Oak Associates Ltd

Item 5.    Fees and Compensation

FEE SCHEDULE FOR INVESTMENT ADVISORY SERVICES

Oak Associates’ standard management fee schedule is 1.00% annually on the first $4,000,000 and
0.75% on all assets over $4,000,000. Management fees are negotiable at Oak’s discretion based
on the size of the account(s) or type of account (e.g., Institutional, or public pension plan).
Management fee schedules and account minimums may vary among clients depending on the
client circumstances, nature of services, amount of assets, and length of relationship, among other
reasons. Oak may also aggregate certain related client accounts for the purpose of determining
any management fee break points.

Oak Associates’ fees are calculated as a percentage of the market value of assets under
management according to the fee schedule described above and are payable quarterly (in arrears).
Under certain circumstances, Oak Associates may waive fees or make special fee arrangements
which may vary from the fee schedule. Such arrangements may include lower rates for
eleemosynary institutions.

Certain clients may provide written consent to Oak Associates to directly debit their advisory fees
from their custodial account. The Firm provides each client and custodian with an invoice for
payment of advisory fees. Each client invoice describes the amount of the advisory fee, the value
of the client’s assets on which the fee was based and the manner in which the fee was calculated.
For each client, the custodian deducts the advisory fee from the client’s account and remits the
amount directly to Oak Associates. At least on a quarterly basis, the custodian sends each client a
statement summarizing all amounts disbursed from the client’s account during such period,

including the amount of the client’s advisory fees, if any, paid directly to Oak Associates by the
custodian. Clients may also choose to pay their advisory fees directly to Oak Associates.

A client may terminate Oak Associates’ investment advisory services at any time upon prior
written notice. In the event such services are terminated, Oak Associates’ fees for the client are
pro-rated based on the period prior to termination that Oak Associates rendered investment
advisory services for the client.

FEE SCHEDULE FOR INVESTMENT COMPANY ADVISORY SERVICES

Oak Associates, as investment adviser to the Oak Funds, is entitled to an annual fee of 0.74% of
assets under management for all funds. The management fee is calculated daily and paid monthly.
Oak Associates has agreed to limit the total annual expenses to 1.25% for the following Oak Funds:

   White Oak Select Growth Fund
   Pin Oak Equity Fund
   Rock Oak Core Growth Fund
   River Oak Discovery Fund

Oak Associates has also agreed to limit the total annual expenses to 1.35% for these Oak Funds:

   Red Oak Technology Select Fund
   Black Oak Emerging Technology Fund
   Live Oak Health and Science Fund

Oak Associates has agreed to waive its own fee and/or reimburse expenses to maintain that expense
cap on a voluntary basis.

Mutual funds may be included in clients' portfolios, and money market mutual funds may be used
to 'sweep' unused cash balances until they can be appropriately invested. Clients should recognize
that all fees paid to Oak Associates for investment advisory services are separate and distinct from
the fees and expenses charged by mutual funds to their shareholders. These fees and expenses are
described in each fund's prospectus. These fees will generally include a management fee, other
fund expenses, and a possible distribution fee.

Oak Associates may recommend that clients invest a portion of their portfolios into the affiliated
Oak Funds. However, Oak does not believe this creates a conflict of interest as Client assets
invested in the Oak Funds will only be charged management fees by the Oak Funds. Oak
Associates will not charge any additional management fees on client assets invested in the Oak
Funds for the provision of Oak’s investment advisory services.

FEE SCHEDULE FOR WRAP PROGRAMS AND MODEL PORTFOLIO PROGRAMS

Oak Associates’ wrap fee programs and model delivery programs minimum account size is
$100,000. Account size may be negotiated under certain circumstances. For wrap and model
delivery programs, Oak’s management fee is determined by the agreement between the sponsor

and Oak and is generally in the range of 40 to 50 basis points. (a basis point is one hundredth of
one percent or in this case 0.40% to 0.50%.).

GENERAL INFORMATION ON FEES

Separate Expenses and Fees

All fees paid to Oak Associates for investment advisory services are separate and distinct from the
fees and expenses charged by mutual funds and exchange traded funds (ETFs) to their
shareholders. These fees and expenses are described in each fund's prospectus. These fees will
generally include a management fee, other fund expenses, and a possible distribution fee for
mutual funds. If the mutual fund also imposes sales charges, a client may pay an initial or deferred
sales charge.

A client could invest in a mutual fund or ETF directly, without the services of Oak Associates. In
that case, the client would not receive the services provided by Oak Associates which are designed,
among other things, to assist the client in determining which mutual funds or ETFs are most
appropriate to each client's financial condition and objectives. Accordingly, the client should
review both the fees charged by the funds or ETFs and the fees charged by our Firm to fully
understand the total amount of fees to be paid by the client and to evaluate the advisory services
being provided.

Clients are also responsible for the fees and expenses charged by custodians and imposed by
broker-dealers, including, but not limited to, any commissions, custody fees, transaction charges
or mark-up/mark-downs imposed by a broker-dealer with which Oak Associates effects
transactions for a client's account(s).

Item 7.    Types of Clients

Oak Associates offers and provides investment management services to high-net-worth
individuals, pension and profit-sharing plans, charitable organizations, corporations, other
investment advisers, and the Oak Funds, i.e., registered investment companies. Oak Associates
also participates as a sub-adviser in various wrap fee programs sponsored by independent broker-
dealer firms and acts as a sub-adviser to other managers as described in Item 4. Our Firm manages
these client portfolios on a discretionary basis. Additionally, Oak Associates provides other

investment advisory firms (the “Advisor”) with non-discretionary investment advice in the form
of model portfolios.