Oak Associates Funds

01/08/2025 | Press release | Distributed by Public on 01/08/2025 09:10

Annual Report by Investment Company (Form N-CSR)

united states
securities and exchange commission
washington, d.c. 20549
form n-csr
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)
3800 Embassy Parkway, Suite 310
Akron, Ohio 44333
(Address of principal executive offices)(Zip code)
Charles A. Kiraly
3800 Embassy Parkway, Suite 310
Akron, Ohio 44333
(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Black Oak Emerging Technology Fund

Class I (BOGSX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about Black Oak Emerging Technology Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://oakfunds.com/forms-information. You can also request this information by contacting us at (888) 462-5386.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$125
1.06%

How did the Fund perform during the reporting period?

During the fiscal year, the technology sector once again outperformed other sectors of the economy as its superior growth and profitability attributes appealed to investors. Small capitalization stocks generally lagged, although this was not as prevalent amongst technology companies as they are less reliant on capital markets for funding. Enthusiasm surrounding the potential of Artificial Intelligence (AI) remained the primary drivers of individual equity returns across the landscape.

The Fund's largest contributors to performance during the period were Nvidia and Clear Secure. Nvidia outperformed as AI-driven chip demand has remained ahead of investors' expectations, elevating growth in both revenues and earnings. Increased air travel drove membership growth and free cash flows above expectations at Clear Secure during the period. From a sub-industry perspective, the semiconductor and semiconductor capital equipment sub-sectors have been the biggest beneficiaries of AI spending, as have those software companies that have been able to implement AI-features into new products.

Relative weakness in the Fund came from companies that are more consumer oriented as the economy slowed and concerns about the health of the consumer grew. Concentrix, which provides customer experience solutions and technologies that allow its clients a consistent brand experience across all channels of communication (voice, chat, email, social), was challenged in this backdrop as investment here slowed.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Black Oak Emerging Technology Fund
S&P 500® Equal Weighted Information Technology Index
S&P Composite 1500® Index
Oct-2014
$10,000
$10,000
$10,000
Oct-2015
$10,024
$10,874
$10,500
Oct-2016
$10,985
$12,461
$10,993
Oct-2017
$13,309
$17,172
$13,605
Oct-2018
$14,390
$18,617
$14,538
Oct-2019
$15,881
$22,644
$16,524
Oct-2020
$20,563
$26,206
$17,938
Oct-2021
$31,856
$38,983
$25,769
Oct-2022
$24,192
$31,604
$22,066
Oct-2023
$23,385
$34,818
$24,054
Oct-2024
$31,447
$48,051
$33,085

Average Annual Total Returns

1 Year
5 Years
10 Years
Black Oak Emerging Technology Fund
34.48%
14.64%
12.14%
S&P 500®Equal Weighted Information Technology Index
38.01%
16.24%
17.00%
S&P Composite 1500®Index
37.54%
14.90%
12.71%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$59,776,760
Number of Portfolio Holdings
34
Advisory Fee
$429,797
Portfolio Turnover
6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Cash & Other Assets
1.4%
Health Care
3.6%
Consumer Discretionary
4.1%
Industrials
11.9%
Technology
79.0%

Material Fund Changes

No material changes occurred during the year ended October 31, 2024.

Black Oak Emerging Technology Fund - Class I (BOGSX)

Annual Shareholder Report - October 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://oakfunds.com/forms-information), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 103124-BOGSX

Live Oak Health Sciences Fund

Class I (LOGSX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about Live Oak Health Sciences Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://oakfunds.com/forms-information. You can also request this information by contacting us at (888) 462-5386.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$111
1.03%

How did the Fund perform during the reporting period?

During the fiscal year, all U.S. equity sectors rose as the knowledge of the Federal Reserve had thus far rained in inflation and prevented unemployment from spiraling. This created a more attractive environment for all U.S. equities, however large-cap stocks continued to outperform and most defensive sectors trailed cyclical and growth sectors.

The Fund benefited from substantial allocation to the healthcare equipment and healthcare facilities industries, which boosted its returns. A top holding, Intuitive Surgical, outpaced the broader market due to its leadership position and strong demand for its robotic-assisted surgery systems in an under-penetrated market. Another top performer was United Therapeutics, as they had strong demand for their products, expanding clinical pipeline and positive regulatory approvals.

The Fund focuses solely on healthcare sector investments that are attractively valued and growth-oriented, meaning it had limited exposure outside this sector. This sector strategy mandate led to lagging relative performance during the broader market rally, as healthcare stocks trailed cyclical and growth sectors.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Live Oak Health Sciences Fund
S&P 500® Health Care Sector Index
S&P Composite 1500® Index
Oct-2014
$10,000
$10,000
$10,000
Oct-2015
$10,797
$10,758
$10,500
Oct-2016
$10,602
$10,332
$10,993
Oct-2017
$12,063
$12,668
$13,605
Oct-2018
$12,990
$14,097
$14,538
Oct-2019
$13,302
$15,314
$16,524
Oct-2020
$13,385
$16,854
$17,938
Oct-2021
$17,431
$22,554
$25,769
Oct-2022
$18,120
$22,737
$22,066
Oct-2023
$17,068
$21,700
$24,054
Oct-2024
$19,649
$26,021
$33,085

Average Annual Total Returns

1 Year
5 Years
10 Years
Live Oak Health Sciences Fund
15.12%
8.11%
6.99%
S&P 500®Health Care Sector Index
19.91%
11.19%
10.04%
S&P Composite 1500®Index
37.54%
14.90%
12.71%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$52,517,777
Number of Portfolio Holdings
32
Advisory Fee
$394,459
Portfolio Turnover
11%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Cash & Other Assets
2.5%
Health Care
97.5%

Material Fund Changes

No material changes occurred during the year ended October 31, 2024.

Live Oak Health Sciences Fund - Class I (LOGSX)

Annual Shareholder Report - October 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://oakfunds.com/forms-information), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 103124-LOGSX

Pin Oak Equity Fund

Class I (POGSX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about Pin Oak Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://oakfunds/forms-information. You can also request this information by contacting us at (888) 462-5386.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$112
0.97%

How did the Fund perform during the reporting period?

U.S. equities experienced strong gains during the fiscal year as the Federal Reserve successfully restrained inflation. Investors eagerly anticipated a reduction in interest rates and the dissipation of the tight monetary environment needed to thwart the inflation pressures that developed following the aggressive stimulus enacted during the Covid-19 pandemic. During the year, large-cap stocks outperformed small-cap stocks.

The Fund benefited from its exposure to the consumer discretionary sector, particularly Amazon.com, which rose 40% during the year. As inflation declined and interest-rate reductions became likely, consumer sentiment improved and retail stocks soared. The Fund's exposure to companies associated with Artificial Intelligence (AI) within the communications services sector also boosted returns, as Meta and Alphabet, the parent of Google, climbed 88% and 38% respectively.

The Fund's exposure to health care companies weighed on performance. As the market rallied, more defensive sectors underperformed compared to cyclical industries. Concerns over the 2024 Presidential election also hampered health care stocks as uncertainty over the outcome of the election clouded the outlook for the sector. Due to the Fund's sector concentration philosophy, the lack of exposure to real estate and utilities also hampered returns relative to the market.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Pin Oak Equity Fund
Morningstar US Market TR USD
S&P Composite 1500® Index
Oct-2014
$10,000
$10,000
$10,000
Oct-2015
$10,676
$10,466
$10,500
Oct-2016
$11,267
$10,915
$10,993
Oct-2017
$13,730
$13,524
$13,605
Oct-2018
$14,519
$14,430
$14,538
Oct-2019
$16,382
$16,441
$16,524
Oct-2020
$16,511
$18,160
$17,938
Oct-2021
$23,461
$26,033
$25,769
Oct-2022
$17,607
$21,664
$22,066
Oct-2023
$19,471
$23,637
$24,054
Oct-2024
$25,522
$32,642
$33,085

Average Annual Total Returns

1 Year
5 Years
10 Years
Pin Oak Equity Fund
31.08%
9.27%
9.82%
Morningstar US Market TR USD
38.09%
14.70%
12.56%
S&P Composite 1500®Index
37.54%
14.90%
12.71%

The Fund is 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 Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$132,992,759
Number of Portfolio Holdings
29
Advisory Fee
$976,490
Portfolio Turnover
10%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Cash & Other Assets
2.6%
Energy
1.2%
Industrials
5.3%
Consumer Discretionary
10.5%
Communications
14.8%
Financials
17.3%
Health Care
18.6%
Technology
29.7%

Material Fund Changes

No material changes occurred during the year ended October 31, 2024.

Pin Oak Equity Fund - Class I (POGSX)

Annual Shareholder Report - October 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://oakfunds/forms-information), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 103124-POGSX

Red Oak Technology Select Fund

Class I (ROGSX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about Red Oak Technology Select Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://oakfunds.com/forms-information. You can also request this information by contacting us at (888) 462-5386.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$110
0.92%

How did the Fund perform during the reporting period?

The long-term, secular growth prospects of the technology industry have continued to allow it to outperform the other sectors of the economy. During the fiscal year, large capitalization technology companies and persistent enthusiasm surrounding the potential of Artificial Intelligence (AI) remained the primary drivers of individual equity returns.

The Fund's largest contributors to performance during the period were Meta Platforms and Nvidia. Meta benefited from strong revenue growth driven by solid global advertising demand and improved capital allocation which allowed margins to expand. Nvidia outperformed as AI-driven chip demand has remained ahead of investors' expectations elevating growth in both revenues and earnings. From a sub-industry perspective, the semiconductor and semiconductor capital equipment sub-sectors have been the biggest beneficiaries of AI spending, as have those software companies that have been able to implement AI-features into new products.

Relative weakness in the Fund came from Akamai Technologies which is investing in growthier end markets such as security, as growth in its core segment of content delivery has slowed as it has matured. Cisco Systems, a provider of networking systems and services, also underperformed on a relative basis as capital equipment spending by enterprise customers decelerated due to concerns of slowing economic growth with the Federal Reserve's rate hikes.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Red Oak Technology Select Fund
S&P 500® Equal Weighted Information Technology Index
S&P Composite 1500® Index
Oct-2014
$10,000
$10,000
$10,000
Oct-2015
$10,691
$10,874
$10,500
Oct-2016
$12,523
$12,461
$10,993
Oct-2017
$17,001
$17,172
$13,605
Oct-2018
$18,966
$18,617
$14,538
Oct-2019
$22,175
$22,644
$16,524
Oct-2020
$25,820
$26,206
$17,938
Oct-2021
$35,317
$38,983
$25,769
Oct-2022
$25,730
$31,604
$22,066
Oct-2023
$32,561
$34,818
$24,054
Oct-2024
$45,498
$48,051
$33,085

Average Annual Total Returns

1 Year
5 Years
10 Years
Red Oak Technology Select Fund
39.73%
15.46%
16.36%
S&P 500®Equal Weighted Information Technology Index
38.01%
16.24%
17.00%
S&P Composite 1500®Index
37.54%
14.90%
12.71%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$649,646,314
Number of Portfolio Holdings
29
Advisory Fee
$4,638,113
Portfolio Turnover
0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Cash & Other Assets
0.3%
Industrials
2.5%
Consumer Discretionary
9.8%
Communications
16.0%
Technology
71.4%

Material Fund Changes

No material changes occurred during the year ended October 31, 2024.

Red Oak Technology Select Fund - Class I (ROGSX)

Annual Shareholder Report - October 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://oakfunds.com/forms-information), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 103124-ROGSX

River Oak Discovery Fund

Class I (RIVSX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about River Oak Discovery Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://oakfunds.com/forms-information. You can also request this information by contacting us at (888) 462-5386.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$133
1.20%

How did the Fund perform during the reporting period?

Throughout the fiscal year, U.S. equities across the board enjoyed widespread gains driven by favorable market tailwinds and a forthcoming end to the Federal Reserve's rate hiking cycle. The Fed was able to successfully suppress inflation while also managing to keep unemployment under control. This created optimism and expectations for the Fed to start cutting interest rates. Large-cap stocks maintained their lead over small-cap counterparts, with cyclical sectors delivering stronger performance than defensive ones.

The Fund benefited from the overallocation to industrials as the U.S. economy remained resilient with the ongoing trend of shifting industrial production. The Fund also benefited from not having exposure to the energy sector as it was the worst performing sector due to easing inflation pressure, along with economic and geopolitical uncertainty affecting supply and demand dynamics. Clear Secure has been an outperformer as it has benefited from the increased need for biometric identity verification as travel activity continued to rise.

Exposure to health care stocks was a drag on performance. In the small-cap segment, the high-quality health-care services companies owned lagged high-beta biotechnology companies as investor risk appetite increased in the strong equity market.

The Fund exclusively targets small-cap companies, prioritizing quality within this segment. This approach limited its ability to capitalize on returns from risky speculative small-cap stocks and the largest U.S. firms.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

River Oak Discovery Fund
Morningstar US Small Cap TR USD
S&P Composite 1500® Index
Morningstar US Small Cap TR USD
10/31/14
$10,000
$10,000
$10,000
$10,000
10/31/15
$9,873
$9,985
$10,500
$9,985
10/31/16
$10,207
$10,479
$10,993
$10,479
10/31/17
$12,513
$13,000
$13,605
$13,000
10/31/18
$12,035
$13,199
$14,538
$13,199
10/31/19
$12,876
$14,050
$16,524
$14,050
10/31/20
$13,880
$13,808
$17,938
$13,808
10/31/21
$22,341
$20,368
$25,769
$20,368
10/31/22
$19,081
$16,811
$22,066
$16,811
10/31/23
$18,115
$16,364
$24,054
$16,364
10/31/24
$22,045
$21,786
$33,085
$21,786

Average Annual Total Returns

1 Year
5 Years
10 Years
River Oak Discovery Fund
21.69%
11.35%
8.23%
Morningstar US Small Cap TR USD
33.13%
9.17%
8.10%
S&P Composite 1500®Index
37.54%
14.90%
12.71%
S&P SmallCap 600®Index
30.00%
9.20%
9.01%

The Fund is 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 Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$22,591,137
Number of Portfolio Holdings
30
Advisory Fee
$170,498
Portfolio Turnover
15%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Cash & Other Assets
3.2%
Consumer Staples
2.5%
Consumer Discretionary
6.4%
Health Care
11.1%
Financials
12.3%
Technology
27.6%
Industrials
36.9%

Material Fund Changes

No material changes occurred during the year ended October 31, 2024.

River Oak Discovery Fund - Class I (RIVSX)

Annual Shareholder Report - October 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://oakfunds.com/forms-information), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 103124-RIVSX

Rock Oak Core Growth Fund

Class I (RCKSX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about Rock Oak Core Growth Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://oakfunds.com/forms-information. You can also request this information by contacting us at (888) 462-5386.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$146
1.25%

How did the Fund perform during the reporting period?

Over the past fiscal year, U.S. equities rose significantly amid anticipation of a Federal Reserve rate cut. Large-cap-weighted indices outperformed equal-weighted, broad-based, mid-cap, and small-cap indices, as the largest companies continued to extend their gains. Most sectors achieved strong gains, though those tied to inflation and commodities lagged.

The Fund's substantial exposure to the industrials and healthcare sectors supported its performance relative to the benchmark. A top holding, Carlisle Companies, which supplies building materials, outperformed due to the persistent supply-demand imbalance in the housing market. TransDigm Group excelled as its exposure to commercial air travel and defense allowed it to capitalize on multiple tailwinds.

Conversely, the Fund's underweight positions in sectors such as communication services, as well as in cyclical areas of the market like real estate, utilities and financials, limited its returns relative to the benchmark. Within the energy sector, a small allocation to solar stocks hampered performance compared to the benchmark.

Oak Associates remains committed to attractively valued growth companies likely to benefit from long-term secular trends.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Rock Oak Core Growth Fund
Morningstar US Mid Cap TR USD
S&P Composite 1500® Index
S&P MidCap 400® Index
Oct-2014
$10,000
$10,000
$10,000
$10,000
Oct-2015
$9,596
$10,333
$10,500
$10,342
Oct-2016
$9,978
$10,824
$10,993
$10,989
Oct-2017
$12,674
$13,181
$13,605
$13,569
Oct-2018
$14,214
$13,650
$14,538
$13,708
Oct-2019
$14,024
$15,679
$16,524
$14,944
Oct-2020
$14,555
$16,540
$17,938
$14,772
Oct-2021
$18,880
$24,043
$25,769
$21,996
Oct-2022
$15,762
$20,192
$22,066
$19,458
Oct-2023
$15,716
$20,017
$24,054
$19,251
Oct-2024
$21,017
$26,961
$33,085
$25,602

Average Annual Total Returns

1 Year
5 Years
10 Years
Rock Oak Core Growth Fund
33.73%
8.43%
7.71%
Morningstar US Mid Cap TR USD
34.69%
11.45%
10.43%
S&P Composite 1500®Index
37.54%
14.90%
12.71%
S&P MidCap 400®Index
32.99%
11.37%
9.86%

The Fund is 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 Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$12,409,715
Number of Portfolio Holdings
31
Advisory Fee (net of waivers)
$52,930
Portfolio Turnover
11%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Cash & Other Assets
1.3%
Energy
4.0%
Consumer Discretionary
5.9%
Materials
8.2%
Financials
10.4%
Health Care
19.0%
Technology
25.0%
Industrials
26.2%

Material Fund Changes

No material changes occurred during the year ended October 31, 2024.

Rock Oak Core Growth Fund - Class I (RCKSX)

Annual Shareholder Report - October 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://oakfunds.com/forms-information), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 103124-RCKSX

White Oak Select Growth Fund

Class I (WOGSX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about White Oak Select Growth Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://oakfunds.com/forms-information. You can also request this information by contacting us at (888) 462-5386.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$108
0.92%

How did the Fund perform during the reporting period?

During the fiscal year, U.S. equities surged as investors anticipated the end of the tight monetary environment the Federal Reserve established to suppress inflation that developed during the economic rebound following the end of the Covid-19 pandemic. Large-cap stocks outperformed small-cap stocks. Sector participation was broad, but more historically defensive sectors lagged cyclical sectors.

The Fund's strong exposure to the consumer discretionary sector enhanced returns. With inflation declining, consumer sentiment improved, enabling a top position, Amazon.com, to rise 40% for the fiscal year. The Fund's exposure to companies associated with Artificial Intelligence (AI) also benefited the portfolio, with Meta surging 88% and Alphabet, the parent of Google, climbing 38%.

The Fund focuses investment in sectors expected to generate sustainable long-term growth, while avoiding areas which may lack secular trends. Therefore, in the broad rally of 2024, being underweight in real estate, industrials, and utilities hampered returns relative to the benchmark. Additionally, the health care stocks lagged the broader market as cyclical industries outperformed more defensive ones.

Oak Associates remains committed to attractively valued growth companies likely to benefit from long-term secular trends.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

White Oak Select Growth Fund
S&P 500® Index
Oct-2014
$10,000
$10,000
Oct-2015
$10,984
$10,520
Oct-2016
$11,431
$10,994
Oct-2017
$14,102
$13,593
Oct-2018
$15,436
$14,591
Oct-2019
$17,080
$16,681
Oct-2020
$19,063
$18,301
Oct-2021
$26,447
$26,155
Oct-2022
$20,250
$22,334
Oct-2023
$22,737
$24,599
Oct-2024
$30,518
$33,950

Average Annual Total Returns

1 Year
5 Years
10 Years
White Oak Select Growth Fund
34.22%
12.31%
11.80%
S&P 500®Index
38.02%
15.27%
13.00%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$412,910,861
Number of Portfolio Holdings
25
Advisory Fee
$2,960,933
Portfolio Turnover
6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Cash & Other Assets
2.6%
Consumer Discretionary
15.4%
Financials
17.5%
Communications
17.6%
Health Care
22.4%
Technology
24.5%

Material Fund Changes

No material changes occurred during the year ended October 31, 2024.

White Oak Select Growth Fund - Class I (WOGSX)

Annual Shareholder Report - October 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://oakfunds.com/forms-information), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 103124-WOGSX

(b) Not applicable

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant’s code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial expert is David Gruber, who is “independent” for purposes of this Item 3 of Form N-CSR.

(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

Fiscal year ended 2024: $87,500
Fiscal year ended 2023: $87,500

(b) Audit-Related Fees

Fiscal year ended 2024: $0
Fiscal year ended 2023: $0

(c) Tax Fees

Fiscal year ended 2024: $21,000
Fiscal year ended 2023: $21,000

Fees for 2024 and 2023 related to the review of the registrant’s tax returns. Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All Other Fees

Fiscal year ended 2024: $0
Fiscal year ended 2023: $0

(e) (1) Not applicable
(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate non-audit fees and services billed by the applicable principal account for the two most recent fiscal years:

Fiscal year ended 2024: $0
Fiscal year ended 2023: $0

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence..
(i) Not applicable
(j) Not applicable

Item 5. Audit Committee of Listed Companies.

Not applicable

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.

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

(a)
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

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.

TABLE of CONTENTS
Financial Statements
Schedules of Investments 1
Statements of Assets and Liabilities 22
Statements of Operations 24
Statements of Changes in Net Assets 26
Financial Highlights 32
Notes to Financial Statements 36
Report of Independent Registered Public Accounting Firm 49
Additional Information 50
Schedule of Investments White Oak Select Growth Fund
As of October 31, 2024
Fair
Shares Value
COMMON STOCKS - 97.47%
COMMUNICATIONS - 17.63%
Internet Media & Services - 17.63%
Alphabet, Inc. - Class A 95,702 $ 16,375,569
Alphabet, Inc. - Class C 162,396 28,044,165
Meta Platforms, Inc. - Class A 49,980 28,367,649
72,787,383
CONSUMER DISCRETIONARY - 15.45%
E-Commerce Discretionary - 9.74%
Amazon.com, Inc. (a) 215,913 40,246,183
Retail - Discretionary - 5.71%
Lowe’s Companies, Inc. 90,000 23,564,700
FINANCIALS - 17.53%
Asset Management - 5.39%
Charles Schwab Corp. (The) 314,100 22,247,703
Banking - 7.09%
JPMorgan Chase & Co. 131,957 29,283,898
Institutional Financial Services - 1.02%
State Street Corp. 45,300 4,203,840
Insurance - 4.03%
Chubb Ltd. 58,937 16,646,166
HEALTH CARE - 22.37%
Biotech & Pharma - 12.14%
Amgen, Inc. 82,460 26,400,393
Novartis AG - ADR(b) 114,060 12,364,104
Pfizer, Inc. 400,700 11,339,810
50,104,307
Health Care Facilities & Services - 5.15%
Cigna Corp. 32,952 10,373,619
Labcorp Holdings, Inc. 47,770 10,904,458
21,278,077
1-888-462-5386 | www.oakfunds.com 1
White Oak Select Growth Fund Schedule of Investments
As of October 31, 2024
Fair
Shares Value
Medical Equipment & Devices - 5.08%
Alcon, Inc. 138,000 $ 12,689,100
Zimmer Biomet Holdings, Inc. 77,390 8,274,539
20,963,639
TECHNOLOGY - 24.49%
Semiconductors - 14.36%
KLA Corp. 35,731 23,805,064
NXP Semiconductors NV 66,513 15,597,298
QUALCOMM, Inc. 122,300 19,906,771
59,309,133
Software - 2.02%
Microsoft Corp. 20,500 8,330,175
Technology Hardware - 4.38%
Cisco Systems, Inc. 330,000 18,074,100
Technology Services - 3.73%
Cognizant Technology Solutions Corp. - Class A 100,000 7,459,000
Visa, Inc. - Class A 27,475 7,963,629
15,422,629
TOTAL COMMON STOCKS
(Cost $167,962,384) 402,461,933
2 Annual Financial Statements | October 31, 2024
Schedule of Investments White Oak Select Growth Fund
As of October 31, 2024
Shares or Fair
Principal ($) Value
SHORT-TERM INVESTMENTS - 6.35%
REPURCHASE AGREEMENTS - 3.28%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.50%, dated 10/31/2024 and maturing 11/1/2024, collateralized by U.S. Treasury Securities with rates ranging from 1.00% to 4.38% and maturity dates ranging from 12/31/2025 to 2/15/2049 with a par value of $14,402,917 and a collateral value of $13,824,041 13,552,946 $ 13,552,946
COLLATERAL FOR SECURITIES LOANED - 3.07%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(c) 12,675,158 12,675,158
TOTAL SHORT-TERM INVESTMENTS
(Cost $26,228,104) 26,228,104
TOTAL INVESTMENTS - 103.82%
(Cost $194,190,488) 428,690,037
Liabilities in Excess of Other Assets - (3.82)% (15,779,176 )
NET ASSETS - 100.00% $ 412,910,861
(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 $12,240,420.
(c) Rate disclosed is the seven day effective yield as of October 31, 2024.

ADR - American Depositary Receipt

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

1-888-462-5386 | www.oakfunds.com 3
Pin Oak Equity Fund Schedule of Investments
As of October 31, 2024
Fair
Shares Value
COMMON STOCKS - 97.39%
COMMUNICATIONS - 14.81%
Internet Media & Services - 14.81%
Alphabet, Inc. - Class A 27,500 $ 4,705,525
Alphabet, Inc. - Class C 41,243 7,122,254
Meta Platforms, Inc. - Class A 13,859 7,866,091
19,693,870
CONSUMER DISCRETIONARY - 10.53%
E-Commerce Discretionary - 10.53%
Amazon.com, Inc. (a) 56,556 10,542,038
eBay, Inc. (b) 60,216 3,463,022
14,005,060
ENERGY - 1.17%
Oil & Gas Producers - 1.17%
Coterra Energy, Inc. 65,000 1,554,800
FINANCIALS - 17.26%
Asset Management - 4.93%
Charles Schwab Corp. (The) 92,500 6,551,775
Institutional Financial Services - 6.72%
Bank of New York Mellon Corp. (The) 100,745 7,592,143
Northern Trust Corp. 13,455 1,352,497
8,944,640
Insurance - 5.61%
Assurant, Inc. 38,900 7,457,130
HEALTH CARE - 18.63%
Biotech & Pharma - 11.38%
Amgen, Inc. 18,500 5,922,960
Gilead Sciences, Inc. 48,145 4,276,239
Regeneron Pharmaceuticals, Inc. (a) 5,881 4,929,454
15,128,653
4 Annual Financial Statements | October 31, 2024
Schedule of Investments Pin Oak Equity Fund
As of October 31, 2024
Fair
Shares Value
Health Care Facilities & Services - 7.25%
McKesson Corp. 13,847 $ 6,931,670
Quest Diagnostics, Inc. 17,517 2,712,157
9,643,827
INDUSTRIALS - 5.34%
Electrical Equipment - 3.31%
Amphenol Corp. - Class A 65,720 4,404,554
Industrial Support Services - 1.01%
Applied Industrial Technologies, Inc. 5,815 1,346,696
Machinery - 1.02%
ESAB Corp. 10,997 1,353,071
TECHNOLOGY - 29.65%
Semiconductors - 7.49%
Cirrus Logic, Inc. (a) 11,836 1,299,830
KLA Corp. 9,922 6,610,334
Microchip Technology, Inc. 28,089 2,060,890
9,971,054
Software - 7.33%
Akamai Technologies, Inc. (a)(b) 39,507 3,993,368
Microsoft Corp. 10,953 4,450,751
Zscaler, Inc. (a) 7,220 1,305,304
9,749,423
Technology Services - 14.83%
Amdocs Ltd. 66,587 5,842,676
Paychex, Inc. 34,649 4,827,645
Visa, Inc. - Class A 31,220 9,049,117
19,719,438
TOTAL COMMON STOCKS
(Cost $61,017,862) 129,523,991
1-888-462-5386 | www.oakfunds.com 5
Pin Oak Equity Fund Schedule of Investments
As of October 31, 2024
Shares or Fair
Principal ($) Value
SHORT-TERM INVESTMENTS - 6.21%
REPURCHASE AGREEMENTS - 2.67%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.50%, dated 10/31/2024 and maturing 11/1/2024, collateralized by U.S. Treasury Securities with rates ranging from 1.00% to 4.38% and maturity dates ranging from 12/31/2025 to 2/15/2049 with a par value of $3,770,714 and a collateral value of $3,619,164 3,548,190 $ 3,548,190
COLLATERAL FOR SECURITIES LOANED - 3.54%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(c) 4,706,400 4,706,400
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,254,590) 8,254,590
TOTAL INVESTMENTS - 103.60%
(Cost $69,272,452) 137,778,581
Liabilities in Excess of Other Assets - (3.60)% (4,785,822 )
NET ASSETS - 100.00% $ 132,992,759
(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 $4,458,082.
(c) Rate disclosed is the seven day effective yield as of October 31, 2024.

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

6 Annual Financial Statements | October 31, 2024
Schedule of Investments Rock Oak Core Growth Fund
As of October 31, 2024
Fair
Shares Value
COMMON STOCKS - 98.78%
CONSUMER DISCRETIONARY - 5.93%
Leisure Products - 2.93%
Thor Industries, Inc. (a) 3,490 $ 363,239
Wholesale - Discretionary - 3.00%
Pool Corp. 1,030 372,489
ENERGY - 4.03%
Oil & Gas Producers - 4.03%
Murphy USA, Inc. 1,024 500,173
FINANCIALS - 10.37%
Institutional Financial Services - 2.00%
Northern Trust Corp. 2,476 248,887
Insurance - 8.37%
Assurant, Inc. 1,830 350,811
Hartford Financial Services Group, Inc. (The) 6,225 687,489
1,038,300
HEALTH CARE - 18.96%
Biotech & Pharma - 10.61%
Exelixis, Inc. (b) 18,149 602,547
Jazz Pharmaceuticals PLC(b) 4,005 440,670
Viatris, Inc. 23,547 273,145
1,316,362
Health Care Facilities & Services - 8.35%
Cardinal Health, Inc. 5,250 569,730
Quest Diagnostics, Inc. 3,015 466,813
1,036,543
INDUSTRIALS - 26.23%
Aerospace & Defense - 4.20%
TransDigm Group, Inc. 400 520,920
Commercial Support Services - 3.71%
Republic Services, Inc. 2,323 459,954
1-888-462-5386 | www.oakfunds.com 7
Rock Oak Core Growth Fund Schedule of Investments
As of October 31, 2024
Fair
Shares Value
Electrical Equipment - 2.94%
BWX Technologies, Inc. 3,000 $ 365,250
Industrial Support Services - 3.61%
Applied Industrial Technologies, Inc. 1,936 448,358
Machinery - 11.77%
Curtiss-Wright Corp. 1,620 558,835
ESAB Corp. 3,618 445,159
Nordson Corp. 1,839 455,870
1,459,864
MATERIALS - 8.20%
Chemicals - 3.42%
CF Industries Holdings, Inc. 5,159 424,225
Construction Materials - 4.78%
Carlisle Companies, Inc. 1,405 593,233
TECHNOLOGY - 25.06%
Software - 2.44%
Veeva Systems, Inc. - Class A(b) 900 187,947
Zscaler, Inc. (b) 632 114,259
302,206
Technology Hardware - 13.97%
F5, Inc. (b) 2,820 659,542
NetApp, Inc. 4,748 547,492
Seagate Technology PLC 5,250 526,942
1,733,976
Technology Services - 8.65%
Amdocs Ltd. 3,602 316,058
Cognizant Technology Solutions Corp. - Class A 4,000 298,360
Parsons Corp. (a)(b) 1,731 187,225
Science Applications International Corp. 1,880 271,265
1,072,908
TOTAL COMMON STOCKS
(Cost $7,349,481) 12,256,887
8 Annual Financial Statements | October 31, 2024
Schedule of Investments Rock Oak Core Growth Fund
As of October 31, 2024
Shares or Fair
Principal ($) Value
SHORT-TERM INVESTMENTS - 5.85%
REPURCHASE AGREEMENTS - 1.27%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.50%, dated 10/31/2024 and maturing 11/1/2024, collateralized by U.S. Treasury Securities with rates ranging from 1.00% to 4.38% and maturity dates ranging from 12/31/2025 to 2/15/2049 with a par value of $168,122 and a collateral value of $161,365 158,200 $ 158,200
COLLATERAL FOR SECURITIES LOANED - 4.58%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(c) 568,879 568,879
TOTAL SHORT-TERM INVESTMENTS
(Cost $727,079) 727,079
TOTAL INVESTMENTS - 104.63%
(Cost $8,076,560) 12,983,966
Liabilities in Excess of Other Assets - (4.63)% (574,251 )
NET ASSETS - 100.00% $ 12,409,715
(a) Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $544,875.
(b) Non-income producing security.
(c) Rate disclosed is the seven day effective yield as of October 31, 2024.

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

1-888-462-5386 | www.oakfunds.com 9
River Oak Discovery Fund Schedule of Investments
As of October 31, 2024
Fair
Shares Value
COMMON STOCKS - 96.88%
CONSUMER DISCRETIONARY - 6.44%
Home Construction - 3.03%
M/I Homes, Inc. (a) 4,521 $ 685,338
Retail - Discretionary - 3.41%
Asbury Automotive Group, Inc. (a)(b) 3,380 770,099
CONSUMER STAPLES - 2.50%
Household Products - 2.50%
Energizer Holdings, Inc. 17,603 564,528
FINANCIALS - 12.33%
Asset Management - 6.56%
AllianceBernstein Holding LP 21,518 797,242
Artisan Partners Asset Management, Inc. - Class A(b) 15,502 683,638
1,480,880
Insurance - 5.77%
CNO Financial Group, Inc. 19,434 668,530
Selective Insurance Group, Inc. 7,000 635,740
1,304,270
HEALTH CARE - 11.06%
Biotech & Pharma - 4.43%
Prestige Consumer Healthcare, Inc. (a) 13,557 999,829
Health Care Facilities & Services - 5.19%
Ensign Group, Inc. (The) 7,572 1,173,584
Medical Equipment & Devices - 1.44%
Inmode Ltd. (a)(b) 19,000 324,520
INDUSTRIALS - 36.94%
Commercial Support Services - 16.54%
Barrett Business Services, Inc. 30,847 1,116,353
Kforce, Inc. 14,641 846,103
Korn Ferry 11,359 802,513
V2X, Inc. (a) 15,768 971,309
3,736,278
10 Annual Financial Statements | October 31, 2024
Schedule of Investments River Oak Discovery Fund
As of October 31, 2024
Fair
Shares Value
Electrical Equipment - 4.84%
Advanced Energy Industries, Inc. (b) 10,072 $ 1,093,114
Industrial Support Services - 5.89%
Applied Industrial Technologies, Inc. 5,750 1,331,643
Machinery - 9.67%
ESAB Corp. 5,971 734,672
Kadant, Inc. (b) 4,352 1,449,477
2,184,149
TECHNOLOGY - 27.61%
Semiconductors - 20.84%
Ambarella, Inc. (a) 3,524 198,014
Cirrus Logic, Inc. (a) 9,439 1,036,591
Cohu, Inc. (a) 23,005 573,285
Diodes, Inc. (a) 6,980 408,190
Kulicke & Soffa Industries, Inc. 22,922 1,028,281
Silicon Motion Technology Corp. - ADR 12,436 669,181
Tower Semiconductor Ltd. (a)(b) 18,941 794,764
4,708,306
Software - 4.03%
Clear Secure, Inc. (b) 20,198 742,883
Verint Systems, Inc. (a) 7,788 165,884
908,767
Technology Services - 2.74%
ICF International, Inc. 3,672 619,062
TOTAL COMMON STOCKS
(Cost $14,159,965) 21,884,367
1-888-462-5386 | www.oakfunds.com 11
River Oak Discovery Fund Schedule of Investments
As of October 31, 2024
Shares or Fair
Principal ($) Value
SHORT-TERM INVESTMENTS - 26.66%
REPURCHASE AGREEMENTS - 7.25%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.50%, dated 10/31/2024 and maturing 11/1/2024, collateralized by U.S. Treasury Securities with rates ranging from 1.00% to 4.38% and maturity dates ranging from 12/31/2025 to 2/15/2049 with a par value of $1,741,732 and a collateral value of $1,671,729 1,638,946 $ 1,638,946
COLLATERAL FOR SECURITIES LOANED - 19.41%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(c) 4,385,884 4,385,884
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,024,830) 6,024,830
TOTAL INVESTMENTS - 123.54%
(Cost $20,184,795) 27,909,197
Liabilities in Excess of Other Assets - (23.54)% (5,318,060 )
NET ASSETS - 100.00% $ 22,591,137
(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 $4,243,292.
(c) Rate disclosed is the seven day effective yield as of October 31, 2024.

ADR - American Depositary Receipt

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

12 Annual Financial Statements | October 31, 2024
Schedule of Investments Red Oak Technology Select Fund
As of October 31, 2024
Fair
Shares Value
COMMON STOCKS - 99.68%
COMMUNICATIONS - 16.04%
Internet Media & Services - 16.04%
Alphabet, Inc. - Class A 75,000 $ 12,833,250
Alphabet, Inc. - Class C 304,720 52,622,097
Meta Platforms, Inc. - Class A 68,225 38,723,145
104,178,492
CONSUMER DISCRETIONARY - 9.75%
E-Commerce Discretionary - 9.75%
Amazon.com, Inc. (a) 263,000 49,023,200
eBay, Inc. 249,030 14,321,715
63,344,915
INDUSTRIALS - 2.50%
Aerospace & Defense - 1.26%
Lockheed Martin Corp. 14,999 8,190,204
Electrical Equipment - 1.24%
Amphenol Corp. - Class A 120,000 8,042,400
TECHNOLOGY - 71.39%
Semiconductors - 28.48%
Advanced Micro Devices, Inc. (a) 90,000 12,966,300
Broadcom, Inc. 177,840 30,191,897
KLA Corp. 54,609 36,382,154
Microchip Technology, Inc. 95,000 6,970,150
NVIDIA Corp. 300,000 39,828,000
NXP Semiconductors NV 113,550 26,627,475
Qorvo, Inc. (a)(b) 100,000 7,126,000
QUALCOMM, Inc. 153,200 24,936,364
185,028,340
1-888-462-5386 | www.oakfunds.com 13
Red Oak Technology Select Fund Schedule of Investments
As of October 31, 2024
Fair
Shares Value
Software - 20.97%
Akamai Technologies, Inc. (a)(b) 101,780 $ 10,287,923
Check Point Software Technologies Ltd. (a) 58,700 10,167,427
Microsoft Corp. 99,403 40,392,409
Oracle Corp. 262,554 44,067,063
Synopsys, Inc. (a) 60,970 31,314,802
136,229,624
Technology Hardware - 11.94%
Apple, Inc. 106,078 23,964,081
Cisco Systems, Inc. 576,180 31,557,379
NetApp, Inc. 191,334 22,062,723
77,584,183
Technology Services - 10.00%
Accenture PLC - Class A 50,118 17,281,689
Global Payments, Inc. 93,157 9,661,312
MasterCard, Inc. - Class A 29,642 14,808,847
Visa, Inc. - Class A 80,000 23,188,000
64,939,848
TOTAL COMMON STOCKS
(Cost $181,686,634) 647,538,006
14 Annual Financial Statements | October 31, 2024
Schedule of Investments Red Oak Technology Select Fund
As of October 31, 2024
Shares or Fair
Principal ($) Value
SHORT-TERM INVESTMENTS - 0.77%
REPURCHASE AGREEMENTS - 0.44%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.50%, dated 10/31/2024 and maturing 11/1/2024, collateralized by U.S. Treasury Securities with rates ranging from 1.00% to 4.38% and maturity dates ranging from 12/31/2025 to 2/15/2049 with a par value of $3,061,235 and a collateral value of $2,938,199 2,880,580 $ 2,880,580
COLLATERAL FOR SECURITIES LOANED - 0.33%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(c) 2,120,678 2,120,678
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,001,258) 5,001,258
TOTAL INVESTMENTS - 100.45%
(Cost $186,687,892) $ 652,539,264
Liabilities in Excess of Other Assets - (0.45)% (2,892,950 )
NET ASSETS - 100.00% $ 649,646,314
(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 $2,031,769.
(c) Rate disclosed is the seven day effective yield as of October 31, 2024.

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

1-888-462-5386 | www.oakfunds.com 15
Black Oak Emerging Technology Fund Schedule of Investments
As of October 31, 2024
Fair
Shares Value
COMMON STOCKS - 98.59%
CONSUMER DISCRETIONARY - 4.09%
E-Commerce Discretionary - 4.09%
MercadoLibre, Inc. (a) 1,200 $ 2,444,616
HEALTH CARE - 3.59%
Medical Equipment & Devices - 3.59%
Intuitive Surgical, Inc. (a) 4,259 2,145,855
INDUSTRIALS - 11.93%
Electrical Equipment - 3.19%
Advanced Energy Industries, Inc. (b) 17,560 1,905,787
Industrial Support Services - 5.42%
Applied Industrial Technologies, Inc. 14,000 3,242,260
Machinery - 3.32%
Nordson Corp. 8,000 1,983,120
TECHNOLOGY - 78.98%
Information Technology - 2.76%
Paylocity Holdings Corp. (a) 8,930 1,648,210
Semiconductors - 35.62%
Advanced Micro Devices, Inc. (a) 12,304 1,772,637
Cirrus Logic, Inc. (a) 21,731 2,386,498
Cohu, Inc. (a) 59,077 1,472,199
Diodes, Inc. (a)(b) 25,770 1,507,030
KLA Corp. 4,670 3,111,294
Kulicke & Soffa Industries, Inc. 44,645 2,002,775
Lam Research Corp. (a) 24,638 1,831,835
NVIDIA Corp. 30,160 4,004,042
QUALCOMM, Inc. 12,776 2,079,550
Silicon Motion Technology Corp. - ADR(b) 20,940 1,126,781
21,294,641
16 Annual Financial Statements | October 31, 2024
Schedule of Investments Black Oak Emerging Technology Fund
As of October 31, 2024
Fair
Shares Value
Software - 18.71%
Clear Secure, Inc. (b) 44,795 $ 1,647,560
Concentrix Corp. (b) 13,134 558,326
Crowdstrike Holdings, Inc. - Class A(a)(b) 5,576 1,655,347
Fortinet, Inc. (a) 25,980 2,043,587
Salesforce, Inc. 7,994 2,329,212
Veeva Systems, Inc. - Class A(a) 6,396 1,335,677
Zscaler, Inc. (a) 8,936 1,615,539
11,185,248
Technology Hardware - 4.36%
F5, Inc. (a) 11,141 2,605,657
Technology Services - 17.53%
Amdocs Ltd. 20,298 1,781,048
Cognizant Technology Solutions Corp. - Class A 9,600 716,064
CSG Systems International, Inc. 10,000 466,100
ICF International, Inc. 5,000 842,950
Jack Henry & Associates, Inc. 6,981 1,270,053
Parsons Corp. (a)(b) 17,211 1,861,542
PayPal Holdings, Inc. (a) 15,720 1,246,596
Science Applications International Corp. 15,921 2,297,241
10,481,594
TOTAL COMMON STOCKS
(Cost $29,704,960) 58,936,988
1-888-462-5386 | www.oakfunds.com 17
Black Oak Emerging Technology Fund Schedule of Investments
As of October 31, 2024
Shares or Fair
Principal ($) Value
SHORT-TERM INVESTMENTS - 12.38%
REPURCHASE AGREEMENTS - 1.50%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.50%, dated 10/31/2024 and maturing 11/1/2024, collateralized by U.S. Treasury Securities with rates ranging from 1.00% to 4.38% and maturity dates ranging from 12/31/2025 to 2/15/2049 with a par value of $955,614 and a collateral value of $917,206 899,219 $ 899,219
COLLATERAL FOR SECURITIES LOANED - 10.88%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(c) 6,501,047 6,501,047
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,400,266) 7,400,266
TOTAL INVESTMENTS - 110.97%
(Cost $37,105,226) 66,337,254
Liabilities in Excess of Other Assets - (10.97)% (6,560,494 )
NET ASSETS - 100.00% $ 59,776,760
(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 $6,177,612.
(c) Rate disclosed is the seven day effective yield as of October 31, 2024.

ADR - American Depositary Receipt

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

18 Annual Financial Statements | October 31, 2024
Schedule of Investments Live Oak Health Sciences Fund
As of October 31, 2024
Fair
Shares Value
COMMON STOCKS - 97.54%
HEALTH CARE - 97.54%
Biotech - 26.61%
Amgen, Inc. 8,889 $ 2,845,902
Exelixis, Inc. (a) 59,000 1,958,800
Gilead Sciences, Inc. 13,718 1,218,433
Incyte Corp. (a) 15,890 1,177,767
Regeneron Pharmaceuticals, Inc. (a) 3,190 2,673,858
United Therapeutics Corp. (a) 5,965 2,230,731
Vertex Pharmaceuticals, Inc. (a) 3,925 1,868,222
13,973,713
Health Care Facilities - 2.91%
Ensign Group, Inc. (The) 9,852 1,526,961
Health Care Services - 2.84%
Labcorp Holdings, Inc. 6,529 1,490,375
Health Care Supply Chain - 17.33%
Cardinal Health, Inc. 18,150 1,969,638
Cencora, Inc. 11,188 2,551,759
Cigna Corp. 6,199 1,951,507
McKesson Corp. (b) 5,248 2,627,096
9,100,000
Large Pharmaceuticals - 10.17%
Johnson & Johnson 8,463 1,352,895
Merck & Co., Inc. 13,962 1,428,592
Novartis AG - ADR(b) 17,194 1,863,830
Novo Nordisk A/S - ADR 6,211 695,321
5,340,638
Life Science & Diagnostics - 12.15%
Bio-Rad Laboratories, Inc. - Class A(a) 3,355 1,201,728
Danaher Corp. 6,364 1,563,380
Revvity, Inc. (b) 14,979 1,776,360
Thermo Fisher Scientific, Inc. 3,369 1,840,552
6,382,020
1-888-462-5386 | www.oakfunds.com 19
Live Oak Health Sciences Fund Schedule of Investments
As of October 31, 2024
Fair
Shares Value
Managed Care - 12.63%
Centene Corp. (a) 23,653 $ 1,472,636
Elevance Health, Inc. 3,925 1,592,608
Molina Healthcare, Inc. (a) 5,191 1,667,453
UnitedHealth Group, Inc. 3,369 1,901,801
6,634,498
Medical Devices - 5.00%
Inmode Ltd. (a) 15,000 256,200
Medtronic PLC 12,661 1,129,994
Stryker Corp. 3,479 1,239,498
2,625,692
Medical Equipment - 4.79%
Intuitive Surgical, Inc. (a) 4,996 2,517,185
Specialty & Generic Pharmaceuticals - 3.11%
Jazz Pharmaceuticals PLC(a) 14,849 1,633,835
TOTAL COMMON STOCKS
(Cost $30,537,435) 51,224,917
20 Annual Financial Statements | October 31, 2024
Schedule of Investments Live Oak Health Sciences Fund
As of October 31, 2024
Shares or Fair
Principal ($) Value
SHORT-TERM INVESTMENTS - 8.81%
REPURCHASE AGREEMENTS - 2.97%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 4.50%, dated 10/31/2024 and maturing 11/1/2024, collateralized by U.S. Treasury Securities with rates ranging from 1.00% to 4.38% and maturity dates ranging from 12/31/2025 to 2/15/2049 with a par value of $1,655,066 and a collateral value of $1,588,546 1,557,394 $ 1,557,394
COLLATERAL FOR SECURITIES LOANED - 5.84%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(c) 3,069,066 3,069,066
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,626,460) 4,626,460
TOTAL INVESTMENTS - 106.35%
(Cost $35,163,895) 55,851,377
Liabilities in Excess of Other Assets - (6.35)% (3,333,600 )
NET ASSETS - 100.00% $ 52,517,777
(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 $2,970,110.
(c) Rate disclosed is the seven day effective yield as of October 31, 2024.

ADR - American Depositary Receipt

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

1-888-462-5386 | www.oakfunds.com 21
Statements of Assets and Liabilities
October 31, 2024
White Oak Select Pin Oak
Growth Fund Equity Fund
ASSETS
Investment securities at value (cost $194,190,488, $69,272,452, $8,076,560, $20,184,795, $186,687,892, $37,105,226 and $35,163,895), including $12,240,420, $4,458,082, $544,875, $4,243,292, $2,031,769, $6,177,612 and $2,970,110 of securities on loan $ 428,690,037 $ 137,778,581
Receivable for fund shares sold 3,816 513
Receivable for investments sold 9,056,618 -
Dividends and interest receivable 105,194 47,794
Tax reclaims receivable 435,157 40,236
Prepaid expenses 21,980 10,199
Total Assets 438,312,802 137,877,323
LIABILITIES
Payable for fund shares redeemed 264,555 72,875
Payable for investments purchased 12,145,314 -
Payable for collateral upon return of securities loaned 12,675,158 4,706,400
Investment advisory fees payable 262,366 85,130
Administration fees payable 15,273 4,937
Transfer agent fees payable 6,325 3,125
Trustee fees payable 3,589 962
Other accrued expenses 29,361 11,135
Total Liabilities 25,401,941 4,884,564
NET ASSETS $ 412,910,861 $ 132,992,759
Net Assets consist of:
Paid-in capital (unlimited authorization - no par value) $ 134,911,324 $ 43,887,607
Accumulated earnings 277,999,537 89,105,152
Net Assets $ 412,910,861 $ 132,992,759
Total shares outstanding at end of year 2,737,249 1,523,739
Net asset value, offering and redemption price per share (net assets/shares outstanding) $ 150.85 $ 87.28
22 Annual Financial Statements | October 31, 2024
Red Oak Black Oak
Rock Oak Core River Oak Technology Emerging Live Oak Health
Growth Fund Discovery Fund Select Fund Technology Fund Sciences Fund
$ 12,983,966 $ 27,909,197 $ 652,539,264 $ 66,337,254 $ 55,851,377
- - 65,926 3,589 201
- 14,696 - - -
20 1,598 94,098 4,483 1,243
- - - - 22,187
3,790 8,791 37,603 5,675 9,663
12,987,776 27,934,282 652,736,891 66,351,001 55,884,671
- - 449,800 22,635 -
- 937,371 - - 256,166
568,879 4,385,884 2,120,678 6,501,047 3,069,066
5,069 14,249 420,976 38,226 33,526
580 990 25,459 2,341 1,819
1,408 1,474 4,974 2,912 1,968
20 71 8,096 427 160
2,105 3,106 60,594 6,653 4,189
578,061 5,343,145 3,090,577 6,574,241 3,366,894
$ 12,409,715 $ 22,591,137 $ 649,646,314 $ 59,776,760 $ 52,517,777
$ 7,475,510 $ 17,226,850 $ 156,006,542 $ 26,445,580 $ 30,800,035
4,934,205 5,364,287 493,639,772 33,331,180 21,717,742
$ 12,409,715 $ 22,591,137 $ 649,646,314 $ 59,776,760 $ 52,517,777
633,296 1,258,476 13,758,353 7,546,705 2,422,266
$ 19.60 $ 17.95 $ 47.22 $ 7.92 $ 21.68

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

1-888-462-5386 | www.oakfunds.com 23
Statements of Operations
For the year ended October 31, 2024
White Oak Select Pin Oak
Growth Fund Equity Fund
INVESTMENT INCOME
Dividends $ 5,830,347 $ 1,515,177
Securities lending income 48,013 13,027
Interest 288,336 197,187
Foreign withholding tax (116,764 ) -
Total Investment Income 6,049,932 1,725,391
EXPENSES
Investment adviser 2,960,933 976,490
Administration 178,622 61,866
Sub transfer agent 100,814 39,823
Trustee 92,153 30,206
Legal 82,848 26,712
Transfer agent 67,420 34,272
Report printing 58,009 19,740
Registration 25,492 23,545
Custodian 23,155 6,930
Insurance 20,952 7,135
Audit 17,000 17,000
Pricing 354 356
Miscellaneous 59,548 31,302
Total Expenses 3,687,300 1,275,377
Less: Investment advisory fees waived - -
Net Expenses 3,687,300 1,275,377
Net Investment Income (Loss) 2,362,632 450,014
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investment securities transactions 44,073,218 21,307,166
Net change in unrealized appreciation of investment securities 65,373,023 12,622,524
Net Realized and Unrealized Gain on Investments 109,446,241 33,929,690
Net Increase in Net Assets from Operations $ 111,808,873 $ 34,379,704
24 Annual Financial Statements | October 31, 2024
Red Oak Black Oak
Rock Oak Core River Oak Technology Emerging Live Oak Health
Growth Fund Discovery Fund Select Fund Technology Fund Sciences Fund
$ 189,259 $ 277,412 $ 5,537,583 $ 405,493 $ 537,813
2,860 6,875 23,152 12,301 12,372
11,238 37,887 267,738 75,614 27,847
- (270 ) (69,084 ) (628 ) (9,643 )
203,357 321,904 5,759,389 492,780 568,389
85,474 170,498 4,638,113 429,797 394,459
9,543 14,583 278,634 29,831 27,403
1,318 2,689 252,095 15,334 9,455
2,609 5,272 145,400 13,421 11,891
2,249 4,453 132,785 11,749 10,379
16,744 17,242 54,680 31,915 22,194
1,451 3,356 92,948 10,288 6,825
23,583 22,577 29,194 24,129 23,597
1,582 2,158 26,078 3,872 3,560
592 1,314 31,756 3,238 3,015
16,000 16,001 17,000 17,000 17,000
454 491 456 519 524
15,366 16,328 58,011 27,001 19,972
176,965 276,962 5,757,150 618,094 550,274
(32,544 ) - - - -
144,421 276,962 5,757,150 618,094 550,274
58,936 44,942 2,239 (125,314 ) 18,115
18,999 (10,298 ) 29,911,776 4,599,435 1,645,299
3,154,228 4,402,524 164,613,614 11,786,658 5,720,354
3,173,227 4,392,226 194,525,390 16,386,093 7,365,653
$ 3,232,163 $ 4,437,168 $ 194,527,629 $ 16,260,779 $ 7,383,768

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

1-888-462-5386 | www.oakfunds.com 25
Statements of Changes in Net Assets
White Oak Select
Growth Fund
For the For the
Year Ended Year Ended
October 31, October 31,
2024 2023
INVESTMENT ACTIVITIES
Net investment income $ 2,362,632 $ 2,558,587
Net realized gain (loss) on investment securities transactions 44,073,218 16,136,115
Net change in unrealized appreciation (depreciation) of investments securities 65,373,023 19,935,902
Net Increase (Decrease) in Net Assets Resulting from Operations 111,808,873 38,630,604
DISTRIBUTIONS TO SHAREHOLDERS FROM
Earnings (18,013,447 ) (1,592,284 )
Total Distributions (18,013,447 ) (1,592,284 )
CAPITAL TRANSACTIONS
Proceeds from shares sold 5,877,784 2,981,617
Reinvestment of distributions 16,975,670 1,506,571
Amount paid for shares redeemed (40,035,247 ) (26,617,379 )
Net Decrease in Net Assets Resulting from Capital Transactions (17,181,793 ) (22,129,191 )
Total Increase (Decrease) in Net Assets 76,613,633 14,909,129
NET ASSETS
Beginning of year 336,297,228 321,388,099
End of year $ 412,910,861 $ 336,297,228
SHARE TRANSACTIONS
Shares sold 41,311 26,228
Shares issued in reinvestment of distributions 131,523 14,193
Shares redeemed (285,683 ) (233,473 )
Net Decrease in Shares Outstanding (112,849 ) (193,052 )
26 Annual Financial Statements | October 31, 2024
Pin Oak Rock Oak Core
Equity Fund Growth Fund
For the For the For the For the
Year Ended Year Ended Year Ended Year Ended
October 31, October 31, October 31, October 31,
2024 2023 2024 2023
$ 450,014 $ 443,122 $ 58,936 $ 68,230
21,307,166 10,145,012 18,999 (9,333 )
12,622,524 1,687,053 3,154,228 (89,637 )
34,379,704 12,275,187 3,232,163 (30,740 )
(9,647,828 ) (175,955 ) (78,194 ) (99,611 )
(9,647,828 ) (175,955 ) (78,194 ) (99,611 )
2,033,239 1,616,012 270,043 486,919
8,412,114 159,966 49,387 92,431
(17,907,746 ) (23,458,547 ) (715,214 ) (937,660 )
(7,462,393 ) (21,682,569 ) (395,784 ) (358,310 )
17,269,483 (9,583,337 ) 2,758,185 (488,661 )
115,723,276 125,306,613 9,651,530 10,140,191
$ 132,992,759 $ 115,723,276 $ 12,409,715 $ 9,651,530
25,128 23,757 16,347 32,615
111,022 2,504 2,933 6,296
(218,696 ) (340,537 ) (40,078 ) (62,912 )
(82,546 ) (314,276 ) (20,798 ) (24,001 )

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

1-888-462-5386 | www.oakfunds.com 27
Statements of Changes in Net Assets
River Oak
Discovery Fund
For the For the
Year Ended Year Ended
October 31, October 31,
2024 2023
INVESTMENT ACTIVITIES
Net investment income (loss) $ 44,942 $ (1,920 )
Net realized gain (loss) on investment securities transactions (10,298 ) (1,332,633 )
Net change in unrealized appreciation (depreciation) of investments securities 4,402,524 (544,290 )
Net Increase (Decrease) in Net Assets Resulting from Operations 4,437,168 (1,878,843 )
DISTRIBUTIONS TO SHAREHOLDERS FROM
Earnings - (46,104 )
Total Distributions - (46,104 )
CAPITAL TRANSACTIONS
Proceeds from shares sold 544,813 13,041,465
Reinvestment of distributions - 44,276
Amount paid for shares redeemed (3,448,151 ) (11,989,796 )
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions (2,903,338 ) 1,095,945
Total Increase (Decrease) in Net Assets 1,533,830 (829,002 )
NET ASSETS
Beginning of year 21,057,307 21,886,309
End of year $ 22,591,137 $ 21,057,307
SHARE TRANSACTIONS
Shares sold 32,259 786,162
Shares issued in reinvestment of distributions - 2,797
Shares redeemed (201,217 ) (767,998 )
Net Increase (Decrease) in Shares Outstanding (168,958 ) 20,961
28 Annual Financial Statements | October 31, 2024
Red Oak Technology Black Oak Emerging
Select Fund Technology Fund
For the For the For the For the
Year Ended Year Ended Year Ended Year Ended
October 31, October 31, October 31, October 31,
2024 2023 2024 2023
$ 2,239 $ 969,266 $ (125,314 ) $ (141,195 )
29,911,776 24,490,943 4,599,435 2,183,969
164,613,614 85,634,993 11,786,658 (3,639,141 )
194,527,629 111,095,202 16,260,779 (1,596,367 )
(23,542,289 ) (21,171,474 ) (2,103,329 ) (953,768 )
(23,542,289 ) (21,171,474 ) (2,103,329 ) (953,768 )
44,805,375 20,759,781 1,667,346 5,045,674
22,076,791 20,289,665 1,596,715 915,807
(92,108,034 ) (69,008,685 ) (6,294,431 ) (7,202,709 )
(25,225,868 ) (27,959,239 ) (3,030,370 ) (1,241,228 )
145,759,472 61,964,489 11,127,080 (3,791,363 )
503,886,842 441,922,353 48,649,680 52,441,043
$ 649,646,314 $ 503,886,842 $ 59,776,760 $ 48,649,680
1,003,260 625,674 232,475 736,891
558,199 738,074 221,458 147,236
(2,109,901 ) (2,157,078 ) (867,722 ) (1,060,917 )
(548,442 ) (793,330 ) (413,789 ) (176,790 )

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

1-888-462-5386 | www.oakfunds.com 29
Statements of Changes in Net Assets
Live Oak
Health Sciences Fund
For the For the
Year Ended Year Ended
October 31, October 31,
2024 2023
INVESTMENT ACTIVITIES
Net investment income $ 18,115 $ 193,315
Net realized gain on investment securities transactions 1,645,299 3,455,317
Net change in unrealized appreciation (depreciation) of investments securities 5,720,354 (6,847,360 )
Net Increase (Decrease) in Net Assets Resulting from Operations 7,383,768 (3,198,728 )
DISTRIBUTIONS TO SHAREHOLDERS FROM
Earnings (3,139,991 ) (317,867 )
Total Distributions (3,139,991 ) (317,867 )
CAPITAL TRANSACTIONS
Proceeds from shares sold 752,111 2,014,031
Reinvestment of distributions 2,742,845 302,522
Amount paid for shares redeemed (5,360,752 ) (5,999,904 )
Net Decrease in Net Assets Resulting from Capital Transactions (1,865,796 ) (3,683,351 )
Total Increase (Decrease) in Net Assets 2,377,981 (7,199,946 )
NET ASSETS
Beginning of year 50,139,796 57,339,742
End of year $ 52,517,777 $ 50,139,796
SHARE TRANSACTIONS
Shares sold 35,340 96,239
Shares issued in reinvestment of distributions 133,862 13,986
Shares redeemed (251,552 ) (289,409 )
Net Decrease in Shares Outstanding (82,350 ) (179,184 )
30 Annual Financial Statements | October 31, 2024
OAK ASSOCIATES FUNDS
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Financial Highlights
For a share outstanding throughout each year
Net Asset Net Realized and Dividends
Value Investment Unrealized from Net
Beginning of Income Gain (Loss) Total from Investment
Year (Loss)(a) in Securities Operations Income
White Oak Select Growth Fund
For the year ended October 31, 2024 $ 117.99 0.83 38.46 39.29 (0.86 )
For the year ended October 31, 2023 $ 105.61 0.87 12.04 12.91 (0.53 )
For the year ended October 31, 2022 $ 145.00 0.52 (32.42 ) (31.90 ) (0.41 )
For the year ended October 31, 2021 $ 107.21 0.35 40.49 40.84 (0.74 )
For the year ended October 31, 2020 $ 97.79 0.74 10.53 11.27 (0.97 )
Pin Oak Equity Fund
For the year ended October 31, 2024 $ 72.04 0.28 21.17 21.45 (0.30 )
For the year ended October 31, 2023 $ 65.24 0.25 6.64 6.89 (0.09 )
For the year ended October 31, 2022 $ 96.35 0.11 (21.82 ) (21.71 ) (0.08 )
For the year ended October 31, 2021 $ 70.93 0.01 29.02 29.03 (0.60 )
For the year ended October 31, 2020 $ 72.63 0.62 0.08 (c) 0.70 (0.91 )
Rock Oak Core Growth Fund
For the year ended October 31, 2024 $ 14.76 0.09 4.87 4.96 (0.12 )
For the year ended October 31, 2023 $ 14.95 0.10 (0.14 ) (0.04 ) (0.05 )
For the year ended October 31, 2022 $ 18.68 0.02 (2.97 ) (2.95 ) -
For the year ended October 31, 2021 $ 16.80 (0.03 ) 4.75 4.72 (0.03 )
For the year ended October 31, 2020 $ 16.70 0.03 0.63 0.66 (0.07 )
River Oak Discovery Fund
For the year ended October 31, 2024 $ 14.75 0.03 3.17 3.20 -
For the year ended October 31, 2023 $ 15.56 - (d) (0.79 ) (0.79 ) (0.02 ) (e)
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 -
(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) 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.
(d) Less than $0.005 per share.
(e) Includes return of capital of $0.01.
32 Annual Financial Statements | October 31, 2024
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 Year Average Average (Excluding Turnover
Gains Distributions Year Return(b) (000) Net Assets Net Assets Waivers) Rate
(5.57 ) (6.43 ) $ 150.85 34.22 % $ 412,911 0.92 % 0.59 % 0.92 % 6 %
- (0.53 ) $ 117.99 12.28 % $ 336,297 0.93 % 0.76 % 0.93 % 3 %
(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 %
(5.91 ) (6.21 ) $ 87.28 31.08 % $ 132,993 0.97 % 0.34 % 0.97 % 10 %
- (0.09 ) $ 72.04 10.59 % $ 115,723 0.98 % 0.37 % 0.98 % 6 %
(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 %
- (0.12 ) $ 19.60 33.73 % $ 12,410 1.25 % 0.51 % 1.53 % 11 %
(0.10 ) (0.15 ) $ 14.76 (0.29 )% $ 9,652 1.25 % 0.67 % 1.60 % 12 %
(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 %
- - $ 17.95 21.69 % $ 22,591 1.20 % 0.20 % 1.20 % 15 %
- (0.02 ) $ 14.75 (5.06 )% $ 21,057 1.16 % (0.01 )% 1.16 % 42 %
(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 %

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

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Financial Highlights
For a share outstanding throughout each year
Net Asset Net Realized and Dividends
Value Investment Unrealized from Net
Beginning of Income Gain (Loss) Total from Investment
Year (Loss)(a) in Securities Operations Income
Red Oak Technology Select Fund
For the year ended October 31, 2024 $ 35.22 - (c) 13.67 13.67 (0.07 )
For the year ended October 31, 2023 $ 29.27 0.07 7.30 7.37 (0.02 )
For the year ended October 31, 2022 $ 44.46 0.18 (10.79 ) (10.61 ) (0.32 )
For the year ended October 31, 2021 $ 33.97 0.02 12.17 12.19 (0.12 )
For the year ended October 31, 2020 $ 29.95 0.13 4.72 4.85 (0.17 )
Black Oak Emerging Technology Fund
For the year ended October 31, 2024 $ 6.11 (0.02 ) 2.10 2.08 -
For the year ended October 31, 2023 $ 6.44 (0.02 ) (0.19 ) (0.21 ) -
For the year ended October 31, 2022 $ 9.43 (0.03 ) (1.96 ) (1.99 ) -
For the year ended October 31, 2021 $ 6.47 (0.05 ) 3.50 3.45 -
For the year ended October 31, 2020 $ 5.27 (0.02 ) 1.53 1.51 -
Live Oak Health Sciences Fund
For the year ended October 31, 2024 $ 20.02 0.01 2.94 2.95 (0.14 )
For the year ended October 31, 2023 $ 21.37 0.07 (1.30 ) (1.23 ) (0.07 )
For the year ended October 31, 2022 $ 22.00 0.06 0.78 0.84 (0.04 )
For the year ended October 31, 2021 $ 18.10 0.03 5.22 5.25 (0.15 )
For the year ended October 31, 2020 $ 18.14 0.15 (0.03 ) (d) 0.12 (0.16 )
(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) Less than $0.005 per share.
(d) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period.
34 Annual Financial Statements | October 31, 2024
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 Year Average Average (Excluding Turnover
Gains Distributions Year Return(b) (000) Net Assets Net Assets Waivers) Rate
(1.60 ) (1.67 ) $ 47.22 39.73 % $ 649,646 0.92 % 0.00 % 0.92 % 0 %
(1.40 ) (1.42 ) $ 35.22 26.55 % $ 503,887 0.94 % 0.20 % 0.94 % 0 %
(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 %
(0.27 ) (0.27 ) $ 7.92 34.48 % $ 59,777 1.06 % (0.22 )% 1.06 % 6 %
(0.12 ) (0.12 ) $ 6.11 (3.34 )% $ 48,650 1.07 % (0.26 )% 1.07 % 17 %
(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 %
(1.15 ) (1.29 ) $ 21.68 15.12 % $ 52,518 1.03 % 0.03 % 1.03 % 11 %
(0.05 ) (0.12 ) $ 20.02 (5.80 )% $ 50,140 1.02 % 0.36 % 1.02 % 47 %
(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 %

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

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Notes to Financial Statements
As of October 31, 2024

1. ORGANIZATION:

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

2. SIGNIFICANT ACCOUNTING POLICIES:

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

Regulatory Update - Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) - The Securities and Exchange Commission adopted rule and form amendments that have resulted in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, no longer appears in a streamlined shareholder report but is available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR.

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

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

36 Annual Financial Statements | October 31, 2024
Notes to Financial Statements
As of October 31, 2024

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

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

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

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

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Notes to Financial Statements
As of October 31, 2024

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 or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. An election made by a counterparty to terminate a transaction early under a Master Agreement could have an adverse impact on a Fund’s financial statements. Master Agreements can also help limit counterparty risk by requiring collateral posting arrangements at pre-arranged exposure levels. Collateral under the Master Agreements is usually in the form of cash, U.S. Treasury or U.S. Government agency securities, but may include other types of securities. There can be no assurance that the Master Agreements will be successful in limiting credit or counterparty risk.

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

38 Annual Financial Statements | October 31, 2024
Notes to Financial Statements
As of October 31, 2024

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of October 31, 2024:

Market Value of Cash Collateral
Fund Securities on Loan Received
White Oak Select Growth Fund $ 12,240,420 $ 12,675,158
Pin Oak Equity Fund 4,458,082 4,706,400
Rock Oak Core Growth Fund 544,875 568,879
River Oak Discovery Fund 4,243,292 4,385,884
Red Oak Technology Select Fund 2,031,769 2,120,678
Black Oak Emerging Technology Fund 6,177,612 6,501,047
Live Oak Health Sciences Fund 2,970,110 3,069,066

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

3. FAIR VALUE MEASUREMENTS:

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

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

The three-tier hierarchy is summarized as follows:

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

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.

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Notes to Financial Statements
As of October 31, 2024

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.

The following is a summary of the inputs used to value each Fund’s investments as of October 31, 2024:

Level 1 Level 2 Level 3 Total
WHITE OAK SELECT GROWTH FUND
Common Stocks $ 402,461,933 $ - $ - $ 402,461,933
Short-Term Investments
Repurchase Agreements - 13,552,946 - 13,552,946
Collateral for Securities Loaned* - - - 12,675,158
Total $ 402,461,933 $ 13,552,946 $ - $ 428,690,037
Level 1 Level 2 Level 3 Total
PIN OAK EQUITY FUND
Common Stocks $ 129,523,991 $ - $ - $ 129,523,991
Short-Term Investments
Repurchase Agreements - 3,548,190 - 3,548,190
Collateral for Securities Loaned* - - - 4,706,400
Total $ 129,523,991 $ 3,548,190 $ - $ 137,778,581
40 Annual Financial Statements | October 31, 2024
Notes to Financial Statements
As of October 31, 2024
Level 1 Level 2 Level 3 Total
ROCK OAK CORE GROWTH FUND
Common Stocks $ 12,256,887 $ - $ - $ 12,256,887
Short-Term Investments
Repurchase Agreements - 158,200 - 158,200
Collateral for Securities Loaned* - - - 568,879
Total $ 12,256,887 $ 158,200 $ - $ 12,983,966
Level 1 Level 2 Level 3 Total
RIVER OAK DISCOVERY FUND
Common Stocks $ 21,884,367 $ - $ - $ 21,884,367
Short-Term Investments
Repurchase Agreements - 1,638,946 - 1,638,946
Collateral for Securities Loaned* - - - 4,385,884
Total $ 21,884,367 $ 1,638,946 $ - $ 27,909,197
Level 1 Level 2 Level 3 Total
RED OAK TECHNOLOGY SELECT FUND
Common Stocks $ 647,538,006 $ - $ - $ 647,538,006
Short-Term Investments
Repurchase Agreements - 2,880,580 - 2,880,580
Collateral for Securities Loaned* - - - 2,120,678
Total $ 647,538,006 $ 2,880,580 $ - $ 652,539,264
Level 1 Level 2 Level 3 Total
BLACK OAK EMERGING TECHNOLOGY FUND
Common Stocks $ 58,936,988 $ - $ - $ 58,936,988
Short-Term Investments
Repurchase Agreements - 899,219 - 899,219
Collateral for Securities Loaned* - - - 6,501,047
Total $ 58,936,988 $ 899,219 $ - $ 66,337,254
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Notes to Financial Statements
As of October 31, 2024
Level 1 Level 2 Level 3 Total
LIVE OAK HEALTH SCIENCES FUND
Common Stocks $ 51,224,917 $ - $ - $ 51,224,917
Short-Term Investments
Repurchase Agreements - 1,557,394 - 1,557,394
Collateral for Securities Loaned* - - - 3,069,066
Total $ 51,224,917 $ 1,557,394 $ - $ 55,851,377
* 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.

4. FEES AND OTHER RELATED PARTY TRANSACTIONS:

The Trust and the Adviser are parties to an Investment Advisory Agreement, under which the Adviser receives an annual fee equal to 0.74% of the average daily net assets of each Fund. The Adviser has contractually agreed through February 28, 2025 to waive all or a portion of its fees (and to reimburse the Funds’ expenses if necessary) in order to limit Fund total operating expenses (excluding interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) to not more than 1.25% of the average daily net assets of White Oak Select Growth Fund, Pin Oak Equity Fund, Rock Oak Core Growth Fund and River Oak Discovery Fund and 1.35% of the average daily net assets of Red Oak Technology Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund.

The following table lists the contractual advisory fees and fee waivers that were in effect during the fiscal year ended October 31, 2024:

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% (0.28)% 0.46%
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%
42 Annual Financial Statements | October 31, 2024
Notes to Financial Statements
As of October 31, 2024

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.

5. INVESTMENT TRANSACTIONS:

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the fiscal year ended October 31, 2024 were as follows:

Fund Purchases Sales
White Oak Select Growth Fund $ 21,980,070 $ 56,688,665
Pin Oak Equity Fund 12,952,112 31,164,105
Rock Oak Core Growth Fund 1,225,869 1,682,100
River Oak Discovery Fund 3,399,998 6,436,580
Red Oak Technology Select Fund - 38,704,100
Black Oak Emerging Technology Fund 3,553,489 9,154,547
Live Oak Health Sciences Fund 5,905,383 10,178,233

6. FEDERAL INCOME TAXES AND TAX BASIS INFORMATION:

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

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

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Notes to Financial Statements
As of October 31, 2024

Accordingly, the following permanent differences have been reclassified to/from the following accounts:

Accumulated
Fund Earnings (Deficit) Paid-in Capital
White Oak Select Growth Fund $ (1,515,223 ) $ 1,515,223
Pin Oak Equity Fund (1,175,176 ) 1,175,176
Rock Oak Core Growth Fund (2,522 ) 2,522
River Oak Discovery Fund 8,915 (8,915 )
Red Oak Technology Select Fund (2,261,437 ) 2,261,437
Black Oak Emerging Technology Fund (159,952 ) 159,952
Live Oak Health Sciences Fund (138,250 ) 138,250

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

Ordinary Long-Term
Fund Income Capital Gain Total
White Oak Select Growth Fund $ 2,414,967 $ 15,598,480 $ 18,013,447
Pin Oak Equity Fund 468,648 9,179,180 9,647,828
Rock Oak Core Growth Fund 78,194 - 78,194
Red Oak Technology Select Fund 258,413 23,283,876 23,542,289
Black Oak Emerging Technology Fund - 2,103,329 2,103,329
Live Oak Health Sciences Fund 351,642 2,788,349 3,139,991
44 Annual Financial Statements | October 31, 2024
Notes to Financial Statements
As of October 31, 2024

The tax character of the distributions paid by the Funds for the fiscal year ended October 31, 2023 was as follows:

Ordinary Long-Term Return of
Fund Income Capital Gain Capital Total
White Oak Select Growth Fund $ 1,592,284 $ - $ - $ 1,592,284
Pin Oak Equity Fund 145,920 30,035 - 175,955
Rock Oak Core Growth Fund 34,020 65,591 - 99,611
River Oak Discovery Fund 18,846 - 27,258 46,104
Red Oak Technology Select Fund 47,730 21,123,744 - 21,171,474
Black Oak Emerging Technology Fund - 953,768 - 953,768
Live Oak Health Sciences Fund 31,043 286,824 - 317,867

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

Undistributed Cumulative
Net Effect of
Investment Accumulated Unrealized Timing
Fund Income Capital Gain Appreciation Differences Total
White Oak Select Growth Fund $ 1,660,673 $ 42,547,522 $ 233,791,342 $ - $ 277,999,537
Pin Oak Equity Fund 90,247 20,131,897 68,883,008 - 89,105,152
Rock Oak Core Growth Fund - 27,826 4,971,388 (65,009 ) 4,934,205
River Oak Discovery Fund - - 8,110,080 (2,745,793 ) 5,364,287
Red Oak Technology Select Fund - 27,157,343 466,482,429 - 493,639,772
Black Oak Emerging Technology Fund - 4,322,189 29,595,272 (586,281 ) 33,331,180
Live Oak Health Sciences Fund - 1,269,614 20,884,170 (436,042 ) 21,717,742
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Notes to Financial Statements
As of October 31, 2024

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

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

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

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

At October 31, 2024, 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 $ 194,898,695 $ 236,467,492 $ (2,676,150 ) $ 233,791,342
Pin Oak Equity Fund 68,895,573 70,040,582 (1,157,574 ) 68,883,008
Rock Oak Core Growth Fund 8,012,578 5,171,594 (200,206 ) 4,971,388
River Oak Discovery Fund 19,799,117 8,169,852 (59,772 ) 8,110,080
Red Oak Technology Select Fund 186,056,835 467,620,209 (1,137,780 ) 466,482,429
Black Oak Emerging Technology Fund 36,741,982 29,900,283 (305,011 ) 29,595,272
Live Oak Health Sciences Fund 34,967,207 21,567,120 (682,950 ) 20,884,170

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

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

46 Annual Financial Statements | October 31, 2024
Notes to Financial Statements
As of October 31, 2024

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

7. CONCENTRATION OF CREDIT RISK AND OWNERSHIP:

As of October 31, 2024, Live Oak Health Sciences Fund invested greater than 25% of its net assets in securities in the Health Care sector. As of October 31, 2024, Rock Oak Core Growth Fund and River Oak Discovery Fund invested greater than 25% of their net assets in securities in the Industrials sector. As of October 31, 2024, Pin Oak Equity Fund, Rock Oak Core Growth 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.

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 October 31, 2024, the Vanita B. Oelschlager Trust owned 36.18% of Rock Oak Core Growth Fund and the James D. Oelschlager Trust owned 41.25% of River Oak Discovery Fund.

8. TRUSTEE AND OFFICERS FEES:

As of April 1, 2024, there were six Trustees, four of whom are not “interested persons” (within the meaning of the 1940 Act) of the Trust (the “Independent Trustees”). Each Independent Trustee receives a retainer at an annual rate of $60,000 per year. The chairperson of the Audit Committee receives an additional retainer of $750 per calendar quarter, the Chairperson of the Nominating Committee receives an additional retainer of $750 per calendar quarter, and the Lead Independent Trustee receives an additional retainer of $4,000 per calendar quarter.

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

9. INDEMNIFICATIONS:

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

1-888-462-5386 | www.oakfunds.com 47
Notes to Financial Statements
As of October 31, 2024

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 October 31, 2024, 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.

48 Annual Financial Statements | October 31, 2024
Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Oak Associates Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Oak Associates Funds comprising 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 (the “Funds”) as of October 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2009.

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 26, 2024

1-888-462-5386 | www.oakfunds.com 49
Additional Information
As of October 31, 2024 (Unaudited)

1. UNAUDITED TAX INFORMATION:

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 designate 100%, 100%, 100%, 0%, 100%, 0%, and 87.50%, respectively, of the income dividends distributed between January 1, 2023 and December 31, 2023, as qualified dividend income as defined in Section 1(h)(11) of the Internal Revenue Code.

Pursuant to Section 854(b)(2) of the Internal Revenue Code, 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 designate 100%, 100%, 100%, 0%, 100%, 0%, and 75.76%, respectively, of the ordinary income dividends distributed between January 1, 2023 and December 31, 2023, as qualifying for the corporate dividends received deduction.

In early 2024, if applicable, shareholders of record should have received this information for the distributions paid to them by the Funds during the calendar year 2023 via Form 1099. The Funds will notify shareholders in early 2025 of amounts paid to them by the Fund, if any, during the calendar year 2024.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, White Oak Select Growth Fund, Pin Oak Equity Fund, Rock Oak Core Growth Fund, Red Oak Technology Select Fund, Black Oak Emerging Technology Fund, and Live Oak Health Sciences Fund designated $17,113,703, $10,354,356, $2,522, $25,496,323, $2,356,376, $2,926,599 as long-term capital gain dividends, respectively.

2. PROXY VOTING POLICIES AND VOTING RECORD

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent twelve month period ended June 30 are available without charge, upon request: (1) by calling the Funds at 1-888-462-5386; and (2) from Fund documents filed with the Securities and Exchange Commission (the “SEC”) on the SEC’s website at www.sec.gov.

3. QUARTERLY PORTFOLIO HOLDINGS

The Funds file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov and on the Funds’ website at www.oakfunds.com.

50 Annual Financial Statements | October 31, 2024
CONTACT US

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

225 Pictoria Drive, Suite 450
Cincinnati, OH 45246

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

None

Item 16. Controls and Procedures

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures 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 period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable
(b) Not applicable

Item 19. Exhibits.

(a)(1) Code of Ethics attached hereto.
(a)(2) Not applicable
(a)(3) Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.
(a)(4) Not applicable
(a)(5) Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.

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
Date 1/6/2025

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 1/6/2025
By (Signature and Title)* /s/ Zachary P. Richmond
Zachary P. Richmond, Treasurer and Principal Financial Officer
Date 1/6/2025