UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number : 811-08549
Oak Associates Funds
(Exact name of registrant as specified in charter)
3875 Embassy Parkway, Suite 250
Akron, Ohio 44333
(Address of principal executive offices) (Zip code)
Charles A. Kiraly
3875 Embassy Parkway, Suite 250
Akron, Ohio 44333
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-888-462-5386
Date of fiscal year end: October 31
Date of reporting period: April 30, 2021
Item 1. Reports to Stockholders.
TABLE of CONTENTS |
Performance Update | 1 |
White Oak Select Growth Fund | 1 |
Pin Oak Equity Fund | 2 |
Rock Oak Core Growth Fund | 3 |
River Oak Discovery Fund | 4 |
Red Oak Technology Select Fund | 5 |
Black Oak Emerging Technology Fund | 6 |
Live Oak Health Sciences Fund | 7 |
Important Disclosures | 8 |
Disclosure of Fund Expenses | 11 |
Financial Statements | |
Schedules of Investments | 13 |
Statements of Assets & Liabilities | 34 |
Statements of Operations | 36 |
Statements of Changes in Net Assets | 38 |
Financial Highlights | 44 |
Notes to Financial Statements | 48 |
White Oak Select Growth Fund | Performance Update |
All data below As of April 30, 2021 (Unaudited) |
Fund Data | |
Ticker | WOGSX |
Share Price | $134.67 |
Total Net Assets | $435.4M |
Portfolio Turnover | —% |
Sector Allocation^ | |
Technology | 24.5% |
Communications | 19.2% |
Health Care | 18.5% |
Consumer Discretionary | 17.9% |
Financials | 17.0% |
Real Estate | 2.6% |
Cash & Other Assets | 0.3% |
Top 10 Holdings^ | ||
1 | Alphabet, Inc. | 14.5% |
2 | Amazon.com, Inc. | 12.5% |
3 | Charles Schwab Corp. (The) | 7.1% |
4 | Cisco Systems, Inc. | 5.7% |
5 | JPMorgan Chase & Co. | 5.5% |
6 | KLA Corp. | 5.5% |
7 | Lowe’s Cos., Inc. | 5.4% |
8 | Xilinx, Inc. | 5.1% |
9 | Facebook, Inc. - Class A | 4.8% |
10 | Amgen, Inc. | 4.5% |
^ | Percentages are based on net assets. Holdings are subject to change. |
Growth of $10,000 Chart |
This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Average Annual Total Return | ||||
1 Year | 3 Year | 5 Year | 10 Year | |
Return | Return | Return | Return | |
White Oak Select Growth Fund | 43.69% | 17.08% | 18.14% | 13.45% |
S&P 500® Total Return Index1 | 45.98% | 18.67% | 17.42% | 14.17% |
Lipper Large-Cap Core Funds Average2 | 44.83% | 17.21% | 16.06% | 12.75% |
Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 0.93%
Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 0.90%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.
1 Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.
1-888-462-5386 | www.oakfunds.com | 1 |
Pin Oak Equity Fund | Performance Update |
All data below As of April 30, 2021 (Unaudited) |
Fund Data | |
Ticker | POGSX |
Share Price | $90.03 |
Total Net Assets | $197.4M |
Portfolio Turnover | 6% |
Sector Allocation^ | |
Consumer Discretionary | 28.3% |
Health Care | 20.8% |
Communications | 19.1% |
Technology | 18.1% |
Financials | 12.9% |
Cash & Other Assets | 0.8% |
Top 10 Holdings^ | ||
1 | Alphabet, Inc. | 15.1% |
2 | Amazon.com, Inc. | 9.0% |
3 | Charles Schwab Corp. (The) | 7.3% |
4 | KLA Corp. | 5.6% |
5 | Gentex Corp. | 5.2% |
6 | eBay, Inc. | 4.5% |
7 | DraftKings, Inc. - Class A | 4.0% |
8 | Facebook, Inc.- Class A | 3.9% |
9 | Illumina, Inc. | 3.9% |
10 | Visa, Inc. - Class A | 3.7% |
^ | Percentages are based on net assets. Holdings are subject to change. |
Growth of $10,000 Chart |
This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Average Annual Total Return | ||||
1 Year | 3 Year | 5 Year | 10 Year | |
Return | Return | Return | Return | |
Pin Oak Equity Fund | 43.30% | 14.42% | 15.99% | 13.27% |
Morningstar US Market Index1 | 50.06% | 19.03% | 17.71% | 14.11% |
Lipper Multi-Cap Core Funds Average2 | 48.67% | 15.86% | 15.33% | 12.12% |
Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 0.95%
Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 0.92%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.
1 Morningstar, Inc. is the source and owner of the Morningstar Classification data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.
2 | Semi-Annual Report | April 30, 2021 |
Rock Oak Core Growth Fund | Performance Update |
All data below As of April 30, 2021 (Unaudited) |
Fund Data | |
Ticker | RCKSX |
Share Price | $18.88 |
Total Net Assets | $13.0M |
Portfolio Turnover | 2% |
Sector Allocation^ | |
Technology | 28.3% |
Consumer Discretionary | 22.1% |
Health Care | 17.5% |
Industrials | 8.9% |
Financials | 7.0% |
Materials | 3.7% |
Real Estate | 2.5% |
Energy | 2.3% |
Communications | 1.5% |
Cash & Other Assets | 6.2% |
Top 10 Holdings^ | ||
1 | Seagate Technology PLC | 5.7% |
2 | Ubiquiti Networks, Inc. | 5.6% |
3 | Hartford Financial Services Group, Inc. (The) | 4.9% |
4 | Jazz Pharmaceuticals PLC | 4.6% |
5 | DraftKings, Inc. - Class A | 4.3% |
6 | F5 Networks, Inc. | 4.1% |
7 | PulteGroup, Inc. | 4.0% |
8 | Thor Industries, Inc. | 3.8% |
9 | Colfax Corp. | 3.8% |
10 | Carlisle Cos., Inc. | 3.7% |
^ | Percentages are based on net assets. Holdings are subject to change. |
Growth of $10,000 Chart |
This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower. |
Average Annual Total Return | ||||
1 Year | 3 Year | 5 Year | 10 Year | |
Return | Return | Return | Return | |
Rock Oak Core Growth Fund | 42.93% | 10.29% | 15.88% | 10.03% |
Morningstar US Mid-Cap Index1 | 60.28% | 17.33% | 16.38% | 13.19% |
Lipper Multi-Cap Core Funds Average2 | 48.67% | 15.86% | 15.33% | 12.12% |
Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 1.57%/1.25%
Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 1.42%/1.25%
The Adviser has contractually agreed for a period of one year from February 28, 2021, the date of the Fund’s Propsectus, to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any, to an annual rate of not more than 1.25% of average daily net assets. This contractual fee waiver may only be terminated subject to approval by the Board of Trustees of the Trust.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.
1 Morningstar, Inc. is the source and owner of the Morningstar Classification data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.
1-888-462-5386 | www.oakfunds.com | 3 |
River Oak Discovery Fund | Performance Update |
All data below As of April 30, 2021 (Unaudited) |
Fund Data | |
Ticker | RIVSX |
Share Price | $20.03 |
Total Net Assets | $22.3M |
Portfolio Turnover | 15% |
Sector Allocation^ | |
Technology | 40.8% |
Financials | 18.5% |
Consumer Discretionary | 14.7% |
Industrials | 11.3% |
Communications | 4.5% |
Consumer Staples | 3.0% |
Cash & Other Assets | 7.2% |
Top 10 Holdings^ | ||
1 | Kulicke & Soffa Industries, Inc. | 5.0% |
2 | M/I Homes, Inc. | 4.5% |
3 | Silicon Motion Technology Corp. - ADR | 4.4% |
4 | AllianceBernstein Holding LP | 4.2% |
5 | Ambarella, Inc. | 4.1% |
6 | Advanced Energy Industries, Inc. | 4.0% |
7 | Cohu, Inc. | 3.9% |
8 | Taylor Morrison Home Corp. | 3.8% |
9 | Artisan Partners Asset Management, Inc. - Class A | 3.7% |
10 | Cirrus Logic, Inc. | 3.4% |
^ | Percentages are based on net assets. Holdings are subject to change. |
Growth of $10,000 Chart |
This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower. |
Average Annual Total Return | ||||
1 Year | 3 Year | 5 Year | 10 Year | |
Return | Return | Return | Return | |
River Oak Discovery Fund | 77.18% | 18.63% | 16.17% | 10.34% |
Morningstar US Small-Cap Index1 | 72.55% | 14.83% | 14.96% | 11.45% |
Lipper Small-Cap Core Funds Average2 | 72.17% | 12.48% | 13.46% | 10.25% |
Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 1.45%/1.25%
Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 1.25%/1.23%
The Adviser has contractually agreed until at least February 28, 2022, to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any, to an annual rate of not more than 1.25% of average daily net assets. This contractual fee waiver may only be terminated subject to approval by the Board of Trustees of the Trust.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.
1 Morningstar, Inc. is the source and owner of the Morningstar Classification data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.
4 | Semi-Annual Report | April 30, 2021 |
Red Oak Technology Select Fund | Performance Update |
All data below As of April 30, 2021 (Unaudited) |
Fund Data | |
Ticker | ROGSX |
Share Price | $41.37 |
Total Net Assets | $663.8M |
Portfolio Turnover | —% |
Sector Allocation^ | |
Technology | 68.1% |
Communications | 16.7% |
Consumer Discretionary | 10.8% |
Real Estate | 2.4% |
Cash & Other Assets | 2.0% |
Top 10 Holdings^ | ||
1 | Alphabet, Inc. | 9.7% |
2 | Apple, Inc. | 8.8% |
3 | Amazon.com, Inc. | 8.0% |
4 | Facebook, Inc. - Class A | 7.0% |
5 | Microsoft Corp. | 6.0% |
6 | KLA Corp. | 5.0% |
7 | Oracle Corp. | 4.7% |
8 | Intel Corp. | 4.7% |
9 | Cisco Systems, Inc. | 4.4% |
10 | Skyworks Solutions, Inc. | 4.0% |
^ | Percentages are based on net assets. Holdings are subject to change. |
Growth of $10,000 Chart |
This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Average Annual Total Return | ||||
1 Year | 3 Year | 5 Year | 10 Year | |
Return | Return | Return | Return | |
Red Oak Technology Select Fund | 43.97% | 21.60% | 25.57% | 18.13% |
S&P 500 Equal Weight Information Technology Index1 | 54.04% | 24.47% | 27.11% | 18.52% |
Lipper Science & Technology Funds Average2 | 66.70% | 27.43% | 28.01% | 17.29% |
Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 0.94%
Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 0.91%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.
1 Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.
1-888-462-5386 | www.oakfunds.com | 5 |
Black Oak Emerging Technology Fund | Performance Update |
All data below As of April 30, 2021 (Unaudited) |
Fund Data | |
Ticker | BOGSX |
Share Price | $8.43 |
Total Net Assets | $62.9M |
Portfolio Turnover | —% |
Sector Allocation^ | |
Technology | 70.9% |
Communications | 7.6% |
Energy | 6.2% |
Consumer Discretionary | 5.7% |
Industrials | 3.1% |
Health Care | 2.9% |
Cash & Other Assets | 3.6% |
Top 10 Holdings^ | ||
1 | SolarEdge Technologies, Inc. | 6.2% |
2 | Kulicke & Soffa Industries, Inc. | 4.5% |
3 | Lam Research Corp. | 4.2% |
4 | Apple, Inc. | 4.2% |
5 | Tencent Holdings Ltd. - ADR | 4.1% |
6 | KLA Corp. | 3.8% |
7 | Cohu, Inc. | 3.8% |
8 | Fortinet, Inc. | 3.6% |
9 | Ambarella, Inc. | 3.4% |
10 | Perficient, Inc. | 3.3% |
^ | Percentages are based on net assets. Holdings are subject to change. |
Growth of $10,000 Chart |
This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower.
Average Annual Total Return | ||||
1 Year | 3 Year | 5 Year | 10 Year | |
Return | Return | Return | Return | |
Black Oak Emerging Technology Fund | 72.98% | 26.03% | 24.22% | 13.37% |
S&P 500 Equal Weight Information Technology Index1 | 54.04% | 24.47% | 27.11% | 18.52% |
Lipper Science & Technology Funds Average2 | 66.70% | 27.43% | 28.01% | 17.29% |
Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 1.12%
Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 1.01%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.
1 Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.
6 | Semi-Annual Report | April 30, 2021 |
Live Oak Health Sciences Fund | Performance Update |
All data below As of April 30, 2021 (Unaudited) |
Fund Data | |
Ticker | LOGSX |
Share Price | $21.00 |
Total Net Assets | $52.9M |
Portfolio Turnover | 12% |
Sector Allocation^ | |
Health Care | 99.4% |
Cash & Other Assets | 0.6% |
Top 10 Holdings^ | ||
1 | Charles River Laboratories International, Inc. | 6.5% |
2 | UnitedHealth Group, Inc. | 5.9% |
3 | Cigna Corp. | 5.9% |
4 | United Therapeutics Corp. | 5.2% |
5 | McKesson Corp. | 5.0% |
6 | Medtronic PLC | 4.6% |
7 | Amgen, Inc. | 4.6% |
8 | Alcon, Inc. | 4.1% |
9 | Anthem, Inc. | 3.9% |
10 | Jazz Pharmaceuticals PLC | 3.8% |
^ | Percentages are based on net assets. Holdings are subject to change. |
Growth of $10,000 Chart |
This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Average Annual Total Return | ||||
1 Year | 3 Year | 5 Year | 10 Year | |
Return | Return | Return | Return | |
Live Oak Health Sciences Fund | 21.16% | 11.02% | 8.56% | 11.39% |
S&P 500® Health Care Index1 | 23.70% | 16.12% | 13.84% | 15.33% |
Lipper Health & Biotechnology Funds Average2 | 34.47% | 16.98% | 15.51% | 15.09% |
Gross/Net Expense Ratio (per the prospectus dated February 28, 2021): 1.03%
Gross/Net Expense Ratio (as of the six months ended April 30, 2021): 1.02%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.
1 Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 8 and 9 for additional disclosure.
1-888-462-5386 | www.oakfunds.com | 7 |
Important Disclosures |
All data below As of April 30, 2021 (Unaudited) |
Index Definitions and Disclosures
All indices are unmanaged and index performance figures include reinvestment of dividends but do not reflect any fees, expenses or taxes. Investors cannot invest directly in an index.
Lipper, a Thomson Reuters Company, is the source and owner of the Lipper Classification data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Lipper Inc. is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.
Lipper Health & Biotechnology Funds – Funds that invest primarily in the equity securities of domestic companies engaged in health care, medicine, and biotechnology.
Lipper Large-Cap Core Funds – Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.
Lipper Multi-Cap Core Funds – Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap core funds typically have average characteristics compared to the S&P SuperComposite 1500 Index.
Lipper Science & Technology Funds – Funds that invest primarily in the equity securities of domestic companies engaged in science and technology.
Lipper Small-Cap Core Funds – Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.
Oak Associates Funds (the “Funds) are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to individuals who invest in the Funds or any member of the public regarding the advisability of investing in equity securities generally or in the Funds in particular or the ability of the Funds to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUNDS OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. One cannot invest directly in an index
Morningstar U.S. Market Index – Measures the performance of US securities and targets 97% market capitalization coverage of the investable universe. It is a diversified broad market index. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.
8 | Semi-Annual Report | April 30, 2021 |
Important Disclosures |
All data below As of April 30, 2021 (Unaudited) |
Morningstar U.S. Mid-Cap Index – Tracks the performance of U.S. mid-cap stocks that fall between 70th and 90th percentile in market capitalization of the investable universe. In aggregate the Mid-Cap Index represents 20 percent of the investable universe.
Morningstar U.S. Small-Cap Index – Measures the performance of U.S. small-cap stocks. These stocks fall between the 90th and 97th percentile in market capitalization of the investable universe. In aggregate, the Small-Cap Index represents 7 percent of the investable universe. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.
Standard & Poor’s is the source and owner of the S&P Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Standard & Poor’s is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.
S&P 500 Index – is a commonly-recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
S&P 500 Equal Weight Information Technology Index – The S&P 500® Equal Weight Information Technology Index is an unmanaged equal weighted version of the S&P 500® Information Technology Index that consists of the common stocks of the following industries: internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services, and wireless telecommunication services that comprise the Information Technology sector of the S&P 500® Index.
S&P 500 Health Care Index – The S&P 500® Health Care Index is a capitalization-weighted index that encompasses two main industry groups. The first includes companies who manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health care services, and owners and operators of health care facilities and organizations. The second group consists of companies primarily involved in the research, development, production and marketing of pharmaceuticals and biotechnology products.
S&P 500 Total Return Index – The S&P 500® Total Return Index is a commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
Investment Definitions
Smart beta defines a set of investment strategies that emphasize the use of alternative index construction rules to traditional market capitalization based indices. Smart beta emphasizes capturing investment factors of market inefficiencies in a rules-based and transparent way.
Correlation is a statistic that measures the degree to which two securities move in relation to each other.
The P/E is the ratio for valuing a company that measures its current share price relative to its per share earnings. The price-earnings ratio can be calculated as market value per share divided by earnings per share.
1-888-462-5386 | www.oakfunds.com | 9 |
Important Disclosures |
All data below As of April 30, 2021 (Unaudited) |
Book value of an asset is the value at which the asset is carried on a balance sheet and calculated by taking the cost of an asset minus the accumulated depreciation. Book value is also the net asset value of a company, calculated as total assets minus intangible assets and liabilities.
Free cash flow yield is an overall return evaluation ratio of a stock, which standardizes the free cash flow per share a company is expected to earn against its market price per share. The ratio is calculated by taking the free cash flow per share divided by the share price.
10 | Semi-Annual Report | April 30, 2021 |
Disclosure of Fund Expenses |
As of April 30, 2021 (Unaudited) |
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020 through April 30, 2021.
Actual Expenses
The first line of the table for each Fund provides information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.
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Disclosure of Fund Expenses |
As of April 30, 2021 (Unaudited) |
Ending | ||||||||
Beginning | Account | |||||||
Account Value | Value | Annualized | Expenses | |||||
November 1, | April 30, | Expense | Paid During | |||||
2020 | 2021 | Ratio | Period(a) | |||||
White Oak Select Growth Fund | ||||||||
Actual Return | $1,000.00 | $1,288.50 | 0.90% | $5.09 | ||||
Hypothetical 5% Return | $1,000.00 | $1,020.35 | 0.90% | $4.49 | ||||
Pin Oak Equity Fund | ||||||||
Actual Return | $1,000.00 | $1,327.70 | 0.92% | $5.30 | ||||
Hypothetical 5% Return | $1,000.00 | $1,020.24 | 0.92% | $4.60 | ||||
Rock Oak Core Growth Fund | ||||||||
Actual Return | $1,000.00 | $1,311.10 | 1.25% | $7.16 | ||||
Hypothetical 5% Return | $1,000.00 | $1,018.60 | 1.25% | $6.26 | ||||
River Oak Discovery Fund | ||||||||
Actual Return | $1,000.00 | $1,514.30 | 1.23% | $7.68 | ||||
Hypothetical 5% Return | $1,000.00 | $1,018.68 | 1.23% | $6.17 | ||||
Red Oak Technology Select Fund | ||||||||
Actual Return | $1,000.00 | $1,272.80 | 0.91% | $5.15 | ||||
Hypothetical 5% Return | $1,000.00 | $1,020.26 | 0.91% | $4.58 | ||||
Black Oak Emerging Technology Fund | ||||||||
Actual Return | $1,000.00 | $1,384.90 | 1.01% | $5.98 | ||||
Hypothetical 5% Return | $1,000.00 | $1,019.78 | 1.01% | $5.06 | ||||
Live Oak Health Sciences Fund | ||||||||
Actual Return | $1,000.00 | $1,243.10 | 1.02% | $5.67 | ||||
Hypothetical 5% Return | $1,000.00 | $1,019.74 | 1.02% | $5.11 |
(a) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
12 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | White Oak Select Growth Fund |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.68% | ||||||||
COMMUNICATIONS — 19.24% | ||||||||
Internet Media & Services — 19.24% | ||||||||
Alphabet, Inc. - Class A(a) | 11,750 | $ | 27,653,625 | |||||
Alphabet, Inc. - Class C(a) | 14,695 | 35,416,713 | ||||||
Facebook, Inc. - Class A(a) | 63,650 | 20,691,342 | ||||||
83,761,680 | ||||||||
CONSUMER DISCRETIONARY — 17.89% | ||||||||
E-Commerce Discretionary — 12.51% | ||||||||
Amazon.com, Inc.(a) | 15,705 | 54,455,831 | ||||||
Retail - Discretionary — 5.38% | ||||||||
Lowe’s Cos., Inc. | 119,390 | 23,430,287 | ||||||
FINANCIALS — 17.03% | ||||||||
Asset Management — 7.10% | ||||||||
Charles Schwab Corp. (The) | 439,100 | 30,912,640 | ||||||
Banking — 5.50% | ||||||||
JPMorgan Chase & Co. | 155,565 | 23,927,453 | ||||||
Institutional Financial Services — 0.81% | ||||||||
State Street Corp. | 42,200 | 3,542,690 | ||||||
Insurance — 3.62% | ||||||||
Chubb Ltd. | 91,890 | 15,767,405 | ||||||
HEALTH CARE — 18.46% | ||||||||
Biotech & Pharma — 10.00% | ||||||||
Amgen, Inc.(b) | 82,460 | 19,760,715 | ||||||
Novartis AG - ADR | 134,060 | 11,427,274 | ||||||
Pfizer, Inc. | 305,700 | 11,815,305 | ||||||
Viatris, Inc. | 41,653 | 553,985 | ||||||
43,557,279 | ||||||||
Health Care Facilities & Services — 2.92% | ||||||||
Laboratory Corp. of America Holdings(a) | 47,770 | 12,700,610 |
1-888-462-5386 | www.oakfunds.com | 13 |
White Oak Select Growth Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
Medical Equipment & Devices — 5.54% | ||||||||
Alcon, Inc.(a)(b) | 138,000 | $ | 10,409,340 | |||||
Zimmer Biomet Holdings, Inc. | 77,390 | 13,710,412 | ||||||
24,119,752 | ||||||||
REAL ESTATE — 2.60% | ||||||||
REIT — 2.60% | ||||||||
Digital Realty Trust, Inc.(b) | 73,490 | 11,340,242 | ||||||
TECHNOLOGY — 24.46% | ||||||||
Semiconductors — 14.53% | ||||||||
KLA Corp. | 75,835 | 23,914,567 | ||||||
QUALCOMM, Inc. | 122,300 | 16,975,240 | ||||||
Xilinx, Inc. | 174,905 | 22,380,844 | ||||||
63,270,651 | ||||||||
Software — 2.35% | ||||||||
Salesforce.com, Inc.(a) | 44,375 | 10,220,450 | ||||||
Technology Hardware — 5.73% | ||||||||
Cisco Systems, Inc. | 490,000 | 24,945,900 | ||||||
Technology Services — 1.85% | ||||||||
Cognizant Technology Solutions Corp. - Class A | 100,000 | 8,040,000 | ||||||
TOTAL COMMON STOCKS (Cost $191,114,858) | 433,992,870 |
14 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | White Oak Select Growth Fund |
As of April 30, 2021 (Unaudited) |
Shares or | Fair | |||||||
Principal ($) | Value | |||||||
SHORT-TERM INVESTMENTS — 3.77% | ||||||||
REPURCHASE AGREEMENTS — 0.39% | ||||||||
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $1,695,014 and a collateral value of $1,743,918 | 1,709,718 | $ | 1,709,718 | |||||
COLLATERAL FOR SECURITIES LOANED — 3.38% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c) | 14,716,290 | 14,716,290 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $16,426,008) | 16,426,008 | |||||||
TOTAL INVESTMENTS — 103.45% (Cost $207,540,866) | 450,418,878 | |||||||
Liabilities in Excess of Other Assets — (3.45)% | (15,037,643 | ) | ||||||
NET ASSETS — 100.00% | $ | 435,381,235 |
(a) | Non-income producing security. |
(b) | Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 14,514,659. |
(c) | Rate disclosed is the seven day effective yield as of April 30, 2021. |
ADR — American Depositary Receipt.
The accompanying notes are an integral part of the financial statements.
1-888-462-5386 | www.oakfunds.com | 15 |
Pin Oak Equity Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.22% | ||||||||
COMMUNICATIONS — 19.08% | ||||||||
Internet Media & Services — 19.08% | ||||||||
Alphabet, Inc. - Class A(a) | 2,985 | $ | 7,025,197 | |||||
Alphabet, Inc. - Class C(a) | 9,489 | 22,869,629 | ||||||
Facebook, Inc. - Class A(a) | 23,900 | 7,769,412 | ||||||
37,664,238 | ||||||||
CONSUMER DISCRETIONARY — 28.29% | ||||||||
Automotive — 5.21% | ||||||||
Gentex Corp. | 292,500 | 10,290,150 | ||||||
E-Commerce Discretionary — 13.53% | ||||||||
Amazon.com, Inc.(a) | 5,120 | 17,753,190 | ||||||
eBay, Inc. | 160,500 | 8,954,295 | ||||||
26,707,485 | ||||||||
Home Construction — 5.57% | ||||||||
M/I Homes, Inc.(a) | 103,901 | 7,243,978 | ||||||
Taylor Morrison Home Corp.(a) | 120,000 | 3,745,200 | ||||||
10,989,178 | ||||||||
Leisure Facilities & Services — 3.98% | ||||||||
DraftKings, Inc. - Class A(a)(b) | 138,555 | 7,850,526 | ||||||
FINANCIALS — 12.94% | ||||||||
Asset Management — 7.32% | ||||||||
Charles Schwab Corp. (The) | 205,351 | 14,456,710 | ||||||
Institutional Financial Services — 2.55% | ||||||||
Bank of New York Mellon Corp. (The) | 100,745 | 5,025,161 | ||||||
Insurance — 3.07% | ||||||||
Assurant, Inc. | 38,900 | 6,052,840 | ||||||
HEALTH CARE — 20.77% | ||||||||
Biotech & Pharma — 5.56% | ||||||||
Amgen, Inc. | 18,500 | 4,433,340 | ||||||
Gilead Sciences, Inc. | 37,085 | 2,353,785 | ||||||
GlaxoSmithKline PLC - ADR(b) | 111,760 | 4,173,118 | ||||||
10,960,243 |
16 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | Pin Oak Equity Fund |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
Health Care Facilities & Services — 4.47% | ||||||||
McKesson Corp. | 36,500 | $ | 6,845,940 | |||||
Quest Diagnostics, Inc. | 15,000 | 1,978,200 | ||||||
8,824,140 | ||||||||
Medical Equipment & Devices — 10.74% | ||||||||
Illumina, Inc.(a) | 19,655 | 7,721,270 | ||||||
Intuitive Surgical, Inc.(a) | 8,040 | 6,954,600 | ||||||
Medtronic PLC | 49,845 | 6,525,708 | ||||||
21,201,578 | ||||||||
TECHNOLOGY — 18.14% | ||||||||
Semiconductors — 5.63% | ||||||||
KLA Corp. | 35,275 | 11,123,971 | ||||||
Technology Services — 12.51% | ||||||||
Amdocs Ltd. | 81,587 | 6,260,987 | ||||||
Paychex, Inc. | 43,649 | 4,255,341 | ||||||
PayPal Holdings, Inc.(a) | 26,230 | 6,879,867 | ||||||
Visa, Inc. - Class A(b) | 31,220 | 7,291,743 | ||||||
24,687,938 | ||||||||
TOTAL COMMON STOCKS (Cost $102,055,383) | 195,834,158 |
1-888-462-5386 | www.oakfunds.com | 17 |
Pin Oak Equity Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Shares or | Fair | |||||||
Principal ($) | Value | |||||||
SHORT-TERM INVESTMENTS — 10.92% | ||||||||
REPURCHASE AGREEMENTS — 0.91% | ||||||||
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $1,777,840 and a collateral value of $1,829,134 | 1,793,263 | $ | 1,793,263 | |||||
COLLATERAL FOR SECURITIES LOANED — 10.01% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c) | 19,758,754 | 19,758,754 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,552,017) | 21,552,017 | |||||||
TOTAL INVESTMENTS — 110.14% (Cost $123,607,400) | 217,386,175 | |||||||
Liabilities in Excess of Other Assets — (10.14)% | (20,021,580 | ) | ||||||
NET ASSETS — 100.00% | $ | 197,364,595 |
(a) | Non-income producing security. |
(b) | Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $19,118,347. |
(c) | Rate disclosed is the seven day effective yield as of April 30, 2021. |
ADR — American Depositary Receipt.
The accompanying notes are an integral part of the financial statements.
18 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | Rock Oak Core Growth Fund |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 93.74% | ||||||||
COMMUNICATIONS — 1.49% | ||||||||
Internet Media & Services — 1.49% | ||||||||
iQIYI, Inc. - ADR(a)(b) | 13,155 | $ | 193,510 | |||||
CONSUMER DISCRETIONARY — 22.10% | ||||||||
Automotive — 3.46% | ||||||||
Gentex Corp. | 12,755 | 448,721 | ||||||
Consumer Services — 3.21% | ||||||||
TAL Education Group - ADR(a) | 7,315 | 416,589 | ||||||
Home Construction — 4.02% | ||||||||
PulteGroup, Inc. | 8,820 | 521,438 | ||||||
Leisure Facilities & Services — 4.25% | ||||||||
DraftKings, Inc. - Class A(a)(b) | 9,745 | 552,152 | ||||||
Leisure Products — 3.81% | ||||||||
Thor Industries, Inc.(b) | 3,490 | 494,149 | ||||||
Wholesale - Discretionary — 3.35% | ||||||||
Pool Corp. | 1,030 | 435,196 | ||||||
ENERGY — 2.27% | ||||||||
Renewable Energy — 2.27% | ||||||||
SolarEdge Technologies, Inc.(a)(b) | 1,120 | 295,165 | ||||||
FINANCIALS — 7.05% | ||||||||
Insurance — 7.05% | ||||||||
Assurant, Inc. | 1,830 | 284,748 | ||||||
Hartford Financial Services Group, Inc. (The) | 9,565 | 630,908 | ||||||
915,656 | ||||||||
HEALTH CARE — 17.49% | ||||||||
Biotech & Pharma — 9.32% | ||||||||
Exelixis, Inc.(a) | 14,921 | 367,355 | ||||||
Jazz Pharmaceuticals PLC(a) | 3,655 | 600,882 |
1-888-462-5386 | www.oakfunds.com | 19 |
Rock Oak Core Growth Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
Viatris, Inc. | 18,120 | $ | 240,996 | |||||
1,209,233 | ||||||||
Health Care Facilities & Services — 4.96% | ||||||||
Cardinal Health, Inc. | 5,770 | 348,162 | ||||||
Quest Diagnostics, Inc. | 2,245 | 296,071 | ||||||
644,233 | ||||||||
Medical Equipment & Devices — 3.21% | ||||||||
Illumina, Inc.(a) | 1,060 | 416,410 | ||||||
INDUSTRIALS — 8.87% | ||||||||
Aerospace & Defense — 2.53% | ||||||||
TransDigm Group, Inc. | 535 | 328,351 | ||||||
Commercial Support Services — 2.56% | ||||||||
Republic Services, Inc. | 3,130 | 332,719 | ||||||
Machinery — 3.78% | ||||||||
Colfax Corp.(a)(b) | 10,855 | 490,537 | ||||||
MATERIALS — 3.67% | ||||||||
Construction Materials — 3.67% | ||||||||
Carlisle Cos., Inc. | 2,485 | 476,250 | ||||||
REAL ESTATE — 2.50% | ||||||||
REIT — 2.50% | ||||||||
CyrusOne, Inc. | 4,465 | 325,186 | ||||||
TECHNOLOGY — 28.30% | ||||||||
Semiconductors — 3.38% | ||||||||
KLA Corp. | 1,390 | 438,337 | ||||||
Software — 1.92% | ||||||||
Citrix Systems, Inc. | 2,015 | 249,558 | ||||||
Technology Hardware — 18.75% | ||||||||
F5 Networks, Inc.(a) | 2,820 | 526,663 | ||||||
NetApp, Inc. | 5,805 | 433,575 | ||||||
Seagate Technology PLC(b) | 7,998 | 742,534 |
20 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | Rock Oak Core Growth Fund |
As of April 30, 2021 (Unaudited) |
Shares or | Fair | |||||||
Principal ($) | Value | |||||||
Ubiquiti Networks, Inc. | 2,565 | $ | 731,872 | |||||
2,434,644 | ||||||||
Technology Services — 4.25% | ||||||||
Amdocs Ltd. | 2,475 | 189,931 | ||||||
Cognizant Technology Solutions Corp. - Class A | 4,500 | 361,800 | ||||||
551,731 | ||||||||
TOTAL COMMON STOCKS (Cost $7,826,049) | 12,169,765 | |||||||
SHORT-TERM INVESTMENTS — 23.90% | ||||||||
REPURCHASE AGREEMENTS — 6.52% | ||||||||
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $838,878 and a collateral value of $863,081 | 846,155 | 846,155 | ||||||
COLLATERAL FOR SECURITIES LOANED — 17.38% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c) | 2,255,738 | 2,255,738 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,101,893) | 3,101,893 | |||||||
TOTAL INVESTMENTS — 117.64% (Cost $10,927,942) | 15,271,658 | |||||||
Liabilities in Excess of Other Assets — (17.64)% | (2,290,329 | ) | ||||||
NET ASSETS — 100.00% | $ | 12,981,329 |
(a) | Non-income producing security. |
(b) | Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $2,151,465. |
(c) | Rate disclosed is the seven day effective yield as of April 30, 2021. |
ADR — American Depositary Receipt.
The accompanying notes are an integral part of the financial statements.
1-888-462-5386 | www.oakfunds.com | 21 |
River Oak Discovery Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 92.88% | ||||||||
COMMUNICATIONS — 4.54% | ||||||||
Advertising & Marketing — 1.63% | ||||||||
QuinStreet, Inc.(a) | 17,875 | $ | 362,326 | |||||
Internet Media & Services — 2.91% | ||||||||
Eventbrite, Inc. - Class A(a)(b) | 27,530 | 648,882 | ||||||
CONSUMER DISCRETIONARY — 14.69% | ||||||||
Consumer Services — 6.34% | ||||||||
Aaron’s Co., Inc. (The) | 3,000 | 92,670 | ||||||
Adtalem Global Education, Inc.(a) | 19,770 | 678,309 | ||||||
American Public Education, Inc.(a) | 21,012 | 640,025 | ||||||
1,411,004 | ||||||||
Home Construction — 8.35% | ||||||||
M/I Homes, Inc.(a) | 14,386 | 1,002,992 | ||||||
Taylor Morrison Home Corp.(a) | 27,416 | 855,654 | ||||||
1,858,646 | ||||||||
CONSUMER STAPLES — 2.97% | ||||||||
Household Products — 2.97% | ||||||||
Edgewell Personal Care Co. | 17,322 | 661,700 | ||||||
FINANCIALS — 18.54% | ||||||||
Asset Management — 10.37% | ||||||||
AllianceBernstein Holding LP | 21,518 | 927,641 | ||||||
Artisan Partners Asset Management, Inc. - Class A | 16,381 | 834,121 | ||||||
Hamilton Lane, Inc. - Class A | 6,050 | 547,222 | ||||||
2,308,984 | ||||||||
Banking — 2.11% | ||||||||
Dime Community Bancshares, Inc.(b) | 14,171 | 469,344 | ||||||
Insurance — 4.03% | ||||||||
CNO Financial Group, Inc. | 17,345 | 442,818 | ||||||
Selective Insurance Group, Inc. | 5,960 | 453,794 | ||||||
896,612 | ||||||||
Specialty Finance — 2.03% | ||||||||
PROG Holdings, Inc.(a) | 8,850 | 450,819 |
22 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | River Oak Discovery Fund |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
INDUSTRIALS — 11.31% | ||||||||
Commercial Support Services — 2.01% | ||||||||
Barrett Business Services, Inc. | 6,101 | $ | 447,386 | |||||
Electrical Equipment — 3.97% | ||||||||
Advanced Energy Industries, Inc. | 8,000 | 882,480 | ||||||
Machinery — 5.33% | ||||||||
Hollysys Automation Technologies Ltd. | 38,430 | 521,111 | ||||||
Kadant, Inc. | 3,740 | 665,832 | ||||||
1,186,943 | ||||||||
TECHNOLOGY — 40.83% | ||||||||
Semiconductors — 23.14% | ||||||||
Ambarella, Inc.(a) | 9,360 | 912,506 | ||||||
Cirrus Logic, Inc.(a) | 10,136 | 754,220 | ||||||
Cohu, Inc. | 21,455 | 858,415 | ||||||
Diodes, Inc.(a) | 6,870 | 527,685 | ||||||
Kulicke & Soffa Industries, Inc. | 19,620 | 1,115,397 | ||||||
Silicon Motion Technology Corp. - ADR | 13,665 | 981,420 | ||||||
5,149,643 | ||||||||
Software — 13.51% | ||||||||
Cognyte Software Ltd.(a) | 22,970 | 600,206 | ||||||
FireEye, Inc.(a) | 24,590 | 488,726 | ||||||
NextGen Healthcare, Inc.(a) | 35,190 | 644,329 | ||||||
Verint Systems, Inc.(a)(b) | 13,948 | 677,454 | ||||||
Workiva, Inc.(a) | 6,335 | 595,490 | ||||||
3,006,205 | ||||||||
Technology Services — 4.18% | ||||||||
LiveRamp Holdings, Inc.(a) | 7,420 | 363,432 | ||||||
Perficient, Inc.(a)(b) | 8,630 | 566,214 | ||||||
929,646 | ||||||||
TOTAL COMMON STOCKS (Cost $13,626,761) | 20,670,620 |
1-888-462-5386 | www.oakfunds.com | 23 |
River Oak Discovery Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Shares or | Fair | |||||||
Principal ($) | Value | |||||||
SHORT-TERM INVESTMENTS — 13.87% | ||||||||
REPURCHASE AGREEMENTS — 7.44% | ||||||||
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $1,640,636 and a collateral value of $1,687,971 | 1,654,868 | $ | 1,654,868 | |||||
COLLATERAL FOR SECURITIES LOANED — 6.43% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c) | 1,431,205 | 1,431,205 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,086,073) | 3,086,073 | |||||||
TOTAL INVESTMENTS — 106.75% (Cost $16,712,834) | 23,756,693 | |||||||
Liabilities in Excess of Other Assets — (6.75)% | (1,503,184 | ) | ||||||
NET ASSETS — 100.00% | $ | 22,253,509 |
(a) | Non-income producing security. |
(b) | Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 1,394,779. |
(c) | Rate disclosed is the seven day effective yield as of April 30, 2021. |
ADR — American Depositary Receipt.
The accompanying notes are an integral part of the financial statements.
24 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | Red Oak Technology Select Fund |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 97.95% | ||||||||
COMMUNICATIONS — 16.70% | ||||||||
Internet Media & Services — 16.70% | ||||||||
Alphabet, Inc. - Class A(a) | 9,250 | $ | 21,769,875 | |||||
Alphabet, Inc. - Class C(a) | 17,636 | 42,504,876 | ||||||
Facebook, Inc. - Class A(a) | 143,225 | 46,559,583 | ||||||
110,834,334 | ||||||||
CONSUMER DISCRETIONARY — 10.77% | ||||||||
E-Commerce Discretionary — 10.77% | ||||||||
Amazon.com, Inc.(a) | 15,400 | 53,398,268 | ||||||
eBay, Inc. | 324,030 | 18,077,634 | ||||||
71,475,902 | ||||||||
REAL ESTATE — 2.35% | ||||||||
REIT — 2.35% | ||||||||
Digital Realty Trust, Inc. | 100,770 | 15,549,819 | ||||||
TECHNOLOGY — 68.13% | ||||||||
Semiconductors — 21.63% | ||||||||
Intel Corp. | 537,450 | 30,919,499 | ||||||
KLA Corp. | 105,309 | 33,209,193 | ||||||
NXP Semiconductors NV(b) | 113,550 | 21,859,510 | ||||||
QUALCOMM, Inc. | 153,200 | 21,264,160 | ||||||
Skyworks Solutions, Inc. | 145,135 | 26,317,330 | ||||||
Xilinx, Inc. | 78,074 | 9,990,349 | ||||||
143,560,041 | ||||||||
Software — 23.61% | ||||||||
Akamai Technologies, Inc.(a)(b) | 136,780 | 14,867,986 | ||||||
Check Point Software Technologies Ltd.(a) | 74,700 | 8,725,707 | ||||||
Citrix Systems, Inc.(b) | 129,280 | 16,011,328 | ||||||
Microsoft Corp. | 157,970 | 39,836,874 | ||||||
Oracle Corp. | 408,601 | 30,967,870 | ||||||
Synopsys, Inc.(a) | 99,295 | 24,531,823 | ||||||
VMware, Inc. - Class A(a)(b) | 135,470 | 21,787,640 | ||||||
156,729,228 | ||||||||
Technology Hardware — 14.98% | ||||||||
Apple, Inc. | 442,200 | 58,131,612 | ||||||
Cisco Systems, Inc. | 576,180 | 29,333,324 |
1-888-462-5386 | www.oakfunds.com | 25 |
Red Oak Technology Select Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Shares or | Fair | |||||||
Principal ($) | Value | |||||||
NetApp, Inc. | 160,690 | $ | 12,001,936 | |||||
99,466,872 | ||||||||
Technology Services — 7.91% | ||||||||
Accenture PLC - Class A | 47,580 | 13,796,772 | ||||||
Global Payments, Inc. | 93,157 | 19,994,287 | ||||||
Visa, Inc. - Class A(b) | 80,000 | 18,684,800 | ||||||
52,475,859 | ||||||||
TOTAL COMMON STOCKS (Cost $248,015,976) | 650,092,055 | |||||||
SHORT-TERM INVESTMENTS — 10.39% | ||||||||
REPURCHASE AGREEMENTS — 2.24% | ||||||||
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $14,768,244 and a collateral value of $15,194,334 | 14,896,353 | 14,896,353 | ||||||
COLLATERAL FOR SECURITIES LOANED — 8.15% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c) | 54,109,840 | 54,109,840 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $69,006,193) | 69,006,193 | |||||||
TOTAL INVESTMENTS — 108.34% (Cost $317,022,169) | 719,098,248 | |||||||
Liabilities in Excess of Other Assets — (8.34)% | (55,332,687 | ) | ||||||
NET ASSETS — 100.00% | $ | 663,765,561 |
(a) | Non-income producing security. |
(b) | Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 51,991,635. |
(c) | Rate disclosed is the seven day effective yield as of April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
26 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | Black Oak Emerging Technology Fund |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 96.35% | ||||||||
COMMUNICATIONS — 7.55% | ||||||||
Internet Media & Services — 7.55% | ||||||||
Facebook, Inc. - Class A(a) | 5,525 | $ | 1,796,067 | |||||
iQIYI, Inc. - ADR(a)(b) | 26,150 | 384,666 | ||||||
Tencent Holdings Ltd. - ADR(b) | 32,245 | 2,568,637 | ||||||
4,749,370 | ||||||||
CONSUMER DISCRETIONARY — 5.72% | ||||||||
Automotive — 2.73% | ||||||||
Tesla, Inc.(a)(b) | 2,425 | 1,720,392 | ||||||
Leisure Facilities & Services — 2.99% | ||||||||
DraftKings, Inc. - Class A(a)(b) | 33,140 | 1,877,712 | ||||||
ENERGY — 6.19% | ||||||||
Renewable Energy — 6.19% | ||||||||
SolarEdge Technologies, Inc.(a)(b) | 14,765 | 3,891,168 | ||||||
HEALTH CARE — 2.89% | ||||||||
Medical Equipment & Devices — 2.89% | ||||||||
Illumina, Inc.(a) | 4,635 | 1,820,814 | ||||||
INDUSTRIALS — 3.08% | ||||||||
Electrical Equipment — 3.08% | ||||||||
Advanced Energy Industries, Inc.(b) | 17,560 | 1,937,044 | ||||||
TECHNOLOGY — 70.92% | ||||||||
Information Technology — 2.22% | ||||||||
Paylocity Holdings Corp.(a) | 7,220 | 1,395,193 | ||||||
Semiconductors — 30.09% | ||||||||
Ambarella, Inc.(a) | 22,000 | 2,144,780 | ||||||
Cirrus Logic, Inc.(a) | 20,830 | 1,549,960 | ||||||
Cohu, Inc.(b) | 59,077 | 2,363,671 | ||||||
Diodes, Inc.(a) | 25,770 | 1,979,394 | ||||||
KLA Corp. | 7,590 | 2,393,507 | ||||||
Kulicke & Soffa Industries, Inc. | 49,645 | 2,822,318 | ||||||
Lam Research Corp. | 4,285 | 2,658,628 |
1-888-462-5386 | www.oakfunds.com | 27 |
Black Oak Emerging Technology Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
QUALCOMM, Inc. | 10,844 | $ | 1,505,147 | |||||
Silicon Motion Technology Corp. - ADR | 20,940 | 1,503,911 | ||||||
18,921,316 | ||||||||
Software — 17.44% | ||||||||
Citrix Systems, Inc. | 12,595 | 1,559,891 | ||||||
Cognyte Software Ltd.(a) | 14,335 | 374,573 | ||||||
Concentrix Corp.(a) | 6,000 | 932,280 | ||||||
Fortinet, Inc.(a) | 11,090 | 2,264,911 | ||||||
NextGen Healthcare, Inc.(a)(b) | 88,315 | 1,617,048 | ||||||
Palo Alto Networks, Inc.(a) | 5,100 | 1,802,289 | ||||||
Salesforce.com, Inc.(a) | 7,480 | 1,722,793 | ||||||
Verint Systems, Inc.(a)(b) | 14,335 | 696,251 | ||||||
10,970,036 | ||||||||
Technology Hardware — 10.04% | ||||||||
Apple, Inc. | 20,120 | 2,644,975 | ||||||
F5 Networks, Inc.(a) | 7,705 | 1,438,986 | ||||||
SYNNEX Corp.(b) | 4,000 | 484,800 | ||||||
Ubiquiti Networks, Inc.(b) | 6,120 | 1,746,219 | ||||||
6,314,980 | ||||||||
Technology Services — 11.13% | ||||||||
Cognizant Technology Solutions Corp. - Class A | 9,600 | 771,840 | ||||||
Jack Henry & Associates, Inc.(b) | 8,120 | 1,322,180 | ||||||
PayPal Holdings, Inc.(a) | 7,250 | 1,901,602 | ||||||
Perficient, Inc.(a) | 31,260 | 2,050,969 | ||||||
Science Applications International Corp. | 10,665 | 953,664 | ||||||
7,000,255 | ||||||||
TOTAL COMMON STOCKS (Cost $23,294,802) | 60,598,280 |
28 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | Black Oak Emerging Technology Fund |
As of April 30, 2021 (Unaudited) |
Shares or | Fair | |||||||
Principal ($) | Value | |||||||
SHORT-TERM INVESTMENTS — 34.32% | ||||||||
REPURCHASE AGREEMENTS — 3.75% | ||||||||
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $2,337,056 and a collateral value of $2,404,484 | 2,357,329 | $ | 2,357,329 | |||||
COLLATERAL FOR SECURITIES LOANED — 30.57% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c) | 19,222,831 | 19,222,831 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,580,160) | 21,580,160 | |||||||
TOTAL INVESTMENTS — 130.67% (Cost $44,874,962) | 82,178,440 | |||||||
Liabilities in Excess of Other Assets — (30.67)% | (19,288,875 | ) | ||||||
NET ASSETS — 100.00% | $ | 62,889,565 |
(a) | Non-income producing security. |
(b) | Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 18,595,061. |
(c) | Rate disclosed is the seven day effective yield as of April 30, 2021. |
ADR — American Depositary Receipt.
The accompanying notes are an integral part of the financial statements.
1-888-462-5386 | www.oakfunds.com | 29 |
Live Oak Health Sciences Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.35% | ||||||||
HEALTH CARE — 99.35% | ||||||||
Biotech — 22.61% | ||||||||
Amgen, Inc.(a) | 10,240 | $ | 2,453,914 | |||||
Biogen, Inc.(a) (b) | 6,850 | 1,831,210 | ||||||
Exelixis, Inc.(b) | 66,265 | 1,631,444 | ||||||
Gilead Sciences, Inc. | 15,390 | 976,803 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 2,855 | 1,374,112 | ||||||
United Therapeutics Corp.(a) (b) | 13,650 | 2,751,294 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 4,315 | 941,533 | ||||||
11,960,310 | ||||||||
Health Care Services — 9.09% | ||||||||
Charles River Laboratories International, Inc.(b) | 10,285 | 3,419,248 | ||||||
Quest Diagnostics, Inc. | 10,545 | 1,390,675 | ||||||
4,809,923 | ||||||||
Health Care Supply Chain — 16.21% | ||||||||
AmerisourceBergen Corp. | 14,440 | 1,744,352 | ||||||
Cardinal Health, Inc. | 17,409 | 1,050,459 | ||||||
Cigna Corp. | 12,487 | 3,109,388 | ||||||
McKesson Corp.(a) | 14,206 | 2,664,477 | ||||||
8,568,676 | ||||||||
Large Pharma — 9.95% | ||||||||
GlaxoSmithKline PLC - ADR(a) | 43,490 | 1,623,917 | ||||||
Johnson & Johnson | 7,688 | 1,251,068 | ||||||
Merck & Co., Inc. | 18,800 | 1,400,600 | ||||||
Novartis AG - ADR(a) | 11,600 | 988,784 | ||||||
5,264,369 | ||||||||
Life Science & Diagnostics — 6.67% | ||||||||
Illumina, Inc.(b) | 5,035 | 1,977,949 | ||||||
Thermo Fisher Scientific, Inc. | 3,300 | 1,551,759 | ||||||
3,529,708 | ||||||||
Managed Care — 11.86% | ||||||||
Anthem, Inc.(a) | 5,415 | 2,054,397 | ||||||
Humana, Inc. | 2,500 | 1,113,100 | ||||||
UnitedHealth Group, Inc. | 7,800 | 3,110,640 | ||||||
6,278,137 |
30 | Semi-Annual Report | April 30, 2021 |
Schedule of Investments | Live Oak Health Sciences Fund |
As of April 30, 2021 (Unaudited) |
Fair | ||||||||
Shares | Value | |||||||
Medical Devices — 11.65% | ||||||||
Medtronic PLC | 18,746 | $ | 2,454,226 | |||||
Stryker Corp. | 7,060 | 1,854,168 | ||||||
Zimmer Biomet Holdings, Inc. | 10,460 | 1,853,094 | ||||||
6,161,488 | ||||||||
Medical Equipment — 7.42% | ||||||||
Alcon, Inc.(a)(b) | 28,995 | 2,187,093 | ||||||
Intuitive Surgical, Inc.(b) | 2,005 | 1,734,325 | ||||||
3,921,418 | ||||||||
Specialty & Generic Pharma — 3.89% | ||||||||
Jazz Pharmaceuticals PLC(a) (b) | 12,140 | 1,995,816 | ||||||
Viatris, Inc. | 4,636 | 61,659 | ||||||
2,057,475 | ||||||||
TOTAL COMMON STOCKS (Cost $32,942,782) | 52,551,504 |
1-888-462-5386 | www.oakfunds.com | 31 |
Live Oak Health Sciences Fund | Schedule of Investments |
As of April 30, 2021 (Unaudited) |
Shares or | Fair | |||||||
Principal ($) | Value | |||||||
SHORT-TERM INVESTMENTS — 23.06% | ||||||||
REPURCHASE AGREEMENTS — 0.77% | ||||||||
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 0.01%, dated 4/30/2021 and maturing 5/3/2021, collateralized by U.S. Treasury Securities with rates ranging from 1.75% to 3.38% and maturity dates ranging from 2/15/2022 to 5/15/2044 with a par value of $405,532 and a collateral value of $417,232 | 409,050 | $ | 409,050 | |||||
COLLATERAL FOR SECURITIES LOANED — 22.29% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11%(c) | 11,794,241 | 11,794,241 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,203,291) | 12,203,291 | |||||||
TOTAL INVESTMENTS — 122.41% (Cost $45,146,073) | 64,754,795 | |||||||
Liabilities in Excess of Other Assets — (22.41)% | (11,852,762 | ) | ||||||
NET ASSETS — 100.00% | $ | 52,902,033 |
(a) | Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $ 11,566,695. |
(b) | Non-income producing security. |
(c) | Rate disclosed is the seven day effective yield as of April 30, 2021. |
ADR — American Depositary Receipt.
The accompanying notes are an integral part of the financial statements.
32 | Semi-Annual Report | April 30, 2021 |
OAK ASSOCIATES FUNDS |
This Page Intentionally Left Blank |
Statements of Assets & Liabilities |
April 30, 2021 (Unaudited) |
White Oak Select | Pin Oak | |||||||
Growth Fund | Equity Fund | |||||||
ASSETS | ||||||||
Investment securities at value (cost, $207,540,866, $123,607,400, $10,927,942, $16,712,834, $317,022,169, $44,874,962 and $45,146,073), including, $14,514,659, $19,118,347, $2,151,465, $1,394,779, $51,991,635, $18,595,061 and $11,566,695 of securities on loan | $ | 450,418,878 | $ | 217,386,175 | ||||
Receivable for fund shares sold | 66,322 | 6,452 | ||||||
Dividends and interest receivable | 71,634 | 31,231 | ||||||
Tax reclaims receivable | — | — | ||||||
Prepaid expenses | 21,654 | 17,486 | ||||||
Total Assets | 450,578,488 | 217,441,344 | ||||||
LIABILITIES | ||||||||
Payable for fund shares redeemed | 168,989 | 147,555 | ||||||
Payable for collateral upon return of securities loaned | 14,716,290 | 19,758,754 | ||||||
Investment advisory fees payable | 260,701 | 119,026 | ||||||
Administration fees payable | 12,852 | 7,642 | ||||||
Transfer agent fees payable | 4,916 | 2,132 | ||||||
Trustee fees payable | — | — | ||||||
Other accrued expenses | 33,505 | 41,640 | ||||||
Total Liabilities | 15,197,253 | 20,076,749 | ||||||
NET ASSETS | $ | 435,381,235 | $ | 197,364,595 | ||||
Net Assets consist of: | ||||||||
Paid-in capital (unlimited authorization -no par value) | $ | 188,267,453 | $ | 89,423,729 | ||||
Accumulated earnings | 247,113,782 | 107,940,866 | ||||||
Net Assets | $ | 435,381,235 | $ | 197,364,595 | ||||
Total shares outstanding at end of period | 3,233,034 | 2,192,265 | ||||||
Net asset value, offering and redemption price per share (net assets/shares outstanding) | $ | 134.67 | $ | 90.03 |
34 | Semi-Annual Report | April 30, 2021 |
Red Oak | Black Oak | |||||||||||||||||
Rock Oak Core | River Oak | Technology | Emerging | Live Oak Health | ||||||||||||||
Growth Fund | Discovery Fund | Select Fund | Technology Fund | Sciences Fund | ||||||||||||||
$ | 15,271,658 | $ | 23,756,693 | $ | 719,098,248 | $ | 82,178,440 | $ | 64,754,795 | |||||||||
— | 1,378 | 218,612 | 1,595 | 316 | ||||||||||||||
— | 935 | 41,875 | 1 | — | ||||||||||||||
— | — | — | — | 6,695 | ||||||||||||||
12,804 | 6,749 | 23,892 | 13,573 | 19,317 | ||||||||||||||
15,284,462 | 23,765,755 | 719,382,627 | 82,193,609 | 64,781,123 | ||||||||||||||
— | 28,383 | 988,761 | — | 11,440 | ||||||||||||||
2,255,738 | 1,431,205 | 54,109,840 | 19,222,831 | 11,794,241 | ||||||||||||||
6,655 | 14,455 | 407,723 | 39,029 | 31,914 | ||||||||||||||
254 | — | 29,864 | 912 | 1,901 | ||||||||||||||
1,177 | 1,157 | 4,132 | 2,402 | 1,576 | ||||||||||||||
— | — | 1,457 | — | — | ||||||||||||||
39,309 | 37,046 | 75,289 | 38,870 | 38,018 | ||||||||||||||
2,303,133 | 1,512,246 | 55,617,066 | 19,304,044 | 11,879,090 | ||||||||||||||
$ | 12,981,329 | $ | 22,253,509 | $ | 663,765,561 | $ | 62,889,565 | $ | 52,902,033 | |||||||||
$ | 8,324,297 | $ | 13,484,354 | $ | 221,952,736 | $ | 24,284,355 | $ | 31,933,750 | |||||||||
4,657,032 | 8,769,155 | 441,812,825 | 38,605,210 | 20,968,283 | ||||||||||||||
$ | 12,981,329 | $ | 22,253,509 | $ | 663,765,561 | $ | 62,889,565 | $ | 52,902,033 | |||||||||
687,516 | 1,111,261 | 16,042,695 | 7,461,456 | 2,518,952 | ||||||||||||||
$ | 18.88 | $ | 20.03 | $ | 41.37 | $ | 8.43 | $ | 21.00 |
The accompanying notes are an integral part of the financial statements. | |
1-888-462-5386 | www.oakfunds.com | 35 |
Statements of Operations |
For the Six Months Ended April 30, 2021 (Unaudited) |
White Oak Select | Pin Oak | |||||||
Growth Fund | Equity Fund | |||||||
INVESTMENT INCOME | ||||||||
Dividends | $ | 2,709,584 | $ | 889,188 | ||||
Securities lending income | 4,042 | 3,970 | ||||||
Interest | 191 | 179 | ||||||
Less: Foreign withholding tax | (150,104 | ) | (3,087 | ) | ||||
Total Investment Income | 2,563,713 | 890,250 | ||||||
EXPENSES | ||||||||
Investment adviser | 1,468,809 | 685,970 | ||||||
Administration | 82,673 | 39,332 | ||||||
Sub transfer agent | 57,876 | 31,750 | ||||||
Transfer agent | 36,779 | 18,570 | ||||||
Legal | 33,376 | 13,739 | ||||||
Trustee | 27,345 | 11,951 | ||||||
Report printing | 11,712 | 6,603 | ||||||
Registration | 11,478 | 12,114 | ||||||
Insurance | 10,018 | 5,680 | ||||||
Audit | 7,923 | 7,923 | ||||||
Custodian | 6,699 | 3,590 | ||||||
Pricing | 2 | 2 | ||||||
Miscellaneous | 27,936 | 15,238 | ||||||
Total Expenses | 1,782,626 | 852,462 | ||||||
Less: Investment advisory fees waived | — | — | ||||||
Net Expenses | 1,782,626 | 852,462 | ||||||
Net Investment Income (Loss) | 781,087 | 37,788 | ||||||
Realized and Unrealized Gain on Investments | ||||||||
Net realized gain on investment securities transactions | 3,311,069 | 14,026,541 | ||||||
Net change in unrealized appreciation of investment securities | 95,298,448 | 37,494,879 | ||||||
Net Realized and Unrealized Gain on Investments | 98,609,517 | 51,521,420 | ||||||
Net Increase in Net Assets from Operations | $ | 99,390,604 | $ | 51,559,208 |
36 | Semi-Annual Report | April 30, 2021 |
Red Oak | Black Oak | |||||||||||||||||
Rock Oak Core | River Oak | Technology | Emerging | Live Oak Health | ||||||||||||||
Growth Fund | Discovery Fund | Select Fund | Technology Fund | Sciences Fund | ||||||||||||||
$ | 65,696 | $ | 71,082 | $ | 3,017,790 | $ | 113,263 | $ | 324,906 | |||||||||
944 | 1,085 | 7,587 | 3,871 | 1,348 | ||||||||||||||
23 | 15,457 | 210 | 104 | 54 | ||||||||||||||
(409 | ) | (270 | ) | (15,968 | ) | (1,047 | ) | (14,757 | ) | |||||||||
66,254 | 87,354 | 3,009,619 | 116,191 | 311,551 | ||||||||||||||
44,674 | 78,545 | 2,351,018 | 217,913 | 183,378 | ||||||||||||||
2,405 | 3,672 | 139,865 | 11,559 | 10,678 | ||||||||||||||
739 | 384 | 177,716 | 6,066 | 6,280 | ||||||||||||||
7,812 | 7,806 | 30,757 | 16,687 | 10,731 | ||||||||||||||
916 | 1,616 | 55,715 | 5,160 | 3,677 | ||||||||||||||
513 | 1,220 | 45,098 | 3,945 | 3,199 | ||||||||||||||
2,703 | 2,984 | 22,300 | 3,771 | 3,196 | ||||||||||||||
10,328 | 11,430 | 15,260 | 10,816 | 12,364 | ||||||||||||||
292 | 359 | 17,762 | 1,104 | 1,329 | ||||||||||||||
7,923 | 7,923 | 7,923 | 7,923 | 7,923 | ||||||||||||||
282 | 561 | 15,407 | 1,167 | 1,058 | ||||||||||||||
2 | 2 | 2 | 2 | 2 | ||||||||||||||
7,539 | 7,550 | 30,513 | 12,224 | 9,411 | ||||||||||||||
86,128 | 124,052 | 2,909,336 | 298,337 | 253,226 | ||||||||||||||
(10,495 | ) | (1,293 | ) | — | — | — | ||||||||||||
75,633 | 122,759 | 2,909,336 | 298,337 | 253,226 | ||||||||||||||
(9,379 | ) | (35,405 | ) | 100,283 | (182,146 | ) | 58,325 | |||||||||||
311,850 | 1,785,348 | 39,808,664 | 1,630,337 | 1,853,886 | ||||||||||||||
2,802,706 | 5,680,172 | 111,584,072 | 15,963,201 | 8,753,482 | ||||||||||||||
3,114,556 | 7,465,520 | 151,392,736 | 17,593,538 | 10,607,368 | ||||||||||||||
$ | 3,105,177 | $ | 7,430,115 | $ | 151,493,019 | $ | 17,411,392 | $ | 10,665,693 |
The accompanying notes are an integral part of the financial statements. | |
1-888-462-5386 | www.oakfunds.com | 37 |
Statements of Changes in Net Assets |
White Oak Select | ||||||||
Growth Fund | ||||||||
For the Six | ||||||||
Months | ||||||||
Ended | For the | |||||||
April 30, | Year Ended | |||||||
2021 | October 31, | |||||||
(Unaudited) | 2020 | |||||||
INVESTMENT ACTIVITIES | ||||||||
Net investment income (loss) | $ | 781,087 | $ | 2,504,899 | ||||
Net realized gain on investment securities transactions and foreign currency translations | 3,311,069 | 9,346,902 | ||||||
Net change in unrealized appreciation (depreciation) of investments securities | 95,298,448 | 26,200,706 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 99,390,604 | 38,052,507 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||
Earnings | (9,851,894 | ) | (6,540,759 | ) | ||||
Total Distributions | (9,851,894 | ) | (6,540,759 | ) | ||||
CAPITAL TRANSACTIONS | ||||||||
Proceeds from shares sold | 6,394,934 | 11,810,650 | ||||||
Reinvestment of distributions | 9,362,811 | 6,253,692 | ||||||
Amount paid for shares redeemed | (19,897,751 | ) | (55,599,534 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions | (4,140,006 | ) | (37,535,192 | ) | ||||
Total Increase (Decrease) in Net Assets | 85,398,704 | (6,023,444 | ) | |||||
NET ASSETS | ||||||||
Beginning of period | 349,982,531 | 356,005,975 | ||||||
End of period | $ | 435,381,235 | $ | 349,982,531 | ||||
SHARE TRANSACTIONS | ||||||||
Shares sold | 51,173 | 118,214 | ||||||
Shares issued in reinvestment of distributions | 79,252 | 60,733 | ||||||
Shares redeemed | (161,773 | ) | (555,131 | ) | ||||
Net Increase (Decrease) in Shares Outstanding | (31,348 | ) | (376,184 | ) |
38 | Semi-Annual Report | April 30, 2021 |
Pin Oak | Rock Oak Core | |||||||||||||
Equity Fund | Growth Fund | |||||||||||||
For the Six | For the Six | |||||||||||||
Months | Months | |||||||||||||
Ended | For the | Ended | For the | |||||||||||
April 30, | Year Ended | April 30, | Year Ended | |||||||||||
2021 | October 31, | 2021 | October 31, | |||||||||||
(Unaudited) | 2020 | (Unaudited) | 2020 | |||||||||||
$ | 37,788 | $ | 1,714,148 | $ | (9,379 | ) | $ | 20,655 | ||||||
14,026,541 | 8,768,143 | 311,850 | 1,828,766 | |||||||||||
37,494,879 | (13,435,080 | ) | 2,802,706 | (1,448,025 | ) | |||||||||
51,559,208 | (2,952,789 | ) | 3,105,177 | 401,396 | ||||||||||
(8,125,501 | ) | (7,546,924 | ) | (1,690,245 | ) | (369,846 | ) | |||||||
(8,125,501 | ) | (7,546,924 | ) | (1,690,245 | ) | (369,846 | ) | |||||||
3,926,005 | 11,743,734 | 247,117 | 203,391 | |||||||||||
7,571,016 | 7,126,191 | 1,520,187 | 331,685 | |||||||||||
(20,640,558 | ) | (80,436,516 | ) | (279,392 | ) | (2,386,902 | ) | |||||||
(9,143,537 | ) | (61,566,591 | ) | 1,487,912 | (1,851,826 | ) | ||||||||
34,290,170 | (72,066,304 | ) | 2,902,844 | (1,820,276 | ) | |||||||||
163,074,425 | 235,140,729 | 10,078,485 | 11,898,761 | |||||||||||
$ | 197,364,595 | $ | 163,074,425 | $ | 12,981,329 | $ | 10,078,485 | |||||||
47,326 | 171,243 | 13,501 | 12,068 | |||||||||||
96,348 | 95,359 | 89,318 | 18,803 | |||||||||||
(250,390 | ) | (1,204,924 | ) | (15,259 | ) | (143,446 | ) | |||||||
(106,716 | ) | (938,322 | ) | 87,560 | (112,575 | ) |
The accompanying notes are an integral part of the financial statements. | |
1-888-462-5386 | www.oakfunds.com | 39 |
Statements of Changes in Net Assets |
River Oak | ||||||||
Discovery Fund | ||||||||
For the Six | ||||||||
Months | ||||||||
Ended | For the | |||||||
April 30, | Year Ended | |||||||
2021 | October 31, | |||||||
(Unaudited) | 2020 | |||||||
INVESTMENT ACTIVITIES | ||||||||
Net investment income (loss) | $ | (35,405 | ) | $ | (33,154 | ) | ||
Net realized gain on investment securities transactions and foreign currency translations | 1,785,348 | 2,601,564 | ||||||
Net change in unrealized appreciation (depreciation) of investments securities | 5,680,172 | (1,678,299 | ) | |||||
Net Increase in Net Assets Resulting from Operations | 7,430,115 | 890,111 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||
Earnings | (2,560,738 | ) | (499,422 | ) | ||||
Total Distributions | (2,560,738 | ) | (499,422 | ) | ||||
CAPITAL TRANSACTIONS | ||||||||
Proceeds from shares sold | 2,092,351 | 2,038,824 | ||||||
Reinvestment of distributions | 1,755,146 | 328,169 | ||||||
Amount paid for shares redeemed | (964,081 | ) | (774,773 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions | 2,883,416 | 1,592,220 | ||||||
Total Increase (Decrease) in Net Assets | 7,752,793 | 1,982,909 | ||||||
NET ASSETS | ||||||||
Beginning of period | 14,500,716 | 12,517,807 | ||||||
End of period | $ | 22,253,509 | $ | 14,500,716 | ||||
SHARE TRANSACTIONS | ||||||||
Shares sold | 107,250 | 134,021 | ||||||
Shares issued in reinvestment of distributions | 99,838 | 21,104 | ||||||
Shares redeemed | (53,672 | ) | (55,990 | ) | ||||
Net Increase (Decrease) in Shares Outstanding | 153,416 | 99,135 |
40 | Semi-Annual Report | April 30, 2021 |
Red Oak Technology | Black Oak Emerging | |||||||||||||
Select Fund | Technology Fund | |||||||||||||
For the Six | For the Six | |||||||||||||
Months | Months | |||||||||||||
Ended | For the | Ended | For the | |||||||||||
April 30, | Year Ended | April 30, | Year Ended | |||||||||||
2021 | October 31, | 2021 | October 31, | |||||||||||
(Unaudited) | 2020 | (Unaudited) | 2020 | |||||||||||
$ | 100,283 | $ | 2,459,079 | $ | (182,146 | ) | $ | (137,219 | ) | |||||
39,808,664 | 32,667,314 | 1,630,337 | 3,732,335 | |||||||||||
111,584,072 | 48,769,663 | 15,963,201 | 6,523,676 | |||||||||||
151,493,019 | 83,896,056 | 17,411,392 | 10,118,792 | |||||||||||
(28,140,362 | ) | (17,483,737 | ) | (3,408,982 | ) | (2,132,576 | ) | |||||||
(28,140,362 | ) | (17,483,737 | ) | (3,408,982 | ) | (2,132,576 | ) | |||||||
30,208,542 | 108,000,225 | 3,518,858 | 5,029,860 | |||||||||||
26,817,801 | 16,780,845 | 2,967,151 | 1,917,928 | |||||||||||
(93,086,208 | ) | (251,679,737 | ) | (3,143,134 | ) | (5,629,709 | ) | |||||||
(36,059,865 | ) | (126,898,667 | ) | 3,342,875 | 1,318,079 | |||||||||
87,292,792 | (60,486,348 | ) | 17,345,285 | 9,304,295 | ||||||||||
576,472,769 | 636,959,117 | 45,544,280 | 36,239,985 | |||||||||||
$ | 663,765,561 | $ | 576,472,769 | $ | 62,889,565 | $ | 45,544,280 | |||||||
781,329 | 3,491,610 | 425,187 | 861,284 | |||||||||||
712,103 | 536,815 | 383,353 | 338,259 | |||||||||||
(2,418,803 | ) | (8,326,122 | ) | (391,076 | ) | (1,027,895 | ) | |||||||
(925,371 | ) | (4,297,697 | ) | 417,464 | 171,648 |
The accompanying notes are an integral part of the financial statements. | |
1-888-462-5386 | www.oakfunds.com | 41 |
Statements of Changes in Net Assets |
Live Oak | ||||||||
Health Sciences Fund | ||||||||
For the Six | ||||||||
Months | ||||||||
Ended | For the | |||||||
April 30, | Year Ended | |||||||
2021 | October 31, | |||||||
(Unaudited) | 2020 | |||||||
INVESTMENT ACTIVITIES | ||||||||
Net investment income | $ | 58,325 | $ | 401,897 | ||||
Net realized gain on investment securities transactions and foreign currency translations | 1,853,886 | 3,642,306 | ||||||
Net change in unrealized appreciation (depreciation) of investments securities | 8,753,482 | (3,516,639 | ) | |||||
Net Increase in Net Assets Resulting from Operations | 10,665,693 | 527,564 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||
Earnings | (3,288,388 | ) | (446,446 | ) | ||||
Total Distributions | (3,288,388 | ) | (446,446 | ) | ||||
CAPITAL TRANSACTIONS | ||||||||
Proceeds from shares sold | 688,834 | 1,566,604 | ||||||
Reinvestment of distributions | 3,068,428 | 415,073 | ||||||
Amount paid for shares redeemed | (3,121,102 | ) | (8,753,352 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions | 636,160 | (6,771,675 | ) | |||||
Total Increase (Decrease) in Net Assets | 8,013,465 | (6,690,557 | ) | |||||
NET ASSETS | ||||||||
Beginning of period | 44,888,568 | 51,579,125 | ||||||
End of period | $ | 52,902,033 | $ | 44,888,568 | ||||
SHARE TRANSACTIONS | ||||||||
Shares sold | 35,067 | 84,239 | ||||||
Shares issued in reinvestment of distributions | 163,041 | 21,462 | ||||||
Shares redeemed | (158,791 | ) | (469,586 | ) | ||||
Net Increase (Decrease) in Shares Outstanding | 39,317 | (363,885 | ) |
42 | Semi-Annual Report | April 30, 2021 |
OAK ASSOCIATES FUNDS |
This Page Intentionally Left Blank |
Financial Highlights |
For a share outstanding throughout each period |
Net Asset | Net | Realized and | Dividends | |||||||||||||||||
Value | Investment | Unrealized | from Net | |||||||||||||||||
Beginning of | Income | Gain (Loss) | Total from | Investment | ||||||||||||||||
Period | (Loss)(a) | in Securities | Operations | Income | ||||||||||||||||
White Oak Select Growth Fund | ||||||||||||||||||||
For the six months ended April 30, 2021 (Unaudited) | $ | 107.21 | 0.24 | 30.27 | 30.51 | (0.74 | ) | |||||||||||||
For the year ended October 31, 2020 | $ | 97.79 | 0.74 | 10.53 | 11.27 | (0.97 | ) | |||||||||||||
For the year ended October 31, 2019 | $ | 89.55 | 0.94 | 8.47 | 9.41 | (0.54 | ) | |||||||||||||
For the year ended October 31, 2018 | $ | 82.36 | 0.58 | 7.18 | 7.76 | (0.57 | ) | |||||||||||||
For the year ended October 31, 2017 | $ | 67.44 | 0.65 | 15.00 | 15.65 | (0.73 | ) | |||||||||||||
For the year ended October 31, 2016 | $ | 65.21 | 0.66 | 1.99 | 2.65 | (0.42 | ) | |||||||||||||
Pin Oak Equity Fund | ||||||||||||||||||||
For the six months ended April 30, 2021 (Unaudited) | $ | 70.93 | 0.02 | 22.69 | 22.71 | (0.60 | ) | |||||||||||||
For the year ended October 31, 2020 | $ | 72.63 | 0.62 | 0.08 | (f) | 0.70 | (0.91 | ) | ||||||||||||
For the year ended October 31, 2019 | $ | 66.18 | 0.81 | 7.41 | 8.22 | (0.62 | ) | |||||||||||||
For the year ended October 31, 2018 | $ | 63.72 | 0.59 | 3.05 | 3.64 | (0.37 | ) | |||||||||||||
For the year ended October 31, 2017 | $ | 53.35 | 0.40 | 11.15 | 11.55 | (0.36 | ) | |||||||||||||
For the year ended October 31, 2016 | $ | 52.45 | 0.43 | 2.38 | 2.81 | (0.40 | ) | |||||||||||||
Rock Oak Core Growth Fund | ||||||||||||||||||||
For the six months ended April 30, 2021 (Unaudited) | $ | 16.80 | (0.01 | ) | 4.93 | 4.92 | (0.03 | ) | ||||||||||||
For the year ended October 31, 2020 | $ | 16.70 | 0.03 | 0.63 | 0.66 | (0.07 | ) | |||||||||||||
For the year ended October 31, 2019 | $ | 17.02 | 0.05 | (0.28 | ) | (0.23 | ) | — | (e) | |||||||||||
For the year ended October 31, 2018 | $ | 16.07 | 0.01 | 1.86 | 1.87 | (0.01 | ) | |||||||||||||
For the year ended October 31, 2017 | $ | 12.74 | 0.03 | 3.40 | 3.43 | (0.10 | ) | |||||||||||||
For the year ended October 31, 2016 | $ | 12.64 | 0.18 | 0.31 | 0.49 | (0.10 | ) | |||||||||||||
River Oak Discovery Fund | ||||||||||||||||||||
For the six months ended April 30, 2021 (Unaudited) | $ | 15.14 | (0.03 | ) | 7.46 | 7.43 | — | |||||||||||||
For the year ended October 31, 2020 | $ | 14.58 | (0.04 | ) | 1.19 | 1.15 | — | |||||||||||||
For the year ended October 31, 2019 | $ | 15.88 | 0.02 | 0.85 | 0.87 | — | ||||||||||||||
For the year ended October 31, 2018 | $ | 17.42 | (0.08 | ) | (0.54 | ) | (0.62 | ) | — | |||||||||||
For the year ended October 31, 2017 | $ | 14.21 | (0.10 | ) | 3.31 | 3.21 | — | |||||||||||||
For the year ended October 31, 2016 | $ | 13.76 | (0.06 | ) | 0.53 | (0.47 | ) | (0.02 | ) | |||||||||||
(a) | Per share calculations were performed using average shares for the period. |
(b) | Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares. |
(c) | Not annualized. |
44 | Semi-Annual Report | April 30, 2021 |
Ratio of | ||||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||
to Average | ||||||||||||||||||||||||||||||||||
Ratio of | Net Net Assets | |||||||||||||||||||||||||||||||||
Investment | (Excluding | |||||||||||||||||||||||||||||||||
Total | Net | Ratio of Net | Income | Waivers | ||||||||||||||||||||||||||||||
Distributions | Dividends | Net Asset | Assets, End | Expenses to | (Loss) to | and/or | Portfolio | |||||||||||||||||||||||||||
from Capital | and | Value, End | Total | of Period | Average Net | Average Net | Fees Paid | Turnover | ||||||||||||||||||||||||||
Gains | Distributions | of Period | Return(b) | (000) | Assets | Assets | Indirectly) | Rate | ||||||||||||||||||||||||||
(2.31 | ) | (3.05 | ) | $ | 134.67 | 28.85 | % (c) | $ | 435,381 | 0.90 | % (d) | 0.39 | % (d) | 0.90 | % (d) | — | % (c) | |||||||||||||||||
(0.88 | ) | (1.85 | ) | $ | 107.21 | 11.60 | % | $ | 349,983 | 0.93 | % | 0.73 | % | 0.93 | % | 13 | % | |||||||||||||||||
(0.63 | ) | (1.17 | ) | $ | 97.79 | 10.66 | % | $ | 356,006 | 0.95 | % | 1.00 | % | 0.95 | % | 10 | % | |||||||||||||||||
— | (e) | (0.57 | ) | $ | 89.55 | 9.46 | % | $ | 318,037 | 0.93 | % | 0.63 | % | 0.93 | % | 14 | % | |||||||||||||||||
— | (0.73 | ) | $ | 82.36 | 23.36 | % | $ | 285,658 | 0.98 | % | 0.86 | % | 0.98 | % | 13 | % | ||||||||||||||||||
— | (0.42 | ) | $ | 67.44 | 4.07 | % | $ | 248,433 | 1.06 | % | 1.03 | % | 1.06 | % | 14 | % | ||||||||||||||||||
(3.01 | ) | (3.61 | ) | $ | 90.03 | 32.77 | % (c) | $ | 197,365 | 0.92 | % (d) | 0.04 | % (d) | 0.92 | % (d) | 6 | % (c) | |||||||||||||||||
(1.49 | ) | (2.40 | ) | $ | 70.93 | 0.79 | % | $ | 163,074 | 0.95 | % | 0.89 | % | 0.95 | % | 15 | % | |||||||||||||||||
(1.15 | ) | (1.77 | ) | $ | 72.63 | 12.83 | % | $ | 235,141 | 0.96 | % | 1.19 | % | 0.96 | % | 10 | % | |||||||||||||||||
(0.81 | ) | (1.18 | ) | $ | 66.18 | 5.75 | % | $ | 260,859 | 0.95 | % | 0.87 | % | 0.95 | % | 12 | % | |||||||||||||||||
(0.82 | ) | (1.18 | ) | $ | 63.72 | 21.86 | % | $ | 222,085 | 0.98 | % | 0.66 | % | 0.98 | % | 8 | % | |||||||||||||||||
(1.51 | ) | (1.91 | ) | $ | 53.35 | 5.54 | % | $ | 109,928 | 1.08 | % | 0.86 | % | 1.08 | % | 10 | % | |||||||||||||||||
(2.81 | ) | (2.84 | ) | $ | 18.88 | 31.11 | % (c) | $ | 12,981 | 1.25 | % (d) | (0.16 | )% (d) | 1.42 | % (d) | 2 | % (c) | |||||||||||||||||
(0.49 | ) | (0.56 | ) | $ | 16.80 | 3.78 | % | $ | 10,078 | 1.25 | % | 0.20 | % | 1.57 | % | 52 | % | |||||||||||||||||
(0.09 | ) | (0.09 | ) | $ | 16.70 | (1.34 | )% | $ | 11,899 | 1.25 | % | 0.29 | % | 1.38 | % | 16 | % | |||||||||||||||||
(0.91 | ) | (0.92 | ) | $ | 17.02 | 12.15 | % | $ | 20,365 | 1.25 | % | 0.08 | % | 1.32 | % | 14 | % | |||||||||||||||||
— | (0.10 | ) | $ | 16.07 | 27.02 | % | $ | 9,183 | 1.25 | % | 0.20 | % | 1.51 | % | 31 | % | ||||||||||||||||||
(0.29 | ) | (0.39 | ) | $ | 12.74 | 3.98 | % | $ | 7,395 | 1.25 | % | 0.48 | % | 1.65 | % | 11 | % | |||||||||||||||||
(2.54 | ) | (2.54 | ) | $ | 20.03 | 51.43 | % (c) | $ | 22,254 | 1.23 | % (d) | (0.36 | )% (d) | 1.25 | % (d) | 15 | % (c) | |||||||||||||||||
(0.59 | ) | (0.59 | ) | $ | 15.14 | 7.79 | % | $ | 14,501 | 1.35 | % | (0.27 | )% | 1.56 | % | 48 | % | |||||||||||||||||
(2.17 | ) | (2.17 | ) | $ | 14.58 | 6.99 | % | $ | 12,518 | 1.35 | % | 0.12 | % | 1.60 | % | 15 | % | |||||||||||||||||
(0.92 | ) | (0.92 | ) | $ | 15.88 | (3.82 | )% | $ | 12,950 | 1.35 | % | (0.46 | )% | 1.50 | % | 43 | % | |||||||||||||||||
— | — | $ | 17.42 | 22.59 | % | $ | 14,427 | 1.35 | % | (0.63 | )% | 1.41 | % | 43 | % | |||||||||||||||||||
— | (0.02 | ) | $ | 14.21 | 3.39 | % | $ | 12,322 | 1.35 | % | (0.40 | )% | 1.51 | % | 21 | % | ||||||||||||||||||
(d) | Annualized |
(e) | Less than $0.005 per share. |
(f) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
The accompanying notes are an integral part of the financial statements.
1-888-462-5386 | www.oakfunds.com | 45 |
Financial Highlights |
For a share outstanding throughout each period |
Net Asset | Net | Realized and | Dividends | |||||||||||||||||
Value | Investment | Unrealized | from Net | |||||||||||||||||
Beginning of | Income | Gain (Loss) | Total from | Investment | ||||||||||||||||
Period | (Loss)(a) | in Securities | Operations | Income | ||||||||||||||||
Red Oak Technology Select Fund | ||||||||||||||||||||
For the six months ended April 30, 2021 (Unaudited) | $ | 33.97 | 0.01 | 9.09 | 9.10 | (0.12 | ) | |||||||||||||
For the year ended October 31, 2020 | $ | 29.95 | 0.13 | 4.72 | 4.85 | (0.17 | ) | |||||||||||||
For the year ended October 31, 2019 | $ | 26.90 | 0.27 | 4.03 | 4.30 | (0.22 | ) | |||||||||||||
For the year ended October 31, 2018 | $ | 25.78 | 0.10 | 2.72 | 2.82 | (0.10 | ) | |||||||||||||
For the year ended October 31, 2017 | $ | 19.27 | 0.09 | 6.71 | 6.80 | (0.08 | ) | |||||||||||||
For the year ended October 31, 2016 | $ | 17.17 | 0.20 | 2.62 | 2.82 | (0.19 | ) | |||||||||||||
Black Oak Emerging Technology Fund | ||||||||||||||||||||
For the six months ended April 30, 2021 (Unaudited) | $ | 6.47 | (0.02 | ) | 2.47 | 2.45 | — | |||||||||||||
For the year ended October 31, 2020 | $ | 5.27 | (0.02 | ) | 1.53 | 1.51 | — | |||||||||||||
For the year ended October 31, 2019 | $ | 5.30 | — | (e) | 0.48 | 0.48 | — | |||||||||||||
For the year ended October 31, 2018 | $ | 5.28 | (0.01 | ) | 0.42 | 0.41 | — | |||||||||||||
For the year ended October 31, 2017 | $ | 4.53 | (0.01 | ) | 0.94 | 0.93 | — | (e) | ||||||||||||
For the year ended October 31, 2016 | $ | 4.26 | 0.01 | 0.39 | 0.40 | — | ||||||||||||||
Live Oak Health Sciences Fund | ||||||||||||||||||||
For the six months ended April 30, 2021 (Unaudited) | $ | 18.10 | 0.02 | 4.23 | 4.25 | (0.15 | ) | |||||||||||||
For the year ended October 31, 2020 | $ | 18.14 | 0.15 | (0.03 | ) (f) | 0.12 | (0.16 | ) | ||||||||||||
For the year ended October 31, 2019 | $ | 20.21 | 0.15 | 0.26 | 0.41 | (0.13 | ) | |||||||||||||
For the year ended October 31, 2018 | $ | 19.98 | 0.13 | 1.35 | 1.48 | (0.09 | ) | |||||||||||||
For the year ended October 31, 2017 | $ | 17.93 | 0.10 | 2.33 | 2.43 | (0.10 | ) | |||||||||||||
For the year ended October 31, 2016 | $ | 21.65 | 0.11 | (0.33 | ) | (0.22 | ) | (0.67 | ) |
46 | Semi-Annual Report | April 30, 2021 |
Ratio of | ||||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||
to Average | ||||||||||||||||||||||||||||||||||
Ratio of Net | Net Assets | |||||||||||||||||||||||||||||||||
Investment | (Excluding | |||||||||||||||||||||||||||||||||
Total | Net Assets, | Ratio of Net | Income | Waivers | ||||||||||||||||||||||||||||||
Distributions | Dividends | Net Asset | End of | Expenses to | (Loss) to | and/or | Portfolio | |||||||||||||||||||||||||||
from Capital | and | Value, End | Total | Period | Average Net | Average Net | Fees Paid | Turnover | ||||||||||||||||||||||||||
Gains | Distributions | of Period | Return(b) | (000) | Assets | Assets | Indirectly) | Rate | ||||||||||||||||||||||||||
(1.58 | ) | (1.70 | ) | $ | 41.37 | 27.28 | % (c) | $ | 663,766 | 0.91 | % (d) | 0.03 | % (d) | 0.91 | % (d) | — | % (c) | |||||||||||||||||
(0.66 | ) | (0.83 | ) | $ | 33.97 | 16.44 | % | $ | 576,473 | 0.94 | % | 0.40 | % | 0.94 | % | 4 | % | |||||||||||||||||
(1.03 | ) | (1.25 | ) | $ | 29.95 | 16.92 | % | $ | 636,959 | 0.95 | % | 0.94 | % | 0.95 | % | 10 | % | |||||||||||||||||
(1.60 | ) | (1.70 | ) | $ | 26.90 | 11.56 | % | $ | 544,203 | 0.94 | % | 0.38 | % | 0.94 | % | 9 | % | |||||||||||||||||
(0.21 | ) | (0.29 | ) | $ | 25.78 | 35.76 | % | $ | 486,295 | 0.97 | % | 0.38 | % | 0.97 | % | 16 | % | |||||||||||||||||
(0.53 | ) | (0.72 | ) | $ | 19.27 | 17.14 | % | $ | 189,064 | 1.09 | % | 1.17 | % | 1.09 | % | 6 | % | |||||||||||||||||
(0.49 | ) | (0.49 | ) | $ | 8.43 | 38.49 | % (c) | $ | 62,890 | 1.01 | % (d) | (0.62 | )% (d) | 1.01 | % (d) | — | % (c) | |||||||||||||||||
(0.31 | ) | (0.31 | ) | $ | 6.47 | 29.48 | % | $ | 45,544 | 1.12 | % | (0.35 | )% | 1.12 | % | 22 | % | |||||||||||||||||
(0.51 | ) | (0.51 | ) | $ | 5.27 | 10.36 | % | $ | 36,240 | 1.18 | % | (0.01 | )% | 1.18 | % | 25 | % | |||||||||||||||||
(0.39 | ) | (0.39 | ) | $ | 5.30 | 8.12 | % | $ | 36,753 | 1.11 | % | (0.27 | )% | 1.11 | % | 19 | % | |||||||||||||||||
(0.18 | ) | (0.18 | ) | $ | 5.28 | 21.16 | % | $ | 37,267 | 1.17 | % | (0.22 | )% | 1.17 | % | 39 | % | |||||||||||||||||
(0.13 | ) | (0.13 | ) | $ | 4.53 | 9.59 | % | $ | 32,894 | 1.28 | % | 0.22 | % | 1.28 | % | 35 | % | |||||||||||||||||
(1.20 | ) | (1.35 | ) | $ | 21.00 | 24.31 | % (c) | $ | 52,902 | 1.02 | % (d) | 0.23 | % (d) | 1.02 | % (d) | 12 | % (c) | |||||||||||||||||
— | (0.16 | ) | $ | 18.10 | 0.62 | % | $ | 44,889 | 1.03 | % | 0.81 | % | 1.03 | % | 33 | % | ||||||||||||||||||
(2.35 | ) | (2.48 | ) | $ | 18.14 | 2.40 | % | $ | 51,579 | 1.05 | % | 0.87 | % | 1.05 | % | 23 | % | |||||||||||||||||
(1.16 | ) | (1.25 | ) | $ | 20.21 | 7.68 | % | $ | 65,717 | 1.01 | % | 0.65 | % | 1.01 | % | 23 | % | |||||||||||||||||
(0.28 | ) | (0.38 | ) | $ | 19.98 | 13.78 | % | $ | 64,747 | 1.02 | % | 0.50 | % | 1.02 | % | 14 | % | |||||||||||||||||
(2.83 | ) | (3.50 | ) | $ | 17.93 | (1.85 | )% | $ | 56,059 | 1.11 | % | 0.59 | % | 1.11 | % | 14 | % |
(a) | Per share calculations were performed using average shares for the period. |
(b) | Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares. |
(c) | Not annualized. |
(d) | Annualized |
(e) | Less than $0.005 per share. |
(f) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
The accompanying notes are an integral part of the financial statements.
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Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
1. | ORGANIZATION: |
The Oak Associates Funds (the “Trust”), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with seven diversified funds: White Oak Select Growth Fund, Pin Oak Equity Fund, Rock Oak Core Growth Fund, River Oak Discovery Fund, Red Oak Technology Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund (collectively referred to as “Funds” and individually referred to as a “Fund”). The investment objective of each Fund is to seek long-term capital growth. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectus provides a description of each Fund’s investment objective, policies and strategies.
2. | SIGNIFICANT ACCOUNTING POLICIES: |
The following is a summary of significant accounting policies followed by the Funds.
Use of Estimates – These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services - Investment Companies.” The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities in the financial statements and the reported amounts of income and expenses during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon the sale of the securities.
Security Valuation – Investments in equity securities, which are traded on a national exchange, are stated at the last quoted sales price if readily available for such equity securities on each business day. Investments in equity securities, which are reported on the NASDAQ national market system are valued at the official closing price; other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding sixty days to maturity for which market quotations are readily available are valued at the most recently quoted bid price. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost, which approximates market value, in the absence of a current quoted bid price. Investments in repurchase agreements are generally valued at par each business day.
Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value (“NAV”) as determined by those funds each business day.
Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees. The Board of Trustees has determined to delegate responsibility for pricing and fair valuation determinations for portfolio securities to Funds’ adviser, Oak Associates, Ltd. (“Oak” or the “Adviser”), subject to oversight of the Board of Trustees. Oak may, in turn and subject to its oversight, delegate pricing of securities for which market prices are readily available to the Funds’ administrator. All fair valuation determinations shall be made by Oak’s Fair Value Committee (the
48 | Semi-Annual Report | April 30, 2021 |
Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
“Committee”), in accordance with policies and procedures established by the Board of Trustees and subject to oversight of the Board. Oak and the administrator have established and maintain policies and procedures reasonably designed to ensure that their pricing and valuation policies and procedures conform to the requirements of the Funds’ Fair Value Procedures. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de–listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; a significant event with respect to a security or securities has occurred after the close of the market or exchange on which the security or securities principally trades and before the time the Fund calculates net asset value; or trading of the security is subject to local government–imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
Security Transactions and Investment Income – Security transactions are accounted for on the date the security is purchased or sold (trade date) for financial reporting purposes. Dividend income is recognized on the ex-dividend date. Interest income is recognized on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold. If applicable, any foreign capital gains taxes are accrued, net of unrealized gains, and are payable upon the sale of such investments.
Expenses – Expenses that are directly related to one of the Funds are charged to that Fund. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable allocation method.
Repurchase Agreements – The Funds may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the repurchase agreements and procedures adopted by the Board of Trustees require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if the counter-party enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.
Master Agreements and Netting Arrangements – Certain Funds may participate in various repurchase agreements, such as, but not limited to Master Repurchase Agreements, which govern the terms of certain transactions with select counterparties (collectively “Master Agreements”). These Master Agreements generally include provisions for general obligations, agreements, representations, collateral and provisions for events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination or default event, the total market value exposure would be offset against collateral exchanged to date, which would result in a net
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Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. An election made by a counterparty to terminate a transaction early under a Master Agreement could have an adverse impact on a Fund’s financial statements. Master Agreements can also help limit counterparty risk by requiring collateral posting arrangements at pre-arranged exposure levels. Collateral under the Master Agreements is usually in the form of cash, U.S. Treasury or U.S. Government agency securities, but may include other types of securities. There can be no assurance that the Master Agreements will be successful in limiting credit or counterparty risk.
Securities Lending – The Trust has entered into a Securities Lending Agreement (“SLA”) with U.S. Bank National Association (the “Agent”). Under the terms of the SLA, the Funds may lend securities to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC (“Mount Vernon”), as noted in each lending Fund’s respective Schedule of Investments. Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay the Agent fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. The contractual maturity of repurchase agreements are on an overnight and continuous basis. Cash and cash equivalent collateral on securities lending transactions are on an overnight and continuous basis.
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of April 30, 2021:
Market Value of | Cash Collateral | |||||||
Securities on Loan | Received | |||||||
White Oak Select Growth Fund | $ | 14,514,659 | $ | 14,716,290 | ||||
Pin Oak Equity Fund | 19,118,347 | 19,758,754 | ||||||
Rock Oak Core Growth Fund | 2,151,465 | 2,255,738 | ||||||
River Oak Discovery Fund | 1,394,779 | 1,431,205 | ||||||
Red Oak Technology Select Fund | 51,991,635 | 54,109,840 | ||||||
Black Oak Emerging Technology Fund | 18,595,061 | 19,222,831 | ||||||
Live Oak Health Sciences Fund | 11,566,695 | 11,794,241 | ||||||
$ | 119,332,641 | $ | 123,288,899 |
Dividends and Distributions to Shareholders – Dividends from net investment income are declared and paid to shareholders on an annual basis, as applicable. Net realized capital gains on sales of securities, if any, are distributed to shareholders at least annually. Distributions
50 | Semi-Annual Report | April 30, 2021 |
Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
to shareholders are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Therefore, the source of the Funds’ distributions may be shown in the accompanying financial statements as either accumulated earnings, or from paid-in capital, depending upon the type of book/tax differences that may exist.
3. | FAIR VALUE MEASUREMENTS: |
A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk. Inputs may be observable and unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.
Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:
The three-tier hierarchy is summarized as follows:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access at the measurement date, including but not limited to:
Equity Securities – investments for which market quotations are readily available that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.
Investment Companies – investments in open-end registered investment companies which are valued at their closing NAV.
Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities inactive markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability, including but not limited to:
Repurchase Agreements – investments in overnight tri-party repurchase agreements which are valued at par.
All Securities – quoted prices for similar securities, including matrix pricing; quoted prices based on recently executed transactions; adjusted quoted prices based on observable and formulaic inputs; or, prices using other observable correlated market inputs.
Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset and liability at the measurement date, including but not limited to:
All Securities – modeling or manual pricing based on the Adviser’s own assumptions in determining fair value of investments; or, the significant use of other unobservable or very stale inputs within fair valuation.
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Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
WHITE OAK SELECT GROWTH FUND | ||||||||||||||||
Common Stocks | $ | 433,992,870 | $ | — | $ | — | $ | 433,992,870 | ||||||||
Short Term Investments | ||||||||||||||||
Repurchase Agreements | — | 1,709,718 | — | 1,709,718 | ||||||||||||
Collateral for Securities Loaned* | — | — | — | 14,716,290 | ||||||||||||
Total | $ | 433,992,870 | $ | 1,709,718 | $ | — | $ | 450,418,878 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
PIN OAK EQUITY FUND | ||||||||||||||||
Common Stocks | $ | 195,834,158 | $ | — | $ | — | $ | 195,834,158 | ||||||||
Short Term Investments | ||||||||||||||||
Repurchase Agreements | — | 1,793,263 | — | 1,793,263 | ||||||||||||
Collateral for Securities Loaned* | — | — | — | 19,758,754 | ||||||||||||
Total | $ | 195,834,158 | $ | 1,793,263 | $ | — | $ | 217,386,175 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
ROCK OAK CORE GROWTH FUND | ||||||||||||||||
Common Stocks | $ | 12,169,765 | $ | — | $ | — | $ | 12,169,765 | ||||||||
Short Term Investments | ||||||||||||||||
Repurchase Agreements | — | 846,155 | — | 846,155 | ||||||||||||
Collateral for Securities Loaned* | — | — | — | 2,255,738 | ||||||||||||
Total | $ | 12,169,765 | $ | 846,155 | $ | — | $ | 15,271,658 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
RIVER OAK DISCOVERY FUND | ||||||||||||||||
Common Stocks | $ | 20,670,620 | $ | — | $ | — | $ | 20,670,620 | ||||||||
Short Term Investments | ||||||||||||||||
Repurchase Agreements | — | 1,654,868 | — | 1,654,868 | ||||||||||||
Collateral for Securities Loaned* | — | — | — | 1,431,205 | ||||||||||||
Total | $ | 20,670,620 | $ | 1,654,868 | $ | — | $ | 23,756,693 |
52 | Semi-Annual Report | April 30, 2021 |
Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
RED OAK TECHNOLOGY SELECT FUND | ||||||||||||||||
Common Stocks | $ | 650,092,055 | $ | — | $ | — | $ | 650,092,055 | ||||||||
Short Term Investments | ||||||||||||||||
Repurchase Agreements | — | 14,896,353 | — | 14,896,353 | ||||||||||||
Collateral for Securities Loaned* | — | — | — | 54,109,840 | ||||||||||||
Total | $ | 650,092,055 | $ | 14,896,353 | $ | — | $ | 719,098,248 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
BLACK OAK EMERGING TECHNOLOGY FUND | ||||||||||||||||
Common Stocks | $ | 60,598,280 | $ | — | $ | — | $ | 60,598,280 | ||||||||
Short Term Investments | ||||||||||||||||
Repurchase Agreements | — | 2,357,329 | — | 2,357,329 | ||||||||||||
Collateral for Securities Loaned* | — | — | — | 19,222,831 | ||||||||||||
Total | $ | 60,598,280 | $ | 2,357,329 | $ | — | $ | 82,178,440 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
LIVE OAK HEALTH SCIENCES FUND | ||||||||||||||||
Common Stocks | $ | 52,551,504 | $ | — | $ | — | $ | 52,551,504 | ||||||||
Short Term Investments | ||||||||||||||||
Repurchase Agreements | — | 409,050 | — | 409,050 | ||||||||||||
Collateral for Securities Loaned* | — | — | — | 11,794,241 | ||||||||||||
Total | $ | 52,551,504 | $ | 409,050 | $ | — | $ | 64,754,795 |
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. |
The above tables are presented by levels of disaggregation for each asset class. For detailed descriptions of the underlying industries, see the accompanying Schedules of Investments. There were no Level 3 securities held during the period.
4. | FEES AND OTHER RELATED PARTY TRANSACTIONS: |
The Trust and the Adviser are parties to an Investment Advisory Agreement, under which the Adviser receives an annual fee equal to 0.74% of the average daily net assets of each Fund, except for the River Oak Discovery Fund for which the Adviser receives 0.79% of the average daily net assets of the Fund. Prior to November 1, 2020, the Adviser received a fee of 0.90% for the River Oak Discovery Fund. The Adviser has contractually agreed through February 28, 2022 to waive all or a portion of its fees (and to reimburse the Funds’ expenses if necessary) in order to limit Fund total operating expenses to not more than 1.25% of the
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Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
average daily net assets of the White Oak Select Growth Fund, Pin Oak Equity Fund, River Oak Discovery Fund, and Rock Oak Core Growth Fund and 1.35% of the average daily net assets of the Red Oak Technology Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund. Prior to November 1, 2020, the expense cap for the River Oak Discovery Fund was 1.35% of average daily net assets.
The following table lists the contractual advisory fees and fee waivers that were in effect during the six months ended April 30, 2021:
Advisory Fees as a Percentage of Average Net Assets | ||||||
Net | ||||||
Fund | Annual Rate | Fee Waiver | Annual Rate | |||
White Oak Select Growth Fund | 0.74% | 0.74% | ||||
Pin Oak Equity Fund | 0.74% | 0.74% | ||||
Rock Oak Core Growth Fund | 0.74% | (0.17)% | 0.57% | |||
River Oak Discovery Fund | 0.79% | (0.02)% | 0.77% | |||
Red Oak Technology Select Fund | 0.74% | 0.74% | ||||
Black Oak Emerging Technology Fund | 0.74% | 0.74% | ||||
Live Oak Health Sciences Fund | 0.74% | 0.74% |
Ultimus Fund Solutions, LLC (“Ultimus”) provides the Funds with administration, fund accounting and transfer agency services, including all regulatory reporting. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, each Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and costs of pricing its portfolio securities.
Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the “Distributor”) serves as the principal underwriter to each Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.
Certain officers and trustees of the Trust are also officers of the Adviser, Ultimus and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers or trustees to the Trust.
54 | Semi-Annual Report | April 30, 2021 |
Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
5. | INVESTMENT TRANSACTIONS: |
The cost of security purchases and the proceeds from security sales, other than short–term investments, for the six months ended April 30, 2021 were as follows:
Fund | Purchases | Sales | ||||||
White Oak Select Growth Fund | $ | — | $ | 13,248,274 | ||||
Pin Oak Equity Fund | 10,556,953 | 27,491,287 | ||||||
Rock Oak Core Growth Fund | 287,293 | 995,645 | ||||||
River Oak Discovery Fund | 2,880,366 | 3,913,256 | ||||||
Red Oak Technology Select Fund | — | 75,945,237 | ||||||
Black Oak Emerging Technology Fund | — | 2,199,005 | ||||||
Live Oak Health Sciences Fund | 5,876,087 | 8,358,547 |
6. | FEDERAL INCOME TAXES AND TAX BASIS INFORMATION: |
Each of the Funds is classified as a separate taxable entity for Federal income tax purposes. Each of the Funds has qualified and intends to continue to qualify as a separate “regulated investment company” under Sub–chapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.
The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. The character of dividends from net investment income or distributions from net realized gains made during the year, and the timing may differ from the year that the income or realized gains (losses) were recorded by the Funds. To the extent these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise. These differences are primarily due to differences in the treatment of net operating losses, equalization, and certain other investments.
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Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
The tax character of the distributions paid by the Funds for the fiscal year ended October 31, 2020 was as follows:
Ordinary | Long-Term | |||||||||||
Fund | Income | Capital Gain | Total | |||||||||
White Oak Select Growth Fund | $ | 3,415,633 | $ | 3,125,126 | $ | 6,540,759 | ||||||
Pin Oak Equity Fund | 2,857,537 | 4,689,387 | 7,546,924 | |||||||||
Rock Oak Core Growth Fund | 47,283 | 322,563 | 369,846 | |||||||||
River Oak Discovery Fund | — | 499,422 | 499,422 | |||||||||
Red Oak Technology Select Fund | 3,512,413 | 13,971,324 | 17,483,737 | |||||||||
Black Oak Emerging Technology Fund | — | 2,153,576 | 2,153,576 | |||||||||
Live Oak Health Sciences Fund | 446,446 | — | 446,446 |
As of October 31, 2020, the components of distributable earnings on a tax basis were as follows:
Undistributed | Cumulative | |||||||||||||||||||
Net | Accumulated | Unrealized | Effect of | |||||||||||||||||
Investment | Capital | Appreciation/ | Timing | |||||||||||||||||
Fund | Income | Gain (Loss) | (Depreciation) | Differences | Total | |||||||||||||||
White Oak Select Growth Fund | $ | 2,399,571 | $ | 7,452,340 | $ | 147,723,161 | $ | — | $ | 157,575,072 | ||||||||||
Pin Oak Equity Fund | 1,358,322 | 6,767,178 | 56,381,659 | — | 64,507,159 | |||||||||||||||
Rock Oak Core Growth Fund | 21,261 | 1,668,983 | 1,551,856 | — | 3,242,100 | |||||||||||||||
River Oak Discovery Fund | — | 2,560,736 | 1,414,603 | (75,561 | ) | 3,899,778 | ||||||||||||||
Red Oak Technology Select Fund | 1,471,046 | 26,178,721 | 290,810,401 | — | 318,460,168 | |||||||||||||||
Black Oak Emerging Technology Fund | — | 3,380,247 | 21,350,315 | (127,762 | ) | 24,602,800 | ||||||||||||||
Live Oak Health Sciences Fund | 264,666 | 2,930,674 | 10,395,638 | — | 13,590,978 |
As of October 31, 2020, the difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to wash sales, return of capital adjustments and partnership basis adjustments.
56 | Semi-Annual Report | April 30, 2021 |
Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
The River Oak Discovery Fund and Black Oak Emerging Technology Fund elected to defer to the year ending October 31, 2021, late year ordinary losses in the amount of $75,561 and $127,762, respectively.
At April 30, 2021, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Funds is as follows:
Federal | Gross | Gross | Net | |||||||||||||
Fund | Tax Cost | Appreciation | Depreciation | Appreciation | ||||||||||||
White Oak Select Growth Fund | $ | 207,397,269 | $ | 243,118,541 | $ | (96,932 | ) | $ | 243,021,609 | |||||||
Pin Oak Equity Fund | 123,509,637 | 94,159,237 | (282,699 | ) | 93,876,538 | |||||||||||
Rock Oak Core Growth Fund | 10,917,097 | 4,468,114 | (113,553 | ) | 4,354,561 | |||||||||||
River Oak Discovery Fund | 16,661,918 | 7,210,672 | (115,897 | ) | 7,094,775 | |||||||||||
Red Oak Technology Select Fund | 316,703,775 | 402,394,473 | — | 402,394,473 | ||||||||||||
Black Oak Emerging Technology Fund | 44,864,924 | 37,400,566 | 87,050 | 37,487,616 | ||||||||||||
Live Oak Health Sciences Fund | 45,605,675 | 19,974,819 | (825,699 | ) | 19,149,120 |
Management evaluates the Funds’ tax positions to determine if the taken tax positions meet the minimum recognition threshold by measuring and recognizing tax liabilities in the Financial Statements. The threshold is established by accounting for uncertainties in income tax positions, taken or expected. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that as of and for the fiscal year ended October 31, 2020, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years (current and prior three tax years) for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
7. | CONCENTRATION OF CREDIT RISK AND OWNERSHIP: |
The Red Oak Technology Select Fund and the Black Oak Emerging Technology Fund invest a substantial portion of their assets in securities in the information technology sector. The Live Oak Health Sciences Fund invests a substantial portion of its assets in securities in the health care, medicine and life sciences industries. Therefore, each of these Funds may be more affected by economic developments in those sectors than a general equity fund would be.
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Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however based on experience, the risk of loss from such claims is considered remote.
From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.
8. | TRUSTEE AND OFFICERS FEES: |
As of April 30, 2021, there were five Trustees, four of whom are not “interested persons” (within the meaning of the 1940 Act) of the Trust (the “Independent Trustees”). Each Independent Trustee receives a retainer at an annual rate of $30,000 per year. Each Independent Trustee is also paid a fee of $3,500 for each meeting of the Board of Trustees attended or participated in person, and/or is also paid $1,000 per attendance at each telephonic board meeting, as applicable. Each Independent Trustee is paid $4,000 per telephonic or in-person meeting at which they receive and review preliminary materials provided in connection with the annual continuation of the advisory agreement in accordance with Section 15(c) of the 1940 Act. The chairperson of the Audit Committee receives an additional retainer of $1,000 per calendar quarter during which an Audit Committee Meeting is held and the Lead Independent Trustee receives an additional retainer of $3,500 per calendar quarter.
The Independent Trustees who do not serve as chairpersons of the applicable Board committee are not paid an additional fee from the Trust for attendance at and/or participation in such meetings of the various committees of the Board. The Independent Trustees are also reimbursed for meeting-related expenses. Officers of the Trust and Trustees who are interested persons of the Trust receive no salary or fees from the Trust, although they may be reimbursed for meeting-related expenses.
9. | INDEMNIFICATIONS: |
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.
10. | CORONAVIRUS (COVID-19) PANDEMIC: |
The COVID-19 pandemic has caused financial markets to experience periods of increased volatility due to uncertainty that exists around its long-term effects. COVID-19 has resulted in varying levels of travel restrictions, quarantines, disruptions to supply chains and customer activity, leading to general concern and economic uncertainty. The full impact and duration of the pandemic cannot necessarily be foreseen. Management continues to monitor developments and navigate accordingly, further evaluating the anticipated impact to financial markets.
58 | Semi-Annual Report | April 30, 2021 |
Notes to Financial Statements |
As of April 30, 2021 (Unaudited) |
11. | SUBSEQUENT EVENTS: |
Management has evaluated events or transactions from April 30, 2021, through the date these financial statements were issued, that would merit recognition or disclosure in the financial statements. There were no other subsequent events to report that would have material impact in the Funds’ financial statements.
12. | LIQUIDITY RISK MANAGEMENT PROGRAM: |
The Funds have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Funds’ investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of an Administrator, who is responsible for the Program’s administration in conjunction with the Adviser’s Liquidity Risk Committee. The Administrator maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Report outlined the adequacy and effectiveness of the Program’s operations since its inception (the “Review Period”) and was presented to the Board of Trustees for consideration at its meeting held on May 12, 2021. During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that (i) the Program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Program has been effectively implemented.
1-888-462-5386 | www.oakfunds.com | 59 |
Oak Associates Funds
Privacy Policy
Oak Associates Funds recognizes and respects the privacy concerns of our shareholders. The Funds collect nonpublic personal information about you in the course of doing business and providing you with individualized service. “Nonpublic personal information” is personally identifiable financial information about you. We do not sell your personal information to anyone and we do not disclose it to anyone except as permitted or required by law or as described in this policy.
INFORMATION WE COLLECT
● | Information we receive from you on applications and other forms (such as your name, birth date, address and social security number); |
● | Information about the transactions in your accounts; |
● | Information about any bank account you use for transfers between your bank account and your Oak Associates accounts; and |
● | Information we receive about you as a result of your inquiries by mail, email and telephone |
INFORMATION WE SHARE
Oak Associates Funds only discloses your nonpublic personal information as required or permitted by law. The Funds may disclose this information:
● | So that we may complete transactions you authorize or request; and |
● | So that we may provide you with information about Oak Associates Funds products and services; we may disclose information to companies that provide services to us, such as transfer agents or printers and mailers that prepare and distribute materials to you. |
INFORMATION SECURITY
Within Oak Associates Funds, access to your information is restricted to the individuals who need to know the information to service your account. Each Fund conducts its business through its trustees, officers and third party service providers, pursuant to agreements with the Fund. The Fund and its service providers maintain physical, electronic and procedural safeguards that comply with federal standards to guard your information. In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary will govern how your nonpublic personal information will be shared with nonaffiliated third parties by that entity.
TO PROTECT YOUR PRIVACY
We recommend that you do not provide your account information or Oak Associates Funds user name or password to anyone. If you become aware of any suspicious activity relating to your account, please contact us immediately at 1-888-462-5386.
QUESTIONS
Should you have any questions regarding the Funds’ Privacy Policy, please call
1-888-462-5386
OAK ASSOCIATES FUNDS
By Mail
Oak Associates Funds
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
By Telephone 1-888-462-5386 Monday through Friday, 8:00 a.m. to 6:00 p.m. ET
On The Web www.oakfunds.com
Click on the My Oak Account section to take advantage of these features:
● | Trade Online |
● | Access and Update Account Information |
● | Go Paperless with eDelivery |
● | View and download account history |
● | Establish a systematic investment plan |
The Trust files its complete schedule of portfolio holdings of each Fund monthly on Form N-PORT, with every third month made available to the public by the Commission sixty days after the end of the Funds’ fiscal quarter.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-462-5386; and (ii) on the Commission’s website at http://www.sec.gov.
This report has been prepared for Oak Associates Funds Shareholders and may be distributed to others only if preceded or accompanied by a prospectus.
Oak Associates Funds are distributed by Ultimus Fund Distributors, LLC
225 Pictoria Drive, Suite 450 |
Oak Funds-SAR-21
Item 2. Code of Ethics.
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) Included as part of the report to Stockholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Oak Associates Funds
By (Signature and Title) | /s/ Charles A. Kiraly |
Charles A. Kiraly, President and Principal Executive Officer |
Date | 6/28/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Charles A. Kiraly |
Charles A. Kiraly, President and Principal Executive Officer |
Date | 6/28/2021 |
By (Signature and Title) | /s/ Zachary P. Richmond |
Zachary P. Richmond, Treasurer and Principal Financial Officer |
Date | 6/28/2021 |