UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------
FORM N-CSR
--------
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-8549
Oak Associates Funds
(Exact name of registrant as specified in charter)
--------
3875 Embassy Parkway, Suite 250
Akron, OH 44333-8334
(Address of principal executive offices) (Zip code)
Oak Associates Funds
P.O. Box 219441
Kansas City, MO 64121-9441
(Name and address of agent for service)
Registrant's telephone number, including area
code: 1-800-462-5386
Date of fiscal year end: October 31, 2004
Date of reporting period: April 30, 2004
Item 1. Reports to Stockholders.
[GRAPHIC ART OMITTED]
SIGN UP FOR
OAK EMAIL NEWS AT
WWW.OAKFUNDS.COM
Semi-Annual Report
April 30, 2004
WhiteOak Growth Stock Fund
Pin Oak Aggressive Stock Fund
Red Oak Technology Select Fund
Black Oak Emerging Technology Fund
Live Oak Health Sciences Fund
[LOGO OMITTED]
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Table of Contents
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Financial Highlights ........................... 2
Statements of Net Assets ....................... 4
Statements of Operations .......................14
Statements of Changes in Net Assets ............16
Notes to Financial Statements ..................18
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Contact Us
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BY MAIL Oak Associates Funds
P.O. Box 219441
Kansas City, MO 64121-9441
BY TELEPHONE 1-888-462-5386
ON THE WEB www.oakfunds.com
A description of the policies and procedures that the Oak Associates Funds uses
to determine how to vote proxies (if any) relating to portfolio securities is
available without charge (i) upon request, by calling 1-888-462-5386; and (ii)
on the Commission's website at http://www.sec.gov.; and beginning no later than
August 31, 2004, information (if any) regarding how the Fund voted proxies
relating to portfolio securities during the most recent 12-month period
endedJune 30, is available without charge (i) upon request, by calling
1-888-462-5386; and (ii) on the Commission's website at http://www.sec.gov.
[GRAPHIC ART OMITTED] To Our Shareholders
Dear Fellow Shareholder:
We are pleased to send you the Oak Associates Funds' Semi-Annual Report which
contains information on the holdings of each of the Funds, along with the
Financial Highlights and Statement of Operations for the six-month period ended
April 30, 2004.
We encourage you to read the report to help you stay informed about your
investment. We recognize that this is only a six-month snapshot of your
portfolio and we urge you to visit our website at www.oakfunds.com for more
detailed fund information and market commentary.
As always, we appreciate the trust you have placed in us and thank you for your
investment.
Sincerely,
/S/ JAMES D. OELSCHLAGER
James D. Oelschlager
Chief Investment Officer
Oak Associates Funds
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1
<page>
[GRAPHIC ART OMITTED] Financial Highlights
FOR A SHARE OUTSTANDING THROUGHOUT THE SIX-MONTH PERIOD ENDED APRIL 30, 2004
(UNAUDITED) AND YEARS OR PERIODS ENDED OCTOBER 31,
REALIZED AND NET
NET ASSET UNREALIZED DISTRIBUTIONS ASSET
VALUE NET GAINS OR TOTAL FROM VALUE
BEGINNING INVESTMENT (LOSSES) ON FROM CAPITAL END OF
OF PERIOD LOSS SECURITIES OPERATIONS GAINS PERIOD
- ------------------------------------------------------------------------------------------------------------------------------------
WHITE OAK GROWTH STOCK FUND
2004* $34.05 $(0.09) $ (0.86) $ (0.95) $ -- $33.10
2003 23.22 (0.10) 10.93 10.83 -- 34.05
2002 34.54 (0.12) (11.20) (11.32) -- 23.22
2001 77.05 (0.15) (42.08) (42.23) (0.28) 34.54
2000 53.28 (0.19) 23.96 23.77 -- 77.05
PIN OAK AGGRESSIVE STOCK FUND
2004* $19.13 $(0.09) $ (0.52) $ (0.61) $ -- $18.52
2003 11.63 (0.12) 7.62 7.50 -- 19.13
2002 21.61 (0.20) (9.78) (9.98) -- 11.63
2001 69.45 (0.32) (47.27) (47.59) (0.25) 21.61
2000 41.85 (0.20) 29.33 29.13 (1.53) 69.45
RED OAK TECHNOLOGY SELECT FUND
2004* $ 6.56 $(0.03)** $ (0.32)** $ (0.35) $ -- $ 6.21
2003 4.23 (0.05) 2.38 2.33 -- 6.56
2002 8.45 (0.08) (4.14) (4.22) -- 4.23
2001 33.85 (0.14) (25.26) (25.40) -- 8.45
2000 16.94 (0.13) 17.04 16.91 -- 33.85
BLACK OAK EMERGING TECHNOLOGY FUND
2004* $ 2.21 $ -- $ (0.22) $ (0.22) $ -- $ 1.99
2003 1.23 (0.02) 1.00 0.98 -- 2.21
2002 2.98 (0.02) (1.73) (1.75) -- 1.23
2001(1) 10.00 (0.02) (7.00) (7.02) -- 2.98
LIVE OAK HEALTH SCIENCES FUND
2004* $ 9.24 $(0.04)** $ 1.27** $ 1.23 $ -- $10.47
2003 7.83 (0.05) 1.46 1.41 -- 9.24
2002 10.24 (0.05) (2.36) (2.41) -- 7.83
2001(2) 10.00 (0.01) 0.25 0.24 -- 10.24
* FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004. ALL RATIOS FOR THE PERIOD
HAVE BEEN ANNUALIZED.
** PER SHARE AMOUNTS CALCULATED USING AVERAGE SHARES METHOD.
+ RETURNS ARE FOR THE PERIOD INDICATED AND HAVE NOT BEEN ANNUALIZED.
++ FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THE SHAREHOLDER WILL PAY ON
FUND DISTRIBUTIONS OR REDEMPTION OF FUND SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
1-888-462-5386 2
<page>
RATIO OF
RATIO OF EXPENSES
NET TO AVERAGE
NET ASSETS RATIO OF INVESTMENT NET ASSETS
END OF NET EXPENSES LOSS (EXCLUDING
TOTAL PERIOD TO AVERAGE TO AVERAGE DIRECTED
RETURN++ (000) NET ASSETS NET ASSETS BROKERAGE)
- -----------------------------------------------------------------------------------------------------------------------
WHITE OAK GROWTH STOCK FUND
2004* (2.79)%+ $2,009,756 1.05% (0.49)% 1.05%
2003 46.64 2,136,891 1.07 (0.36) 1.08
2002 (32.77) 1,593,995 1.00 (0.32) 1.01
2001 (54.99) 3,188,358 0.95 (0.31) 0.95
2000 44.61 6,219,080 0.96 (0.38) 0.96
PIN OAK AGGRESSIVE STOCK FUND
2004* (3.19)%+ $ 207,802 1.15% (0.84)% 1.16%
2003 64.49 233,503 1.11 (0.83) 1.12
2002 (46.18) 143,775 1.00 (0.87) 1.09
2001 (68.75) 363,083 0.99 (0.82) 0.99
2000 71.36 1,219,288 1.00 (0.59) 1.02
RED OAK TECHNOLOGY SELECT FUND
2004* (5.34)%+ $ 269,774 1.15% (1.01)% 1.15%
2003 55.08 327,853 1.11 (0.98) 1.11
2002 (49.94) 217,390 1.00 (0.97) 1.10
2001 (75.04) 531,663 0.98 (0.84) 0.98
2000 99.82 2,220,110 0.99 (0.79) 1.01
BLACK OAK EMERGING TECHNOLOGY FUND
2004* (9.95)%+ $ 74,370 1.15% (1.14)% 1.15%
2003 79.67 86,414 1.11 (1.08) 1.11
2002 (58.72) 40,583 1.00 (0.86) 1.20
2001(1) (70.20)+ 104,191 1.00 (0.52) 1.12
LIVE OAK HEALTH SCIENCES FUND
2004* 13.31%+ $ 29,831 1.15% (0.77)% 1.15%
2003 18.01 22,520 1.10 (0.66) 1.10
2002 (23.54) 18,686 1.00 (0.56) 1.18
2001(2) 2.40+ 21,134 1.00 (0.49) 1.23
RATIO OF
EXPENSES
TO AVERAGE
NET ASSETS
(EXCLUDING
WAIVER AND/OR PORTFOLIO
DIRECTED TURNOVER
BROKERAGE) RATE
- ----------------------------------------------
WHITE OAK GROWTH STOCK FUND
2004* 1.05% 8.06%
2003 1.11 4.28
2002 1.01 10.76
2001 0.95 15.44
2000 0.96 13.86
PIN OAK AGGRESSIVE STOCK FUND
2004* 1.16% 19.53%
2003 1.23 21.67
2002 1.09 17.68
2001 0.99 20.91
2000 1.02 13.16
RED OAK TECHNOLOGY SELECT FUND
2004* 1.18% 12.45%
2003 1.24 60.35
2002 1.10 47.80
2001 0.98 53.98
2000 1.01 40.13
BLACK OAK EMERGING TECHNOLOGY FUND
2004* 1.30% 20.53%
2003 1.50 33.62
2002 1.20 57.15
2001(1) 1.12 5.99
LIVE OAK HEALTH SCIENCES FUND
2004* 1.18% --%
2003 1.28 12.55
2002 1.18 31.00
2001(2) 1.23 --
(1) THE BLACK OAK EMERGING TECHNOLOGY FUND COMMENCED OPERATIONS ON
DECEMBER 29, 2000. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(2) THE LIVE OAK HEALTH SCIENCES FUND COMMENCED OPERATIONS ON JUNE 29, 2001. ALL
RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
3 www.oakfunds.com
[GRAPHIC ART OMITTED] Statement of Net Assets
APRIL 30, 2004 (UNAUDITED)
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White Oak Growth Stock Fund
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MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 99.7%
COMMERCIAL BANKS-- 4.3%
Citigroup 1,810,000 $ 87,043
-----------
87,043
-----------
COMPUTER COMMUNICATIONS EQUIPMENT -- 13.9%
Cisco Systems* 8,630,000 180,108
Juniper Networks*4,525,000 99,007
-----------
279,115
-----------
DATA STORAGE-- 4.9%
EMC* 8,795,000 98,152
-----------
98,152
-----------
E-COMMERCE-- SERVICES-- 6.2%
eBay* 1,550,000 123,721
-----------
123,721
-----------
ELECTROMEDICAL & ELECTROTHERAPEUTIC
APPARATUS -- 6.0%
Medtronic 2,380,000 120,095
-----------
120,095
-----------
ELECTRONIC COMPUTERS -- 5.5%
Dell Computer* 3,190,000 110,725
-----------
110,725
-----------
FIRE, MARINE & CASUALTY INSURANCE -- 4.5%
American International
Group 1,275,500 91,390
-----------
91,390
-----------
PHARMACEUTICAL PREPARATIONS-- 4.9%
Pfizer 2,750,000 98,340
-----------
98,340
-----------
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MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SECURITY BROKERS, DEALERS & FLOTATION
COMPANIES -- 8.2%
Charles Schwab 8,500,000 $ 87,465
Morgan Stanley 1,500,000 77,085
-----------
164,550
-----------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 6.0%
Applied Materials*6,600,000 120,318
-----------
120,318
-----------
SEMICONDUCTORS & RELATED DEVICES-- 11.4%
Intel 3,100,000 79,763
Linear
Technology 2,235,000 79,633
PMC-Sierra* 5,750,000 69,863
-----------
229,259
-----------
SERVICES - COMPUTER PROCESSING-- 3.3%
First Data 1,455,000 66,042
-----------
66,042
-----------
SERVICES - PREPACKAGED SOFTWARE-- 9.5%
Microsoft 3,785,000 98,296
Veritas* 3,500,000 93,345
-----------
191,641
-----------
SHORT-TERM BUSINESS CREDIT INSTITUTIONS-- 5.6%
MBNA 4,630,000 112,879
-----------
112,879
-----------
WHOLESALE -- DRUGS PROPRIETARIES & DRUGGISTS'
SUNDRIES -- 5.5%
Cardinal Health 1,500,000 109,875
-----------
109,875
-----------
TOTAL COMMON STOCK
(Cost $2,249,629)(000) 2,003,145
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1-888-462-5386 4
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White Oak GrowthStock Fund (CONTINUED)
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FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.1%
Morgan Stanley (A)
0.750%, dated 04/30/04,to be
repurchased on 05/03/04,
repurchase price $1,759,644
(collateralized by U.S.
Government obligations,
total market
value: $1,794,725)$1,760 $ 1,760
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TOTAL REPURCHASE AGREEMENT
(Cost $1,760)(000) 1,760
-----------
TOTAL INVESTMENTS -- 99.8%
(Cost $2,251,389)(000) 2,004,905
-----------
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VALUE (000)
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET -- 0.2%
Investment Advisory Fees
Payable $ (1,311)
Administration Fees Payable (69)
Other Assets and Liabilities 6,231
-----------
4,851
-----------
NET ASSETS:
Portfolio Shares (unlimited
authorization-- no par value)
based on 60,710,416 outstanding
shares of beneficial
interest 4,508,845
Accumulated net investment
loss (5,335)
Accumulated net realized
loss on investments (2,247,270)
Net unrealized depreciation
on investments (246,484)
-----------
TOTAL NET ASSETS -- 100.0% $ 2,009,756
===========
Net Asset Value, Offering
and Redemption Price
Per Share $33.10
======
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
5 www.oakfunds.com
[GRAPHIC ART OMITTED] Statement of Net Assets
APRIL 30, 2004 (UNAUDITED)
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Pin Oak Aggressive Stock Fund
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- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 100.0%
ACCOUNTING-- BOOKKEEPING-- 4.8%
Paychex 265,000 $ 9,879
-----------
9,879
-----------
COMPUTER COMMUNICATIONS EQUIPMENT -- 15.3%
Cisco Systems* 1,070,000 22,331
Juniper Networks* 430,000 9,408
-----------
31,739
-----------
COMPUTER PERIPHERAL -- 2.9%
Symbol Technologies 510,000 6,120
-----------
6,120
-----------
E-COMMERCE-- SERVICES-- 6.5%
eBay* 170,000 13,569
-----------
13,569
-----------
MOTOR VEHICLE PARTS & ACCESSORIES-- 4.8%
Gentex 255,000 10,029
-----------
10,029
-----------
RETAIL-- JEWELRY STORES-- 4.5%
Tiffany 240,000 9,360
-----------
9,360
-----------
SECURITY BROKERS, DEALERS & FLOTATION
COMPANIES -- 5.0%
Charles Schwab 1,015,000 10,444
-----------
10,444
-----------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 4.2%
Applied Materials* 480,000 8,750
-----------
8,750
-----------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES -- 18.0%
Linear Technology 225,000 $ 8,017
Maxim Integrated
Products 250,000 11,498
PMC-Sierra* 485,000 5,893
Xilinx* 354,000 11,905
-----------
37,313
-----------
SERVICES -- ALLIED TO MOTION PICTURE
PRODUCTION -- 4.7%
Avid Technology* 205,000 9,834
-----------
9,834
-----------
SERVICES -- COMPUTER PROGRAMMING
SERVICES -- 8.1%
Cognizant Technology
Solutions* 390,000 16,872
-----------
16,872
-----------
SERVICES -- HOME HEALTH CARE SERVICES -- 4.9%
Express Scripts* 130,000 10,054
-----------
10,054
-----------
SERVICES-- PREPACKAGED SOFTWARE-- 6.9%
Cerner* 145,000 6,209
Veritas* 300,000 8,001
-----------
14,210
-----------
SHORT-TERM BUSINESS CREDIT INSTITUTIONS-- 4.7%
MBNA 400,000 9,752
-----------
9,752
-----------
WEB PORTALS/ISP-- 4.7%
Yahoo!* 195,000 9,840
-----------
9,840
-----------
TOTAL COMMON STOCK
(Cost $276,790)(000) 207,765
-----------
1-888-462-5386 6
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Pin Oak Aggressive Stock Fund (CONTINUED)
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- --------------------------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.2%
Morgan Stanley (A)
0.750%, dated 04/30/04, to be
repurchased on 05/03/04, repurchase
price $410,903 (collateralized
by U.S. Government
obligations, total market
value: $419,095) $411 $ 411
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $411)(000) 411
-----------
TOTAL INVESTMENTS -- 100.2%
(Cost $277,201)(000) 208,176
-----------
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VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET-- (0.2)%
Investment Advisory Fees Payable $ (139)
Administration Fees Payable (7)
Other Assets and Liabilities (228)
-----------
(374)
-----------
NET ASSETS:
Portfolio Shares (unlimited
authorization-- no par value)
based on 11,221,295 outstanding
shares of beneficial interest 1,057,391
Accumulated net investment loss (1,003)
Accumulated net realized loss on
investments (779,561)
Net unrealized depreciation on
investments (69,025)
-----------
TOTAL NET ASSETS-- 100.0% $ 207,802
===========
Net Asset Value, Offering and Redemption
Price Per Share $18.52
======
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
7 www.oakfunds.com
[GRAPHIC ART OMITTED] Statement of Net Assets
APRIL 30, 2004 (UNAUDITED)
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Red Oak Technology Select Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 99.4%
COMPUTER COMMUNICATIONS EQUIPMENT-- 10.4%
Cisco Systems* 939,900 $ 19,616
Juniper Networks* 385,840 8,442
-----------
28,058
-----------
COMPUTER PERIPHERAL -- 8.7%
Symbol Technologies 985,000 11,820
Zebra Technologies,
Cl A* 157,800 11,565
-----------
23,385
-----------
CONTRACT MANUFACTURERS -- 6.2%
Flextronics
International* 1,040,000 16,744
-----------
16,744
-----------
DATA STORAGE-- 9.3%
EMC* 692,200 7,725
Emulex* 498,000 8,302
QLogic* 331,900 8,958
-----------
24,985
-----------
E-COMMERCE - SERVICES-- 4.6%
eBay* 155,600 12,420
-----------
12,420
-----------
OPTICAL NETWORKING SYSTEMS-- 4.7%
UTS Starcom* 484,500 12,767
-----------
12,767
-----------
SEARCH, DETECTION, NAVIGATION, GUIDANCE,
AERONAUTICAL SYSTEMS -- 3.3%
Garmin 279,000 8,973
-----------
8,973
-----------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 2.4%
Applied Materials* 358,700 6,539
-----------
6,539
-----------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES-- 12.8%
Intersil, Cl A 581,000 $ 11,475
Maxim Integrated
Products 130,600 6,006
Qualcomm 272,000 16,989
-----------
34,470
-----------
SERVICES -- COMMERCIAL PHYSICAL & BIOLOGICAL
RESEARCH -- 6.1%
Affymetrix* 540,000 16,502
-----------
16,502
-----------
SERVICES -- COMPUTER PROGRAMMING
SERVICES -- 6.1%
Cognizant Technology
Solutions* 377,300 16,322
-----------
16,322
-----------
SERVICES-- PREPACKAGED SOFTWARE-- 18.6%
Intuit* 245,500 10,426
Microsoft 536,200 13,925
Veritas* 434,000 11,575
Symantec* 317,000 14,281
-----------
50,207
-----------
UNIVERSITIES/COLLEGES -- 6.2%
University of Pheonix
Online* 192,000 16,716
-----------
16,716
-----------
TOTAL COMMON STOCK
(Cost $260,502)(000) 268,088
-----------
1-888-462-5386 8
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Red Oak Technology Select Fund (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.4%
Morgan Stanley (A) 0.750%, dated
04/30/04,to be repurchased on
05/03/04, repurchase price
$1,158,490 (collateralized by
U.S. Government obligations,
total market
value: $1,181,586) $1,158 $ 1,158
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $1,158)(000) 1,158
-----------
TOTAL INVESTMENTS -- 99.8%
(Cost $261,660)(000) 269,246
-----------
OTHER ASSETS AND LIABILITIES, NET-- 0.2%
Investment Advisory Fees Payable (170)
Administration Fees Payable (10)
Other Assets and Liabilities 708
-----------
528
-----------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares (unlimited
authorization-- no par value)
based on 43,414,143
outstanding shares of
beneficial interest $ 1,948,089
Accumulated net investment
loss (1,629)
Accumulated net realized loss
on investments (1,684,272)
Net unrealized appreciation
on investments 7,586
-----------
TOTAL NET ASSETS -- 100.0% $269,774
===========
Net Asset Value, Offering and
Redemption Price Per Share $6.21
=====
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
CL -- CLASS
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
9 www.oakfunds.com
[GRAPHIC ART OMITTED] Statement of Net Assets
APRIL 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
Black Oak Emerging Technology Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 100.8%
DATA STORAGE -- 2.2%
Emulex* 96,700 $ 1,612
-----------
1,612
-----------
E-COMMERCE-- SERVICES-- 4.6%
eBay* 42,500 3,392
-----------
3,392
-----------
INDUSTRIAL INSTRUMENTS FOR MEASUREMENT,
DISPLAY & CONTROL -- 3.0%
Photon Dynamics* 73,100 2,266
-----------
2,266
-----------
RADIO BROADCASTING STATIONS -- 2.1%
XM Satellite Radio,
Cl A* 66,500 1,593
-----------
1,593
-----------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 3.2%
Rudolph Technologies* 147,000 2,362
-----------
2,362
-----------
SEMICONDUCTORS & RELATED DEVICES-- 27.9%
Broadcom, Cl A* 90,000 3,398
Cree* 219,800 4,077
DSP Group* 143,500 3,556
Intersil, Cl A 78,600 1,552
Ixia* 78,800 704
Marvell Technology
Group* 126,300 4,892
Skyworks Solutions* 303,000 2,594
-----------
20,773
-----------
SERVICES -- ALLIED TO MOTION PICTURE
PRODUCTION -- 7.6%
Avid Technology* 118,200 5,670
-----------
5,670
-----------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SERVICES -- BUSINESS SERVICES -- 5.2%
Londonbridge
Technologies* 425,600 $ 3,839
-----------
3,839
-----------
SERVICES -- COMMERCIAL PHYSICAL & BIOLOGICAL
RESEARCH -- 4.8%
Affymetrix* 118,100 3,609
-----------
3,609
-----------
SERVICES -- COMPUTER INTEGRATED SYSTEMS
DESIGN -- 9.4%
AtRoad* 349,100 2,939
Neoware Systems* 264,400 2,359
Websense* 57,200 1,687
-----------
6,985
-----------
SERVICES -- COMPUTER PROGRAMMING
SERVICES -- 6.0%
Cognizant Technology
Solutions* 102,700 4,443
-----------
4,443
-----------
SERVICES -- PREPACKAGED SOFTWARE -- 18.3%
Concord
Communications* 142,100 1,741
eCollege* 172,100 3,112
Macrovision* 95,000 1,600
Packeteer* 338,100 4,074
Ultimate Software* 294,900 3,097
-----------
13,624
-----------
TESTING LABS -- 6.5%
eResearch Technology* 153,200 4,823
-----------
4,823
-----------
TOTAL COMMON STOCK
(Cost $58,598)(000) 74,991
-----------
1-888-462-5386 10
- --------------------------------------------------------------------------------
Black Oak Emerging Technology Fund (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.1%
Morgan Stanley (A)
0.750%, dated 04/30/04,
to be repurchased on
05/03/04, repurchase
price $65,214
(collateralized by
U.S. Government
obligations, total market
value: $66,514) $65 $ 65
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $65)(000) 65
-----------
TOTAL INVESTMENTS -- 100.9%
(Cost $58,663)(000) 75,056
-----------
OTHER ASSETS AND LIABILITIES, NET-- (0.9)%
Investment Advisory Fees Payable (41)
Administration Fees Payable (3)
Other Assets and Liabilities (642)
-----------
(686)
-----------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares (unlimited
authorization-- no par value)
based on 37,337,678 outstanding
shares of beneficial interest $ 361,641
Accumulated net investment loss (493)
Accumulated net realized loss
on investments (303,171)
Net unrealized appreciation
on investments 16,393
-----------
TOTAL NET ASSETS -- 100.0% $74,370
===========
Net Asset Value, Offering and Redemption
Price Per Share $1.99
=====
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
CL -- CLASS
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
11 www.oakfunds.com
[GRAPHIC ART OMITTED] Statement of Net Assets
APRIL 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
Live Oak Health Sciences Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 96.5%
- --------------------------------------------------------------------------------
BIOLOGICAL PRODUCTS-- 18.3%
Amgen* 18,300 $ 1,030
Genentech* 6,000 737
Invitrogen* 32,000 2,311
Medimmune* 57,500 1,394
-----------
5,472
-----------
ELECTROMEDICAL & ELECTROTHERAPEUTIC
APPARATUS -- 7.1%
Medtronic 42,200 2,129
-----------
2,129
-----------
IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES-- 4.1%
Epix Medical* 49,913 1,224
-----------
1,224
-----------
LABORATORY ANALYTICAL INSTRUMENTS -- 12.5%
Applied Biosystems
Group - Applera 65,600 1,218
Bruker Daltonics* 81,100 421
Molecular Devices* 34,400 674
Waters* 32,600 1,407
-----------
3,720
-----------
PHARMACEUTICAL PREPARATIONS-- 19.6%
Eli Lilly 10,700 790
Johnson & Johnson 12,300 665
Medicis Pharmaceutical,
Cl A 27,000 1,159
Pfizer 52,000 1,859
Teva Pharmaceutical
Industries ADR 22,100 1,360
-----------
5,833
-----------
SEMICONDUCTORS & RELATED DEVICES -- 1.8%
Caliper Technologies* 81,000 544
-----------
544
-----------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SERVICES -- COMMERCIAL PHYSICAL & BIOLOGICAL
RESEARCH -- 9.2%
Affymetrix* 89,900 $ 2,747
-----------
2,747
-----------
SERVICES -- HOME HEALTH CARE SERVICES -- 3.6%
Express Scripts* 14,000 1,083
-----------
1,083
-----------
SERVICES-- PREPACKAGED SOFTWARE-- 3.6%
Cerner* 24,900 1,066
-----------
1,066
-----------
SURGICAL & MEDICAL INSTRUMENTS &
APPARATUS -- 4.2%
Techne* 31,900 1,243
-----------
1,243
WHOLESALE -- DRUGS, PROPRIETARIES & DRUGGISTS'
SUNDRIES -- 12.5%
AmerisourceBergen 23,100 1,337
Cardinal Health 32,800 2,403
-----------
3,740
-----------
TOTAL COMMON STOCK
(Cost $24,814)(000) 28,801
-----------
1-888-462-5386 12
- --------------------------------------------------------------------------------
Live Oak Health Sciences Fund (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 2.4%
Morgan Stanley (A)
0.750%, dated 04/30/04,
to be repurchased on
05/03/04, repurchase
price $716,776 (collateralized
by U.S. Government
obligations, total market
value: $731,066) $717 $ 717
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $717)(000) 717
-----------
TOTAL INVESTMENTS -- 98.9%
(Cost $25,531)(000) 29,518
-----------
OTHER ASSETS AND LIABILITIES, NET-- 1.1%
Investment Advisory Fees Payable (18)
Administration Fees Payable (1)
Other Assets and Liabilities 332
-----------
313
-----------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares (unlimited
authorization-- no par value)
based on 2,849,666
outstanding shares of
beneficial interest $ 28,777
Accumulated net investment loss (99)
Accumulated net realized loss
on investments (2,834)
Net unrealized appreciation
on investments 3,987
-----------
TOTAL NET ASSETS -- 100.0% $29,831
===========
Net Asset Value, Offering
and Redemption Price
Per Share $10.47
======
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
13 www.oakfunds.com
[GRAPHIC ART OMITTED] Statements of Operations (000)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004 (UNAUDITED)
WHITE OAK
GROWTH STOCK
FUND
- -----------------------------------------------------------------------
Investment Income:
Dividends ....................................... $ 6,166
Interest ........................................ 26
Less: Foreign Withholding Tax .................. --
- -----------------------------------------------------------------------
Total Investment Income ...................... 6,192
- -----------------------------------------------------------------------
Expenses:
Investment Advisory Fees ........................ 8,128
Administration Fees ............................. 435
Trustees' Fees .................................. 51
Transfer Agent Fees ............................. 2,467
Printing Fees ................................... 238
Professional Fees ............................... 53
Custodian Fees .................................. 51
Registration Fees ............................... 44
Insurance and Other Fees ........................ 60
- -----------------------------------------------------------------------
Total Expenses ............................... 11,527
- -----------------------------------------------------------------------
Less: Investment Advisory Fees Waived ........... --
Directed Brokerage ........................ --
- -----------------------------------------------------------------------
Net Expenses ................................. 11,527
- -----------------------------------------------------------------------
Net Investment Loss .......................... (5,335)
Net Realized Gain (Loss) on
Securities Sold .............................. (571,653)
Net Change in Unrealized Appreciation
(Depreciation) of Investment Securities ...... 515,707
- -----------------------------------------------------------------------
Net Realized and Unrealized
Gain (Loss) on Investments .............. (55,946)
- -----------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
From Operations .............................. $(61,281)
- -----------------------------------------------------------------------
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
1-888-462-5386 14
<page>
PIN OAK RED OAK BLACK OAK LIVE OAK
AGGRESSIVE STOCK TECHNOLOGY SELECT EMERGING TECHNOLOGY HEALTH SCIENCES
FUND FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Income:
Dividends ....................................... $ 359 $ 212 $ 2 $ 48
Interest ........................................ 8 7 4 3
Less: Foreign Withholding Tax .................. -- -- -- (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investment Income ...................... 367 219 6 50
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees ........................ 881 1,189 322 96
Administration Fees ............................. 47 64 17 5
Trustees' Fees .................................. 5 7 2 1
Transfer Agent Fees ............................. 396 567 208 45
Printing Fees ................................... 26 32 9 3
Professional Fees ............................... 6 7 2 1
Custodian Fees .................................. 5 7 2 1
Registration Fees ............................... 5 7 2 --
Insurance and Other Fees ........................ 7 9 2 1
- ------------------------------------------------------------------------------------------------------------------------------------
Total Expenses ............................... 1,378 1,889 566 153
- ------------------------------------------------------------------------------------------------------------------------------------
Less: Investment Advisory Fees Waived ........... -- (41) (67) (4)
Directed Brokerage ........................ (8) -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net Expenses ................................. 1,370 1,848 499 149
- ------------------------------------------------------------------------------------------------------------------------------------
Net Investment Loss .......................... (1,003) (1,629) (493) (99)
Net Realized Gain (Loss) on
Securities Sold .............................. (15,515) 3,957 162 --
Net Change in Unrealized Appreciation
(Depreciation) of Investment Securities ...... 9,967 (15,988) (8,404) 3,171
- ------------------------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized
Gain (Loss) on Investments .............. (5,548) (12,031) (8,242) 3,171
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
From Operations .............................. $(6,551) $(13,660) $(8,735) $3,072
- ------------------------------------------------------------------------------------------------------------------------------------
15 www.oakfunds.com
[GRAPHIC ART OMITTED] Statements of Changes in Net Assets (000)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004 (UNAUDITED) AND THE YEAR ENDED
OCTOBER 31, 2003
WHITE OAK
GROWTH STOCK
FUND
- --------------------------------------------------------------------------------------------------------
11/01/03 11/01/02
TO 04/30/04 TO 10/31/03
- --------------------------------------------------------------------------------------------------------
Investment Activities:
Net Investment Loss .................................... $ (5,335) $ (6,245)
Net Realized Gain (Loss) on Securities Sold ............ (571,653) (206,602)
Net Unrealized Appreciation (Depreciation)
of Investment Securities ............................ 515,707 889,844
- --------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations ........................... (61,281) 676,997
- --------------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares Issued .......................................... 295,097 438,369
Shares Redeemed ........................................ (360,951) (572,470)
- --------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
from Capital Share Transactions .................. (65,854) (134,101)
- --------------------------------------------------------------------------------------------------------
Total Increase (Decrease) in Net Assets ....... (127,135) 542,896
- --------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period .................................... 2,136,891 1,593,995
- --------------------------------------------------------------------------------------------------------
End of Period .......................................... $2,009,756 $2,136,891
========================================================================================================
Shares Issued and Redeemed:
Issued ................................................. 8,161 15,935
Redeemed ............................................... (10,204) (21,836)
- --------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Share Transactions ....... (2,043) (5,901)
========================================================================================================
AMOUNTS DESIGNATED AS"_" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
1-888-462-5386 16
<page>
PIN OAK RED OAK
AGGRESSIVE STOCK TECHNOLOGY
FUND SELECT FUND
- ------------------------------------------------------------------------------------------------------------------------------------
11/01/03 11/01/02 11/01/03 11/01/02
TO 04/30/04 TO 10/31/03 TO 04/30/04 TO 10/31/03
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Activities:
Net Investment Loss .................................... $ (1,003) $ (1,484) $ (1,629) $ (2,700)
Net Realized Gain (Loss) on Securities Sold ............ (15,515) (177,434) 3,957 (272,308)
Net Unrealized Appreciation (Depreciation)
of Investment Securities ............................ 9,967 270,752 (15,988) 394,916
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations ........................... (6,551) 91,834 (13,660) 119,908
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares Issued .......................................... 34,642 69,258 22,062 118,578
Shares Redeemed ........................................ (53,792) (71,364) (66,481) (128,023)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
from Capital Share Transactions .................. (19,150) (2,106) (44,419) (9,445)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Increase (Decrease) in Net Assets ....... (25,701) 89,728 (58,079) 110,463
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period .................................... 233,503 143,775 327,853 217,390
- ------------------------------------------------------------------------------------------------------------------------------------
End of Period .......................................... $207,802 $233,503 $269,774 $ 327,853
====================================================================================================================================
Shares Issued and Redeemed:
Issued ................................................. 1,721 4,917 3,190 23,270
Redeemed ............................................... (2,708) (5,067) (9,731) (24,707)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Share Transactions ....... (987) (150) (6,541) (1,437)
====================================================================================================================================
BLACK OAK LIVE OAK
EMERGING TECHNOLOGY HEALTH SCIENCES
FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------------
11/01/03 11/01/02 11/01/03 11/01/02
TO 04/30/04 TO 10/31/03 TO 04/30/04 TO 10/31/03
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Activities:
Net Investment Loss .................................... $ (493) $ (614) $ (99) $ (124)
Net Realized Gain (Loss) on Securities Sold ............ 162 (15,084) -- 294
Net Unrealized Appreciation (Depreciation)
of Investment Securities ............................ (8,404) 49,606 3,171 3,092
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations ........................... (8,735) 33,908 3,072 3,262
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares Issued .......................................... 20,954 39,861 7,639 6,416
Shares Redeemed ........................................ (24,263) (27,938) (3,400) (5,844)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
from Capital Share Transactions .................. (3,309) 11,923 4,239 572
- ------------------------------------------------------------------------------------------------------------------------------------
Total Increase (Decrease) in Net Assets ....... (12,044) 45,831 7,311 3,834
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period .................................... 86,414 40,583 22,520 18,686
- ------------------------------------------------------------------------------------------------------------------------------------
End of Period .......................................... $ 74,370 $ 86,414 $29,831 $22,520
====================================================================================================================================
Shares Issued and Redeemed:
Issued ................................................. 9,403 23,641 752 780
Redeemed ............................................... (11,089) (17,635) (339) (728)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Share Transactions ....... (1,686) 6,006 413 52
====================================================================================================================================
17 www.oakfunds.com
[GRAPHIC ART OMITTED] Notes to Financial Statements
APRIL 30, 2004, (UNAUDITED)
1. ORGANIZATION:
- --------------------------------------------------------------------------------
The Oak Associates Funds (the "Trust") is organized as a Massachusetts business
trust under an Agreement and Declaration of Trust dated November 6, 1997. The
Trust is registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company with five funds: White Oak Growth Stock
Fund and Pin Oak Aggressive Stock Fund (diversified funds); Red Oak Technology
Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences
Fund (non-diversified funds) (collectively referred to as "Funds" and
individually referred to as a "Fund"). The assets of each Fund are segregated,
and a shareholder's interest is limited to the Fund in which shares are held.
The Funds' prospectus provides a description of each Fund's investment
objectives, policies and strategies.
2. SIGNIFICANT ACCOUNTING POLICIES:
- --------------------------------------------------------------------------------
The following is a summary of the significant accounting policies followed by
the Funds.
USE OF ESTIMATES--The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
SECURITY VALUATION--Investments in equity securities, which are traded on a
national exchange, are stated at the last quoted sales price if readily
available for such equity securities on each business day. Investments in
equity securities, which are reported on the NASDAQ national market system are
valued at the official closing price; other equity securities traded in the
over-the-counter market and listed equity securities for which no sale was
reported on that date are stated at the last quoted bid price. Debt
obligations exceeding sixty days to maturity for which market quotations are
readily available are valued at the most recently quoted bid price. Debt
obligations with sixty days or less remaining until maturity may be valued at
their amortized cost, which approximates market value.
Securities for which market quotations are not readily available, of which
there were none as of April 30, 2004, are valued at fair value as determined
in good faith in accordance with procedures approved by the Board of Trustees.
1-888-462-5386 18
SECURITY TRANSACTIONS AND RELATED INCOME--Security transactions are accounted
for on the date the security is purchased or sold (trade date). Dividend
income is recognized on the ex-dividend date, and interest income is
recognized on the accrual basis. Costs used in determining realized gains and
losses on the sales of investment securities are those of the specific
securities sold.
EXPENSES--Expenses that are directly related to one of the Funds are charged
to that Fund. Other operating expenses of the Trust are prorated to the Funds
on the basis of relative daily net assets.
REPURCHASE AGREEMENTS--The Funds invest in tri-party repurchase agreements.
Securities held as collateral for tri-party repurchase agreements are
maintained by the broker's custodian bank in a segregated account until
maturity of the repurchase agreement. Provisions of the repurchase agreements
and procedures adopted by the Board of Trustees require that the market value
of the collateral, including accrued interest thereon, is sufficient in the
event of default by the counterparty. If the counterparty defaults and the
value of the collateral declines or if the counterparty enters an insolvency
proceeding, realization of the collateral by the Funds may be delayed or
limited.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS--Dividends from net investment
income are declared and paid to shareholders on an annual basis, as
applicable. Any net realized capital gains on sales of securities are
distributed to shareholders at least annually.
3. TRANSACTIONS WITH AFFILIATES:
- --------------------------------------------------------------------------------
Certain officers of the Trust are also officers of Oak Associates, ltd., SEI
Investments Global Funds Services (the "Administrator") and/or SEI Investments
Distribution Co. (the "Distributor"). Such officers are paid no fees by the
Trust for serving as officers of the Trust.
The Trust and the Distributor were parties to an agreement dated November 20,
2002 under which the Funds may direct certain investment trades to brokers who
pay a portion of the commissions for those trades to the Funds. The commissions
paid are used to offset a portion of the total annual operating expenses of the
respective Fund before expense waivers. During the period ended April 30, 2004,
the Pin Oak Aggressive Stock Fund's expenses were reduced by $8,333 under this
arrangement. This agreement was terminated as of January 13, 2004.
19 www.oakfunds.com
[GRAPHIC ART OMITTED] Notes to Financial Statements (continued)
APRIL 30, 2004, (UNAUDITED)
4. ADMINISTRATION, TRANSFER AGENT
AND DISTRIBUTION AGREEMENTS:
The Trust and Administrator are parties to an Administration Agreement dated
February 27, 1998, as amended February 16, 2004, under which the Administrator
provides management and administration services for an annual fee of 0.04% of
the average daily net assets of each of the Funds up to $2.5 billion, 0.03% on
the next $2.5 billion, 0.02% on the next $5 billion and 0.015% on all assets in
excess of $10 billion. There is a minimum annual administration fee of $475,000
for the complex.
DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for
the Funds under a Transfer Agency Agreement with the Trust. The Funds pay
amounts to third parties that provide sub-transfer agency and other
administration services relating to the Funds.
The Trust and the Distributor are parties to a Distribution Agreement dated
February 27, 1998. The Distributor receives no fees for its distribution
services under this agreement.
5. INVESTMENT ADVISORY AND
CUSTODIAN AGREEMENTS:
- --------------------------------------------------------------------------------
The Trust and Oak Associates, ltd. (the "Adviser") are parties to an Investment
Advisory Agreement dated February 27, 1998, as amended February 21, 2001, under
which the Adviser receives an annual fee equal to 0.74% of the average daily net
assets of each Fund. Effective March 1, 2004, the Adviser has agreed to
contractually waive all or a portion of its fees (and to reimburse the Funds'
expenses if necessary) in order to limit operating expenses to not more than
1.15% of the average daily net assets of each of the Funds for a period of one
year. Prior to March 1, 2003, the Adviser contractually waived all or a portion
of its fees to limit the Funds' expenses to 1.00% of the average daily net
assets of each of the Funds.
Wachovia Bank, N.A. acts as custodian (the "Custodian") for the Funds. The
Custodian plays no role in determining the investment policies of the Funds or
which securities are to be purchased or sold by the Funds.
6. INVESTMENT TRANSACTIONS:
- --------------------------------------------------------------------------------
The cost of security purchases and the proceeds from security sales, other than
short-term investments, for the six-month period ended April 30, 2004, were as
follows (000):
PURCHASES SALES
--------- ----
White Oak Growth Stock Fund $174,562 $ 243,849
Pin Oak Aggressive Stock Fund 45,643 63,436
Red Oak Technology Select Fund 39,272 84,772
Black Oak Emerging Technology
Fund 18,015 17,363
Live Oak Health Sciences Fund 3,832 --
7. FEDERAL INCOME TAXES:
- --------------------------------------------------------------------------------
Each of the Funds is classified as a separate taxable entity for Federal income
tax purposes. Each of the Funds intends to continue to qualify as a separate
"regulated investment company" under Subchapter M of the Internal Revenue Code
and make the requisite distributions to shareholders that will be sufficient to
relieve it from
1-888-462-5386 20
Federal income tax and Federal excise tax. Therefore, no Federal tax provision
is required. To the extent that dividends from net investment income and
distributions from net realized capital gains exceed amounts reported in the
financial statements, such amounts are reported separately.
The amounts of dividends from net investment income and distributions from net
realized capital gains are determined in accordance with Federal income tax
regulations, which may differ from those amounts determined under accounting
principles generally accepted in the United States of America. These book/tax
differences are either temporary or permanent in nature. These differences are
primarily due to wash sales as well as net operating losses which may be carried
forward for Federal income tax purposes. The character of dividends from net
investment income or distributions from net realized gains made during the year,
and the timing of dividends and distributions where the fiscal year in which the
amounts are distributed may differ from the year that the income or realized
gains (losses) were recorded by the Funds. To the extent these differences are
permanent, adjustments are made to the appropriate equity accounts in the period
that the differences arise.
The Funds declared no dividends or distributions during the years ended October
31, 2002 and October 31, 2003.
As of October 31, 2003, the components of accumulated losses on a tax basis were
as follows (000):
CAPITAL UNREALIZED TOTAL
LOSS APPRECIATION ACCUMULATED
CARRYFORWARD (DEPRECIATION) LOSSES
---------- ----------- ---------
White Oak
Growth
Stock
Fund $(1,668,643) $(769,165) $(2,437,808)
Pin Oak
Aggressive
Stock
Fund (753,816) (89,222) (843,038)
Red Oak
Technology
Select
Fund (1,688,192) 23,537 (1,664,655)
Black Oak
Emerging
Technology
Fund (303,333) 24,797 (278,536)
Live Oak Health
Sciences
Fund (2,834) 816 (2,018)
For Federal income tax purposes, capital loss carryforwards may be carried
forward and applied against future capital gains for a maximum period of up to
eight years.
21 www.oakfunds.com
[GRAPHIC ART OMITTED] Notes to Financial Statements (concluded)
APRIL 30, 2004, (UNAUDITED)
At October 31, 2003, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates
(000):
EXPIRING OCTOBER 31,
---------------------------------------------------------------
2007 2008 2009 2010 2011 TOTAL
----- ----- ----- ----- ----- -----
White Oak
Growth Stock Fund . $ -- $ -- $749,069 $712,973 $206,601 $1,668,643
Pin Oak Aggressive
Stock Fund ........ -- -- 137,532 436,197 180,087 753,816
Red Oak Technology
Select Fund ....... 1,366 56,063 610,821 726,266 293,676 1,688,192
Black Oak Emerging
Technology Fund ... -- -- 75,404 212,845 15,084 303,333
Live Oak Health
Sciences Fund ..... -- -- -- 2,834 -- 2,834
During the year ended October 31, 2003, the Live Oak Health Sciences Fund
utilized $293,918 of capital loss carryforwards.
At April 30, 2004, the total cost of securities for Federal income tax purposes
and the aggregate gross unrealized appreciation and depreciation for securities
held by the Funds is as follows (000):
FEDERAL AGGREGATE AGGREGATE NET
TAX GROSS GROSS APPRECIATION/
COST APPRECIATION DEPRECIATION (DEPRECIATION)
-----------------------------------------------------------------
White Oak
Growth
Stock Fund .. 2,258,363 480,598 (734,056) (253,458)
Pin Oak
Aggressive
Stock Fund .. 281,722 59,945 (133,491) (73,546)
Red Oak
Technology
Select Fund . 262,724 56,168 (49,646) 6,522
Black Oak
Emerging
Technology
Fund ........ 58,663 23,514 (7,121) 16,393
Live Oak Health
Sciences
Fund ........ 25,531 5,956 (1,969) 3,987
8. CONCENTRATION OF CREDIT RISK
- --------------------------------------------------------------------------------
The Red Oak Technology Select Fund and the Black Oak Emerging Technology Fund
invest a substantial portion of their assets in securities in the technology
industry. The Live Oak Health Sciences Fund invests a substantial portion of its
assets in securities in the health care, medicine and life sciences industries.
Therefore, the Funds may be more affected by economic developments in those
industries than a general equity fund would be.
9. OTHER
- --------------------------------------------------------------------------------
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
claim is considered remote.
1-888-462-5386 22
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23 www.oakfunds.com
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1-888-462-5386 24
[BLANK PAGE]
[LOGO OMITTED]
Oak Associates Funds
P.O. Box 219441
Kansas City, MO 64121-9441
WWW.OAKFUNDS.COM
OAK-F-023-05000
Item 2. Code of Ethics.
Not applicable for semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end investment management companies.
Item 6. (Reserved)
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable to open-end investment management companies.
Item 8. Purchasers of Equity Securities by Closed-End Management Company and
Affiliated Purchasers.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 10. Controls and Procedures.
(a) The certifying officers, whose certifications are included herewith, have
evaluated the registrant's disclosure controls and procedures within 90 days of
the filing date of this report. In their opinion, based on their evaluation, the
registrant's disclosure controls and procedures are adequately designed, and are
operating effectively to ensure, that information required to be disclosed by
the registrant in the reports it files or submits under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting.
Items 11. Exhibits.
(a)(1) Not applicable for semi-annual report.
(a)(2) A separate certification for the principal executive officer and the
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed
herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment
Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing
as an Exhibit.
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SIGNATURES
Pursuant to the requirements of the securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Oak Associates Funds
By (Signature and Title)* /s/ William E. White
--------------------
William E. White, President
Date 06/24/04
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ William E. White
--------------------
William E. White, President
Date 06/24/04
By (Signature and Title)* /s Jennifer E. Spratley
-----------------------
Jennifer E. Spratley,
Controller & CFO
Date 06/24/04
* Print the name and title of each signing officer under his or her signature.