	$	-	$	-	$	172,052,601
Short Term Investments
Money Market Funds		3,835,073		-		-		3,835,073
Collateral for Securities Loaned*		-		-		-		24,866,507
Total	$	175,887,674	$	-	$	-	$	200,754,181

ROCK OAK CORE GROWTH FUND
Common Stocks	$	9,723,480	$	-	$	-	$	9,723,480
Short Term Investments
Money Market Funds		384,523		-		-		384,523
Collateral for Securities Loaned*		-		-		-		2,380,934
Total	$	10,108,003	$	-	$	-	$	12,488,937

RIVER OAK DISCOVERY FUND
Common Stocks	$	12,196,949	$	-	$	-	$	12,196,949
Short Term Investments
Money Market Funds		196,288		-		-		196,288
Collateral for Securities Loaned*		-		-		-		2,663,705
Total	$	12,393,237	$	-	$	-	$	15,056,942

RED OAK TECHNOLOGY SELECT FUND
Common Stocks	$	616,381,270	$	-	$	-	$	616,381,270
Short Term Investments		-
Money Market Funds		4,056,990		-		-		4,056,990
Collateral for Securities Loaned*		-		-		-		56,630,908
Total	$	620,438,260	$	-	$	-	$	677,069,168

BLACK OAK EMERGING TECHNOLOGY FUND
Common Stocks	$	41,694,998	$	-	$	-	$	41,694,998
Short Term Investments
Money Market Funds		928,873		-		-		928,873
Collateral for Securities Loaned*		-		-		-		7,054,473
Total	$	42,623,871	$	-	$	-	$	49,678,344

LIVE OAK HEALTH SCIENCES FUND
Common Stocks	$	47,488,693	$	-	$	-	$	47,488,693
Short Term Investments
Money Market Funds		680,010		-		-		680,010
Collateral for Securities Loaned*		-		-		-		3,808,365
Total	$	48,168,703	$	-	$	-	$	51,977,068

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

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