UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------
FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08549
Oak Associates Funds
(Exact name of registrant as specified in charter)
--------
101 Federal Street
Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
William E. White
Oak Associates, ltd.
3875 Embassy Parkway, Suite 250
Akron, Ohio 44333-8334
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-888-462-5386
Date of fiscal year end: October 31, 2007
Date of reporting period: April 30, 2007
Item 1. Reports to Stockholders.
Semi-Annual Report
April 30, 2007
White Oak Select Growth
Rock Oak Core Growth
Pin Oak Aggressive Stock
River Oak Discovery
Red Oak Technology Select
Black Oak Emerging Technology
Live Oak Health Sciences
[LOGO OMITTED]
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[BLANK PAGE]
To Our Shareholders
Dear Fellow Shareholders:
We are pleased to send you the Oak Associates Funds' Semi-Annual Report which
contains information on the holdings of each of the Funds, along with the
Financial Highlights and Statements of Net Assets, Operations and Changes in Net
Assets for the six-month period ended April 30, 2007. We encourage you to read
the report to help you stay informed about your investments.
We recognize that this is only a six-month snapshot of your portfolio and we
urge you to visit our website at www.oakfunds.com for more detailed fund
information and market commentary.
As always, we appreciate the trust you have placed in us and thank you for your
investment.
Sincerely,
The Oak Associates Funds
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
Financial Highlights ..................................................... 2
Schedules of Investments ................................................. 6
Statements of Assets and Liabilities ..................................... 24
Statements of Operations ................................................. 26
Statements of Changes in Net Assets ...................................... 28
Notes to Financial Statements ............................................ 31
Disclosure of Fund Expenses .............................................. 39
Board Considerations in Approving the Advisory Agreement ................. 41
<Page>
Financial Highlights
FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS OR PERIODS ENDED OCTOBER 31,
REALIZED AND DIVIDENDS NET
NET ASSET NET UNREALIZED FROM TOTAL ASSET
VALUE INVESTMENT GAINS OR TOTAL NET DIVIDENDS VALUE
BEGINNING INCOME (LOSSES) ON FROM INVESTMENT AND END OF
OF PERIOD (LOSS) SECURITIES OPERATIONS INCOME DISTRIBUTIONS PERIOD
- ------------------------------------------------------------------------------------------
WHITE OAK SELECT GROWTH FUND
- ------------------------------------------------------------------------------------------
2007* $31.91 $(0.08)# $ 3.58 $ 3.50 $ -- $ -- $35.41
2006 31.35 (0.13)# 0.71 0.58 (0.02) (0.02) 31.91
2005 31.41 0.01#++ (0.07)## (0.06) -- -- 31.35
2004 34.05 (0.19) (2.45) (2.64) -- -- 31.41
2003 23.22 (0.10) 10.93 10.83 -- -- 34.05
2002 34.54 (0.12) (11.20) (11.32) -- -- 23.22
ROCK OAK CORE GROWTH FUND
- ------------------------------------------------------------------------------------------
2007* $10.68 $ (0.03)# $ 0.71 $ 0.68 $ -- $ -- $11.36
2006 10.10 (0.06)# 0.64 0.58 -- -- 10.68
2005(1) 10.00 (0.05)# 0.15 0.10 -- -- 10.10
PIN OAK GROWTH STOCK FUND
- ------------------------------------------------------------------------------------------
2007* $21.18 $(0.08)# $ 3.09 $ 3.01 $ -- $ -- $24.19
2006 21.13 (0.16)# 0.21 0.05 -- -- 21.18
2005 19.02 (0.16)# 2.27 2.11 -- -- 21.13
2004 19.13 (0.17) 0.06 (0.11) -- -- 19.02
2003 11.63 (0.12) 7.62 7.50 -- -- 19.13
2002 21.61 (0.20) (9.78) (9.98) -- -- 11.63
RIVER OAK DISCOVERY FUND
- ------------------------------------------------------------------------------------------
2007* $11.56 $(0.05)# $ 0.58 $ 0.53 $ -- $ -- $12.09
2006 10.10 (0.09)# 1.55 1.46 -- -- 11.56
2005(2) 10.00 (0.03)# 0.13 0.10 -- -- 10.10
RED OAK TECHNOLOGY SELECT FUND
- ------------------------------------------------------------------------------------------
2007* $ 6.90 $(0.03)# $ 0.88 $ 0.85 $ -- $ -- $ 7.75
2006 6.55 (0.06)# 0.41 0.35 -- -- 6.90
2005 6.30 (0.03)#+++ 0.28 0.25 -- -- 6.55
2004 6.56 (0.08) (0.18) (0.26) -- -- 6.30
2003 4.23 (0.05) 2.38 2.33 -- -- 6.56
2002 8.45 (0.08) (4.14) (4.22) -- -- 4.23
RATIO OF
EXPENSES
RATIO OF TO AVERAGE
RATIO OF EXPENSES NET ASSETS
NET TO AVERAGE (EXCLUDING
NET ASSETS RATIO OF INVESTMENT NET ASSETS WAIVERS
END OF EXPENSES INCOME (LOSS) (EXCLUDING AND/OR PORTFOLIO
TOTAL PERIOD TO AVERAGE TO AVERAGE FEES PAID FEES PAID TURNOVER
RETURN+ (000) NET ASSETS NET ASSETS INDIRECTLY) INDIRECTLY) RATE
- ---------------------------------------------------------------------------------------------------
WHITE OAK SELECT GROWTH FUND
- ---------------------------------------------------------------------------------------------------
2007* 10.97% $ 440,461 1.25% (0.49)% 1.25% 1.25% 19.51%
2006 1.85 538,516 1.19 (0.42) 1.20 1.20 51.51
2005 (0.19) 878,709 1.14 0.04++ 1.14 1.14 36.46
2004 (7.75) 1,569,899 1.07 (0.47) 1.07 1.07 15.83
2003 46.64 2,136,891 1.07 (0.36) 1.08 1.11 4.28
2002 (32.77) 1,593,995 1.00 (0.32) 1.01 1.01 10.76
ROCK OAK CORE GROWTH FUND
- ---------------------------------------------------------------------------------------------------
2007* 6.37% $ 7,875 1.25% (0.50)% 1.25% 1.47% 50.74%
2006 5.74 9,688 1.22 (0.54) 1.22 1.44 88.47
2005(1) 1.00 10,560 1.15 (0.67) 1.15 1.89 44.73
PIN OAK GROWTH STOCK FUND
- ---------------------------------------------------------------------------------------------------
2007* 14.21% $ 78,892 1.25% (0.70)% 1.25% 1.34% 5.46%
2006 0.24 92,549 1.21 (0.74) 1.21 1.27 19.81
2005 11.09 139,379 1.15 (0.78) 1.15 1.22 28.02
2004 (0.58) 190,839 1.15 (0.80) 1.15 1.17 21.10
2003 64.49 233,503 1.11 (0.83) 1.12 1.23 21.67
2002 (46.18) 143,775 1.00 (0.87) 1.09 1.09 17.68
RIVER OAK DISCOVERY FUND
- --------------------------------------------------------------------------------------------------
2007* 4.58% $ 6,023 1.35% (0.93)% 1.35% 1.83% 76.37%
2006 14.46 5,943 1.35 (0.81) 1.35 2.74 71.90
2005(2) 1.00 3,063 1.35 (0.79) 1.35 4.05 15.68
RED OAK TECHNOLOGY SELECT FUND
- ---------------------------------------------------------------------------------------------------
2007* 12.32% $ 109,428 1.35% (0.95)% 1.35% 1.39% 0.87%
2006 5.34 116,449 1.27 (0.89) 1.27 1.34 92.90
2005 3.97 160,881 1.15 (0.50)+++ 1.15 1.27 40.47
2004 (3.96) 244,848 1.15 (1.01) 1.15 1.20 38.44
2003 55.08 327,853 1.11 (0.98) 1.11 1.24 60.35
2002 (49.94) 217,390 1.00 (0.97) 1.10 1.10 47.80
*THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2 & 3
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Financial Highlights
FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS OR PERIODS ENDED OCTOBER 31,
REALIZED AND DIVIDENDS NET
NET ASSET NET UNREALIZED FROM ASSET
VALUE INVESTMENT GAINS OR TOTAL NET VALUE
BEGINNING INCOME (LOSSES) ON FROM INVESTMENT END OF
OF PERIOD (LOSS) SECURITIES OPERATIONS INCOME PERIOD
- -----------------------------------------------------------------------------------------
BLACK OAK EMERGING TECHNOLOGY FUND
- -----------------------------------------------------------------------------------------
2007* $ 2.21 $(0.01)# $ 0.15 $ 0.14 $ -- $ 2.35
2006 2.05 (0.02)# 0.18 0.16 -- 2.21
2005 2.08 (0.02)# (0.01)## (0.03) -- 2.05
2004 2.21 (0.03) (0.10) (0.13) -- 2.08
2003 1.23 (0.02) 1.00 0.98 -- 2.21
2002 2.98 (0.02) (1.73) (1.75) -- 1.23
LIVE OAK HEALTH SCIENCES FUND
- -----------------------------------------------------------------------------------------
2007* $11.18 $ 0.02# $ 0.80 $ 0.82 $ -- $12.00
2006 11.66 (0.07)# (0.41) (0.48) -- 11.18
2005 9.44 (0.07)# 2.29 2.22 -- 11.66
2004 9.24 (0.07) 0.27 0.20 -- 9.44
2003 7.83 (0.05) 1.46 1.41 -- 9.24
2002 10.24 (0.05) (2.36) (2.41) -- 7.83
RATIO OF
RATIO OF RATIO OF EXPENSES
NET EXPENSES TO AVERAGE
INVESTMENT TO AVERAGE NET ASSETS
NET ASSETS RATIO OF INCOME NET ASSETS (EXCLUDING
END OF EXPENSES (LOSS) (EXCLUDING WAIVERS AND/OR PORTFOLIO
TOTAL PERIOD TO AVERAGE TO AVERAGE FEES PAID FEES PAID TURNOVER
RETURN+ (000) NET ASSETS NET ASSETS INDIRECTLY) INDIRECTLY) RATE
- -------------------------------------------------------------------------------------------------
BLACK OAK EMERGING TECHNOLOGY FUND
- -------------------------------------------------------------------------------------------------
2007* 6.33% $34,393 1.35% (1.05)% 1.35% 1.61% 46.74%
2006 7.80 39,617 1.28 (1.13) 1.28 1.53 97.05
2005 (1.44) 48,901 1.15 (1.13) 1.15 1.41 30.22
2004 (5.88) 72,093 1.15 (1.14) 1.15 1.33 33.71
2003 79.67 86,414 1.11 (1.08) 1.11 1.50 33.62
2002 (58.72) 40,583 1.00 (0.86) 1.20 1.20 57.15
LIVE OAK HEALTH SCIENCES FUND
- -------------------------------------------------------------------------------------------------
2007* 7.33% $21,514 1.35% 0.37% 1.35% 1.36% 18.58%
2006 (4.12) 25,263 1.21 (0.59) 1.21 1.23 56.56
2005 23.52 36,304 1.15 (0.66) 1.15 1.22 15.69
2004 2.16 26,226 1.15 (0.75) 1.15 1.19 4.05
2003 18.01 22,520 1.10 (0.66) 1.10 1.28 12.55
2002 (23.54) 18,686 1.00 (0.56) 1.18 1.18 31.00
* FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 (UNAUDITED). ALL RATIOS FOR
THE PERIOD HAVE BEEN ANNUALIZED.
# PER SHARE CALCULATIONS WERE PERFORMED USING AVERAGE SHARES FOR THE PERIOD.
## THE AMOUNT SHOWN FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD DOES NOT
ACCRUAL WITH THE AGGREGATE NET GAINS ON INVESTMENT FOR THE PERIOD BECAUSE OF
THE SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET
VALUE OF THE INVESTMENTS OF THE FUND.
+ RETURNS ARE FOR THE PERIOD INDICATED AND HAVE NOT BEEN ANNUALIZED. FIGURES
DO NOT REFLECT THE DEDUCTION OF TAXES THE SHAREHOLDER WILL PAY ON FUND
DISTRIBUTIONS OR REDEMPTION OF FUND SHARES.
++ NET INVESTMENT INCOME PER SHARE AND THE NET INVESTMENT INCOME RATIO INCLUDE
$0.13 AND 0.40%, RESPECTIVELY, RESULTING FROM A SPECIAL DIVIDEND FROM
MICROSOFT IN NOVEMBER 2004.
+++ NET INVESTMENT INCOME PER SHARE AND THE NET INVESMENT INCOME RATION INCLUDE
$0.03 AND 0.51%, RESPECTIVELY RESULTING FROM A SPECIAL DIVIDEND FROM
MICROSOFT IN NOVEMBER 2004.
(1) THE ROCK OAK CORE GROWTH FUND COMMENCED OPERATIONS ON DECEMBER 31, 2004. ALL
RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(2) THE RIVER OAK DISCOVERY FUND COMMENCED OPERATIONS ON JUNE 30, 2005. ALL
RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4 & 5
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Schedules of Investments
APRIL 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
White Oak Select Growth Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:]
Biological Products (No Diagnostic Substances) 9.1%
Computer Communications Equipment 7.0%
Construction Machinary & Equipment 5.8%
Diversified Manufacturing 1.1%
Electronic Computers 2.3%
E-Commerce - Services 11.5%
Hospital & Medical Service Plans 4.8%
Personal Credit Institutions 1.2%
Pharmaceutical Preparations 6.1%
Security Brokers, Dealers & Flotation Companies 10.8%
Semiconductor Capital Equipment 3.3%
Semiconductors & Related Devices 14.0%
Services - Commercial Physical & Biological Research 3.1%
Services - Computer Programming Services 2.7%
Services - Home Health Care Services 4.9%
Radiotelephone Communications 3.6%
Web Portals/ISP 8.1%
Repurchase Agreement 0.7%
+ Percentages are based on net assets. Included in net assets are other assets
and liabilities of (0.1)%.
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 99.4%
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 9.1%
Amgen* 343,000 $ 22,000
Genzyme* 275,000 17,960
----------
39,960
----------
COMPUTER COMMUNICATIONS
EQUIPMENT -- 7.0%
Cisco Systems* 1,150,000 30,751
----------
30,751
----------
CONSTRUCTION MACHINARY &
EQUIPMENT -- 5.8%
Caterpillar 349,000 25,344
----------
25,344
----------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING -- 1.1%
ITT Industries* 75,000 $ 4,786
----------
4,786
----------
ELECTRONIC COMPUTERS -- 2.3%
Dell* 400,000 10,084
----------
10,084
----------
E-COMMERCE - SERVICES -- 11.5%
Amazon.Com* 470,000 28,825
eBay* 650,000 22,061
----------
50,886
----------
HOSPITAL & MEDICAL SERVICE PLANS -- 4.8%
UnitedHealth Group 402,000 21,330
----------
21,330
----------
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- --------------------------------------------------------------------------------
White Oak Select GrowthFund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
PERSONAL CREDIT INSTITUTIONS -- 1.2%
SLM 100,000 $ 5,383
----------
5,383
----------
PHARMACEUTICAL PREPARATIONS -- 6.1%
Teva Pharmaceutical
Industries ADR 700,000 26,817
----------
26,817
----------
SECURITY BROKERS, DEALERS &
FLOTATION COMPANIES -- 10.8%
Charles Schwab 1,455,000 27,820
Legg Mason 197,300 19,570
----------
47,390
----------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 3.3%
Applied Materials 765,000 14,703
----------
14,703
----------
SEMICONDUCTORS & RELATED DEVICES -- 14.0%
Broadcom, Cl A* 680,000 22,134
Intel 965,000 20,748
Qualcomm 425,000 18,615
----------
61,497
----------
SERVICES - COMMERCIAL PHYSICAL &
BIOLOGICAL RESEARCH -- 3.1%
Affymetrix* 520,000 13,660
----------
13,660
----------
SERVICES - COMPUTER PROGRAMMING
SERVICES -- 2.7%
Cognizant Technology
Solutions, Cl A* 135,000 12,069
----------
12,069
----------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
SERVICES - HOME HEALTH CARE SERVICES -- 4.9%
Express Scripts 225,000 $ 21,499
----------
21,499
----------
RADIOTELEPHONE COMMUNICATIONS -- 3.6%
Sprint Nextel 800,000 16,024
----------
16,024
----------
WEB PORTALS/ISP -- 8.1%
Google, Cl A* 49,000 23,098
Yahoo!* 450,000 12,618
----------
35,716
----------
TOTAL COMMON STOCK
(Cost $363,877)(000) 437,899
----------
REPURCHASE AGREEMENT -- 0.7%
Morgan Stanley (A)
5.00%, dated 04/30/07,
to be repurchased on
05/01/07, repurchase
price $2,865,436,
(collateralized by a
U.S. Treasury Bond,
8.125%, 08/15/19,
total market value:
$2,922,355) $2,865 2,865
----------
TOTAL REPURCHASE AGREEMENT
(Cost $2,865)(000) 2,865
----------
TOTAL INVESTMENTS -- 100.1%
(Cost $366,742)(000) $ 440,764
==========
PERCENTAGES ARE BASED ON NET ASSETS OF $440,461,183.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS.
7
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Schedules of Investments
APRIL 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
Rock Oak Core Growth Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:]
Amusement and Recreational Services 3.0%
Biological Products (No Diagnostic Substances) 8.2%
Consumer Wireless Devices 2.4%
Crude Petroleum Natural Gas 1.0%
Data Storage 0.2%
Diversified Manufacturing 2.0%
Fiber Optic Components 4.9%
Electronic Computers 4.9%
General Building Contractors - Residential Buildings 2.2%
Hospital & Medical Service Plans 4.1%
Measuring & Controlling Devices 0.2%
Oil, Gas Field Services 6.6%
Personal Credit Institutions 2.1%
Pharmaceutical Preparations 2.2%
Radiotelephone Communications 8.3%
Retail - Apparel 2.4%
Retail - Eating Places 2.2%
Retail - Lumber & other Building, Materials Dealers 0.2%
Security Brokers, Dealers & Flotation Companies 12.2%
Semiconductor Capital Equipment 0.1%
Semiconductors & Related Devices 8.9%
Services - Copmuter Integrated Systems Design 2.1%
Services - Computer Programming Services 4.8%
Services - Prepackaged Software 3.5%
Trucking & Courier Services 3.9%
Web Portals/ISP 6.1%
Well Equipment 1.1%
Repurchase Agreement 0.7%
+ Percentages are based on net assets. Included in net assets are other assets
and liabilities of (0.5)%.
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 99.8%
AMUSEMENT AND RECREATIONAL SERVICES -- 3.0%
International Game
Technology 6,200 $ 236
----------
236
----------
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 8.2%
Genzyme* 5,100 333
Gilead Sciences* 3,800 311
----------
644
----------
CONSUMER WIRELESS DEVICES -- 2.4%
Research In Motion* 1,200 158
Rockwell Collins 500 33
----------
191
----------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
CRUDE PETROLEUM NATURAL GAS -- 1.0%
XTO Energy 1,500 $ 81
----------
81
----------
DATA STORAGE -- 0.2%
Motorola 1,000 17
----------
17
----------
DIVERSIFIED MANUFACTURING -- 2.0%
ITT Industries 2,500 160
----------
160
----------
FIBER OPTIC COMPONENTS -- 4.9%
Corning* 16,200 384
----------
384
----------
8
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Rock Oak Core Growth Fund (CONTINUED)
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
ELECTRONIC COMPUTERS -- 4.9%
Apple Computer* 3,900 $ 389
----------
389
----------
GENERAL BUILDING CONTRACTORS - RESIDENTIAL
BUILDINGS -- 2.2%
Toll Brothers* 5,900 176
----------
176
----------
HOSPITAL & MEDICAL SERVICE PLANS -- 4.1%
UnitedHealth Group 6,000 319
----------
319
----------
MEASURING & CONTROLLING DEVICES -- 0.2%
Rockwell Automation 200 12
----------
12
----------
OIL, GAS FIELD SERVICES -- 6.6%
Weatherford International
Ltd.* 5,100 268
Schlumberger 3,400 251
----------
519
----------
PERSONAL CREDIT INSTITUTIONS -- 2.1%
SLM 3,000 161
----------
161
----------
PHARMACEUTICAL PREPARATIONS -- 2.2%
Novartis ADR 3,000 174
----------
174
----------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
RADIOTELEPHONE COMMUNICATIONS -- 8.3%
American Movil ADR 6,700 $ 352
Vimpel Communications
ADR* 3,100 300
----------
652
----------
RETAIL - APPAREL -- 2.4%
AnnTaylor Stores 4,900 189
----------
189
----------
RETAIL - EATING PLACES -- 2.2%
Starbucks* 5,500 171
----------
171
----------
RETAIL - LUMBER & OTHER BUILDING,
MATERIALS DEALERS -- 0.2%
Lowe's 500 15
----------
15
----------
SECURITY BROKERS, DEALERS &
FLOTATION COMPANIES -- 12.2%
Chicago Mercantile Exchange
Holdings, Cl A 500 258
E*Trade Financial* 3,700 82
Goldman Sachs Group 1,300 284
Legg Mason 3,400 337
----------
961
----------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 0.1%
Applied Materials 500 10
----------
10
----------
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- --------------------------------------------------------------------------------
Rock Oak Core Growth Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES -- 8.9%
Broadcom, Cl A* 6,200 $ 202
Marvel Technology
Group* 8,500 137
Qualcomm 8,300 364
----------
703
----------
SERVICES - COPMUTER INTEGRATED
SYSTEMS DESIGN -- 2.1%
Salesforce.com* 4,000 168
----------
168
----------
SERVICES - COMPUTER PROGRAMMING
SERVICES -- 4.8%
Cognizant Technology
Solutions, Cl A* 4,200 375
----------
375
----------
SERVICES - PREPACKAGED SOFTWARE -- 3.5%
Infosys Technologies ADR5,200 272
----------
272
----------
TRUCKING & COURIER SERVICES -- 3.9%
Expeditors
International 7,400 309
----------
309
----------
WEB PORTALS/ISP -- 6.1%
Google, Cl A* 800 377
Yahoo!* 3,800 106
----------
483
----------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WELL EQUIPMENT -- 1.1%
National Oilwell
Varco* 1,000 $ 85
----------
85
----------
TOTAL COMMON STOCK
(Cost $6,723)(000) 7,856
----------
REPURCHASE AGREEMENT -- 0.7%
Morgan Stanley (A)
5.00%, dated 04/30/07,
to be repurchased on 05/01/07,
repurchase price $55,622
(collateralized by a
U.S. Treasury Bond, 8.750%,
05/15/20, total market
value: $56,727) $56 56
----------
TOTAL REPURCHASE AGREEMENT
(Cost $56)(000) 56
----------
TOTAL INVESTMENTS -- 100.5%
(Cost $6,779)(000) $ 7,912
==========
PERCENTAGES ARE BASED ON NET ASSETS OF $7,874,738.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS.
10
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Schedules of Investments
APRIL 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
Pin Oak AggressiveStock Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:]
Biological Products (No Diagnostic Substances) 5.8%
Computer Communications Equipment 10.7%
E-Commerce - Services 16.7%
Electronic Computers 5.0%
Motorcycles, Bicycles, and Parts 3.2%
Newspapers, Publishing 2.1%
Pharmaceutical Preparations 4.1%
Retail - Jewelry Stores 5.7%
Security Brokers, Dealers & Flotation Companies 4.6%
Semiconductor Capital Equipment 10.2%
Semiconductors & Related Devices 11.8%
Services - Allied to Motion Picture Production 1.7%
Services - Commercial Physical & Biological Research 3.5%
Television Broadcasting Stations 5.0%
Web Portals/ISP 8.5%
Repurchase Agreement 1.1%
+ Percentages are based on net assets. Included in net assets are other assets
and liabilities of 0.3%.
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 98.6%
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 5.8%
Cell Genesys* 175,000 $ 765
Genzyme* 58,000 3,788
----------
4,553
----------
COMPUTER COMMUNICATIONS
EQUIPMENT -- 10.7%
Cisco Systems* 168,000 4,492
Juniper Networks* 177,000 3,958
----------
8,450
----------
E-COMMERCE - SERVICES -- 16.7%
Amazon.com* 74,000 4,538
eBay* 131,000 4,446
Expedia* 177,000 4,181
----------
13,165
----------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
ELECTRONIC COMPUTERS -- 5.0%
Dell* 155,000 $ 3,907
----------
3,907
----------
MOTORCYCLES, BICYCLES, AND PARTS -- 3.2%
Harley-Davidson 39,600 2,507
----------
2,507
----------
NEWSPAPERS, PUBLISHING -- 2.1%
Gannett 29,000 1,655
----------
1,655
----------
PHARMACEUTICAL PREPARATIONS -- 4.1%
Watson Phamaceuticals*119,000 3,249
----------
3,249
----------
11
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<Page>
- --------------------------------------------------------------------------------
Pin Oak Aggressive Stock Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
RETAIL - JEWELRY STORES -- 5.7%
Blue Nile* 80,718 $ 3,799
Tiffany 14,000 668
----------
4,467
----------
SECURITY BROKERS, DEALERS &
FLOTATION COMPANIES -- 4.6%
Charles Schwab 190,000 3,633
----------
3,633
----------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 10.2%
Applied Materials 209,000 4,017
Kla-Tencor 58,000 3,222
Novellus Systems* 26,000 841
----------
8,080
----------
SEMICONDUCTORS & RELATED DEVICES -- 11.8%
Broadcom, Cl A* 96,000 3,125
Linear Technolgoy 36,000 1,347
Maxim Integrated
Products 9,000 285
Xilinx 155,000 4,569
----------
9,326
----------
SERVICES - ALLIED TO MOTION PICTURE
PRODUCTION -- 1.7%
Avid Technology* 40,146 1,335
----------
1,335
----------
SERVICES - COMMERCIAL PHYSICAL &
BIOLOGICAL RESEARCH -- 3.5%
Affymetrix* 104,676 2,750
----------
2,750
----------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
TELEVISION BROADCASTING STATIONS -- 5.0%
IAC/InterActiveCorp 104,000 $ 3,965
----------
3,965
----------
WEB PORTALS/ISP -- 8.5%
Google, Cl A* 5,500 2,592
Yahoo!* 147,000 4,122
----------
6,714
----------
TOTAL COMMON STOCK
(Cost $52,605)(000) 77,756
----------
REPURCHASE AGREEMENT -- 1.1%
Morgan Stanley (A)
5.00%, dated 04/30/07,
to be repurchased on
05/01/07, repurchase
price $907,829
(collateralized by a
U.S. Treasury Bond,
8.125%, 08/15/19,
total market value:
$925,861) $908 908
----------
TOTAL REPURCHASE AGREEMENT
(Cost $908)(000) 908
----------
TOTAL INVESTMENTS -- 99.7%
(Cost $53,513)(000) $ 78,664
==========
PERCENTAGES ARE BASED ON NET ASSETS OF $78,891,866.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL
STATEMENTS.
12
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Schedules of Investments
APRIL 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
River Oak Discovery Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:]
Advertising 4.9%
Amusement and Recreational Services 6.9%
Biological Products (No Diagnostic Substances) 4.0%
Computer Storage Devices 4.8%
Consumer Wireless Devices 2.8%
Diversified Manufacturing 2.7%
Electromedical & Electrotherapeutic Apparatus 2.4%
Oil, Gas Field Services 2.3%
Retail - Eating Places 3.3%
Scientific Gaming 2.0%
Security Brokers, Dealers & Flotation Companies 2.5%
Semiconductors & Related Devices 9.6%
Services - Business Services 14.4%
Services - Prepackaged Software 5.8%
State Commercial Banks 2.9%
Surgical & Medical Insturments & Apparates 4.3%
Systems - Computer Integrated Systems Design 4.9%
Vocational Schools 1.1%
Web Portals/ISP 5.1%
Well Equipment 2.0%
Wholesale - Medical, Dental & Hospital Equipment & Supplies 3.4%
Repurchase Agreement 5.0%
+ Percentages are based on net assets. Included in net assets are other assets
and liabilities of 2.9%.
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 92.1%
ADVERTISING -- 4.9%
aQuantive* 9,700 $ 297
---------
297
---------
AMUSEMENT AND RECREATIONAL SERVICES -- 6.9%
Shuffle Master* 10,800 184
WMS Industries* 5,800 231
---------
415
---------
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 4.0%
Digene 5,200 238
---------
238
---------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMPUTER STORAGE DEVICES -- 4.8%
Rackable Systems* 10,400 $ 122
Xyratex* 7,500 168
---------
290
---------
CONSUMER WIRELESS DEVICES -- 2.8%
Viasat* 4,900 168
---------
168
---------
DIVERSIFIED MANUFACTURING -- 2.7%
Roper Industries 2,900 163
---------
163
---------
13
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- --------------------------------------------------------------------------------
River Oak Discovery Fund (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
ELECTROMEDICAL & ELECTROTHERAPEUTIC
APPARATUS -- 2.4%
Palomar Medical
Technologies* 3,500 $ 143
---------
143
---------
OIL, GAS FIELD SERVICES -- 2.3%
Oceaneering
International* 2,900 138
---------
138
---------
RETAIL - EATING PLACES -- 3.3%
Chipotle Mexican Grill,
Cl A* 3,000 196
---------
196
---------
SCIENTIFIC GAMING -- 2.0%
Scientifc Games,
Cl A* 3,700 123
---------
123
---------
SECURITY BROKERS, DEALERS &
FLOTATION COMPANIES -- 2.5%
GFI Group 1,200 83
Nuveen Investments,
Cl A 1,300 69
---------
152
---------
SEMICONDUCTORS & RELATED DEVICES -- 9.6%
Formfactor* 5,500 227
Mattson Technology 18,700 189
Raven Industries 5,500 159
---------
575
---------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SERVICES - BUSINESS SERVICES -- 14.4%
Ctrip.com Intermational
ADR* 3,500 $ 248
inVentiv Health* 6,300 239
SI International 6,200 164
The9 Ltd. ADR* 5,300 217
---------
868
---------
SERVICES - PREPACKAGED SOFTWARE -- 5.8%
Patni Computer Systems
ADR 8,200 217
THQ* 4,000 133
---------
350
---------
STATE COMMERCIAL BANKS -- 2.9%
East West Bancorp 800 32
SVB Financial Group* 2,800 143
---------
175
---------
SURGICAL & MEDICAL INSTURMENTS &
APPARATUS -- 4.3%
Hologic 4,500 259
---------
259
---------
SYSTEMS - COMPUTER INTEGRATED SYSTEMS
DESIGN -- 4.9%
Itron* 1,800 121
Salesforce.com* 4,200 176
---------
297
---------
VOCATIONAL SCHOOLS -- 1.1%
Universal Technical
Institute* 2,500 63
---------
63
---------
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- --------------------------------------------------------------------------------
River Oak Discovery Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 5.1%
Factset Research
Systems 1,100 $ 68
GigaMedia* 17,100 241
---------
309
---------
WELL EQUIPMENT -- 2.0%
CARBO Ceramics 2,800 122
---------
122
---------
WHOLESALE - MEDICAL, DENTAL & HOSPITAL
EQUIPMENT & SUPPLIES -- 3.4%
Conceptus 9,900 205
---------
205
---------
TOTAL COMMON STOCK
(Cost $4,829)(000) 5,546
---------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 5.0%
Morgan Stanley (A)
5.00%, dated 04/30/07,
to be repurchased
on 05/01/07, repurchase
price $305,006
(collateralized by a
U.S. Treasury Bond,
8.750%, 05/15/20,
total market
value: $311,064) $305 $ 305
---------
TOTAL REPURCHASE AGREEMENT
(Cost $305)(000) 305
---------
TOTAL INVESTMENTS -- 97.1%
(Cost $5,134)(000) $ 5,851
=========
PERCENTAGES ARE BASED ON NET ASSETS OF $6,022,600.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS.
15
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<Page>
Schedules of Investments
APRIL 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
Red Oak Technology Select Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:]
Biological Products (No Diagnostic Substances) 1.9%
Computer Communications Equipment 9.2%
Computer Peripheral Equipment 2.5%
Consulting Services 3.9%
Data Storage 1.5%
E-Commerce - Services 15.1%
Electronic Computers 11.1%
Radiotelephone Communications 0.6%
Retail - Jewelry Stores 4.1%
Semiconductor Capital Equipment 10.6%
Semiconductors & Related Devices 21.7%
Services - Prepackaged Software 4.7%
Systems - Computer Integrated Systems Design 0.1%
Television Broadcasting Stations 3.9%
Web Portals/ISP 8.1%
Repurchase Agreement 0.9%
+ Percentages are based on net assets. Included in net assets are other assets
and liabilities of 0.1%.
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 99.0%
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 1.9%
Invitrogen* 32,000 $ 2,095
---------
2,095
---------
COMPUTER COMMUNICATIONS EQUIPMENT -- 9.2%
Cisco Systems* 191,000 5,107
Juniper Networks* 220,000 4,919
---------
10,026
---------
COMPUTER PERIPHERAL EQUIPMENT -- 2.5%
Lexmark Internations,
Cl A* 50,000 2,725
---------
2,725
---------
CONSULTING SERVICES -- 3.9%
Accenture, Cl A 110,200 4,309
---------
4,309
---------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
DATA STORAGE -- 1.5%
Motorola 95,000 $ 1,646
---------
1,646
---------
E-COMMERCE - SERVICES -- 15.1%
Amazon.com* 94,000 5,765
eBay* 156,000 5,294
Expedia* 230,000 5,432
---------
16,491
---------
ELECTRONIC COMPUTERS -- 11.1%
Apple Computer* 11,000 1,098
Dell* 223,000 5,622
International
Business
Machines 53,000 5,417
---------
12,137
---------
16
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- --------------------------------------------------------------------------------
Red Oak Technology Select Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
RADIOTELEPHONE COMMUNICATIONS -- 0.6%
Sprint Nextel 33,000 $ 661
---------
661
---------
RETAIL - JEWELRY STORES -- 4.1%
Blue Nile* 96,000 4,518
---------
4,518
---------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 10.6%
Applied Materials 171,000 3,287
Kla-Tencor 67,000 3,722
Novellus Systems* 142,000 4,597
---------
11,606
---------
SEMICONDUCTORS & RELATED DEVICES -- 21.7%
Broadcom, Cl A* 125,000 4,069
Linear Technology 45,000 1,684
Marvel Technology
Group* 176,000 2,839
Maxin Intergrated
Products 32,000 1,015
National
Semiconductor 116,000 3,051
Taiwan
Semiconductor
Manufacturing
ADR 323,147 3,406
United
Microelectronics
ADR 852,978 2,798
Xilinx 165,000 4,864
---------
23,726
---------
SERVICES - PREPACKAGED SOFTWARE -- 4.7%
BMC Software* 89,700 2,903
Micrsoft 75,000 2,246
---------
5,149
---------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
SYSTEMS -- COMPUTER INTEGRATED
SYSTEMS DESIGN -- 0.1%
Medarex* 8,000 $ 110
---------
110
---------
TELEVISION BROADCASTING STATIONS -- 3.9%
IAC/InterActiveCorp*110,000 4,193
---------
4,193
---------
WEB PORTALS/ISP -- 8.1%
Google* 8,600 4,054
Yahoo!* 172,000 4,823
---------
8,877
---------
TOTAL COMMON STOCK
(Cost $85,774)(000) 108,269
---------
REPURCHASE AGREEMENT -- 0.9%
Morgan Stanley (A)
5.00%, dated 04/30/07,
to be repurchased on
05/01/07, repurchase
price $1,015,603,
(collateralized by
a U.S. Treasury Bond,
8.125%, 08/15/19,
total market value:
$1,035,777) $1,015 1,015
---------
TOTAL REPURCHASE AGREEMENT
(Cost $1,015)(000) 1,015
---------
TOTAL INVESTMENTS -- 99.9%
(Cost $86,789)(000) $ 109,284
=========
PERCENTAGES ARE BASED ON NET ASSETS OF $109,427,822.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS.
17
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<Page>
Schedules of Investments
APRIL 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
Black Oak Emerging Technology Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:]
Advertising Services 6.7%
Amusement and Recreational Services 10.3%
Biological Products (No Diagnostic Substances) 3.3%
Computer Storage Devices 1.4%
Consumer Wireless Devices 2.2%
Data Storage 1.6%
Fiber Optic Components 5.3%
Electronic Connectors 5.2%
Oil, Gas Field Services 2.1%
Search, Detection, Navigation, Guidance, Auronautical Systems 4.4%
Semiconductor Capital Equipment 4.4%
Semiconductors & Related Devices 8.2%
Services - Business Services 8.7%
Services - Computer Programming Services 5.4%
Services - Prepackaged Software 10.9%
Systems - Computer Integrated Systems Design 10.5%
Radiotelephone Communications 4.1%
Well Equipment 2.1%
Repurchase Agreement 0.7%
+ Percentages are based on net assets. Included in net assets are other assets
and liabilities of 2.5%.
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 96.8%
ADVERTISING SERVICES -- 6.7%
aQuantive* 41,900 $ 1,283
Valueclick 35,400 1,012
---------
2,295
---------
AMUSEMENT AND RECREATIONAL SERVICES -- 10.3%
Netease.com ADR* 38,100 689
Shuffle Master* 73,300 1,248
WMS Industries* 40,000 1,594
---------
3,531
---------
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 3.3%
Invitrogen* 17,100 1,120
---------
1,120
---------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMPUTER STORAGE DEVICES -- 1.4%
Rackable Systems* 40,000 $ 470
---------
470
---------
CONSUMER WIRELESS DEVICES -- 2.2%
Viasat* 22,400 768
---------
768
---------
DATA STORAGE -- 1.6%
Network Appliance* 14,800 551
---------
551
---------
FIBER OPTIC COMPONENTS -- 5.3%
Corning* 77,000 1,827
---------
1,827
---------
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- --------------------------------------------------------------------------------
Black Oak Emerging Technology Fund (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
ELECTRONIC CONNECTORS -- 5.2%
Thomas & Betts 32,500 $ 1,771
---------
1,771
---------
OIL, GAS FIELD SERVICES -- 2.1%
Oceaneering
International* 15,100 718
---------
718
---------
SEARCH, DETECTION, NAVIGATION, GUIDANCE,
AURONAUTICAL SYSTEMS -- 4.4%
Flir Systems* 37,600 1,522
---------
1,522
---------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 4.4%
Varian Semiconductor
Equipment
Associates* 22,900 1,520
---------
1,520
---------
SEMICONDUCTORS & RELATED DEVICES -- 8.2%
Formfactor* 35,900 1,482
Marvell Technology
Group* 83,800 1,352
---------
2,834
---------
SERVICES - BUSINESS SERVICES -- 8.7%
Ctrip.com International
ADR* 22,200 1,574
Wipro ADR 86,700 1,432
---------
3,006
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SERVICES - COMPUTER PROGRAMMING
SERVICES -- 5.4%
Cognizant Technology
Solutions, Cl A* 20,600 $ 1,842
---------
1,842
---------
SERVICES - PREPACKAGED SOFTWARE -- 10.9%
Activision* 67,800 1,356
Cerner* 17,000 905
Citrix Systems* 45,300 1,477
---------
3,738
---------
SYSTEMS - COMPUTER INTEGRATED
SYSTEMS DESIGN -- 10.5%
F5 Networks* 18,500 1,420
Itron* 13,000 875
Salesforce.com* 31,500 1,323
---------
3,618
---------
RADIOTELEPHONE COMMUNICATIONS -- 4.1%
Vimpel Communications
ADR* 14,500 1,403
---------
1,403
---------
WELL EQUIPMENT -- 2.1%
CARBO Ceramics 17,200 747
---------
747
---------
TOTAL COMMON STOCK
(Cost $26,354)(000) 33,281
---------
19
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<Page>
- --------------------------------------------------------------------------------
Black Oak Emerging Technology Fund (CONCLUDED)
- --------------------------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.7%
Morgan Stanley (A)
5.00%, dated 04/30/07,
to be repurchased
on 05/01/07, repurchase
price $234,726
(collateralized by
a U.S. Treasury Bond,
8.750%, 05/15/20, total
market value: $239,389) $235 $ 235
---------
TOTAL REPURCHASE AGREEMENT
(Cost $235)(000) 235
---------
TOTAL INVESTMENTS -- 97.5%
(Cost $26,589)(000) $ 33,516
=========
PERCENTAGES ARE BASED ON NET ASSETS OF $34,393,171.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS.
20
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<Page>
Schedules of Investments
APRIL 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
Live Oak Health Sciences Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART OMITTED -- PLOT POINTS AS FOLLOWS:]
Biological Products (No Diagnostic Substances) 30.2%
Electromedical & Electrotherapeutic Apparatus 6.6%
Hospital & Medical Service Plans 3.4%
Laboratory Analytical Instruments 4.6%
Medical Laboratories 3.0%
Orthopedic, Prosthetic & Surgical Appliances & Supplies 0.6%
Pharmaceutical Preparations 34.4%
Services - Commercial Physical & Biological Research 3.9%
Services - Prepackaged Software 2.0%
Surgical & Medical Instruments & Apparates 4.5%
Wholesale - Drugs, Proprietaries & Druggists' Sundries 4.9%
Repurchase Agreement 2.0%
+ Percentages are based on net assets. Included in net assets are other assets
and liabilities of (0.1)%.
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 98.1%
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 30.2%
Amgen* 21,500 $ 1,379
Biogen Idec* 9,000 425
Cell Genesys* 179,000 782
Charles River
Laboratories
International* 4,300 204
Genentech* 10,500 840
Genzyme* 17,000 1,110
Invitrogen* 21,500 1,408
Medimmune* 6,000 340
---------
6,488
---------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
ELECTROMEDICAL & ELECTROTHERAPEUTIC
APPARATUS -- 6.6%
Medtronic 27,000 $ 1,429
---------
1,429
---------
HOSPITAL & MEDICAL SERVICE PLANS -- 3.4%
UnitedHealth Group 13,700 727
---------
727
---------
LABORATORY ANALYTICAL INSTRUMENTS -- 4.6%
Waters* 16,500 981
---------
981
---------
21
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<Page>
- --------------------------------------------------------------------------------
Live Oak Health Sciences Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
MEDICAL LABORATORIES -- 3.0%
Quest Diagnostics 13,000 $ 636
---------
636
---------
ORTHOPEDIC, PROSTHETIC &
SURGICAL APPLIANCES & SUPPLIES -- 0.6%
Stryker 2,000 130
---------
130
---------
PHARMACEUTICAL PREPARATIONS -- 34.4%
Astrazeneca PLC ADR 8,000 434
Corcept
Therapeutics* 180,052 279
Eli Lilly 15,000 887
Johnson & Johnson 11,000 706
King
Pharmaceuticals* 32,000 654
Medicis
Pharmaceutical,
Cl A 6,200 188
Mylan Laboratories 29,000 636
Novartis ADR* 9,500 552
Pfizer 35,000 926
Teva Pharmaceutical
Industries ADR 38,000 1,456
Watson
Phamaceuticals 25,400 693
---------
7,411
---------
SERVICES - COMMERCIAL PHYSICAL &
BIOLOGICAL RESEARCH -- 3.9%
Affymetrix* 32,000 841
---------
841
---------
SERVICES - PREPACKAGED SOFTWARE -- 2.0%
IMS Health 15,000 440
---------
440
---------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
SURGICAL & MEDICAL INSTRUMENTS &
APPARATUS -- 4.5%
Techne* 16,500 $ 973
--------
973
--------
WHOLESALE - DRUGS, PROPRIETARIES &
DRUGGISTS' SUNDRIES -- 4.9%
AmerisourceBergen 20,900 1,045
--------
1,045
--------
TOTAL COMMON STOCK
(Cost $16,551)(000) 21,101
--------
REPURCHASE AGREEMENT -- 2.0%
Morgan Stanley (A)
5.00%, dated 04/30/07,
to be repurchased on
05/01/07, repurchase
price $423,397
(collateralized by a
U.S. Treasury Bond,
8.750%, 05/15/20,
total market value:
$431,807) $423 423
--------
TOTAL REPURCHASE AGREEMENT
(Cost $423)(000) 423
--------
TOTAL INVESTMENTS -- 100.1%
(Cost $16,974)(000) $ 21,524
========
PERCENTAGES ARE BASED ON NET ASSETS OF $21,514,338.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
PLC -- PUBLIC LIABILITY COMPANY
THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF THE FINANCIAL STATEMENTS.
22
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[THIS PAGE INTENTIONALLY LEFT BLANK]
23
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<Page>
Statements of Assets and Liabilities (000)
AS OF APRIL 30, 2007 (UNAUDITED)
WHITE OAK ROCK OAK
SELECT GROWTH CORE GROWTH
FUND FUND
- --------------------------------------------------------------------------------------------
Investments at cost $ 363,877 $ 6,723
Repurchase agreements at cost 2,865 56
============================================================================================
ASSETS:
Investments at value $ 437,899 $ 7,856
Repurchase agreements at value 2,865 56
Receivable for investment securities sold 1,349 239
Dividends and interest receivable 181 2
Receivable for capital shares sold 70 1
Prepaid expenses 73 1
- --------------------------------------------------------------------------------------------
Total Assets 442,437 8,155
- --------------------------------------------------------------------------------------------
LIABILITIES:
Payable for fund shares redeemed 1,248 48
Payable for investment securtities purchased -- 212
Investment advisory fees payable 215 3
Administration fees payable 35 1
Trustees' fees payable 12 --
Other accrued expenses 466 16
- --------------------------------------------------------------------------------------------
Total Liabilites 1,976 280
- --------------------------------------------------------------------------------------------
Total Net Assets $ 440,461 $ 7,875
============================================================================================
NET ASSETS:
Paid in Capital
(unlimited authorization -- no par value) $ 2,956,778 $ 6,478
Undistributed net investment income (loss) (1,154) (23)
Accumulated net realized gain (loss)
on investments (2,589,185) 287
Net unrealized appreciation on investments 74,022 1,133
- --------------------------------------------------------------------------------------------
TOTAL NET ASSETS $ 440,461 $ 7,875
============================================================================================
Portfolio Shares:
Net Assets $ 440,461 $ 7,875
Total shares outstanding at end of year 12,437 693
Net asset value, offering and redemption price
per share (net assets div shares outstanding) $ 35.41 $ 11.36
============================================================================================
PIN OAK RIVER OAK RED OAK BLACK OAK LIVE OAK
AGGRESSIVE STOCK DISCOVERY TECHNOLOGY EMERGING HEALTH SCIENCES
FUND FUND SELECT FUND TECHNOLOGY FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Investments at cost $ 52,605 $4,829 $ 85,774 $ 26,354 $ 16,551
Repurchase agreements at cost 908 305 1,015 235 423
====================================================================================================================================
ASSETS:
Investments at value $ 77,756 $5,546 $ 108,269 $ 33,281 $ 21,101
Repurchase agreements at value 908 305 1,015 235 423
Receivable for investment securities sold 1,323 225 547 1,009 3
Dividends and interest receivable 6 -- 14 2 93
Receivable for capital shares sold 43 1 9 16 --
Prepaid expenses 12 1 16 5 4
- ------------------------------------------------------------------------------------------------------------------------------------
Total Assets 80,048 6,078 109,870 34,548 21,624
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for fund shares redeemed 44 37 235 77 66
Payable for investment securtities purchased 973 -- -- -- --
Investment advisory fees payable 41 2 62 13 12
Administration fees payable 6 -- 9 3 2
Trustees' fees payable 2 -- 3 1 1
Other accrued expenses 90 16 133 61 29
- ------------------------------------------------------------------------------------------------------------------------------------
Total Liabilites 1,156 55 442 155 110
- ------------------------------------------------------------------------------------------------------------------------------------
Total Net Assets $ 78,892 $6,023 $ 109,428 $ 34,393 $ 21,514
====================================================================================================================================
NET ASSETS:
Paid in Capital
(unlimited authorization -- no par value) $ 889,968 $5,246 $ 1,749,838 $ 310,015 $ 17,810
Undistributed net investment income (loss) (289) (27) (540) (192) 39
Accumulated net realized gain (loss)
on investments (835,938) 87 (1,662,365) (282,357) (885)
Net unrealized appreciation on investments 25,151 717 22,495 6,927 4,550
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $ 78,892 $6,023 $ 109,428 $ 34,393 $ 21,514
====================================================================================================================================
Portfolio Shares:
Net Assets $ 78,892 $6,023 $ 109,428 $ 34,393 $ 21,514
Total shares outstanding at end of year 3,262 498 14,121 14,648 1,793
Net asset value, offering and redemption price
per share (net assets/shares outstanding) $ 24.19 $12.09 $ 7.75 $ 2.35 $ 12.00
====================================================================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTGRAL PART OF THE FINANCIAL STATEMENTS.
24 & 25
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Statements of Operations (000)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 (UNAUDITED)
WHITE OAK ROCK OAK
SELECT GROWTH CORE GROWTH
FUND FUND
- -----------------------------------------------------------------------------------------
Investment Income:
Dividends $ 1,751 $ 28
Interest 57 6
Less: Foreign Withholding Tax (1) --
- -----------------------------------------------------------------------------------------
Total Investment Income 1,807 34
- -----------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees 1,752 33
Administration Fees 210 4
Transfer Agent Fees 743 16
Printing Fees 72 2
Professional Fees 69 9
Registration Fees 33 1
Trustees' Fees 26 1
Custodian Fees 18 --
Insurance and Other Fees 55 1
- -----------------------------------------------------------------------------------------
Total Expenses 2,978 67
- -----------------------------------------------------------------------------------------
Less: Investment Advisory
Fees Waived (17) (10)
- -----------------------------------------------------------------------------------------
Net Expenses 2,961 57
- -----------------------------------------------------------------------------------------
Net Investment Income (Loss) (1,154) (23)
- -----------------------------------------------------------------------------------------
Net Realized Gain on Securities Sold 52,979 601
Net Change in Unrealized Appreciation
(Depreciation) of Investment Securities (3,810) (20)
- -----------------------------------------------------------------------------------------
Net Realized and Unrealized
Gain on Investments 49,169 581
- -----------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
From Operations $48,015 $558
=========================================================================================
PIN OAK RIVER OAK RED OAK BLACK OAK LIVE OAK
AGGRESSIVE STOCK DISCOVERY TECHNOLOGY EMERGING HEALTH SCIENCES
FUND FUND SELECT FUND TECHNOLOGY FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Income:
Dividends $ 202 $ 5 $ 201 $ 14 $ 183
Interest 25 8 23 42 7
Less: Foreign Withholding Tax -- -- -- -- (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investment Income 227 13 224 56 189
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees 306 27 419 137 82
Administration Fees 37 3 50 16 10
Transfer Agent Fees 158 13 246 116 38
Printing Fees 13 1 21 6 3
Professional Fees 19 9 23 13 11
Registration Fees 6 -- 7 2 2
Trustees' Fees 4 -- 6 2 1
Custodian Fees 3 -- 5 1 1
Insurance and Other Fees 9 1 12 4 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total Expenses 555 54 789 297 151
- ------------------------------------------------------------------------------------------------------------------------------------
Less: Investment Advisory
Fees Waived (39) (14) (25) (49) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Expenses 516 40 764 248 150
- ------------------------------------------------------------------------------------------------------------------------------------
Net Investment Income (Loss) (289) (27) (540) (192) 39
- ------------------------------------------------------------------------------------------------------------------------------------
Net Realized Gain on Securities Sold 7,125 157 3,585 1,200 2,136
Net Change in Unrealized Appreciation
(Depreciation) of Investment Securities 4,124 134 10,281 1,256 (730)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized
Gain on Investments 11,249 291 13,866 2,456 1,406
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
From Operations $10,960 $264 $13,326 $2,264 $1,445
====================================================================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTGRAL PART OF THE FINANCIAL STATEMENTS.
26 & 27
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Statements of Changes in Net Assets (000)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 (UNAUDITED) AND
THE YEAR ENDED OCTOBER 31, 2006
WHITE OAK ROCK OAK
SELECT GROWTH CORE GROWTH
FUND FUND
- -----------------------------------------------------------------------------------------------
11/01/06 11/01/05 11/01/06 11/01/05
TO 04/30/07 TO 10/31/06 TO 04/30/07 TO 10/31/06
- -----------------------------------------------------------------------------------------------
Investment Activities:
Net Investment Loss $ (1,154) $ (2,863) $ (23) $ (58)
Net Realized Gain (Loss)
on Securities Sold 52,979 92,680 601 (37)
Net Unrealized Appreciation
(Depreciation) of
Investment Securities (3,810) (72,659) (20) 617
- -----------------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations 48,015 17,158 558 522
- -----------------------------------------------------------------------------------------------
Dividends to Shareholders:
Net Investment Income -- (498) -- --
- -----------------------------------------------------------------------------------------------
Total Dividends -- (498) -- --
- -----------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares Issued 11,399 46,649 217 2,543
Shares Issued in Lieu of Cash
Distributions -- 470 -- --
Shares Redeemed (157,469) (403,972) (2,588) (3,937)
- -----------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
from Capital Share Transactions (146,070) (356,853) (2,371) (1,394)
- -----------------------------------------------------------------------------------------------
Total Increase (Decrease)
in Net Assets (98,055) (340,193) (1,813) (872)
- -----------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period 538,516 878,709 9,688 10,560
- -----------------------------------------------------------------------------------------------
End of Period $440,461 $ 538,516 $ 7,875 $ 9,688
===============================================================================================
Undistributed Net Investment Income
(Accmulated Net Investment Loss) $ (1,154) $ -- $ (23) $ --
===============================================================================================
Shares Issued and Redeemed:
Issued 345 1,467 20 240
Issued in Lieu of Cash Distributions -- 14 -- --
Redeemed (4,782) (12,632) (234) (379)
- -----------------------------------------------------------------------------------------------
Net Increase (Decrease) in
Share Transactions (4,437) (11,151) (214) (139)
===============================================================================================
PIN OAK RIVER OAK
AGGRESSIVE STOCK DISCOVERY
FUND FUND
- -----------------------------------------------------------------------------------------------
11/01/06 11/01/05 11/01/06 11/01/05
TO 04/30/07 TO 10/31/06 TO 04/30/07 TO 10/31/06
- ------------------------------------------------------------------------------------------------
Investment Activities:
Net Investment Loss $ (289) $ (872) $ (27) $ (38)
Net Realized Gain (Loss)
on Securities Sold 7,125 18,792 157 (52)
Net Unrealized Appreciation
(Depreciation) of
Investment Securities 4,124 (17,820) 134 557
- ------------------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations 10,960 100 264 467
- ------------------------------------------------------------------------------------------------
Dividends to Shareholders:
Net Investment Income -- -- -- --
- ------------------------------------------------------------------------------------------------
Total Dividends -- -- -- --
- ------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares Issued 2,204 9,862 810 3,713
Shares Issued in Lieu of Cash
Distributions -- -- -- --
Shares Redeemed (26,821) (56,792) (994) (1,300)
- ------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
from Capital Share Transactions (24,617) (46,930) (184) 2,413
- ------------------------------------------------------------------------------------------------
Total Increase (Decrease)
in Net Assets (13,657) (46,830) 80 2,880
- ------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period 92,549 139,379 5,943 3,063
- ------------------------------------------------------------------------------------------------
End of Period $78,892 $ 92,549 $6,023 $ 5,943
================================================================================================
Undistributed Net Investment Income
(Accmulated Net Investment Loss) $ (289) $ -- $ (27) $ --
================================================================================================
Shares Issued and Redeemed:
Issued 98 449 68 324
Issued in Lieu of Cash Distributions -- -- -- --
Redeemed (1,205) (2,677) (84) (113)
- ------------------------------------------------------------------------------------------------
Net Increase (Decrease) in
Share Transactions (1,107) (2,228) (16) 211
================================================================================================
RED OAK BLACK OAK
TECHNOLOGY EMERGING
SELECT FUND TECHNOLOGY FUND
- -----------------------------------------------------------------------------------------------------
11/01/06 11/01/05 11/01/06 11/01/05
TO 04/30/07 TO 10/31/06 TO 04/30/07 TO 10/31/06
- -----------------------------------------------------------------------------------------------------
Investment Activities:
Net Investment Loss $ (540) $ (1,215) $ (192) $ (514)
Net Realized Gain (Loss)
on Securities Sold 3,585 35,179 1,200 9,818
Net Unrealized Appreciation
(Depreciation) of
Investment Securities 10,281 (26,159) 1,256 (5,391)
- -----------------------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations 13,326 7,805 2,264 3,913
- -----------------------------------------------------------------------------------------------------
Dividends to Shareholders:
Net Investment Income -- -- -- --
- -----------------------------------------------------------------------------------------------------
Total Dividends -- -- -- --
- -----------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares Issued 3,184 4,019 1,076 4,586
Shares Issued in Lieu of Cash
Distributions -- -- -- --
Shares Redeemed (23,531) (56,256) (8,564) (17,783)
- -----------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
from Capital Share Transactions (20,347) (52,237) (7,488) (13,197)
- -----------------------------------------------------------------------------------------------------
Total Increase (Decrease)
in Net Assets (7,021) (44,432) (5,224) (9,284)
- ------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period 116,449 160,881 39,617 48,901
- -----------------------------------------------------------------------------------------------------
End of Period $109,428 $116,449 $34,393 $ 39,617
=====================================================================================================
Undistributed Net Investment Income
(Accmulated Net Investment Loss) $ (540)$ -- $ (192) $ --
=====================================================================================================
Shares Issued and Redeemed:
Issued 433 597 467 2,067
Issued in Lieu of Cash Distributions -- -- -- --
Redeemed (3,199) (8,274) (3,723) (8,044)
- -----------------------------------------------------------------------------------------------------
Net Increase (Decrease) in
Share Transactions (2,766) (7,677) (3,256) (5,977)
=====================================================================================================
AMOUNTS DESIGNATED AS"--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
28 & 29
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Statements of Changes in Net Assets (000)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 (UNAUDITED) AND THE
YEAR ENDED OCTOBER 31, 2006
LIVE OAK
HEALTH SCIENCES
FUND
- ----------------------------------------------------------------------------------------
11/01/06 11/01/05
TO 04/30/07 TO 10/31/06
- ----------------------------------------------------------------------------------------
Investment Activities:
Net Investment Income (Loss) $ 39 $ (229)
Net Realized Gain (Loss) on Securities Sold 2,136 (368)
Net Unrealized Depreciation of Investment Securities (730) (1,557)
- ----------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting from
Operations 1,445 (2,154)
- ----------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares Issued 2,420 24,285
Shares Redeemed (7,614) (33,172)
- ----------------------------------------------------------------------------------------
Decrease in Net Assets from Capital Share
Transactions (5,194) (8,887)
- ----------------------------------------------------------------------------------------
Total Decrease in Net Assets (3,749) (11,041)
Net Assets:
Beginning of Period 25,263 36,304
- ----------------------------------------------------------------------------------------
End of Period $21,514 $ 25,263
========================================================================================
Undistributed Net Investment Income $ 39 $ --
- ----------------------------------------------------------------------------------------
Shares Issued and Redeemed:
Issued 209 2,029
Redeemed (675) (2,884)
- ----------------------------------------------------------------------------------------
Net Decrease in Share Transactions (466) (855)
========================================================================================
AMOUNTS DESIGNATED AS"--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
30
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Notes to Financial Statements
APRIL 30, 2007 (UNAUDITED)
1. ORGANIZATION:
- --------------------------------------------------------------------------------
The Oak Associates Funds (the "Trust") is organized as a Massachusetts business
trust under an Agreement and Declaration of Trust dated November 6, 1997. The
Trust is registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company with seven funds: White Oak Select Growth
Fund, Rock Oak Core Growth Fund, Pin Oak Aggressive Stock Fund and River Oak
Discovery Fund (diversified funds); Red Oak Technology Select Fund, Black Oak
Emerging Technology Fund and Live Oak Health Sciences Fund (non-diversified
funds) (collectively referred to as "Funds" and individually referred to as a
"Fund"). The assets of each Fund are segregated, and a shareholder's interest is
limited to the Fund in which shares are held. The Funds' prospectus provides a
description of each Fund's investment objectives, policies and strategies.
2. SIGNIFICANT ACCOUNTING POLICIES:
- --------------------------------------------------------------------------------
The following is a summary of the significant accounting policies followed by
the Funds.
USE OF ESTIMATES--The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts
of increases and decreases in net assets from operations and expenses during
the reporting period. Actual results could differ from those estimates.
SECURITY VALUATION--Investments in equity securities, which are traded on a
national exchange, are stated at the last quoted sales price if readily
available for such equity securities on each business day. Investments in
equity securities, which are reported on the NASDAQ national market system are
valued at the official closing price; other equity securities traded in the
over-the-counter market and listed equity securities for which no sale was
reported on that date are stated at the last quoted bid price. Debt
obligations exceeding sixty days to maturity for which market quotations are
readily available are valued at the most recently quoted bid price. Debt
obligations with sixty days or less remaining until maturity may be valued at
their amortized cost, which approximates market value.
Securities for which market prices are not "readily available" (of which
there were none as of April
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Notes to Financial Statements (continued)
APRIL 30, 2007
30, 2007) are valued in accordance with Fair Value Procedures established by
the Funds' Board of Trustees. The Funds' Fair Value Procedures are implemented
through a Fair Value Committee (the "Committee") designated by the Funds'
Board of Trustees. Some of the more common reasons that may necessitate that a
security be valued using Fair Value Procedures include: the security's trading
has been halted or suspended; the security has been de-listed from a national
exchange; the security's primary trading market is temporarily closed at a
time when under normal conditions it would be open; the security has not been
traded for an extended period of time; the security's primary pricing source
is not able or willing to provide a price; a significant event with respect to
a security or securities has occurred after the close of the market or
exchange on which the security or securities principally trades and before the
time the Fund calculates net asset value; or trading of the security is
subject to local government-imposed restrictions. When a security is valued in
accordance with the Fair Value Procedures, the Committee will determine the
value after taking into consideration relevant information reasonably
available to the Committee.
SECURITY TRANSACTIONS AND INVESTMENT INCOME--Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date, and interest income is
recognized on the accrual basis. Costs used in determining realized gains and
losses on the sales of investment securities are those of the specific
securities sold.
EXPENSES--Expenses that are directly related to one of the Funds are charged
to that Fund. Other operating expenses of the Trust are prorated to the Funds
on the basis of relative daily net assets.
REPURCHASE AGREEMENTS--The Funds invest in tri-party repurchase agreements.
Securities held as collateral for tri-party repurchase agreements are
maintained by the broker's custodian bank in a segregated account until
maturity of the repurchase agreement. Provisions of the repurchase agreements
and procedures adopted by the Board of Trustees require that the market value
of the collateral, including accrued interest thereon, is sufficient in the
event of default by the counterparty. If the counterparty defaults and the
value of the collateral declines or if the counterparty enters an insolvency
proceeding, realization of the
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collateral by the Funds may be delayed or limited.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS--Dividends from net investment
income are declared and paid to shareholders on an annual basis, as
applicable. Net realized capital gains on sales of securities, if any, are
distributed to shareholders at least annually.
3. TRANSACTIONS WITH AFFILIATES:
- --------------------------------------------------------------------------------
Certain officers of the Trust are also officers of Oak Associates, ltd., SEI
Investments Global Funds Services (the "Administrator") and/or SEI Investments
Distribution Co. (the "Distributor"). Such officers are paid no fees by the
Trust for serving as officers of the Trust.
4. ADMINISTRATION, TRANSFER AGENT AND DISTRIBUTION AGREEMENTS:
- --------------------------------------------------------------------------------
The Trust and the Administrator are parties to an Administration Agreement dated
February 27, 1998, last amended May 4, 2005, under which the Administrator
provides management and administration services for an annual fee of 0.04% of
the average daily net assets of each of the Funds up to $2.5 billion, 0.03% on
the next $2.5 billion, 0.02% on the next $5 billion, and 0.015% of such assets
in excess of $10 billion. There is a minimum annual administration fee of
$665,000 for the trust.
DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for
the Funds under an Agency Agreement with the Trust dated February 27, 1998.
During the six-month period ended April 30, 2007, the following Funds reimbursed
Oak Associates, ltd. (the "Adviser") for amounts paid to third parties that
provide sub-transfer agency and other administration services relating to the
Funds:
AMOUNT (000)
-----------
White Oak Select Growth Fund $364
Rock Oak Core Growth Fund 2
Pin Oak Aggressive Stock Fund 46
River Oak Discovery Fund 1
Red Oak Technology Select Fund 59
Black Oak Energing Technology Fund 18
Live Oak Health Sciences Fund 8
In 2006, the White Oak Select Growth Fund received a credit due from the
Distributor of $36,433 based on an arrangement that was terminated where the
Fund directed certain trades to SEI Brokerage via a network of executing brokers
who paid a portion of the Fund's expenses. The Fund had expenses reduced by
$36,433 which was used to pay administration expense.
The Trust and the Distributor are parties to an Amended and restated
Distribution Agreement dated February 27, 1998. The Distributor receives no fees
for its distribution services under this agreement.
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Notes to Financial Statements (continued)
APRIL 30, 2007
5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
- --------------------------------------------------------------------------------
The Trust and the Adviser are parties to an Investment Advisory Agreement dated
February 27, 1998, as last amended May 4, 2005, under which the Adviser receives
an annual fee equal to 0.74% of the average daily net assets of each Fund,
except for the River Oak Discovery Fund for which the Adviser receives 0.90% of
the average daily net assets of the Fund. Effective March 1, 2006, the Advisor
has agreed to contractually waive all or a portion of its fees (and to reimburse
the Funds' expenses if necesssary) in order to limit operating expenses to not
more than 1.25% of the average daily net assets of the White Oak Select Growth,
Rock Oak Core Growth and Pin Oak Aggressive Stock Funds, and 1.35% of the
average daily net assets of the River Oak Discovery, Red Oak Technology Select,
Black Oak Emerging Technology and Live Oak Health Sciences Funds for a period of
one year. Effective March 1, 2007 the Advisor has contractually agreed to
continue this arrangement for a period of one year.
U.S. Bank N.A. acts as custodian (the "Custodian") for the Funds. The Custodian
plays no role in determining the investment policies of the Funds or which
securities are to be purchased or sold by the Funds.
6. INVESTMENT TRANSACTIONS:
- --------------------------------------------------------------------------------
The cost of security purchases and the proceeds from security sales, other than
short-term investments, for the period ended April 30, 2007, were as follows
(000):
PURCHASES SALES
--------- ------
White Oak Select Growth Fund $92,144 $240,212
Rock Oak Core Growth Fund 4,409 6,520
Pin Oak Aggressive Stock Fund 4,461 29,146
River Oak Discovery Fund 4,344 4,690
Red Oak Technology
Select Fund 976 21,762
Black Oak Emerging
Technology Fund 16,596 24,103
Live Oak Health Sciences Fund 4,105 9,221
7. FEDERAL INCOME TAXES:
- --------------------------------------------------------------------------------
Each of the Funds is classified as a separate taxable entity for Federal income
tax purposes. Each of the Funds intends to continue to qualify as a separate
"regulated investment company" under Subchapter M of the Internal Revenue Code
and make the requisite distributions to shareholders that will be sufficient to
relieve it from Federal income tax and Federal excise tax. Therefore, no Federal
tax provision is required. To the extent that dividends from net investment
income and distributions from net realized capital gains exceed amounts reported
in the financial statements, such amounts are reported separately.
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The amounts of dividends from net investment income and distributions from net
realized capital gains are determined in accordance with Federal income tax
regulations, which may differ from those amounts determined under accounting
principles generally accepted in the United States of America. These book/tax
differences are either temporary or permanent in nature. These differences are
primarily due to wash sales as well as net operating losses. The character of
dividends from net investment income or distributions from net realized gains
made during the year, and the timing of dividends and distributions where the
fiscal year in which the amounts are distributed may differ from the year that
the income or realized gains (losses) were recorded by the Funds. To the extent
these differences are permanent, adjustments are made to the appropriate equity
accounts in the period that the differences arise.
The tax character of dividends and distributions declared during the year
ended October 31, 2006, were as follows (000):
ORDINARY
INCOME
--------
White Oak Growth Stock Fund, 2006 $498
There were no dividends or distributions declared during the year ended October
31, 2005.
As of October 31, 2006, the components of distributable earnings (accumulated
losses) on a tax basis were as follows (000):
TOTAL
DISTRIBUTABLE
CAPITAL NET EARNINGS
LOSS UNREALIZED (ACCUMULATED
CARRYFORWARD APPRECIATION LOSSES)
------------ ----------- ---------
White Oak Select Growth Fund $(2,642,164) $77,832 $(2,564,332)
Rock Oak Core Growth Fund (300) 1,139 839
Pin Oak Aggressive Stock Fund (843,063) 21,027 (822,036)
River Oak Discovery Fund (58) 571 513
Red Oak Technology Select Fund (1,665,639) 11,903 (1,653,736)
Black Oak Emerging Technology
Fund (283,536) 5,650 (277,886)
Live Oak Health Sciences Fund (3,021) 5,280 2,259
For Federal income tax purposes, capital loss carryforwards may be carried
forward and applied against future capital gains.
35
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Notes to Financial Statements (continued)
APRIL 30, 2007
At October 31, 2006, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates
(000):
EXPIRING OCTOBER 31,
---------------------------------------------------------------------------------------
2008 2009 2010 2011 2012 2013 2014 TOTAL
----- ----- ----- ----- ----- ----- ----- -----
White Oak Select
Growth Fund $ -- $656,388 $712,973 $206,602 $744,257 $321,944 $ -- $2,642,164
Rock Oak Core Growth
Fund -- -- -- -- -- 196 104 300
Pin Oak Aggressive
Stock Fund -- 118,741 436,197 180,086 90,283 17,756 -- 843,063
River Oak Discovery Fund -- -- -- -- -- 16 42 58
Red Oak Technology
Select Fund 643 610,821 726,266 293,676 34,233 -- -- 1,665,639
Black Oak Emerging
Technology Fund -- 55,606 212,845 15,085 -- -- -- 283,536
Live Oak Health
Sciences Fund -- -- 2,582 -- 71 -- 368 3,021
During the period ended October 31, 2006, the following Funds utilized capital
loss carryforwards to offset capital gains (000):
AMOUNT
-------
White Oak Growth Stock Fund $92,680
Pin Oak Aggressive Stock Fund 18,792
Red Oak Technology Select Fund 35,354
Black Oak Emerging Technology Fund 9,839
For the six-month period ended April 30, 2007, the total cost of securities for
Federal income tax purposes and the aggregate gross unrealized appreciation and
depreciation for securities held by the Funds is as follows (000):
FEDERAL AGGREGATE AGGREGATE
TAX GROSS GROSS
COST APPRECIATION DEPRECIATION NET
------- ------------ ------------ ---
White Oak Select
Growth Fund $366,742 $86,286 $(12,264) $74,022
Rock Oak Core
Growth Fund 6,780 1,326 (194) 1,132
Pin Oak Aggressive
Stock Fund 53,513 27,105 (1,954) 25,151
River Oak Discovery
Fund 5,134 1,023 (306) 717
Red Oak
Technology
Select Fund 86,789 26,649 (4,154) 22,495
Black Oak
Emerging
Technology
Fund 26,594 8,750 (1,828) 6,922
Live Oak Health
Sciences Fund 16,974 5,500 (950) 4,550
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8. CONCENTRATION OF CREDIT RISK
- --------------------------------------------------------------------------------
The Red Oak Technology Select Fund and the Black Oak Emerging Technology Fund
invest a substantial portion of their assets in securities in the technology
industry. The Live Oak Health Sciences Fund invests a substantial portion of its
assets in securities in the health care, medicine and life sciences industries.
Therefore, each of these Funds may be more affected by economic developments in
those industries than a general equity fund would be.
In the normal course of business, the Fund's enter into contracts that provide
general indemnifications. The Fund's maximum exposure under these arrangements
is dependent on future claims that may be made against the Fund's and,
therefore, cannot be established; however based on experience, the risk of loss
from such claims is considered remote.
9. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES" (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Funds tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. The Fund will not be required to
adopt FIN 48 until April 30, 2008. As of April 30, 2007, the Funds have not
completed their evaluation of the impact, if any, that will result from the
adoption of FIN 48.
In September 2006, the Financial Accounting Standards Board (FASB) issued
STATEMENT ON FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 157, "FAIR VALUE
MEASUREMENTS." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within
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Notes to Financial Statements (concluded)
APRIL 30, 2007
those fiscal years. The changes to current generally accepted accounting
principles from the application of this Statement relate to the definition of
fair value, the methods used to measure fair value, and the expanded disclosures
about fair value measurements. As of April 30, 2007 the Funds do not believe the
adoption of SFAS No. 157 will impact the amounts reported in the financial
statements, however, additional disclosures may be required about the inputs
used to develop the measurements and the effect of certain of the measurements
reported on the statement of changes in net assets for a fiscal period.
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Disclosure of Fund Expenses (Unaudited)
All mutual funds have operating expenses. As a shareholder of a fund, your
investment is affected by these ongoing costs, which include (among others)
costs for portfolio management, administrative services, and shareholder reports
like this one. It is important for you to understand the impact of these costs
on your investment returns.
Operating expenses such as these are deducted from the fund's gross income and
directly reduce your final investment return. These expenses are expressed as a
percentage of the fund's average net assets; this percentage is known as the
fund's expense ratio.
The following examples use the expense ratio and are intended to help you
understand the ongoing costs (in dollars) of investing in your Fund and to
compare these costs with those of other mutual funds. The examples are based on
an investment of $1,000 made at the beginning of the period shown and held for
the entire period.
The table on the next page illustrates your Fund's costs in two ways:
o ACTUAL FUND RETURN. This section helps you to estimate the actual expenses
after fee waivers that your Fund incurred over the period. The "Expenses Paid
During Period" column shows the actual dollar expense cost incurred by a $1,000
investment in the Fund, and the "Ending Account Value" number is derived from
deducting that expense cost from the Fund's gross investment return.
You can use this information, together with the actual amount you invested in
the Fund, to estimate the expenses you paid over that period. Simply divide your
actual account value by $1,000 to arrive at a ratio (for example, an $8,600
account value divided by $1,000 = $8.6), then multiply that ratio by the number
shown for your Fund under "Expenses Paid During Period".
o HYPOTHETICAL 5% RETURN. This section helps you compare your Fund's costs with
those of other mutual funds. It assumes that the Fund had an annual 5% return
before expenses during the year, but that the expense ratio (Column 3) for the
period is unchanged. This example is useful in making comparisons because the
Securities and Exchange Commission requires all mutual funds to make this 5%
calculation. You can assess your Fund's comparative cost by comparing the
hypothetical result for your Fund in the "Expense Paid During Period" column
with those that appear in the same charts in the shareholder reports for other
funds.
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NOTE: Because the return is set at 5% for comparison purposes -- NOT your Fund's
actual return -- the account values shown may not apply to your specific
investment.
- ----------------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
11/01/06 04/30/07 RATIOS PERIOD*
- ----------------------------------------------------------------------------------------
White Oak Select Growth Fund
- ----------------------------------------------------------------------------------------
Actual Fund Return $1,000 $1,109.70 1.25% $6.54
Hypothetical 5% Return 1,000 1,018.60 1.25 6.26
- ----------------------------------------------------------------------------------------
Rock Oak Core Growth Fund
- ----------------------------------------------------------------------------------------
Actual Fund Return 1,000 1,063.70 1.25 6.40
Hypothetical 5% Return 1,000 1,018.60 1.25 6.26
- ----------------------------------------------------------------------------------------
Pin Oak Aggressive Stock Fund
- ----------------------------------------------------------------------------------------
Actual Fund Return 1,000 1,142.10 1.25 6.64
Hypothetical 5% Return 1,000 1,018.60 1.25 6.26
- ----------------------------------------------------------------------------------------
River Oak Discovery Fund
- ----------------------------------------------------------------------------------------
Actual Fund Return 1,000 1,045.80 1.35 6.85
Hypothetical 5% Return 1,000 1,018.10 1.35 6.76
- ----------------------------------------------------------------------------------------
Red Oak Technology Select Fund
- ----------------------------------------------------------------------------------------
Actual Fund Return 1,000 1,123.20 1.35 7.11
Hypothetical 5% Return 1,000 1,018.10 1.35 6.76
- ----------------------------------------------------------------------------------------
Black Oak Emerging Technology Fund
- ----------------------------------------------------------------------------------------
Actual Fund Return 1,000 1,063.30 1.35 6.91
Hypothetical 5% Return 1,000 1,018.10 1.35 6.76
- ----------------------------------------------------------------------------------------
Live Oak Health Sciences Fund
- ----------------------------------------------------------------------------------------
Actual Fund Return 1,000 1,073.30 1.35 6.94
Hypothetical 5% Return 1,000 1,018.10 1.35 6.76
- ----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by 181/365 (to reflect the
one-half year period).
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Board Considerations in Approving the Advisory Agreement. (Unaudited)
The advisory agreement between the Trust and the Adviser (the "Advisory
Agreement") must be approved for an initial term no greater than two years, and
renewed at least annually thereafter, (i) by the vote of the Trustees or by a
vote of the shareholders of the Fund, and (ii) by the vote of a majority of the
Trustees who are not parties to the Advisory Agreement or "interested persons"
of any party thereto (the "Independent Trustees"), cast in person at a meeting
called for the purpose of voting on such approval. On February 5, 2007, the
Trustees met in person to decide whether to renew the Advisory Agreement with
respect to each Fund for an additional one-year term, effective March 1, 2007.
In preparation for the meeting, the Board requested and reviewed a wide variety
of information from the Adviser to assist in its deliberations (the "Adviser
Materials"). The Independent Trustees discussed and considered the Adviser
Materials and the renewal of the Agreement in a separate meeting of the
Independent Trustees and were represented by independent counsel throughout
their deliberations.
Based on the Board's deliberations and its evaluation of the information
described above, the Board, including all of the Independent Trustees,
unanimously voted to renew the Advisory Agreement for an additional one-year
term. In determining to approve the Advisory Agreement for the Funds, the Board
of Trustees, including the Independent Trustees, did not identify any single
factor as determinative but took into account a number of factors.
The Trustees considered the nature, extent, and quality of the services provided
to each of the Funds by the Adviser. In this regard, the Trustees considered
presentations by Fund officers and representatives of the Adviser. The Trustees
also reviewed and considered the Adviser Materials. These presentations and the
Adviser Materials contained information that assisted the Trustees in assessing
the Adviser's organizational structure, personnel, investment capacity,
investment process, and regulatory/compliance capabilities and record, as well
as the Adviser's investment philosophy, performance record, and trade execution
capabilities. The Trustees concluded that the Adviser was committed to the
success of the Funds and had devoted an adequate amount of resources to manage
the investment operations of the Funds and to perform the associated
administrative and compliance duties related to the management of the Funds.
Further, the Trustees concluded that they were satisfied with the nature, extent
and quality of the services provided to the Funds by the Adviser. The
Independent Trustees also recommended that the Adviser review its current
staffing levels to determine whether it had sufficient staff to conduct its
current operations and in the event of a portfolio manager departure.
The Trustees considered the investment performance of the Adviser. The Trustees
reviewed presentations by Fund officers as well as a report prepared by the
Trust's administrator that provided performance information for each of the
Funds and performance information for various benchmarks and peer mutual funds
as categorized by Lipper, Inc. and Morningstar. The Adviser also discussed its
analysis of
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Board Considerations in Approving the Advisory Agreement. (Unaudited)
the performance data and reviewed the various factors contributing to each
Fund's long-term and more recent performance, including the recent changes to
the portfolio management structure for the Funds implemented by the Adviser. The
Trustees considered performance of the Adviser in managing the Funds and
compared it to both benchmark and various peer group data. The Independent
Trustees also discussed alternatives that may be available to them should they
conclude not to renew the Advisory Agreement for one or more or all of the
Funds. Taking note of the Adviser's discussion of (i) the various factors
contributing to each Fund's performance, (ii) its continuing commitment to each
Fund's current investment strategy and portfolio holdings, respectively; and
(iii) the favorable performance of each of the Funds since September 1, 2006,
the Trustees concluded that the investment performance of each Fund since
September 1, 2006 was generally satisfactory based on each Fund's actual and
comparative performance, but would remain committed to the continued monitoring
of the Adviser's efforts to address the Funds' investment performance over
longer-term periods. In this regard, the Independent Trustees requested that the
Adviser provide the Board with (a) a written plan that outlines strategies for
managing the Funds and measures to be undertaken to improve Fund performance;
and (b) on a quarterly basis, a written discussion and analysis of the factors
contributing to each Fund's performance over the preceding quarter.
The Trustees considered the advisory fees paid to the Adviser, the total
expenses of each Fund, and the Adviser's commitment to waive its advisory fees
and/or reimburse Fund expenses in order to maintain stated caps on certain
Fund's operating expenses. The Trustees reviewed presentations by Fund officers
and comparative information on fees paid and expenses incurred by peer mutual
funds as categorized by Lipper, Inc. The Trustees further considered the profits
derived by the Adviser from its relationship with the Funds, based on
information reported by the Adviser. The Trustees concluded that the advisory
fees paid to the Adviser were reasonable, and that the Adviser's profits from
the advisory fees did not result in an excessive profit to the Adviser, in
relation to the level of services provided.
The Trustees considered the Adviser's policies with respect to obtaining
benefits from their use of the Funds' brokerage commissions to obtain research
that could be used for the Adviser's other clients, and the Trustees concluded
that the Adviser's policies were reasonably designed to achieve best execution
on Fund trades.
The Trustees considered the presence of economies of scale in the Funds, in
light of the relatively small size and/or negative cash flow of the Funds, and
determined that such economies were not present. As such, the Trustees did not
consider whether any economies of scale were adequately shared with Fund
shareholders.
Based on their evaluation of the factors described above, the Trustees,
including the Independent Trustees, concluded it was appropriate and desirable
for the Adviser to continue its management of each of the Funds and approved the
continuance of the Advisory Agreement.
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Contact Us
BY MAIL Oak Associates Funds
P.O. Box 219441
Kansas City, MO 64121-9441
BY TELEPHONE 1-888-462-5386
ON THE WEB www.oakfunds.com
Click on the MY OAK ACCOUNT
section to take advantage of
these features:
o Trade Online
o Access and Update Account Information
o Go Paperless with E-Delivery
The Trust files its complete schedule of portfolio holdings of each Fund with
the Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q within sixty days after the end of the period. The
Trust's Forms N-Q is available on the Commission's website at
HTTP://WWW.SEC.GOV, and may be reviewed and copied at the Commission's Public
Reference Room in Washington DC. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities, as well as information
relating to how a Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30, is available (i) without charge, upon
request, by calling 1-866-462-5386; and (ii) on the Commission's website at
HTTP://WWW.SEC.GOV.
<page>
[LOGO OMITTED]
1-888-462-5386
P.O. Box 219441
Kansas City, MO 64121-9441
www.oakfunds.com
OAK-F-023-07000
Item 2. Code of Ethics.
Not applicable for semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable. Effective for closed-end management investment companies for
fiscal years ending on or after December 31, 2005
Item 9. Purchases of Equity Securities by Closed-End Management Company and
Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The certifying officers, whose certifications are included herewith, have
evaluated the registrant's disclosure controls and procedures within 90 days of
the filing date of this report. In their opinion, based on their evaluation, the
registrant's disclosure controls and procedures are adequately designed, and are
operating effectively to ensure, that information required to be disclosed by
the registrant in the reports it files or submits under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting.
Items 12. Exhibits.
(a)(1) Not applicable for semi-annual report.
(a)(2) A separate certification for the principal executive officer and the
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed
herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment
Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing
as an Exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Oak Associates Funds
By (Signature and Title)* /s/ William E. White
---------------------------------
William E. White, President
Date: June 27, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ William E. White
----------------------------------
William E. White, President
Date: June 27, 2007
By (Signature and Title)* /s/ Eric Kleinschmidt
----------------------------------
Eric Kleinschmidt, Treasurer & CFO
Date: June 27, 2007
* Print the name and title of each signing officer under his or her signature.