# EDGAR Filing Document

**Accession Number:** 0001050918
**File Stem:** 0001580642-25-003940
**Filing Date:** 2025-6
**Character Count:** 145342
**Document Hash:** 9bd9a95d52edd608e80141bebe333488
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003940.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001580642-25-003940

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**EFFECTIVENESS DATE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OAK ASSOCIATES FUNDS
- **CENTRAL INDEX KEY:** 0001050918

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08549
- **FILM NUMBER:** 251090847

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3405

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### WHITE OAK SELECT GROWTH FUND (Series ID: S000006538)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000017873 | WHITE OAK SELECT GROWTH FUND | WOGSX           |

### PIN OAK EQUITY FUND (Series ID: S000006539)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017874 | PIN OAK EQUITY FUND | POGSX           |

### RED OAK TECHNOLOGY SELECT FUND (Series ID: S000006540)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000017875 | RED OAK TECHNOLOGY SELECT FUND | ROGSX           |

### BLACK OAK EMERGING TECHNOLOGY FUND (Series ID: S000006541)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000017876 | BLACK OAK EMERGING TECHNOLOGY FUND | BOGSX           |

### LIVE OAK HEALTH SCIENCES FUND (Series ID: S000006542)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000017877 | LIVE OAK HEALTH SCIENCES FUND | LOGSX           |

### ROCK OAK CORE GROWTH FUND (Series ID: S000006543)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000017878 | ROCK OAK CORE GROWTH FUND | RCKSX           |

### RIVER OAK DISCOVERY FUND (Series ID: S000006544)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000017879 | RIVER OAK DISCOVERY FUND | RIVSX           |

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| **united states** |
| **securities and exchange commission** |

---

Washington, D.C. 20549

---

| |
|:---|
| **form n-csrs** |
| **certified shareholder report of registered management** |
| **investment companies** |
| Investment Company Act file number: <u>811-08549</u> |
| <u>**Oak Associates Funds**</u> |
| (Exact name of registrant as specified in charter) |
| 3800 Embassy Parkway, Suite 310 |
| Akron, Ohio 44333 |
| (Address of principal executive offices)(Zip code) |
| Charles A. Kiraly |
| 3800 Embassy Parkway, Suite 310 |
| Akron, Ohio 44333 |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>1-888-462-5386</u> 

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>April 30, 2025</u>

**Item 1. Reports to Stockholders.** 

# Black Oak Emerging Technology Fund

## Class I (BOGSX)

## Semi-Annual Shareholder Report - April 30, 2025
![Image](idabf99a388c0245a6d5f7ac4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Black Oak Emerging Technology Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/black-oak-emerging-technology/. You can also request this information by contacting us at (888) 462-5386.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $50 | 1.04% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i60ee4ae38c2fcf325f7a34ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 6.2% |
| Health Care | 4.1% |
| Consumer Discretionary | 6.9% |
| Industrials | 11.7% |
| Technology | 71.1% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54068829 |
| Number of Portfolio Holdings | 31 |
| Advisory Fee | $212533 |
| Portfolio Turnover | 2% |

---

## Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](idabf99a388c0245a6d5f7ac4.jpg)

# Black Oak Emerging Technology Fund - Class I (BOGSX)

## Semi-Annual Shareholder Report - April 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/black-oak-emerging-technology/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-BOGSX

# Live Oak Health Sciences Fund

## Class I (LOGSX)

## Semi-Annual Shareholder Report - April 30, 2025
![Image](i3f4628d495325eea6710e1e8.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Live Oak Health Sciences Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/live-oak-health-sciences/. You can also request this information by contacting us at (888) 462-5386.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $51 | 1.04% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i90b1a2809b2fd6fc73476f80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 3.5% |
| Health Care | 96.5% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49453192 |
| Number of Portfolio Holdings | 31 |
| Advisory Fee | $185931 |
| Portfolio Turnover | 9% |

---

## Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i3f4628d495325eea6710e1e8.jpg)

# Live Oak Health Sciences Fund - Class I (LOGSX)

## Semi-Annual Shareholder Report - April 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/live-oak-health-sciences/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-LOGSX

# Pin Oak Equity Fund

## Class I (POGSX)

## Semi-Annual Shareholder Report - April 30, 2025
![Image](i6d1b9b807c886bdae96bd66c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Pin Oak Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/pin-oak-equity/. You can also request this information by contacting us at (888) 462-5386.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $48 | 0.95% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i01348690bfa5ad35119b6d00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 0.5% |
| Energy | 1.3% |
| Industrials | 6.2% |
| Consumer Discretionary | 11.7% |
| Communications | 13.2% |
| Financials | 17.6% |
| Health Care | 20.2% |
| Technology | 29.3% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $126189746 |
| Number of Portfolio Holdings | 29 |
| Advisory Fee | $489092 |
| Portfolio Turnover | 2% |

---

## Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i6d1b9b807c886bdae96bd66c.jpg)

# Pin Oak Equity Fund - Class I (POGSX)

## Semi-Annual Shareholder Report - April 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/pin-oak-equity/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-POGSX

# Red Oak Technology Select Fund

## Class I (ROGSX)

## Semi-Annual Shareholder Report - April 30, 2025
![Image](ia9540c95895d3b736d9d40ef.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Red Oak Technology Select Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/red-oak-technology-select/. You can also request this information by contacting us at (888) 462-5386.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $44 | 0.90% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib363ff93fab94b9f79c373ce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 3.9% |
| Industrials | 2.8% |
| Consumer Discretionary | 11.3% |
| Communications | 12.4% |
| Technology | 69.6% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $581461595 |
| Number of Portfolio Holdings | 27 |
| Advisory Fee | $2371089 |
| Portfolio Turnover | 1% |

---

## Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ia9540c95895d3b736d9d40ef.jpg)

# Red Oak Technology Select Fund - Class I (ROGSX)

## Semi-Annual Shareholder Report - April 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/red-oak-technology-select/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-ROGSX

# River Oak Discovery Fund

## Class I (RIVSX)

## Semi-Annual Shareholder Report - April 30, 2025
![Image](if993aca70c1ec8730ebed7b6.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about River Oak Discovery Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/river-oak-discovery/. You can also request this information by contacting us at (888) 462-5386.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $57 | 1.22% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i85c6dfcc8d2a0ae22b73fcc5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 8.2% |
| Consumer Staples | 2.5% |
| Consumer Discretionary | 3.9% |
| Health Care | 9.1% |
| Financials | 14.4% |
| Technology | 24.3% |
| Industrials | 37.6% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $19289539 |
| Number of Portfolio Holdings | 28 |
| Advisory Fee | $80654 |
| Portfolio Turnover | 0% |

---

## Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](if993aca70c1ec8730ebed7b6.jpg)

# River Oak Discovery Fund - Class I (RIVSX)

## Semi-Annual Shareholder Report - April 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/river-oak-discovery/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-RIVSX

# Rock Oak Core Growth Fund

## Class I (RCKSX)

## Semi-Annual Shareholder Report - April 30, 2025
![Image](i2cbcf191352dd30ca796bba2.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Rock Oak Core Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/rock-oak-core-growth/. You can also request this information by contacting us at (888) 462-5386.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $62 | 1.25% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7849168a17baea4d0e1eb7ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 3.2% |
| Energy | 4.2% |
| Consumer Discretionary | 4.6% |
| Materials | 7.8% |
| Financials | 13.8% |
| Technology | 19.2% |
| Health Care | 21.4% |
| Industrials | 25.8% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12043666 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee (net of waivers) | $35108 |
| Portfolio Turnover | 7% |

---

## Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i2cbcf191352dd30ca796bba2.jpg)

# Rock Oak Core Growth Fund - Class I (RCKSX)

## Semi-Annual Shareholder Report - April 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/rock-oak-core-growth/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-RCKSX

# White Oak Select Growth Fund

## Class I (WOGSX)

## Semi-Annual Shareholder Report - April 30, 2025
![Image](if65207805e4d8ab4ec737e08.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about White Oak Select Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/white-oak-select-growth/. You can also request this information by contacting us at (888) 462-5386.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $45 | 0.91% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i5a89943bd5d671b93485b225.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 3.9% |
| Consumer Discretionary | 14.5% |
| Communications | 14.6% |
| Financials | 19.6% |
| Health Care | 23.4% |
| Technology | 24.0% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $388731825 |
| Number of Portfolio Holdings | 25 |
| Advisory Fee | $1508707 |
| Portfolio Turnover | 0% |

---

## Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](if65207805e4d8ab4ec737e08.jpg)

# White Oak Select Growth Fund - Class I (WOGSX)

## Semi-Annual Shareholder Report - April 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/white-oak-select-growth/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WOGSX

**Item 2. Code of Ethics.** 

Not applicable to semiannual reports.

**Item 3. Audit Committee Financial Expert.** 

Not applicable to semiannual reports.

**Item 4. Principal Accountant Fees and Services.**

Not applicable to semiannual reports.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

**OAK ASSOCIATES FUNDS**

*This Page Intentionally Left Blank*

---

| |
|:---|
| *At Oak, we believe the sustainable long-term growth for investors is best achieved through a concentrated focus on companies and sectors. Our high-conviction stock selection process centers on identifying multiple drivers of growth and engaging in fundamental research to uncover the right businesses within the right sectors. We then take meaningful positions - targeting unrealized value and seeking long-term capital appreciation independent of typical index results.* |
| ![(IMAGE)](img_002.jpg) |

---

<u>**Dual-Concentrated Investment Approach**</u>

Long-term fundamental and multi-cycle analysis to uncover the highest

conviction sectors and holdings fueled by multiple drivers of growth.

<u>***SECTOR GROWTH DRIVERS***</u>

▼ Overall
 Macro Trends

▼ Relative
 Valuations

▼ Competitive
 Durability

▼ Earnings
 Sustainability

▼ Sub-sector
 Thematics

▼ Rates
 and Yields

![(IMAGE)](img_003.jpg)

<u>***COMPANY GROWTH DRIVERS***</u>

---

| |
|:---|
| Quantitative Screens |
| Management Strength & Track Report |
| MOAT+ Competitive Advantage |
| Business Sustainability & Pricing Power |
| Market Position & Leadership |
| Long-term Earnings Growth |

---

Our Top-Down approach identifies Favorable Sectors in which to invest,

while our Bottom-Up approach finds Attractive Stocks within those Favorable Sectors.

---

| |
|:---|
| ![(IMAGE)](img_004.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE *of* CONTENTS** |
| ![(IMAGE)](img_004.jpg) |

---

---

| | |
|:---|:---|
| **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 22 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 24 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 26 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 32 |
| **Notes to Financial Statements** | 36 |
| **Additional Information** | 48 |

---

<u>Schedule of Investments</u>   <u>White Oak Select Growth Fund</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair**<br> **Value** |
| **COMMON STOCKS — 96.04%** |  |  |
| **COMMUNICATIONS — 14.62%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 14.62%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 95702 | $15197478 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 122396 | 19692292 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 39980 | 21949020 |
|  |  | 56838790 |
| **CONSUMER DISCRETIONARY — 14.47%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 9.29%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 195913 | 36130276 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 5.18%* |  |  |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 90000 | 20120400 |
| **FINANCIALS — 19.61%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 6.58%* |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 314100 | 25567740 |
| &nbsp;&nbsp;&nbsp;*Banking — 7.67%* |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 121957 | 29833121 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 1.02%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 45300 | 3990930 |
| &nbsp;&nbsp;&nbsp;*Insurance — 4.34%* |  |  |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 58937 | 16860697 |
| **HEALTH CARE — 23.38%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 12.02%* |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 82460 | 23989263 |
| &nbsp;&nbsp;&nbsp;Novartis AG - ADR<sup>(a)</sup> | 114060 | 12944670 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 400700 | 9781087 |
|  |  | 46715020 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 5.84%* |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 32952 | 11204998 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc.<sup>(b)</sup> | 47770 | 11513048 |
|  |  | 22718046 |

---

1-888-462-5386 \| www.oakfunds.com 1

<u>White Oak Select Growth Fund</u>   <u>Schedule of Investments</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 5.52%* |  |  |
| &nbsp;&nbsp;&nbsp;Alcon, Inc.<sup>(b)</sup> | 138000 | $13470180 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 77390 | 7975039 |
|  |  | 21445219 |
| **TECHNOLOGY — 23.96%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 12.64%* |  |  |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 26628 | 18711229 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 66513 | 12259011 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 122300 | 18156658 |
|  |  | 49126898 |
| &nbsp;&nbsp;&nbsp;*Software — 2.08%* |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 20500 | 8102830 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 4.90%* |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 330000 | 19050900 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 4.34%* |  |  |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A<sup>(b)</sup> | 100000 | 7357000 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 27475 | 9492613 |
|  |  | 16849613 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $163,384,311) |  | 373350480 |

---

2 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>White Oak Select Growth Fund</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 11.98%** |  |  |
| **REPURCHASE AGREEMENTS — 3.93%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.00%, dated 4/30/2025 and maturing 5/1/2025, collateralized by U.S. Treasury Securities with rates ranging from 1.13% to 4.50% and maturity dates ranging from 5/15/2027 to 2/29/2028 with a par value of $15,062,408 and a collateral value of $15,578,332 | 15272871 | $15272871 |
| **COLLATERAL FOR SECURITIES LOANED — 8.05%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 31277738 | 31277738 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| (Cost $46,550,609) |  | 46550609 |
| **TOTAL INVESTMENTS — 108.02%** |  |  |
| (Cost $209,934,920) |  | 419901089 |
| **Liabilities in Excess of Other Assets — (8.02)%** |  | (31169264) |
| **NET ASSETS — 100.00%** |  | $388731825 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $30,836,920.*

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of April 30, 2025.*

*ADR — American Depositary Receipt*

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 3

<u>Pin Oak Equity Fund</u>   <u>Schedule of Investments</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 99.44%** |  |  |
| **COMMUNICATIONS — 13.23%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 13.23%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 27500 | $4367000 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 41243 | 6635586 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 10359 | 5687091 |
|  |  | 16689677 |
| **CONSUMER DISCRETIONARY — 11.68%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 10.06%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 46556 | 8585857 |
| &nbsp;&nbsp;&nbsp;eBay, Inc.<sup>(b)</sup> | 60216 | 4104323 |
|  |  | 12690180 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 1.62%* |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC<sup>(a)</sup> | 8480 | 2043595 |
| **ENERGY — 1.26%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.26%* |  |  |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 65000 | 1596400 |
| **FINANCIALS — 17.60%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 5.97%* |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 92500 | 7529500 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 6.91%* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 92745 | 7457626 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 13455 | 1264501 |
|  |  | 8722127 |
| &nbsp;&nbsp;&nbsp;*Insurance — 4.72%* |  |  |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 30900 | 5955666 |
| **HEALTH CARE — 20.21%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 11.12%* |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 18500 | 5382020 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 48145 | 5129368 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 5881 | 3521308 |
|  |  | 14032696 |

---

4 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>Pin Oak Equity Fund</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 9.09%* |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 12484 | $8898470 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 14417 | 2569398 |
|  |  | 11467868 |
| **INDUSTRIALS — 6.18%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 4.01%* |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 65720 | 5057154 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 1.12%* |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 5815 | 1414673 |
| &nbsp;&nbsp;&nbsp;*Machinery — 1.05%* |  |  |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | 10997 | 1320960 |
| **TECHNOLOGY — 29.28%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 5.76%* |  |  |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 11836 | 1136730 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 8729 | 6133781 |
|  |  | 7270511 |
| &nbsp;&nbsp;&nbsp;*Software — 7.25%* |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 39507 | 3183474 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 10953 | 4329283 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | 7220 | 1632947 |
|  |  | 9145704 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 16.27%* |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 66587 | 5898276 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 34649 | 5097561 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 27620 | 9542710 |
|  |  | 20538547 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $57,403,256) |  | 125475258 |

---

1-888-462-5386 \| www.oakfunds.com 5

<u>Pin Oak Equity Fund</u>   <u>Schedule of Investments</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 3.52%** |  |  |
| **REPURCHASE AGREEMENTS — 1.13%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.00%, dated 4/30/2025 and maturing 5/1/2025, collateralized by U.S. Treasury Securities with rates ranging from 1.13% to 4.50% and maturity dates ranging from 5/15/2027 to 2/29/2028 with a par value of $1,407,488 and a collateral value of $1,455,698 | 1427155 | $1427155 |
| **COLLATERAL FOR SECURITIES LOANED — 2.39%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 3019156 | 3019156 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| (Cost $4,446,311) |  | 4446311 |
| **TOTAL INVESTMENTS — 102.96%** |  |  |
| (Cost $61,849,567) |  | 129921569 |
| **Liabilities in Excess of Other Assets — (2.96)%** |  | (3731823) |
| **NET ASSETS — 100.00%** |  | $126189746 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $2,993,246.*

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of April 30, 2025.*

*The accompanying notes are an integral part of the financial statements.*

6 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>Rock Oak Core Growth Fund</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 96.89%** |  |  |
| **CONSUMER DISCRETIONARY — 4.61%** |  |  |
| &nbsp;&nbsp;&nbsp;*Leisure Products — 2.10%* |  |  |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc.<sup>(a)</sup> | 3490 | $252746 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary — 2.51%* |  |  |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 1030 | 301934 |
| **ENERGY — 4.24%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 4.24%* |  |  |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 1024 | 510536 |
| **FINANCIALS — 13.83%** |  |  |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 4.56%* |  |  |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2476 | 232695 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc. - Class A | 8100 | 317115 |
|  |  | 549810 |
| &nbsp;&nbsp;&nbsp;*Insurance — 9.27%* |  |  |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 1830 | 352714 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 6225 | 763621 |
|  |  | 1116335 |
| **HEALTH CARE — 21.44%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 10.82%* |  |  |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(b)</sup> | 15176 | 594140 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(b)</sup> | 4005 | 468425 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 28547 | 240366 |
|  |  | 1302931 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 10.62%* |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 5250 | 741773 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 3015 | 537333 |
|  |  | 1279106 |
| **INDUSTRIALS — 25.80%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 3.72%* |  |  |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 317 | 447943 |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services — 4.84%* |  |  |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 2323 | 582492 |

---

1-888-462-5386 \| www.oakfunds.com 7

<u>Rock Oak Core Growth Fund</u>   <u>Schedule of Investments</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 2.72%* |  |  |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 3000 | $327360 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 3.91%* |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 1936 | 470990 |
| &nbsp;&nbsp;&nbsp;*Machinery — 10.61%* |  |  |
| &nbsp;&nbsp;&nbsp;Curtiss - Wright Corp. | 1434 | 494573 |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | 3618 | 434594 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 1839 | 348619 |
|  |  | 1277786 |
| **MATERIALS — 7.78%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 3.36%* |  |  |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 5159 | 404311 |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 4.42%* |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc.<sup>(a)</sup> | 1405 | 533169 |
| **TECHNOLOGY — 19.19%** |  |  |
| &nbsp;&nbsp;&nbsp;*Software — 4.12%* |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A<sup>(b)</sup> | 900 | 210321 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)(b)</sup> | 1264 | 285879 |
|  |  | 496200 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 8.09%* |  |  |
| &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(b)</sup> | 2070 | 548012 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 4748 | 426133 |
|  |  | 974145 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 6.98%* |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 3602 | 319065 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A<sup>(a)</sup> | 4000 | 294280 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 1880 | 227536 |
|  |  | 840881 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $7,295,363) |  | 11668675 |

---

8 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>Rock Oak Core Growth Fund</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 13.93%** |  |  |
| **REPURCHASE AGREEMENTS — 3.07%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.00%, dated 4/30/2025 and maturing 5/1/2025, collateralized by U.S. Treasury Securities with rates ranging from 1.13% to 4.50% and maturity dates ranging from 5/15/2027 to 2/29/2028 with a par value of $364,425 and a collateral value of $376,908 | 369517 | $369517 |
| **COLLATERAL FOR SECURITIES LOANED — 10.86%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 1308416 | 1308416 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| (Cost $1,677,933) |  | 1677933 |
| **TOTAL INVESTMENTS — 110.82%** |  |  |
| (Cost $8,973,296) |  | 13346608 |
| **Liabilities in Excess of Other Assets — (10.82)%** |  | (1302942) |
| **NET ASSETS — 100.00%** |  | $12043666 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $1,281,137.*

*<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of April 30, 2025.*

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 9

<u>River Oak Discovery Fund</u>   <u>Schedule of Investments</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 91.67%** |  |  |
| **CONSUMER DISCRETIONARY — 3.82%** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 3.82%* |  |  |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | 3380 | $737313 |
| **CONSUMER STAPLES — 2.47%** |  |  |
| &nbsp;&nbsp;&nbsp;*Household Products — 2.47%* |  |  |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 17603 | 475985 |
| **FINANCIALS — 14.35%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 7.36%* |  |  |
| &nbsp;&nbsp;&nbsp;AllianceBernstein Holding LP | 21518 | 847809 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. - Class A | 15502 | 573264 |
|  |  | 1421073 |
| &nbsp;&nbsp;&nbsp;*Insurance — 6.99%* |  |  |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 19434 | 737326 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 7000 | 610610 |
|  |  | 1347936 |
| **HEALTH CARE — 9.09%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 5.71%* |  |  |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 13557 | 1101235 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 3.38%* |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The)<sup>(b)</sup> | 5057 | 652303 |
| **INDUSTRIALS — 37.62%** |  |  |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services — 17.09%* |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 30847 | 1251154 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 14641 | 559286 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 11359 | 700850 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.<sup>(a)</sup> | 15768 | 784616 |
|  |  | 3295906 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 5.08%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 10072 | 981114 |

---

10 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>River Oak Discovery Fund</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 5.99%* |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 4750 | $1155580 |
| &nbsp;&nbsp;&nbsp;*Machinery — 9.46%* |  |  |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | 5971 | 717237 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc.<sup>(b)</sup> | 3752 | 1106840 |
|  |  | 1824077 |
| **TECHNOLOGY — 24.32%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 19.41%* |  |  |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.<sup>(a)</sup> | 3524 | 169117 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 9439 | 906521 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.<sup>(a)</sup> | 23005 | 368080 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.<sup>(a)</sup> | 6980 | 268032 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc.<sup>(b)</sup> | 22922 | 738776 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. - ADR | 12436 | 615582 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd.<sup>(a)</sup> | 18941 | 677709 |
|  |  | 3743817 |
| &nbsp;&nbsp;&nbsp;*Software — 3.29%* |  |  |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. - Class A<sup>(b)</sup> | 20198 | 498487 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.<sup>(a)(b)</sup> | 7788 | 137380 |
|  |  | 635867 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 1.62%* |  |  |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 3672 | 311973 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $12,667,624) |  | 17684179 |

---

1-888-462-5386 \| www.oakfunds.com 11

<u>River Oak Discovery Fund</u>   <u>Schedule of Investments</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 20.18%** |  |  |
| **REPURCHASE AGREEMENTS — 8.34%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.00%, dated 4/30/2025 and maturing 5/1/2025, collateralized by U.S. Treasury Securities with rates ranging from 1.13% to 4.50% and maturity dates ranging from 5/15/2027 to 2/29/2028 with a par value of $1,585,856 and a collateral value of $1,640,175 | 1608015 | $1608015 |
| **COLLATERAL FOR SECURITIES LOANED — 11.84%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 2283758 | 2283758 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| (Cost $3,891,773) |  | 3891773 |
| **TOTAL INVESTMENTS — 111.85%** |  |  |
| (Cost $16,559,397) |  | 21575952 |
| **Liabilities in Excess of Other Assets — (11.85)%** |  | (2286413) |
| **NET ASSETS — 100.00%** |  | $19289539 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $2,134,030.*

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of April 30, 2025.* 

*ADR — American Depositary Receipt*

*The accompanying notes are an integral part of the financial statements.*

12 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>Red Oak Technology Select Fund</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 96.15%** |  |  |
| **COMMUNICATIONS — 12.44%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 12.44%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 50000 | $7940000 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 248720 | 40016561 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 44425 | 24389325 |
|  |  | 72345886 |
| **CONSUMER DISCRETIONARY — 11.26%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 11.26%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 263000 | 48502460 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 249030 | 16973885 |
|  |  | 65476345 |
| **INDUSTRIALS — 2.82%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 1.23%* |  |  |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. - Class B | 14999 | 7165772 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.59%* |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 120000 | 9234000 |
| **TECHNOLOGY — 69.63%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 24.21%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 90000 | 8761500 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 177840 | 34228865 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 42325 | 29741354 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 288000 | 31368960 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 113550 | 20928400 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 106200 | 15766452 |
|  |  | 140795531 |
| &nbsp;&nbsp;&nbsp;*Software — 22.28%* |  |  |
| &nbsp;&nbsp;&nbsp;Adobe Systems, Inc.<sup>(a)</sup> | 20000 | 7499600 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 101780 | 8201432 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd.<sup>(a)</sup> | 43700 | 9594772 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 99403 | 39290030 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 262554 | 36946599 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 60970 | 27985840 |
|  |  | 129518273 |

---

1-888-462-5386 \| www.oakfunds.com 13

<u>Red Oak Technology Select Fund</u>   <u>Schedule of Investments</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 11.79%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 106078 | $22541575 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 500000 | 28865000 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 191334 | 17172226 |
|  |  | 68578801 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 11.35%* |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 50118 | 14992800 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 93157 | 7108811 |
| &nbsp;&nbsp;&nbsp;MasterCard, Inc. - Class A | 29642 | 16245594 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 80000 | 27640000 |
|  |  | 65987205 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $161,900,891) |  | 559101813 |

---

14 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>Red Oak Technology Select Fund</u> <br> As of April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 4.22%** |  |  |
| **REPURCHASE AGREEMENTS — 4.22%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.00%, dated 4/30/2025 and maturing 5/1/2025, collateralized by U.S. Treasury Securities with rates ranging from 1.13% to 4.50% and maturity dates ranging from 5/15/2027 to 2/29/2028 with a par value of $24,198,536 and a collateral value of $25,027,395 | 24536657 | $24536657 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| (Cost $24,536,657) |  | 24536657 |
| **TOTAL INVESTMENTS — 100.37%** |  |  |
| (Cost $186,437,548) |  | 583638470 |
| **Liabilities in Excess of Other Assets — (0.37)%** |  | (2176875) |
| **NET ASSETS — 100.00%** |  | $581461595 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*The accompanying notes are an integral part of the financial statements.*

 

1-888-462-5386 \| www.oakfunds.com 15

<u>Black Oak Emerging Technology Fund</u>   <u>Schedule of Investments</u> <br> *As of April 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Fair**<br>**Value** |
| **COMMON STOCKS — 93.72%** |  |  |
| **CONSUMER DISCRETIONARY — 6.91%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 5.17%* |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | 1200 | $2797020 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 1.74%* |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC<sup>(a)</sup> | 3891 | 937692 |
| **HEALTH CARE — 4.06%** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 4.06%* |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 4259 | 2196792 |
| **INDUSTRIALS — 11.67%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 3.16%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 17560 | 1710520 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 5.70%* |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 12660 | 3079925 |
| &nbsp;&nbsp;&nbsp;*Machinery — 2.81%* |  |  |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 8000 | 1516560 |
| **TECHNOLOGY — 71.08%** |  |  |
| &nbsp;&nbsp;&nbsp;*Information Technology — 3.17%* |  |  |
| &nbsp;&nbsp;&nbsp;Paylocity Holdings Corp.<sup>(a)</sup> | 8930 | 1715453 |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 27.59%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 12304 | 1197794 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 21731 | 2087045 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.<sup>(a)</sup> | 59077 | 945232 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.<sup>(a)(b)</sup> | 25770 | 989568 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 3863 | 2714492 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 44645 | 1438908 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 24638 | 1765806 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 25160 | 2740427 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. - ADR | 20940 | 1036530 |
|  |  | 14915802 |

---

16 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>Black Oak Emerging Technology Fund</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Software — 21.93%* |  |  |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. - Class A<sup>(b)</sup> | 44795 | $1105541 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 5576 | 2391379 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 25980 | 2695685 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 7994 | 2148068 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A<sup>(a)</sup> | 6396 | 1494681 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)(b)</sup> | 8936 | 2021055 |
|  |  | 11856409 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 5.45%* |  |  |
| &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 11141 | 2949468 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 12.94%* |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 20298 | 1797997 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 10000 | 601300 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 5000 | 424800 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 6981 | 1210715 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 15720 | 1035005 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp.<sup>(b)</sup> | 15921 | 1926918 |
|  |  | 6996735 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $27,432,252) |  | 50672376 |

---

1-888-462-5386 \| www.oakfunds.com 17

<u>Black Oak Emerging Technology Fund</u>   <u>Schedule of Investments</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 14.25%** |  |  |
| **REPURCHASE AGREEMENTS — 6.52%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.00%, dated 4/30/2025 and maturing 5/1/2025, collateralized by U.S. Treasury Securities with rates ranging from 1.13% to 4.50% and maturity dates ranging from 5/15/2027 to 2/29/2028 with a par value of $3,476,608 and a collateral value of $3,595,691 | 3525186 | $3525186 |
| **COLLATERAL FOR SECURITIES LOANED — 7.73%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 4179981 | 4179981 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| (Cost $7,705,167) |  | 7705167 |
| **TOTAL INVESTMENTS — 107.97%** |  |  |
| (Cost $35,137,419) |  | 58377543 |
| **Liabilities in Excess of Other Assets — (7.97)%** |  | (4308714) |
| **NET ASSETS — 100.00%** |  | $54068829 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $4,085,566.* 

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of April 30, 2025.* 

*ADR — American Depositary Receipt*

*The accompanying notes are an integral part of the financial statements.*

18 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>Live Oak Health Sciences Fund</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 96.49%** |  |  |
| **HEALTH CARE — 96.49%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech — 26.43%* |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 8889 | $2585988 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(a)</sup> | 59000 | 2309850 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 13718 | 1461516 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 15890 | 995667 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 3190 | 1910044 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 5965 | 1807932 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3925 | 1999787 |
|  |  | 13070784 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities — 5.85%* |  |  |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)(b)</sup> | 6520 | 922906 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 8037 | 1036693 |
| &nbsp;&nbsp;&nbsp;National Healthcare Corp. | 9847 | 930443 |
|  |  | 2890042 |
| &nbsp;&nbsp;&nbsp;*Health Care Services — 5.47%* |  |  |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc.<sup>(b)</sup> | 6529 | 1573554 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)(b)</sup> | 3681 | 1135184 |
|  |  | 2708738 |
| &nbsp;&nbsp;&nbsp;*Health Care Supply Chain — 21.67%* |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 15989 | 2259086 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 10338 | 3025622 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 6199 | 2107908 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 4663 | 3323740 |
|  |  | 10716356 |
| &nbsp;&nbsp;&nbsp;*Large Pharmaceuticals — 9.03%* |  |  |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 8463 | 1322852 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 13962 | 1189562 |
| &nbsp;&nbsp;&nbsp;Novartis AG - ADR<sup>(a)</sup> | 17194 | 1951347 |
|  |  | 4463761 |
| &nbsp;&nbsp;&nbsp;*Life Science & Diagnostics — 7.41%* |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 3355 | 818889 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc.<sup>(b)</sup> | 14979 | 1399488 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 3369 | 1445301 |
|  |  | 3663678 |

---

1-888-462-5386 \| www.oakfunds.com 19

<u>Live Oak Health Sciences Fund</u>   <u>Schedule of Investments</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Managed Care — 6.77%* |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 3925 | $1650776 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | 5191 | 1697509 |
|  |  | 3348285 |
| &nbsp;&nbsp;&nbsp;*Medical Devices — 6.59%* |  |  |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.<sup>(a)(b)</sup> | 5587 | 884869 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 12661 | 1073146 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 3479 | 1300868 |
|  |  | 3258883 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment — 3.76%* |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 3603 | 1858427 |
| &nbsp;&nbsp;&nbsp;*Specialty & Generic Pharmaceuticals — 3.51%* |  |  |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | 14849 | 1736739 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $29,655,847) |  | 47715693 |

---

20 Semi-Annual Financial Statements \| April 30, 2025

<u>Schedule of Investments</u>   <u>Live Oak Health Sciences Fund</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 14.66%** |  |  |
| **REPURCHASE AGREEMENTS — 3.52%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.00%, dated 4/30/2025 and maturing 5/1/2025, collateralized by U.S. Treasury Securities with rates ranging from 1.13% to 4.50% and maturity dates ranging from 5/15/2027 to 2/29/2028 with a par value of $1,715,078 and a collateral value of $1,773,824 | 1739043 | $1739043 |
| **COLLATERAL FOR SECURITIES LOANED — 11.14%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 5510429 | 5510429 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| (Cost $7,249,472) |  | 7249472 |
| **TOTAL INVESTMENTS — 111.15%** |  |  |
| (Cost $36,905,319) |  | 54965165 |
| **Liabilities in Excess of Other Assets — (11.15)%** |  | (5511973) |
| **NET ASSETS — 100.00%** |  | $49453192 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $5,388,000.* 

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of April 30, 2025.*

*ADR — American Depositary Receipt* 

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 21

<u>Statements of Assets and Liabilities</u>     <br> *April 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| | **White Oak Select<br> Growth Fund** | **Pin Oak<br> Equity Fund** |
| **ASSETS** | | |
| Investment securities at value (cost $209,934,920, $61,849,567, $8,973,296, $16,559,397, $186,437,548, $35,137,419 and $36,905,319), including $30,836,920, $2,993,246, $1,281,137, $2,134,030, $–, $4,085,566 and $5,388,000 of securities on loan | $419901089 | $129921569 |
| Receivable for fund shares sold | 6694 | 721 |
| Receivable for investments sold |  |  |
| Dividends and interest receivable | 105197 | 43749 |
| Tax reclaims receivable | 332707 |  |
| Prepaid expenses | 23758 | 16772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 420369445 | 129982811 |
| **LIABILITIES** |  |  |
| Payable for fund shares redeemed | 71787 | 675464 |
| Payable for investments purchased |  |  |
| Payable for collateral upon return of securities loaned | 31277738 | 3019156 |
| Investment advisory fees payable | 228806 | 74438 |
| Administration fees payable | 14169 | 4581 |
| Transfer agent fees payable | 5557 | 2813 |
| Trustee fees payable | 1884 | 449 |
| Other accrued expenses | 37679 | 16164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 31637620 | 3793065 |
| **NET ASSETS** | $**388731825** | $**126189746** |
| Net Assets consist of: |  |  |
| Paid-in capital (unlimited authorization – no par value) | $158005730 | $52519509 |
| Accumulated earnings | 230726095 | 73670237 |
| **Net Assets** | $388731825 | $126189746 |
| Total shares outstanding at end of period | 2908221 | 1638828 |
| **Net asset value, offering and redemption price per share (net assets/shares outstanding)** | $**133.67** | $**77.00** |

---

22 Semi-Annual Financial Statements \| April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rock Oak Core<br> Growth Fund** | **River Oak<br> Discovery Fund** | **Red Oak<br> Technology<br> Select Fund** | **Black Oak<br> Emerging<br> Technology Fund** | **Live Oak Health<br> Sciences Fund** |
| $13346608 | $21575952 | $583638470 | $58377543 | $54965165 |
|  |  | 31487 | 955 | 1450 |
|  |  | 5887020 |  |  |
| 41 | 1454 | 99429 | 392 | 1242 |
|  |  |  |  | 19754 |
| 18229 | 19205 | 28506 | 18979 | 19228 |
| 13364878 | 21596611 | 589684912 | 58397869 | 55006839 |
|  |  | 366066 | 101783 |  |
|  |  | 7435468 |  |  |
| 1308416 | 2283758 |  | 4179981 | 5510429 |
| 3607 | 11628 | 339208 | 31142 | 29277 |
| 571 | 983 | 23501 | 2468 | 1954 |
| 1323 | 1378 | 4479 | 2621 | 1833 |
| 28 | 115 | 4374 | 451 | 289 |
| 7267 | 9210 | 50221 | 10594 | 9865 |
| 1321212 | 2307072 | 8223317 | 4329040 | 5553647 |
| $**12043666** | $**19289539** | $**581461595** | $**54068829** | $**49453192** |
| $7236926 | $16424375 | $149812911 | $28209360 | $29879495 |
| 4806740 | 2865164 | 431648684 | 25859469 | 19573697 |
| $12043666 | $19289539 | $581461595 | $54068829 | $49453192 |
| 620882 | 1209713 | 13599071 | 7777924 | 2380276 |
| $**19.40** | $**15.95** | $**42.76** | $**6.95** | $**20.78** |

---

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 23

<u>Statements of Operations</u>   <br> *For the six months ended April 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| | **White Oak Select<br> Growth Fund** | **Pin Oak<br> Equity Fund** |
| **INVESTMENT INCOME** |  |  |
| Dividends | $3239208 | $794272 |
| Securities lending income | 24417 | 3076 |
| Interest | 196946 | 40917 |
| Foreign withholding tax | (85868) | 3246 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 3374703 | 841511 |
| **EXPENSES** |  |  |
| Investment adviser | 1508707 | 489092 |
| Administration | 90818 | 31779 |
| Sub transfer agent | 48795 | 18833 |
| Trustee | 43239 | 14091 |
| Legal | 41452 | 13783 |
| Transfer agent | 31340 | 16130 |
| Report printing | 19131 | 6411 |
| Registration | 12482 | 11229 |
| Insurance | 9958 | 3189 |
| Custodian | 9348 | 3508 |
| Audit | 8029 | 8029 |
| Pricing | 177 | 182 |
| Miscellaneous | 28938 | 14681 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 1852414 | 630937 |
| Less: Investment advisory fees waived |  |  |
| Net Expenses | 1852414 | 630937 |
| **Net Investment Income (Loss)** | 1522289 | 210574 |
| **Realized and Unrealized Gain (Loss) on Investments** |  |  |
| Net realized gain on investment securities transactions | 20774528 | 5345293 |
| Net change in unrealized depreciation of investment securities | (24533380) | (434127) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | (3758852) | 4911166 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(2236563)** | $**5121740** |

---

24 Semi-Annual Financial Statements \| April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rock Oak Core<br> Growth Fund** | **River Oak<br> Discovery Fund** | **Red Oak<br> Technology<br> Select Fund** | **Black Oak<br> Emerging<br> Technology Fund** | **Live Oak Health<br> Sciences Fund** |
| $72682 | $126014 | $2848769 | $197191 | $299145 |
| 1409 | 2559 | 12405 | 4977 | 3502 |
| 5794 | 59576 | 173767 | 34354 | 20914 |
|  | (62) | (34542) | (104) | (12940) |
| 79885 | 188087 | 3000399 | 236418 | 310621 |
| 45546 | 80654 | 2371089 | 212533 | 185931 |
| 6125 | 8241 | 142089 | 16188 | 14513 |
| 614 | 1244 | 122630 | 7479 | 4502 |
| 1339 | 2406 | 67545 | 6306 | 5538 |
| 1324 | 2483 | 63656 | 6217 | 5613 |
| 8272 | 8446 | 25534 | 15125 | 10648 |
| 695 | 760 | 25655 | 3427 | 1911 |
| 6807 | 10797 | 11715 | 7164 | 11180 |
| 288 | 556 | 16037 | 1399 | 1288 |
| 862 | 1161 | 14465 | 1897 | 1811 |
| 8029 | 7901 | 8029 | 8029 | 8029 |
| 236 | 253 | 230 | 263 | 257 |
| 7297 | 7593 | 28459 | 12695 | 9453 |
| 87434 | 132495 | 2897133 | 298722 | 260674 |
| (10438) |  |  |  |  |
| 76996 | 132495 | 2897133 | 298722 | 260674 |
| 2889 | 55592 | 103266 | (62304) | 49947 |
| 461407 | 153132 | 34675879 | 2904722 | 1703579 |
| (534094) | (2707847) | (68650450) | (5991904) | (2627636) |
| (72687) | (2554715) | (33974571) | (3087182) | (924057) |
| $**(69798)** | $**(2499123)** | $**(33871305)** | $**(3149486)** | $**(874110)** |

---

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 25

<u>Statements of Changes in Net Assets</u>   <br>

---

| | | |
|:---|:---|:---|
|  | **White Oak Select<br> Growth Fund** | **White Oak Select<br> Growth Fund** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the**<br> **Year Ended**<br> **October 31,**<br> **2024** |
| **INVESTMENT ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1522289 | $2362632 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 20774528 | 44073218 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments securities | (24533380) | 65373023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (2236563) | 111808873 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (45036879) | (18013447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (45036879) | (18013447) |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1872530 | 5877784 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 42931304 | 16975670 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (21709428) | (40035247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Capital Transactions** | 23094406 | (17181793) |
| **Total Increase (Decrease) in Net Assets** | (24179036) | 76613633 |
| **NET ASSETS** |  |  |
| Beginning of period | 412910861 | 336297228 |
| **End of period** | $388731825 | $412910861 |
| **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13544 | 41311 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 311435 | 131523 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (154007) | (285683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding** | 170972 | (112849) |

---

26 Semi-Annual Financial Statements \| April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Pin Oak<br> Equity Fund** | **Pin Oak<br> Equity Fund** | **Rock Oak Core<br> Growth Fund** | **Rock Oak Core<br> Growth Fund** |
| **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| $210574 | $450014 | $2889 | $58936 |
| 5345293 | 21307166 | 461407 | 18999 |
| (434127) | 12622524 | (534094) | 3154228 |
| 5121740 | 34379704 | (69798) | 3232163 |
| (20556655) | (9647828) | (57667) | (78194) |
| (20556655) | (9647828) | (57667) | (78194) |
| 944220 | 2033239 | 224007 | 270043 |
| 18753452 | 8412114 | 37723 | 49387 |
| (11065770) | (17907746) | (500314) | (715214) |
| 8631902 | (7462393) | (238584) | (395784) |
| (6803013) | 17269483 | (366049) | 2758185 |
| 132992759 | 115723276 | 12409715 | 9651530 |
| $126189746 | $132992759 | $12043666 | $12409715 |
| 11737 | 25128 | 11269 | 16347 |
| 241575 | 111022 | 1941 | 2933 |
| (138223) | (218696) | (25624) | (40078) |
| 115089 | (82546) | (12414) | (20798) |

---

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 27

<u>Statements of Changes in Net Assets</u>   <br>

---

| | | |
|:---|:---|:---|
|  | **River Oak<br> Discovery Fund** | **River Oak<br> Discovery Fund** |
| | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **INVESTMENT ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $55592 | $44942 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities transactions | 153132 | (10298) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments securities | (2707847) | 4402524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (2499123) | 4437168 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** |  |  |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 205222 | 544813 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1007697) | (3448151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Capital Transactions** | (802475) | (2903338) |
| **Total Increase (Decrease) in Net Assets** | (3301598) | 1533830 |
| **NET ASSETS** |  |  |
| Beginning of period | 22591137 | 21057307 |
| **End of period** | $19289539 | $22591137 |
| **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 12107 | 32259 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (60870) | (201217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding** | (48763) | (168958) |

---

28 Semi-Annual Financial Statements \| April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Red Oak Technology<br> Select Fund** | **Red Oak Technology<br> Select Fund** | **Black Oak Emerging<br> Technology Fund** | **Black Oak Emerging<br> Technology Fund** |
| **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| $103266 | $2239 | $(62304) | $(125314) |
| 34675879 | 29911776 | 2904722 | 4599435 |
| (68650450) | 164613614 | (5991904) | 11786658 |
| (33871305) | 194527629 | (3149486) | 16260779 |
| (28119783) | (23542289) | (4322225) | (2103329) |
| (28119783) | (23542289) | (4322225) | (2103329) |
| 14563148 | 44805375 | 644703 | 1667346 |
| 26785268 | 22076791 | 3796669 | 1596715 |
| (47542047) | (92108034) | (2677592) | (6294431) |
| (6193631) | (25225868) | 1763780 | (3030370) |
| (68184719) | 145759472 | (5707931) | 11127080 |
| 649646314 | 503886842 | 59776760 | 48649680 |
| $581461595 | $649646314 | $54068829 | $59776760 |
| 312730 | 1003260 | 85381 | 232475 |
| 557446 | 558199 | 516554 | 221458 |
| (1029458) | (2109901) | (370716) | (867722) |
| (159282) | (548442) | 231219 | (413789) |

---

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 29

<u>Statements of Changes in Net Assets</u>   <br>

---

| | | |
|:---|:---|:---|
|  | **Live Oak<br> Health Sciences Fund** | **Live Oak<br> Health Sciences Fund** |
| | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **INVESTMENT ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $49947 | $18115 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 1703579 | 1645299 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments securities | (2627636) | 5720354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (874110) | 7383768 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (1269935) | (3139991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (1269935) | (3139991) |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 291811 | 752111 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1145124 | 2742845 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (2357475) | (5360752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Capital Transactions** | (920540) | (1865796) |
| **Total Increase (Decrease) in Net Assets** | (3064585) | 2377981 |
| **NET ASSETS** |  |  |
| Beginning of period | 52517777 | 50139796 |
| **End of period** | $49453192 | $52517777 |
| **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13898 | 35340 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 56466 | 133862 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (112354) | (251552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding** | (41990) | (82350) |

---

30 Semi-Annual Financial Statements \| April 30, 2025

**OAK ASSOCIATES FUNDS**

*This Page Intentionally Left Blank*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

<u>Financial Highlights</u>   <br> *For a share outstanding throughout each period*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Asset<br> Value<br> Beginning of<br> Period** | **Net<br> Investment<br> Income<br> (Loss)<sup>(a)</sup>** | **Realized and<br> Unrealized<br> Gain (Loss)<br> in Securities** | **Total from<br> Operations** | **Dividends<br> from Net<br> Investment<br> Income** |
| **White Oak Select Growth Fund** |  |  |  |  |  |
| For the six months ended April 30, 2025 (Unaudited) | $150.85 | 0.53 | (1.07) | (0.54) | (0.92) |
| For the year ended October 31, 2024 | $117.99 | 0.83 | 38.46 | 39.29 | (0.86) |
| For the year ended October 31, 2023 | $105.61 | 0.83 | 12.08 | 12.91 | (0.53) |
| For the year ended October 31, 2022 | $145.00 | 0.52 | (32.42) | (31.90) | (0.41) |
| For the year ended October 31, 2021 | $107.21 | 0.35 | 40.49 | 40.84 | (0.74) |
| For the year ended October 31, 2020 | $97.79 | 0.74 | 10.53 | 11.27 | (0.97) |
| **Pin Oak Equity Fund** |  |  |  |  |  |
| For the six months ended April 30, 2025 (Unaudited) | $87.28 | 0.13 | 3.28 | 3.41 | (0.28) |
| For the year ended October 31, 2024 | $72.04 | 0.28 | 21.17 | 21.45 | (0.30) |
| For the year ended October 31, 2023 | $65.24 | 0.25 | 6.64 | 6.89 | (0.09) |
| For the year ended October 31, 2022 | $96.35 | 0.11 | (21.82) | (21.71) | (0.08) |
| For the year ended October 31, 2021 | $70.93 | 0.01 | 29.02 | 29.03 | (0.60) |
| For the year ended October 31, 2020 | $72.63 | 0.62 | 0.08 <sup>(e)</sup> | 0.70 | (0.91) |
| **Rock Oak Core Growth Fund** |  |  |  |  |  |
| For the six months ended April 30, 2025 (Unaudited) | $19.60 |  | (0.11) | (0.11) | (0.05) |
| For the year ended October 31, 2024 | $14.76 | 0.09 | 4.87 | 4.96 | (0.12) |
| For the year ended October 31, 2023 | $14.95 | 0.10 | (0.14) | (0.04) | (0.05) |
| For the year ended October 31, 2022 | $18.68 | 0.02 | (2.97) | (2.95) |  |
| For the year ended October 31, 2021 | $16.80 | (0.03) | 4.75 | 4.72 | (0.03) |
| For the year ended October 31, 2020 | $16.70 | 0.03 | 0.63 | 0.66 | (0.07) |
| **River Oak Discovery Fund** |  |  |  |  |  |
| For the six months ended April 30, 2025 (Unaudited) | $17.95 | 0.04 | (2.04) | (2.00) |  |
| For the year ended October 31, 2024 | $14.75 | 0.03 | 3.17 | 3.20 |  |
| For the year ended October 31, 2023 | $15.56 | — <sup>(f)</sup> | (0.79) | (0.79) | (0.02)<sup>(g)</sup> |
| For the year ended October 31, 2022 | $21.29 | 0.02 | (2.61) | (2.59) |  |
| For the year ended October 31, 2021 | $15.14 | (0.09) | 8.78 | 8.69 |  |
| For the year ended October 31, 2020 | $14.58 | (0.04) | 1.19 | 1.15 |  |

---

*<sup>(a)</sup>* *Per share calculations were performed using average shares for the period.*

*<sup>(b)</sup>* *Figures do not reflect the deduction of taxes the shareholder will pay on Fund distributions or redemption of Fund shares.*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Annualized.*

32 Semi-Annual Financial Statements \| April 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions<br> from Capital<br> Gains** | **Total<br> Dividends<br> and<br> Distributions** | **Net Asset <br> Value,<br> End of<br> Period** | **Total<br> Return<sup>(b)</sup>** | **Net Assets, <br> End of<br> Period<br> (000)** | **Ratio of Net<br> Expenses to<br> Average<br> Net Assets** | **Ratio of Net<br> Investment<br> Income<br> (Loss) to<br> Average<br> Net Assets** | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers)** | **Portfolio<br> Turnover<br> Rate** |
| (15.72) | (16.64) | $133.67 | (0.70)%<sup>(c)</sup> | $388732 | 0.91 %<sup>(d)</sup> | 0.75 %<sup>(d)</sup> | 0.91 %<sup>(d)</sup> | 0 %<sup>(c)</sup> |
| (5.57) | (6.43) | $150.85 | 34.22% | $412911 | 0.92% | 0.59% | 0.92% | 6% |
|  | (0.53) | $117.99 | 12.28% | $336297 | 0.93% | 0.72% | 0.93% | 3% |
| (7.08) | (7.49) | $105.61 | (23.43)% | $321388 | 0.91% | 0.42% | 0.91% | 10% |
| (2.31) | (3.05) | $145.00 | 38.74% | $459548 | 0.89% | 0.27% | 0.89% | 5% |
| (0.88) | (1.85) | $107.21 | 11.60% | $349983 | 0.93% | 0.73% | 0.93% | 13% |
| (13.41) | (13.69) | $77.00 | 3.78 %<sup>(c)</sup> | $126190 | 0.95 %<sup>(d)</sup> | 0.32 %<sup>(d)</sup> | 0.95 %<sup>(d)</sup> | 2 %<sup>(c)</sup> |
| (5.91) | (6.21) | $87.28 | 31.08% | $132993 | 0.97% | 0.34% | 0.97% | 10% |
|  | (0.09) | $72.04 | 10.59% | $115723 | 0.98% | 0.37% | 0.98% | 6% |
| (9.32) | (9.40) | $65.24 | (24.95)% | $125307 | 0.95% | 0.15% | 0.95% | 15% |
| (3.01) | (3.61) | $96.35 | 42.09% | $201444 | 0.91% | 0.01% | 0.91% | 6% |
| (1.49) | (2.40) | $70.93 | 0.79% | $163074 | 0.95% | 0.89% | 0.95% | 15% |
| (0.04) | (0.09) | $19.40 | (0.56)%<sup>(c)</sup> | $12044 | 1.25 %<sup>(d)</sup> | 0.05 %<sup>(d)</sup> | 1.42 %<sup>(d)</sup> | 7 %<sup>(c)</sup> |
|  | (0.12) | $19.60 | 33.73% | $12410 | 1.25% | 0.51% | 1.53% | 11% |
| (0.10) | (0.15) | $14.76 | (0.29)% | $9652 | 1.25% | 0.67% | 1.60% | 12% |
| (0.78) | (0.78) | $14.95 | (16.52)% | $10140 | 1.25% | 0.12% | 1.50% | 21% |
| (2.81) | (2.84) | $18.68 | 29.72% | $12632 | 1.25% | (0.15)% | 1.40% | 14% |
| (0.49) | (0.56) | $16.80 | 3.78% | $10078 | 1.25% | 0.20% | 1.57% | 52% |
|  |  | $15.95 | (11.14)%<sup>(c)</sup> | $19290 | 1.22 %<sup>(d)</sup> | 0.51 %<sup>(d)</sup> | 1.22 %<sup>(d)</sup> | 0 %<sup>(c)</sup> |
|  |  | $17.95 | 21.69% | $22591 | 1.20% | 0.20% | 1.20% | 15% |
|  | (0.02) | $14.75 | (5.06)% | $21057 | 1.16% | 0.07% | 1.16% | 42% |
| (3.14) | (3.14) | $15.56 | (14.59)% | $21886 | 1.21% | 0.09% | 1.21% | 28% |
| (2.54) | (2.54) | $21.29 | 60.96% | $23705 | 1.22% | (0.44)% | 1.23% | 29% |
| (0.59) | (0.59) | $15.14 | 7.79% | $14501 | 1.35% | (0.27)% | 1.56% | 48% |

---

*<sup>(e)</sup>* *The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period.*

*<sup>(f)</sup>* *Less than $0.005 per share.*

*<sup>(g)</sup>* *Includes return of capital of $0.01.*

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 33

<u>Financial Highlights</u>   <br> *For a share outstanding throughout each period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Asset <br> Value<br> Beginning of<br> Period** | **Net<br> Investment<br> Income<br> (Loss)<sup>(a)</sup>** | **Realized and<br> Unrealized<br> Gain (Loss)<br> in Securities** | **Total from<br> Operations** | **Dividends<br> from Net<br> Investment<br> Income** |
| **Red Oak Technology Select Fund** |  |  |  |  |  |
| For the six months ended April 30, 2025 (Unaudited) | $47.22 | 0.01 | (2.40) | (2.39) |  |
| For the year ended October 31, 2024 | $35.22 | — <sup>(e)</sup> | 13.67 | 13.67 | (0.07) |
| For the year ended October 31, 2023 | $29.27 | 0.05 | 7.32 | 7.37 | (0.02) |
| For the year ended October 31, 2022 | $44.46 | 0.18 | (10.79) | (10.61) | (0.32) |
| For the year ended October 31, 2021 | $33.97 | 0.02 | 12.17 | 12.19 | (0.12) |
| For the year ended October 31, 2020 | $29.95 | 0.13 | 4.72 | 4.85 | (0.17) |
| **Black Oak Emerging Technology Fund** |  |  |  |  |  |
| For the six months ended April 30, 2025 (Unaudited) | $7.92 | (0.01) | (0.38) | (0.39) |  |
| For the year ended October 31, 2024 | $6.11 | (0.02) | 2.10 | 2.08 |  |
| For the year ended October 31, 2023 | $6.44 | (0.02) | (0.19) | (0.21) |  |
| For the year ended October 31, 2022 | $9.43 | (0.03) | (1.96) | (1.99) |  |
| For the year ended October 31, 2021 | $6.47 | (0.05) | 3.50 | 3.45 |  |
| For the year ended October 31, 2020 | $5.27 | (0.02) | 1.53 | 1.51 |  |
| **Live Oak Health Sciences Fund** |  |  |  |  |  |
| For the six months ended April 30, 2025 (Unaudited) | $21.68 | 0.02 | (0.39) | (0.37) |  |
| For the year ended October 31, 2024 | $20.02 | 0.01 | 2.94 | 2.95 | (0.14) |
| For the year ended October 31, 2023 | $21.37 | 0.07 | (1.30) | (1.23) | (0.07) |
| For the year ended October 31, 2022 | $22.00 | 0.06 | 0.78 | 0.84 | (0.04) |
| For the year ended October 31, 2021 | $18.10 | 0.03 | 5.22 | 5.25 | (0.15) |
| For the year ended October 31, 2020 | $18.14 | 0.15 | (0.03)<sup>(f)</sup> | 0.12 | (0.16) |

---

*<sup>(a)</sup>* *Per share calculations were performed using average shares for the period.*

*<sup>(b)</sup>* *Figures do not reflect the deduction of taxes the shareholder will pay on Fund distributions or redemption of Fund shares.*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Less than $0.005 per share.*

*<sup>(f)</sup>* *The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period.*

34 Semi-Annual Financial Statements \| April 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions<br> from Capital<br> Gains** | **Total<br> Dividends<br> and<br> Distributions** | **Net Asset<br> Value,<br> End of<br> Period** | **Total<br> Return<sup>(b)</sup>** | **Net Assets, <br> End of<br> Period<br> (000)** | **Ratio of Net<br> Expenses to<br> Average<br> Net Assets** | **Ratio of Net<br> Investment<br> Income<br> (Loss) to<br> Average<br> Net Assets** | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers)** | **Portfolio<br> Turnover<br> Rate** |
| (2.07) | (2.07) | $42.76 | (5.55)%<sup>(c)</sup> | $581462 | 0.90 %<sup>(d)</sup> | 0.03 %<sup>(d)</sup> | 0.90 %<sup>(d)</sup> | 1 %<sup>(c)</sup> |
| (1.60) | (1.67) | $47.22 | 39.73% | $649646 | 0.92% | 0.00% | 0.92% | 0% |
| (1.40) | (1.42) | $35.22 | 26.55% | $503887 | 0.94% | 0.16% | 0.94% | 0% |
| (4.26) | (4.58) | $29.27 | (27.15)% | $441922 | 0.92% | 0.49% | 0.92% | 13% |
| (1.58) | (1.70) | $44.46 | 36.78% | $687919 | 0.90% | 0.05% | 0.90% | 6% |
| (0.66) | (0.83) | $33.97 | 16.44% | $576473 | 0.94% | 0.40% | 0.94% | 4% |
| (0.58) | (0.58) | $6.95 | (5.37)%<sup>(c)</sup> | $54069 | 1.04 %<sup>(d)</sup> | (0.22)%<sup>(d)</sup> | 1.04 %<sup>(d)</sup> | 2 %<sup>(c)</sup> |
| (0.27) | (0.27) | $7.92 | 34.48% | $59777 | 1.06% | (0.22)% | 1.06% | 6% |
| (0.12) | (0.12) | $6.11 | (3.34)% | $48650 | 1.07% | (0.26)% | 1.07% | 17% |
| (1.00) | (1.00) | $6.44 | (24.06)% | $52441 | 1.03% | (0.39)% | 1.03% | 25% |
| (0.49) | (0.49) | $9.43 | 54.92% | $69094 | 1.01% | (0.61)% | 1.01% | 14% |
| (0.31) | (0.31) | $6.47 | 29.48% | $45544 | 1.12% | (0.35)% | 1.12% | 22% |
| (0.53) | (0.53) | $20.78 | (1.64)%<sup>(c)</sup> | $49453 | 1.04 %<sup>(d)</sup> | 0.20 %<sup>(d)</sup> | 1.04 %<sup>(d)</sup> | 9 %<sup>(c)</sup> |
| (1.15) | (1.29) | $21.68 | 15.12% | $52518 | 1.03% | 0.03% | 1.03% | 11% |
| (0.05) | (0.12) | $20.02 | (5.80)% | $50140 | 1.02% | 0.36% | 1.02% | 47% |
| (1.43) | (1.47) | $21.37 | 3.95% | $57340 | 1.02% | 0.30% | 1.02% | 47% |
| (1.20) | (1.35) | $22.00 | 30.23% | $55188 | 1.00% | 0.17% | 1.00% | 17% |
|  | (0.16) | $18.10 | 0.62% | $44889 | 1.03% | 0.81% | 1.03% | 33% |

---

*The accompanying notes are an integral part of the financial statements.*

1-888-462-5386 \| www.oakfunds.com 35

<u>Notes to Financial Statements</u>   <br> *As of April 30, 2025 (Unaudited)*

**1. ORGANIZATION:**

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

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by fund management, who is responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**2. SIGNIFICANT ACCOUNTING POLICIES:**

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

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

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

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

Securities for which market prices are not "readily available" are valued in good faith by the Funds' adviser, Oak Associates, ltd. ("Oak" or the "Adviser") as "valuation designee" under the oversight of the Funds' Board of Trustees (the "Board"). The Adviser has adopted written

36 Semi-Annual Financial Statements \| April 30, 2025

  <u>Notes to Financial Statements</u> <br> *As of April 30, 2025 (Unaudited)*

policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Oak may, in turn and subject to its oversight, delegate pricing of securities for which market prices are readily available to the Funds' administrator. All fair valuation determinations shall be made by Oak's Fair Value Committee (the "Committee"), in accordance with policies and procedures established by the Adviser. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de–listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; a significant event with respect to a security or securities has occurred after the close of the market or exchange on which the security or securities principally trades and before the time the Fund calculates net asset value; or trading of the security is subject to local government–imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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

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

**Repurchase Agreements** – The Funds may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker's custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the repurchase agreements and procedures adopted by the Board require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

**Master Agreements and Netting Arrangements** – Certain Funds may participate in various repurchase agreements, such as, but not limited to Master Repurchase Agreements, which govern the terms of certain transactions with select counterparties (collectively "Master Agreements"). These Master Agreements generally include provisions for general obligations, agreements, representations, collateral and provisions for events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The

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<u>Notes to Financial Statements</u>   <br> *As of April 30, 2025 (Unaudited)*

netting arrangements are generally tied to credit-related events that if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination or default event, the total market value exposure would be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. An election made by a counterparty to terminate a transaction early under a Master Agreement could have an adverse impact on a Fund's financial statements. Master Agreements can also help limit counterparty risk by requiring collateral posting arrangements at pre-arranged exposure levels. Collateral under the Master Agreements is usually in the form of cash, U.S. Treasury or U.S. Government agency securities, but may include other types of securities. There can be no assurance that the Master Agreements will be successful in limiting credit or counterparty risk.

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

38 Semi-Annual Financial Statements \| April 30, 2025

  <u>Notes to Financial Statements</u> <br> *As of April 30, 2025 (Unaudited)*

The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash Collateral<br> Received** |
| White Oak Select Growth Fund | $30836920 | $31277738 |
| Pin Oak Equity Fund | 2993246 | 3019156 |
| Rock Oak Core Growth Fund | 1281137 | 1308416 |
| River Oak Discovery Fund | 2134030 | 2283758 |
| Black Oak Emerging Technology Fund | 4085566 | 4179981 |
| Live Oak Health Sciences Fund | 5388000 | 5510429 |

---

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

**3. FAIR VALUE MEASUREMENTS:**

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

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

The three-tier hierarchy is summarized as follows:

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

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

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

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<u>Notes to Financial Statements</u>   <br> *As of April 30, 2025 (Unaudited)*

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

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

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

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

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

The following is a summary of the inputs used to value each Fund's investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **WHITE OAK SELECT GROWTH FUND** |  |  |  |  |
| Common Stocks | $373350480 | $— | $— | $373350480 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 15272871 |  | 15272871 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 31277738 |
| Total | $373350480 | $15272871 | $— | $419901089 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **PIN OAK EQUITY FUND** |  |  |  |  |
| Common Stocks | $125475258 | $— | $— | $125475258 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1427155 |  | 1427155 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 3019156 |
| Total | $125475258 | $1427155 | $— | $129921569 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **ROCK OAK CORE GROWTH FUND** |  |  |  |  |
| Common Stocks | $11668675 | $— | $— | $11668675 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 369517 |  | 369517 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 1308416 |
| Total | $11668675 | $369517 | $— | $13346608 |

---

40 Semi-Annual Financial Statements \| April 30, 2025

  <u>Notes to Financial Statements</u> <br> *As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **RIVER OAK DISCOVERY FUND** |  |  |  |  |
| Common Stocks | $17684179 | $— | $— | $17684179 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1608015 |  | 1608015 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 2283758 |
| Total | $17684179 | $1608015 | $— | $21575952 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **RED OAK TECHNOLOGY SELECT FUND** |  |  |  |  |
| Common Stocks | $559101813 | $— | $— | $559101813 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 24536657 |  | 24536657 |
| Total | $559101813 | $24536657 | $— | $583638470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **BLACK OAK EMERGING TECHNOLOGY FUND** |  |  |  |  |
| Common Stocks | $50672376 | $— | $— | $50672376 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3525186 |  | 3525186 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 4179981 |
| Total | $50672376 | $3525186 | $— | $58377543 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **LIVE OAK HEALTH SCIENCES FUND** |  |  |  |  |
| Common Stocks | $47715693 | $— | $— | $47715693 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1739043 |  | 1739043 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 5510429 |
| Total | $47715693 | $1739043 | $— | $54965165 |

---

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

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

1-888-462-5386 \| www.oakfunds.com 41

<u>Notes to Financial Statements</u>   <br> *As of April 30, 2025 (Unaudited)*

**4. FEES AND OTHER RELATED PARTY TRANSACTIONS:**

The Trust and the Adviser are parties to an Investment Advisory Agreement, under which the Adviser receives an annual fee equal to 0.74% of the average daily net assets of each Fund. The Adviser has contractually agreed through February 28, 2026 to waive all or a portion of its fees (and to reimburse the Funds' expenses if necessary) in order to limit Fund total operating expenses (excluding interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of such Fund's business) to not more than 1.25% of the average daily net assets of White Oak Select Growth Fund, Pin Oak Equity Fund, Rock Oak Core Growth Fund and River Oak Discovery Fund and 1.35% of the average daily net assets of Red Oak Technology Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund.

The following table lists the contractual advisory fees and fee waivers that were in effect during the six months ended April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Advisory Fees as a Percentage of Average Net Assets** | **Advisory Fees as a Percentage of Average Net Assets** | **Advisory Fees as a Percentage of Average Net Assets** | **Advisory Fees as a Percentage of Average Net Assets** |
| **Fund** | **Annual Rate** | **Fee Waiver** | **Net<br> Annual Rate** |
| White Oak Select Growth Fund | 0.74% |  | 0.74% |
| Pin Oak Equity Fund | 0.74% |  | 0.74% |
| Rock Oak Core Growth Fund | 0.74% | (0.17)% | 0.57% |
| River Oak Discovery Fund | 0.74% |  | 0.74% |
| Red Oak Technology Select Fund | 0.74% |  | 0.74% |
| Black Oak Emerging Technology Fund | 0.74% |  | 0.74% |
| Live Oak Health Sciences Fund | 0.74% |  | 0.74% |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides the Funds with administration, fund accounting and transfer agency services, including all regulatory reporting. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, each Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and costs of pricing its portfolio securities.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as the principal underwriter to each Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

Certain officers and trustees of the Trust are also officers of the Adviser, Ultimus and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers or trustees to the Trust.

42 Semi-Annual Financial Statements \| April 30, 2025

  <u>Notes to Financial Statements</u> <br> *As of April 30, 2025 (Unaudited)*

**5. INVESTMENT TRANSACTIONS:**

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the six months ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| White Oak Select Growth Fund | $— | $25319258 |
| Pin Oak Equity Fund | 2112656 | 11068302 |
| Rock Oak Core Growth Fund | 851528 | 1367211 |
| River Oak Discovery Fund |  | 1645809 |
| Red Oak Technology Select Fund | 7435468 | 61903393 |
| Black Oak Emerging Technology Fund | 969380 | 6147511 |
| Live Oak Health Sciences Fund | 4267357 | 6850847 |

---

**6. FEDERAL INCOME TAXES AND TAX BASIS INFORMATION:**

Each of the Funds is classified as a separate taxable entity for Federal income tax purposes. Each of the Funds has qualified and intends to continue to qualify as a separate "regulated investment company" under Sub-chapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. The character of dividends from net investment income or distributions from net realized gains made during the year, and the timing may differ from the year that the income or realized gains (losses) were recorded by the Funds. To the extent these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise. These differences are primarily due to differences in the treatment of net operating losses, utilization of earnings and profits distributed to shareholders on redemptions of shares, non-deductible expenses from partnerships, return of capital, and certain other investments.

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<u>Notes to Financial Statements</u>   <br> *As of April 30, 2025 (Unaudited)*

The tax character of the distributions paid by the Funds for the fiscal year ended October 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total** |
| White Oak Select Growth Fund | $2414967 | $15598480 | $18013447 |
| Pin Oak Equity Fund | 468648 | 9179180 | 9647828 |
| Rock Oak Core Growth Fund | 78194 |  | 78194 |
| Red Oak Technology Select Fund | 258413 | 23283876 | 23542289 |
| Black Oak Emerging Technology Fund |  | 2103329 | 2103329 |
| Live Oak Health Sciences Fund | 351642 | 2788349 | 3139991 |

---

As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Net<br> Investment<br> Income** | **Accumulated<br> Capital Gain** | **Unrealized<br> Appreciation** | **Cumulative<br> Effect of<br> Timing<br> Differences** | **Total** |
| White Oak Select Growth Fund | $1660673 | $42547522 | $233791342 | $— | $277999537 |
| Pin Oak Equity Fund | 90247 | 20131897 | 68883008 |  | 89105152 |
| Rock Oak Core Growth Fund |  | 27826 | 4971388 | (65009) | 4934205 |
| River Oak Discovery Fund |  |  | 8110080 | (2745793) | 5364287 |
| Red Oak Technology Select Fund |  | 21157343 | 466482429 |  | 487639772 |
| Black Oak Emerging Technology Fund |  | 4322189 | 29595272 | (586281) | 33331180 |
| Live Oak Health Sciences Fund |  | 1269614 | 20884170 | (436042) | 21717742 |

---

44 Semi-Annual Financial Statements \| April 30, 2025

  <u>Notes to Financial Statements</u> <br> *As of April 30, 2025 (Unaudited)*

As of October 31, 2024, the difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to wash sales, return of capital adjustments and partnership basis adjustments.

Rock Oak Core Growth Fund, River Oak Discovery Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund elected to defer to the fiscal year ending October 31, 2025, late year ordinary losses in the amount of $65,009, $296,295, $586,281 and $436,042, respectively.

As of October 31, 2024, River Oak Discovery Fund had short-term and long-term capital loss carryforwards available to offset future gains of $1,684,919 and $764,578, respectively. Capital loss carryforwards are not subject to expiration.

During the fiscal year ended October 31, 2024, Rock Oak Core Growth Fund utilized $9,333 in available capital short-term loss carryforwards.

At April 30, 2025, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Funds is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal<br> Tax Cost** | **Gross<br> Appreciation** | **Gross<br> Depreciation** | **Net<br> Appreciation** |
| White Oak Select Growth Fund | $179365387 | $214019682 | $(4761718) | $209257964 |
| Pin Oak Equity Fund | 58453532 | 71046932 | (2598051) | 68448881 |
| Rock Oak Core Growth Fund | 7600898 | 4857495 | (420202) | 4437293 |
| River Oak Discovery Fund | 13889960 | 6272671 | (870438) | 5402233 |
| Red Oak Technology Select Fund | 185806491 | 397831980 |  | 397831980 |
| Black Oak Emerging Technology Fund | 30594193 | 24242737 | (639368) | 23603369 |
| Live Oak Health Sciences Fund | 31198202 | 19557430 | (1300895) | 18256535 |

---

Management evaluates the Funds' tax positions to determine if the taken tax positions meet the minimum recognition threshold by measuring and recognizing tax liabilities in the Financial Statements. The threshold is established by accounting for uncertainties in income tax positions, taken or expected. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that as of and for the fiscal year ended October 31, 2024, no provision for income tax would be required in the Funds' financial statements. The Funds' federal and state income and federal excise tax

1-888-462-5386 \| www.oakfunds.com 45

<u>Notes to Financial Statements</u>   <br> *As of April 30, 2025 (Unaudited)*

returns for tax years (current and prior three tax years) for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**7. CONCENTRATION OF CREDIT RISK AND OWNERSHIP:**

As of April 30, 2025, Live Oak Health Sciences Fund invested greater than 25% of its net assets in securities in the Health Care sector. As of April 30, 2025, Rock Oak Core Growth Fund and River Oak Discovery Fund invested greater than 25% of their net assets in securities in the Industrials sector. As of April 30, 2025, Pin Oak Equity Fund, Red Oak Technology Select Fund and Black Oak Emerging Technology Fund invested greater than 25% of their net assets in securities in the Technology sector. Therefore, each of these Funds may be more affected by economic developments in those sectors 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 Funds and, therefore, cannot be established; however based on experience, the risk of loss from such claims is considered remote.

From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

As of April 30, 2025, the Vanita B. Oelschlager Trust owned 35.13% of Rock Oak Core Growth Fund and the James D. Oelschlager Trust owned 40.09% of River Oak Discovery Fund.

**8. TRUSTEE AND OFFICERS FEES:**

As of April 30, 2025, there were six Trustees, four of whom are not "interested persons" (within the meaning of the 1940 Act) of the Trust (the "Independent Trustees"). Each Independent Trustee receives a retainer at an annual rate of $60,000 per year. The chairperson of the Audit Committee receives an additional retainer of $750 per calendar quarter, the Chairperson of the Nominating Committee receives an additional retainer of $750 per calendar quarter, and the Lead Independent Trustee receives an additional retainer of $4,000 per calendar quarter.

The Independent Trustees who do not serve as chairpersons of the applicable Board committee are not paid an additional fee from the Trust for attendance at and/or participation in such meetings of the various committees of the Board. The Independent Trustees are also reimbursed for meeting-related expenses. Officers of the Trust and Trustees who are interested persons of the Trust receive no salary or fees from the Trust, although they may be reimbursed for meeting-related expenses.

**9. INDEMNIFICATIONS:**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the

46 Semi-Annual Financial Statements \| April 30, 2025

  <u>Notes to Financial Statements</u> <br> *As of April 30, 2025 (Unaudited)*

extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**10. SUBSEQUENT EVENTS:**

Management has evaluated events or transactions from April 30, 2025, through the date these financial statements were issued, that would merit recognition or disclosure in the financial statements. There were no other subsequent events to report that would have a material impact to the Funds' financial statements.

1-888-462-5386 \| www.oakfunds.com 47

<u>Additional Information</u>   <br> *As of April 30, 2025 (Unaudited)*

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURES**

Not applicable.

**RENUMERATION PAID TO DIRECTORS, OFFICERS AND OTHERS**

Refer to the financial statements included herein.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT**

The advisory agreement between Oak Associates Funds (the "Trust") and Oak Associates ltd. (the "Adviser") on behalf of each series of the Trust (each, a "Fund") (the "Advisory Agreement") was approved for an initial two-year term, and may be continued from year to year thereafter as to a Fund so long as such continuance is approved at least annually, (i) by the vote of the Board of Trustees (the "Board" or "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," as such term is defined in the Investment Company Act of 1940, as amended ("1940 Act"), of any party thereto (the "Independent Trustees"), cast at a meeting called for the purpose of voting on such approval.

At an in-person meeting held on February 14, 2025 (the "Meeting"), the Trustees, including a majority of the Independent Trustees, unanimously approved the continuation of the Advisory Agreement with respect to each Fund for an additional one-year term, effective February 28, 2025.

In determining whether to approve the continuation of the Advisory Agreement, the Trustees considered a wide variety of information from the Adviser, including information provided by the Adviser in response to a request from counsel on behalf of the Trustees in accordance with Section 15(c) of the 1940 Act, as well as information received throughout the year, both in writing and during meetings, regarding the Funds, including Fund performance, expense ratios, portfolio composition and regulatory compliance (the "Adviser Materials"). Prior to the in-person Board meeting held on February 14, 2025, the Independent Trustees held a special meeting on January 27, 2025 via videoconference to discuss the Adviser Materials. Following the January 27, 2025 special meeting, the Independent Trustees, with the assistance of their independent legal counsel, requested the Adviser to provide additional information to the Trustees at the February 14, 2025 meeting. In addition, the Independent Trustees discussed and considered the Adviser Materials and the renewal of the Advisory Agreement in an executive session of the Independent Trustees held during the February 14, 2025 in-person Board meeting and received counsel from their independent legal counsel.

As part of the Board's decision-making process, the Board considered the nature, extent, and quality of the services provided to each of the Funds by the Adviser. In this regard, the Board considered presentations by Trust officers and representatives of the Adviser. The Board noted that the Adviser has managed the Funds since their inception, and the Board believes that a long-term relationship with a capable, conscientious investment adviser is in the best interest of the Funds. The Board noted the low turnover rates of the Adviser's key

48 Semi-Annual Financial Statements \| April 30, 2025

  <u>Additional Information</u> <br> *As of April 30, 2025 (Unaudited)*

personnel, the overall stability of the Adviser's organization, and the experience, capability and integrity of its senior management. The Board also considered that shareholders invest in a Fund specifically seeking the Adviser's investment expertise and style. The Board also noted that when shareholders invest in a Fund, they know the advisory fee that is paid by the Fund. In this regard, the Board considered, in particular, that each Fund is managed in accordance with its investment objective and policies as disclosed to shareholders.

The Board also reviewed and considered the Adviser Materials. These presentations and the Adviser Materials contained information that assisted the Trustees in assessing the Adviser's investment advisory services, its investment process and regulatory/compliance capabilities and record, as well as the Adviser's investment philosophy, Fund performance records, and trade execution capabilities. The Board reviewed information regarding various services provided by the Adviser to the Funds, including the personnel performing such services. The Board also considered non-advisory services provided to the Funds, such as the services of Adviser employees as Trust officers and other personnel provided that are necessary for Fund operations. The Board particularly noted that the services of the Trust's Chief Compliance Officer are provided to the Funds at no additional cost to the Funds. The Board also noted that Adviser employees serving as Trust officers oversee and manage the other Fund service providers. Based on their review, the Independent 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 each Fund. The Trustees considered comparative performance information in the Adviser Materials from a third-party data aggregator for each Fund as compared to a peer group and peer universe selected by an independent third party, FUSE Research Network LLC ("FUSE") for the one-year, three-year, five-year and ten-year periods ended October 31, 2024. The Trustees also considered each Fund's performance compared to its benchmark for such periods. The Trustees evaluated the performance of the Adviser's separate accounts relative to the White Oak Select Growth Fund ("White Oak"), River Oak Discovery Fund ("River Oak"), Pin Oak Equity Fund ("Pin Oak") and Red Oak Technology Select Fund ("Red Oak"), and in the case of the Live Oak Health Sciences Fund ("Live Oak"), to a similarly managed fund for which the Adviser serves as sub-adviser. The Trustees noted that neither Rock Oak Core Growth Fund ("Rock Oak") nor Black Oak Emerging Technology Fund ("Black Oak") has a comparable separate account or similarly managed fund.

The Trustees reviewed the Adviser's commentary and FUSE information regarding the performance data and the various factors contributing to each Fund's short- and long-term performance. The Trustees took note of the various periods where each Fund outperformed, underperformed or performed in line with its respective peer group averages and benchmark.

<u>White Oak Select Growth Fund</u>. The Trustees noted that the White Oak shares outperformed the FUSE Peer Group Median for the one-year period ended October 31, 2024, underperformed for the three-year and five-year periods ended October 31, 2024, and performed in line for the ten-year period ended October 31, 2024. The Trustees further noted that the White Oak shares underperformed the S&P 500 Total Return USD Index for the one-year, three-year, five-year, ten-year periods ended October 31, 2024.

<u>Pin Oak Equity Fund</u>. The Trustees noted that the Pin Oak shares underperformed the FUSE Peer Group Median for the one-year three-year, five-year and ten-year periods ended October 31, 2024. The Trustees further noted that the Pin Oak shares underperformed the Morningstar U.S. Market Total Return USD Index for the one-year, three-year, five-year and ten-year periods ended October 31, 2024.

1-888-462-5386 \| www.oakfunds.com 49

<u>Additional Information</u>   <br> *As of April 30, 2025 (Unaudited)*

<u>Rock Oak Core Growth Fund</u>. The Trustees noted that the Rock Oak shares outperformed the FUSE Peer Group Median for the one-year and ten-year periods ended October 31, 2024, and underperformed for the three-year and five-year periods ended October 31, 2024. The Trustees further noted that the Rock Oak shares underperformed the Morningstar U.S. Mid Cap Total Return USD Index for the one-year, three-year, five-year and ten-year periods ended October 31, 2024.

<u>River Oak Discovery Fund</u>. The Trustees noted that the River Oak shares outperformed the FUSE Peer Group Median for the five-year and ten-year periods ended October 31, 2024, and underperformed for the one-year and three-year periods ended October 31, 2024. The Trustees further noted that the River Oak shares outperformed the Morningstar U.S. Small Cap Total Return USD Index for the five-year and ten-year periods ended October 31, 2024, and underperformed for the one-year and three-year periods ended October 31, 2024.

<u>Red Oak Technology Select Fund</u>. The Trustees noted that the Red Oak shares outperformed the FUSE Peer Group Median for the three-year period ended October 31, 2024, and underperformed for the one-year, five-year and ten-year periods ended October 31, 2024. The Trustees further noted that the Red Oak shares outperformed the S&P 500 Equal Weight Information Technology Total Return USD Index for the one-year and three-year periods ended October 31, 2024, and underperformed for the five-year and ten-year periods ended October 31, 2024.

<u>Black Oak Emerging Technology Fund</u>. The Trustees noted that the Black Oak shares outperformed the FUSE Peer Group Median for the one-year, three-year, five-year and ten-year periods ended October 31, 2024. The Trustees further noted that the Black Oak shares underperformed the S&P 500 Equal Weight Information Technology Total Return USD Index for the one-year, three-year, five-year and ten-year periods ended October 31, 2024.

<u>Live Oak Health Sciences Fund</u>. The Trustees noted that the Live Oak shares outperformed the FUSE Peer Group Median for the three-year period ended October 31, 2024, underperformed for the one-year, five-year and ten-year periods ended October 31, 2024. The Trustees further noted that the Live Oak shares underperformed the S&P 500 Health Care Select Sector Total Return USD Index for the one-year, three-year, five-year and ten-year periods ended October 31, 2024.

In the case of each Fund with performance that lagged its respective FUSE Peer Group Median or benchmark for certain periods, the Trustees considered explanations provided by the Adviser regarding the various factors contributing to the relative underperformance of such Fund, including, among other things: (i) that the Adviser's investment decisions, such as security selection and sector allocation, that contributed to such underperformance were consistent with each Fund's respective investment objective and strategies and with the Adviser's approach to managing portfolios and (ii) that shorter-term or longer-term performance, as applicable, was competitive when compared to the performance of such Fund's respective FUSE Peer Group Median or benchmark. The Independent Trustees concluded that the Adviser had adequately explained the factors contributing to each Fund's performance over such periods.

The Trustees considered the advisory fees paid to the Adviser by each Fund, the total expense ratios of each Fund, and the Adviser's contractual commitment to waive its advisory fees and/or reimburse Fund expenses in order to maintain stated caps on Fund operating expenses. The Trustees reviewed presentations by Trust officers, including information about the reported fees and expenses of each Fund's FUSE Peer Groups. The Trustees also received information from the Adviser regarding compensation arrangements for other accounts managed by the Adviser, and evaluated the explanations provided by the Adviser

50 Semi-Annual Financial Statements \| April 30, 2025

<u>Additional Information</u> <br> *As of April 30, 2025 (Unaudited)*

as to differences in fees charged to the Funds and such separate accounts. The Trustees considered, among other data, the specific factors and related conclusions set forth below with respect to the Funds:

<u>White Oak Select Growth Fund</u>. The Trustees noted that the contractual advisory fee and net total expense ratio for the White Oak shares were in line with and lower than the median of the contractual advisory fee and net total expense ratio for those funds in White Oak's FUSE Peer Group, respectively.

<u>Pin Oak Equity Fund</u>. The Trustees noted that the contractual advisory fee and net total expense ratio for the Pin Oak shares were higher and lower than the median of the contractual advisory fee and net total expense ratio for those funds in Pin Oak's FUSE Peer Group, respectively.

<u>Rock Oak Core Growth Fund</u>. The Trustees noted that the contractual advisory fee and net total expense ratio for the Rock Oak shares were lower and higher than the median of the contractual advisory fee and net total expense ratio for those funds in Rock Oak's FUSE Peer Group, respectively.

<u>River Oak Discovery Fund</u>. The Trustees noted that the contractual advisory fee and net total expense ratio for the River Oak shares were lower than the median of the contractual advisory fee and net total expense ratio for those funds in River Oak's FUSE Peer Group.

<u>Red Oak Technology Select Fund</u>. The Trustees noted that the contractual advisory fee and net total expense ratio for the Red Oak shares were lower than the median of the contractual advisory fee and net total expense ratio for those funds in Red Oak's FUSE Peer Group.

<u>Black Oak Emerging Technology Fund</u>. The Trustees noted that the contractual advisory fee and net total expense ratio for the Black Oak shares were lower than the median of the contractual advisory fee and net total expense ratio for those funds in Black Oak's FUSE Peer Group.

<u>Live Oak Health Sciences Fund</u>. The Trustees noted that the contractual advisory fee and net total expense ratio for the Live Oak shares were lower than the median of the contractual advisory fee and net total expense ratio for those funds in Live Oak's FUSE Peer Group.

The Trustees noted that The Adviser waived a portion of its advisory fee with respect to Rock Oak during the period ended October 31, 2024 in order to maintain the stated cap on Fund operating expenses. The Independent Trustees further considered the Adviser's profitability derived from its relationship with the Trust on a Fund-by-Fund basis, based on information reported by the Adviser, including information regarding the financial condition of the Adviser. The Independent Trustees concluded that each Fund's advisory fee as set forth in the Advisory Agreement, giving effect to the stated caps, was reasonable and did not result in an excessive profit to the Adviser in relation to the nature, extent and quality of services provided. The Independent Trustees also concluded that the overall expense ratio for each Fund was reasonable in comparison to the median expense ratio of funds in each Fund's respective FUSE Peer Group, and in light of various factors, such as Fund asset size and quality of service.

The Trustees considered the information provided by the Adviser with respect to potential "fall out" benefits to the Adviser from its relationship with the Funds, such as benefits to the Adviser in receipt of research paid for with Fund commissions (i.e., soft dollars) and in attracting and retaining non-Fund advisory clients. The Trustees considered the information they were provided about the Adviser's portfolio brokerage practices on behalf of the Funds,

1-888-462-5386 \| www.oakfunds.com 51

<u>Additional Information</u>   <br> *As of April 30, 2025 (Unaudited)*

including its policies with respect to obtaining benefits from use of the Funds' brokerage commissions to obtain research that also could be used for the Adviser's other clients, and the Independent Trustees concluded that the Adviser's portfolio brokerage practices appeared to be reasonably designed to achieve best execution on Fund trades.

The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Funds grow, and whether the advisory fee levels reflect those economies of scale for the benefit of shareholders. In light of the relatively small size 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, the Trustees determined that such economies of scale were either not present or the current fee structure adequately shares any such economies with Fund shareholders.

At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the continuation of the Advisory Agreement with respect to each Fund for an additional one-year period. In arriving at their decision, the Trustees did not identify any single matter as controlling, but made their determination in light of all the circumstances.

52 Semi-Annual Financial Statements \| April 30, 2025

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| ![(IMAGE)](img_004.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CONTACT US** |
| ![(IMAGE)](img_004.jpg) |

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**By Mail**

**Oak Associates Funds**

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**By Telephone** 1-888-462-5386 Monday through Friday, 8:00 a.m. to 6:00 p.m. ET

**On The Web** www.oakfunds.com

Click on the *My Oak Account* section to take advantage of these features:

● Trade Online

● Access and Update Account Information

● Go Paperless with eDelivery

● View and download account history

● Establish a systematic investment plan

The Trust files its complete schedule of portfolio holdings of each Fund monthly on Form N-PORT, with every third month made available to the public by the Securities and Exchange Commission sixty days after the end of the Funds' fiscal quarter.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-462-5386; and (ii) on the Securities and Exchange Commission's website at www.sec.gov.

**This report has been prepared for Oak Associates Funds Shareholders and may be distributed to others only if preceded or accompanied by a prospectus.**

Oak Associates Funds are distributed by Ultimus Fund Distributors, LLC

![](img_005.jpg)

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|:---|:---|
| ![(OAK LOGO)](img_006.jpg) | &nbsp;&nbsp;&nbsp; <br>225 Pictoria Drive, Suite 450<br>Cincinnati, OH 45246<br>|

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable – disclosed with annual report.

(a)(2) Not applicable

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|:---|:---|
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](oak_ex99-cert.htm) |

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(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](oak_ex99-906cert.htm)

**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) <u>Oak Associates Funds</u>

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|:---|:---|
| By (Signature and Title) | /s/ Charles A. Kiraly |
|  | Charles A. Kiraly, Principal Executive Officer |

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Date <u> 6/26/2025</u> <br>

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.

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|:---|:---|
| By (Signature and Title) | /s/ Charles A. Kiraly |
|  | Charles A. Kiraly, Principal Executive Officer |

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Date <u> 6/26/2025</u> <br>

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|:---|:---|
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |

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Date <u> 6/26/2025</u>

## Ex-99.Cert

**EX-99.CERT**

<u>CERTIFICATIONS</u>

I, Charles A. Kiraly, certify that:

1. I have reviewed this report on Form N-CSR of the Oak Associates Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| 6/26/2025 | /s/ Charles A. Kiraly |
| Date | Charles A. Kiraly |
|  | President/Principal Executive Officer |

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<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of the Oak Associates Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| 6/26/2025 | /s/ Zachary P. Richmond |
| Date | Zachary P. Richmond |
|  | Treasurer/Principal Financial Officer |

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## Exhibit 99.906

**EX-99.906 CERT**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended April 30, 2025 of the Oak Associates Funds (the "Registrant").

I, Charles A Kiraly, the President and Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>6/26/2025</u> <br> Date

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| |
|:---|
| /s/ Charles A. Kiraly |
| Charles A. Kiraly |
| President/Principal Executive Officer |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended April 30, 2025 of the Oak Associates Funds (the "Registrant").

I, Zachary P. Richmond, the Treasurer and Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

3. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

4. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>6/26/2025</u> <br> Date

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| |
|:---|
| /s/ Zachary P. Richmond |
| Zachary P. Richmond |
| Treasurer/ Principal Financial Officer |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.