Mutual Fund Summary Prospectus (497k)
28 Febbraio 2014 - 8:30PM
Edgar (US Regulatory)
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S
UMMARY
P
ROSPECTUS
February 28, 2014
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LIVE OAK
HEALTH SCIENCES FUND
Ticker: LOGSX
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Before you invest, you may want to review the Fund’s complete prospectus, which contains more
information about the Fund and its risks. You can find the Fund’s prospectus and other information about the Fund online at www.oakfunds.com/reports. You can also get this information at no cost by calling 1-888-462-5386, by sending an e-mail
request to OakFunds2@alpsinc.com, or by asking any financial intermediary that offers shares of the Fund. The Fund’s prospectus and statement of additional information, both dated February 28, 2014, are incorporated by reference to this
Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
INVESTMENT GOAL
The Fund seeks long-term capital growth.
FUND FEES AND EXPENSES
This table describes the fees and
expenses that you may pay if you buy and hold shares of the Fund.
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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0.74
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%
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Other Expenses
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0.41
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%
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Total Annual Fund Operating Expenses
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1.15
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%
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Less Fee Waivers and Expense Reimbursements*
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0.00
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%
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Total Annual Fund Operating Expenses
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1.15
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%
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*
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The Adviser has contractually agreed for a period of one year from the date of this 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 Fund total operating expenses to an annual rate of not more than 1.35% of average daily net assets. This contractual fee waiver may only be terminated subject to
approval by the Board of Trustees of the Trust.
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Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and you reinvest all dividends and distributions. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$117
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$365
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$633
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$1,396
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Summary Prospectus | February 28, 2014
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1
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PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year,
the Fund’s portfolio turnover rate was 12% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY OF THE FUND
The Fund invests primarily in common stocks of companies engaged in the research, development, production, or
distribution of products or services related to health care, medicine, or the life sciences. These “health science” companies include pharmaceutical firms, designers and manufacturers of medical equipment and supplies, operators of
hospitals, other health-care services, and biotechnological researchers and developers. The Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in companies doing business in the health science industry, but
will regularly invest in health science companies well in excess of this amount. The Fund invests primarily in common stocks of U.S. companies, but may, to a lesser extent, invest in common stocks of foreign companies and American Depositary
Receipts (“ADRs”) that meet the investment criteria of the Fund, as further described below.
The Adviser
identifies what it believes to be the most attractive areas within health science and then narrows its search to individual stocks, paying particular attention to companies who are well-positioned to take advantage of technological advances,
innovative changes and demographic trends affecting the health science industry. The Adviser’s stock selection process is based on a quantitative and qualitative analysis of individual companies’ fundamentals such as valuation, earnings
growth potential, competitive advantages and the quality of corporate management. The Fund generally invests in large- and medium- capitalization companies, but can invest in companies of any size.
The Adviser invests with a long-term focus and seeks to keep the Fund’s portfolio turnover to a minimum relative to its peers.
The Adviser may sell a security if the reason for its original purchase changes or when it believes better opportunities are available.
The Fund has adopted a policy that it will invest at least 80% of its net assets, under normal circumstances, in equity securities of health sciences companies, as determined by the Adviser. This
policy may be changed by the Fund upon 60 days’ notice to shareholders.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund’s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could
also return less than other investments. The Fund is subject to the principal risks summarized below.
Equity
Securities Risk:
The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The
prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund’s shares.
Concentration Risk:
Because the Fund may invest a significant portion of its assets in securities issued by health science companies, the Fund is subject to legislative or regulatory changes,
including governmental approval of certain products or services and changes in government policies towards parts of the health science industry, adverse market conditions and/or increased competition affecting this industry, and the risk of product
liabilty and/or malpractice lawsuits. The prices of health science companies may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, problems related to bringing products to market,
and rapid technological change and obsolescence of products. Some health science companies may be regarded as developmental stage companies, without revenues or operating income, or near-term prospects for them.
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2
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1-888-462-5386 | www.oakfunds.com
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Foreign Securities Risk:
The risk that investing in securities of foreign
(non-U.S.) companies may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial,
and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline. ADRs are securities that evidence ownership
interests in a security or a pool of securities issued by a foreign issuer. The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk.
Large Cap Risk:
Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and
mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies,
especially during extended periods of economic expansion.
Management Risk:
The risk that a strategy used by the Adviser may fail
to produce the intended results.
Market Risk:
Market risk is the risk that the market value of a security may
fluctuate, sometimes rapidly and unpredictably.
Mid Cap Risk:
Mid cap stock risk is the risk that stocks of
mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche
of the market.
Small Cap Risk:
Small-cap companies may be more vulnerable than large-cap and mid-cap companies
to adverse business or economic developments. Securities of such companies may be less liquid and more volatile than securities of larger companies and therefore may involve greater risk.
PERFORMANCE INFORMATION
The bar chart and the performance
table below illustrate the risks and volatility of an investment in the Fund. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information
is available at www.oakfunds.com or by calling 1-888-462-5386.
The bar chart shows changes in the Fund’s performance from calendar
year to calendar year.
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Summary Prospectus | February 28, 2014
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3
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AVERAGE ANNUAL TOTAL RETURNS
This table compares the Fund’s average annual total returns for the periods ended December 31, 2013 to those of the
S&P 500 Health Care Index.
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1 Year
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5 Years
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10 Years
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Since Inception*
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Fund Returns Before Taxes
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38.84%
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21.02%
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9.52%
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7.15%
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Fund Returns After Taxes on Distributions**
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37.44%
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20.14%
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9.12%
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6.84%
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Fund Returns After Taxes on Distributions and Sale of Fund Shares**
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23.10%
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17.29%
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7.87%
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5.91%
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S&P 500 Health Care Index (reflects no deduction for fees, expenses, or
taxes)
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41.46%
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18.29%
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8.35%
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6.39%
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*
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The Fund’s inception date is 6/29/01. Index returns provided from 6/30/01.
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**
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the
impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
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INVESTMENT ADVISER
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PORTFOLIO MANAGER
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Oak Associates, ltd.
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Mark W. Oelschlager, CFA
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Portfolio Manager of the Fund since 2001.
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PURCHASE AND SALE OF FUND SHARES
The minimum initial investment in the Fund is $2,000 (or $1,000 with a Systematic Investment Plan). Each additional investment must be at least $25. You may purchase and sell shares in the Fund on a
day when the New York Stock Exchange is open for business. Shares of the Fund may be redeemed directly through Oak Associates Funds or through your financial intermediary. For more information about buying and selling shares, refer to the section
“Purchasing, Selling and Exchanging Fund Shares” in the Prospectus or call 1-888-462-5386.
TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when shares are held through a
tax-deferred arrangement, such as a 401(k) plan or individual retirement account. Shares that are held in a tax-deferred account may be taxed as ordinary income or capital gains once they are withdrawn from the tax-deferred account. For more
information on distributions from the Fund, refer to the sections “Dividends and Distributions” and “Taxation of the Funds” in the Prospectus.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related
companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the
Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
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4
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1-888-462-5386 | www.oakfunds.com
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