White Oak Select Growth Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number : 811-08549

Oak Associates Funds

(Exact name of registrant as specified in charter)

3875 Embassy Parkway, Suite 250

Akron, Ohio 44333

(Address of principal executive offices) (Zip code)

Charles A. Kiraly

3875 Embassy Parkway, Suite 250

Akron, Ohio 44333

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-462-5386

Date of fiscal year end: October 31

Date of reporting period: April 30, 2023

Item 1. Reports to Stockholders.

(COVER PAGE)

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.

Dual-Concentrated Investment Approach

Long-term fundamental and multi-cycle analysis to uncover the highest
conviction sectors and holdings fueled by multiple drivers of growth.

SECTOR GROWTH DRIVERS

▼	Overall Macro Trends

▼	Relative Valuations

▼	Competitive Durability

▼	Earnings Sustainability

▼	Sub-sector Thematics

▼	Rates and Yields

(GRAPHICS)

*COMPANY GROWTH DRIVERS*

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.

(GRAPHICS)

Performance Update
White Oak Select Growth Fund	1
Pin Oak Equity Fund	2
Rock Oak Core Growth Fund	3
River Oak Discovery Fund	4
Red Oak Technology Select Fund	5
Black Oak Emerging Technology Fund	6
Live Oak Health Sciences Fund	7
Important Disclosures	8
Disclosure of Fund Expenses	11
Financial Statements
Schedules of Investments	13
Statements of Assets & Liabilities	34
Statements of Operations	36
Statements of Changes in Net Assets	38
Financial Highlights	44
Notes to Financial Statements	48
Board Considerations in Approving the Renewal of the Advisory Agreement	60

White Oak Select Growth Fund	Performance Update
	All data below is as of April 30, 2023 (Unaudited)

Fund Data		Top 10 Holdings^
Ticker	WOGSX	1	Amazon.com, Inc.	10.2%
Share Price	$109.96	2	Alphabet, Inc. – Class C	8.3%
Total Net Assets	$324.8M	3	Cisco Systems, Inc.	7.1%
Portfolio Turnover	3%	4	Amgen, Inc.	6.1%
		5	KLA Corp.	5.9%
Sector Allocation^		6	JPMorgan Chase & Co.	5.9%
Health Care	25.3%	7	Lowe’s Companies, Inc.	5.8%
Technology	22.6%	8	Charles Schwab Corp. (The)	5.1%
Communications	17.5%	9	Alphabet, Inc. – Class A	5.0%
Consumer Discretionary	16.0%	10	QUALCOMM, Inc.	4.4%
Financials	15.4%
Cash & Other Assets	3.2%

Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

(LINE GRAPH)

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

	Average Annual Total Return
	1 Year	3 Year	5 Year	10 Year
	Return	Return	Return	Return
White Oak Select Growth Fund	-4.23%	7.42%	6.73%	10.48%
S&P 500^® Total Return Index¹	2.66%	14.52%	11.45%	12.20%
Morningstar Large Blend Category Average²	1.80%	13.72%	9.94%	10.81%

Gross/Net Expense Ratio (per the prospectus dated February 28, 2023): 0.91%
Gross/Net Expense Ratio (as of the six months ended April 30, 2023): 0.93%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

Standard & Poor’s is the source and owner of the S&P Index data.

Morningstar, Inc. is the source and owner of the Morningstar Classification data. See Pages 8 and 9 for additional disclosure.

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

Pin Oak Equity Fund	Performance Update
All data below is as of April 30, 2023 (Unaudited)

Fund Data		Top 10 Holdings^
Ticker	POGSX	1	Alphabet, Inc. – Class C	11.2%
Share Price	$66.50	2	Amazon.com, Inc.	9.4%
Total Net Assets	$115.5M	3	McKesson Corp.	6.7%
Portfolio Turnover	4%	4	Amdocs Ltd.	6.4%
		5	Visa, Inc. – Class A	6.3%
Sector Allocation^		6	KLA Corp.	6.2%
Technology	30.5%	7	Charles Schwab Corp. (The)	4.2%
Health Care	19.9%	8	Paychex, Inc.	4.2%
Communications	18.7%	9	Assurant, Inc.	4.1%
Consumer Discretionary	13.4%	10	Regeneron Pharmaceuticals, Inc.	4.1%
Financials	12.0%
Industrials	2.2%
Energy	1.1%
Cash & Other Assets	2.2%

Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

(LINE GRAPH)

	Average Annual Total Return
	1 Year	3 Year	5 Year	10 Year
	Return	Return	Return	Return
Pin Oak Equity Fund	-6.57%	5.52%	4.20%	9.26%
Morningstar US Market Index¹	1.57%	13.95%	10.70%	11.73%
Morningstar Large Blend Category Average¹	1.80%	13.72%	9.94%	10.81%

Gross/Net Expense Ratio (per the prospectus dated February 28, 2023): 0.95%
Gross/Net Expense Ratio (as of the six months ended April 30, 2023): 0.98%

Morningstar, Inc. is the source and owner of the Morningstar Classification data. See Pages 8 and 9 for additional disclosure.

2	Semi-Annual Report \| April 30, 2023

Rock Oak Core Growth Fund	Performance Update
	All data below is as of April 30, 2023 (Unaudited)

Fund Data		Top 10 Holdings^
Ticker	RCKSX	1	Hartford Financial Services Group, Inc. (The)	6.5%
Share Price	$14.53	2	Cardinal Health, Inc.	4.8%
Total Net Assets	$9.9M	3	Republic Services, Inc.	4.6%
Portfolio Turnover	0%	4	Quest Diagnostics, Inc.	4.2%
		5	TransDigm Group, Inc.	4.1%
Sector Allocation^		6	Nordson Corp.	4.0%
Technology	20.3%	7	Jazz Pharmaceuticals PLC	4.0%
Health Care	19.6%	8	Carlisle Companies, Inc.	3.9%
Industrials	17.6%	9	F5, Inc.	3.8%
Financials	8.8%	10	NetApp, Inc.	3.7%
Energy	8.6%
Consumer Discretionary	6.4%
Materials	6.0%
Cash & Other Assets	12.7%

Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

(LINE GRAPH)

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years Past performance does not guarantee future results This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares Fee waivers are in effect; if they had not been in effect, performance would have been lower.

	Average Annual Total Return
	1 Year	3 Year	5 Year	10 Year
	Return	Return	Return	Return
Rock Oak Core Growth Fund	-8.06%	5.04%	1.70%	7.49%
Morningstar US Mid Cap Index¹	-1.94%	14.71%	8.75%	10.60%
Morningstar Mid Blend Category Average¹	-0.48%	14.46%	7.07%	8.90%

Gross/Net Expense Ratio (per the prospectus dated February 28, 2023): 1.50%/1.25%
Gross/Net Expense Ratio (as of the six months ended April 30, 2023): 1.57%/1.25%

The Adviser has contractually agreed for a period of one year from February 28, 2023, the date of the Fund’s Prospectus, to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any, to an annual rate of not more than 1.25% of average daily net assets. This contractual fee waiver may only be terminated subject to approval by the Board of Trustees of the Trust.

Morningstar, Inc. is the source and owner of the Morningstar Classification data. See Pages 8 and 9 for additional disclosure.

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

River Oak Discovery Fund	Performance Update
All data below is as of April 30, 2023 (Unaudited)

Fund Data		Top 10 Holdings^
Ticker	RIVSX	1	Advanced Energy Industries, Inc.	5.1%
Share Price	$15.53	2	Kulicke & Soffa Industries, Inc.	5.0%
Total Net Assets	$21.9M	3	Cirrus Logic, Inc.	4.6%
Portfolio Turnover	31%	4	Perficient, Inc.	4.2%
		5	Premier, Inc. - Class A	4.1%
Sector Allocation^		6	Kforce, Inc.	4.0%
Technology	38.9%	7	Applied Industrial Technologies, Inc.	3.9%
Industrials	23.4%	8	Diodes, Inc.	3.9%
Financials	11.3%	9	Prestige Consumer Healthcare, Inc.	3.8%
Health Care	13.6%	10	Nextgen Healthcare, Inc.	3.8%
Consumer Discretionary	6.2%
Consumer Staples	5.8%
Cash & Other Assets	0.8%

Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

(LINE GRAPH)

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

	Average Annual Total Return
	1 Year	3 Year	5 Year	10 Year
	Return	Return	Return	Return
River Oak Discovery Fund	2.06%	17.15%	8.66%	9.46%
Morningstar US Small Cap Index¹	-1.38%	13.44%	5.07%	8.12%
Morningstar Small Blend Category Average¹	-2.08%	14.98%	5.15%	8.00%

Gross/Net Expense Ratio (per the prospectus dated February 28, 2023): 1.19%
Gross/Net Expense Ratio (as of the six months ended April 30, 2023): 1.09%

Morningstar, Inc. is the source and owner of the Morningstar Classification data. See Pages 8 and 9 for additional disclosure.

4	Semi-Annual Report \| April 30, 2023

Red Oak Technology Select Fund	Performance Update
	All data below is as of April 30, 2023 (Unaudited)

Fund Data		Top 10 Holdings^
Ticker	ROGSX	1	Alphabet, Inc. – Class C	7.0%
Share Price	$31.82	2	Apple, Inc.	6.8%
Total Net Assets	$471.3M	3	Microsoft Corp.	6.5%
Portfolio Turnover	0%	4	Amazon.com, Inc.	5.9%
		5	Cisco Systems, Inc.	5.8%
Sector Allocation^		6	KLA Corp.	5.6%
Technology	72.1%	7	Oracle Corp.	5.3%
Communications	12.9%	8	Synopsys, Inc.	5.2%
Consumer Discretionary	9.1%	9	Meta Platforms, Inc.	4.2%
Industrials	2.7%	10	Visa, Inc. – Class A	4.0%
Cash & Other Assets	3.2%

Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

(LINE GRAPH)

	Average Annual Total Return
	1 Year	3 Year	5 Year	10 Year
	Return	Return	Return	Return
Red Oak Technology Select Fund	-1.89%	8.83%	9.99%	14.91%
S&P 500 Equal Weight Information Technology Index¹	2.37%	14.13%	13.23%	17.26%
Morningstar Technology Sector Category Average²	-5.74%	8.81%	10.10%	15.08%

Gross/Net Expense Ratio (per the prospectus dated February 28, 2023): 0.92%
Gross/Net Expense Ratio (as of the six months ended April 30, 2023): 0.94%

Standard & Poor’s is the source and owner of the S&P Index data.

Morningstar, Inc. is the source and owner of the Morningstar Classification data. See Pages 8 and 9 for additional disclosure.

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

Black Oak Emerging Technology Fund	Performance Update
All data below is as of April 30, 2023 (Unaudited)

Fund Data		Top 10 Holdings^
Ticker	BOGSX	1	Apple, Inc.	6.4%
Share Price	$6.58	2	KLA Corp.	4.9%
Total Net Assets	$53.3M	3	Kulicke & Soffa Industries, Inc.	4.4%
Portfolio Turnover	1%	4	SolarEdge Technologies, Inc.	4.1%
		5	Diodes, Inc.	3.9%
Sector Allocation^		6	Cohu, Inc.	3.8%
Technology	75.6%	7	Salesforce.com, Inc.	3.6%
Industrials	9.6%	8	Applied Industrial Technologies, Inc.	3.6%
Health Care	5.0%	9	Lam Research Corp.	3.4%
Energy	4.1%	10	Cirrus Logic, Inc.	3.4%
Consumer Discretionary	1.8%
Cash & Other Assets	3.9%

Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

(LINE GRAPH)

	Average Annual Total Return
	1 Year	3 Year	5 Year	10 Year
	Return	Return	Return	Return
Black Oak Emerging Technology Fund	-2.70%	15.22%	12.10%	13.45%
S&P 500 Equal Weight Information Technology Index¹	2.37%	14.13%	13.23%	17.26%
Morningstar Technology Sector Category Average²	-5.74%	8.81%	10.10%	15.08%

Gross/Net Expense Ratio (per the prospectus dated February 28, 2023): 1.03%
Gross/Net Expense Ratio (as of the six months ended April 30, 2023): 1.05%

Standard & Poor’s is the source and owner of the S&P Index data.

Morningstar, Inc. is the source and owner of the Morningstar Classification data. See Pages 8 and 9 for additional disclosure.

6	Semi-Annual Report \| April 30, 2023

Live Oak Health Sciences Fund	Performance Update
	All data below is as of April 30, 2023 (Unaudited)

Fund Data		Top 10 Holdings^
Ticker	LOGSX	1	Regeneron Pharmaceuticals, Inc.	4.7%
Share Price	$20.92	2	Amgen, Inc.	4.5%
Total Net Assets	$54.8M	3	Cardinal Health, Inc.	4.3%
Portfolio Turnover	27%	4	AmerisourceBergen Corp.	4.2%
		5	Merck & Co., Inc.	4.0%
Sector Allocation^		6	McKesson Corp.	3.6%
Health Care	96.6%	7	Medtronic PLC	3.6%
Cash & Other Assets	3.4%	8	Intuitive Surgical, Inc.	3.6%
		9	Vertex Pharmaceuticals, Inc.	3.4%
		10	Ensign Group, Inc./The	3.3%

Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

(LINE GRAPH)

	Average Annual Total Return
	1 Year	3 Year	5 Year	10 Year
	Return	Return	Return	Return
Live Oak Health Sciences Fund	3.57%	9.11%	7.96%	9.87%
S&P 500^® Health Care Index¹	4.17%	12.05%	12.23%	12.89%
Morningstar Health Care Sector Category Average²	4.22%	5.81%	7.54%	11.07%

Gross/Net Expense Ratio (per the prospectus dated February 28, 2023): 1.02%
Gross/Net Expense Ratio (as of the six months ended April 30, 2023): 1.01%

Standard & Poor’s is the source and owner of the S&P Index data.

Morningstar, Inc. is the source and owner of the Morningstar Classification data. See Pages 8 and 9 for additional disclosure.

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

Important Disclosures

All data below is as of April 30, 2023 (Unaudited)

Mutual fund investing involves risk, including the possible loss of principal. The value of a Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Because a Fund may invest a significant portion of its assets in particular industry sectors which it believes hold the most potential for favorable returns, poor performance or adverse economic events affecting one or more of these over-weighted sectors could have a greater impact on a Fund than it would on another mutual fund with a broader range of investments.

Index Definitions and Disclosures

All indices are unmanaged and index performance figures include reinvestment of dividends but do not reflect any fees, expenses or taxes. Investors cannot invest directly in an index.

Oak Associates Funds (the “Funds”) are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to individuals who invest in the Funds or any member of the public regarding the advisability of investing in equity securities generally or in the Funds in particular or the ability of the Funds to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUNDS OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. You cannot invest directly in an index.

Morningstar Health Care Category – Health portfolios focus on the medical and health-care industries. Most invest in a range of companies, buying everything from pharmaceutical and medical-device makers to HMOs, hospitals, and nursing homes. A few portfolios concentrate on just one industry segment, such as service providers or biotechnology firms.

Morningstar Large Blend Category – Large-blend portfolios are fairly representative of the overall US stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the US equity market are defined as large-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios’ returns are often similar to those of the S&P 500 Index.

Morningstar Mid Blend Category – The typical mid-cap blend portfolio invests in US stocks of various sizes and styles, giving it a middle-of-the-road profile. Most shy away from high-priced growth stocks, but aren’t so price-conscious that they land in value territory. The US mid-cap range for market capitalization typically falls between $1billion-$8 billion and represents 20% of the total capitalization of the US equity market. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Morningstar Small Blend Category – Small-blend portfolios favor US firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the US equity market are defined as small-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

8	Semi-Annual Report \| April 30, 2023

Important Disclosures

All data below is as of April 30, 2023 (Unaudited)

Morningstar Technology Category – Technology portfolios buy high-tech businesses in the US or outside of the US Most concentrate on computer, semiconductor, software, networking, and Internet stocks. A few also buy medical-device and biotechnology stocks and some concentrate on a single technology industry.

Morningstar US Market Index – Measures the performance of US securities and targets 97% market capitalization coverage of the investable universe. It is a diversified broad market index. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

Morningstar US Mid Cap Index – Tracks the performance of US mid-cap stocks that fall between 70th and 90th percentile in market capitalization of the investable universe. In aggregate the Mid-Cap Index represents 20 percent of the investable universe.

Morningstar US Small Cap Index – Measures the performance of US small-cap stocks. These stocks fall between the 90th and 97th percentile in market capitalization of the investable universe. In aggregate, the Small-Cap Index represents 7 percent of the investable universe. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

Standard & Poor’s – is the source and owner of the S&P Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Standard & Poor’s is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.

S&P 500^® Index – is a commonly-recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad US equity performance.

S&P 500^® Equal Weight Information Technology Index – The S&P 500^® Equal Weight Information Technology Index is an unmanaged equal weighted version of the S&P 500^® Information Technology Index that consists of the common stocks of the following industries: internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services, and wireless telecommunication services that comprise the Information Technology sector of the S&P 500^® Index.

S&P 500^® Health Care Index – The S&P 500^® Health Care Index is a capitalization-weighted index that encompasses two main industry groups. The first includes companies who manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health care services, and owners and operators of health care facilities and organizations. The second group consists of companies primarily involved in the research, development, production and marketing of pharmaceuticals and biotechnology products.

S&P 500^® Total Return Index – The S&P 500^® Total Return Index is a commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad US equity performance.

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

Important Disclosures

All data below is as of April 30, 2023 (Unaudited)

Investment Definitions

Smart beta defines a set of investment strategies that emphasize the use of alternative index construction rules to traditional market capitalization based indices. Smart beta emphasizes capturing investment factors of market inefficiencies in a rules-based and transparent way.

Correlation is a statistic that measures the degree to which two securities move in relation to each other.

The P/E is the ratio for valuing a company that measures its current share price relative to its per share earnings. The price-earnings ratio can be calculated as market value per share divided by earnings per share.

Book value of an asset is the value at which the asset is carried on a balance sheet and calculated by taking the cost of an asset minus the accumulated depreciation. Book value is also the net asset value of a company, calculated as total assets minus intangible assets and liabilities.

Free cash flow yield is an overall return evaluation ratio of a stock, which standardizes the free cash flow per share a company is expected to earn against its market price per share. The ratio is calculated by taking the free cash flow per share divided by the share price.

10	Semi-Annual Report \| April 30, 2023

Disclosure of Fund Expenses

As of April 30, 2023 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period from November 1, 2022 through April 30, 2023.

Actual Expenses

The first line of the table for each Fund provides information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

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

Disclosure of Fund Expenses

As of April 30, 2023 (Unaudited)

	Beginning	Ending
	Account Value	Account Value	Annualized	Expenses
	November 1,	April 30,	Expense	Paid During
	2022	2023	Ratio	Period^(a)
White Oak Select Growth Fund
Actual Return	$1,000.00	$1,046.40	0.93%	$4.81
Hypothetical 5% Return	$1,000.00	$1,020.51	0.93%	$4.75
Pin Oak Equity Fund
Actual Return	$1,000.00	$1,020.80	0.98%	$4.91
Hypothetical 5% Return	$1,000.00	$1,019.93	0.98%	$4.91
Rock Oak Core Growth Fund
Actual Return	$1,000.00	$ 981.60	1.25%	$6.14
Hypothetical 5% Return	$1,000.00	$1,018.60	1.25%	$6.26
River Oak Discovery Fund
Actual Return	$1,000.00	$ 999.60	1.09%	$5.41
Hypothetical 5% Return	$1,000.00	$1,019.38	1.09%	$5.47
Red Oak Technology Select Fund
Actual Return	$1,000.00	$1,143.30	0.94%	$5.00
Hypothetical 5% Return	$1,000.00	$1,020.13	0.94%	$4.71
Black Oak Emerging Technology Fund
Actual Return	$1,000.00	$1,041.00	1.05%	$5.32
Hypothetical 5% Return	$1,000.00	$1,019.58	1.05%	$5.26
Live Oak Health Sciences Fund
Actual Return	$1,000.00	$ 984.30	1.01%	$4.96
Hypothetical 5% Return	$1,000.00	$1,019.80	1.01%	$5.05

^(a)

Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

12	Semi-Annual Report \| April 30, 2023

Schedule of Investments	White Oak Select Growth Fund
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
COMMON STOCKS — 96.78%
COMMUNICATIONS — 17.50%
Internet Media & Services — 17.50%
Alphabet, Inc. - Class A^(a)		152,000	$	16,315,680
Alphabet, Inc. - Class C^(a)		248,000		26,838,560
Meta Platforms, Inc. - Class A^(a)		56,975		13,692,232
				56,846,472
CONSUMER DISCRETIONARY — 15.95%
E-Commerce Discretionary — 10.19%
Amazon.com, Inc.^(a)		314,100		33,121,845

Retail - Discretionary — 5.76%
Lowe’s Companies, Inc.		90,000		18,704,700

FINANCIALS — 15.41%
Asset Management — 5.05%
Charles Schwab Corp. (The)		314,100		16,408,584

Banking — 5.92%
JPMorgan Chase & Co.		139,065		19,224,345

Institutional Financial Services — 0.78%
State Street Corp.		35,000		2,529,100

Insurance — 3.66%
Chubb Ltd.		58,937		11,879,342

HEALTH CARE — 25.27%
Biotech & Pharma — 12.99%
Amgen, Inc.		82,460		19,768,961
Novartis AG - ADR		114,060		11,699,134
Pfizer, Inc.		275,700		10,721,973
				42,190,068
Health Care Facilities & Services — 5.90%
Cigna Corp.		32,952		8,346,412
Laboratory Corporation of America Holdings^{^(b)}		47,770		10,829,937
				19,176,349

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

White Oak Select Growth Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
Medical Equipment & Devices — 6.38%
Alcon, Inc.^(b)		138,000	$	10,002,240
Zimmer Biomet Holdings, Inc.		77,390		10,713,871
				20,716,111
TECHNOLOGY — 22.65%
Semiconductors — 13.68%
KLA Corp.		49,835		19,263,221
NXP Semiconductors NV		66,513		10,890,838
QUALCOMM, Inc.		122,300		14,284,640
				44,438,699
Technology Hardware — 7.13%
Cisco Systems, Inc.		490,000		23,152,500

Technology Services — 1.84%
Cognizant Technology Solutions Corp. - Class A		100,000		5,971,000

TOTAL COMMON STOCKS
(Cost $160,733,189)				314,359,115

14	Semi-Annual Report \| April 30, 2023

Schedule of Investments	White Oak Select Growth Fund
As of April 30, 2023 (Unaudited)

	Shares or		Fair
	Principal ($)		Value
SHORT-TERM INVESTMENTS — 6.67%
REPURCHASE AGREEMENTS — 3.12%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.48%, dated 4/28/2023 and maturing 5/1/2023, collateralized by U.S. Treasury Securities with rates ranging from 0.00% to 3.88% and maturity dates ranging from 10/12/2023 to 2/15/2053 with a par value of $10,410,896 and a collateral value of $10,326,648		10,124,144	$	10,124,144

COLLATERAL FOR SECURITIES LOANED — 3.55%
Mount Vernon Liquid Assets Portfolio, LLC, 4.96%^(c)		11,518,719		11,518,719

TOTAL SHORT-TERM INVESTMENTS
(Cost $21,642,863)				21,642,863

TOTAL INVESTMENTS — 103.45%
(Cost $182,376,052)				336,001,978

Liabilities in Excess of Other Assets — (3.45)%				(11,202,737	)

NET ASSETS — 100.00%			$	324,799,241

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $11,363,001.

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023.

ADR — American Depositary Receipt

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

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

Pin Oak Equity Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
COMMON STOCKS — 97.76%
COMMUNICATIONS — 18.72%
Entertainment Content — 1.05%
Activision Blizzard, Inc.^(a)		15,632	$	1,214,763

Internet Media & Services — 17.67%
Alphabet, Inc. - Class A^(a)		27,500		2,951,850
Alphabet, Inc. - Class C^(a)		120,000		12,986,400
Meta Platforms, Inc. - Class A^(a)		18,569		4,462,502
				20,400,752
CONSUMER DISCRETIONARY — 13.37%
E-Commerce Discretionary — 13.37%
Amazon.com, Inc.^(a)		102,400		10,798,080
eBay, Inc.		100,000		4,643,000
				15,441,080
ENERGY — 1.11%
Oil & Gas Producers — 1.11%
Coterra Energy, Inc.^(b)		50,000		1,280,000

FINANCIALS — 12.05%
Asset Management — 4.18%
Charles Schwab Corp. (The)		92,500		4,832,200

Institutional Financial Services — 3.72%
Bank of New York Mellon Corp. (The)		100,745		4,290,730

Insurance — 4.15%
Assurant, Inc.		38,900		4,789,757

HEALTH CARE — 19.90%
Biotech & Pharma — 11.35%
Amgen, Inc.		18,500		4,435,190
Gilead Sciences, Inc.		48,145		3,958,000
Regeneron Pharmaceuticals, Inc.^(a)		5,881		4,715,327
				13,108,517

16	Semi-Annual Report \| April 30, 2023

Schedule of Investments	Pin Oak Equity Fund
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
Health Care Facilities & Services — 8.55%
McKesson Corp.		21,400	$	7,794,736
Quest Diagnostics, Inc.^(b)		15,000		2,082,150
				9,876,886
INDUSTRIALS — 2.15%
Electrical Equipment — 2.15%
Amphenol Corp. - Class A		32,860		2,479,944

TECHNOLOGY — 30.46%
Semiconductors — 9.17%
Diodes, Inc.^(a)^(b)		17,411		1,387,657
KLA Corp.		18,498		7,150,217
Microchip Technology, Inc.		28,089		2,050,216
				10,588,090
Software — 3.22%
Akamai Technologies, Inc.^(a)^(b)		45,324		3,715,208

Technology Services — 18.07%
Amdocs Ltd.		81,587		7,444,814
Paychex, Inc.		43,649		4,795,279
PayPal Holdings, Inc.^(a)		18,000		1,368,000
Visa, Inc. - Class A^(b)		31,220		7,265,831
				20,873,924
TOTAL COMMON STOCKS
(Cost $61,761,001)				112,891,851

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

Pin Oak Equity Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

	Shares or		Fair
	Principal ($)		Value
SHORT-TERM INVESTMENTS — 15.96%
REPURCHASE AGREEMENTS — 2.29%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.48%, dated 4/28/2023 and maturing 5/1/2023, collateralized by U.S. Treasury Securities with rates ranging from 0.00% to 3.88% and maturity dates ranging from 10/12/2023 to 2/15/2053 with a par value of $2,719,096 and a collateral value of $2,697,092		2,644,202	$	2,644,202

COLLATERAL FOR SECURITIES LOANED — 13.67%
Mount Vernon Liquid Assets Portfolio, LLC, 4.96%^(c)		15,784,606		15,784,606

TOTAL SHORT-TERM INVESTMENTS
(Cost $18,428,808)				18,428,808

TOTAL INVESTMENTS — 113.72%
(Cost $80,189,809)				131,320,659

Liabilities in Excess of Other Assets — (13.72)%				(15,839,140	)

NET ASSETS — 100.00%			$	115,481,519

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $15,573,218.

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023.

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

18	Semi-Annual Report \| April 30, 2023

Schedule of Investments	Rock Oak Core Growth Fund
As of April 30, 2023 (Unaudited)

			Fair
��	Shares		Value
COMMON STOCKS — 87.28%
CONSUMER DISCRETIONARY — 6.43%
Leisure Products — 2.78%
Thor Industries, Inc.^(a)		3,490	$	275,780

Wholesale - Discretionary — 3.65%
Pool Corp.^(a)		1,030		361,859

ENERGY — 8.60%
Oil & Gas Producers — 5.38%
Coterra Energy, Inc.^(a)		11,541		295,449
Murphy USA, Inc.		864		237,799
				533,248
Renewable Energy — 3.22%
SolarEdge Technologies, Inc.^(a)^(b)		1,120		319,906

FINANCIALS — 8.76%
Insurance — 8.76%
Assurant, Inc.		1,830		225,328
Hartford Financial Services Group, Inc. (The)		9,065		643,524
				868,852
HEALTH CARE — 19.63%
Biotech & Pharma — 9.05%
Exelixis, Inc.^(b)		18,149		332,127
Jazz Pharmaceuticals PLC^(b)		2,825		396,828
Viatris, Inc.		18,120		169,059
				898,014
Health Care Facilities & Services — 9.00%
Cardinal Health, Inc.^(a)		5,770		473,717
Quest Diagnostics, Inc.^(a)		3,015		418,512
				892,229
Medical Equipment & Devices — 1.58%
Illumina, Inc.^(b)		760		156,226

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

Rock Oak Core Growth Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
INDUSTRIALS — 17.60%
Aerospace & Defense — 4.13%
TransDigm Group, Inc.		535	$	409,275

Commercial Support Services — 4.56%
Republic Services, Inc.		3,130		452,661

Machinery — 8.91%
Curtiss-Wright Corp.		1,620		275,125
ESAB Corp.^(a)		3,618		211,146
Nordson Corp.^(a)		1,839		397,794
				884,065
MATERIALS — 6.00%
Chemicals — 2.05%
CF Industries Holdings, Inc.		2,840		203,287

Construction Materials — 3.95%
Carlisle Companies, Inc.		1,815		391,768

TECHNOLOGY — 20.26%
Technology Hardware — 13.63%
F5, Inc.^(b)		2,820		378,895
NetApp, Inc.^(a)		5,805		365,077
Seagate Technology PLC		6,007		353,031
Ubiquiti Networks, Inc.^(a)		1,095		254,642
				1,351,645
Technology Services — 6.63%
Amdocs Ltd.		3,602		328,683
Cognizant Technology Solutions Corp. - Class A^(a)		5,507		328,823
				657,506
TOTAL COMMON STOCKS
(Cost $6,835,202)				8,656,321

20	Semi-Annual Report \| April 30, 2023

Schedule of Investments	Rock Oak Core Growth Fund
As of April 30, 2023 (Unaudited)

	Shares or		Fair
	Principal ($)		Value
SHORT-TERM INVESTMENTS — 46.51%
REPURCHASE AGREEMENTS — 12.91%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.48%, dated 4/28/2023 and maturing 5/1/2023, collateralized by U.S. Treasury Securities with rates ranging from 0.00% to 3.88% and maturity dates ranging from 10/12/2023 to 2/15/2053 with a par value of $1,317,170 and a collateral value of $1,306,511		1,280,890	$	1,280,890

COLLATERAL FOR SECURITIES LOANED — 33.60%
Mount Vernon Liquid Assets Portfolio, LLC, 4.96%^(c)		3,332,609		3,332,609

TOTAL SHORT-TERM INVESTMENTS
(Cost $4,613,499)				4,613,499

TOTAL INVESTMENTS — 133.79%
(Cost $11,448,701)				13,269,820

Liabilities in Excess of Other Assets — (33.79)%				(3,351,159	)

NET ASSETS — 100.00%			$	9,918,661

^(a)

Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $3,273,915.

^(b)

Non-income producing security.

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023.

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

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

River Oak Discovery Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
COMMON STOCKS — 99.16%
CONSUMER DISCRETIONARY — 6.20%
Consumer Services — 3.21%
Adtalem Global Education, Inc.^(a)		17,305	$	702,064

Retail - Discretionary — 2.99%
Asbury Automotive Group, Inc.^(a)^(b)		3,380		653,895

CONSUMER STAPLES — 5.75%
Household Products — 5.75%
Edgewell Personal Care Co.^(b)		17,322		756,452
Energizer Holdings, Inc.		15,000		501,450
				1,257,902
FINANCIALS — 11.30%
Asset Management — 5.91%
AllianceBernstein Holding LP		21,518		752,269
Artisan Partners Asset Management, Inc. - Class A^(b)		15,626		541,754
				1,294,023
Insurance — 5.39%
CNO Financial Group, Inc.		17,845		400,442
Selective Insurance Group, Inc.^(b)		8,090		779,309
				1,179,751
HEALTH CARE — 13.61%
Biotech & Pharma — 6.16%
Ironwood Pharmaceuticals, Inc.^(a)		49,325		513,473
Prestige Consumer Healthcare, Inc.^(a)		13,557		834,162
				1,347,635
Health Care Facilities & Services — 7.45%
Ensign Group, Inc./The^(b)		7,572		735,166
Premier, Inc. - Class A		26,868		895,510
				1,630,676
INDUSTRIALS — 23.43%
Commercial Support Services — 10.69%
Barrett Business Services, Inc.		9,477		792,372
Kforce, Inc.^(b)		14,641		865,869
Vectrus, Inc.^(a)		15,768		681,177
				2,339,418

22	Semi-Annual Report \| April 30, 2023

Schedule of Investments	River Oak Discovery Fund
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
Electrical Equipment — 5.09%
Advanced Energy Industries, Inc.		12,880	$	1,114,120

Industrial Support Services — 3.95%
Applied Industrial Technologies, Inc.		6,369		864,019

Machinery — 3.70%
Kadant, Inc.		4,352		808,732

TECHNOLOGY — 38.87%
Semiconductors — 26.57%
Ambarella, Inc.^(a)		8,849		548,461
Cirrus Logic, Inc.^(a)^(b)		11,637		998,338
Cohu, Inc.^(a)		23,005		778,489
Diodes, Inc.^(a)^(b)		10,822		862,513
Kulicke & Soffa Industries, Inc.^(b)		22,922		1,092,463
Silicon Motion Technology Corp. - ADR		12,000		763,680
Tower Semiconductor Ltd.^(a)		17,143		771,521
				5,815,465
Software — 6.37%
Calix, Inc.^(a)		3,095		141,442
NextGen Healthcare, Inc.^(a)		49,292		825,148
Verint Systems, Inc.^(a)		11,703		427,042
				1,393,632
Technology Services — 5.93%
CSG Systems International, Inc.		7,000		368,760
Perficient, Inc.^(a)		14,311		929,070
				1,297,830
TOTAL COMMON STOCKS
(Cost $17,192,032)				21,699,162

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

River Oak Discovery Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

	Shares or		Fair
	Principal ($)		Value
SHORT-TERM INVESTMENTS — 25.93%
REPURCHASE AGREEMENTS — 0.89%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.48%, dated 4/28/2023 and maturing 5/1/2023, collateralized by U.S. Treasury Securities with rates ranging from 0.00% to 3.88% and maturity dates ranging from 10/12/2023 to 2/15/2053 with a par value of $200,064 and a collateral value of $198,445		194,553		194,553

COLLATERAL FOR SECURITIES LOANED — 25.04%
Mount Vernon Liquid Assets Portfolio, LLC, 4.96%^(c)		5,480,151		5,480,151

TOTAL SHORT-TERM INVESTMENTS
(Cost $5,674,704)				5,674,704

TOTAL INVESTMENTS — 125.09%
(Cost $22,866,736)				27,373,866

Liabilities in Excess of Other Assets — (25.09)%				(5,490,536	)

NET ASSETS — 100.00%			$	21,883,330

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $5,395,267.

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023. ADR — American Depositary Receipt

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

24	Semi-Annual Report \| April 30, 2023

Schedule of Investments	Red Oak Technology Select Fund
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
COMMON STOCKS — 96.82%
COMMUNICATIONS — 12.95%
Internet Media & Services — 12.95%
Alphabet, Inc. - Class A^(a)		75,000	$	8,050,500
Alphabet, Inc. - Class C^(a)		304,720		32,976,798
Meta Platforms, Inc. - Class A^(a)		83,225		20,000,632
				61,027,930
CONSUMER DISCRETIONARY — 9.08%
E-Commerce Discretionary — 9.08%
Amazon.com, Inc.^(a)		263,000		27,733,350
eBay, Inc.		324,030		15,044,713
				42,778,063
INDUSTRIALS — 2.67%
Aerospace & Defense — 1.71%
Lockheed Martin Corp. - B		17,399		8,080,966

Electrical Equipment — 0.96%
Amphenol Corp. - Class A		60,000		4,528,200

TECHNOLOGY — 72.12%
Semiconductors — 21.24%
Advanced Micro Devices, Inc.^(a)		90,000		8,043,300
Intel Corp.		147,615		4,584,922
KLA Corp.		68,609		26,520,123
Microchip Technology, Inc.^(b)		95,000		6,934,050
NVIDIA Corp.		30,000		8,324,700
NXP Semiconductors NV		113,550		18,592,677
Qorvo, Inc.^(a)		100,000		9,208,000
QUALCOMM, Inc.		153,200		17,893,760
				100,101,532

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

Red Oak Technology Select Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
Software — 24.16%
Akamai Technologies, Inc.^(a)		116,780	$	9,572,457
Check Point Software Technologies Ltd.^(a)		58,700		7,476,032
Microsoft Corp.		99,403		30,542,566
Oracle Corp.		262,554		24,869,115
Synopsys, Inc.^(a)		65,970		24,495,980
VMware, Inc. - Class A^(a)		135,470		16,937,814
				113,893,964
Technology Hardware — 15.17%
Apple, Inc.		190,000		32,239,200
Cisco Systems, Inc.		576,180		27,224,505
NetApp, Inc.		191,334		12,032,995
				71,496,700
Technology Services — 11.55%
Accenture PLC - Class A		50,118		14,047,574
Global Payments, Inc.		93,157		10,499,726
MasterCard, Inc. - Class A		29,642		11,264,849
Visa, Inc. - Class A^(b)		80,000		18,618,400
				54,430,549
TOTAL COMMON STOCKS
(Cost $192,632,340)				456,337,904

26	Semi-Annual Report \| April 30, 2023

Schedule of Investments	Red Oak Technology Select Fund
As of April 30, 2023 (Unaudited)

	Shares or		Fair
	Principal ($)		Value
SHORT-TERM INVESTMENTS — 8.50%
REPURCHASE AGREEMENTS — 3.29%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.48%, dated 4/28/2023 and maturing 5/1/2023, collateralized by U.S. Treasury Securities with rates ranging from 0.00% to 3.88% and maturity dates ranging from 10/12/2023 to 2/15/2053 with a par value of $15,949,390 and a collateral value of $15,820,322		15,510,088	$	15,510,088

COLLATERAL FOR SECURITIES LOANED — 5.21%
Mount Vernon Liquid Assets Portfolio, LLC, 4.96%^(c)		24,562,498		24,562,498

TOTAL SHORT-TERM INVESTMENTS
(Cost $40,072,586)				40,072,586

TOTAL INVESTMENTS — 105.32%
(Cost $232,704,926)				496,410,490

Liabilities in Excess of Other Assets - (5.32)%				(25,073,200	)

NET ASSETS — 100.00%			$	471,337,290

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $24,460,868.

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023.

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

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

Black Oak Emerging Technology Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
COMMON STOCKS — 96.11%
CONSUMER DISCRETIONARY — 1.79%
Automotive — 1.79%
Tesla, Inc.^(a)^(b)		5,817	$	955,791

ENERGY — 4.07%
Renewable Energy — 4.07%
SolarEdge Technologies, Inc.^(a)^(b)		7,584		2,166,218

HEALTH CARE — 5.01%
Medical Equipment & Devices — 5.01%
Illumina, Inc.^(a)		6,757		1,388,969
Intuitive Surgical, Inc.^(a)		4,259		1,282,896
				2,671,865
INDUSTRIALS — 9.66%
Electrical Equipment — 2.85%
Advanced Energy Industries, Inc.^(b)		17,560		1,518,940

Industrial Support Services — 3.56%
Applied Industrial Technologies, Inc.		14,000		1,899,240

Machinery — 3.25%
Nordson Corp.^(b)		8,000		1,730,480

TECHNOLOGY — 75.58%
Information Technology — 2.62%
Paylocity Holdings Corp.^(a)		7,220		1,395,554

28	Semi-Annual Report \| April 30, 2023

Schedule of Investments	Black Oak Emerging Technology Fund
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
Semiconductors — 36.30%
Advanced Micro Devices, Inc.^(a)		17,247	$	1,541,364
Ambarella, Inc.^(a)		25,956		1,608,753
Cirrus Logic, Inc.^(a)^(b)		20,830		1,787,006
Cohu, Inc.^(a)^(b)		59,077		1,999,166
Diodes, Inc.^(a)^(b)		25,770		2,053,869
KLA Corp.		6,750		2,609,145
Kulicke & Soffa Industries, Inc.^(b)		49,645		2,366,081
Lam Research Corp.		3,500		1,834,280
NVIDIA Corp.^(b)		3,416		947,906
QUALCOMM, Inc.		10,844		1,266,579
Silicon Motion Technology Corp. - ADR		20,940		1,332,621
				19,346,770
Software — 11.87%
Calix, Inc.^(a)		11,424		522,077
Concentrix Corp.^(b)		6,000		579,060
Fortinet, Inc.^(a)		20,800		1,311,440
NextGen Healthcare, Inc.^(a)		88,315		1,478,393
Salesforce.com, Inc.^(a)		9,659		1,916,056
Verint Systems, Inc.^(a)		14,335		523,084
				6,330,110
Technology Hardware — 10.34%
Apple, Inc.		20,120		3,413,961
F5, Inc.^(a)		7,705		1,035,244
Ubiquiti Networks, Inc.^(b)		4,568		1,062,288
				5,511,493
Technology Services — 14.45%
Amdocs Ltd.		15,234		1,390,103
Cognizant Technology Solutions Corp. - Class A^(b)		9,600		573,216	��
CSG Systems International, Inc.		10,000		526,800
Jack Henry & Associates, Inc.^(b)		5,070		828,134
PayPal Holdings, Inc.^(a)		21,523		1,635,748
Perficient, Inc.^(a)		19,395		1,259,123
Science Applications International Corp.		14,607		1,490,352
				7,703,476
TOTAL COMMON STOCKS
(Cost $27,957,912)				51,229,937

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

Black Oak Emerging Technology Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

	Shares or		Fair
	Principal ($)		Value
SHORT-TERM INVESTMENTS — 30.64%
REPURCHASE AGREEMENTS — 4.35%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.48%, dated 4/28/2023 and maturing 5/1/2023, collateralized by U.S. Treasury Securities with rates ranging from 0.00% to 3.88% and maturity dates ranging from 10/12/2023 to 2/15/2053 with a par value of $2,386,263 and a collateral value of $2,366,952		2,320,537	$	2,320,537

COLLATERAL FOR SECURITIES LOANED — 26.29%
Mount Vernon Liquid Assets Portfolio, LLC, 4.96%^(c)		14,010,705		14,010,705

TOTAL SHORT-TERM INVESTMENTS
(Cost $16,331,242)				16,331,242

TOTAL INVESTMENTS — 126.75%
(Cost $44,289,154)				67,561,179

Liabilities in Excess of Other Assets — (26.75)%				(14,258,754	)

NET ASSETS — 100.00%			$	53,302,425

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $13,825,502.

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023. ADR - American Depositary Receipt

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

30	Semi-Annual Report \| April 30, 2023

Schedule of Investments	Live Oak Health Sciences Fund
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
COMMON STOCKS — 96.60%
HEALTH CARE — 96.60%
Biotech — 29.11%
Amgen, Inc.		10,240	$	2,454,938
Biogen, Inc.^(a)^(b)		5,006		1,522,975
Exelixis, Inc.^(a)		86,379		1,580,736
Gilead Sciences, Inc.		13,718		1,127,757
Incyte Corp.^(a)		22,651		1,685,461
Moderna, Inc.^(a)		10,715		1,423,916
Regeneron Pharmaceuticals, Inc.^(a)		3,190		2,557,710
United Therapeutics Corp.^(a)		7,465		1,717,921
Vertex Pharmaceuticals, Inc.^(a)^(b)		5,515		1,879,126
				15,950,540
Health Care Facilities — 3.35%
Ensign Group, Inc./The^(b)		18,891		1,834,127

Health Care Services — 4.96%
Laboratory Corporation of America Holdings^(b)		7,425		1,683,322
Quest Diagnostics, Inc.^(b)		7,453		1,034,551
				2,717,873
Health Care Supply Chain — 16.61%
AmerisourceBergen Corp.		13,739		2,292,352
Cardinal Health, Inc.^(b)		28,409		2,332,379
Cigna Corp.		5,499		1,392,842
CVS Health Corp.		15,000		1,099,650
McKesson Corp.		5,448		1,984,379
				9,101,602
Large Pharmaceuticals — 13.75%
AbbVie, Inc.		11,858		1,791,981
Johnson & Johnson		7,019		1,149,010
Merck & Co., Inc.		18,800		2,170,836
Novartis AG - ADR		11,600		1,189,812
Pfizer, Inc.		31,663		1,231,374
				7,533,013

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

Live Oak Health Sciences Fund	Schedule of Investments
As of April 30, 2023 (Unaudited)

			Fair
	Shares		Value
Life Science & Diagnostics — 3.29%
Bio-Rad Laboratories, Inc. - Class A^(a)		3,994	$	1,800,455

Managed Care — 13.37%
Anthem, Inc.		3,418		1,601,846
Centene Corp.^(a)		15,000		1,033,950
Humana, Inc.^(b)		3,100		1,644,519
Molina Healthcare, Inc.^(a)		4,653		1,386,082
UnitedHealth Group, Inc.		3,369		1,657,851
				7,324,248
Medical Devices — 6.02%
Medtronic PLC		21,490		1,954,516
Stryker Corp.		4,479		1,342,132
				3,296,648
Medical Equipment — 3.55%
Intuitive Surgical, Inc.^(a)		6,458		1,945,279

Specialty & Generic Pharmaceuticals — 2.59%
Jazz Pharmaceuticals PLC^(a)		10,092		1,417,623

TOTAL COMMON STOCKS
(Cost $38,198,058)				52,921,408

32	Semi-Annual Report \| April 30, 2023

Schedule of Investments	Live Oak Health Sciences Fund
As of April 30, 2023 (Unaudited)

	Shares or		Fair
	Principal ($)		Value
SHORT-TERM INVESTMENTS — 22.61%
REPURCHASE AGREEMENTS — 3.59%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.48%, dated 4/28/2023 and maturing 5/1/2023, collateralized by U.S. Treasury Securities with rates ranging from 0.00% to 3.88% and maturity dates ranging from 10/12/2023 to 2/15/2053 with a par value of $2,021,323 and a collateral value of $2,004,965		1,965,648	$	1,965,648

COLLATERAL FOR SECURITIES LOANED — 19.02%
Mount Vernon Liquid Assets Portfolio, LLC, 4.96%^(c)		10,421,579		10,421,579

TOTAL SHORT-TERM INVESTMENTS
(Cost $12,387,227)				12,387,227

TOTAL INVESTMENTS — 119.21%
(Cost $50,585,285)				65,308,635

Liabilities in Excess of Other Assets — (19.21)%				(10,523,839	)

NET ASSETS — 100.00%			$	54,784,796

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $10,288,072.

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023. ADR — American Depositary Receipt

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

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

Statements of Assets & Liabilities

April 30, 2023 (Unaudited)

	White Oak Select		Pin Oak
	Growth Fund		Equity Fund
ASSETS
Investment securities at value (cost $182,376,052, $80,189,809, $11,448,701, $22,866,736, $232,704,926, $44,289,154 and $50,585,285), including $11,363,001, $15,573,218, $3,273,915, $5,395,267, $24,460,868, $13,825,502 and $10,288,072 of securities on loan	$	336,001,979	$	131,320,659
Cash		139,065		35,490
Receivable for fund shares sold		4,819		1,838
Dividends and interest receivable		98,280		38,263
Tax reclaims receivable		345,926		40,236
Prepaid expenses		22,700		16,776
Total Assets		336,612,769		131,453,262

LIABILITIES
Payable for fund shares redeemed		41,312		85,287
Payable for collateral upon return of securities loaned		11,518,719		15,784,606
Investment advisory fees payable		197,301		70,597
Administration fees payable		14,060		5,541
Transfer agent fees payable		5,607		2,901
Trustee fees payable		533		132
Other accrued expenses		35,996		22,679
Total Liabilities		11,813,528		15,971,743
NET ASSETS	$	324,799,241	$	115,481,519

Net Assets consist of:
Paid-in capital (unlimited authorization – no par value)	$	162,316,417	$	58,871,714
Accumulated earnings		162,482,824		56,609,805
Net Assets	$	324,799,241	$	115,481,519

Total shares outstanding at end of period		2,953,724		1,736,639

Net asset value, offering and redemption price per share (net assets/shares outstanding)	$	109.96	$	66.50

34	Semi-Annual Report \| April 30, 2023



				Red Oak		Black Oak
Rock Oak Core		River Oak		Technology		Emerging		Live Oak Health
Growth Fund		Discovery Fund		Select Fund		Technology Fund		Sciences Fund

$	13,269,820	$	27,373,866	$	496,410,490	$	67,561,179	$	65,308,635
	1,567		—		—		6,627		—
	75		—		29,655		433		325
	478		1,335		78,819		2,516		27,359
	—		—		—		—		11,321
	15,029		18,220		25,336		16,306		18,701
	13,286,969		27,393,421		496,544,300		67,587,061		65,366,341


	20,000		—		277,937		222,524		109,802

	3,332,609		5,480,151		24,562,498		14,010,705		10,421,579
	3,267		18,210		285,991		33,741		33,539
	377		11		18,462		1,667		1,841
	1,321		1,344		4,939		2,568		1,843
	—		—		—		—		—
	10,734		10,375		57,183		13,431		12,941
	3,368,308		5,510,091		25,207,010		14,284,636		10,581,545
$	9,918,661	$	21,883,330	$	471,337,290	$	53,302,425	$	54,784,796

$	8,291,067	$	19,881,001	$	195,486,935	$	30,307,955	$	34,362,785
	1,627,594		2,002,329		275,850,355		22,994,470		20,422,011
$	9,918,661	$	21,883,330	$	471,337,290	$	53,302,425	$	54,784,796
	682,398		1,409,053		14,814,362		8,100,010		2,618,602

$	14.53	$	15.53	$	31.82	$	6.58	$	20.92

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

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

Statements of Operations

For the six months ended April 30, 2023 (Unaudited)

	White Oak Select			Pin Oak
	Growth Fund			Equity Fund
INVESTMENT INCOME
Dividends	$	2,867,261		$	739,077
Securities lending income		23,331			12,895
Interest		114,539			85,558
Foreign withholding tax		(78,406	)		—
Total Investment Income		2,926,725			837,530

EXPENSES
Investment adviser		1,201,676			443,369
Administration		80,106			30,074
Sub transfer agent		54,500			23,786
Transfer agent		35,015			17,912
Legal		31,916			12,204
Trustee		30,115			11,343
Registration		13,002			12,007
Report printing		12,705			5,604
Insurance		10,307			3,767
Audit		8,267			8,267
Custodian		7,199			3,468
Pricing		318			172
Miscellaneous		28,000			15,414
Total Expenses		1,513,126			587,387
Less: Investment advisory fees waived		—			—
Net Expenses		1,513,126			587,387
Net Investment Income (Loss)		1,413,599			250,143

Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investment securities transactions		8,893,356			5,263,329
Net change in unrealized appreciation (depreciation) of investment securities		4,435,303			(3,065,702	)
Net Realized and Unrealized Gain (Loss) on Investments		13,328,659			2,197,627
Net Increase (Decrease) in Net Assets from Operations	$	14,742,258		$	2,447,770

36	Semi-Annual Report \| April 30, 2023



						Red Oak			Black Oak
Rock Oak Core			River Oak			Technology			Emerging			Live Oak Health
Growth Fund			Discovery Fund			Select Fund			Technology Fund			Sciences Fund

$	82,616		$	119,844		$	2,535,625		$	160,475		$	388,652
	2,464			6,307			22,624			12,114			7,710
	13,782			66,647			152,875			38,817			30,947
	—			(273	)		(31,663	)		(495	)		(6,313	)
	98,862			192,525			2,679,461			210,911			420,996


	37,768			110,464			1,674,049			202,877			206,860
	2,483			6,273			109,256			13,013			13,564
	756			2,678			136,361			7,115			5,911
	8,291			8,517			29,302			16,310			11,445
	937			2,483			44,646			5,180			4,734
	981			2,411			42,484			4,916			5,194
	10,437			10,506			13,712			10,816			9,525
	1,102			1,463			17,688			3,181			2,423
	305			643			14,355			1,596			1,629
	8,267			8,061			8,267			8,267			8,267
	1,000			1,321			9,703			1,886			2,362
	198			239			196			241			217
	7,482			7,864			27,534			12,672			9,512
	80,007			162,923			2,127,553			288,070			281,643
	(16,216	)		—			—			—			—
	63,791			162,923			2,127,553			288,070			281,643
	35,071			29,602			551,908			(77,159	)		139,353



	(199,279	)		(1,428,660	)		11,884,292			38,781			6,055,880

	(21,696	)		640,962			48,102,799			2,187,514			(7,091,138	)

	(220,975	)		(787,698	)		59,987,091			2,226,295			(1,035,258	)

$	(185,904	)	$	(758,096	)	$	60,538,999		$	2,149,136		$	(895,905	)

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

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

Statements of Changes in Net Assets

	White Oak Select
	Growth Fund
	For the
	Six Months
	Ended			For the
	April 30,			Year Ended
	2023			October 31,
	(Unaudited)			2022
INVESTMENT ACTIVITIES
Net investment income	$	1,413,599		$	1,657,078
Net realized gain (loss) on investment securities transactions		8,893,356			(388,907	)
Net change in unrealized appreciation (depreciation) of investments securities		4,435,303			(106,574,485	)
Net Increase (Decrease) in Net Assets Resulting from Operations		14,742,258			(105,306,314	)

DISTRIBUTIONS TO SHAREHOLDERS FROM
Earnings		(1,592,284	)		(23,574,884	)
Total Distributions		(1,592,284	)		(23,574,884	)

CAPITAL TRANSACTIONS
Proceeds from shares sold		1,920,625			21,254,266
Reinvestment of distributions		1,506,571			22,616,161
Amount paid for shares redeemed		(13,166,028	)		(53,149,316	)
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions		(9,738,832	)		(9,278,889	)

Total Increase (Decrease) in Net Assets		3,411,142			(138,160,087	)

NET ASSETS
Beginning of period		321,388,099			459,548,186
End of period	$	324,799,241		$	321,388,099

SHARE TRANSACTIONS
Shares sold		17,480			154,874
Shares issued in reinvestment of distributions		14,193			154,958
Shares redeemed		(121,099	)		(436,087	)
Net Increase (Decrease) in Shares Outstanding		(89,426	)		(126,255	)

38	Semi-Annual Report \| April 30, 2023

Pin Oak						Rock Oak Core
Equity Fund						Growth Fund
For the						For the
Six Months						Six Months
Ended			For the			Ended			For the
April 30,			Year Ended			April 30,			Year Ended
2023			October 31,			2023			October 31,
(Unaudited)			2022			(Unaudited)			2022
$	250,143		$	232,441		$	35,071		$	10,762
	5,263,329			225,766			(199,279	)		72,085
	(3,065,702	)		(46,330,521	)		(21,696	)		(2,121,967	)
	2,447,770			(45,872,314	)		(185,904	)		(2,039,120	)

	(175,955	)		(19,354,347	)		(99,611	)		(525,505	)
	(175,955	)		(19,354,347	)		(99,611	)		(525,505	)

	1,189,600			2,496,694			410,340			228,546
	159,965			18,365,328			92,431			519,071
	(13,446,474	)		(31,772,534	)		(438,786	)		(674,459	)
	(12,096,909	)		(10,910,512	)		63,985			73,158

	(9,825,094	)		(76,137,173	)		(221,530	)		(2,491,467	)

	125,306,613			201,443,786			10,140,191			12,631,658
$	115,481,519		$	125,306,613		$	9,918,661		$	10,140,191

	17,969			31,148			27,534			14,674
	2,504			211,631			6,296			28,773
	(204,395	)		(412,867	)		(29,527	)		(41,586	)
	(183,922	)		(170,088	)		4,303			1,861

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

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

Statements of Changes in Net Assets

	River Oak
	Discovery Fund
	For the
	Six Months
	Ended			For the
	April 30,			Year Ended
	2023			October 31,
	(Unaudited)			2022
INVESTMENT ACTIVITIES
Net investment income (loss)	$	29,602		$	21,523
Net realized gain (loss) on investment securities transactions		(1,428,660	)		(1,112,837	)
Net change in unrealized appreciation (depreciation) of investments securities		640,962			(2,704,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(758,096	)		(3,796,024	)

DISTRIBUTIONS TO SHAREHOLDERS FROM
Earnings		(46,104	)		(3,510,455	)
Total Distributions		(46,104	)		(3,510,455	)

CAPITAL TRANSACTIONS
Proceeds from shares sold		11,596,439			4,809,886
Reinvestment of distributions		44,276			3,505,905
Amount paid for shares redeemed		(10,839,494	)		(2,827,595	)
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions		801,221			5,488,196

Total Increase (Decrease) in Net Assets		(2,979	)		(1,818,283	)

NET ASSETS
Beginning of period		21,886,309			23,704,592
End of period	$	21,883,330		$	21,886,309

SHARE TRANSACTIONS
Shares sold		694,777			279,292
Shares issued in reinvestment of distributions		2,797			188,490
Shares redeemed		(694,994	)		(174,685	)
Net Increase (Decrease) in Shares Outstanding		2,580			293,097

40	Semi-Annual Report \| April 30, 2023

Red Oak Technology						Black Oak Emerging
Select Fund						Technology Fund
For the						For the
Six Months						Six Months
Ended			For the			Ended			For the
April 30,			Year Ended			April 30,			Year Ended
2023			October 31,			2023			October 31,
(Unaudited)			2022			(Unaudited)			2022
$	551,908		$	2,790,001		$	(77,159	)	$	(231,581	)
	11,884,292			26,983,326			38,781			1,127,872
	48,102,799			(202,620,374	)		2,187,514			(17,327,721	)
	60,538,999			(172,847,047	)		2,149,136			(16,431,430	)

	(21,171,474	)		(69,834,196	)		(953,768	)		(7,330,084	)
	(21,171,474	)		(69,834,196	)		(953,768	)		(7,330,084	)

	9,152,507			30,297,611			2,669,489			4,741,396
	20,289,665			66,948,402			915,807			7,142,109
	(39,394,760	)		(100,561,351	)		(3,919,282	)		(4,774,533	)
	(9,952,588	)		(3,315,338	)		(333,986	)		7,108,972

	29,414,937			(245,996,581	)		861,382			(16,652,542	)

	441,922,353			687,918,934			52,441,043			69,093,585
$	471,337,290		$	441,922,353		$	53,302,425		$	52,441,043

	303,703			808,713			399,288			646,632
	738,074			1,557,302			147,236			803,387
	(1,327,540	)		(2,739,468	)		(583,798	)		(643,278	)
	(285,763	)		(373,453	)		(37,274	)		806,741

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

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

Statements of Changes in Net Assets

	Live Oak
	Health Sciences Fund
	For the
	Six Months
	Ended			For the
	April 30,			Year Ended
	2023			October 31,
	(Unaudited)			2022
INVESTMENT ACTIVITIES
Net investment income	$	139,353		$	162,507
Net realized gain on investment securities transactions		6,055,880			352,073
Net change in unrealized appreciation (depreciation) of investments securities		(7,091,138	)		1,604,846
Net Increase (Decrease) in Net Assets Resulting from Operations		(895,905	)		2,119,426

DISTRIBUTIONS TO SHAREHOLDERS FROM
Earnings		(317,867	)		(3,678,422	)
Total Distributions		(317,867	)		(3,678,422	)

CAPITAL TRANSACTIONS
Proceeds from shares sold		1,758,916			4,552,509
Reinvestment of distributions		302,522			3,543,183
Amount paid for shares redeemed		(3,402,612	)		(4,384,723	)
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions		(1,341,174	)		3,710,969

Total Increase (Decrease) in Net Assets		(2,554,946	)		2,151,973

NET ASSETS
Beginning of period		57,339,742			55,187,769
End of period	$	54,784,796		$	57,339,742

SHARE TRANSACTIONS
Shares sold		83,848			220,865
Shares issued in reinvestment of distributions		13,986			169,045
Shares redeemed		(163,032	)		(215,069	)
Net Increase (Decrease) in Shares Outstanding		(65,198	)		174,841

42	Semi-Annual Report \| April 30, 2023

OAK ASSOCIATES FUNDS

This Page Intentionally Left Blank

Financial Highlights

For a share outstanding throughout each period

	Net Asset		Net			Realized and						Dividends
	Value		Investment			Unrealized						from Net
	Beginning of		Income			Gain (Loss)			Total from			Investment
	Period		(Loss)^(a)			in Securities			Operations			Income
White Oak Select Growth Fund
For the six months ended April 30, 2023 (Unaudited)	$	105.61		0.47			4.41			4.88			(0.53	)
For the year ended October 31, 2022	$	5.00		0.52			(32.42	)		(31.90	)		(0.41	)
For the year ended October 31, 2021	$	7.21		0.35			40.49			40.84			(0.74	)
For the year ended October 31, 2020	$	7.79		0.74			10.53			11.27			(0.97	)
For the year ended October 31, 2019	$	89.55		0.94			8.47			9.41			(0.54	)
For the year ended October 31, 2018	$	2.36		0.58			7.18			7.76			(0.57	)

Pin Oak Equity Fund
For the six months ended April 30, 2023 (Unaudited)	$	65.24		0.14			1.21			1.35			(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	^(f)		0.70			(0.91	)
For the year ended October 31, 2019	$	66.18		0.81			7.41			8.22			(0.62	)
For the year ended October 31, 2018	$	63.72		0.59			3.05			3.64			(0.37	)

Rock Oak Core Growth Fund
For the six months ended April 30, 2023 (Unaudited)	$	14.95		0.05			(0.32	)		(0.27	)		(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	)
For the year ended October 31, 2019	$	17.02		0.05			(0.28	)		(0.23	)		—	^(e)
For the year ended October 31, 2018	$	16.07		0.01			1.86			1.87			(0.01	)

River Oak Discovery Fund
For the six months ended April 30, 2023 (Unaudited)	$	15.56		0.02			(0.03	)		(0.01	)		(0.02	)
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			—
For the year ended October 31, 2019	$	15.88		0.02			0.85			0.87			—
For the year ended October 31, 2018	$	17.42		(0.08	)		(0.54	)		(0.62	)		—

^(a)

Per share calculations were performed using average shares for the period.

^(b)

Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.

^(c)

Not annualized.

44	Semi-Annual Report \| April 30, 2023

																Ratio of Net			Ratio of
																Investment			Expenses
			Total			Net Asset					Net Assets,		Ratio of Net			Income			to Average
Distributions			Dividends			Value,					End of		Expenses to			(Loss) to			Net Assets			Portfolio
from Capital			and			End of		Total			Period		Average			Average			(Excluding			Turnover
Gains			Distributions			Period		Return^(b)			(000)		Net Assets			Net Assets			Waivers)			Rate

	—			(0.53	)	$	109.96		4.64	%^(c)	$	324,799		0.93	%^(d)		0.87	%^(d)		0.93	%^(d)		3	%^(c)
	(7.08	)		(7.49	)	$	105.61		(23.43	)%	$	321,388		0.91	%		0.42	%		0.91	%		10	%
	(2.31	)		(3.05	)	$	145.00		38.74	%	$	459,548		0.89	%		0.27	%		0.89	%		5	%
	(0.88	)		(1.85	)	$	107.21		11.60	%	$	349,983		0.93	%		0.73	%		0.93	%		13	%
	(0.63	)		(1.17	)	$	97.79		10.66	%	$	356,006		0.95	%		1.00	%		0.95	%		10	%
	—	^(e)		(0.57	)	$	89.55		9.46	%	$	318,037		0.93	%		0.63	%		0.93	%		14	%


	—			(0.09	)	$	66.50		2.08	%^(c)	$	115,482		0.98	%^(d)		0.42	%^(d)		0.98	%^(d)		4	%^(c)
	(9.32	)		(9.40	)	$	65.24		(24.95	)%	$	125,307		0.95	%		0.15	%		0.95	%		15	%
	(3.01	)		(3.61	)	$	96.35		42.09	%	$	201,444		0.91	%		0.01	%		0.91	%		6	%
	(1.49	)		(2.40	)	$	70.93		0.79	%	$	163,074		0.95	%		0.89	%		0.95	%		15	%
	(1.15	)		(1.77	)	$	72.63		12.83	%	$	235,141		0.96	%		1.19	%		0.96	%		10	%
	(0.81	)		(1.18	)	$	66.18		5.75	%	$	260,859		0.95	%		0.87	%		0.95	%		12	%


	(0.10	)		(0.15	)	$	14.53		(1.84	)%^(c)	$	9,919		1.25	%^(d)		0.69	%^(d)		1.57	%^(d)		0	%^(c)
	(0.78	)		(0.78	)	$	14.95		(16.52	)%	$	10,140		1.25	%		0.12	%		1.50	%		21	%
	(2.81	)		(2.84	)	$	18.68		29.72	%	$	12,632		1.25	%		(0.15	)%		1.40	%		14	%
	(0.49	)		(0.56	)	$	16.80		3.78	%	$	10,078		1.25	%		0.20	%		1.57	%		52	%
	(0.09	)		(0.09	)	$	16.70		(1.34	)%	$	11,899		1.25	%		0.29	%		1.38	%		16	%
	(0.91	)		(0.92	)	$	17.02		12.15	%	$	20,365		1.25	%		0.08	%		1.32	%		14	%


	—			(0.02	)	$	15.53		(0.04	)%^(c)	$	21,883		1.09	%^(d)		0.20	%^(d)		1.09	%^(d)		31	%^(c)
	(3.14	)		(3.14	)	$	15.56		(14.59	)%	$	21,886		1.21	%		0.09	%		1.21	%		28	%
	(2.54	)		(2.54	)	$	21.29		60.96	%	$	23,705		1.22	%		(0.44	)%		1.23	%		29	%
	(0.59	)		(0.59	)	$	15.14		7.79	%	$	14,501		1.35	%		(0.27	)%		1.56	%		48	%
	(2.17	)		(2.17	)	$	14.58		6.99	%	$	12,518		1.35	%		0.12	%		1.60	%		15	%
	(0.92	)		(0.92	)	$	15.88		(3.82	)%	$	12,950		1.35	%		(0.46	)%		1.50	%		43	%

^(d)

Annualized.

^(e)

Less than $0.005 per share.

^(f)

The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

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

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

Financial Highlights

For a share outstanding throughout each period

	Net Asset		Net			Realized and						Dividends
	Value		Investment			Unrealized						from Net
	Beginning of		Income			Gain (Loss)			Total from			Investment
	Period		(Loss)^(a)			in Securities			Operations			Income
Red Oak Technology Select Fund
For the six months ended April 30, 2023 (Unaudited)	$	29.27		0.04			3.93			3.97			(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	)
For the year ended October 31, 2019	$	26.90		0.27			4.03			4.30			(0.22	)
For the year ended October 31, 2018	$	25.78		0.10			2.72			2.82			(0.10	)

Black Oak Emerging Technology Fund
For the six months ended April 30, 2023 (Unaudited)	$	6.44		(0.01	)		0.27			0.26			—
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			—
For the year ended October 31, 2019	$	5.30		—	^(e)		0.48			0.48			—
For the year ended October 31, 2018	$	5.28		(0.01	)		0.42			0.41			—

Live Oak Health Sciences Fund
For the six months ended April 30, 2023 (Unaudited)	$	21.37		0.05			(0.38	)		(0.33	)		(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	)^(f)		0.12			(0.16	)
For the year ended October 31, 2019	$	20.21		0.15			0.26			0.41			(0.13	)
For the year ended October 31, 2018	$	19.98		0.13			1.35			1.48			(0.09	)

^(a)

Per share calculations were performed using average shares for the period.

^(b)

Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.

^(c)

Not annualized.

46	Semi-Annual Report \| April 30, 2023

																Ratio of Net			Ratio of
																Investment			Expenses
			Total			Net Asset					Net Assets,		Ratio of Net			Income			to Average
Distributions			Dividends			Value,					End of		Expenses to			(Loss) to			Net Assets			Portfolio
from Capital			and			End of		Total			Period		Average			Average			(Excluding			Turnover
Gains			Distributions			Period		Return^(b)			(000)		Net Assets			Net Assets			Waivers)			Rate

	(1.40	)		(1.42	)	$	31.82		14.33	%^(c)	$	471,337		0.94	%^(d)		0.24	%^(d)		0.94	%^(d)		0	%^(c)
	(4.26	)		(4.58	)	$	29.27		(27.15	)%	$	441,922		0.92	%		0.49	%		0.92	%		13	%
	(1.58	)		(1.70	)	$	44.46		36.78	%	$	687,919		0.90	%		0.05	%		0.90	%		6	%
	(0.66	)		(0.83	)	$	33.97		16.44	%	$	576,473		0.94	%		0.40	%		0.94	%		4	%
	(1.03	)		(1.25	)	$	29.95		16.92	%	$	636,959		0.95	%		0.94	%		0.95	%		10	%
	(1.60	)		(1.70	)	$	26.90		11.56	%	$	544,203		0.94	%		0.38	%		0.94	%		9	%


	(0.12	)		(0.12	)	$	6.58		4.10	%^(c)	$	53,302		1.05	%^(d)		(0.28	)%^(d)		1.05	%^(d)		1	%^(c)
	(1.00	)		(1.00	)	$	6.44		(24.06	)%	$	52,441		1.03	%		(0.39	)%		1.03	%		25	%
	(0.49	)		(0.49	)	$	9.43		54.92	%	$	69,094		1.01	%		(0.61	)%		1.01	%		14	%
	(0.31	)		(0.31	)	$	6.47		29.48	%	$	45,544		1.12	%		(0.35	)%		1.12	%		22	%
	(0.51	)		(0.51	)	$	5.27		10.36	%	$	36,240		1.18	%		(0.01	)%		1.18	%		25	%
	(0.39	)		(0.39	)	$	5.30		8.12	%	$	36,753		1.11	%		(0.27	)%		1.11	%		19	%


	(0.05	)		(0.12	)	$	20.92		(1.57	)%^(c)	$	54,785		1.01	%^(d)		0.50	%^(d)		1.01	%^(d)		27	%^(c)
	(1.43	)		(1.47	)	$	21.37		3.95	%	$	57,340		1.02	%		0.30	%		1.02	%		47	%
	(1.20	)		(1.35	)	$	22.00		30.23	%	$	55,188		1.00	%		0.17	%		1.00	%		17	%
	—			(0.16	)	$	18.10		0.62	%	$	44,889		1.03	%		0.81	%		1.03	%		33	%
	(2.35	)		(2.48	)	$	18.14		2.40	%	$	51,579		1.05	%		0.87	%		1.05	%		23	%
	(1.16	)		(1.25	)	$	20.21		7.68	%	$	65,717		1.01	%		0.65	%		1.01	%		23	%

^(d)

Annualized.

^(e)

Less than $0.005 per share.

^(f)

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

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

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

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.

SIGNIFICANT ACCOUNTING POLICIES:

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

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

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

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

Securities for which market prices are not “readily available” are valued in 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 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

48	Semi-Annual Report \| April 30, 2023

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

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 counter-party enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

Master Agreements and Netting Arrangements – Certain Funds may participate in various repurchase agreements, such as, but not limited to Master Repurchase Agreements, which govern the terms of certain transactions with select counterparties (collectively “Master Agreements”). These Master Agreements generally include provisions for general obligations, agreements, representations, collateral and provisions for events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination or default event, the total market value exposure would be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from

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

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

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.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of April 30, 2023:

	Market Value of		Cash Collateral
Fund	Securities on Loan		Received
White Oak Select Growth Fund	$	11,363,001	$	11,518,719
Pin Oak Equity Fund		15,573,218		15,784,606
Rock Oak Core Growth Fund		3,273,915		3,332,609
River Oak Discovery Fund		5,395,267		5,480,151
Red Oak Technology Select Fund		24,460,868		24,562,498
Black Oak Emerging Technology Fund		13,825,502		14,010,705
Live Oak Health Sciences Fund		10,288,072		10,421,579

Dividends and Distributions to Shareholders – Dividends from net investment income are declared and paid to shareholders on an annual basis, as applicable. Net realized capital gains on sales of securities, if any, are distributed to shareholders at least annually. Distributions

50	Semi-Annual Report \| April 30, 2023

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

to shareholders are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Therefore, the source of the Funds’ distributions may be shown in the accompanying financial statements as either accumulated earnings, or from paid-in capital, depending upon the type of book/tax differences that may exist.

FAIR VALUE MEASUREMENTS:

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

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

The three-tier hierarchy is summarized as follows:

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

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

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

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

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

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

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

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

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

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2023:

	Level 1		Level 2		Level 3		Total
WHITE OAK SELECT GROWTH FUND
Common Stocks	$	314,359,115	$	—	$	—	$	314,359,115
Short-Term Investments
Repurchase Agreements		—		10,124,144		—		10,124,144
Collateral for Securities Loaned*		—		—		—		11,518,719
Total	$	314,359,115	$	10,124,144	$	—	$	336,001,978

	Level 1		Level 2		Level 3		Total
PIN OAK EQUITY FUND
Common Stocks	$	112,891,851	$	—	$	—	$	112,891,851
Short-Term Investments
Repurchase Agreements		—		2,644,202		—		2,644,202
Collateral for Securities Loaned*		—		—		—		15,784,606
Total	$	112,891,851	$	2,644,202	$	—	$	131,320,659

	Level 1		Level 2		Level 3		Total
ROCK OAK CORE GROWTH FUND
Common Stocks	$	8,656,321	$	—	$	—	$	8,656,321
Short-Term Investments
Repurchase Agreements		—		1,280,890		—		1,280,890
Collateral for Securities Loaned*		—		—		—		3,332,609
Total	$	8,656,321	$	1,280,890	$	—	$	13,269,820

	Level 1		Level 2		Level 3		Total
RIVER OAK DISCOVERY FUND
Common Stocks	$	21,699,162	$	—	$	—	$	21,699,162
Short-Term Investments
Repurchase Agreements		—		194,553		—		194,553
Collateral for Securities Loaned*		—		—		—		5,480,151
Total	$	21,699,162	$	194,553	$	—	$	27,373,866

52	Semi-Annual Report \| April 30, 2023

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

	Level 1		Level 2		Level 3		Total
RED OAK TECHNOLOGY SELECT FUND
Common Stocks	$	456,337,904	$	—	$	—	$	456,337,904
Short-Term Investments
Repurchase Agreements		—		15,510,088		—		15,510,088
Collateral for Securities Loaned*		—		—		—		24,562,498
Total	$	456,337,904	$	15,510,088	$	—	$	496,410,490

	Level 1		Level 2		Level 3		Total
BLACK OAK EMERGING TECHNOLOGY FUND
Common Stocks	$	51,229,937	$	—	$	—	$	51,229,937
Short-Term Investments
Repurchase Agreements		—		2,320,537		—		2,320,537
Collateral for Securities Loaned*		—		—		—		14,010,705
Total	$	51,229,937	$	2,320,537	$	—	$	67,561,179

	Level 1		Level 2		Level 3		Total
LIVE OAK HEALTH SCIENCES FUND
Common Stocks	$	52,921,408	$	—	$	—	$	52,921,408
Short-Term Investments
Repurchase Agreements		—		1,965,648		—		1,965,648
Collateral for Securities Loaned*		—		—		—		10,421,579
Total	$	52,921,408	$	1,965,648	$	—	$	65,308,635

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.

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, 2024 to waive all or a portion of its fees (and to reimburse each Fund’s expenses if necessary) in order to limit Fund total operating expenses to not more than 1.25% of the average daily net assets of

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

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

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, 2023:

Advisory Fees as a Percentage of Average Net Assets

			Net
Fund	Annual Rate	Fee Waiver	Annual Rate
White Oak Select Growth Fund	0.74%	—	0.74%
Pin Oak Equity Fund	0.74%	—	0.74%
Rock Oak Core Growth Fund	0.74%	(0.32)%	0.42%
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.

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, 2023 were as follows:

Fund	Purchases		Sales
White Oak Select Growth Fund	$	9,642,441	$	23,528,843
Pin Oak Equity Fund		5,041,723		16,213,310
Rock Oak Core Growth Fund		—		1,066,673
River Oak Discovery Fund		9,487,017		8,468,894
Red Oak Technology Select Fund		—		38,523,017
Black Oak Emerging Technology Fund		351,595		2,404,838
Live Oak Health Sciences Fund		14,594,210		16,993,427

54	Semi-Annual Report \| April 30, 2023

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

FEDERAL INCOME TAXES AND TAX BASIS INFORMATION:

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

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

The tax character of the distributions paid by the Funds for the fiscal year ended October 31, 2022 was as follows:

	Ordinary		Long-Term
Fund	Income		Capital Gain		Total
White Oak Select Growth Fund	$	1,487,533	$	22,087,351	$	23,574,884
Pin Oak Equity Fund		171,606		19,182,741		19,354,347
Rock Oak Core Growth Fund		—		525,505		525,505
River Oak Discovery Fund		477,551		3,032,904		3,510,455
Red Oak Technology Select Fund		3,103,689		66,730,507		69,834,196
Black Oak Emerging Technology Fund		584,845		6,745,239		7,330,084
Live Oak Health Sciences Fund		697,562		2,980,860		3,678,422

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

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:

	Undistributed							Cumulative
	Net		Accumulated			Unrealized		Effect of
	Investment		Capital			Appreciation/		Timing
Fund	Income		Gain (Loss)			(Depreciation)		Differences			Total
White Oak Select Growth Fund	$	1,592,173	$	—		$	147,740,677	$	—		$	149,332,850
Pin Oak Equity Fund		120,952		—			54,217,038		—			54,337,990
Rock Oak Core Growth Fund		—		65,591			1,858,181		(10,663	)		1,913,109
River Oak Discovery Fund		—		(1,154,998	)		3,961,527		—			2,806,529
Red Oak Technology Select Fund		—		20,836,171			215,646,659		—			236,482,830
Black Oak Emerging Technology Fund		—		953,287			21,154,593		(308,778	)		21,799,102
Live Oak Health Sciences Fund		31,043		126,636			21,478,104		—			21,635,783

As of October 31, 2022, 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 and Black Oak Emerging Technology Fund elected to defer to the fiscal year ending October 31, 2023, late year ordinary losses in the amount of $10,663, $42,828, and $308,778, respectively.

As of October 31, 2022, River Oak Discovery Fund had short-term and long-term capital loss carryforwards available to offset future gains and not subject to expirations of $654,041 and $458,129, respectively.

56	Semi-Annual Report \| April 30, 2023

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

At April 30, 2023, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Funds is as follows:

	Federal		Gross		Gross			Net
Fund	Tax Cost		Appreciation		Depreciation			Appreciation
White Oak Select Growth Fund	$	183,825,999	$	153,467,554	$	(1,291,573	)	$	152,175,981
Pin Oak Equity Fund		80,169,323		52,536,802		(1,385,466	)		51,151,336
Rock Oak Core Growth Fund		11,433,335		2,221,819		(385,334	)		1,836,485
River Oak Discovery Fund		22,771,376		4,803,627		(201,137	)		4,602,490
Red Oak Technology Select Fund		232,661,033		263,989,960		(240,503	)		263,749,457
Black Oak Emerging Technology Fund		44,219,072		23,804,840		(462,732	)		23,342,108
Live Oak Health Sciences Fund		50,921,669		16,129,681		(1,742,715	)		14,386,966

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, 2022, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years (current and prior three tax years) for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

CONCENTRATION OF CREDIT RISK AND OWNERSHIP:

As of April 30, 2023, White Oak Select Growth Fund and Live Oak Health Sciences Fund invested greater than 25% of their net assets in securities in the Health Care sector. As of April 30, 2023, Pin Oak Equity Fund, River Oak Discovery 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.

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

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

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, 2023, the James D. Oelschlager Trust owned 26.52% of River Oak Discovery Fund.

TRUSTEE AND OFFICERS FEES:

As of April 30, 2023, there were five Trustees, four of whom are not “interested persons” (within the meaning of the 1940 Act) of the Trust (the “Independent Trustees”). Each Independent Trustee receives a retainer at an annual rate of $30,000 per year. Each Independent Trustee is also paid a fee of $3,500 for each meeting of the Board attended or participated in person, and/or is also paid $1,000 per attendance at each telephonic Board meeting, as applicable. Each Independent Trustee is paid $4,000 per telephonic or in-person meeting at which they receive and review preliminary materials provided in connection with the annual continuation of the advisory agreement in accordance with Section 15(c) of the 1940 Act. The chairperson of the Audit Committee receives an additional retainer of $1,000 per calendar quarter during which an Audit Committee Meeting is held and the Lead Independent Trustee receives an additional retainer of $3,500 per calendar quarter.

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

INDEMNIFICATIONS:

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

10.

SUBSEQUENT EVENTS:

Management has evaluated events or transactions from April 30, 2023, 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.

11.

LIQUIDITY RISK MANAGEMENT PROGRAM:

The Funds have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Funds’ investment strategy and the liquidity of its

58	Semi-Annual Report \| April 30, 2023

Notes to Financial Statements

As of April 30, 2023 (Unaudited)

portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of an Administrator, who is responsible for the Program’s administration in conjunction with the Adviser’s Liquidity Risk Committee. The Administrator maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Report outlined the adequacy and effectiveness of the Program’s operations since its inception (the “Review Period”) and was presented to the Board of Trustees for consideration at its meeting held on May 10, 2023. During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that (i) the Program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Program has been effectively implemented.

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

Board Considerations in Approving the Renewal of the Advisory Agreement

As of April 30, 2023 (Unaudited)

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 13-14, 2023 (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, 2023.

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 13-14, 2023, the Independent Trustees held a special meeting on January 30, 2023 via videoconference to discuss the Adviser Materials. Following the January 30, 2023 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 13-14, 2023 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 13-14, 2023 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 Advisor’s key personnel, the overall stability of the Advisor’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

60	Semi-Annual Report \| April 30, 2023

Board Considerations in Approving the Renewal of the Advisory Agreement

As of April 30, 2023 (Unaudited)

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, ten-year and since inception periods ended October 31, 2022. 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.

White Oak Select Growth Fund. The Trustees noted that the White Oak shares underperformed the FUSE Peer Group Median for the one-year, three-year, five-year and ten-year periods ended October 31, 2022, and performed in line for the since inception period ended October 31, 2022. 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 and since inception periods ended October 31, 2022.

Pin Oak Equity Fund. 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, 2022, and performed in line for the since inception period ended October 31, 2022. 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, ten-year and since inception periods ended October 31, 2022.

Rock Oak Core Growth Fund. The Trustees noted that the Rock Oak shares underperformed the FUSE Peer Group Median for the one-year, three-year, five-year, ten-year and since inception periods ended October 31, 2022. 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, ten-year and since inception periods ended October 31, 2022.

River Oak Discovery Fund. The Trustees noted that the River Oak shares outperformed the FUSE Peer Group Median for the three-year, five-year, ten-year and since inception periods ended October 31, 2022, and underperformed for the one-year period ended October 31, 2022. The Trustees further noted that the River Oak shares outperformed the Morningstar U.S. Small Cap Total Return USD Index for the one-year, three-year, five-year, ten-year and since inception period ended October 31, 2022.

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

Board Considerations in Approving the Renewal of the Advisory Agreement

As of April 30, 2023 (Unaudited)

Red Oak Technology Select Fund. The Trustees noted that the Red Oak shares outperformed the FUSE Peer Group Median for the one-year and ten-year periods ended October 31, 2022, and underperformed for the three-year, five-year and since inception periods ended October 31, 2022. The Trustees further noted that the Red Oak shares underperformed the S&P 500 Equal Weight Information Technology Total Return USD Index for the one-year, three-year, five-year, ten-year and since inception period ended October 31, 2022.

Black Oak Emerging Technology Fund. 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, 2022, and underperformed for the since inception period ended October 31, 2022. The Trustees further noted that the Black Oak shares outperformed the S&P 500 Equal Weight Information Technology Total Return USD Index for the three-year period ended October 31, 2022, and underperformed for the one-year, five-year, ten-year and since inception periods ended October 31, 2022.

Live Oak Health Sciences Fund. The Trustees noted that the Live Oak shares outperformed the FUSE Peer Group Median for the one-year, three-year and since inception periods ended October 31, 2022, and performed in line for the five-year and ten-year periods ended October 31, 2022. The Trustees further noted that the Live Oak shares outperformed the S&P 500 Health Care Select Sector Total Return USD Index for the one-year period ended October 31, 2022, and underperformed for the three-year, five-year, ten-year and since inception periods ended October 31, 2022.

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 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:

White Oak Select Growth Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the White Oak shares were lower and higher than the median of the contractual advisory fee and net total expense ratio for those funds in White Oak’s FUSE Peer Group, respectively.

Pin Oak Equity Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Pin Oak shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in Pin Oak’s FUSE Peer Group.

62	Semi-Annual Report \| April 30, 2023

Board Considerations in Approving the Renewal of the Advisory Agreement

As of April 30, 2023 (Unaudited)

Rock Oak Core Growth Fund. 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.

River Oak Discovery Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the River Oak shares were lower and higher than the median of the contractual advisory fee and net total expense ratio for those funds in River Oak’s FUSE Peer Group, respectively.

Red Oak Technology Select Fund. 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.

Black Oak Emerging Technology Fund. 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.

Live Oak Health Sciences Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Live Oak shares were lower and higher than the median of the contractual advisory fee and net total expense ratio for those funds in Live Oak’s FUSE Peer Group, respectively.

The Trustees noted that The Adviser waived a portion of its advisory fee with respect to Rock Oak during the period ended October 31, 2022 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, 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.

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

Board Considerations in Approving the Renewal of the Advisory Agreement

As of April 30, 2023 (Unaudited)

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.

64	Semi-Annual Report \| April 30, 2023

OAK ASSOCIATES FUNDS

This Page Intentionally Left Blank

Oak Associates Funds

Privacy Policy

Oak Associates Funds recognizes and respects the privacy concerns of our shareholders. The Funds collect nonpublic personal information about you in the course of doing business and providing you with individualized service. “Nonpublic personal information” is personally identifiable financial information about you. We do not sell your personal information to anyone and we do not disclose it to anyone except as permitted or required by law or as described in this policy.

INFORMATION WE COLLECT

●

Information we receive from you on applications and other forms (such as your name, birth date, address and social security number);

●

Information about the transactions in your accounts;

●

Information about any bank account you use for transfers between your bank account and your Oak Associates accounts; and

●

Information we receive about you as a result of your inquiries by mail, email and telephone

INFORMATION WE SHARE

Oak Associates Funds only discloses your nonpublic personal information as required or permitted by law. The Funds may disclose this information:

●

So that we may complete transactions you authorize or request; and

●

So that we may provide you with information about Oak Associates Funds products and services; we may disclose information to companies that provide services to us, such as transfer agents or printers and mailers that prepare and distribute materials to you.

INFORMATION SECURITY

Within Oak Associates Funds, access to your information is restricted to the individuals who need to know the information to service your account. Each Fund conducts its business through its trustees, officers and third party service providers, pursuant to agreements with the Fund. The Fund and its service providers maintain physical, electronic and procedural safeguards that comply with federal standards to guard your information. In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary will govern how your nonpublic personal information will be shared with nonaffiliated third parties by that entity.

TO PROTECT YOUR PRIVACY

We recommend that you do not provide your account information or Oak Associates Funds user name or password to anyone. If you become aware of any suspicious activity relating to your account, please contact us immediately at 1-888-462-5386.

QUESTIONS

Should you have any questions regarding the Funds’ Privacy Policy, please call
1-888-462-5386

OAK ASSOCIATES FUNDS

(GRAPHIC)

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

(GRAPHIC)

225 Pictoria Drive, Suite 450
Cincinnati, OH 45246

Oak Funds-SAR-23

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) Included as part of the report to Stockholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Oak Associates Funds

By (Signature and Title)

/s/ Charles A. Kiraly

Charles A. Kiraly, President and Principal Executive Officer

Date

6/29/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Charles A. Kiraly

Charles A. Kiraly, President and Principal Executive Officer

Date

6/29/2023

By (Signature and Title)

/s/ Zachary P. Richmond

Zachary P. Richmond, Treasurer and Principal Financial Officer

Date

6/29/2023

White Oak Select Growth Fund (WOGSX) N-CSRSCertified semi-annual shareholder report (management investment company)