"Oak Value Fund - Performance History"

Quarter-End Performance For Periods Ended June 30, 2010:

3
Month Year
To
Date 1
Year 5
Year ¹ 10
Year ¹ Since
Inception
1/18/93¹

Oak Value Fund -12.62% -8.62% 13.24% -0.92% 1.94% 8.04%

S&P 500 Index² -11.43% -6.65% 14.43% -0.79% -1.59% 7.10%

¹ Annualized
The performance numbers quoted represent past performance and past performance does not guarantee future results. 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. Current performance may be lower or higher than the performance data quoted. The Fund imposes a 2% redemption fee on shares redeemed within 90 days of their purchase date. Please keep in mind the performance information above does not reflect the imposition of a 2% redemption fee. See the Fund's current Prospectus for more information on the Fund's redemption fee. The Fund's annualized gross expense ratio as of fiscal year-end (6/30/09) was 1.57%.

Annual Returns Since Inception vs. S&P 500 Index

Performance information for the Fund reflects the performance of its predecessor, also named Oak Value Fund, for periods before May 19, 1995 when that fund was reorganized into the Fund. The 1993 performance shown for both the Oak Value Fund and the S&P 500 Index is a "partial year" covering the 1/18/93-12/31/93 time period.
²The Standard & Poor's 500 Index is an unmanaged index of common stock prices of 500 widely held U.S. stocks and includes the reinvestment of dividends. Comparisons to benchmarks have limitations because benchmarks have volatility and other material characteristics that may differ from open-end mutual funds. Because of these differences, benchmarks should not be relied upon as an accurate measure of comparison. Indices are unmanaged and do not reflect the payment of advisory fees and other expenses associated with open-end mutual funds. Investors cannot directly invest in an index, though index funds designed to replicate the performance of various indices are generally available.

The Fund is a "diversified" registered mutual fund regulated under the Investment Company Act of 1940. The Fund's investments, and therefore, the Fund's share price, will fluctuate as the stock market fluctuates and the prices overall may decline over short or longer term periods. Investing a higher percentage of assets in a smaller number of issuers may expose shareholders to greater-than-average financial and market risk.
An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The current prospectus contains this and other information about the Fund. For a prospectus, please call 1 (800) 622-2474 or visit the Fund's website www.oakvaluefund.com. Read the prospectus carefully before investing.

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THE INFORMATION PROVIDED ON THIS SITE IS ACCOMPANIED BY THE OAK VALUE FUND PROSPECTUS
PLEASE READ THE OAK VALUE FUND PROSPECTUS CAREFULLY BEFORE YOU INVEST.

OAK VALUE CAPITAL MANAGEMENT, INC. ("OAK VALUE"), INVESTMENT ADVISER TO THE
OAK VALUE FUND, IS REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO THE INVESTMENT ADVISERS ACT OF 1940.

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