# EDGAR Filing Document

**Accession Number:** 0001050918
**File Stem:** 0001580642-25-008086
**Filing Date:** 2025-12
**Character Count:** 190506
**Document Hash:** 335c9d801be61b26e5dc352f0f2ec935
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-008086.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001580642-25-008086

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OAK ASSOCIATES FUNDS
- **CENTRAL INDEX KEY:** 0001050918

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08549
- **FILM NUMBER:** 251614567

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3405

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### WHITE OAK SELECT GROWTH FUND (Series ID: S000006538)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000017873 | WHITE OAK SELECT GROWTH FUND | WOGSX           |

### PIN OAK EQUITY FUND (Series ID: S000006539)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017874 | PIN OAK EQUITY FUND | POGSX           |

### RED OAK TECHNOLOGY SELECT FUND (Series ID: S000006540)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000017875 | RED OAK TECHNOLOGY SELECT FUND | ROGSX           |

### BLACK OAK EMERGING TECHNOLOGY FUND (Series ID: S000006541)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000017876 | BLACK OAK EMERGING TECHNOLOGY FUND | BOGSX           |

### LIVE OAK HEALTH SCIENCES FUND (Series ID: S000006542)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000017877 | LIVE OAK HEALTH SCIENCES FUND | LOGSX           |

### ROCK OAK CORE GROWTH FUND (Series ID: S000006543)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000017878 | ROCK OAK CORE GROWTH FUND | RCKSX           |

### RIVER OAK DISCOVERY FUND (Series ID: S000006544)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000017879 | RIVER OAK DISCOVERY FUND | RIVSX           |

?xml version='1.0' encoding='ASCII'?

**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: <u>811-08549</u>

<u>**Oak Associates Funds**</u>

(Exact name of registrant as specified in charter)

3800 Embassy Parkway, Suite 310

<u>Akron, Ohio&nbsp;&nbsp;&nbsp;&nbsp; 44333</u>

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Charles A. Kiraly

3800 Embassy Parkway, Suite 310

<u>Akron, Ohio 44333</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-888-462-5386</u> <br>

Date of fiscal year end: <u>October 31</u> <br>Date of reporting period: <u>October 31, 2025</u>

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, 2025
![Image](ibe3679705f1072972a1a0995.jpg)

## Fund Overview
This annual shareholder report contains important information about Black Oak Emerging Technology Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/black-oak-emerging-technology/. 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 | $116 | 1.05% |

---

## How did the Fund perform during the reporting period?
This past year, the technology sector once again outperformed, supported by its durable growth profile, superior profitability, and central role in driving innovation across the economy. While smaller-capitalization stocks generally lagged for much of the period, the Federal Reserve's pivot back to interest-rate cuts helped spark a late-year recovery—momentum that is expected to continue serving as a tailwind. Across the industry, however, enthusiasm surrounding the long-term potential of Artificial Intelligence (AI) remained the dominant catalyst for equity performance.

Lam Research and Zscaler were among the Fund's strongest contributors. Lam Research benefited from persistent strength in semiconductor capital spending, as demand for AI-optimized chips and the infrastructure required to support them exceeded expectations. Meanwhile, cybersecurity provider Zscaler delivered robust returns thanks to accelerating enterprise demand for cloud-based security solutions capable of protecting corporate networks from increasingly sophisticated threats. Detractors during the period were concentrated in companies with heavy exposure to federal spending, including Parsons Corporation and Science Applications International. The change in administration, along with new initiatives such as the Department of Government Efficiency (DOGE), weighed on investor sentiment toward government-services firms. Although revenues have softened, the most severe outcomes feared earlier in the year have not materialized. Nonetheless, uncertainty surrounding the pace and direction of future government contracting remains elevated in the near term.

The Fund stayed focused on finding companies that are tapping into high-growth and emerging areas of the technology sector. While rapid growth matters, seeking to keep the portfolio invested in high-quality businesses remained a key characteristic of the strategy as well.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3f4412a76be758687b5caf6a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Black Oak Emerging Technology Fund** | **S&P 500<sup>®</sup> Equal Weighted Information Technology Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $10959 | $11460 | $10469 |
| **Oct-2017** | $13278 | $15793 | $12957 |
| **Oct-2018** | $14356 | $17121 | $13846 |
| **Oct-2019** | $15844 | $20825 | $15737 |
| **Oct-2020** | $20514 | $24101 | $17084 |
| **Oct-2021** | $31781 | $35852 | $24542 |
| **Oct-2022** | $24135 | $29065 | $21015 |
| **Oct-2023** | $23330 | $32021 | $22909 |
| **Oct-2024** | $31373 | $44190 | $31510 |
| **Oct-2025** | $38401 | $57037 | $37878 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Black Oak Emerging Technology Fund | 22.40% | 13.36% | 14.40% |
| S&P 500<sup>®</sup> Equal Weighted Information Technology Index | 29.07% | 18.80% | 19.02% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 14.25% |

---

***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 | $67472695 |
| Number of Portfolio Holdings | 31 |
| Advisory Fee | $439111 |
| Portfolio Turnover | 7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i34b25739979c661eeeb9e5d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 4.5% |
| Communications | 2.8% |
| Health Care | 3.4% |
| Consumer Discretionary | 6.1% |
| Industrials | 9.1% |
| Technology | 74.1% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](ibe3679705f1072972a1a0995.jpg)

# Black Oak Emerging Technology Fund - Class I (BOGSX)

## Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/black-oak-emerging-technology/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-BOGSX

# Live Oak Health Sciences Fund

## Class I (LOGSX)

## Annual Shareholder Report - October 31, 2025
![Image](ibe3679705f1072972a1a0995.jpg)

## Fund Overview
This annual shareholder report contains important information about Live Oak Health Sciences Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/live-oak-health-sciences/. 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 | $107 | 1.04% |

---

## How did the Fund perform during the reporting period?
This past year, health care stocks delivered moderate performance relative to the broader US equity market. The sector lagged AI-driven technology and telecommunication sectors due to macroeconomic factors and evolving tariff policy expectations. Investors showed a strong preference toward industries exposed to AI capital spending trends and interest-rate cut beneficiaries. Health care is neither of those things. Nonetheless, the sector maintains attractive fundamentals, favorable valuations, and aging demographics trends.

The Fund's performance was shaped by pronounced dispersion within the sector. Holdings in biotechnology and life sciences tools contributed positively, reflecting improving growth opportunities. Meanwhile, GLP-1 weight loss suppliers, such as Eli Lilly and Novo Nordisk advanced sharply early in the year, only to succumb to growing competition in 2025. Managed care companies were underperformers during the year as political scrutiny of reimbursement rates and Medicare Advantage program margins remained an overhang.

Despite these headwinds, the Fund's diversified exposure across therapeutics, devices, and life sciences tools helped mitigate volatility. Select small- and mid-cap innovators in oncology and gene therapy rebounded late in the fiscal year as risk appetite returned. Throughout the year, the Fund continued to focus on companies that we feel maintain durable intellectual property, robust balance sheets, and strong innovation pipelines.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ia45302505b863f6029dd9466.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Live Oak Health Sciences Fund** | **S&P Health Care Select Sector Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $9819 | $9604 | $10469 |
| **Oct-2017** | $11172 | $11775 | $12957 |
| **Oct-2018** | $12031 | $13104 | $13846 |
| **Oct-2019** | $12320 | $14235 | $15737 |
| **Oct-2020** | $12397 | $15667 | $17084 |
| **Oct-2021** | $16144 | $20965 | $24542 |
| **Oct-2022** | $16782 | $21135 | $21015 |
| **Oct-2023** | $15808 | $20171 | $22909 |
| **Oct-2024** | $18198 | $24188 | $31510 |
| **Oct-2025** | $19286 | $24179 | $37878 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Live Oak Health Sciences Fund | 5.98% | 9.24% | 6.79% |
| S&P Health Care Select Sector Index | -0.03% | 9.07% | 9.23% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 14.25% |

---

***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 | $51602631 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee | $367760 |
| Portfolio Turnover | 24% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4328e7741300219871e581bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 0.4% |
| Technology | 2.0% |
| Health Care | 97.6% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](ibe3679705f1072972a1a0995.jpg)

# Live Oak Health Sciences Fund - Class I (LOGSX)

## Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/live-oak-health-sciences/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-LOGSX

# Pin Oak Equity Fund

## Class I (POGSX)

## Annual Shareholder Report - October 31, 2025
![Image](ibe3679705f1072972a1a0995.jpg)

## Fund Overview
This annual shareholder report contains important information about Pin Oak Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/pin-oak-equity/. 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 | 0.95% |

---

## How did the Fund perform during the reporting period?
This past year, U.S. stocks rose sharply on optimism the Federal Reserve would unwind the tight monetary environment imposed to constrain post pandemic-induced inflation. With inflation retracting and a stable job market, confidence rose that lower interest rates were eminent. Large-cap technology stocks continued to lead equities, mostly due to their position as strong beneficiaries of AI capital spending and productivity gains.

The Fund's technology and telecommunication holdings, especially those tied to AI and digital infrastructure, drove results. Amphenol and KLA Corp were among the best performers, as demand for AI hardware and software stayed strong. Alphabet and Meta Platforms also rose strongly as digital ad sales and AI opportunities boosted returns. Outside of the AI-exposed sectors, the Fund's health care exposure weighed on returns. The sector has faced persistent concerns over tariffs and regulatory changes.

Throughout the fiscal year, the Fund maintained its disciplined approach, emphasizing what we feel are attractively valued growth companies with durable business models.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if937c0775018ebea7781d9e5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Pin Oak Equity Fund** | **S&P Composite 1500<sup>®</sup> Index** | **Morningstar US Market TR USD** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $10554 | $10469 | $10428 |
| **Oct-2017** | $12861 | $12957 | $12921 |
| **Oct-2018** | $13600 | $13846 | $13787 |
| **Oct-2019** | $15345 | $15737 | $15709 |
| **Oct-2020** | $15466 | $17084 | $17350 |
| **Oct-2021** | $21976 | $24542 | $24873 |
| **Oct-2022** | $16493 | $21015 | $20699 |
| **Oct-2023** | $18239 | $22909 | $22584 |
| **Oct-2024** | $23907 | $31510 | $31187 |
| **Oct-2025** | $30633 | $37878 | $37736 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Pin Oak Equity Fund | 28.13% | 14.65% | 11.85% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 14.25% |
| Morningstar US Market TR USD | 21.00% | 16.81% | 14.20% |

---

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 INDEX 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 | $149591722 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee | $1009268 |
| Portfolio Turnover | 7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i85c63566aa32a8b50e3dadb6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 0.9% |
| Energy | 1.0% |
| Materials | 3.1% |
| Industrials | 5.5% |
| Consumer Discretionary | 8.9% |
| Communications | 17.4% |
| Health Care | 17.6% |
| Financials | 17.6% |
| Technology | 28.0% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](ibe3679705f1072972a1a0995.jpg)

# Pin Oak Equity Fund - Class I (POGSX)

## Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/pin-oak-equity/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-POGSX

# Red Oak Technology Select Fund

## Class I (ROGSX)

## Annual Shareholder Report - October 31, 2025
![Image](ibe3679705f1072972a1a0995.jpg)

## Fund Overview
This annual shareholder report contains important information about Red Oak Technology Select Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/red-oak-technology-select/. 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 | $104 | 0.90% |

---

## How did the Fund perform during the reporting period?
This past year, the technology sector again demonstrated its ability to deliver durable, above-trend growth, extending a pattern of outperforming the broader U.S. equity market. Investors rewarded companies with sizable exposure to Artificial Intelligence (AI), fueling strong returns across several large-cap industry leaders. Resilient economic growth supported the continued expansion of earnings and drove increases in corporate spending on targeted areas within technology, such as AI, data infrastructure, and automation.

Against this backdrop, the Fund delivered solid results, with performance led by companies in the semiconductor and software subcategories, including Broadcom, KLA Corp., and Oracle. Broadcom delivered strong returns as demand for its custom semiconductor chips continued to exceed expectations. Both KLA Corp and Oracle are benefiting from the rapid growth in infrastructure spending intended to support the growing demand for AI-related products and services. Relative performance headwinds came primarily from the IT consulting firm, Accenture, and Akamai Technologies, an internet services provider. The consulting area has been pressured by increased client uncertainty driven by rising geopolitical tensions and evolving policy changes, which have slowed demand in the near term. Akamai remains in transition, and while results from their faster-growing services, such as security, are encouraging, they are not yet at scale to offset slowing growth in their legacy content delivery services.

The Fund's valuation-conscious, financials-first approach continued to benefit the Fund as the technology sector maintained its leadership in the broader market. Expanding profit margins among large-cap, blue-chip technology companies have continued to attract incremental investor interest in these holdings.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1f9c8f4c88d6d1f7036359b3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Red Oak Technology Select Fund** | **S&P 500<sup>®</sup> Equal Weighted Information Technology Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $11714 | $11460 | $10469 |
| **Oct-2017** | $15903 | $15793 | $12957 |
| **Oct-2018** | $17741 | $17121 | $13846 |
| **Oct-2019** | $20743 | $20825 | $15737 |
| **Oct-2020** | $24152 | $24101 | $17084 |
| **Oct-2021** | $33036 | $35852 | $24542 |
| **Oct-2022** | $24068 | $29065 | $21015 |
| **Oct-2023** | $30458 | $32021 | $22909 |
| **Oct-2024** | $42559 | $44190 | $31510 |
| **Oct-2025** | $55980 | $57037 | $37878 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Red Oak Technology Select Fund | 31.53% | 18.31% | 18.80% |
| S&P 500<sup>®</sup> Equal Weighted Information Technology Index | 29.07% | 18.80% | 19.02% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 14.25% |

---

***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 | $781753145 |
| Number of Portfolio Holdings | 27 |
| Advisory Fee | $4995651 |
| Portfolio Turnover | 4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6faf473611ac26672258db65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 0.4% |
| Industrials | 4.5% |
| Consumer Discretionary | 10.4% |
| Communications | 14.5% |
| Technology | 70.2% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](ibe3679705f1072972a1a0995.jpg)

# Red Oak Technology Select Fund - Class I (ROGSX)

## Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/red-oak-technology-select/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-ROGSX

# River Oak Discovery Fund

## Class I (RIVSX)

## Annual Shareholder Report - October 31, 2025
![Image](ibe3679705f1072972a1a0995.jpg)

## Fund Overview
This annual shareholder report contains important information about River Oak Discovery Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/river-oak-discovery/. 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 | $127 | 1.23% |

---

## How did the Fund perform during the reporting period?
This past year, U.S. equities advanced despite a more volatile backdrop, ultimately finishing with strong returns. The broad market rally was led by large-cap technology and other AI related companies. While small-cap stocks lagged their large-cap brethren, there was a notable risk-on, higher-beta outperformance within the universe. Optimism over a more accommodative interest environment helped rally the segment, but the Fed's interest rate reduction cycle is still in the early innings.

The Fund benefited from an outsized stance in semiconductor & semiconductor equipment as a key tailwind, as AI-driven buildouts supported orders, earnings revisions, and AI-capital spending enthusiasm. Being overweight in capital markets also helped, aided by supportive deregulatory developments and strong equity returns. Detractors included limited exposure to defense and an overweight to IT services, which suffered from DOGE related program cuts.

The Fund maintained a disciplined focus on quality small-cap companies, which can sometimes be outshined by more speculative higher beta stocks, but which we believe offer more consistent long-term appreciation and favorable risk profile.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i575ceb109e84d465f8bbba3c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **River Oak Discovery Fund** | **S&P SmallCap 600<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** | **Morningstar US Small Cap TR USD** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10339 | $10635 | $10469 | $10495 |
| **Oct-2017** | $12674 | $13605 | $12957 | $13019 |
| **Oct-2018** | $12190 | $14366 | $13846 | $13219 |
| **Oct-2019** | $13042 | $14832 | $15737 | $14071 |
| **Oct-2020** | $14058 | $13687 | $17084 | $13828 |
| **Oct-2021** | $22628 | $21754 | $24542 | $20398 |
| **Oct-2022** | $19327 | $19184 | $21015 | $16835 |
| **Oct-2023** | $18348 | $17715 | $22909 | $16388 |
| **Oct-2024** | $22329 | $23029 | $31510 | $21818 |
| **Oct-2025** | $23909 | $24299 | $37878 | $24029 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| River Oak Discovery Fund | 7.08% | 11.20% | 9.11% |
| S&P SmallCap 600<sup>®</sup> Index | 5.51% | 12.17% | 9.28% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 14.25% |
| Morningstar US Small Cap TR USD | 10.14% | 11.69% | 9.16% |

---

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 INDEX 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 | $21922350 |
| Number of Portfolio Holdings | 29 |
| Advisory Fee | $157829 |
| Portfolio Turnover | 9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i02661d4e5f6980799feba8e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 1.9% |
| Consumer Staples | 1.1% |
| Consumer Discretionary | 3.6% |
| Health Care | 10.1% |
| Financials | 15.4% |
| Industrials | 32.3% |
| Technology | 35.6% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](ibe3679705f1072972a1a0995.jpg)

# River Oak Discovery Fund - Class I (RIVSX)

## Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/river-oak-discovery/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-RIVSX

# Rock Oak Core Growth Fund

## Class I (RCKSX)

## Annual Shareholder Report - October 31, 2025
![Image](ibe3679705f1072972a1a0995.jpg)

## Fund Overview
This annual shareholder report contains important information about Rock Oak Core Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/rock-oak-core-growth/. 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 | $132 | 1.25% |

---

## How did the Fund perform during the reporting period?
This past year, U.S. equities navigated a choppier tape yet closed on a strong note. Mega-cap companies again set the pace, widening the gap versus mid-caps, and small-cap cohorts. Sector results were mixed: roughly half delivered solid gains, while areas with less AI exposure or supportive deregulatory developments lagged. Exposure the AI capital spending was a strong tailwind through the market during the fiscal year.

For the Fund, positioning in industrials and health care was a clear tailwind. In industrials, exposure to defense and AI exposed franchises benefited from durable demand and increased enthusiasm for AI. Within health care, the portfolio sidestepped problems in managed care while stock selection in health care distributors added meaningfully.

The Fund continued to focus on disciplined ownership of what we feel represent attractively valued mid-sized growth businesses aligned with durable, long-term secular trends.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id05e3cb5889c12741689f92f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rock Oak Core Growth Fund** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** | **Morningstar US Mid Cap TR USD** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10398 | $10626 | $10469 | $10476 |
| **Oct-2017** | $13208 | $13120 | $12957 | $12757 |
| **Oct-2018** | $14813 | $13254 | $13846 | $13211 |
| **Oct-2019** | $14615 | $14449 | $15737 | $15174 |
| **Oct-2020** | $15168 | $14283 | $17084 | $16008 |
| **Oct-2021** | $19675 | $21268 | $24542 | $23268 |
| **Oct-2022** | $16426 | $18813 | $21015 | $19542 |
| **Oct-2023** | $16378 | $18614 | $22909 | $19373 |
| **Oct-2024** | $21902 | $24755 | $31510 | $26093 |
| **Oct-2025** | $24397 | $26335 | $37878 | $28951 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rock Oak Core Growth Fund | 11.39% | 9.97% | 9.33% |
| S&P MidCap 400<sup>®</sup> Index | 6.38% | 13.02% | 10.17% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 14.25% |
| Morningstar US Mid Cap TR USD | 10.95% | 12.58% | 11.22% |

---

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 INDEX 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 | $12742150 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee (net of waivers) | $61459 |
| Portfolio Turnover | 12% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i147eea2dc16deb1020756587.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 1.0% |
| Consumer Discretionary | 2.2% |
| Energy | 2.9% |
| Materials | 10.1% |
| Financials | 12.3% |
| Technology | 16.2% |
| Health Care | 22.5% |
| Industrials | 32.8% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](ibe3679705f1072972a1a0995.jpg)

# Rock Oak Core Growth Fund - Class I (RCKSX)

## Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/rock-oak-core-growth/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-RCKSX

# White Oak Select Growth Fund

## Class I (WOGSX)

## Annual Shareholder Report - October 31, 2025
![Image](ibe3679705f1072972a1a0995.jpg)

## Fund Overview
This annual shareholder report contains important information about White Oak Select Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://oakfunds.com/strategies/white-oak-select-growth/. 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 | $100 | 0.90% |

---

## How did the Fund perform during the reporting period?
This past year, large-cap U.S. stocks rose strongly on continued AI opportunities and optimism over a lower interest rate environment. After almost two years of high short-term lending rates, the Federal Reserve finally started unwinding the restrictive conditions imposed to combat inflation. Uncertain tariff policy rattled equities periodically, but ultimately cooling inflation and a more confident consumer combined to rally stocks.

Financial stocks were strong contributors to performance during the year. Lower interest rates spur commercial lending and mortgage activity. Technology and telecommunication stocks also led markets higher as the primary beneficiaries of AI-related capital spending trends. Investments in semiconductors, cloud computing, and digital advertising drove returns on expectations of AI-based productivity gains and earnings growth. NVIDIA and Microsoft were among top performers due to their exposure to AI data centers. Alphabet and Meta Platforms also delivered solid double-digit gains during the fiscal year. The health care sector, while attractively valued, was a laggard due to persistent uncertainty around tariffs and regulatory changes.

The Fund remained focused on high-quality growth companies with strong balance sheets and steady earnings, especially those we feel are set to benefit from big trends like AI, digitization, and changing consumer habits.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i33329efbe6c65d86fd1f229f.jpg)

---

| | | |
|:---|:---|:---|
| | **White Oak Select Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 |
| **Oct-2016** | $10407 | $10451 |
| **Oct-2017** | $12839 | $12921 |
| **Oct-2018** | $14053 | $13870 |
| **Oct-2019** | $15550 | $15857 |
| **Oct-2020** | $17355 | $17397 |
| **Oct-2021** | $24077 | $24862 |
| **Oct-2022** | $18436 | $21230 |
| **Oct-2023** | $20700 | $23383 |
| **Oct-2024** | $27785 | $32272 |
| **Oct-2025** | $33631 | $39196 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| White Oak Select Growth Fund | 21.04% | 14.15% | 12.89% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

***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 | $458927730 |
| Number of Portfolio Holdings | 26 |
| Advisory Fee | $3108669 |
| Portfolio Turnover | 11% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6799289efc06a54ee4b3a139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Assets | 0.7% |
| Industrials | 2.1% |
| Consumer Discretionary | 13.8% |
| Health Care | 15.1% |
| Communications | 16.8% |
| Financials | 18.4% |
| Technology | 33.1% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](ibe3679705f1072972a1a0995.jpg)

# White Oak Select Growth Fund - Class I (WOGSX)

## Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakfunds.com/strategies/white-oak-select-growth/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-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)  **<u>Audit Fees</u>** 

---

| | |
|:---|:---|
| Fiscal year ended 2025: | $91700 |
| Fiscal year ended 2024: | $87500 |

---

(b)  **<u>Audit-Related Fees</u>** 

---

| | |
|:---|:---|
| Fiscal year ended 2025: | $0 |
| Fiscal year ended 2024: | $0 |

---

(c)  **<u>Tax Fees</u>** 

---

| | |
|:---|:---|
| Fiscal year ended 2025: | $30500 |
| Fiscal year ended 2024: | $21000 |

---

Fees for 2025 and 2024 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)  **<u>All Other Fees</u>** 

---

| | |
|:---|:---|
| Fiscal year ended 2025: | $0 |
| Fiscal year ended 2024: | $0 |

---

(e) (1) Not
 applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 2025: | $0 |
| Fiscal year ended 2024: | $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) ![](img_001.jpg)

**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.* |
| ![(IMAGE)](img_002.jpg) |

---

<u>**Dual-Concentrated Investment Approach**</u>

Long-term fundamental and multi-cycle analysis to uncover the highest

conviction sectors and holdings fueled by multiple drivers of growth.

<u>***SECTOR GROWTH DRIVERS***</u>

▼ Overall
 Macro Trends

▼ Relative
 Valuations

▼ Competitive
 Durability

▼ Earnings
 Sustainability

▼ Sub-sector
 Thematics

▼ Rates
 and Yields

![(IMAGE)](img_003.jpg)

<u>***COMPANY GROWTH DRIVERS***</u>

---

| |
|:---|
| 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.

---

| |
|:---|
| ![(IMAGE)](img_004.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE *of* CONTENTS** |
| ![(IMAGE)](img_004.jpg) |

---

---

| | |
|:---|:---|
| **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 22 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 24 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 26 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 32 |
| **Notes to Financial Statements** | 36 |
| **Report of Independent Registered Public Accounting Firm** | 48 |
| **Additional Information** | 49 |

---

<u>Schedule of Investments</u>   <u>White Oak Select Growth Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 99.26%** |  |  |
| **COMMUNICATIONS — 16.81%** |  |  |
| &nbsp;&nbsp;&nbsp;Internet Media & Services — 16.81% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 71802 | $20190004 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 122396 | 34493641 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 34651 | 22465976 |
|  |  | 77149621 |
| **CONSUMER DISCRETIONARY — 13.76%** |  |  |
| &nbsp;&nbsp;&nbsp;E-Commerce Discretionary — 9.09% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 170913 | 41740373 |
| &nbsp;&nbsp;&nbsp;Retail - Discretionary — 4.67% |  |  |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 90000 | 21431700 |
| **FINANCIALS — 18.42%** |  |  |
| &nbsp;&nbsp;&nbsp;Asset Management — 6.47% |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 314100 | 29688732 |
| &nbsp;&nbsp;&nbsp;Banking — 7.25% |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 106957 | 33276462 |
| &nbsp;&nbsp;&nbsp;Institutional Financial Services — 1.14% |  |  |
| &nbsp;&nbsp;&nbsp;State Street Corp.<sup>(b)</sup> | 45300 | 5239398 |
| &nbsp;&nbsp;&nbsp;Insurance — 3.56% |  |  |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 58937 | 16322013 |
| **HEALTH CARE — 15.06%** |  |  |
| &nbsp;&nbsp;&nbsp;Biotech & Pharma — 8.44% |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 82460 | 24608538 |
| &nbsp;&nbsp;&nbsp;Novartis AG — ADR<sup>(b)</sup> | 114060 | 14119487 |
|  |  | 38728025 |
| &nbsp;&nbsp;&nbsp;Health Care Facilities & Services — 4.40% |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 32952 | 8053799 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 47770 | 12131669 |
|  |  | 20185468 |

---

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

<u>White Oak Select Growth Fund</u>   <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;Medical Equipment & Devices — 2.22% |  |  |
| &nbsp;&nbsp;&nbsp;Alcon, Inc.<sup>(b)</sup> | 138000 | $10196820 |
| **INDUSTRIALS — 2.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment — 2.12% |  |  |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 26392 | 9721757 |
| **TECHNOLOGY — 33.09%** |  |  |
| &nbsp;&nbsp;&nbsp;Semiconductors — 18.08% |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 40000 | 14785200 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 26628 | 32186329 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 66513 | 13909198 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 122300 | 22124070 |
|  |  | 83004797 |
| &nbsp;&nbsp;&nbsp;Software — 7.71% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe Systems, Inc.<sup>(a)</sup> | 29516 | 10044590 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 25500 | 13204155 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 46585 | 12131200 |
|  |  | 35379945 |
| &nbsp;&nbsp;&nbsp;Technology Hardware — 5.26% |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 330000 | 24126300 |
| &nbsp;&nbsp;&nbsp;Technology Services — 2.04% |  |  |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 27475 | 9361831 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $176,601,774) |  | 455553242 |

---

2 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u>   <u>White Oak Select Growth Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 4.27%** |  |  |
| **REPURCHASE AGREEMENTS — 0.72%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 3.65%, dated 10/31/2025 and maturing 11/3/2025, collateralized by U.S. Treasury Securities with a rate of 4.125% and maturity date of 3/31/2029 with a par value of $3,286,425 and a collateral value of $3,348,509 | 3282845 | $3282845 |
| **COLLATERAL FOR SECURITIES LOANED — 3.55%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(c)</sup> | 16310040 | 16310040 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,592,885) |  | 19592885 |
| **TOTAL INVESTMENTS — 103.53%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $196,194,659) |  | 475146127 |
| **Liabilities in Excess of Other Assets — (3.53)%** |  | (16218397) |
| **NET ASSETS — 100.00%** |  | $458927730 |

---

---

| | |
|:---|:---|
| *<sup>(a)</sup>* | *Non-income producing security.* |
| *<sup>(b)</sup>* | *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $16,003,038.* |
| *<sup>(c)</sup>* | *Rate disclosed is the seven day effective yield as of October 31, 2025.* |

---

*ADR — American Depositary Receipt*

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

1-888-462-5386 \| www.oakfunds.com 3

<u>Pin Oak Equity Fund</u>   <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 99.13%** |  |  |
| **COMMUNICATIONS — 17.43%** |  |  |
| &nbsp;&nbsp;&nbsp;Internet Media & Services — 17.43% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 27500 | $7732725 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 41243 | 11623102 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 10359 | 6716258 |
|  |  | 26072085 |
| **CONSUMER DISCRETIONARY — 8.92%** |  |  |
| &nbsp;&nbsp;&nbsp;E-Commerce Discretionary — 7.60% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 46556 | 11369906 |
| &nbsp;&nbsp;&nbsp;Leisure Facilities & Services — 1.32% |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC<sup>(a)</sup> | 8480 | 1972363 |
| **ENERGY — 1.03%** |  |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas Producers — 1.03% |  |  |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 65000 | 1537900 |
| **FINANCIALS — 17.63%** |  |  |
| &nbsp;&nbsp;&nbsp;Asset Management — 5.84% |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 92500 | 8743100 |
| &nbsp;&nbsp;&nbsp;Institutional Financial Services — 7.42% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 86745 | 9362388 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 13455 | 1731255 |
|  |  | 11093643 |
| &nbsp;&nbsp;&nbsp;Insurance — 4.37% |  |  |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 30900 | 6542148 |
| **HEALTH CARE — 17.55%** |  |  |
| &nbsp;&nbsp;&nbsp;Biotech & Pharma — 10.22% |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 18500 | 5520955 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 48145 | 5767290 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 6139 | 4001400 |
|  |  | 15289645 |

---

4 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u>   <u>Pin Oak Equity Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;Health Care Facilities & Services — 7.33% |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp.<sup>(b)</sup> | 10396 | $8434691 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 14417 | 2536671 |
|  |  | 10971362 |
| **INDUSTRIALS — 5.52%** |  |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment — 3.66% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 39304 | 5476619 |
| &nbsp;&nbsp;&nbsp;Industrial Support Services — 1.00% |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 5815 | 1494978 |
| &nbsp;&nbsp;&nbsp;Machinery — 0.86% |  |  |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | 10997 | 1284670 |
| **MATERIALS — 3.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Chemicals — 2.07% |  |  |
| &nbsp;&nbsp;&nbsp;New Linde PLC | 7398 | 3094583 |
| &nbsp;&nbsp;&nbsp;Metals & Mining — 1.04% |  |  |
| &nbsp;&nbsp;&nbsp;Newmont Goldcorp Corp. | 19253 | 1558916 |
| **TECHNOLOGY — 27.94%** |  |  |
| &nbsp;&nbsp;&nbsp;Semiconductors — 8.10% |  |  |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 11836 | 1570045 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 8729 | 10551092 |
|  |  | 12121137 |
| &nbsp;&nbsp;&nbsp;Software — 7.58% |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)(b)</sup> | 27507 | 2065775 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 10953 | 5671573 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | 10872 | 3600154 |
|  |  | 11337502 |
| &nbsp;&nbsp;&nbsp;Technology Services — 12.26% |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 66587 | 5610621 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 34649 | 4054972 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 25443 | 8669448 |
|  |  | 18335041 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $58,619,078) |  | 148295598 |

---

1-888-462-5386 \| www.oakfunds.com 5

<u>Pin Oak Equity Fund</u>   <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 4.71%** |  |  |
| **REPURCHASE AGREEMENTS — 0.93%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 3.65%, dated 10/31/2025 and maturing 11/3/2025, collateralized by U.S. Treasury Securities with a rate of 4.125% and maturity date of 3/31/2029 with a par value of $1,392,319 and a collateral value of $1,418,622 | 1390803 | $1390803 |
| **COLLATERAL FOR SECURITIES LOANED — 3.78%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(c)</sup> | 5647964 | 5647964 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,038,767) |  | 7038767 |
| **TOTAL INVESTMENTS — 103.84%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $65,657,845) |  | 155334365 |
| **Liabilities in Excess of Other Assets — (3.84)%** |  | (5742643) |
| **NET ASSETS — 100.00%** |  | $149591722 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $5,502,168.*

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of October 31, 2025.*

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

6 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u>   <u>Rock Oak Core Growth Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 99.04%** |  |  |
| **CONSUMER DISCRETIONARY — 2.16%** |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale - Discretionary — 2.16% |  |  |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 1030 | $275072 |
| **ENERGY — 2.88%** |  |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas Producers — 2.88% |  |  |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc.<sup>(a)</sup> | 1024 | 366797 |
| **FINANCIALS — 12.31%** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Financial Services — 4.71% |  |  |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2476 | 318587 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc. - Class A | 8100 | 282204 |
|  |  | 600791 |
| &nbsp;&nbsp;&nbsp;Insurance — 7.60% |  |  |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 1830 | 387447 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 4676 | 580666 |
|  |  | 968113 |
| **HEALTH CARE — 22.50%** |  |  |
| &nbsp;&nbsp;&nbsp;Biotech & Pharma — 10.85% |  |  |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(b)</sup> | 15176 | 586856 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(b)</sup> | 4005 | 551248 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 23547 | 243947 |
|  |  | 1382051 |
| &nbsp;&nbsp;&nbsp;Health Care Facilities & Services — 11.65% |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 5000 | 953850 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc.<sup>(a)</sup> | 3015 | 530489 |
|  |  | 1484339 |
| **INDUSTRIALS — 32.84%** |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense — 3.25% |  |  |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc.<sup>(b)</sup> | 317 | 414798 |
| &nbsp;&nbsp;&nbsp;Commercial Support Services — 3.80% |  |  |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 2323 | 483742 |

---

1-888-462-5386 \| www.oakfunds.com 7

<u>Rock Oak Core Growth Fund</u>   <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;Electrical Equipment — 6.09% |  |  |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 3000 | $640830 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 367 | 135188 |
|  |  | 776018 |
| &nbsp;&nbsp;&nbsp;Industrial Support Services — 3.91% |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 1936 | 497726 |
| &nbsp;&nbsp;&nbsp;Machinery — 15.79% |  |  |
| &nbsp;&nbsp;&nbsp;Curtiss — Wright Corp. | 1434 | 854277 |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | 3618 | 422655 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 1839 | 426556 |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc.<sup>(a)(b)</sup> | 3808 | 308257 |
|  |  | 2011745 |
| **MATERIALS — 10.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Chemicals — 3.37% |  |  |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc.<sup>(a)</sup> | 5159 | 429693 |
| &nbsp;&nbsp;&nbsp;Construction Materials — 3.58% |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc.<sup>(a)</sup> | 1405 | 456695 |
| &nbsp;&nbsp;&nbsp;Metals & Mining — 3.18% |  |  |
| &nbsp;&nbsp;&nbsp;Newmont Goldcorp Corp. | 5000 | 404850 |
| **TECHNOLOGY — 16.22%** |  |  |
| &nbsp;&nbsp;&nbsp;Software — 5.34% |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A<sup>(a)(b)</sup> | 900 | 262080 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(b)</sup> | 1264 | 418561 |
|  |  | 680641 |
| &nbsp;&nbsp;&nbsp;Technology Hardware — 8.50% |  |  |
| &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(b)</sup> | 2070 | 523814 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 4748 | 559219 |
|  |  | 1083033 |
| &nbsp;&nbsp;&nbsp;Technology Services — 2.38% |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 3602 | 303505 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,151,318) |  | 12619609 |

---

8 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u>   <u>Rock Oak Core Growth Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 19.55%** |  |  |
| **REPURCHASE AGREEMENTS — 1.00%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 3.65%, dated 10/31/2025 and maturing 11/3/2025, collateralized by U.S. Treasury Securities with a rate of 4.125% and maturity date of 3/31/2029 with a par value of $128,055 and a collateral value of $130,474 | 127915 | $127915 |
| **COLLATERAL FOR SECURITIES LOANED — 18.55%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(c)</sup> | 2363930 | 2363930 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,491,845) |  | 2491845 |
| **TOTAL INVESTMENTS — 118.59%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,643,163) |  | 15111454 |
| **Liabilities in Excess of Other Assets — (18.59)%** |  | (2369304) |
| **NET ASSETS — 100.00%** |  | $12742150 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $2,329,633.*

*<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of October 31, 2025.*

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

1-888-462-5386 \| www.oakfunds.com 9

<u>River Oak Discovery Fund</u>   <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 98.08%** |  |  |
| **CONSUMER DISCRETIONARY — 3.62%** |  |  |
| &nbsp;&nbsp;&nbsp;Retail - Discretionary — 3.62% |  |  |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | 3380 | $792948 |
| **CONSUMER STAPLES — 1.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Household Products — 1.12% |  |  |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 10603 | 246308 |
| **FINANCIALS — 15.37%** |  |  |
| &nbsp;&nbsp;&nbsp;Asset Management — 7.04% |  |  |
| &nbsp;&nbsp;&nbsp;AllianceBernstein Holding LP | 21518 | 865454 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. - Class A<sup>(b)</sup> | 15502 | 676817 |
|  |  | 1542271 |
| &nbsp;&nbsp;&nbsp;Banking — 2.38% |  |  |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | 6692 | 521842 |
| &nbsp;&nbsp;&nbsp;Insurance — 5.95% |  |  |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 19434 | 777749 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 7000 | 527380 |
|  |  | 1305129 |
| **HEALTH CARE — 10.09%** |  |  |
| &nbsp;&nbsp;&nbsp;Biotech & Pharma — 3.75% |  |  |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 13557 | 821554 |
| &nbsp;&nbsp;&nbsp;Health Care Facilities & Services — 4.15% |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 5057 | 910766 |
| &nbsp;&nbsp;&nbsp;Medical Equipment & Devices — 2.19% |  |  |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 8309 | 479346 |
| **INDUSTRIALS — 32.27%** |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Support Services — 13.15% |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 30847 | 1248378 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 11359 | 734927 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.<sup>(a)</sup> | 15768 | 900195 |
|  |  | 2883500 |

---

10 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u>   <u>River Oak Discovery Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;Electrical Equipment — 8.08% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc.<sup>(b)</sup> | 8735 | $1770847 |
| &nbsp;&nbsp;&nbsp;Industrial Support Services — 4.14% |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 3530 | 907528 |
| &nbsp;&nbsp;&nbsp;Machinery — 6.90% |  |  |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | 5971 | 697532 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc.<sup>(b)</sup> | 2948 | 815594 |
|  |  | 1513126 |
| **TECHNOLOGY — 35.61%** |  |  |
| &nbsp;&nbsp;&nbsp;Semiconductors — 30.53% |  |  |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.<sup>(a)</sup> | 7473 | 636924 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 9439 | 1252083 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.<sup>(a)</sup> | 33811 | 804364 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.<sup>(a)</sup> | 6980 | 372453 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 22922 | 915275 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. - ADR | 11192 | 1098047 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd.<sup>(a)</sup> | 18941 | 1613205 |
|  |  | 6692351 |
| &nbsp;&nbsp;&nbsp;Software — 5.08% |  |  |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. - Class A | 20198 | 615433 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.<sup>(a)</sup> | 8873 | 340546 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> | 7788 | 157940 |
|  |  | 1113919 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,457,884) |  | 21501435 |

---

1-888-462-5386 \| www.oakfunds.com 11

<u>River Oak Discovery Fund</u>   <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 17.56%** |  |  |
| **REPURCHASE AGREEMENTS — 1.96%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 3.65%, dated 10/31/2025 and maturing 11/3/2025, collateralized by U.S. Treasury Securities with a rate of 4.125% and maturity date of 3/31/2029 with a par value of $430,832 and a collateral value of $438,971 | 430363 | $430363 |
| **COLLATERAL FOR SECURITIES LOANED — 15.60%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(c)</sup> | 3419280 | 3419280 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,849,643) |  | 3849643 |
| **TOTAL INVESTMENTS — 115.64%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,307,527) |  | 25351078 |
| **Liabilities in Excess of Other Assets — (15.64)%** |  | (3428728) |
| **NET ASSETS — 100.00%** |  | $21922350 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $3,330,209.* 

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of October 31, 2025.* 

*ADR — American Depositary Receipt*

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

12 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u>   <u>Red Oak Technology Select Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 99.58%** |  |  |
| **COMMUNICATIONS — 14.45%** |  |  |
| &nbsp;&nbsp;&nbsp;Internet Media & Services — 14.45% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 50000 | $14059500 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 248720 | 70094270 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 44425 | 28802949 |
|  |  | 112956719 |
| **CONSUMER DISCRETIONARY — 10.39%** |  |  |
| &nbsp;&nbsp;&nbsp;E-Commerce Discretionary — 10.39% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 263000 | 64229860 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 209030 | 16996229 |
|  |  | 81226089 |
| **INDUSTRIALS — 4.49%** |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense — 2.00% |  |  |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. - Class B | 31728 | 15606369 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment — 2.49% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 140000 | 19507600 |
| **TECHNOLOGY — 70.25%** |  |  |
| &nbsp;&nbsp;&nbsp;Semiconductors — 29.28% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 90000 | 23050800 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 177840 | 65734999 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 42325 | 51159921 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 288000 | 58317120 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 113550 | 23745576 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 38200 | 6910380 |
|  |  | 228918796 |
| &nbsp;&nbsp;&nbsp;Software — 21.78% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe Systems, Inc.<sup>(a)</sup> | 38735 | 13181908 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 101780 | 7643678 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd.<sup>(a)</sup> | 33700 | 6594416 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 99403 | 51471867 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 242554 | 63697106 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 60970 | 27669405 |
|  |  | 170258380 |

---

1-888-462-5386 \| www.oakfunds.com 13

<u>Red Oak Technology Select Fund</u>   <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;Technology Hardware — 11.23% |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 106078 | $28680309 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 500000 | 36555000 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 191334 | 22535318 |
|  |  | 87770627 |
| &nbsp;&nbsp;&nbsp;Technology Services — 7.96% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 50118 | 12534512 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 78157 | 6077488 |
| &nbsp;&nbsp;&nbsp;MasterCard, Inc. - Class A | 29642 | 16362088 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 80000 | 27259200 |
|  |  | 62233288 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $171,041,894) |  | 778477868 |

---

14 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u>   <u>Red Oak Technology Select Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 0.48%** |  |  |
| **REPURCHASE AGREEMENTS — 0.48%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 3.65%, dated 10/31/2025 and maturing 11/3/2025, collateralized by U.S. Treasury Securities with a rate of 4.125% and maturity date of 3/31/2029 with a par value of $3,760,338 and a collateral value of $3,831,375 | 3756242 | $3756242 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,756,242) |  | 3756242 |
| **TOTAL INVESTMENTS — 100.06%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $174,798,136) |  | 782234110 |
| **Liabilities in Excess of Other Assets — (0.06)%** |  | (480965) |
| **NET ASSETS — 100.00%** |  | $781753145 |

---

*<sup>(a)</sup>* *Non-income producing security.*

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

1-888-462-5386 \| www.oakfunds.com 15

<u>Black Oak Emerging Technology Fund</u> <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair**<br> **Value** |
| **COMMON STOCKS — 95.46%** |  |  |
| **COMMUNICATIONS — 2.84%** |  |  |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 2.84%* |  |  |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A<sup>(a)</sup> | 3000 | $1911990 |
| **CONSUMER DISCRETIONARY — 6.08%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 4.14%* |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | 1200 | 2792712 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 1.94%* |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC<sup>(a)</sup> | 5622 | 1307621 |
| **HEALTH CARE — 3.37%** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 3.37%* |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 4259 | 2275498 |
| **INDUSTRIALS — 9.07%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 5.27%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 17560 | 3559939 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 3.80%* |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 9964 | 2561645 |
| **TECHNOLOGY — 74.10%** |  |  |
| &nbsp;&nbsp;&nbsp;*Information Technology — 1.87%* |  |  |
| &nbsp;&nbsp;&nbsp;Paylocity Holdings Corp.<sup>(a)</sup> | 8930 | 1261541 |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 38.97%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 12304 | 3151301 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 21731 | 2882617 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.<sup>(a)</sup> | 59077 | 1405442 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.<sup>(a)(b)</sup> | 25770 | 1375087 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 3863 | 4669363 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 44645 | 1782675 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 24638 | 3879500 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 25160 | 5094648 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. - ADR | 20940 | 2054423 |
|  |  | 26295056 |

---

16 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u> <u>Black Oak Emerging Technology Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Software — 22.23%* |  |  |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. - Class A<sup>(b)</sup> | 44795 | $1364904 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 5576 | 3027824 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 25980 | 2245451 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 7010 | 1405295 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 4419 | 973241 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 7994 | 2081717 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A<sup>(a)(b)</sup> | 6396 | 1862515 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | 6152 | 2037173 |
|  |  | 14998120 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 4.18%* |  |  |
| &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 11141 | 2819230 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 6.85%* |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 20298 | 1710310 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc.<sup>(b)</sup> | 10000 | 782700 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 6981 | 1039750 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 15720 | 1088924 |
|  |  | 4621684 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,145,401) |  | 64405036 |

---

1-888-462-5386 \| www.oakfunds.com 17

<u>Black Oak Emerging Technology Fund</u> <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 12.34%** |  |  |
| **REPURCHASE AGREEMENTS — 4.63%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 3.65%, dated 10/31/2025 and maturing 11/3/2025, collateralized by U.S. Treasury Securities with a rate of 4.125% and maturity date of 3/31/2029 with a par value of $3,129,479 and a collateral value of $3,188,598 | 3126070 | $3126070 |
| **COLLATERAL FOR SECURITIES LOANED — 7.71%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(c)</sup> | 5203456 | 5203456 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,329,526) |  | 8329526 |
| **TOTAL INVESTMENTS — 107.80%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $34,474,927) |  | 72734562 |
| **Liabilities in Excess of Other Assets — (7.80)%** |  | (5261867) |
| **NET ASSETS — 100.00%** |  | $67472695 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $5,113,247.* 

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of October 31, 2025.*

*ADR — American Depositary Receipt*

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

18 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u> <u>Live Oak Health Sciences Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 99.59%** |  |  |
| **HEALTH CARE — 97.60%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech — 27.98%* |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 8889 | $2652744 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(a)</sup> | 59000 | 2281530 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 13718 | 1643279 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 15890 | 1485397 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 3340 | 2177012 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)(b)</sup> | 5679 | 2529597 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3925 | 1670362 |
|  |  | 14439921 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities — 5.80%* |  |  |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)(b)</sup> | 6520 | 776010 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 5779 | 1040798 |
| &nbsp;&nbsp;&nbsp;National Healthcare Corp. | 9847 | 1176126 |
|  |  | 2992934 |
| &nbsp;&nbsp;&nbsp;*Health Care Services — 10.13%* |  |  |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 6554 | 1418679 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 6529 | 1658105 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 3681 | 2153054 |
|  |  | 5229838 |
| &nbsp;&nbsp;&nbsp;*Health Care Supply Chain — 19.03%* |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 15989 | 3050221 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 8230 | 2780176 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 6199 | 1515098 |
| &nbsp;&nbsp;&nbsp;McKesson Corp.<sup>(b)</sup> | 3046 | 2471342 |
|  |  | 9816837 |
| &nbsp;&nbsp;&nbsp;*Large Pharmaceuticals — 13.17%* |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 994 | 857683 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 8463 | 1598407 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 13962 | 1200453 |
| &nbsp;&nbsp;&nbsp;Novartis AG — ADR<sup>(b)</sup> | 17194 | 2128445 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S — ADR<sup>(b)</sup> | 20394 | 1008687 |
|  |  | 6793675 |
| &nbsp;&nbsp;&nbsp;*Life Science & Diagnostics — 3.75%* |  |  |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 3410 | 1934800 |

---

1-888-462-5386 \| www.oakfunds.com 19

<u>Live Oak Health Sciences Fund</u> <u>Schedule of Investments</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;*Managed Care — 2.41%* |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 3925 | $1245010 |
| &nbsp;&nbsp;&nbsp;*Medical Devices — 4.62%* |  |  |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 12661 | 1148352 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 3479 | 1239359 |
|  |  | 2387711 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment — 6.75%* |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 3603 | 1925011 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 27000 | 1557630 |
|  |  | 3482641 |
| &nbsp;&nbsp;&nbsp;*Specialty & Generic Pharmaceuticals — 3.96%* |  |  |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)(b)</sup> | 14849 | 2043817 |
| **TECHNOLOGY — 1.99%** |  |  |
| &nbsp;&nbsp;&nbsp;*Application Software — 1.99%* |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A<sup>(a)(b)</sup> | 3525 | 1026480 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,019,483) |  | 51393664 |

---

20 Annual Financial Statements \| October 31, 2025

<u>Schedule of Investments</u> <u>Live Oak Health Sciences Fund</u> <br> *As of October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares or<br> Principal ($)** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS — 23.55%** |  |  |
| **REPURCHASE AGREEMENTS — 0.39%** |  |  |
| Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 3.65%, dated 10/31/2025 and maturing 11/3/2025, collateralized by U.S. Treasury Securities with a rate of 4.125% and maturity date of 3/31/2029 with a par value of $198,952 and a collateral value of $202,710 | 198735 | $198735 |
| **COLLATERAL FOR SECURITIES LOANED — 23.16%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(c)</sup> | 11950511 | 11950511 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,149,246) |  | 12149246 |
| **TOTAL INVESTMENTS — 123.14%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,168,729) |  | 63542910 |
| **Liabilities in Excess of Other Assets — (23.14)%** |  | (11940279) |
| **NET ASSETS — 100.00%** |  | $51602631 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Security, or a portion of the security position, is currently on loan. The total Fair Value of securities on loan is $11,749,626.* 

*<sup>(c)</sup>* *Rate disclosed is the seven day effective yield as of October 31, 2025.*

*ADR — American Depositary Receipt*

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

1-888-462-5386 \| www.oakfunds.com 21

<u>Statements of Assets and Liabilities</u> <br> *October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **White Oak Select<br> Growth Fund** | **Pin Oak<br> Equity Fund** |
| **ASSETS** |  |  |
| Investment securities at value (cost $196,194,659, $65,657,845, $9,643,163, $16,307,527, $174,798,136, $34,474,927, and $41,168,729), including $16,003,038, $5,502,168, $2,329,633, $3,330,209, $–, $5,113,247 and $11,749,626 of securities on loan | $475146127 | $155334365 |
| Cash |  | 35091 |
| Receivable for fund shares sold | 3105 | 1695 |
| Dividends and interest receivable | 108333 | 46116 |
| Tax reclaims receivable | 341878 |  |
| Prepaid expenses | 22833 | 11564 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 475622276 | 155428831 |
| **LIABILITIES** |  |  |
| Payable for fund shares redeemed | 25276 | 57961 |
| Payable for collateral upon return of securities loaned | 16310040 | 5647964 |
| Investment advisory fees payable | 282290 | 91809 |
| Administration fees payable | 14955 | 5057 |
| Transfer agent fees payable | 6197 | 3044 |
| Trustee fees payable | 1959 | 667 |
| Other accrued expenses | 53829 | 30607 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 16694546 | 5837109 |
| **NET ASSETS** | $**458927730** | $**149591722** |
| Net Assets consist of: |  |  |
| Paid-in capital (unlimited authorization – no par value) | $146088514 | $47749352 |
| Accumulated earnings | 312839216 | 101842370 |
| **Net Assets** | $458927730 | $149591722 |
| Total shares outstanding at end of year | 2816714 | 1573555 |
| **Net asset value, offering and redemption price per share (net assets/shares outstanding)** | $**162.93** | $**95.07** |

---

22 Annual Financial Statements \| October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rock Oak Core<br> Growth Fund** | **River Oak<br> Discovery Fund** | **Red Oak<br> Technology<br> Select Fund** | **Black Oak<br> Emerging<br> Technology Fund** | **Live Oak Health<br> Sciences Fund** |
| $15111454 | $25351078 | $782234110 | $72734562 | $63542910 |
| 1898 |  |  | 10697 |  |
| 200 | 14246 | 50567 | 2042 | 40893 |
| 13 | 1046 | 104601 | 317 | 20 |
|  |  |  |  | 15988 |
| 17956 | 10214 | 46140 | 19412 | 10346 |
| 15131521 | 25376584 | 782435418 | 72767030 | 63610157 |
|  |  | 85119 | 20750 |  |
| 2363930 | 3419280 |  | 5203456 | 11950511 |
| 4721 | 13647 | 479835 | 40913 | 32007 |
| 707 | 885 | 23982 | 2300 | 2014 |
| 1429 | 1468 | 4872 | 2888 | 1927 |
| 75 | 37 | 3500 | 310 | 267 |
| 18509 | 18917 | 84965 | 23718 | 20800 |
| 2389371 | 3454234 | 682273 | 5294335 | 12007526 |
| $**12742150** | $**21922350** | $**781753145** | $**67472695** | $**51602631** |
| $6564892 | $15231885 | $128280745 | $26122415 | $28353642 |
| 6177258 | 6690465 | 653472400 | 41350280 | 23248989 |
| $12742150 | $21922350 | $781753145 | $67472695 | $51602631 |
| 586361 | 1140700 | 13128113 | 7503055 | 2304566 |
| $**21.73** | $**19.22** | $**59.55** | $**8.99** | $**22.39** |

---

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

1-888-462-5386 \| www.oakfunds.com 23

<u>Statements of Operations</u> <br> *For the year ended October 31, 2025*

---

| | | |
|:---|:---|:---|
| | **White Oak Select<br> Growth Fund** | **Pin Oak<br> Equity Fund** |
| **INVESTMENT INCOME** |  |  |
| Dividends | $5950629 | $1587463 |
| Securities lending income (net of fees and rebates) | 38598 | 5965 |
| Interest | 450401 | 69503 |
| Foreign withholding tax | (112979) | 3246 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 6326649 | 1666177 |
| **EXPENSES** |  |  |
| Investment adviser | 3108669 | 1009268 |
| Administration | 183640 | 64526 |
| Sub transfer agent | 95106 | 35710 |
| Trustee | 85874 | 28180 |
| Legal | 81366 | 27187 |
| Transfer agent | 63335 | 32486 |
| Report printing | 33042 | 13966 |
| Registration | 26445 | 23261 |
| Insurance | 20080 | 6430 |
| Custodian | 18080 | 6915 |
| Audit | 16932 | 16932 |
| Pricing | 360 | 523 |
| Miscellaneous | 62260 | 32130 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 3795189 | 1297514 |
| Less: Investment advisory fees waived |  |  |
| Net Expenses | 3795189 | 1297514 |
| **Net Investment Income (Loss)** | 2531460 | 368663 |
| **Realized and Unrealized Gain (Loss) on Investments** |  |  |
| Net realized gain (loss) on investment securities transactions | 34608923 | 12626624 |
| Net change in unrealized appreciation of investment securities | 44451919 | 21170391 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 79060842 | 33797015 |
| **Net Increase in Net Assets from Operations** | $**81592302** | $**34165678** |

---

24 Annual Financial Statements \| October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rock Oak Core<br> Growth Fund** | **River Oak<br> Discovery Fund** | **Red Oak<br> Technology<br> Select Fund** | **Black Oak<br> Emerging<br> Technology Fund** | **Live Oak Health<br> Sciences Fund** |
| $136848 | $283706 | $5527089 | $330851 | $527348 |
| 3043 | 4038 | 19937 | 8303 | 6189 |
| 9490 | 46158 | 342515 | 101993 | 73672 |
|  | (342) | (69084) | (628) | (17028) |
| 149381 | 333560 | 5820457 | 440519 | 590181 |
| 91900 | 157829 | 4995651 | 439111 | 367760 |
| 12339 | 15925 | 288133 | 31911 | 28322 |
| 1182 | 1697 | 238870 | 14248 | 8648 |
| 2627 | 4391 | 134986 | 12114 | 10382 |
| 2531 | 4303 | 130281 | 11876 | 10044 |
| 16714 | 17042 | 51360 | 30509 | 21339 |
| 2622 | 2545 | 47700 | 8390 | 4934 |
| 20990 | 22698 | 27403 | 21563 | 23751 |
| 579 | 1122 | 32339 | 2822 | 2597 |
| 1832 | 2331 | 28084 | 3743 | 3472 |
| 16932 | 15932 | 16932 | 16932 | 16932 |
| 449 | 385 | 394 | 555 | 436 |
| 15065 | 15756 | 68825 | 26876 | 19764 |
| 185762 | 261956 | 6060958 | 620650 | 518381 |
| (30441) |  |  |  |  |
| 155321 | 261956 | 6060958 | 620650 | 518381 |
| (5940) | 71604 | (240501) | (180131) | 71800 |
| 773948 | (74367) | 49880354 | 3548960 | 1076012 |
| 560885 | 1319149 | 141584602 | 9027607 | 1686699 |
| 1334833 | 1244782 | 191464956 | 12576567 | 2762711 |
| $**1328893** | $**1316386** | $**191224455** | $**12396436** | $**2834511** |

---

*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<br> Growth Fund** | **White Oak Select<br> Growth Fund** |
| | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **INVESTMENT ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2531460 | $2362632 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 34608923 | 44073218 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments securities | 44451919 | 65373023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 81592302 | 111808873 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (45036879) | (18013447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (45036879) | (18013447) |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3146496 | 5877784 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 42931304 | 16975670 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (36616354) | (40035247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Capital Transactions** | 9461446 | (17181793) |
| **Total Increase in Net Assets** | 46016869 | 76613633 |
| **NET ASSETS** |  |  |
| Beginning of year | 412910861 | 336297228 |
| **End of year** | $458927730 | $412910861 |
| **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21979 | 41311 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 311435 | 131523 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (253949) | (285683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding** | 79465 | (112849) |

---

26 Annual Financial Statements \| October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Pin Oak<br> Equity Fund** | **Pin Oak<br> Equity Fund** | **Rock Oak Core<br> Growth Fund** | **Rock Oak Core<br> Growth Fund** |
| **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| $368663 | $450014 | $(5940) | $58936 |
| 12626624 | 21307166 | 773948 | 18999 |
| 21170391 | 12622524 | 560885 | 3154228 |
| 34165678 | 34379704 | 1328893 | 3232163 |
| (20556655) | (9647828) | (57667) | (78194) |
| (20556655) | (9647828) | (57667) | (78194) |
| 1908327 | 2033239 | 278678 | 270043 |
| 18753452 | 8412114 | 37723 | 49387 |
| (17671839) | (17907746) | (1255192) | (715214) |
| 2989940 | (7462393) | (938791) | (395784) |
| 16598963 | 17269483 | 332435 | 2758185 |
| 132992759 | 115723276 | 12409715 | 9651530 |
| $149591722 | $132992759 | $12742150 | $12409715 |
| 22783 | 25128 | 13864 | 16347 |
| 241575 | 111022 | 1941 | 2933 |
| (214542) | (218696) | (62740) | (40078) |
| 49816 | (82546) | (46935) | (20798) |

---

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

1-888-462-5386 \| www.oakfunds.com 27

<u>Statements of Changes in Net Assets</u>   <br>

---

| | | |
|:---|:---|:---|
|  | **River Oak<br> Discovery Fund** | **River Oak<br> Discovery Fund** |
| | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **INVESTMENT ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $71604 | $44942 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities transactions | (74367) | (10298) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments securities | 1319149 | 4402524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1316386 | 4437168 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** |  |  |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 311708 | 544813 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (2296881) | (3448151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Capital Transactions** | (1985173) | (2903338) |
| **Total Increase (Decrease) in Net Assets** | (668787) | 1533830 |
| **NET ASSETS** |  |  |
| Beginning of year | 22591137 | 21057307 |
| **End of year** | $21922350 | $22591137 |
| **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 18026 | 32259 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (135802) | (201217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding** | (117776) | (168958) |

---

28 Annual Financial Statements \| October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Red Oak Technology<br> Select Fund** | **Red Oak Technology<br> Select Fund** | **Black Oak Emerging<br> Technology Fund** | **Black Oak Emerging<br> Technology Fund** |
| **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| $(240501) | $2239 | $(180131) | $(125314) |
| 49880354 | 29911776 | 3548960 | 4599435 |
| 141584602 | 164613614 | 9027607 | 11786658 |
| 191224455 | 194527629 | 12396436 | 16260779 |
| (28119783) | (23542289) | (4322225) | (2103329) |
| (28119783) | (23542289) | (4322225) | (2103329) |
| 29754150 | 44805375 | 2532067 | 1667346 |
| 26785268 | 22076791 | 3796669 | 1596715 |
| (87537259) | (92108034) | (6707012) | (6294431) |
| (30997841) | (25225868) | (378276) | (3030370) |
| 132106831 | 145759472 | 7695935 | 11127080 |
| 649646314 | 503886842 | 59776760 | 48649680 |
| $781753145 | $649646314 | $67472695 | $59776760 |
| 600155 | 1003260 | 330575 | 232475 |
| 557446 | 558199 | 516554 | 221458 |
| (1787841) | (2109901) | (890779) | (867722) |
| (630240) | (548442) | (43650) | (413789) |

---

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

1-888-462-5386 \| www.oakfunds.com 29

<u>Statements of Changes in Net Assets</u>   <br>

---

| | | |
|:---|:---|:---|
|  | **Live Oak<br> Health Sciences Fund** | **Live Oak<br> Health Sciences Fund** |
| | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **INVESTMENT ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $71800 | $18115 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 1076012 | 1645299 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments securities | 1686699 | 5720354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 2834511 | 7383768 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (1269935) | (3139991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (1269935) | (3139991) |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1395195 | 752111 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1145124 | 2742845 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (5020041) | (5360752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Capital Transactions** | (2479722) | (1865796) |
| **Total Increase (Decrease) in Net Assets** | (915146) | 2377981 |
| **NET ASSETS** |  |  |
| Beginning of year | 52517777 | 50139796 |
| **End of year** | $51602631 | $52517777 |
| **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 65569 | 35340 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 56466 | 133862 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (239735) | (251552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding** | (117700) | (82350) |

---

30 Annual Financial Statements \| October 31, 2025

**OAK ASSOCIATES FUNDS**

*This Page Intentionally Left Blank*

<u>Financial Highlights</u>   <br> *For a share outstanding throughout each year*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Asset<br> Value<br> Beginning of<br> Year** | **Net<br> Investment<br> Income<br> (Loss)<sup>(a)</sup>** | **Realized and<br> Unrealized<br> Gain (Loss)<br> in Securities** | **Total from<br> Operations** | **Dividends<br> from Net<br> Investment<br> Income** |
| **White Oak Select Growth Fund** |  |  |  |  |  |
| For the year ended October 31, 2025 | $150.85 | 0.88 | 27.84 | 28.72 | (0.92) |
| 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) |
| **Pin Oak Equity Fund** |  |  |  |  |  |
| For the year ended October 31, 2025 | $87.28 | 0.23 | 21.25 | 21.48 | (0.28) |
| 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) |
| **Rock Oak Core Growth Fund** |  |  |  |  |  |
| For the year ended October 31, 2025 | $19.60 | (0.01) | 2.23 | 2.22 | (0.05) |
| 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) |
| **River Oak Discovery Fund** |  |  |  |  |  |
| For the year ended October 31, 2025 | $17.95 | 0.06 | 1.21 | 1.27 |  |
| For the year ended October 31, 2024 | $14.75 | 0.03 | 3.17 | 3.20 |  |
| For the year ended October 31, 2023 | $15.56 | — <sup>(c)</sup> | (0.79) | (0.79) | (0.02)<sup>(d)</sup> |
| 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 |  |

---

*<sup>(a)</sup>* *Per share calculations were performed using average shares for the period.*

*<sup>(b)</sup>* *Figures do not reflect the deduction of taxes the shareholder will pay on Fund distributions or redemption of Fund shares.*

*<sup>(c)</sup>* *Less than $0.005 per share.*

*<sup>(d)</sup>* *Includes return of capital of $0.01.*

32 Annual Financial Statements \| October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions<br> from Capital<br> Gains** | **Total<br> Dividends<br> and<br> Distributions** | **Net Asset<br> Value,<br> End of<br> Year** | **Total<br> Return<sup>(b)</sup>** | **Net Assets,<br> End of<br> Year<br> (000)** | **Ratio of Net<br> Expenses to<br> Average Net<br> Assets** | **Ratio of Net<br> Investment<br> Income<br> (Loss) to<br> Average<br> Net Assets** | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers)** | **Portfolio<br> Turnover<br> Rate** |
| (15.72) | (16.64) | $162.93 | 21.04% | $458928 | 0.90% | 0.60% | 0.90% | 11% |
| (5.57) | (6.43) | $150.85 | 34.22% | $412911 | 0.92% | 0.59% | 0.92% | 6% |
|  | (0.53) | $117.99 | 12.28% | $336297 | 0.93% | 0.76% | 0.93% | 3% |
| (7.08) | (7.49) | $105.61 | (23.43)% | $321388 | 0.91% | 0.42% | 0.91% | 10% |
| (2.31) | (3.05) | $145.00 | 38.74% | $459548 | 0.89% | 0.27% | 0.89% | 5% |
| (13.41) | (13.69) | $95.07 | 28.13% | $149592 | 0.95% | 0.27% | 0.95% | 7% |
| (5.91) | (6.21) | $87.28 | 31.08% | $132993 | 0.97% | 0.34% | 0.97% | 10% |
|  | (0.09) | $72.04 | 10.59% | $115723 | 0.98% | 0.37% | 0.98% | 6% |
| (9.32) | (9.40) | $65.24 | (24.95)% | $125307 | 0.95% | 0.15% | 0.95% | 15% |
| (3.01) | (3.61) | $96.35 | 42.09% | $201444 | 0.91% | 0.01% | 0.91% | 6% |
| (0.04) | (0.09) | $21.73 | 11.39% | $12742 | 1.25% | (0.05)% | 1.49% | 12% |
|  | (0.12) | $19.60 | 33.73% | $12410 | 1.25% | 0.51% | 1.53% | 11% |
| (0.10) | (0.15) | $14.76 | (0.29)% | $9652 | 1.25% | 0.67% | 1.60% | 12% |
| (0.78) | (0.78) | $14.95 | (16.52)% | $10140 | 1.25% | 0.12% | 1.50% | 21% |
| (2.81) | (2.84) | $18.68 | 29.72% | $12632 | 1.25% | (0.15)% | 1.40% | 14% |
|  |  | $19.22 | 7.08% | $21922 | 1.23% | 0.34% | 1.23% | 9% |
|  |  | $17.95 | 21.69% | $22591 | 1.20% | 0.20% | 1.20% | 15% |
|  | (0.02) | $14.75 | (5.06)% | $21057 | 1.16% | (0.01)% | 1.16% | 42% |
| (3.14) | (3.14) | $15.56 | (14.59)% | $21886 | 1.21% | 0.09% | 1.21% | 28% |
| (2.54) | (2.54) | $21.29 | 60.96% | $23705 | 1.22% | (0.44)% | 1.23% | 29% |

---

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

1-888-462-5386 \| www.oakfunds.com 33

<u>Financial Highlights</u>   <br> *For a share outstanding throughout each year*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Asset<br> Value<br> Beginning of<br> Year** | **Net<br> Investment<br> Income<br> (Loss)<sup>(a)</sup>** | **Realized and<br> Unrealized<br> Gain (Loss)<br> in Securities** | **Total from<br> Operations** | **Dividends<br> from Net<br> Investment<br> Income** |
| **Red Oak Technology Select Fund** |  |  |  |  |  |
| For the year ended October 31, 2025 | $47.22 | (0.02) | 14.42 | 14.40 |  |
| For the year ended October 31, 2024 | $35.22 | — <sup>(c)</sup> | 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) |
| **Black Oak Emerging Technology Fund** |  |  |  |  |  |
| For the year ended October 31, 2025 | $7.92 | (0.02) | 1.67 | 1.65 |  |
| 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 |  |
| **Live Oak Health Sciences Fund** |  |  |  |  |  |
| For the year ended October 31, 2025 | $21.68 | 0.03 | 1.21 | 1.24 |  |
| 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) |

---

*<sup>(a)</sup>* *Per share calculations were performed using average shares for the period.*

*<sup>(b)</sup>* *Figures do not reflect the deduction of taxes the shareholder will pay on Fund distributions or redemption of Fund shares.*

*<sup>(c)</sup>* *Less than $0.005 per share.*

34 Annual Financial Statements \| October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions<br> from Capital<br> Gains** | **Total<br> Dividends<br> and<br> Distributions** | **Net Asset<br> Value,<br> End of<br> Year** | **Total<br> Return<sup>(b)</sup>** | **Net Assets,<br> End of<br> Year<br> (000)** | **Ratio of Net<br> Expenses to<br> Average Net<br> Assets** | **Ratio of Net<br> Investment<br> Income<br> (Loss) to<br> Average<br> Net Assets** | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers)** | **Portfolio<br> Turnover<br> Rate** |
| (2.07) | (2.07) | $59.55 | 31.53% | $781753 | 0.90% | (0.04)% | 0.90% | 4% |
| (1.60) | (1.67) | $47.22 | 39.73% | $649646 | 0.92% | 0.00% | 0.92% | 0% |
| (1.40) | (1.42) | $35.22 | 26.55% | $503887 | 0.94% | 0.20% | 0.94% | 0% |
| (4.26) | (4.58) | $29.27 | (27.15)% | $441922 | 0.92% | 0.49% | 0.92% | 13% |
| (1.58) | (1.70) | $44.46 | 36.78% | $687919 | 0.90% | 0.05% | 0.90% | 6% |
| (0.58) | (0.58) | $8.99 | 22.40% | $67473 | 1.05% | (0.30)% | 1.05% | 7% |
| (0.27) | (0.27) | $7.92 | 34.48% | $59777 | 1.06% | (0.22)% | 1.06% | 6% |
| (0.12) | (0.12) | $6.11 | (3.34)% | $48650 | 1.07% | (0.26)% | 1.07% | 17% |
| (1.00) | (1.00) | $6.44 | (24.06)% | $52441 | 1.03% | (0.39)% | 1.03% | 25% |
| (0.49) | (0.49) | $9.43 | 54.92% | $69094 | 1.01% | (0.61)% | 1.01% | 14% |
| (0.53) | (0.53) | $22.39 | 5.98% | $51603 | 1.04% | 0.14% | 1.04% | 24% |
| (1.15) | (1.29) | $21.68 | 15.12% | $52518 | 1.03% | 0.03% | 1.03% | 11% |
| (0.05) | (0.12) | $20.02 | (5.80)% | $50140 | 1.02% | 0.36% | 1.02% | 47% |
| (1.43) | (1.47) | $21.37 | 3.95% | $57340 | 1.02% | 0.30% | 1.02% | 47% |
| (1.20) | (1.35) | $22.00 | 30.23% | $55188 | 1.00% | 0.17% | 1.00% | 17% |

---

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

1-888-462-5386 \| www.oakfunds.com 35

Notes to Financial Statements

*As of October 31, 2025*

**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.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**2. SIGNIFICANT ACCOUNTING POLICIES:**

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

**Use of Estimates** – These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies." The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities in the financial statements and the reported amounts of 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.

36 Annual Financial Statements \| October 31, 2025

Notes to Financial Statements

*As of October 31, 2025*

Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost, which approximates market value, in the absence of a current quoted bid price. Investments in repurchase agreements are generally valued at par each business day.

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

Securities for which market prices are not "readily available" are valued in good faith by the Funds' adviser, Oak Associates, ltd. ("Oak" or the "Adviser") as "valuation designee" under the oversight of the Funds' Board of Trustees (the "Board"). The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On 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

1-888-462-5386 \| www.oakfunds.com 37

Notes to Financial Statements

*As of October 31, 2025*

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.

**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, 2025

Notes to Financial Statements

*As of October 31, 2025*

The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Market<br> Value of<br> Securities<br> on Loan** | **Cash<br> Collateral<br> Received** |
| White Oak Select Growth Fund | $16003038 | $16310040 |
| Pin Oak Equity Fund | 5502168 | 5647964 |
| Rock Oak Core Growth Fund | 2329633 | 2363930 |
| River Oak Discovery Fund | 3330209 | 3419280 |
| Black Oak Emerging Technology Fund | 5113247 | 5203456 |
| Live Oak Health Sciences Fund | 11749626 | 11950511 |

---

**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:

<u>Equity Securities</u> – 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.

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

1-888-462-5386 \| www.oakfunds.com 39

Notes to Financial Statements

*As of October 31, 2025*

**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:

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

<u>All Securities</u> – 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:

<u>All Securities</u> – 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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **WHITE OAK SELECT GROWTH FUND** |  |  |  |  |
| Common Stocks | $455553242 | $— | $— | $455553242 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3282845 |  | 3282845 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 16310040 |
| Total | $455553242 | $3282845 | $— | $475146127 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **PIN OAK EQUITY FUND** |  |  |  |  |
| Common Stocks | $148295598 | $— | $— | $148295598 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1390803 |  | 1390803 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 5647964 |
| Total | $148295598 | $1390803 | $— | $155334365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **ROCK OAK CORE GROWTH FUND** |  |  |  |  |
| Common Stocks | $12619609 | $— | $— | $12619609 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 127915 |  | 127915 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 2363930 |
| Total | $12619609 | $127915 | $— | $15111454 |

---

40 Annual Financial Statements \| October 31, 2025

Notes to Financial Statements

*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **RIVER OAK DISCOVERY FUND** |  |  |  |  |
| Common Stocks | $21501435 | $— | $— | $21501435 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 430363 |  | 430363 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 3419280 |
| Total | $21501435 | $430363 | $— | $25351078 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **RED OAK TECHNOLOGY SELECT FUND** |  |  |  |  |
| Common Stocks | $778477868 | $— | $— | $778477868 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3756242 |  | 3756242 |
| Total | $778477868 | $3756242 | $— | $782234110 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **BLACK OAK EMERGING TECHNOLOGY FUND** |  |  |  |  |
| Common Stocks | $64405036 | $— | $— | $64405036 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3126070 |  | 3126070 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 5203456 |
| Total | $64405036 | $3126070 | $— | $72734562 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **LIVE OAK HEALTH SCIENCES FUND** |  |  |  |  |
| Common Stocks | $51393664 | $— | $— | $51393664 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 198735 |  | 198735 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned\* |  |  |  | 11950511 |
| Total | $51393664 | $198735 | $— | $63542910 |

---

\* *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.

1-888-462-5386 \| www.oakfunds.com 41

Notes to Financial Statements

*As of October 31, 2025*

**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, 2026 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. There is no recoupment arrangement in place for advisory fees waived or expenses reimbursed.

The following table lists the contractual advisory fees and fee waivers that were in effect during the fiscal year ended October 31, 2025:

**Advisory Fees as a Percentage of Average Net Assets**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Annual Rate** | **Fee Waiver** | **Net<br> 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% | (0.24)% | 0.50% |
| River Oak Discovery Fund | 0.74% |  | 0.74% |
| Red Oak Technology Select Fund | 0.74% |  | 0.74% |
| Black Oak Emerging Technology Fund | 0.74% |  | 0.74% |
| Live Oak Health Sciences Fund | 0.74% |  | 0.74% |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides the Funds with administration, fund accounting and transfer agency services, including all regulatory reporting. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, each Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and costs of pricing its portfolio securities.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as the principal underwriter to each Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

Certain officers and trustees of the Trust are also officers of the Adviser, Ultimus and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers or trustees to the Trust.

42 Annual Financial Statements \| October 31, 2025

Notes to Financial Statements

*As of October 31, 2025*

**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, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| White Oak Select Growth Fund | $43556262 | $69492439 |
| Pin Oak Equity Fund | 9252983 | 24272641 |
| Rock Oak Core Growth Fund | 1468806 | 2409567 |
| River Oak Discovery Fund | 1781647 | 3404193 |
| Red Oak Technology Select Fund | 24188239 | 84718623 |
| Black Oak Emerging Technology Fund | 4102016 | 11211921 |
| Live Oak Health Sciences Fund | 11596562 | 14184593 |

---

**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 GAAP. 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, and certain other investments.

1-888-462-5386 \| www.oakfunds.com 43

Notes to Financial Statements

*As of October 31, 2025*

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Accumulated<br> Earnings (Deficit)** | **Paid-in<br> Capital** |
| White Oak Select Growth Fund | $(1715744) | $1715744 |
| Pin Oak Equity Fund | (871805) | 871805 |
| Rock Oak Core Growth Fund | (28173) | 28173 |
| River Oak Discovery Fund | 9792 | (9792) |
| Red Oak Technology Select Fund | (3272044) | 3272044 |
| Black Oak Emerging Technology Fund | (55111) | 55111 |
| Live Oak Health Sciences Fund | (33329) | 33329 |

---

The tax character of the distributions paid by the Funds for the fiscal year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total** |
| White Oak Select Growth Fund | $2489327 | $42547552 | $45036879 |
| Pin Oak Equity Fund | 424660 | 20131995 | 20556655 |
| Rock Oak Core Growth Fund | 19022 | 38645 | 57667 |
| Red Oak Technology Select Fund |  | 28119783 | 28119783 |
| Black Oak Emerging Technology Fund |  | 4322225 | 4322225 |
| Live Oak Health Sciences Fund |  | 1269935 | 1269935 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total** |
| White Oak Select Growth Fund | $2414967 | $15598480 | $18013447 |
| Pin Oak Equity Fund | 468648 | 9179180 | 9647828 |
| Rock Oak Core Growth Fund | 78194 |  | 78194 |
| Red Oak Technology Select Fund | 258413 | 23283876 | 23542289 |
| Black Oak Emerging Technology Fund |  | 2103329 | 2103329 |
| Live Oak Health Sciences Fund | 351642 | 2788349 | 3139991 |

---

44 Annual Financial Statements \| October 31, 2025

Notes to Financial Statements

*As of October 31, 2025*

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Net<br> Investment<br> Income** | **Accumulated**<br> **Capital Gain** | **Unrealized**<br> **Appreciation** | **Cumulative<br> Effect of<br> Timing<br> Differences** | **Total** |
| White Oak Select Growth Fund | $1996102 | $32893195 | $277949919 | $— | $312839216 |
| Pin Oak Equity Fund | 325322 | 11754756 | 89762292 |  | 101842370 |
| Rock Oak Core Growth Fund |  | 714282 | 5524849 | (61873) | 6177258 |
| River Oak Discovery Fund |  |  | 9257631 | (2567166) | 6690465 |
| Red Oak Technology Select Fund | 230207 | 45645940 | 607596253 |  | 653472400 |
| Black Oak Emerging Technology Fund |  | 3323252 | 38450030 | (423002) | 41350280 |
| Live Oak Health Sciences Fund |  | 1019754 | 22355422 | (126187) | 23248989 |

---

As of October 31, 2025, 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, 2026, late year ordinary losses in the amount of $61,873, $55,682, $423,002, and $126,187, respectively.

As of October 31, 2025, River Oak Discovery Fund had short-term and long-term capital loss carryforwards available to offset future gains of $2,017,707 and $493,777, respectively. Capital loss carryforwards are not subject to expiration.

1-888-462-5386 \| www.oakfunds.com 45

Notes to Financial Statements

*As of October 31, 2025*

At October 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal<br> Tax Cost** | **Gross<br> Appreciation** | **Gross<br> Depreciation** | **Net<br> Appreciation** |
| White Oak Select Growth Fund | $197196208 | $280111983 | $(2162064) | $277949919 |
| Pin Oak Equity Fund | 65572073 | 91497238 | (1734946) | 89762292 |
| Rock Oak Core Growth Fund | 9586605 | 5699230 | (174381) | 5524849 |
| River Oak Discovery Fund | 16093447 | 9427779 | (170148) | 9257631 |
| Red Oak Technology Select Fund | 174637857 | 609017232 | (1420979) | 607596253 |
| Black Oak Emerging Technology Fund | 34284532 | 38552254 | (102224) | 38450030 |
| Live Oak Health Sciences Fund | 41187488 | 22789577 | (434155) | 22355422 |

---

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, 2025, no provision for income tax would be required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years (current and prior three tax years) for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**7. CONCENTRATION OF CREDIT RISK AND OWNERSHIP:**

As of October 31, 2025, Live Oak Health Sciences Fund invested greater than 25% of its net assets in securities in the Health Care sector. As of October 31, 2025, 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, 2025, White Oak Select Growth Fund, Pin Oak Equity Fund, River Oak Discovery Fund, Red Oak Technology Select Fund and Black Oak Emerging Technology Fund invested greater than 25% of their net assets in securities in the Technology sector. Therefore, each of these Funds may be more affected by economic developments in those sectors than a general equity fund would be.

46 Annual Financial Statements \| October 31, 2025

Notes to Financial Statements

*As of October 31, 2025*

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 a Fund.

As of October 31, 2025, the Vanita B. Oelschlager Trust owned 28.79% of Rock Oak Core Growth Fund and the James D. Oelschlager Trust owned 32.76% of River Oak Discovery Fund.

**8. TRUSTEE AND OFFICERS FEES:**

As of October 31, 2025, 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 $70,000 per year. The chairperson of the Audit Committee receives an additional retainer of $8,000 per year, 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 $17,000 per year.

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 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, 2025, 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.

1-888-462-5386 \| www.oakfunds.com 47

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Oak Associates Funds

<u>**Opinion on the Financial Statements**</u>

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, 2025, 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, 2025, 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.

<u>**Basis for Opinion**</u>

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 October 31, 2025, by correspondence with the custodian and brokers. 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.

![](img_005.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 24, 2025

48 Annual Financial Statements \| October 31, 2025

Additional Information

*As of October 31, 2025 (Unaudited)*

**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%, 0%, 0%, and 0%, respectively, of the income dividends distributed between January 1, 2024 and December 31, 2024, 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%, 0%, 0%, and 0%, respectively, of the ordinary income dividends distributed between January 1, 2024 and December 31, 2024, as qualifying for the corporate dividends received deduction.

In early 2025, if applicable, shareholders of record should have received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

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 $44,263,296, $21,003,800, $67,248, $31,391,827, 4,547,855, and $1,325,899 as long-term capital gain dividends, respectively.

**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.

**QUARTERLY PORTFOLIO HOLDINGS:**

The Trust files 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.

1-888-462-5386 \| www.oakfunds.com 49

Additional Information

*As of October 31, 2025 (Unaudited)*

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS:**

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURES:**

Not applicable.

**REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS:**

Refer to the financial statements included herein.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT:**

Not applicable.

50 Annual Financial Statements \| October 31, 2025

---

| |
|:---|
| ![(IMAGE)](img_004.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CONTACT US** |
| ![(IMAGE)](img_004.jpg) |

---

**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 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

![(IMAGE)](img_004.jpg)

---

| | |
|:---|:---|
| ![](img_006.jpg) | &nbsp;&nbsp;&nbsp; <br>225 Pictoria Drive, Suite 450<br>Cincinnati, OH 45246<br>|

---

**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.](oak_ex99codeeth.htm)

(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.](oak_ex99-cert.htm) |

---

(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.](oak_ex99-906cert.htm)

**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) <u>Oak Associates Funds</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Charles A. Kiraly |
|  | Charles A. Kiraly, President |

---

Date <u> 12/30/2025</u>

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 <u> 12/30/2025</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |

---

Date <u> 12/30/2025</u>

## Ex-99.Cert

**EX-99.CERT**

<u>CERTIFICATIONS</u>

I, Charles A. Kiraly, certify that:

1. I have reviewed this report on Form N-CSR of the Oak Associates Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| 12/30/2025 | /s/ Charles A. Kiraly |
| Date | Charles A. Kiraly |
|  | President/Principal Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of the Oak Associates Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| 12/30/2025 | /s/ Zachary P. Richmond |
| Date | Zachary P. Richmond |
|  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906 CERT**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended October 31, 2025 of the Oak Associates Funds (the "Registrant").

I, Charles A Kiraly, the President and Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>12/30/2025</u> <br> Date <br>

---

| |
|:---|
| /s/ Charles A. Kiraly |
| Charles A. Kiraly |
| President/Principal Executive Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended October 31, 2025 of the Oak Associates Funds (the "Registrant").

I, Zachary P. Richmond, the Treasurer and Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

3. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

4. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>12/30/2025</u> <br> Date <br>

---

| |
|:---|
| /s/ Zachary P. Richmond |
| Zachary P. Richmond |
| Treasurer/ Principal Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Code

**EX-99.CODEETH**

**THE OAK ASSOCIATES FUNDS**

**CODE OF ETHICS**

**Adopted Under Rule 17j-1**

Amended 12.31.19

The Oak Associates Funds ("Trust") are confident that its officers, Trustees and other persons involved with the Funds' business act with integrity and good faith. The Funds recognize, however, that personal interests may conflict with the Funds' interests where officers, Trustees and certain other persons:

● Know about the Funds' present or future portfolio transactions; or

● Have the power to influence the Funds' portfolio transactions; and

● Engage in securities transactions in their personal account(s).

In an effort to prevent conflicts of interest from arising, and in accordance with Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"), the Trust has adopted this Code of Ethics (the "Code") to address transactions and conduct that may create conflicts of interest, establish reporting requirements, and create enforcement procedures. Definitions of underlined terms used throughout the Code are included in Appendix I.

I. ABOUT THIS CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Who is Covered by the Code?* 

The Trust's access persons are covered under this Code. The Trust access persons generally are:

● All Trustees of the Trust, both interested and independent;

● All Trust Officers; and

● Natural persons in a control relationship to a Fund who obtain information concerning recommendations about the purchase or sale of a security by a Fund ("Natural Control Persons").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *What Rules Apply to Me?* 

● This Code sets forth specific prohibitions and restrictions. They apply to all access persons of the Trust except where otherwise noted. The Code also sets out reporting requirements for access persons. For purposes of this Code, Trustee Emeriti will have the same reporting requirements as Independent Trustees of the Trust. For the reporting requirements that apply to you, please refer to Parts A, B and C, as indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Independent Trustees Part A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Interested Trustees and Fund Officers Part B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Natural Control Persons Part C

II. STATEMENT OF GENERAL PRINCIPLES

In recognition of the trust and confidence placed in the Funds by shareholders, and because the Funds believe that their operations should benefit their shareholders, the Funds have adopted the following principles to be followed by its access persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The interests of the Funds' shareholders are paramount. You must place shareholder interests before your own.

You must accomplish all personal securities transactions in a manner that avoids any conflict between your personal interests and the interests of the Funds or their shareholders.

You must avoid actions or activities that allow you or your family to benefit from your position with the Funds, or that bring into question your independence or judgment.

III. GENERAL PROHIBITION AGAINST FRAUD, DECEIT AND MANIPULATION

The Funds' access persons may not, in connection with the purchase or sale, directly or indirectly, of a Security held or to be acquired by the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Employ any device, scheme or artifice to defraud the Funds;

Make to the Funds any untrue statement of a material fact or omit to state to the Funds a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

Engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Funds; or

Engage in any manipulative practice with respect to the Funds.

**IV.** **PROHIBITIONS AND RESTRICTIONS FOR ACCESS PERSONS (** not applicable to Independent Trustees)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Blackout Period on Personal Securities Transactions.* 

This restriction applies to: (i) access persons who, in connection with their regular duties, make, participate in, or obtain information regarding the purchase or sale of Securities by the Funds or whose functions relate to the making of any recommendations with respect to the purchases or sales and (ii) Natural Control Persons.

These persons may not purchase or sell, directly or indirectly, any Security in which they have (or by reason of such transaction acquire) any beneficial ownership *seven days before and seven days after the* same (or a related) Security is being purchased or sold by the Funds (or any series thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Pre-Approval for IPOs and Limited Offerings.* 

This restriction applies to: (i) access persons who, in connection with their duties, make or participate in making recommendations regarding the purchase or sale of any securities by a Fund and (ii) Natural Control Persons. These persons must obtain approval from the Review

Officer (as defined in Section VI below) before directly or indirectly acquiring beneficial ownership of any securities in an IPO or limited offering.

Access Persons who have been authorized to acquire securities in a private placement must disclose that investment to the chief investment officer (including his or her designee) of Oak (or of any unit or subdivision thereof) or the Chief Compliance Officer when they play a part in any subsequent consideration of an investment by an Oak Fund in the issuer. In such circumstances, an Oak Client's decision to purchase securities of the issuer will be subject to an independent review by appropriate personnel with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Limits on Accepting or Receiving Gifts.* 

Access Persons are prohibited from receiving or giving any gift or other thing of more than $250 in value from any person or entity that seeks or does business with or on behalf of Oak or an Oak Client. In addition, certain Department of Labor regulations restrict and require the reporting of gifts to or entertainment of certain union officials of more than $250.

Occasional business meals or entertainment (theatrical or sporting events, etc.) are permitted and no reporting is required so long as they are not excessive in number or cost and you are accompanied by the person or a representative of the entity seeking or doing business with Oak.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Short-Term Trading Profits* 

Trustees are prohibited from profiting from a purchase and sale, or sale and purchase, of the same or an equivalent Reportable Security within any 60 calendar day period. If trades are effected during the proscribed period, any profits realized on such trades will be immediately required to be disgorged to Oak who will donate any such funds to a charity selected by Oak.

V. REPORTING REQUIREMENTS

Access persons of the Funds must comply with the reporting requirements set forth in Parts A-C (attached), with the exception of those access persons reporting subject to Section VIII of this Code.

VI. REVIEW AND ENFORCEMENT OF THE CODE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Appointment of a Review Officer.* 

The Funds' President shall appoint a review officer ("Review Officer") to perform the duties described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *The Review Officer's Duties and Responsibilities.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Review Officer shall notify each person who becomes an access person of the Funds and who is required to report under this Code of Ethics of their reporting requirements *no later than* 10 days after becoming an access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Review Officer will, on a quarterly basis, compare all reported personal securities transactions with the Funds' completed portfolio transactions and a list of Securities that were being considered for purchase or sale by the Funds' investment adviser during the period to determine whether a Code violation may have occurred. Before determining that a person has violated the Code, the Review Officer must give the person a reasonable opportunity to supply explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the Review Officer finds that a material Code violation has occurred, or believes that a material Code violation may have occurred, the Review Officer must submit a written report regarding the possible violation, together with the confidential report and any explanatory material provided by the person, to the President. The President will determine whether the person violated the Code and may consult legal counsel for the Funds in making this determination, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No person is required to participate in a determination of whether he or she has committed a Code violation or discuss the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Review Officer will submit his or her own reports, as may be required pursuant to Parts A-C (attached), to an Alternate Review Officer who shall fulfill the duties of the Review Officer with respect to the Review Officer's reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Review Officer will create a written report detailing any approval(s) granted to access persons for the acquisition of securities offered in connection with an IPO or limited offering. The report must include the rationale supporting any decision to approve such an acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Resolution; Sanctions.

If the President determines that a person has violated the Code pursuant to paragraph B. (3) above, the President will impose upon the person a resolution of the situation and/or sanctions that the President deems appropriate. The President will submit the resolution, with a report of the violation, to the Board at the next regularly scheduled Board meeting unless, in the President's sole discretion, circumstances warrant an earlier report.

VII. ANNUAL WRITTEN REPORTS TO THE BOARD

At least annually, the Review Officer, investment adviser, and principal underwriter(s) (if required) will provide *written* reports to the Funds' Board of Trustees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Issues Arising Under the Code. The reports must describe any issue(s) that arose during the previous year under the codes or procedures thereto, including any material code or procedural violations, and any resulting sanction(s). The Review Officer, President, investment adviser and principal underwriter(s) may report to the Board more frequently as they deem necessary or appropriate and shall do so as requested by the Board.

The Review Officer, President, investment adviser and principal underwriter(s) may report to the Board more frequently as they deem necessary or appropriate and shall do so as requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Certification. Each report must be accompanied by a certification to the Board that the Funds, investment adviser and principal underwriter(s) have adopted procedures reasonably necessary to prevent their access persons from violating their code of ethics.

VIII. INTERRELATIONSHIP WITH OTHER CODES OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Principle: Overlapping Responsibilities.

A person who is both an access person of a Fund and an access person of an investment adviser to or principal underwriter for the Funds is only required to report under and otherwise comply with the investment adviser's or principal underwriter's code of ethics, provided such code has been adopted pursuant to and in compliance with Rule 17j-1. Such report will satisfy any reporting obligations under this Code. These access persons, however, remain subject to the principles and prohibitions in Sections II and III hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Overlap with Administrator's Code of Ethics.

Access persons of a Fund seeking to comply with the reporting and other requirements in an administrator's code of ethics in lieu of those in this Code must obtain prior approval from the Review Officer. If approval is granted, such report will satisfy any reporting obligations under this Code. However, such access persons shall remain subject to the principles and prohibitions in Sections II and III, hereof; and the administrator must comply with this Section VIII, hereof and paragraph C, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Procedures.

Each such investment adviser, principal underwriter and administrator of the Funds must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Submit to the Board of Trustees of the Funds a copy of its code of ethics adopted pursuant to or in compliance with Rule 17j-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Promptly furnish to the Funds, upon request, copies of any reports made under its code of ethics by any person who is also covered by the Funds' Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Promptly report to the Funds in writing any material amendments to its code of ethics, along with the certification described under Section VII.C., above.

IX. RECORDKEEPING

The Funds will maintain the following records in accordance with Rule 3 1a-2 under the 1940 Act and the following requirements. They will be available for examination by representatives of the Securities and Exchange Commission and other regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of this Code and any other code adopted by the Funds, which is, or at any time within the past five years has been, in effect will be preserved in an easily accessible place.

A record of any material Code violation and of any sanctions taken will be preserved in an easily accessible place for a period of at least five years following the end of the fiscal year in which the violation occurred.

A copy of each Quarterly Transaction Report, Initial Holdings Report, and Annual Holdings Report submitted under this Code, including any information provided in lieu of any such reports made under the Code *(see* Parts A-C for more information about reporting), will be preserved for a period of at least five years from the end of the fiscal year in which it is made, for the first two years in an easily accessible place.

A record of all persons, currently or within the past five years, who are or were required to submit reports under this Code, or who are or were responsible for reviewing these reports, will be maintained in an easily accessible place.

A copy of each annual report required by Section VII of this Code must be maintained for at least five years from the end of the fiscal year in which it is made, for the first two years in any easily accessible place.

A record of any decision, and the reasons supporting the decision, to approve the acquisition of securities acquired in an IPO or limited offering.

X. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Confidentiality.* 

All reports and other information submitted to the Funds pursuant to this Code will be treated as confidential to the maximum extent possible, provided that such reports and information may be produced to the Securities and Exchange Commission and other regulatory agencies and to persons who have a need to know for purposes of administering this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Interpretation of Provisions.* 

The Board of Trustees may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Compliance Certification.* 

Within 10 days of becoming an access person of the Funds, and each year thereafter, each such person must complete the Compliance Certification, attached as Appendix V.

**THE OAK ASSOCIATES FUNDS**

**PART A – INDEPENDENT TRUSTEES**

**XI.** **QUARTERLY TRANSACTION AND ACCOUNT REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject to Section II. (B) below, each quarter, you must report all of your Securities transactions effected, as well as any securities accounts you established, during the quarter. You must submit your report to the Review Officer no later than 30 days after the end of each calendar quarter. A Quarterly Personal Securities Transactions Report Form is included as Appendix II.

If you had no reportable transactions and did not open any securities accounts during the quarter, you are still required to submit a report. Please note on your report that you had no reportable items during the quarter, and return it, signed and dated.

You need not submit a quarterly report if the report would duplicate information in broker trade confirmations or account statements received by the Funds, provided that all required information is contained in the broker trade confirmations or account statements and is received by the Review Officer *no later than* 30 days after the end of the calendar quarter. Please see the Review Officer for more information about this reporting mechanism.

XII. WHAT MUST BE INCLUDED IN YOUR QUARTERLY REPORTS?

You must report all transactions in Securities that: (i) you directly or indirectly beneficially own or (ii) because of the transaction, you acquire direct or indirect beneficial ownership. In addition, you must also report any account you established during the quarter in which any securities were held for your direct or indirect benefit.

Notwithstanding Section I above, reports of individual Securities transactions are required only if you *knew* at the time of the transaction, or in the ordinary course of fulfilling your official duties as a Trustee *should have known*, that during the 15-day period immediately preceding or following the date of your transaction, the same Security was purchased or sold, or was being considered for purchase or sale, by the Funds (or any series thereof). Also notwithstanding Section I above, you are required to report the opening of a securities account only if the account holds or held securities that are the subject of a report required under this paragraph B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The "*should have known*" standard does not:

● imply a duty of inquiry;

● presume you should have deduced or extrapolated from discussions or memoranda dealing with the Funds' (or a series) investment strategies; or

● input knowledge from your awareness of the Funds' (or a series) portfolio holdings, market considerations, or investment policies, objectives and restrictions.

XIII. WHAT MAY BE EXCLUDED FROM YOUR QUARTERLY REPORTS?

You are not required to detail or list the following items on your quarterly report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Securities accounts, as well as purchases or sales effected for or Securities held in any account, over which you have no direct or indirect influence or control;

Purchases you made solely with the dividend proceeds received in a dividend reinvestment plan or that are part of an automatic payroll deduction plan, where you purchased a Security issued by your employer;

Purchases effected on the exercise of rights issued by an issuer *pro rata* to all holders of a class of its Securities, as long as you acquired these rights from the issuer, and sales of such rights;

Purchases or sales which are non-volitional, including purchases or sales upon the exercise of written puts or calls and securities sold at a broker's discretion from a margin account pursuant to a *bona fide* margin call; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases or sales of any of the following securities:

● Direct obligations of the U.S. government;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and

● Shares issued by registered, open-end investment companies, other than those open-end investment companies advised by Oak Associates.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect beneficial ownership in the Security included in the report.

**THE OAK ASSOCIATES FUNDS**

**PART B – INTERESTED TRUSTEES AND FUND OFFICERS**

**XIV.** **REQUIRED REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Initial Holdings Report.* 

You must submit a listing of all Securities you beneficially own, as well as all of your securities accounts, as of the date you first become subject to this Code's reporting requirements. You must submit this list to the Review Officer within 10 days of the date you first become subject to this Code's reporting requirements. The initial holdings report must be current as of a date not more than 45 days from the date of becoming an Access Person. An Initial Holdings Report Form is attached as Appendix III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Annual Holdings Report.* 

Each year, you must submit to the Review Officer a listing of all Securities you beneficially own, as well as all of your securities accounts. Your list must be current as of a date no more than 30 days before you submit the report. The annual holdings report must be current as of a date not more than 45 days from the date the report is submitted. An Annual Holdings Report Form is attached as Appendix IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Quarterly Transaction and Account Reports.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each quarter, you must report all of your Securities transactions effected, as well as any securities accounts you established, during the quarter. You must submit your report to the Review Officer *no later than* 30 days after the end of each calendar quarter. A Quarterly Personal Securities Transactions Report Form is included as Appendix II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If you had no reportable transactions and did not open any securities accounts during the quarter, you are still required to submit a report. Please note on your report that you had no reportable items during the quarter, and return it, signed and dated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You need not submit a quarterly report if the report would duplicate information contained in broker trade confirmations or account statements received by the Funds, provided that all required information is contained in the broker trade confirmations or account statements and is received by the Review Officer *no later than* 30 days after the end of the calendar quarter. Please see the Review Officer for more information about this reporting mechanism.

XV. WHAT MUST BE INCLUDED IN YOUR REPORTS?

You must report all transactions in Securities that: (i) you directly or indirectly beneficially own; or (ii) because of the transaction, you acquire direct or indirect beneficial ownership. In addition, you must also report all of your accounts in which any securities were held for your direct or indirect benefit.

XVI. WHAT MAY BE EXCLUDED FROM YOUR REPORTS?

You are not required to detail or list the following items on your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Securities accounts, as well as purchases or sales effected for or Securities held in any account, over which you have no direct or indirect influence or control;

Purchases you made solely with the dividend proceeds received in a dividend reinvestment plan or that are part of an automatic payroll deduction plan, where you purchased a Security issued by your employer;

Purchases effected on the exercise of rights issued by an issuer *pro rata* to all holders of a class of its Securities, as long as you acquired these rights from the issuer, and sales of such rights;

Purchases or sales which are non-volitional, including purchases or sales upon the exercise of written puts or calls and securities sold at a broker's discretion from a margin account pursuant to a *bona fide* margin call; and

Purchases or sales of any of the following securities:

● Direct obligations of the U.S. government;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and

● Shares issued by registered, open-end investment companies, other than those open-end investment companies advised by Oak Associates.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect beneficial ownership in the Security included in the report.

**THE OAK ASSOCIATES FUNDS**

**PART C – NATURAL CONTROL PERSONS**

**XVII.** **REQUIRED REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Initial Holdings Report.* 

You must submit a listing of all Securities you beneficially own, as well as all of your securities accounts, as of the date you first become subject to this Code's reporting requirements. You must submit this list to the Review Officer within 10 days of the date you first become subject to this Code's reporting requirements. The initial holdings report must be current as of a date not more than 45 days from the date of becoming an Access Person. An Initial Holdings Report Form is attached as Appendix III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Annual Holdings Report.* 

Each year, you must submit to the Review Officer a listing of all Securities you beneficially own, as well as all of your securities accounts. Your list must be current as of a date no more than 45 days before you submit the report. An Annual Holdings Report Form is attached as Appendix IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Quarterly Transaction and Account Reports.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each quarter, you must report all of your Securities transactions effected, as well as any securities accounts you established, during the quarter. You must submit your report to the Review Officer *no later than* 30 days after the end of each calendar quarter. A Quarterly Personal Securities Transactions Report Form is included as Appendix II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If you had no reportable transactions and did not open any securities accounts during the quarter, you are still required to submit a report. Please note on your report that you had no reportable items during the quarter, and return it, signed and dated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You need not submit a quarterly report if the report would duplicate information contained in broker trade confirmations or account statements received by the Funds, provided that all required information is contained in the broker trade confirmations or account statements and is received by the Review Officer *no later than* 30 days after the end of the calendar quarter. Please see the Review Officer for more information about this reporting mechanism.

XVIII. WHAT MUST BE INCLUDED IN YOUR REPORTS?

You must report all transactions in Securities that: (i) you directly or indirectly beneficially own; or (ii) because of the transaction, you acquire direct or indirect beneficial ownership. In addition, you must also report all of your accounts in which any securities were held for your direct or indirect benefit.

XIX. WHAT MAY BE EXCLUDED FROM YOUR REPORTS?

You are not required to detail or list the following items on your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Securities accounts, as well as purchases or sales effected for or Securities held in any account, over which you have no direct or indirect influence or control;

Purchases you made solely with the dividend proceeds received in a dividend reinvestment plan or that are part of an automatic payroll deduction plan, where you purchased a Security issued by your employer;

Purchases effected on the exercise of rights issued by an issuer *pro rata* to all holders of a class of its Securities, as long as you acquired these rights from the issuer, and sales of such rights;

Purchases or sales which are non-volitional, including purchases or sales upon the exercise of written puts or calls and securities sold at a broker's discretion from a margin account pursuant to a *bona fide* margin call; and

Purchases or sales of any of the following securities:

● Direct obligations of the U.S. government;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and

● Shares issued by registered, open-end investment companies, other than those open-end investment companies advised by Oak Associates.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect beneficial ownership in the Security included in the report.