UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------
FORM N-CSR
--------
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08549
Oak Associates Funds
(Exact name of registrant as specified in charter)
--------
101 Federal Street
Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
Leslie Manna
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, 2008
Date of reporting period: April 30, 2008
Item 1. Reports to Stockholders.
[GRAPHIC]
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Semi-Annual Report
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April 30, 2008
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] OAK ASSOCIATES FUNDS
-----------------------
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[GRAPHIC] To Our Shareholders
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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 Assets & Liabilities, Operations and
Changes in Net Assets for the six-month period ended April 30, 2008. 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 the portfolios, and we
welcome 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,
Oak Associates Funds
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TABLE OF CONTENTS
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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
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[GRAPHIC] Financial Highlights
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FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS OR PERIODS ENDED OCTOBER 31,
REALIZED AND DIVIDENDS
NET ASSET NET UNREALIZED FROM DISTRIBUTIONS TOTAL
VALUE INVESTMENT GAINS OR TOTAL NET FROM DIVIDENDS
BEGINNING INCOME (LOSSES) ON FROM INVESTMENT CAPITAL AND
OF PERIOD (LOSS) SECURITIES OPERATIONS INCOME GAINS DISTRIBUTIONS
- ----------------------------------------------------------------------------------------------------------------
WHITE OAK SELECT GROWTH FUND
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2008* $39.49 $(0.13)# $(5.60) $(5.73) $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------
2007 31.91 (0.12)# 7.70 7.58 -- -- --
- ----------------------------------------------------------------------------------------------------------------
2006 31.35 (0.13)# 0.71 0.58 (0.02) -- (0.02)
- ----------------------------------------------------------------------------------------------------------------
2005 31.41 0.01#++ (0.07)## (0.06) -- -- --
- ----------------------------------------------------------------------------------------------------------------
2004 34.05 (0.19) (2.45) (2.64) -- -- --
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2003 23.22 (0.10) 10.93 10.83 -- -- --
ROCK OAK CORE GROWTH FUND
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2008* $13.45 $(0.02)# $(1.20) $(1.22) $ -- $(0.57) $(0.57)
- ----------------------------------------------------------------------------------------------------------------
2007 10.68 (0.07)# 2.84 2.77 -- -- --
- ----------------------------------------------------------------------------------------------------------------
2006 10.10 (0.06)# 0.64 0.58 -- -- --
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2005(1) 10.00 (0.05)# 0.15 0.10 -- -- --
PIN OAK AGGRESSIVE STOCK FUND
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2008* $27.46 $(0.07)# $(4.48) $(4.55) $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------
2007 21.18 (0.12)# 6.40 6.28 -- -- --
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2006 21.13 (0.16)# 0.21 0.05 -- -- --
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2005 19.02 (0.16)# 2.27 2.11 -- -- --
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2004 19.13 (0.17) 0.06 (0.11) -- -- --
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2003 11.63 (0.12) 7.62 7.50 -- -- --
RIVER OAK DISCOVERY FUND
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2008* $14.80 $(0.04)# $(2.02) $(2.06) $ -- $(0.40) $(0.40)
- ----------------------------------------------------------------------------------------------------------------
2007 11.56 (0.12)# 3.36 3.24 -- -- --
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2006 10.10 (0.09)# 1.55 1.46 -- -- --
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2005(2) 10.00 (0.03)# 0.13 0.10 -- -- --
RED OAK TECHNOLOGY SELECT FUND
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2008* $8.75 $(0.03)# $(1.29) $(1.32) $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------
2007 6.90 (0.03)# 1.88 1.85 -- -- --
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2006 6.55 (0.06)# 0.41 0.35 -- -- --
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2005 6.30 (0.03)#+++ 0.28 0.25 -- -- --
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2004 6.56 (0.08) (0.18) (0.26) -- -- --
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2003 4.23 (0.05) 2.38 2.33 -- -- --
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
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1-888-462-5386 2
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RATIO OF
EXPENSES
RATIO OF RATIO OF TO AVERAGE
NET EXPENSES NET ASSETS
NET NET INVESTMENT TO AVERAGE (EXCLUDING
ASSET ASSETS RATIO OF INCOME NET ASSETS WAIVERS
VALUE END OF EXPENSES (LOSS) (EXCLUDING AND/OR PORTFOLIO
END OF TOTAL PERIOD TO AVERAGE TO AVERAGE FEES PAID FEES PAID TURNOVER
PERIOD RETURN+ (000) NET ASSETS NET ASSETS INDIRECTLY) INDIRECTLY) RATE
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WHITE OAK SELECT GROWTH FUND
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2008* $33.76 (14.51)% $ 346,846 1.25% (0.75)% 1.25% 1.37% 17.53%
- --------------------------------------------------------------------------------------------------------------
2007 39.49 23.75 439,978 1.25 (0.34) 1.25 1.28 28.88
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2006 31.91 1.85 538,516 1.19 (0.42) 1.20 1.20 51.51
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2005 31.35 (0.19) 878,709 1.14 0.04++ 1.14 1.14 36.46
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2004 31.41 (7.75) 1,569,899 1.07 (0.47) 1.07 1.07 15.83
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2003 34.05 46.64 2,136,891 1.07 (0.36) 1.08 1.11 4.28
ROCK OAK CORE GROWTH FUND
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2008* $11.66 (9.39)% $ 7,499 1.25% (0.40)% 1.25% 1.51% 36.73%
- --------------------------------------------------------------------------------------------------------------
2007 13.45 25.94 8,389 1.25 (0.57) 1.25 1.46 85.61
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2006 10.68 5.74 9,688 1.22 (0.54) 1.22 1.44 88.47
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2005(1) 10.10 1.00 10,560 1.15 (0.67) 1.15 1.89 44.73
PIN OAK AGGRESSIVE STOCK FUND
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2008* $22.91 (16.57)% $ 63,554 1.25% (0.63)% 1.25% 1.45% 9.95%
- --------------------------------------------------------------------------------------------------------------
2007 27.46 29.65 90,901 1.25 (0.50) 1.25 1.35 18.33
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2006 21.18 0.24 92,549 1.21 (0.74) 1.21 1.27 19.81
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2005 21.13 11.09 139,379 1.15 (0.78) 1.15 1.22 28.02
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2004 19.02 (0.58) 190,839 1.15 (0.80) 1.15 1.17 21.10
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2003 19.13 64.49 233,503 1.11 (0.83) 1.12 1.23 21.67
RIVER OAK DISCOVERY FUND
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2008* $12.34 (14.14)% $ 6,756 1.35% (0.69)% 1.35% 1.71% 79.58%
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2007 14.80 28.03 7,823 1.35 (0.92) 1.35 1.72 148.36
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2006 11.56 14.46 5,943 1.35 (0.81) 1.35 2.74 71.90
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2005(2) 10.10 1.00 3,063 1.35 (0.79) 1.35 4.05 15.68
RED OAK TECHNOLOGY SELECT FUND
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2008* $ 7.43 (15.09)% $ 85,837 1.35% (0.92)% 1.35% 1.51% 4.83%
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2007 8.75 26.81 115,005 1.35 (0.40) 1.35 1.40 11.19
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2006 6.90 5.34 116,449 1.27 (0.89) 1.27 1.34 92.90
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2005 6.55 3.97 160,881 1.15 (0.50)+++ 1.15 1.27 40.47
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2004 6.30 (3.96) 244,848 1.15 (1.01) 1.15 1.20 38.44
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2003 6.56 55.08 327,853 1.11 (0.98) 1.11 1.24 60.35
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3 www.oakfunds.com
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[GRAPHIC] Financial Highlights
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FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED OCTOBER 31,
REALIZED AND DIVIDENDS NET
NET ASSET UNREALIZED FROM TOTAL ASSET
VALUE NET GAINS OR TOTAL NET DIVIDENDS VALUE
BEGINNING INVESTMENT (LOSSES) ON FROM INVESTMENT AND END OF
OF PERIOD LOSS SECURITIES OPERATIONS INCOME DISTRIBUTIONS PERIOD
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BLACK OAK EMERGING TECHNOLOGY FUND
- ---------------------------------------------------------------------------------------------------
2008* $ 2.94 $ (0.01)# $ (0.30) $ (0.31) $ -- $ -- $ 2.63
- ---------------------------------------------------------------------------------------------------
2007 2.21 (0.03)# 0.76 0.73 -- -- 2.94
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2006 2.05 (0.02)# 0.18 0.16 -- -- 2.21
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2005 2.08 (0.02)# (0.01)## (0.03) -- -- 2.05
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2004 2.21 (0.03) (0.10) (0.13) -- -- 2.08
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2003 1.23 (0.02) 1.00 0.98 -- -- 2.21
LIVE OAK HEALTH SCIENCES FUND
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2008* $ 12.41 $ (0.03)# $ (1.11) $ (1.14) $ -- $ -- $ 11.27
- ---------------------------------------------------------------------------------------------------
2007 11.18 (0.01)# 1.24 1.23 -- -- 12.41
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2006 11.66 (0.07)# (0.41) (0.48) -- -- 11.18
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2005 9.44 (0.07)# 2.29 2.22 -- -- 11.66
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2004 9.24 (0.07) 0.27 0.20 -- -- 9.44
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2003 7.83 (0.05) 1.46 1.41 -- -- 9.24
* FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008 (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
ACCORD 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 RATIO 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.
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1-888-462-5386 4
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RATIO OF
RATIO OF EXPENSES
RATIO OF EXPENSES TO AVERAGE
NET TO AVERAGE NET ASSETS
NET ASSETS RATIO OF INVESTMENT 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
- ----------------------------------------------------------------------------------------------------
2008* (10.54)% $ 33,549 1.35% (0.91)% 1.35% 1.69% 46.81%
- ----------------------------------------------------------------------------------------------------
2007 33.03 39,810 1.35 (1.04) 1.35 1.62 75.51
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2006 7.80 39,617 1.28 (1.13) 1.28 1.53 97.05
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2005 (1.44) 48,901 1.15 (1.13) 1.15 1.41 30.22
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2004 (5.88) 72,093 1.15 (1.14) 1.15 1.33 33.71
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2003 79.67 86,414 1.11 (1.08) 1.11 1.50 33.62
LIVE OAK HEALTH SCIENCES FUND
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2008* (9.19)% $ 18,189 1.35% (0.47)% 1.35% 1.46% 7.76%
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2007 11.00 21,354 1.35 (0.11) 1.35 1.37 28.33
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2006 (4.12) 25,263 1.21 (0.59) 1.21 1.23 56.56
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2005 23.52 36,304 1.15 (0.66) 1.15 1.22 15.69
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2004 2.16 26,226 1.15 (0.75) 1.15 1.19 4.05
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2003 18.01 22,520 1.10 (0.66) 1.10 1.28 12.55
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5 www.oakfunds.com
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[GRAPHIC] Schedules of Investments
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APRIL 30, 2008 (UNAUDITED)
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White Oak Select Growth Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART]
- --------------------------------------------------------------------------------
Biological Products (No Diagnostic Substances) 4.8%
Commercial Banks 1.9%
Computer Communications Equipment 12.8%
E-Commerce - Services 12.8%
Electronic Computers 7.6%
Hospital & Medical Service Plans 1.6%
Pharmaceutical Preparations 4.6%
Security Brokers, Dealers & Flotation Companies 15.8%
Semiconductor Capital Equipment 4.1%
Semiconductors & Related Devices 7.4%
Services - Commercial Physical & Biological Research 1.3%
Services - Computer Programming Services 5.0%
Services - Home Health Care Services 4.6%
Systems - Computer Integrated Systems Design 2.1%
Telephone Communications Except Radiotelephone 1.8%
Web Portals/ISP 11.0%
Repurchase Agreement 0.5%
+ 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 -- 99.2%
- --------------------------------------------------------------------------------
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 4.8%
- --------------------------------------------------------------------------------
Amgen* 400,000 $ 16,748
------------
16,748
------------
- --------------------------------------------------------------------------------
COMMERCIAL BANKS -- 1.9%
- --------------------------------------------------------------------------------
Citigroup 260,000 6,570
------------
6,570
------------
- --------------------------------------------------------------------------------
COMPUTER COMMUNICATIONS
EQUIPMENT -- 12.8%
- --------------------------------------------------------------------------------
Cisco Systems* 1,150,000 29,486
Juniper Networks* 540,000 14,915
------------
44,401
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
E-COMMERCE - SERVICES -- 12.8%
- --------------------------------------------------------------------------------
Amazon.com* 290,000 $ 22,803
eBay* 687,000 21,496
------------
44,299
------------
- --------------------------------------------------------------------------------
ELECTRONIC COMPUTERS -- 7.6%
- --------------------------------------------------------------------------------
Dell* 400,000 7,452
International Business
Machines 155,000 18,709
------------
26,161
------------
- --------------------------------------------------------------------------------
HOSPITAL & MEDICAL SERVICE PLANS -- 1.6%
- --------------------------------------------------------------------------------
UnitedHealth Group 175,000 5,710
------------
5,710
------------
- --------------------------------------------------------------------------------
PHARMACEUTICAL PREPARATIONS -- 4.6%
- --------------------------------------------------------------------------------
Teva Pharmaceutical
Industries ADR 340,000 15,905
------------
15,905
------------
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1-888-462-5386 6
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White Oak Select Growth Fund (CONCLUDED)
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MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITY BROKERS, DEALERS &
FLOTATION COMPANIES -- 15.8%
- --------------------------------------------------------------------------------
Charles Schwab 1,300,000 $ 28,080
Legg Mason 165,000 9,946
Merrill Lynch 339,000 16,892
------------
54,918
------------
- --------------------------------------------------------------------------------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 4.1%
- --------------------------------------------------------------------------------
Applied Materials 765,000 14,275
------------
14,275
------------
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES -- 7.4%
- --------------------------------------------------------------------------------
Broadcom, Cl A* 984,000 25,545
------------
25,545
------------
- --------------------------------------------------------------------------------
SERVICES - COMMERCIAL PHYSICAL &
BIOLOGICAL RESEARCH -- 1.3%
- --------------------------------------------------------------------------------
Affymetrix 400,000 4,364
------------
4,364
------------
- --------------------------------------------------------------------------------
SERVICES - COMPUTER PROGRAMMING
SERVICES -- 5.0%
- --------------------------------------------------------------------------------
Cognizant Technology
Solutions, Cl A* 540,000 17,415
------------
17,415
------------
- --------------------------------------------------------------------------------
SERVICES - HOME HEALTH CARE SERVICES -- 4.6%
- --------------------------------------------------------------------------------
Express Scripts* 230,000 16,105
------------
16,105
------------
- --------------------------------------------------------------------------------
SYSTEMS - COMPUTER INTEGRATED
SYSTEMS DESIGN -- 2.1%
- --------------------------------------------------------------------------------
Salesforce.com* 110,000 7,340
------------
7,340
------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TELEPHONE COMMUNICATIONS EXCEPT
RADIOTELEPHONE -- 1.8%
- --------------------------------------------------------------------------------
Sprint Nextel 800,000 $ 6,392
------------
6,392
------------
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 11.0%
- --------------------------------------------------------------------------------
Google, Cl A* 45,000 25,843
Yahoo!* 450,000 12,334
------------
38,177
------------
TOTAL COMMON STOCK
(Cost $311,640)(000) 344,325
------------
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REPURCHASE AGREEMENT -- 0.5%
- --------------------------------------------------------------------------------
Morgan Stanley (A)
2.000%, dated 04/30/08, to be
repurchased on
05/01/08, repurchase price
$1,613,868 (collateralized by
a U.S. Treasury Note,
par value $1,458,115, 2.625%,
07/15/17; total market value:
$1,646,054) $ 1,614 1,614
------------
TOTAL REPURCHASE AGREEMENT
(Cost $1,614)(000) 1,614
------------
TOTAL INVESTMENTS -- 99.7%
(Cost $313,254)(000) $ 345,939
============
PERCENTAGES ARE BASED ON NET ASSETS OF $346,846,470.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
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7 www.oakfunds.com
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[GRAPHIC] Schedules of Investments
- --------------------------------------------------------------------------------
APRIL 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
Rock Oak Core Growth Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART]
- --------------------------------------------------------------------------------
Aircraft Parts & Equipment 0.5%
Amusement and Recreational Services 2.6%
Biological Products (No Diagnostic Substances) 6.6%
Computer Communications Equipment 2.8%
Consumer Wireless Devices 4.9%
Crude Petroleum Natural Gas 0.3%
Diversified Manufacturing 2.1%
Electronic Computers 4.9%
E-Commerce - Services 2.2%
Fabricated Pipe & Pipe Fittings 1.9%
Fiber Optic Components 2.7%
Heavy Construction Not Elsewhere Classified 1.8%
Hospital & Medical Service Plans 0.2%
Laboratory Analytical Instruments 1.9%
Measuring & Controlling Devices 0.1%
Oil, Gas Field Services 12.5%
Radiotelephone Communications 4.2%
Recreational Centers 2.0%
Security Brokers, Dealers & Flotation Companies 4.1%
Semiconductor Capital Equipment 0.1%
Semiconductors & Related Devices 11.1%
Services - Computer Programming Services 5.9%
Services - Engineering Services 5.3%
Steel Works, Blast Furnaces & Rolling Mills 3.4%
Surgical & Medical Instruments & Apparatus 2.1%
Systems - Computer Integrated Systems Design 3.1%
Trucking & Courier Services 3.9%
Web Portals/ISP 3.8%
Well Equipment 2.7%
Repurchase Agreement 1.1%
+ Percentages are based on net assets. Included in net assets are other
assets and liabilities of (0.8)%.
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 99.7%
- --------------------------------------------------------------------------------
AIRCRAFT PARTS & EQUIPMENT -- 0.5%
- --------------------------------------------------------------------------------
Rockwell Collins 600 $ 38
------------
38
------------
- --------------------------------------------------------------------------------
AMUSEMENT AND RECREATIONAL SERVICES -- 2.6%
- --------------------------------------------------------------------------------
International Game
Technology 5,600 195
------------
195
------------
- --------------------------------------------------------------------------------
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 6.6%
- --------------------------------------------------------------------------------
Genzyme* 3,000 211
Gilead Sciences* 5,500 285
------------
496
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COMPUTER COMMUNICATIONS EQUIPMENT -- 2.8%
- --------------------------------------------------------------------------------
Cisco Systems* 8,200 $ 210
------------
210
------------
- --------------------------------------------------------------------------------
CONSUMER WIRELESS DEVICES -- 4.9%
- --------------------------------------------------------------------------------
Research In Motion* 3,000 365
------------
365
------------
- --------------------------------------------------------------------------------
CRUDE PETROLEUM NATURAL GAS -- 0.3%
- --------------------------------------------------------------------------------
XTO Energy 400 25
------------
25
------------
- --------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING -- 2.1%
- --------------------------------------------------------------------------------
ITT 2,500 160
------------
160
------------
- --------------------------------------------------------------------------------
1-888-462-5386 8
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- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Rock Oak Core Growth Fund (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
E-COMMERCE - SERVICES -- 2.2%
- --------------------------------------------------------------------------------
eBay* 5,300 $ 166
------------
166
------------
- --------------------------------------------------------------------------------
ELECTRONIC COMPUTERS -- 4.9%
- --------------------------------------------------------------------------------
Apple* 2,100 365
------------
365
------------
- --------------------------------------------------------------------------------
FABRICATED PIPE & PIPE FITTINGS -- 1.9%
- --------------------------------------------------------------------------------
Shaw Group* 2,900 143
------------
143
------------
- --------------------------------------------------------------------------------
FIBER OPTIC COMPONENTS -- 2.7%
- --------------------------------------------------------------------------------
Corning 7,600 203
------------
203
------------
- --------------------------------------------------------------------------------
HEAVY CONSTRUCTION NOT
ELSEWHERE CLASSIFIED -- 1.8%
- --------------------------------------------------------------------------------
Chicago Bridge & Iron,
NY Shares 3,300 132
------------
132
------------
- --------------------------------------------------------------------------------
HOSPITAL & MEDICAL SERVICE PLANS -- 0.2%
- --------------------------------------------------------------------------------
UnitedHealth Group 500 16
------------
16
------------
- --------------------------------------------------------------------------------
LABORATORY ANALYTICAL INSTRUMENTS -- 1.9%
- --------------------------------------------------------------------------------
Hologic* 5,000 146
------------
146
------------
- --------------------------------------------------------------------------------
MEASURING & CONTROLLING DEVICES -- 0.1%
- --------------------------------------------------------------------------------
Rockwell Automation 100 5
------------
5
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OIL, GAS FIELD SERVICES -- 12.5%
- --------------------------------------------------------------------------------
Schlumberger 2,600 $ 261
Transocean 2,600 383
Weatherford
International* 3,600 290
------------
934
------------
- --------------------------------------------------------------------------------
RADIOTELEPHONE COMMUNICATIONS -- 4.2%
- --------------------------------------------------------------------------------
America Movil ADR, Ser L 2,000 116
Vimpel-Communications
ADR* 6,600 199
------------
315
------------
- --------------------------------------------------------------------------------
RECREATIONAL CENTERS -- 2.0%
- --------------------------------------------------------------------------------
Las Vegas Sands* 2,000 153
------------
153
------------
- --------------------------------------------------------------------------------
SECURITY BROKERS, DEALERS &
FLOTATION COMPANIES -- 4.1%
- --------------------------------------------------------------------------------
CME Group 300 137
Goldman Sachs Group 900 172
------------
309
------------
- --------------------------------------------------------------------------------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 0.1%
- --------------------------------------------------------------------------------
Applied Materials 500 9
------------
9
------------
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES -- 11.1%
- --------------------------------------------------------------------------------
Broadcom, Cl A* 8,900 231
MEMC Electronic
Materials* 3,800 239
Qualcomm 8,400 363
------------
833
------------
- --------------------------------------------------------------------------------
9 www.oakfunds.com
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- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Rock Oak Core Growth Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SERVICES - COMPUTER PROGRAMMING
SERVICES -- 5.9%
- --------------------------------------------------------------------------------
Cognizant Technology
Solutions, Cl A* 13,600 $ 439
------------
439
------------
- --------------------------------------------------------------------------------
SERVICES - ENGINEERING SERVICES -- 5.3%
- --------------------------------------------------------------------------------
Jacobs Engineering Group* 2,900 250
Monsanto 1,300 148
------------
398
------------
- --------------------------------------------------------------------------------
STEEL WORKS, BLAST FURNACES &
ROLLING MILLS -- 3.4%
- --------------------------------------------------------------------------------
Nucor 3,400 257
------------
257
------------
- --------------------------------------------------------------------------------
SURGICAL & MEDICAL INSTRUMENTS &
APPARATUS -- 2.1%
- --------------------------------------------------------------------------------
Baxter International 2,500 156
------------
156
------------
- --------------------------------------------------------------------------------
SYSTEMS - COMPUTER INTEGRATED
SYSTEMS DESIGN -- 3.1%
- --------------------------------------------------------------------------------
Salesforce.com* 3,500 234
------------
234
------------
- --------------------------------------------------------------------------------
TRUCKING & COURIER SERVICES -- 3.9%
- --------------------------------------------------------------------------------
Expeditors International
Washington 6,300 294
------------
294
------------
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 3.8%
- --------------------------------------------------------------------------------
Google, Cl A* 500 287
------------
287
------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
WELL EQUIPMENT -- 2.7%
- --------------------------------------------------------------------------------
National Oilwell Varco* 2,900 $ 199
------------
199
------------
TOTAL COMMON STOCK
(Cost $6,086)(000) 7,482
------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.1%
- --------------------------------------------------------------------------------
Morgan Stanley (A)
2.000%, dated 04/30/08,
to be repurchased on 05/01/08,
repurchase price $79,270
(collateralized by a U.S. Treasury
Note, par value $71,619,
2.625%, 07/15/17; total market
value: $80,850) $ 79 79
------------
TOTAL REPURCHASE AGREEMENT
(Cost $79)(000) 79
------------
TOTAL INVESTMENTS -- 100.8%
(Cost $6,165)(000) $ 7,561
============
PERCENTAGES ARE BASED ON NET ASSETS OF $7,499,253.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
SER -- SERIES
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
1-888-462-5386 10
- --------------------------------------------------------------------------------
[GRAPHIC] Schedules of Investments
- --------------------------------------------------------------------------------
APRIL 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
Pin Oak Aggressive Stock Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART]
- --------------------------------------------------------------------------------
Biological Products (No Diagnostic Substances) 0.8%
Commercial Banks 2.9%
Computer Communications Equipment 10.6%
E-Commerce - Services 20.0%
Electronic Computers 1.9%
Motorcycles, Bicycles and Parts 3.1%
Newspapers, Publishing 1.1%
Retail - Jewelry Stores 5.6%
Security Brokers, Dealers & Flotation Companies 10.7%
Semiconductor Capital Equipment 14.4%
Semiconductors & Related Devices 10.3%
Services - Commercial Physical & Biological Research 0.3%
Television Broadcasting Stations 4.6%
Web Portals/ISP 12.0%
Repurchase Agreement 1.8%
+ 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 -- 98.3%
- --------------------------------------------------------------------------------
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 0.8%
- --------------------------------------------------------------------------------
Cell Genesys* 124,501 $ 478
------------
478
------------
- --------------------------------------------------------------------------------
COMMERCIAL BANKS -- 2.9%
- --------------------------------------------------------------------------------
Citigroup 9,000 227
M&T Bank 13,700 1,277
TCF Financial 18,000 313
------------
1,817
------------
- --------------------------------------------------------------------------------
COMPUTER COMMUNICATIONS
EQUIPMENT -- 10.6%
- --------------------------------------------------------------------------------
Cisco Systems* 138,000 3,538
Juniper Networks* 115,000 3,176
------------
6,714
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
E-COMMERCE - SERVICES -- 20.0%
- --------------------------------------------------------------------------------
Amazon.com* 50,000 $ 3,932
eBay* 142,000 4,443
Expedia* 171,000 4,320
------------
12,695
------------
- --------------------------------------------------------------------------------
ELECTRONIC COMPUTERS -- 1.9%
- --------------------------------------------------------------------------------
Dell* 64,000 1,192
------------
1,192
------------
- --------------------------------------------------------------------------------
MOTORCYCLES, BICYCLES AND PARTS -- 3.1%
- --------------------------------------------------------------------------------
Harley-Davidson 51,700 1,978
------------
1,978
------------
- --------------------------------------------------------------------------------
NEWSPAPERS, PUBLISHING -- 1.1%
- --------------------------------------------------------------------------------
Gannett 25,000 716
------------
716
------------
- --------------------------------------------------------------------------------
11 www.oakfunds.com
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Pin Oak Aggressive Stock Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RETAIL - JEWELRY STORES -- 5.6%
- --------------------------------------------------------------------------------
Blue Nile* 62,718 $ 3,115
Tiffany 10,000 435
------------
3,550
------------
- --------------------------------------------------------------------------------
SECURITY BROKERS, DEALERS &
FLOTATION COMPANIES -- 10.7%
- --------------------------------------------------------------------------------
Charles Schwab 167,000 3,607
Merrill Lynch 46,000 2,292
Morgan Stanley 19,000 923
------------
6,822
------------
- --------------------------------------------------------------------------------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 14.4%
- --------------------------------------------------------------------------------
Applied Materials 199,000 3,713
Kla-Tencor 59,000 2,577
Novellus Systems* 132,000 2,886
------------
9,176
------------
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES -- 10.3%
- --------------------------------------------------------------------------------
Broadcom, Cl A* 132,000 3,427
Xilinx 127,000 3,146
------------
6,573
------------
- --------------------------------------------------------------------------------
SERVICES - COMMERCIAL PHYSICAL &
BIOLOGICAL RESEARCH -- 0.3%
- --------------------------------------------------------------------------------
Affymetrix 18,676 204
------------
204
------------
- --------------------------------------------------------------------------------
TELEVISION BROADCASTING STATIONS -- 4.6%
- --------------------------------------------------------------------------------
IAC/InterActive* 141,700 2,949
------------
2,949
------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 12.0%
- --------------------------------------------------------------------------------
Google, Cl A* 5,600 $ 3,216
Yahoo!* 161,000 4,413
------------
7,629
------------
TOTAL COMMON STOCK
(Cost $45,618)(000) 62,493
------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.8%
- --------------------------------------------------------------------------------
Morgan Stanley (A)
2.000%, dated 04/30/08,
to be repurchased on 05/01/08,
repurchase price $1,152,918
(collateralized by a U.S. Treasury
Note, par value $1,041,651, 2.625%,
07/15/17; total market
value: $1,175,911) $ 1,153 1,153
------------
TOTAL REPURCHASE AGREEMENT
(Cost $1,153)(000) 1,153
------------
TOTAL INVESTMENTS -- 100.1%
(Cost $46,771)(000) $ 63,646
============
PERCENTAGES ARE BASED ON NET ASSETS OF $63,553,755.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
1-888-462-5386 12
- --------------------------------------------------------------------------------
[GRAPHIC] Schedules of Investments
- --------------------------------------------------------------------------------
APRIL 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
River Oak Discovery Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART]
- --------------------------------------------------------------------------------
Agricultural Chemicals 1.7%
Amusement and Recreational Services 2.4%
Consumer Wireless Devices 0.1%
E-Commerce Services 8.1%
Fiber Cans, Drums, Tubes & Similar Products 2.9%
Fire, Marine & Casualty Insurance 2.7%
Investment Research 3.5%
Laboratory Analytical Instruments 2.6%
Measuring & Controlling Devices 2.9%
Oil, Gas Field Services 11.4%
Orthopedic, Prosthetic & Surgical Appliances & Supplies 1.9%
Packaging Paper and Plastics Film, Coated and Laminated 0.5%
Retail - Jewelry Stores 3.3%
Security Brokers, Dealers & Floatation Companies 3.3%
Semiconductors & Related Devices 11.9%
Services - Business Services 7.5%
Services - Commercial Physical & Biological Research 0.5%
Services - Computer Programming Services 2.0%
Services - Prepackaged Software 4.4%
Systems - Computer Integrated Systems Design 7.3%
Web Portals/ISP 12.5%
Well Equipment 2.7%
Women's, Children's & Infant's Clothing Accessories 3.6%
Repurchase Agreement 0.5%
+ Percentages are based on net assets. Included in net assets are other
assets and liabilities of (0.2)%.
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 99.7%
- --------------------------------------------------------------------------------
AGRICULTURAL CHEMICALS -- 1.7%
- --------------------------------------------------------------------------------
Terra Industries LP 800 $ 115
------------
115
------------
- --------------------------------------------------------------------------------
AMUSEMENT AND RECREATIONAL SERVICES -- 2.4%
- --------------------------------------------------------------------------------
WMS Industries* 4,500 163
------------
163
------------
- --------------------------------------------------------------------------------
CONSUMER WIRELESS DEVICES -- 0.1%
- --------------------------------------------------------------------------------
Viasat* 400 9
------------
9
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
E-COMMERCE - SERVICES -- 8.1%
- --------------------------------------------------------------------------------
Gmarket ADR* 11,500 $ 293
MercadoLibre* 5,000 253
------------
546
------------
- --------------------------------------------------------------------------------
FIBER CANS, DRUMS, TUBES &
SIMILAR PRODUCTS -- 2.9%
- --------------------------------------------------------------------------------
Grief, Cl A 3,000 194
------------
194
------------
- --------------------------------------------------------------------------------
FIRE, MARINE & CASUALTY INSURANCE -- 2.7%
- --------------------------------------------------------------------------------
Navigators Group* 3,700 181
------------
181
------------
- --------------------------------------------------------------------------------
13 www.oakfunds.com
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
River Oak Discovery Fund (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT RESEARCH -- 3.5%
- --------------------------------------------------------------------------------
Morningstar* 4,100 $ 238
------------
238
------------
- --------------------------------------------------------------------------------
LABORATORY ANALYTICAL INSTRUMENTS -- 2.6%
- --------------------------------------------------------------------------------
Illumina* 2,300 179
------------
179
------------
- --------------------------------------------------------------------------------
MEASURING & CONTROLLING DEVICES -- 2.9%
- --------------------------------------------------------------------------------
OYO Geospace* 4,100 198
------------
198
------------
- --------------------------------------------------------------------------------
OIL, GAS FIELD SERVICES -- 11.4%
- --------------------------------------------------------------------------------
Helix Energy Solutions
Group* 6,700 231
Oceaneering
International* 4,300 287
Willbros Group* 7,000 253
------------
771
------------
- --------------------------------------------------------------------------------
ORTHOPEDIC, PROSTHETIC & SURGICAL
APPLIANCES & SUPPLIES -- 1.9%
- --------------------------------------------------------------------------------
Integra Lifesciences* 3,100 131
------------
131
------------
- --------------------------------------------------------------------------------
PACKAGING PAPER AND PLASTICS FILM,
COATED AND LAMINATED -- 0.5%
- --------------------------------------------------------------------------------
Raven Industries 1,100 34
------------
34
------------
- --------------------------------------------------------------------------------
RETAIL - JEWELRY STORES -- 3.3%
- --------------------------------------------------------------------------------
Blue Nile* 4,400 219
------------
219
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITY BROKERS, DEALERS &
FLOTATION COMPANIES -- 3.3%
- --------------------------------------------------------------------------------
FCStone Group* 2,100 $ 87
GFI Group 11,200 132
------------
219
------------
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES -- 11.9%
- --------------------------------------------------------------------------------
Evergreen Solar* 18,700 161
Formfactor* 2,300 44
JA Solar Holdings ADR* 11,700 281
Varian Semiconductor
Equipment Associates* 8,650 317
------------
803
------------
- --------------------------------------------------------------------------------
SERVICES - BUSINESS SERVICES -- 7.5%
- --------------------------------------------------------------------------------
Ctrip.com International
ADR 5,700 354
EnerNOC* 8,100 125
inVentiv Health* 1,000 30
------------
509
------------
- --------------------------------------------------------------------------------
SERVICES - COMMERCIAL PHYSICAL &
BIOLOGICAL RESEARCH -- 0.5%
- --------------------------------------------------------------------------------
Icon ADR* 500 36
------------
36
------------
- --------------------------------------------------------------------------------
SERVICES - COMPUTER PROGRAMMING
SERVICES -- 2.0%
- --------------------------------------------------------------------------------
Patni Computer
Systems ADR 10,000 134
------------
134
------------
- --------------------------------------------------------------------------------
SERVICES - PREPACKAGED SOFTWARE -- 4.4%
- --------------------------------------------------------------------------------
Double-Take Software* 19,900 296
------------
296
------------
- --------------------------------------------------------------------------------
1-888-462-5386 14
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
River Oak Discovery Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SYSTEMS - COMPUTER INTEGRATED
SYSTEMS DESIGN -- 7.3%
- --------------------------------------------------------------------------------
F5 Networks* 10,700 $ 242
Itron* 2,700 251
------------
493
------------
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 12.5%
- --------------------------------------------------------------------------------
Factset Research Systems 4,900 294
Netease.com ADR* 9,500 212
Sina* 7,300 337
------------
843
------------
- --------------------------------------------------------------------------------
WELL EQUIPMENT -- 2.7%
- --------------------------------------------------------------------------------
CARBO Ceramics 3,800 181
------------
181
------------
- --------------------------------------------------------------------------------
WHOLESALE - MEDICAL, DENTAL &
HOSPITAL EQUIPMENT & SUPPLIES -- 0.0%
- --------------------------------------------------------------------------------
Conceptus* 100 2
------------
2
------------
- --------------------------------------------------------------------------------
WOMEN'S, CHILDREN'S &
INFANT'S CLOTHING ACCESSORIES -- 3.6%
- --------------------------------------------------------------------------------
Gymboree* 5,700 246
------------
246
------------
TOTAL COMMON STOCK
(Cost $6,339)(000) 6,740
------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.5%
- --------------------------------------------------------------------------------
Morgan Stanley (A)
2.000%, dated 04/30/08,
to be repurchased on 05/01/08,
repurchase price $30,793
(collateralized by a
U.S. Treasury Note, par value
$27,821, 2.625%, 07/15/17;
total market value: $31,407) $ 31 $ 31
------------
TOTAL REPURCHASE AGREEMENT
(Cost $31)(000) 31
------------
TOTAL INVESTMENTS -- 100.2%
(Cost $6,370)(000) $ 6,771
============
PERCENTAGES ARE BASED ON NET ASSETS OF $6,755,872.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
LP -- LIMITED PARTNERSHIP
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
15 www.oakfunds.com
- --------------------------------------------------------------------------------
[GRAPHIC] Schedules of Investments
- --------------------------------------------------------------------------------
APRIL 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
Red Oak Technology Select Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART]
- --------------------------------------------------------------------------------
Biological Products (No Diagnostic Substances) 3.2%
Computer Communications Equipment 9.5%
Computer Peripheral Equipment 2.7%
Consulting Services 3.9%
Consumer Wireless Devices 0.9%
E-Commerce - Services 17.1%
Electronic Computers 10.9%
Retail - Jewelry Stores 4.6%
Semiconductor Capital Equipment 10.1%
Semiconductors & Related Devices 16.9%
Services - Prepackaged Software 2.3%
Systems - Computer Integrated System Design 3.2%
Television Broadcasting Stations 3.4%
Web Portals/ISP 10.3%
Repurchase Agreement 1.1%
+ 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) -- 3.2%
- --------------------------------------------------------------------------------
Invitrogen* 29,000 $ 2,714
------------
2,714
------------
- --------------------------------------------------------------------------------
COMPUTER COMMUNICATIONS EQUIPMENT -- 9.5%
- --------------------------------------------------------------------------------
Cisco Systems* 168,000 4,308
Juniper Networks* 139,000 3,839
------------
8,147
------------
- --------------------------------------------------------------------------------
COMPUTER PERIPHERAL EQUIPMENT-- 2.7%
- --------------------------------------------------------------------------------
Lexmark International,
Cl A* 73,000 2,292
------------
2,292
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CONSULTING SERVICES -- 3.9%
- --------------------------------------------------------------------------------
Accenture, Cl A 88,200 $ 3,312
------------
3,312
------------
- --------------------------------------------------------------------------------
CONSUMER WIRELESS DEVICES -- 0.9%
- --------------------------------------------------------------------------------
Motorola 81,000 807
------------
807
------------
- --------------------------------------------------------------------------------
E-COMMERCE - SERVICES -- 17.1%
- --------------------------------------------------------------------------------
Amazon.com* 59,000 4,639
eBay* 156,000 4,881
Expedia* 205,000 5,178
------------
14,698
------------
- --------------------------------------------------------------------------------
1-888-462-5386 16
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Red Oak Technology Select Fund (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ELECTRONIC COMPUTERS -- 10.9%
- --------------------------------------------------------------------------------
Apple* 14,000 $ 2,435
Dell* 63,000 1,174
International Business
Machines 48,000 5,794
------------
9,403
------------
- --------------------------------------------------------------------------------
RETAIL - JEWELRY STORES -- 4.6%
- --------------------------------------------------------------------------------
Blue Nile* 79,000 3,924
------------
3,924
------------
- --------------------------------------------------------------------------------
SEMICONDUCTOR CAPITAL EQUIPMENT -- 10.1%
- --------------------------------------------------------------------------------
Applied Materials 196,000 3,657
Kla-Tencor 44,000 1,922
Novellus Systems* 142,000 3,104
------------
8,683
------------
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES -- 16.9%
- --------------------------------------------------------------------------------
Broadcom, Cl A* 165,000 4,283
Intersil, Cl A 22,000 588
National Semiconductor 149,000 3,038
Taiwan Semiconductor
Manufacturing ADR 102,862 1,156
United Microelectronics
ADR 604,989 2,093
Xilinx 135,000 3,344
------------
14,502
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SERVICES - PREPACKAGED SOFTWARE -- 2.3%
- --------------------------------------------------------------------------------
BMC Software* 56,700 $ 1,971
------------
1,971
------------
- --------------------------------------------------------------------------------
SYSTEMS - COMPUTER INTEGRATED
SYSTEM DESIGN -- 3.2%
- --------------------------------------------------------------------------------
Electronic Data Systems 147,000 2,728
------------
2,728
------------
- --------------------------------------------------------------------------------
TELEVISION BROADCASTING STATIONS -- 3.4%
- --------------------------------------------------------------------------------
IAC/InterActive* 142,000 2,955
------------
2,955
------------
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 10.3%
- --------------------------------------------------------------------------------
Google, Cl A* 8,000 4,594
Yahoo!* 155,100 4,251
------------
8,845
------------
TOTAL COMMON STOCK
(Cost $72,278)(000) 84,981
------------
- --------------------------------------------------------------------------------
17 www.oakfunds.com
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Red Oak Technology Select Fund (CONCLUDED)
- --------------------------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.1%
- --------------------------------------------------------------------------------
Morgan Stanley (A)
2.000%, dated 04/30/08,
to be repurchased on 05/01/08,
repurchase price $976,810
(collateralized by a U.S. Treasury
Note, par value $882,539,
2.625%, 07/15/17; total market
value: $996,291) $ 977 $ 977
------------
TOTAL REPURCHASE AGREEMENT
(Cost $977)(000) 977
------------
TOTAL INVESTMENTS -- 100.1%
(Cost $73,255)(000) $ 85,958
============
PERCENTAGES ARE BASED ON NET ASSETS OF $85,836,512.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
1-888-462-5386 18
- --------------------------------------------------------------------------------
[GRAPHIC] Schedules of Investments
- --------------------------------------------------------------------------------
APRIL 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
Black Oak Emerging Technology Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART]
- --------------------------------------------------------------------------------
Amusement and Recreational Services 5.0%
Consumer Wireless Devices 7.7%
E-Commerce - Services 8.5%
Electronic Computers 5.1%
Fiber Optic Components 4.9%
Laboratory Analytical Instruments 3.4%
Radiotelephone Communications 4.1%
Semiconductors & Related Devices 10.2%
Services - Business Services 4.6%
Services - Computer Programming Services 11.5%
Services - Prepackaged Software 9.9%
Surgical & Medical Instruments & Apparatus 3.9%
Systems - Computer Integrated Systems Design 12.0%
Web Portals/ISP 8.8%
Repurchase Agreement 0.7%
+ 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 -- 99.6%
- --------------------------------------------------------------------------------
AMUSEMENT AND RECREATIONAL SERVICES -- 5.0%
- --------------------------------------------------------------------------------
International Game
Technology 28,000 $ 973
WMS Industries* 19,800 717
------------
1,690
------------
- --------------------------------------------------------------------------------
CONSUMER WIRELESS DEVICES -- 7.7%
- --------------------------------------------------------------------------------
Research In Motion* 15,300 1,861
Viasat* 32,100 709
------------
2,570
------------
- --------------------------------------------------------------------------------
E-COMMERCE - SERVICES -- 8.5%
- --------------------------------------------------------------------------------
eBay* 32,000 1,001
Gmarket ADR* 30,400 775
MercadoLibre* 21,100 1,067
------------
2,843
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ELECTRONIC COMPUTERS -- 5.1%
- --------------------------------------------------------------------------------
Apple* 9,800 $ 1,705
------------
1,705
------------
- --------------------------------------------------------------------------------
FIBER OPTIC COMPONENTS -- 4.9%
- --------------------------------------------------------------------------------
Corning 61,500 1,643
------------
1,643
------------
- --------------------------------------------------------------------------------
LABORATORY ANALYTICAL INSTRUMENTS -- 3.4%
- --------------------------------------------------------------------------------
Illumina* 14,700 1,145
------------
1,145
------------
- --------------------------------------------------------------------------------
RADIOTELEPHONE COMMUNICATIONS -- 4.1%
- --------------------------------------------------------------------------------
Vimpel-Communications
ADR* 46,000 1,387
------------
1,387
------------
- --------------------------------------------------------------------------------
19 www.oakfunds.com
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Black Oak Emerging Technology Fund (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SEMICONDUCTORS & RELATED DEVICES -- 10.2%
- --------------------------------------------------------------------------------
Evergreen Solar* 64,500 $ 554
Formfactor* 28,600 551
MEMC Electronic
Materials* 20,300 1,278
Varian Semiconductor
Equipment Associates* 28,350 1,038
------------
3,421
------------
- --------------------------------------------------------------------------------
SERVICES - BUSINESS SERVICES -- 4.6%
- --------------------------------------------------------------------------------
Ctrip.com International
ADR 24,900 1,545
------------
1,545
------------
- --------------------------------------------------------------------------------
SERVICES - COMPUTER PROGRAMMING SERVICES -- 11.5%
- --------------------------------------------------------------------------------
Cognizant Technology
Solutions, Cl A* 61,100 1,970
Infosys Technologies
ADR 21,000 917
Wipro ADR 74,700 971
------------
3,858
------------
- --------------------------------------------------------------------------------
SERVICES - PREPACKAGED SOFTWARE -- 9.9%
- --------------------------------------------------------------------------------
Cerner* 27,200 1,259
Citrix Systems* 28,200 924
Nuance
Communications* 56,000 1,136
------------
3,319
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SURGICAL & MEDICAL INSTRUMENTS &
APPARATUS -- 3.9%
- --------------------------------------------------------------------------------
Intuitive Surgical* 4,500 $ 1,302
------------
1,302
------------
- --------------------------------------------------------------------------------
SYSTEMS - COMPUTER INTEGRATED
SYSTEMS DESIGN -- 12.0%
- --------------------------------------------------------------------------------
F5 Networks* 44,300 1,003
Itron* 14,300 1,331
Salesforce.com* 25,500 1,702
------------
4,036
------------
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 8.8%
- --------------------------------------------------------------------------------
Netease.com ADR* 51,100 1,141
Sina* 38,900 1,797
------------
2,938
------------
TOTAL COMMON STOCK
(Cost $27,464)(000) 33,402
------------
- --------------------------------------------------------------------------------
1-888-462-5386 20
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Black Oak Emerging Technology Fund (CONCLUDED)
- --------------------------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.7%
- --------------------------------------------------------------------------------
Morgan Stanley (A)
2.000%, dated 04/30/08,
to be repurchased on 05/01/08,
repurchase price $252,452
(collateralized by a U.S. Treasury
Note, par value $228,088,
2.625%, 07/15/17; total market
value: $257,486) $ 252 $ 252
------------
TOTAL REPURCHASE AGREEMENT
(Cost $252)(000) 252
------------
TOTAL INVESTMENTS -- 100.3%
(Cost $27,716)(000) $ 33,654
============
PERCENTAGES ARE BASED ON NET ASSETS OF $33,549,110.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
ISP -- INTERNET SERVICE PROVIDER
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
21 www.oakfunds.com
- --------------------------------------------------------------------------------
[GRAPHIC] Schedules of Investments
- --------------------------------------------------------------------------------
APRIL 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
Live Oak Health Sciences Fund
- --------------------------------------------------------------------------------
INDUSTRY WEIGHTING+
[PIE CHART]
- --------------------------------------------------------------------------------
Repurchase Agreement 1.4%
Biological Products (No Diagnostic Substances) 23.6%
Electromedical & Electrotherapeutic Apparatus 6.7%
Hospital & Medical Service Plans 5.6%
Laboratory Analytical Instruments 4.4%
Orthopedic, Prosthetic & Surgical Appliances & Supplies 0.7%
Pharmaceutical Preparations 35.1%
Services - Commercial Physical & Biological Research 1.9%
Services - Computer Processing 2.0%
Surgical & Medical Instruments & Apparatus 9.8%
Wholesale - Drugs, Proprietaries & Druggists' Sundries 8.6%
+ Percentages are based on net assets. Included in net assets are other
assets and liabilities of 0.2%.
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 98.4%++
- --------------------------------------------------------------------------------
BIOLOGICAL PRODUCTS
(NO DIAGNOSTIC SUBSTANCES) -- 23.6%
- --------------------------------------------------------------------------------
Amgen* 21,500 $ 900
Biogen Idec* 9,000 546
Cell Genesys* 86,495 332
Genentech* 7,100 484
Genzyme* 9,500 668
Invitrogen* 14,600 1,366
------------
4,296
------------
- --------------------------------------------------------------------------------
ELECTROMEDICAL & ELECTROTHERAPEUTIC
APPARATUS -- 6.7%
- --------------------------------------------------------------------------------
Medtronic 25,000 1,217
------------
1,217
------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
HOSPITAL & MEDICAL SERVICE PLANS -- 5.6%
- --------------------------------------------------------------------------------
UnitedHealth Group 21,000 $ 685
WellPoint* 6,800 338
------------
1,023
------------
- --------------------------------------------------------------------------------
LABORATORY ANALYTICAL INSTRUMENTS -- 4.4%
- --------------------------------------------------------------------------------
Waters* 13,000 799
------------
799
------------
- --------------------------------------------------------------------------------
ORTHOPEDIC, PROSTHETIC &
SURGICAL APPLIANCES & SUPPLIES -- 0.7%
- --------------------------------------------------------------------------------
Stryker 2,000 130
------------
130
------------
- --------------------------------------------------------------------------------
1-888-462-5386 22
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Live Oak Health Sciences Fund (CONCLUDED)
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PHARMACEUTICAL PREPARATIONS -- 35.1%
- --------------------------------------------------------------------------------
AstraZeneca ADR 8,000 $ 336
Corcept Therapeutics* 64,244 179
Eli Lilly 15,000 722
GlaxoSmithKline ADR 2,700 119
Johnson & Johnson 10,000 671
King Pharmaceuticals* 51,000 479
Medicis Pharmaceutical,
Cl A 11,700 241
Mylan 29,000 382
Pfizer 35,000 704
Sanofi-Aventis ADR 10,500 405
Teva Pharmaceutical
Industries ADR 29,000 1,357
Watson Pharmaceuticals* 25,400 789
------------
6,384
------------
- --------------------------------------------------------------------------------
SERVICES - COMMERCIAL PHYSICAL & BIOLOGICAL
RESEARCH -- 1.9%
- --------------------------------------------------------------------------------
Affymetrix 31,000 338
------------
338
------------
- --------------------------------------------------------------------------------
SERVICES - COMPUTER PROCESSING -- 2.0%
- --------------------------------------------------------------------------------
IMS Health 15,000 371
------------
371
------------
- --------------------------------------------------------------------------------
SURGICAL & MEDICAL INSTRUMENTS &
APPARATUS -- 9.8%
- --------------------------------------------------------------------------------
Covidien 21,700 1,013
Techne* 10,500 762
------------
1,775
------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
WHOLESALE - DRUGS, PROPRIETARIES
& DRUGGISTS' SUNDRIES -- 8.6%
- --------------------------------------------------------------------------------
AmerisourceBergen 23,400 $ 949
PharMerica* 36,442 621
------------
1,570
------------
TOTAL COMMON STOCK
(Cost $15,552)(000) 17,903
------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.4%
- --------------------------------------------------------------------------------
Morgan Stanley (A)
2.000%, dated 04/30/08,
to be repurchased on
05/01/08, repurchase price
$257,697 (collateralized
by a U.S. Treasury Note,
par value $232,827, 2.625%,
07/15/17; total market
value: $262,836)
$ 258 258
------------
TOTAL REPURCHASE AGREEMENT
(Cost $258)(000) 258
------------
TOTAL INVESTMENTS -- 99.8%
(Cost $15,810)(000) $ 18,161
============
PERCENTAGES ARE BASED ON NET ASSETS OF $18,188,548.
* NON-INCOME PRODUCING SECURITY
(A) TRI-PARTY REPURCHASE AGREEMENT
ADR -- AMERICAN DEPOSITARY RECEIPT
CL -- CLASS
++ MORE NARROW INDUSTRIES ARE UTILIZED FOR COMPLIANCE PURPOSES, WHEREAS BROAD
SECTORS ARE UTILIZED FOR REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
23 www.oakfunds.com
- --------------------------------------------------------------------------------
[GRAPHIC] Statements of Assets and Liabilities (000)
- --------------------------------------------------------------------------------
AS OF APRIL 30, 2008 (UNAUDITED)
----------------------------
WHITE OAK ROCK OAK
SELECT GROWTH CORE GROWTH
FUND FUND
- ----------------------------------------------------------------------------------------
Investments at cost .................................. $ 311,640 $ 6,086
Repurchase agreements at cost ........................ 1,614 79
========================================================================================
ASSETS:
Investments at value ................................. $ 344,325 $ 7,482
Repurchase agreements at value ....................... 1,614 79
Receivable for investment securities sold ............ 1,431 119
Dividends and interest receivable .................... 76 7
Prepaid expenses ..................................... 68 1
Receivable for capital shares sold ................... 48 3
- ----------------------------------------------------------------------------------------
Total Assets ......................................... 347,562 7,691
- ----------------------------------------------------------------------------------------
LIABILITIES:
Payable for fund shares redeemed ..................... 133 --
Investment advisory fees payable ..................... 130 3
Administration fees payable .......................... 33 1
Trustees' fees payable ............................... 30 1
Payable for investment securtities purchased ......... -- 173
Other accrued expenses ............................... 390 14
- ----------------------------------------------------------------------------------------
Total Liabilites ..................................... 716 192
- ----------------------------------------------------------------------------------------
Total Net Assets ..................................... $ 346,846 $ 7,499
========================================================================================
NET ASSETS:
Paid-in capital
(unlimited authorization -- no par value) ......... $ 2,877,442 $ 5,889
Accumulated net investment loss ...................... (1,361) (15)
Accumulated net realized gain (loss)
on investments .................................... (2,561,920) 229
Net unrealized appreciation
on investments .................................... 32,685 1,396
- ----------------------------------------------------------------------------------------
Total Net Assets ..................................... $ 346,846 $ 7,499
========================================================================================
Portfolio Shares:
Net assets ........................................... $ 346,846 $ 7,499
Total shares outstanding at end of period ............ 10,273 643
Net asset value, offering and redemption price
per share (net assets / shares outstanding) ....... $ 33.76 $ 11.66
========================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
1-888-462-5386 24
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
--------------------------------------------------------------------------
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 ................................ $ 45,618 $ 6,339 $ 72,278 $ 27,464 $ 15,552
Repurchase agreements at cost ...................... 1,153 31 977 252 258
====================================================================================================================================
ASSETS:
Investments at value ............................... $ 62,493 $ 6,740 $ 84,981 $ 33,402 $ 17,903
Repurchase agreements at value ..................... 1,153 31 977 252 258
Receivable for investment securities sold .......... 56 116 100 -- 79
Dividends and interest receivable .................. 10 1 -- 25 7
Prepaid expenses ................................... 14 1 17 6 3
Receivable for capital shares sold ................. 10 1 5 6 1
- ------------------------------------------------------------------------------------------------------------------------------------
Total Assets ....................................... 63,736 6,890 86,080 33,691 18,251
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for fund shares redeemed ................... 63 2 77 71 23
Investment advisory fees payable ................... 26 3 38 10 9
Administration fees payable ........................ 6 1 8 3 2
Trustees' fees payable ............................. 6 1 7 3 2
Payable for investment securtities purchased ....... -- 114 -- -- --
Other accrued expenses ............................. 81 13 113 55 26
- ------------------------------------------------------------------------------------------------------------------------------------
Total Liabilites ................................... 182 134 243 142 62
- ------------------------------------------------------------------------------------------------------------------------------------
Total Net Assets ................................... $ 63,554 $ 6,756 $ 85,837 $ 33,549 $ 18,189
====================================================================================================================================
NET ASSETS:
Paid-in capital
(unlimited authorization -- no par value) ....... $ 878,021 $ 5,892 $ 1,728,920 $ 304,824 $ 15,680
Accumulated net investment loss .................... (215) (23) (410) (153) (45)
Accumulated net realized gain (loss)
on investments .................................. (831,127) 486 (1,655,376) (277,060) 203
Net unrealized appreciation
on investments .................................. 16,875 401 12,703 5,938 2,351
- ------------------------------------------------------------------------------------------------------------------------------------
Total Net Assets ................................... $ 63,554 $ 6,756 $ 85,837 $ 33,549 $ 18,189
====================================================================================================================================
Portfolio Shares:
Net assets ......................................... $ 63,554 $ 6,756 $ 85,837 $ 33,549 $ 18,189
Total shares outstanding at end of period .......... 2,774 547 11,554 12,758 1,613
Net asset value, offering and redemption price
per share (net assets / shares outstanding) ..... $ 22.91 $ 12.34 $ 7.43 $ 2.63 $ 11.27
====================================================================================================================================
- --------------------------------------------------------------------------------
25 www.oakfunds.com
- --------------------------------------------------------------------------------
[GRAPHIC] Statements of Operations (000)
- --------------------------------------------------------------------------------
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008 (UNAUDITED)
----------------------------
WHITE OAK ROCK OAK
SELECT GROWTH CORE GROWTH
FUND FUND
- ----------------------------------------------------------------------------------------
Investment Income:
Dividends ............................................ $ 928 $ 27
Interest ............................................. 18 5
Less: Foreign withholding tax ........................ (21) (1)
- ----------------------------------------------------------------------------------------
Total Investment Income .............................. 925 31
- ----------------------------------------------------------------------------------------
Expenses:
Investment advisory fees ............................. 1,353 28
Administration fees .................................. 205 4
Trustees' fees ....................................... 68 1
Transfer agent fees .................................. 611 9
Printing fees ........................................ 99 2
Professional fees .................................... 68 10
Registration fees .................................... 40 1
Custodian fees ....................................... 11 --
Insurance and other fees ............................. 51 1
- ----------------------------------------------------------------------------------------
Total Expenses ....................................... 2,506 56
- ----------------------------------------------------------------------------------------
Less: Investment advisory fees waived ................ (220) (10)
- ----------------------------------------------------------------------------------------
Net Expenses ......................................... 2,286 46
- ----------------------------------------------------------------------------------------
Net Investment Loss .................................. (1,361) (15)
- ----------------------------------------------------------------------------------------
Net realized gain on securities sold ................. 7,109 236
Net change in unrealized depreciation
of investment securities .......................... (68,847) (1,012)
- ----------------------------------------------------------------------------------------
Net Realized and Unrealized
Loss on Investments ............................... (61,738) (776)
- ----------------------------------------------------------------------------------------
Net Decrease in Net Assets Resulting
From Operations ................................... $ (63,099) $ (791)
========================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
1-888-462-5386 26
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
-------------------------------------------------------------------------------
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 ..................................... $ 198 $ 12 $ 175 $ 39 $ 82
Interest ...................................... 17 11 17 37 4
Less: Foreign withholding tax ................. -- -- -- (3) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investment Income ....................... 215 23 192 73 85
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fees ...................... 254 30 330 124 71
Administration fees ........................... 38 4 50 19 11
Trustees' fees ................................ 13 1 16 6 4
Transfer agent fees ........................... 139 9 207 101 33
Printing fees ................................. 16 2 22 9 5
Professional fees ............................. 19 10 23 14 12
Registration fees ............................. 8 1 10 3 2
Custodian fees ................................ 2 -- 2 1 1
Insurance and other fees ...................... 10 1 13 5 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total Expenses ................................ 499 58 673 282 141
- ------------------------------------------------------------------------------------------------------------------------------------
Less: Investment advisory fees waived ......... (69) (12) (71) (56) (11)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Expenses .................................. 430 46 602 226 130
- ------------------------------------------------------------------------------------------------------------------------------------
Net Investment Loss ........................... (215) (23) (410) (153) (45)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gain on securities sold .......... 170 485 584 2,216 700
Net change in unrealized depreciation
of investment securities .................. (14,559) (1,570) (17,042) (6,309) (2,582)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized
Loss on Investments ....................... (14,389) (1,085) (16,458) (4,093) (1,882)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Decrease in Net Assets Resulting
From Operations ........................... $ (14,604) $ (1,108) $ (16,868) $ (4,246) $ (1,927)
====================================================================================================================================
- --------------------------------------------------------------------------------
27 www.oakfunds.com
- --------------------------------------------------------------------------------
[GRAPHIC] Statements of Changes in Net Assets (000)
- --------------------------------------------------------------------------------
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008 (UNAUDITED) AND THE YEAR ENDED
OCTOBER 31, 2007
------------------------------------------------------
WHITE OAK ROCK OAK
SELECT GROWTH CORE GROWTH
FUND FUND
------------------------------------------------------
11/01/07 11/01/06 11/01/07 11/01/06
TO 04/30/08 TO 10/31/07 TO 04/30/08 TO 10/31/07
- ----------------------------------------------------------------------------------------------------------------
Investment Activities:
Net investment loss ................................ $ (1,361) $ (1,552) $ (15) $ (48)
Net realized gain on securities sold ............... 7,109 73,135 236 664
Net unrealized appreciation (depreciation) of
investment securities ............................ (68,847) 23,700 (1,012) 1,255
- ----------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations ........................ (63,099) 95,283 (791) 1,871
- ----------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Realized capital gains ............................. -- -- (357) --
- ----------------------------------------------------------------------------------------------------------------
Total Distributions .......................... -- -- (357) --
- ----------------------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares issued ...................................... 10,402 21,469 484 454
Shares issued in lieu of cash distributions ........ -- -- 350 --
Shares redeemed .................................... (40,435) (215,290) (576) (3,624)
- ----------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets from
Capital Share Transactions ..................... (30,033) (193,821) 258 (3,170)
- ----------------------------------------------------------------------------------------------------------------
Total Increase (Decrease)
in Net Assets .............................. (93,132) (98,538) (890) (1,299)
- ----------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period ................................ 439,978 538,516 8,389 9,688
- ----------------------------------------------------------------------------------------------------------------
End of Period ...................................... $ 346,846 $ 439,978 $ 7,499 $ 8,389
================================================================================================================
Accumulated Net Investment Loss ....................... $ (1,361) $ -- $ (15) $ --
================================================================================================================
Shares Issued and Redeemed:
Issued ............................................. 304 616 41 40
Issued in lieu of cash distributions ............... -- -- 28 --
Redeemed ........................................... (1,174) (6,347) (50) (323)
- ----------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in
Share Transactions ............................. (870) (5,731) 19 (283)
================================================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
1-888-462-5386 28
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
------------------------------------------------------
PIN OAK RIVER OAK
AGGRESSIVE STOCK DISCOVERY
FUND FUND
------------------------------------------------------
11/01/07 11/01/06 11/01/07 11/01/06
TO 04/30/08 TO 10/31/07 TO 04/30/08 TO 10/31/07
- ----------------------------------------------------------------------------------------------------------------
Investment Activities:
Net investment loss ................................ $ (215) $ (418) $ (23) $ (60)
Net realized gain on securities sold ............... 170 11,766 485 341
Net unrealized appreciation (depreciation) of
investment securities ............................ (14,559) 10,407 (1,570) 1,388
- ----------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations ........................ (14,604) 21,755 (1,108) 1,669
- ----------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Realized capital gains ............................. -- -- (210) --
- ----------------------------------------------------------------------------------------------------------------
Total Distributions .......................... -- -- (210) --
- ----------------------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares issued ...................................... 1,286 17,313 381 2,016
Shares issued in lieu of cash distributions ........ -- -- 205 --
Shares redeemed .................................... (14,029) (40,716) (335) (1,805)
- ----------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets from
Capital Share Transactions ..................... (12,743) (23,403) 251 211
- ----------------------------------------------------------------------------------------------------------------
Total Increase (Decrease)
in Net Assets .............................. (27,347) (1,648) (1,067) 1,880
- ----------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period ................................ 90,901 92,549 7,823 5,943
- ----------------------------------------------------------------------------------------------------------------
End of Period ...................................... $ 63,554 $ 90,901 $ 6,756 $ 7,823
================================================================================================================
Accumulated Net Investment Loss ....................... $ (215) $ -- $ (23) $ --
================================================================================================================
Shares Issued and Redeemed:
Issued ............................................. 56 674 30 159
Issued in lieu of cash distributions ............... -- -- 15 --
Redeemed ........................................... (593) (1,732) (27) (144)
- ----------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in
Share Transactions ............................. (537) (1,058) 18 15
================================================================================================================
------------------------------------------------------
RED OAK BLACK OAK
TECHNOLOGY EMERGING
SELECT FUND TECHNOLOGY FUND
------------------------------------------------------
11/01/07 11/01/06 11/01/07 11/01/06
TO 04/30/08 TO 10/31/07 TO 04/30/08 TO 10/31/07
- ----------------------------------------------------------------------------------------------------------------
Investment Activities:
Net investment loss ................................ $ (410) $ (459) $ (153) $ (382)
Net realized gain on securities sold ............... 584 9,990 2,216 4,281
Net unrealized appreciation (depreciation) of
investment securities ............................ (17,042) 17,531 (6,309) 6,576
- ----------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations ........................ (16,868) 27,062 (4,246) 10,475
- ----------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Realized capital gains ............................. -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Total Distributions .......................... -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares issued ...................................... 1,610 10,604 1,264 2,824
Shares issued in lieu of cash distributions ........ -- -- -- --
Shares redeemed .................................... (13,910) (39,110) (3,279) (13,106)
- ----------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets from
Capital Share Transactions ..................... (12,300) (28,506) (2,015) (10,282)
- ----------------------------------------------------------------------------------------------------------------
Total Increase (Decrease)
in Net Assets .............................. (29,168) (1,444) (6,261) 193
- ----------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period ................................ 115,005 116,449 39,810 39,617
- ----------------------------------------------------------------------------------------------------------------
End of Period ...................................... $ 85,837 $ 115,005 $ 33,549 $ 39,810
================================================================================================================
Accumulated Net Investment Loss ....................... $ (410) $ -- $ (153) $ --
================================================================================================================
Shares Issued and Redeemed:
Issued ............................................. 222 1,341 496 1,139
Issued in lieu of cash distributions ............... -- -- -- --
Redeemed ........................................... (1,805) (5,091) (1,277) (5,504)
- ----------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in
Share Transactions ............................. (1,583) (3,750) (781) (4,365)
================================================================================================================
- --------------------------------------------------------------------------------
29 www.oakfunds.com
- --------------------------------------------------------------------------------
[GRAPHIC] Statements of Changes in Net Assets (000)
- --------------------------------------------------------------------------------
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008 (UNAUDITED) AND THE YEAR ENDED
OCTOBER 31, 2007
--------------------------
LIVE OAK
HEALTH SCIENCES
FUND
--------------------------
11/01/07 11/01/06
TO 04/30/08 TO 10/31/07
- ------------------------------------------------------------------------------------------------------
Investment Activities:
Net investment loss .................................................. $ (45) $ (25)
Net realized gain on securities sold ................................. 700 2,524
Net unrealized depreciation of investment securities ................. (2,582) (347)
- ------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting from Operations ...... (1,927) 2,152
- ------------------------------------------------------------------------------------------------------
Capital Share Transactions (in dollars):
Shares issued ........................................................ 504 3,916
Shares redeemed ...................................................... (1,742) (9,977)
- ------------------------------------------------------------------------------------------------------
Decrease in Net Assets from Capital Share Transactions ............. (1,238) (6,061)
- ------------------------------------------------------------------------------------------------------
Total Decrease in Net Assets ................................... (3,165) (3,909)
- ------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period .................................................. 21,354 25,263
- ------------------------------------------------------------------------------------------------------
End of Period ........................................................ $ 18,189 $ 21,354
======================================================================================================
Accumulated Net Investment Loss ......................................... $ (45) $ --
======================================================================================================
Shares Issued and Redeemed:
Issued ............................................................... 43 333
Redeemed ............................................................. (150) (872)
- ------------------------------------------------------------------------------------------------------
Net Decrease in Share Transactions ................................. (107) (539)
======================================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
1-888-462-5386 30
- --------------------------------------------------------------------------------
[GRAPHIC] Notes to Financial Statements
- --------------------------------------------------------------------------------
APRIL 30, 2008 (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, and could have a material impact to the Fund.
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.
- --------------------------------------------------------------------------------
31 www.oakfunds.com
- --------------------------------------------------------------------------------
[GRAPHIC] Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
APRIL 30, 2008 (UNAUDITED)
Securities for which market prices are not "readily available" (of which
there were none as of April 30, 2008) 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
- --------------------------------------------------------------------------------
1-888-462-5386 32
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
counterparty. If the counterparty defaults and the value of the collateral
declines or if the counterparty enters an insolvency proceeding,
realization of the collateral by the Funds may be delayed or limited.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS--Dividends from net investment
income are declared and paid to shareholders on an annual basis, as
applicable. 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 2, 2007, 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, 2008, 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 ............................. $ 228
Rock Oak Core Growth Fund ................................ 1
Pin Oak Aggressive Stock Fund ............................ 42
River Oak Discovery Fund ................................. 1
Red Oak Technology Select Fund ........................... 48
Black Oak Energing Technology Fund ....................... 15
Live Oak Health Sciences Fund ............................ 7
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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33 www.oakfunds.com
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[GRAPHIC] Notes to Financial Statements (continued)
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APRIL 30, 2008 (UNAUDITED)
5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
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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 Adviser
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, 2008 the Adviser 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 year ended April 30, 2008, were as follows
(000):
PURCHASES SALES
--------- --------
White Oak Select Growth Fund ........................... $65,354 $ 98,611
Rock Oak Core Growth Fund .............................. 2,861 2,719
Pin Oak Aggressive Stock Fund .......................... 6,918 19,652
River Oak Discovery Fund ............................... 5,543 5,193
Red Oak Technology Select Fund ......................... 4,373 15,804
Black Oak Emerging Technology Fund ..................... 15,531 17,778
Live Oak Health Sciences Fund .......................... 1,492 2,508
7. FEDERAL INCOME TAXES:
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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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1-888-462-5386 34
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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 the reclass of distributions 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.
There were no dividends or distributions declared during the year ended October
31, 2007.
The tax character of dividends and distributions declared during the year ended
October 31, 2006, were as follows (000):
ORDINARY
INCOME
--------
White Oak Select Growth Fund ....................................... $ 498
As of October 31, 2007, the components of distributable earnings (accumulated
losses) on a tax basis were as follows (000):
TOTAL
DISTRIBUTABLE
UNDISTRIBUTED UNDISTRIBUTED CAPITAL NET EARNINGS
ORDINARY LONG-TERM LOSS UNREALIZED (ACCUMULATED
INCOME CAPITAL GAIN CARRYFORWARD APPRECIATION LOSSES)
------------- ------------- ------------ ------------ --------------
White Oak Select Growth Fund ........ $ -- $ -- $(2,569,029) $101,532 $ (2,467,497)
Rock Oak Core Growth Fund ........... -- 357 -- 2,401 2,758
Pin Oak Aggressive Stock Fund ....... -- -- (831,297) 31,434 (799,863)
River Oak Discovery Fund ............ 44 167 -- 1,971 2,182
Red Oak Technology Select Fund ...... -- -- (1,655,927) 29,712 (1,626,215)
Black Oak Emerging Technology Fund .. -- -- (279,276) 12,247 (267,029)
Live Oak Health Sciences Fund ....... -- -- (497) 4,933 4,436
For Federal income tax purposes, capital loss carryforwards may be carried
forward and applied against future capital gains.
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35 www.oakfunds.com
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[GRAPHIC] Notes to Financial Statements (continued)
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APRIL 30, 2008 (UNAUDITED)
At October 31, 2007, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates
(000):
EXPIRING OCTOBER 31,
--------------------------------------------------------------------------
2009 2010 2011 2012 2013 2014 TOTAL
-------- -------- -------- -------- -------- ------ ----------
White Oak Select Growth Fund ......... $583,253 $712,973 $206,602 $744,257 $321,944 $ -- $2,569,029
Pin Oak Aggressive Stock Fund ........ 106,974 436,197 180,087 90,283 17,756 -- 831,297
Red Oak Technology Select Fund ....... 601,752 726,266 293,676 34,233 -- -- 1,655,927
Black Oak Emerging Technology Fund ... 51,346 212,845 15,085 -- -- -- 279,276
Live Oak Health Sciences Fund ........ -- 58 -- 71 -- 368 497
During the year ended October 31, 2007, the following Funds utilized capital
loss carryforwards to offset capital gains (000):
AMOUNT
--------
White Oak Select Growth Fund ....................................... $ 73,135
Rock Oak Core Growth Fund .......................................... 300
Pin Oak Aggressive Stock Fund ...................................... 11,766
River Oak Discovery Fund ........................................... 58
Red Oak Technology Select Fund ..................................... 9,713
Black Oak Emerging Technology Fund ................................. 4,260
Live Oak Health Sciences ........................................... 2,524
Fund For the six-month period ended April 30, 2008, 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 ......... $ 313,264 $ 76,130 $(43,455) $ 32,675
Rock Oak Core Growth Fund ............ 6,165 1,602 (206) 1,396
Pin Oak Aggressive Stock Fund ........ 46,791 21,795 (4,940) 16,855
River Oak Discovery Fund ............. 6,419 877 (525) 352
Red Oak Technology Select Fund ....... 73,289 21,717 (9,048) 12,669
Black Oak Emerging Technology Fund ... 27,877 7,858 (2,081) 5,777
Live Oak Health Sciences Fund ........ 15,810 4,209 (1,858) 2,351
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1-888-462-5386 36
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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 Funds enter into contracts that provide
general indemnifications. The Funds' maximum exposure under these arrangements
is dependent on future claims that may be made against the Fund's and,
therefore, cannot be established; however based on experience, the risk of loss
from such claims is considered remote.
9. ACCOUNTING PRONOUNCEMENTS
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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 was required for fiscal years beginning after December 15, 2006 and is to
be applied to all open tax years as of the effective date. Based on its
analysis, management has determined that the adoption of FIN 48 did not have a
material impact to the Fund's financial statements upon adoption. However,
management's conclusions regarding FIN 48 may be subject to review and
adjustment at a later date based on factors including, but not limited to,
further implementation guidance expected from the FASB, and on-going analyses of
and changes to tax laws, regulations and interpretations thereof.
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
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37 www.oakfunds.com
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[GRAPHIC] Notes to Financial Statements (concluded)
- --------------------------------------------------------------------------------
APRIL 30, 2008 (UNAUDITED)
standards. SFAS No. 157 is effective for financial statements issued for fiscal
years beginning after November 15, 2007 and interim periods within 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, 2008 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 in the
financial statements for a fiscal period.
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1-888-462-5386 38
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[GRAPHIC] 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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39 www.oakfunds.com
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[GRAPHIC] Disclosure of Fund Expenses (Unaudited)
- --------------------------------------------------------------------------------
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
11/01/07 4/30/08 RATIOS PERIOD*
- --------------------------------------------------------------------------------------------
White Oak Select Growth Fund
- --------------------------------------------------------------------------------------------
Actual Return $ 1,000 $ 854.90 1.25% $ 5.76
Hypothetical 5% Return 1,000 1,018.65 1.25 6.27
- --------------------------------------------------------------------------------------------
Rock Oak Core Growth Fund
- --------------------------------------------------------------------------------------------
Actual Return 1,000 906.10 1.25 5.92
Hypothetical 5% Return 1,000 1,018.65 1.25 6.27
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Pin Oak Aggressive Stock Fund
- --------------------------------------------------------------------------------------------
Actual Return 1,000 834.30 1.25 5.70
Hypothetical 5% Return 1,000 1,018.65 1.25 6.27
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River Oak Discovery Fund
- --------------------------------------------------------------------------------------------
Actual Return 1,000 858.60 1.35 6.24
Hypothetical 5% Return 1,000 1,018.15 1.35 6.77
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Red Oak Technology Select Fund
- --------------------------------------------------------------------------------------------
Actual Return 1,000 849.10 1.35 6.21
Hypothetical 5% Return 1,000 1,018.15 1.35 6.77
- --------------------------------------------------------------------------------------------
Black Oak Emerging Technology Fund
- --------------------------------------------------------------------------------------------
Actual Return 1,000 894.60 1.35 6.36
Hypothetical 5% Return 1,000 1,018.15 1.35 6.77
- --------------------------------------------------------------------------------------------
Live Oak Health Sciences Fund
- --------------------------------------------------------------------------------------------
Actual Return 1,000 908.10 1.35 6.40
Hypothetical 5% Return 1,000 1,018.15 1.35 6.77
- --------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by 182/366 (to
reflect the one-half year period).
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1-888-462-5386 40
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[GRAPHIC] Board Considerations in Approving the Advisory Agreement (Unaudited)
- --------------------------------------------------------------------------------
The advisory agreement between the Trust and the Adviser for each Fund (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 17-18,
2008, 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, 2008. 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"). Prior to the in-person Board meeting held on February
17-18, 2008, the Trustees held a special meeting on February 5, 2008 via
teleconference to discuss the Adviser Materials. After the February 5, 2008
meeting, Trust counsel, on behalf of the Trustees, requested the Adviser to
provide additional written materials and information to the Trustees at the
February 17-18, 2008 meeting. In addition, 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 Trust 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 that they would continue to review the adequacy of the
resources the Adviser devoted to the management of the investment operations of
the Funds and the Adviser's performance of 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 Trustees considered the investment performance of the Adviser with respect
to each Fund. The Trustees reviewed presentations by Trust officers as well as a
report prepared by the Trust's administrator that provided performance
information for each
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41 www.oakfunds.com
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[GRAPHIC] Board Considerations in Approving the Advisory Agreement (Unaudited)
- --------------------------------------------------------------------------------
of the Funds and performance information for various benchmarks and peer mutual
funds as categorized by Lipper Inc. and Morningstar, Inc. The Adviser also
discussed its analysis of the performance data and reviewed the various factors
contributing to each Fund's short- and long-term performance. The Trustees
considered performance of the Adviser in managing the Funds and compared it to
both benchmark and various peer group data. Taking note of the Adviser's
discussion of (i) the various factors contributing to each Fund's performance
and (ii) its continuing commitment to each Fund's current investment strategy
and portfolio holdings, respectively, the Independent Trustees concluded that
the recent investment performance of each Fund was satisfactory based on each
Fund's actual and comparative performance, and that the one-year first quartile
performance of Rock Oak, River Oak and Black Oak was good. The Independent
Trustees determined to remain committed to the continued monitoring of the
Adviser's efforts to address the Funds' investment performance over longer-term
periods, but noted the recent improvement in performance for all the Funds.
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
Funds' 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. and Morningstar, Inc. The Trustees further
considered any profits derived by the Adviser from its relationship with the
Trust on a Fund-by-Fund basis, based on information reported by the Adviser. The
Trustees concluded that each Fund's advisory fee was reasonable, and that the
Adviser's profits from such advisory fee did not result in an excessive profit
to the Adviser, in relation to the level of services provided.
The Trustees considered the Adviser's portfolio brokerage practices, including
its 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 portfolio brokerage
practices 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
the Adviser's commitment to waive its advisory fees and/or reimburse Fund
expenses in order to maintain stated caps on the Funds' operating expenses, and
determined that such economies of scale 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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1-888-462-5386 42
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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.
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[GRAPHIC]
[LOGO] OAK ASSOCIATES FUNDS
---------------------------
1-888-462-5386
P.O. Box 219441
Kansas City, MO 64121-9441
www.oakfunds.com
OAK-F-023-08000
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
/s/ Leslie Manna
By (Signature and Title)* -----------------------------------
Leslie Manna, President
Date: July 3, 2008
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.
/s/ Leslie Manna
By (Signature and Title)* -----------------------------------
Leslie Manna, President
Date: July 3, 2008
/s/ Eric Kleinschmidt
By (Signature and Title)* -----------------------------------
Eric Kleinschmidt, Treasurer & CFO
Date: July 3, 2008
* Print the name and title of each signing officer under his or her signature.