Long-term focus
|
Concentrated portfolios
|
Low turnover
|
Independent thinking
|
· |
In 2007 less than 1% of the market was in stocks that were highly correlated (60% or more) with the performance of the Treasury bond market. In October 2016 that number hit 17%.
|
· |
If we take the price/earnings ratio for the cohort of the stock market that is most correlated with Treasury bonds and compare it to the P/E of the cohort of the stock market that is least correlated with Treasurys, that measure hit a 33-year high in 2016.
|
Sincerely,
|
Mark Oelschlager, CFA
|
Co-Chief Investment Officer and Portfolio Manager
|
January, 2016
|
An Investopedia article named White Oak Select Growth among funds for “investors who want exposure to the market, but want to focus on established companies”. “The Top 5 Large Cap Mutual Funds for 2016,” by John Edwards. January 14, 2016.
|
March, 2016
|
Crain’s Cleveland Business quoted Robert Stimpson in a story on fee models for investment advisors entitled, “New way to pay: Financial planners accept flat fees,” by Jeremy Nobile. March 13, 2016.
|
On March 21, 2016, a Barron’s “Review” item quoted Jim Oelschlager on the market outlook (“Will Stocks’ Rebound Continue? Four market pros voice their very disparate views to Barron’s”). March 21, 2016.
|
July, 2016
|
Zacks Investment Research recommended Live Oak Health Sciences among healthcare funds ranked “Strong Buy” and expected “to outperform peers in the future” (“3 Top-Rated Healthcare Mutual Funds to Invest In”). July 13, 2016.
|
Mark Oelschlager was quote on Cigna in Barron’s article, “Cigna Looks Healthy, Deal or No Deal: Anthem’s deal to buy managed-care rival Cigna might not pass regulatory muster. But Cigna shareholders could win, regardless, given the forecast for robust earnings growth,” by Robin Goldwyn Blumenthal. July 18, 2016.
|
August, 2016
|
Zacks Investment Research recommended Red Oak Technology Select among four technology mutual funds with strong three- and five-year performance, low expenses, a Zacks “Buy” ranking, and Alphabet as a top holding (“Alphabet’s Stellar Results Put 4 Mutual Funds in Play”). August 1, 2016.
|
Bottom Line Personal featured stock recommendations “for the next 10 years or more” from Mark Oelschlager as manager of Pin Oak Equity Fund (“8 Best Stocks for the Next 10 Years”). August 15, 2016.
|
An Investopedia entry noted White Oak Select Growth among “Top Large Cap Mutual Funds.” August 23, 2016.
|
Performance Update
|
|
White Oak Select Growth Fund
|
2
|
Pin Oak Equity Fund
|
4
|
Rock Oak Core Growth Fund
|
6
|
River Oak Discovery Fund
|
8
|
Red Oak Technology Select Fund
|
10
|
Black Oak Emerging Technology Fund
|
12
|
Live Oak Health Sciences Fund
|
14
|
Important Disclosures
|
16
|
Disclosure of Fund Expenses
|
19
|
Financial Statements
|
|
Schedules of Investments
|
21
|
Statements of Assets and Liabilities
|
38
|
Statements of Operations
|
40
|
Statements of Changes in Net Assets
|
42
|
Financial Highlights
|
46
|
Notes to Financial Statements
|
60
|
Report of Independent Registered Public Accounting Firm
|
72
|
Additional Information
|
73
|
James D. Oelschlager
Co-Chief Investment Officer & Portfolio Manager Mark W. Oelschlager, CFA
Co-Chief Investment Officer & Portfolio Manager Robert D. Stimpson, CFA
Portfolio Manager |
White Oak Equity Fund (“the Fund”) returned 4.07% for the fiscal year ended October 31, 2016, while the S&P 500 Index did 4.51% and the Lipper Large-Cap Growth Average -0.23%. For the last ten years, the Fund’s cumulative return was 117.78%, versus 91.24% for the S&P 500 and 102.45% for the Lipper.
The political environment has been increasingly polarized, and the stock market is no different as many stocks line up either with Treasury bonds or against them. Given the froth that has developed in the areas that trade with Treasurys, such as utilities, consumer staples and telecom, we have positioned the portfolio in other sectors – and even added to this tilt as opportunity presented itself throughout the year. In February when concerns about China’s economy rattled the markets and caused Treasury yields to dip, we added to long-time holding Charles Schwab which was beaten down. At the same time, some of the growth stocks were being punished, and we purchased shares of Facebook. Both have since rebounded.
In the summer, bonds rallied (yields plummeted), reaching a crescendo when Britain voted to exit the European Union. The yields of many sovereign bonds entered negative territory, meaning those that purchased this debt were guaranteed to get back less than they invested if they held the bonds until maturity. This insanity was a sure sign of a bond bubble, so it only made sense to allocate cash to the portion of the market that was the anti-bond play: the financials. We already had a substantial position in the financial sector as the bond bubble was inflating, but as it reached its peak and it was assumed that negative yields were here to stay, we added to the group with State Street, a large custody bank that was being hurt by low interest rates. The stock then rose about 24% over the next three months as yields began to rise.
This activity in the Fund belies our general proclivity to not make many changes. Turnover remains low, and our focus is always on the long-term attractiveness of an investment.
Laggards in the portfolio were overrepresented by health care, which was the worst performing sector in the market for the twelve months. Teva Pharmaceutical, Amgen, and Express Scripts all declined, as questions arose industry-wide about the future pricing power of therapies.
Thank you for your investment with Oak Associates Funds.
|
2
|
1-888-462-5386 | www.oakfunds.com
|
Manager Discussion & Analysis
|
Fund Data
|
|
Ticker
|
WOGSX
|
Share Price
|
$67.44
|
Total Net Assets
|
$248.4 M
|
Portfolio Turnover
|
13.91%
|
Sector Allocation^
|
|
Information Technology
|
41.8%
|
Financials
|
34.8%
|
Health Care
|
12.1%
|
Consumer Discretionary
|
7.2%
|
Industrials
|
3.9%
|
Energy
|
0.7%
|
Cash & Other Assets
|
-0.5%
|
Top 10 Holdings^
|
|
1. Alphabet, Inc.
|
9.8%
|
2. JPMorgan Chase & Co.
|
7.9%
|
3. Cisco Systems, Inc.
|
7.2%
|
4. Amazon.com, Inc.
|
7.2%
|
5. The Charles Schwab Corp.
|
6.1%
|
6. Amgen, Inc.
|
6.1%
|
7. US Bancorp
|
5.5%
|
8. KLA-Tencor Corp.
|
5.4%
|
9. Xilinx, Inc.
|
4.5%
|
10. United Parcel Sesrvice, Inc.
|
3.9%
|
^
|
Percentages are based on net assets. Holdings are subject to change.
|
Average Annual Total Return
|
||||
1 Year Return
|
3 Year Return
|
5 Year Return
|
10 Year Return
|
|
White Oak Select Growth Fund
|
4.07%
|
8.89%
|
12.20%
|
8.09%
|
S&P 500® Total Return Index1
|
4.51%
|
8.84%
|
13.57%
|
6.70%
|
Lipper Large-Cap Growth Funds Average2
|
-0.23%
|
7.66%
|
12.26%
|
7.21%
|
*
|
Please refer to the Financial Highlights for more recent expense ratio information.
|
1
|
Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure.
|
Annual Report | October 31, 2016
|
3
|
Mark W. Oelschlager, CFA
Co-Chief Investment Officer & Portfolio Manager |
4
|
1-888-462-5386 | www.oakfunds.com
|
Fund Data
|
|
Ticker
|
POGSX
|
Share Price
|
$53.35
|
Total Net Assets
|
$109.9 M
|
Portfolio Turnover
|
10.32%
|
Sector Allocation^
|
|
Financials
|
39.0%
|
Information Technology
|
30.6%
|
Consumer Discretionary
|
10.5%
|
Industrials
|
6.4%
|
Consumer Staples
|
5.0%
|
Energy
|
4.3%
|
Materials
|
0.8%
|
Cash & Other Assets
|
3.4%
|
Top 10 Holdings^
|
||
1.
|
The Charles Schwab Corp. |
5.7%
|
2.
|
Wells Fargo & Co. |
5.4%
|
3.
|
Alphabet, Inc. |
5.1%
|
4.
|
PepsiCo, Inc. |
5.0%
|
5.
|
The Bank of New York Mellon Corp. |
5.0%
|
6.
|
Paychex, Inc. |
4.6%
|
7.
|
Capital One Financial Corp. |
4.3%
|
8.
|
Amdocs, Ltd. |
3.9%
|
9.
|
SunTrust Banks, Inc. |
3.7%
|
10.
|
Flextronics International, Ltd. |
3.6%
|
^
|
Percentages are based on net assets. Holdings are subject to change.
|
Average Annual Total Return
|
||||
1 Year Return
|
3 Year Return
|
5 Year Return
|
10 Year Return
|
|
Pin Oak Equity Fund
|
5.54%
|
9.41%
|
14.77%
|
10.41%
|
Russell 3000® Index TR1
|
4.24%
|
8.13%
|
13.35%
|
6.76%
|
Lipper Multi-Cap Core Funds Average2
|
1.53%
|
5.87%
|
11.53%
|
5.63%
|
*
|
Please refer to the Financial Highlights for more recent expense ratio information.
|
1
|
Russell Investments is the source and owner of the Russell Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure.
|
Annual Report | October 31, 2016
|
5
|
Robert D. Stimpson, CFA
Portfolio Manager
|
6
|
1-888-462-5386 | www.oakfunds.com
|
Fund Data
|
|
Ticker
|
RCKSX
|
Share Price
|
$12.74
|
Total Net Assets
|
$7.4 M
|
Portfolio Turnover
|
10.59%
|
Sector Allocation^
|
|
Information Technology
|
57.3%
|
Financials
|
15.0%
|
Consumer Discretionary
|
9.6%
|
Industrials
|
7.4%
|
Health Care
|
4.3%
|
Consumer Staples
|
3.4%
|
Cash & Other Assets
|
3.0%
|
Top 10 Holdings^
|
||
1. |
Vantiv, Inc.
|
5.2%
|
2. |
Salesforce.com, Inc.
|
5.1%
|
3. |
Linear Technology Corp.
|
4.5%
|
4. |
SunTrust Banks, Inc.
|
4.4%
|
5. |
Xilinx, Inc.
|
4.2%
|
6. |
Computer Sciences Corp.
|
4.2%
|
7. |
The Hartford Financial Services Group, Inc.
|
4.1%
|
8. |
CA, Inc.
|
4.1%
|
9. |
Autodesk, Inc.
|
4.1%
|
10. |
F5 Networks, Inc.
|
4.0%
|
^ |
Percentages are based on net assets. Holdings are subject to change.
|
Average Annual Total Return
|
||||
1 Year Return
|
3 Year Return
|
5 Year Return
|
10 Year Return
|
|
Rock Oak Core Growth Fund
|
3.98%
|
4.96%
|
8.67%
|
5.61%
|
S&P 500® Total Return Index1
|
4.51%
|
8.84%
|
13.57%
|
6.70%
|
Lipper Multi-Cap Growth Funds Average2
|
-0.83%
|
5.85%
|
11.37%
|
6.85%
|
*
|
Please refer to the Financial Highlights for more recent expense ratio information.
|
1
|
Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure.
|
Annual Report | October 31, 2016
|
7
|
Robert D. Stimpson, CFA
Portfolio Manager
|
The River Oak Discovery Fund (“the Fund”) rose 3.39% for the fiscal year ended October 31, 2016, outperforming the benchmark Russell 2000 Growth Index which fell 0.49%. The Lipper Small Cap Growth Peer Group dropped 0.37%. Over the last five years, the Fund has risen 9.00% annually.
US stocks struggled in the first half of the fiscal year 2016 before moving to record highs in the second half of the fiscal year. Concerns over global growth as weakness in China and negative interest rates in Japan weighed on markets in January, but equities recovered headed into the spring. The United Kingdom’s somewhat surprising decision to leave the European Union rattled US stocks momentarily in the summer. Since the unwinding of the economic and political marriage will take up to two years, the impact of the Brexit is still unanswered. Importantly, a shift in tone from global central banks to a more accommodative position mid-year helped propel the S&P 500 to a new all-time high.
|
8
|
1-888-462-5386 | www.oakfunds.com
|
Fund Data
|
|
Ticker
|
RIVSX
|
Share Price
|
$14.21
|
Total Net Assets
|
$12.3 M
|
Portfolio Turnover
|
21.16%
|
Sector Allocation^
|
|
Information Technology
|
45.4%
|
Financials
|
22.6%
|
Health Care
|
11.9%
|
Industrials
|
9.9%
|
Materials
|
2.7%
|
Consumer Discretionary
|
2.4%
|
Energy
|
2.0%
|
Cash & Other Assets
|
3.1%
|
Top 10 Holdings^
|
||
1. |
Cirrus Logic, Inc.
|
7.0%
|
2. |
Advanced Energy Industries, Inc.
|
5.6%
|
3. |
PrivateBancorp, Inc.
|
4.5%
|
4. |
Fabrinet
|
4.4%
|
5. |
Assurant, Inc.
|
4.1%
|
6. |
Fortinet, Inc.
|
3.9%
|
7. |
United Therapeutics Corp.
|
3.6%
|
8. |
Argan, Inc.
|
3.5%
|
9. |
TASER International, Inc.
|
3.4%
|
10. |
MercadoLibre, Inc.
|
3.4%
|
^
|
Percentages are based on net assets. Holdings are subject to change.
|
Average Annual Total Return
|
||||
1 Year Return
|
3 Year Return
|
5 Year Return
|
10 Year Return
|
|
River Oak Discovery Fund
|
3.39%
|
3.54%
|
9.00%
|
5.90%
|
Russell 2000® Growth Index1
|
-0.49%
|
3.70%
|
11.34%
|
6.92%
|
Lipper Small-Cap Growth Funds Average2
|
-0.37%
|
2.31%
|
10.05%
|
6.43%
|
* |
Please refer to the Financial Highlights for more recent expense ratio information.
|
1 |
Russell Investments is the source and owner of the Russell Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure.
|
Annual Report | October 31, 2016
|
9
|
Mark W. Oelschlager, CFA
Co-Chief Investment Officer & Portfolio Manager
|
Red Oak Technology Select Fund (“the Fund”) posted a return of 17.14% for the fiscal year ended October 31, 2016, while the S&P 500 Equal Weight Information Technology Index returned 14.60%, and the Lipper Science and Technology Fund Average rose 8.62%. For the last ten years, the Fund’s cumulative return was 196.47%, versus 143.22% for the Index and 133.09% for the Lipper.
The strong performance versus our peers and the index is a function of not just what we owned but what we didn’t own. Technology tends to be populated with plenty of hot growth stories, but most of these tend to disappoint due to either an unsustainable growth trajectory or lack of competitive advantages. Some examples are 3D printing, cloud computing, and wearable cameras. Our avoidance of such areas helped prevent the permanent loss of capital that is the enemy of good long-term returns.
|
10
|
1-888-462-5386 | www.oakfunds.com
|
Fund Data
|
|
Ticker
|
ROGSX
|
Share Price
|
$19.27
|
Total Net Assets
|
$189.1 M
|
Portfolio Turnover
|
6.11%
|
Sector Allocation^
|
|
Information Technology
|
89.0%
|
Industrials
|
4.6%
|
Consumer Discretionary
|
2.5%
|
Cash & Other Assets
|
3.9%
|
Top 10 Holdings^
|
||
1. |
Alphabet, Inc.
|
6.8%
|
2. |
NVIDIA Corp.
|
5.0%
|
3. |
Cisco Systems, Inc.
|
4.3%
|
4. |
Intel Corp.
|
3.6%
|
5. |
Oracle Corp.
|
3.5%
|
6. |
Microsoft Corp.
|
3.5%
|
7. |
Synopsys, Inc.
|
3.4%
|
8. |
Huntington Ingalls Industries, Inc.
|
3.4%
|
9. |
Qualcomm, Inc.
|
3.1%
|
10. |
Ingram Micro, Inc.
|
3.1%
|
^
|
Percentages are based on net assets. Holdings are subject to change.
|
Average Annual Total Return
|
||||
1 Year Return
|
3 Year Return
|
5 Year Return
|
10 Year Return
|
|
Red Oak Technology Select Fund
|
17.14%
|
14.08%
|
16.34%
|
11.48%
|
S&P 500 Equal Weight Information Technology Index1
|
14.60%
|
15.75%
|
16.73%
|
9.29%
|
Lipper Science & Technology Funds Average2
|
8.62%
|
11.65%
|
13.27%
|
8.63%
|
*
|
Please refer to the Financial Highlights for more recent expense ratio information.
|
1
|
Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure.
|
Annual Report | October 31, 2016
|
11
|
Robert D. Stimpson, CFA
Portfolio Manager
|
The Black Oak Emerging Technology Fund (“the Fund”) rose 9.59% during the fiscal year ended October 31, 2016. Over the same period, the Lipper Science & Technology Peer Group gained 8.62%. The S&P 500 Equal Weighted Technology Index, a benchmark that avoids the affects of market capitalization on performance, rose 14.60%. For the last five years, the Fund has achieved an annualized return of 10.92%.
Technology stocks performed well in 2016, despite the economic doom and gloom perpetuated by the presidential election cycle and uncertainty over the United Kingdom leaving the European Union. Economic data continues to paint a mixed picture of global growth, but domestically, low inflation, stable growth and improving employment rates supported stock prices. The Federal Reserve has primed the investment community for a year now that short-term interest rates will rise in the near future. The path to normalized rates is still uncertain, but financials, which have suffered from the low rate environment, have rallied on the prospect of better earnings power.
|
12
|
1-888-462-5386 | www.oakfunds.com
|
Fund Data
|
|
Ticker
|
BOGSX
|
Share Price
|
$4.53
|
Total Net Assets
|
$32.9 M
|
Portfolio Turnover
|
34.76%
|
Sector Allocation^
|
|
Information Technology
|
90.2%
|
Health Care
|
2.4%
|
Cash & Other Assets
|
7.4%
|
Top 10 Holdings^
|
||
1. |
Apple, Inc.
|
6.3%
|
2. |
Cirrus Logic, Inc.
|
6.3%
|
3. |
Salesforce.com, Inc.
|
4.8%
|
4. |
Qualcomm, Inc.
|
4.2%
|
5. |
CA, Inc.
|
4.2%
|
6. |
Silicon Motion Technology Corp. - ADR
|
4.1%
|
7. |
Lam Research Corp.
|
3.8%
|
8. |
Fortinet, Inc.
|
3.4%
|
9. |
Computer Sciences Corp.
|
3.3%
|
10. |
Infoblox, Inc.
|
3.2%
|
^
|
Percentages are based on net assets. Holdings are subject to change.
|
Average Annual Total Return
|
||||
1 Year Return
|
3 Year Return
|
5 Year Return
|
10 Year Return
|
|
Black Oak Emerging Technology Fund
|
9.59%
|
9.25%
|
10.92%
|
7.77%
|
S&P 500 Equal Weight Information Technology Index1
|
14.60%
|
15.75%
|
16.73%
|
9.29%
|
Lipper Science & Technology Funds Average2
|
8.62%
|
11.65%
|
13.27%
|
8.63%
|
*
|
Please refer to the Financial Highlights for more recent expense ratio information.
|
1
|
Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure.
|
Annual Report | October 31, 2016
|
13
|
Mark W. Oelschlager, CFA
Co-Chief Investment Officer & Portfolio Manager
|
Live Oak Health Sciences Fund (“the Fund”) fell 1.81% for the fiscal year ended October 31, 2016, while the comparative index, the S&P 500 Health Care Index, lost 3.96%, and the Lipper Health and Biotech Fund Average declined 10.85%. For the last ten years the Fund’s cumulative return was 163.65%, versus 145.35% for the Index and 176.25% for the Lipper.
For years health care was the star performer of the market, as everything fell into place: strong unit growth, increased research productivity, pricing power, favorable political environment, demographic tailwind, implementation of the Affordable Care Act, financial engineering and other merger activity, and a perception of offering downside mitigation in a falling market. Many of these changed recently, and the prices of the stocks suffered. For the past year, health care was the worst performing of the eleven market sectors. After everything had gone right for so long, this reversal of fortune was inevitable, and we managed to limit the downside to our portfolio much better than did our peers.
|
14
|
1-888-462-5386 | www.oakfunds.com
|
Fund Data
|
|
Ticker
|
LOGSX
|
Share Price
|
$17.93
|
Total Net Assets
|
$56.1 M
|
Portfolio Turno
|
13.73%
|
Sector Allocation^
|
|
Health Care
|
97.5%
|
Information Technology
|
1.4%
|
Cash & Other Assets
|
1.1%
|
Top 10 Holdings^
|
|
1. Amgen, Inc.
|
6.6%
|
2. Cardinal Health, Inc.
|
4.5%
|
3. McKesson Corp.
|
4.3%
|
4. Becton Dickinson and Co.
|
4.2%
|
5. Merck & Co., Inc.
|
4.2%
|
6. Waters Corp.
|
4.1%
|
7. CR Bard, Inc.
|
4.0%
|
8. Owens & Minor, Inc.
|
4.0%
|
9. Anthem, Inc.
|
3.8%
|
10. Express Scripts Holding Co.
|
3.6%
|
^
|
Percentages are based on net assets. Holdings are subject to change.
|
Average Annual Total Return
|
||||
1 Year Return
|
3 Year Return
|
5 Year Return
|
10 Year Return
|
|
Live Oak Health Sciences Fund
|
-1.81%
|
9.36%
|
14.18%
|
10.18%
|
S&P 500® Healthcare Index1
|
-3.96%
|
10.25%
|
17.09%
|
9.39%
|
Lipper Health & Biotechnology Funds Average2
|
-10.85%
|
8.57%
|
16.93%
|
10.46%
|
*
|
Please refer to the Financial Highlights for more recent expense ratio information.
|
1
|
Standard & Poor’s is the source and owner of the S&P Index data. 2 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure.
|
Annual Report | October 31, 2016
|
15
|
16 |
1-888-462-5386 | www.oakfunds.com
|
Annual Report | October 31, 2016
|
17 |
18
|
1-888-462-5386 | www.oakfunds.com
|
Annual Report | October 31, 2016
|
19 |
Beginning
Account Value 05/01/2016 |
Ending
Account Value 10/31/2016 |
Annualized
Expense Ratio |
Expenses
Paid During the Period(a) |
|
White Oak Select Growth Fund
|
||||
Actual Return
|
$1,000.00
|
$1,071.20
|
1.04%
|
$5.41
|
Hypothetical 5% Return
|
$1,000.00
|
$1,019.91
|
1.04%
|
$5.28
|
Pin Oak Equity Fund
|
||||
Actual Return
|
$1,000.00
|
$1,078.90
|
1.08%
|
$5.64
|
Hypothetical 5% Return
|
$1,000.00
|
$1,019.71
|
1.08%
|
$5.48
|
Rock Oak Core Growth Fund
|
||||
Actual Return
|
$1,000.00
|
$1,093.60
|
1.25%
|
$6.58
|
Hypothetical 5% Return
|
$1,000.00
|
$1,018.85
|
1.25%
|
$6.34
|
River Oak Discovery Fund
|
||||
Actual Return
|
$1,000.00
|
$1,027.50
|
1.35%
|
$6.88
|
Hypothetical 5% Return
|
$1,000.00
|
$1,018.35
|
1.35%
|
$6.85
|
Red Oak Technology Select Fund
|
||||
Actual Return
|
$1,000.00
|
$1,189.50
|
1.07%
|
$5.89
|
Hypothetical 5% Return
|
$1,000.00
|
$1,019.76
|
1.07%
|
$5.43
|
Black Oak Emerging Technology Fund
|
||||
Actual Return
|
$1,000.00
|
$1,141.10
|
1.25%
|
$6.73
|
Hypothetical 5% Return
|
$1,000.00
|
$1,018.85
|
1.25%
|
$6.34
|
Live Oak Health Sciences Fund
|
||||
Actual Return
|
$1,000.00
|
$960.70
|
1.13%
|
$5.57
|
Hypothetical 5% Return
|
$1,000.00
|
$1,019.46
|
1.13%
|
$5.74
|
(a)
|
Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
|
20 |
1-888-462-5386 | www.oakfunds.com
|
White Oak Select Growth Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
COMMON STOCKS (100.5%)
|
||||||||
CONSUMER DISCRETIONARY (7.2%)
|
||||||||
Internet & Catalog Retail (7.2%)
|
||||||||
Amazon.com, Inc.(a)
|
22,645
|
$
|
17,885,474
|
|||||
ENERGY (0.7%)
|
||||||||
Energy Equipment & Services (0.7%)
|
||||||||
Transocean, Ltd.(a)
|
195,000
|
1,873,950
|
||||||
FINANCIALS (34.8%)
|
||||||||
Capital Markets (8.5%)
|
||||||||
The Charles Schwab Corp.
|
481,900
|
15,276,230
|
||||||
State Street Corp.
|
83,500
|
5,862,535
|
||||||
21,138,765
|
||||||||
Commercial Banks (15.0%)
|
||||||||
CIT Group, Inc.
|
190,400
|
6,917,232
|
||||||
TCF Financial Corp.
|
529,000
|
7,564,700
|
||||||
US Bancorp
|
308,000
|
13,786,080
|
||||||
Wells Fargo & Co.
|
193,000
|
8,879,930
|
||||||
37,147,942
|
||||||||
Diversified Financial Services (7.9%)
|
||||||||
JPMorgan Chase & Co.
|
284,900
|
19,732,174
|
||||||
Insurance (3.4%)
|
||||||||
Chubb, Ltd.
|
65,600
|
8,331,200
|
||||||
HEALTH CARE (12.1%)
|
||||||||
Biotechnology (6.1%)
|
||||||||
Amgen, Inc.
|
108,000
|
15,245,280
|
||||||
Health Care Providers & Services (2.7%)
|
||||||||
Express Scripts Holding Co.(a)
|
100,000
|
6,740,000
|
||||||
Pharmaceuticals (3.3%)
|
||||||||
Teva Pharmaceutical Industries, Ltd. - Sponsored ADR
|
189,000
|
8,077,860
|
||||||
INDUSTRIALS (3.9%)
|
||||||||
Air Freight & Logistics (3.9%)
|
||||||||
United Parcel Service, Inc. - Class B
|
90,000
|
9,698,400
|
||||||
INFORMATION TECHNOLOGY (41.8%)
|
||||||||
Communications Equipment (10.0%)
|
||||||||
Cisco Systems, Inc.
|
584,000
|
17,917,120
|
Annual Report | October 31, 2016
|
21
|
Schedules of Investments
|
White Oak Select Growth Fund
|
Security Description
|
Shares
|
Value
|
||||||
Communications Equipment (continued)
|
||||||||
Qualcomm, Inc.
|
102,100
|
$
|
7,016,312
|
|||||
24,933,432
|
||||||||
Internet Software & Services (12.5%)
|
||||||||
Alphabet, Inc. - Class A(a)
|
14,130
|
11,443,887
|
||||||
Alphabet, Inc. - Class C(a)
|
16,495
|
12,940,988
|
||||||
Facebook, Inc. - Class A(a)
|
14,000
|
1,833,860
|
||||||
Salesforce.com, Inc.(a)
|
64,600
|
4,855,336
|
||||||
31,074,071
|
||||||||
IT Services (6.9%)
|
||||||||
Cognizant Technology Solutions Corp. - Class A(a)
|
146,700
|
7,533,045
|
||||||
International Business Machines Corp.
|
61,900
|
9,513,411
|
||||||
17,046,456
|
||||||||
Semiconductors & Semiconductor Equipment (9.9%)
|
||||||||
KLA-Tencor Corp.
|
179,800
|
13,504,778
|
||||||
Xilinx, Inc.
|
220,000
|
11,191,400
|
||||||
24,696,178
|
||||||||
Software (2.5%)
|
||||||||
Symantec Corp.
|
247,000
|
6,182,410
|
||||||
TOTAL COMMON STOCKS (Cost $224,724,360)
|
249,803,592
|
|||||||
SHORT TERM INVESTMENTS (0.7%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.15%, dated 10/31/16 and maturing 11/01/16, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 2.000% and maturity dates ranging from 08/17/17 to 09/30/21 with a par value of $1,723,176 and a collateral value of $1,727,643.
|
1,693,761
|
$
|
1,693,761
|
|||||
TOTAL SHORT TERM INVESTMENTS (Cost $1,693,761)
|
1,693,761
|
|||||||
TOTAL INVESTMENTS - (101.2%) (Cost $226,418,121)
|
$
|
251,497,353
|
||||||
Liabilities in Excess of Other Assets - (-1.2%)
|
(3,064,242
|
)
|
||||||
NET ASSETS - (100.0%)
|
$
|
248,433,111
|
(a)
|
Non-income producing security.
|
22
|
1-888-462-5386 | www.oakfunds.com
|
Pin Oak Equity Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
COMMON STOCKS (96.6%)
|
||||||||
CONSUMER DISCRETIONARY (10.5%)
|
||||||||
Auto Components (1.8%)
|
||||||||
Gentex Corp.
|
117,000
|
$
|
1,978,470
|
|||||
Internet & Catalog Retail (3.3%)
|
||||||||
Amazon.com, Inc.(a)
|
4,600
|
3,633,172
|
||||||
Media (5.4%)
|
||||||||
The Interpublic Group of Cos., Inc.
|
106,000
|
2,373,340
|
||||||
Twenty-First Century Fox, Inc. - Class A
|
34,000
|
893,180
|
||||||
Twenty-First Century Fox, Inc. - Class B
|
101,100
|
2,668,029
|
||||||
5,934,549
|
||||||||
CONSUMER STAPLES (5.0%)
|
||||||||
Beverages (5.0%)
|
||||||||
PepsiCo, Inc.
|
51,500
|
5,520,800
|
||||||
ENERGY (4.3%)
|
||||||||
Energy Equipment & Services (2.2%)
|
||||||||
Nabors Industries, Ltd.
|
189,100
|
2,250,290
|
||||||
Transocean, Ltd.(a)
|
25,000
|
240,250
|
||||||
2,490,540
|
||||||||
Oil, Gas & Consumable Fuels (2.1%)
|
||||||||
Valero Energy Corp.
|
38,500
|
2,280,740
|
||||||
FINANCIALS (39.0%)
|
||||||||
Capital Markets (10.8%)
|
||||||||
The Bank of New York Mellon Corp.
|
127,500
|
5,516,925
|
||||||
The Charles Schwab Corp.
|
199,251
|
6,316,257
|
||||||
11,833,182
|
||||||||
Commercial Banks (16.8%)
|
||||||||
CIT Group, Inc.
|
65,500
|
2,379,615
|
||||||
First Bancorp
|
44,301
|
875,831
|
||||||
Great Southern Bancorp, Inc.
|
51,514
|
2,130,104
|
||||||
International Bancshares Corp.
|
99,500
|
3,069,575
|
||||||
SunTrust Banks, Inc.
|
89,300
|
4,039,039
|
||||||
Wells Fargo & Co.
|
130,200
|
5,990,502
|
||||||
18,484,666
|
||||||||
Consumer Finance (4.3%)
|
||||||||
Capital One Financial Corp.
|
64,400
|
4,768,176
|
||||||
Insurance (7.1%)
|
||||||||
Assurant, Inc.
|
17,500
|
1,409,100
|
||||||
Everest Re Group, Ltd.
|
14,800
|
3,012,096
|
Annual Report | October 31, 2016
|
23
|
Schedules of Investments
|
Pin Oak Equity Fund
|
Security Description
|
Shares
|
Value
|
||||||
Insurance (continued)
|
||||||||
The Travelers Cos., Inc.
|
31,000
|
$
|
3,353,580
|
|||||
7,774,776
|
||||||||
INDUSTRIALS (6.4%)
|
||||||||
Aerospace & Defense (0.7%)
|
||||||||
Raytheon Co.
|
5,700
|
778,677
|
||||||
Electrical Equipment (2.2%)
|
||||||||
EnerSys
|
37,217
|
2,423,943
|
||||||
Machinery (3.5%)
|
||||||||
Parker-Hannifin Corp.
|
31,000
|
3,805,250
|
||||||
INFORMATION TECHNOLOGY (30.6%)
|
||||||||
Electronic Equipment & Instruments (3.6%)
|
||||||||
Flextronics International, Ltd.(a)
|
277,000
|
3,930,630
|
||||||
Internet Software & Services (10.4%)
|
||||||||
Alphabet, Inc. - Class A(a)
|
3,500
|
2,834,650
|
||||||
Alphabet, Inc. - Class C(a)
|
3,509
|
2,752,951
|
||||||
eBay, Inc.(a)
|
129,000
|
3,677,790
|
||||||
IAC/InterActive Corp.
|
34,256
|
2,207,457
|
||||||
11,472,848
|
||||||||
IT Services (11.4%)
|
||||||||
Amdocs, Ltd.
|
73,572
|
4,300,283
|
||||||
Paychex, Inc.
|
92,549
|
5,108,705
|
||||||
The Western Union Co.
|
154,000
|
3,090,780
|
||||||
12,499,768
|
||||||||
Semiconductors & Semiconductor Equipment (5.2%)
|
||||||||
KLA-Tencor Corp.
|
32,400
|
2,433,564
|
||||||
Xilinx, Inc.
|
65,500
|
3,331,985
|
||||||
5,765,549
|
||||||||
MATERIALS (0.8%)
|
||||||||
Metals & Mining (0.8%)
|
||||||||
Teck Resources, Ltd. - Class B
|
38,814
|
837,606
|
||||||
TOTAL COMMON STOCKS (Cost $88,025,824)
|
106,213,342
|
24
|
1-888-462-5386 | www.oakfunds.com
|
Pin Oak Equity Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
SHORT TERM INVESTMENTS (3.4%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.15%, dated 10/31/16 and maturing 11/01/16, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 2.000% and with maturity dates ranging from 08/17/17 to 09/30/21 with a par value of $3,825,079 and a collateral value of $3,834,994.
|
3,759,785
|
$
|
3,759,785
|
|||||
TOTAL SHORT TERM INVESTMENTS (Cost $3,759,785)
|
3,759,785
|
|||||||
TOTAL INVESTMENTS - (100.0%) (Cost $91,785,609)
|
$
|
109,973,127
|
||||||
Liabilities in Excess of Other Assets - (0.0%)(b)
|
(44,703
|
)
|
||||||
NET ASSETS - (100.0%)
|
$
|
109,928,424
|
(a)
|
Non-income producing security.
|
(b)
|
Less than 0.05%.
|
Annual Report | October 31, 2016
|
25
|
Schedules of Investments
|
Rock Oak Core Growth Fund
|
Security Description
|
Shares
|
Value
|
||||||
COMMON STOCKS (97.0%)
|
||||||||
CONSUMER DISCRETIONARY (9.6%)
|
||||||||
Hotels, Restaurants & Leisure (3.1%)
|
||||||||
Wyndham Worldwide Corp.
|
3,445
|
$
|
226,819
|
|||||
Media (6.5%)
|
||||||||
Discovery Communications, Inc. - Class A(a)
|
7,800
|
203,658
|
||||||
Liberty Media Corp. - Class A(a)
|
1,725
|
48,006
|
||||||
Liberty SiriusXM Group - Class A(a)
|
6,900
|
229,563
|
||||||
481,227
|
||||||||
CONSUMER STAPLES (3.4%)
|
||||||||
Beverages (3.4%)
|
||||||||
Molson Coors Brewing Co. - Class B
|
2,400
|
249,144
|
||||||
FINANCIALS (15.0%)
|
||||||||
Commercial Banks (4.4%)
|
||||||||
SunTrust Banks, Inc.
|
7,200
|
325,656
|
||||||
Consumer Finance (6.5%)
|
||||||||
Capital One Financial Corp.
|
3,250
|
240,630
|
||||||
Synchrony Financial
|
8,350
|
238,726
|
||||||
479,356
|
||||||||
Insurance (4.1%)
|
||||||||
The Hartford Financial Services Group, Inc.
|
6,950
|
306,565
|
||||||
HEALTH CARE (4.3%)
|
||||||||
Life Sciences Tools & Services (2.6%)
|
||||||||
Illumina, Inc.(a)
|
1,400
|
190,596
|
||||||
Pharmaceuticals (1.7%)
|
||||||||
Jazz Pharmaceuticals PLC(a)
|
1,170
|
128,080
|
||||||
INDUSTRIALS (7.4%)
|
||||||||
Aerospace & Defense (4.0%)
|
||||||||
L-3 Communications Holdings, Inc.
|
2,150
|
294,421
|
||||||
Professional Services (3.4%)
|
||||||||
Nielsen Holdings PLC
|
5,650
|
254,363
|
||||||
INFORMATION TECHNOLOGY (57.3%)
|
||||||||
Communications Equipment (4.0%)
|
||||||||
F5 Networks, Inc.(a)
|
2,150
|
297,151
|
26
|
1-888-462-5386 | www.oakfunds.com
|
Rock Oak Core Growth Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
Computers & Peripherals (3.5%)
|
||||||||
Western Digital Corp.
|
4,395
|
$
|
256,844
|
|||||
Internet Software & Services (5.1%)
|
||||||||
Salesforce.com, Inc.(a)
|
5,000
|
375,800
|
||||||
IT Services (13.2%)
|
||||||||
Cognizant Technology Solutions Corp. - Class A(a)
|
2,800
|
143,780
|
||||||
Computer Sciences Corp.
|
5,650
|
307,643
|
||||||
CSRA, Inc.
|
5,650
|
141,758
|
||||||
Vantiv, Inc. - Class A(a)
|
6,550
|
382,258
|
||||||
975,439
|
||||||||
Semiconductors & Semiconductor Equipment (9.0%)
|
||||||||
Broadcom, Ltd.
|
130
|
22,136
|
||||||
Linear Technology Corp.
|
5,500
|
330,330
|
||||||
Xilinx, Inc.
|
6,150
|
312,851
|
||||||
665,317
|
||||||||
Software (14.9%)
|
||||||||
Autodesk, Inc.(a)
|
4,200
|
303,576
|
||||||
CA, Inc.
|
9,950
|
305,863
|
||||||
Check Point Software Technologies, Ltd.(a)
|
3,000
|
253,680
|
||||||
Symantec Corp.
|
9,700
|
242,791
|
||||||
1,105,910
|
||||||||
Technology Hardware, Storage & Peripherals (7.6%)
|
||||||||
NetApp, Inc.
|
8,755
|
297,145
|
||||||
Seagate Technology PLC
|
7,710
|
264,530
|
||||||
561,675
|
||||||||
TOTAL COMMON STOCKS (Cost $5,110,052)
|
7,174,363
|
Annual Report | October 31, 2016
|
27
|
Schedules of Investments
|
Rock Oak Core Growth Fund
|
Security Description
|
Shares
|
Value
|
||||||
SHORT TERM INVESTMENTS (1.3%)
|
||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.15%, dated 10/31/16 and maturing 11/01/16, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 2.000% and with maturity dates ranging from 08/17/17 to 09/30/21 with a par value of $95,096 and a collateral value of $95,343.
|
93,473
|
$
|
93,473
|
|||||
TOTAL SHORT TERM INVESTMENTS (Cost $93,473)
|
93,473
|
|||||||
TOTAL INVESTMENTS - (98.3%) (Cost $5,203,525)
|
$
|
7,267,836
|
||||||
Assets in Excess of Other Liabilities - (1.7%)
|
127,402
|
|||||||
NET ASSETS - (100.0%)
|
$
|
7,395,238
|
(a)
|
Non-income producing security.
|
28
|
1-888-462-5386 | www.oakfunds.com
|
River Oak Discovery Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
COMMON STOCKS (96.9%)
|
||||||||
CONSUMER DISCRETIONARY (2.4%)
|
||||||||
Specialty Retail (2.4%)
|
||||||||
Abercrombie & Fitch Co. - Class A
|
20,450
|
$
|
298,774
|
|||||
ENERGY (2.0%)
|
||||||||
Energy Equipment & Services (2.0%)
|
||||||||
Atwood Oceanics, Inc.
|
31,550
|
240,727
|
||||||
FINANCIALS (22.6%)
|
||||||||
Capital Markets (6.2%)
|
||||||||
Calamos Asset Management, Inc. - Class A
|
15,700
|
101,422
|
||||||
Cowen Group, Inc. - Class A(a)
|
86,900
|
282,425
|
||||||
Janus Capital Group, Inc.
|
29,400
|
376,908
|
||||||
760,755
|
||||||||
Commercial Banks (10.5%)
|
||||||||
PrivateBancorp, Inc.
|
12,300
|
556,452
|
||||||
Union Bankshares Corp.
|
14,050
|
392,416
|
||||||
Zions Bancorporation
|
10,800
|
347,868
|
||||||
1,296,736
|
||||||||
Insurance (5.9%)
|
||||||||
Assurant, Inc.
|
6,350
|
511,302
|
||||||
CNO Financial Group, Inc.
|
14,000
|
211,120
|
||||||
722,422
|
||||||||
HEALTH CARE (11.9%)
|
||||||||
Biotechnology (3.5%)
|
||||||||
United Therapeutics Corp.(a)
|
3,650
|
438,255
|
||||||
Health Care Providers & Services (5.3%)
|
||||||||
Amsurg Corp.(a)
|
5,450
|
325,637
|
||||||
Magellan Health, Inc.(a)
|
6,350
|
326,708
|
||||||
652,345
|
||||||||
Heath Care Technology (3.1%)
|
||||||||
Quality Systems, Inc.
|
29,500
|
380,255
|
||||||
INDUSTRIALS (9.9%)
|
||||||||
Aerospace & Defense (3.4%)
|
||||||||
TASER International, Inc.(a)
|
18,895
|
422,870
|
||||||
Construction & Engineering (3.5%)
|
||||||||
Argan, Inc.
|
7,650
|
434,902
|
Annual Report | October 31, 2016
|
29
|
Schedules of Investments
|
River Oak Discovery Fund
|
Security Description
|
Shares
|
Value
|
||||||
Machinery (3.0%)
|
||||||||
Kadant, Inc.
|
7,010
|
$
|
362,067
|
|||||
INFORMATION TECHNOLOGY (45.4%)
|
||||||||
Electronic Equipment & Instruments (9.7%)
|
||||||||
Dolby Laboratories, Inc. - Class A
|
7,200
|
342,648
|
||||||
Fabrinet(a)
|
14,320
|
543,587
|
||||||
Hollysys Automation Technologies, Ltd.
|
15,500
|
308,605
|
||||||
1,194,840
|
||||||||
Electronic Equipment, Instruments (2.7%)
|
||||||||
II-VI, Inc.(a)
|
12,205
|
339,299
|
||||||
Internet Software & Services (3.4%)
|
||||||||
MercadoLibre, Inc.
|
2,500
|
420,025
|
||||||
Semiconductors & Semiconductor Equipment (18.5%)
|
||||||||
Advanced Energy Industries, Inc.(a)
|
14,450
|
689,265
|
||||||
Ambarella, Inc.(a)
|
5,430
|
333,239
|
||||||
Cirrus Logic, Inc.(a)
|
15,900
|
858,282
|
||||||
Kulicke & Soffa Industries, Inc.(a)
|
29,700
|
393,228
|
||||||
2,274,014
|
||||||||
Software (11.1%)
|
||||||||
FireEye, Inc.(a)
|
23,005
|
267,318
|
||||||
Fortinet, Inc.(a)
|
14,950
|
479,297
|
||||||
VASCO Data Security International, Inc.(a)
|
21,035
|
289,232
|
||||||
Verint Systems, Inc.(a)
|
9,170
|
330,120
|
||||||
1,365,967
|
||||||||
MATERIALS (2.7%)
|
||||||||
Forest Products & Paper (2.7%)
|
||||||||
Mercer International, Inc.
|
42,840
|
338,436
|
||||||
TOTAL COMMON STOCKS (Cost $8,979,720)
|
11,942,689
|
30
|
1-888-462-5386 | www.oakfunds.com
|
River Oak Discovery Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
SHORT TERM INVESTMENTS (3.2%)
|
||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.15%, dated 10/31/16 and maturing 11/01/16, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 2.000% and with maturity dates ranging from 08/17/17 to 09/30/21 with a par value of $402,678 and a collateral value of $403,722.
|
395,805
|
$
|
395,805
|
|||||
TOTAL SHORT TERM INVESTMENTS (Cost $395,805)
|
395,805
|
|||||||
TOTAL INVESTMENTS - (100.1%) (Cost $9,375,525)
|
$
|
12,338,494
|
||||||
Liabilities in Excess of Other Assets - (-0.1%)
|
(16,731
|
)
|
||||||
NET ASSETS - (100.0%)
|
$
|
12,321,763
|
(a)
|
Non-income producing security.
|
Annual Report | October 31, 2016
|
31
|
Schedules of Investments
|
Red Oak Technology Select Fund
|
Security Description
|
Shares
|
Value
|
||||||
COMMON STOCKS (96.1%)
|
||||||||
CONSUMER DISCRETIONARY (2.5%)
|
||||||||
Internet & Catalog Retail (2.5%)
|
||||||||
Amazon.com, Inc.(a)
|
6,050
|
$
|
4,778,411
|
|||||
INDUSTRIALS (4.6%)
|
||||||||
Aerospace & Defense (4.6%)
|
||||||||
Huntington Ingalls Industries, Inc.
|
39,366
|
6,352,098
|
||||||
Northrop Grumman Corp.
|
9,850
|
2,255,650
|
||||||
8,607,748
|
||||||||
INFORMATION TECHNOLOGY (89.0%)
|
||||||||
Communications Equipment (9.2%)
|
||||||||
Cisco Systems, Inc.
|
263,000
|
8,068,840
|
||||||
Juniper Networks, Inc.
|
136,000
|
3,582,240
|
||||||
Qualcomm, Inc.
|
85,000
|
5,841,200
|
||||||
17,492,280
|
||||||||
Computers & Peripherals (6.1%)
|
||||||||
Apple, Inc.
|
50,120
|
5,690,625
|
||||||
HP, Inc.
|
219,500
|
3,180,555
|
||||||
Western Digital Corp.
|
45,000
|
2,629,800
|
||||||
11,500,980
|
||||||||
Electronic Equipment & Instruments (8.6%)
|
||||||||
Arrow Electronics, Inc.(a)
|
59,275
|
3,622,888
|
||||||
Corning, Inc.
|
176,000
|
3,996,960
|
||||||
Flextronics International, Ltd.(a)
|
75,000
|
1,064,250
|
||||||
Ingram Micro, Inc. - Class A
|
156,600
|
5,825,520
|
||||||
Keysight Technologies, Inc.(a)
|
54,000
|
1,771,200
|
||||||
16,280,818
|
||||||||
Internet Software & Services (12.4%)
|
||||||||
Alphabet, Inc. - Class A(a)
|
5,100
|
4,130,490
|
||||||
Alphabet, Inc. - Class C(a)
|
11,066
|
8,681,719
|
||||||
eBay, Inc.(a)
|
123,000
|
3,506,730
|
||||||
Facebook, Inc. - Class A(a)
|
26,025
|
3,409,015
|
||||||
IAC/InterActive Corp.
|
58,100
|
3,743,964
|
||||||
23,471,918
|
||||||||
IT Services (11.8%)
|
||||||||
Accenture PLC - Class A
|
37,200
|
4,324,128
|
||||||
Alliance Data Systems Corp.(a)
|
22,900
|
4,682,363
|
||||||
Computer Sciences Corp.
|
52,700
|
2,869,515
|
||||||
CSG Systems International, Inc.
|
32,619
|
1,240,501
|
||||||
CSRA, Inc.
|
59,000
|
1,480,310
|
||||||
International Business Machines Corp.
|
34,700
|
5,333,043
|
||||||
Total System Services, Inc.
|
47,500
|
2,369,300
|
||||||
22,299,160
|
32
|
1-888-462-5386 | www.oakfunds.com
|
Red Oak Technology Select Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
Semiconductors & Semiconductor Equipment (16.2%)
|
||||||||
Intel Corp.
|
195,300
|
$
|
6,810,111
|
|||||
KLA-Tencor Corp.
|
73,600
|
5,528,096
|
||||||
Marvell Technology Group, Ltd.
|
228,400
|
2,976,052
|
||||||
NVIDIA Corp.
|
134,000
|
9,535,440
|
||||||
Xilinx, Inc.
|
113,900
|
5,794,093
|
||||||
30,643,792
|
||||||||
Software (21.0%)
|
||||||||
CA, Inc.
|
117,000
|
3,596,580
|
||||||
Check Point Software Technologies, Ltd.(a)
|
62,200
|
5,259,632
|
||||||
Dell Technologies, Inc. - Class V(a)
|
7,657
|
375,897
|
||||||
Microsoft Corp.
|
109,700
|
6,573,224
|
||||||
Oracle Corp.
|
171,100
|
6,573,662
|
||||||
Red Hat, Inc.(a)
|
41,600
|
3,221,920
|
||||||
Symantec Corp.
|
130,000
|
3,253,900
|
||||||
Synopsys, Inc.(a)
|
108,100
|
6,411,411
|
||||||
VMware, Inc. - Class A(a)
|
55,300
|
4,346,580
|
||||||
39,612,806
|
||||||||
Technology Hardware, Storage & Peripherals (3.7%)
|
||||||||
Hewlett Packard Enterprise Co.
|
155,500
|
3,494,085
|
||||||
NetApp, Inc.
|
104,500
|
3,546,730
|
||||||
7,040,815
|
||||||||
TOTAL COMMON STOCKS (Cost $129,102,383)
|
181,728,728
|
|||||||
SHORT TERM INVESTMENTS (3.9%)
|
||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.15%, dated 10/31/16 and maturing 11/01/16, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 2.000% and with maturity dates ranging from 08/17/17 to 09/30/21 with a par value of $7,481,718 and collateral value of $7,501,112.
|
7,354,006
|
$
|
7,354,006
|
|||||
TOTAL SHORT TERM INVESTMENTS (Cost $7,354,006)
|
7,354,006
|
|||||||
TOTAL INVESTMENTS - (100.0%) (Cost $136,456,389)
|
$
|
189,082,734
|
||||||
Liabilities in Excess of Other Assets - (0.0%)(b)
|
(19,219
|
)
|
||||||
NET ASSETS - (100.0%)
|
$
|
189,063,515
|
(a)
|
Non-income producing security.
|
(b)
|
Less than 0.05%.
|
Annual Report | October 31, 2016
|
33
|
Schedules of Investments
|
Black Oak Emerging Technology Fund
|
Security Description
|
Shares
|
Value
|
||||||
COMMON STOCKS (92.6%)
|
||||||||
HEALTH CARE (2.4%)
|
||||||||
Life Sciences Tools & Services (2.4%)
|
||||||||
Illumina, Inc.(a)
|
5,800
|
$
|
789,612
|
|||||
INFORMATION TECHNOLOGY (90.2%)
|
||||||||
Communications Equipment (10.0%)
|
||||||||
F5 Networks, Inc.(a)
|
7,150
|
988,201
|
||||||
Palo Alto Networks, Inc.(a)
|
5,900
|
907,597
|
||||||
Qualcomm, Inc.
|
20,215
|
1,389,175
|
||||||
3,284,973
|
||||||||
Computers & Peripherals (6.3%)
|
||||||||
Apple, Inc.
|
18,200
|
2,066,428
|
||||||
Electronic Equipment & Instruments (4.9%)
|
||||||||
Arrow Electronics, Inc.(a)
|
15,745
|
962,334
|
||||||
SYNNEX Corp.
|
6,275
|
643,439
|
||||||
1,605,773
|
||||||||
Internet Software & Services (8.7%)
|
||||||||
Blucora, Inc.(a)
|
31,535
|
419,415
|
||||||
MercadoLibre, Inc.
|
5,200
|
873,652
|
||||||
Salesforce.com, Inc.(a)
|
21,085
|
1,584,749
|
||||||
2,877,816
|
||||||||
IT Services (14.3%)
|
||||||||
Alliance Data Systems Corp.(a)
|
4,550
|
930,338
|
||||||
Cognizant Technology Solutions Corp. - Class A(a)
|
9,600
|
492,960
|
||||||
Computer Sciences Corp.
|
19,950
|
1,086,278
|
||||||
CSG Systems International, Inc.
|
15,680
|
596,310
|
||||||
CSRA, Inc.
|
19,950
|
500,546
|
||||||
Perficient, Inc.(a)
|
19,165
|
356,661
|
||||||
Science Applications International Corp.
|
10,665
|
734,925
|
||||||
4,698,018
|
||||||||
Semiconductors & Semiconductor Equipment (21.7%)
|
||||||||
Ambarella, Inc.(a)
|
15,275
|
937,427
|
||||||
Cirrus Logic, Inc.(a)
|
38,200
|
2,062,036
|
||||||
IXYS Corp.
|
57,745
|
612,097
|
||||||
Lam Research Corp.
|
12,950
|
1,254,337
|
||||||
Silicon Motion Technology Corp. - ADR
|
33,000
|
1,340,130
|
||||||
Tessera Technologies, Inc.
|
25,650
|
951,615
|
||||||
7,157,642
|
||||||||
Software (22.2%)
|
||||||||
Barracuda Networks, Inc.(a)
|
33,345
|
777,605
|
||||||
CA, Inc.
|
45,100
|
1,386,374
|
||||||
Citrix Systems, Inc.(a)
|
9,800
|
831,040
|
||||||
Dell Technologies, Inc. - Class V(a)
|
4,804
|
235,825
|
34
|
1-888-462-5386 | www.oakfunds.com
|
Black Oak Emerging Technology Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
Software (continued)
|
||||||||
Fortinet, Inc.(a)
|
34,760
|
$
|
1,114,406
|
|||||
Infoblox, Inc.(a)
|
39,750
|
1,053,375
|
||||||
Qualys, Inc.(a)
|
23,700
|
882,825
|
||||||
VASCO Data Security International, Inc.(a)
|
74,275
|
1,021,281
|
||||||
7,302,731
|
||||||||
Technology Hardware, Storage & Peripherals (2.1%)
|
||||||||
Seagate Technology PLC
|
20,045
|
687,744
|
||||||
TOTAL COMMON STOCKS (Cost $20,709,507)
|
30,470,737
|
|||||||
SHORT TERM INVESTMENTS (7.6%)
|
||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.15%, dated 10/31/16 and maturing 11/01/16, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 2.000% and with maturity dates ranging from 08/17/17 to 09/30/21 with a par value of $2,530,443 and a collateral value of $2,537,003.
|
2,487,249
|
$
|
2,487,249
|
|||||
TOTAL SHORT TERM INVESTMENTS (Cost $2,487,249)
|
2,487,249
|
|||||||
TOTAL INVESTMENTS - (100.2%) (Cost $23,196,756)
|
$
|
32,957,986
|
||||||
Liabilities in Excess of Other Assets - (-0.2%)
|
(63,690
|
)
|
||||||
NET ASSETS - (100.0%)
|
$
|
32,894,296
|
(a)
|
Non-income producing security.
|
Annual Report | October 31, 2016
|
35
|
Schedules of Investments
|
Live Oak Health Sciences Fund
|
Security Description
|
Shares
|
Value
|
||||||
COMMON STOCKS (98.9%)
|
||||||||
HEALTH CARE (97.5%)
|
||||||||
Biotechnology (9.6%)
|
||||||||
Amgen, Inc.
|
26,200
|
$
|
3,698,392
|
|||||
Biogen, Inc.(a)
|
5,900
|
1,653,062
|
||||||
5,351,454
|
||||||||
Health Care Equipment & Supplies (17.7%)
|
||||||||
Becton Dickinson and Co.
|
14,100
|
2,367,531
|
||||||
CR Bard, Inc.
|
10,350
|
2,242,638
|
||||||
Halyard Health, Inc.(a)
|
8,000
|
258,800
|
||||||
Medtronic PLC
|
16,996
|
1,394,012
|
||||||
St Jude Medical, Inc.
|
22,500
|
1,751,400
|
||||||
Stryker Corp.
|
16,700
|
1,926,345
|
||||||
9,940,726
|
||||||||
Health Care Providers & Services (38.8%)
|
||||||||
Aetna, Inc.
|
14,700
|
1,578,045
|
||||||
Anthem, Inc.
|
17,300
|
2,108,178
|
||||||
Cardinal Health, Inc.
|
37,100
|
2,548,399
|
||||||
Cigna Corp.
|
10,700
|
1,271,481
|
||||||
DaVita HealthCare Partners, Inc.(a)
|
34,200
|
2,004,804
|
||||||
Express Scripts Holding Co.(a)
|
30,300
|
2,042,220
|
||||||
McKesson Corp.
|
19,150
|
2,435,305
|
||||||
Owens & Minor, Inc.
|
68,680
|
2,228,666
|
||||||
Quest Diagnostics, Inc.
|
23,300
|
1,897,552
|
||||||
UnitedHealth Group, Inc.
|
12,700
|
1,794,891
|
||||||
VCA, Inc.(a)
|
29,700
|
1,825,362
|
||||||
21,734,903
|
||||||||
Life Sciences Tools & Services (7.2%)
|
||||||||
Charles River Laboratories International, Inc.(a)
|
22,800
|
1,730,064
|
||||||
Waters Corp.(a)
|
16,700
|
2,323,638
|
||||||
4,053,702
|
||||||||
Pharmaceuticals (24.2%)
|
||||||||
AstraZeneca PLC - Sponsored ADR
|
27,000
|
764,640
|
||||||
Eli Lilly & Co.
|
16,500
|
1,218,360
|
||||||
Endo International PLC(a)
|
70,000
|
1,312,500
|
||||||
GlaxoSmithKline PLC - Sponsored ADR
|
47,900
|
1,916,479
|
||||||
Johnson & Johnson
|
14,700
|
1,705,053
|
||||||
Merck & Co., Inc.
|
40,100
|
2,354,672
|
||||||
Mylan NV(a)
|
17,500
|
638,750
|
||||||
Sanofi - ADR
|
46,992
|
1,827,519
|
||||||
Teva Pharmaceutical Industries, Ltd. - Sponsored ADR
|
42,500
|
1,816,450
|
||||||
13,554,423
|
36
|
1-888-462-5386 | www.oakfunds.com
|
Live Oak Health Sciences Fund
|
Schedules of Investments
|
Security Description
|
Shares
|
Value
|
||||||
INFORMATION TECHNOLOGY (1.4%)
|
||||||||
Electronic Equipment & Instruments (1.4%)
|
||||||||
Keysight Technologies, Inc.(a)
|
24,500
|
$
|
803,600
|
|||||
TOTAL COMMON STOCKS (Cost $41,955,898)
|
55,438,808
|
|||||||
SHORT TERM INVESTMENTS (1.0%)
|
||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.15%, dated 10/31/16 and maturing 11/01/16, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 2.000% and with maturity dates ranging from 08/17/17 to 09/30/21 with a par value of $552,210 and with a collateral value of $553,642.
|
542,784
|
$
|
542,784
|
|||||
TOTAL SHORT TERM INVESTMENTS (Cost $542,784)
|
542,784
|
|||||||
TOTAL INVESTMENTS - (99.9%) (Cost $42,498,682)
|
$
|
55,981,592
|
||||||
Assets in Excess of Other Liabilities - (0.1%)
|
77,760
|
|||||||
NET ASSETS - (100.0%)
|
$
|
56,059,352
|
(a)
|
Non-income producing security.
|
Annual Report | October 31, 2016
|
37
|
|
White Oak Select
Growth Fund |
Pin Oak
Equity Fund |
||||||
Investments at cost
|
$
|
226,418,121
|
$
|
91,785,609
|
||||
ASSETS:
|
||||||||
Investments at fair value
|
$
|
251,497,353
|
$
|
109,973,127
|
||||
Receivable for fund shares sold
|
7,966
|
54,053
|
||||||
Receivable for investment securities sold
|
–
|
–
|
||||||
Dividends and interest receivable
|
7
|
70,988
|
||||||
Prepaid expenses
|
28,802
|
14,108
|
||||||
Total Assets
|
251,534,128
|
110,112,276
|
||||||
LIABILITIES:
|
||||||||
Payable for fund shares redeemed
|
2,812,140
|
52,596
|
||||||
Investment advisory fees payable
|
159,386
|
68,681
|
||||||
Administration fees payable
|
15,740
|
7,415
|
||||||
Trustees' fees payable
|
21,694
|
9,123
|
||||||
Payable for investment securities purchased
|
–
|
–
|
||||||
Principal financial officer fees payable
|
668
|
276
|
||||||
Printing fees payable
|
10,879
|
4,622
|
||||||
Transfer agent fees payable
|
47,621
|
19,150
|
||||||
Legal and audit fees payable
|
24,261
|
17,942
|
||||||
Other accrued expenses
|
8,628
|
4,047
|
||||||
Total Liabilities
|
3,101,017
|
183,852
|
||||||
Total Net Assets
|
$
|
248,433,111
|
$
|
109,928,424
|
||||
NET ASSETS:
|
||||||||
Paid-in capital (unlimited authorization - no par value)
|
$
|
229,351,700
|
$
|
89,185,191
|
||||
Accumulated undistributed net investment income (loss)
|
2,283,775
|
660,979
|
||||||
Accumulated net realized gain (loss) on investments
|
(8,281,596
|
)
|
1,894,736
|
|||||
Net unrealized appreciation on investments
|
25,079,232
|
18,187,518
|
||||||
Total Net Assets
|
$
|
248,433,111
|
$
|
109,928,424
|
||||
PORTFOLIO SHARES:
|
||||||||
Net Assets
|
$
|
248,433,111
|
$
|
109,928,424
|
||||
Total shares outstanding at end of period
|
3,683,740
|
2,060,440
|
||||||
Net assets value, offering and redemption price per share (net assets ÷ shares outstanding)
|
$
|
67.44
|
$
|
53.35
|
38
|
1-888-462-5386 | www.oakfunds.com
|
Rock Oak Core
Growth Fund |
River Oak
Discovery Fund |
Red Oak
Technology Select Fund |
Black Oak
Emerging Technology Fund |
Live Oak Health
Sciences Fund |
|||||||||||||||
$
|
5,203,525
|
$
|
9,375,525
|
$
|
136,456,389
|
$
|
23,196,756
|
$
|
42,498,682
|
||||||||||
$
|
7,267,836
|
$
|
12,338,494
|
$
|
189,082,734
|
$
|
32,957,986
|
$
|
55,981,592
|
||||||||||
200
|
150
|
1,080,177
|
200
|
183,058
|
|||||||||||||||
178,248
|
–
|
–
|
–
|
641,592
|
|||||||||||||||
–
|
4,434
|
51,362
|
10
|
2,732
|
|||||||||||||||
2,071
|
6,952
|
18,037
|
4,898
|
12,759
|
|||||||||||||||
7,448,355
|
12,350,030
|
190,232,310
|
32,963,094
|
56,821,733
|
|||||||||||||||
32,181
|
–
|
249,538
|
12,334
|
62,514
|
|||||||||||||||
2,304
|
8,135
|
113,372
|
21,204
|
37,153
|
|||||||||||||||
1,217
|
1,676
|
11,448
|
2,879
|
4,402
|
|||||||||||||||
625
|
1,084
|
14,682
|
2,849
|
5,102
|
|||||||||||||||
–
|
–
|
708,909
|
–
|
624,254
|
|||||||||||||||
19
|
33
|
424
|
87
|
159
|
|||||||||||||||
217
|
355
|
7,429
|
1,343
|
2,155
|
|||||||||||||||
1,992
|
2,047
|
37,043
|
11,594
|
7,878
|
|||||||||||||||
13,812
|
14,040
|
20,516
|
14,911
|
15,997
|
|||||||||||||||
750
|
897
|
5,434
|
1,597
|
2,767
|
|||||||||||||||
53,117
|
28,267
|
1,168,795
|
68,798
|
762,381
|
|||||||||||||||
$
|
7,395,238
|
$
|
12,321,763
|
$
|
189,063,515
|
$
|
32,894,296
|
$
|
56,059,352
|
||||||||||
$
|
5,373,854
|
$
|
9,458,140
|
$
|
133,047,700
|
$
|
21,826,998
|
$
|
42,201,766
|
||||||||||
43,898
|
(50,960
|
)
|
864,301
|
–
|
227,008
|
||||||||||||||
(86,825
|
)
|
(48,386
|
)
|
2,525,169
|
1,306,068
|
147,668
|
|||||||||||||
2,064,311
|
2,962,969
|
52,626,345
|
9,761,230
|
13,482,910
|
|||||||||||||||
$
|
7,395,238
|
$
|
12,321,763
|
$
|
189,063,515
|
$
|
32,894,296
|
$
|
56,059,352
|
||||||||||
$
|
7,395,238
|
$
|
12,321,763
|
$
|
189,063,515
|
$
|
32,894,296
|
$
|
56,059,352
|
||||||||||
580,557
|
867,395
|
9,810,969
|
7,253,805
|
3,126,515
|
|||||||||||||||
$
|
12.74
|
$
|
14.21
|
$
|
19.27
|
$
|
4.53
|
$
|
17.93
|
Annual Report | October 31, 2016
|
39
|
|
White Oak Select
Growth Fund |
Pin Oak
Equity Fund |
||||||
INVESTMENT INCOME:
|
||||||||
Dividends
|
$
|
5,267,123
|
$
|
1,984,540
|
||||
Interest
|
2,787
|
3,438
|
||||||
Less: Foreign withholding tax
|
(39,219
|
)
|
(16,600
|
)
|
||||
Total Investment Income
|
5,230,691
|
1,971,378
|
||||||
EXPENSES:
|
||||||||
Investment advisory fees
|
1,855,566
|
750,661
|
||||||
Administration fees
|
186,034
|
76,985
|
||||||
Trustees' fees
|
97,151
|
39,424
|
||||||
Legal and audit fees
|
76,749
|
38,870
|
||||||
Transfer agent fees
|
155,487
|
65,489
|
||||||
Sub transfer agent fees
|
140,965
|
53,905
|
||||||
Registration fees
|
21,033
|
22,140
|
||||||
Printing fees
|
36,794
|
15,944
|
||||||
Custodian fees
|
12,206
|
6,494
|
||||||
Principal financial officer fees
|
4,190
|
1,693
|
||||||
Insurance and other fees
|
60,761
|
22,869
|
||||||
Total Expenses
|
2,646,936
|
1,094,474
|
||||||
Less: Investment advisory fees waived
|
–
|
–
|
||||||
Net Expenses
|
2,646,936
|
1,094,474
|
||||||
Net Investment Income (Loss)
|
2,583,755
|
876,904
|
||||||
Net realized gain (loss) on securities sold
|
16,035,475
|
1,894,762
|
||||||
Net change in unrealized appreciation (depreciation) of investment securities
|
(9,431,729
|
)
|
2,891,068
|
|||||
Net Realized and Unrealized Gain (Loss) on Investments
|
6,603,746
|
4,785,830
|
||||||
Net Increase (Decrease) in Net Assets Resulting From Operations
|
$
|
9,187,501
|
$
|
5,662,734
|
40
|
1-888-462-5386 | www.oakfunds.com
|
Rock Oak Core
Growth Fund |
River Oak
Discovery Fund |
Red Oak
Technology Select Fund |
Black Oak
Emerging Technology Fund |
Live Oak Health
Sciences Fund |
|||||||||||||||
$
|
197,783
|
$
|
115,987
|
$
|
3,226,423
|
$
|
467,030
|
$
|
979,070
|
||||||||||
578
|
1,223
|
4,202
|
2,436
|
1,536
|
|||||||||||||||
–
|
–
|
–
|
(1,020
|
)
|
(37,983
|
)
|
|||||||||||||
198,361
|
117,210
|
3,230,625
|
468,446
|
942,623
|
|||||||||||||||
53,739
|
111,296
|
1,055,634
|
229,901
|
409,336
|
|||||||||||||||
7,474
|
11,523
|
106,921
|
25,148
|
42,919
|
|||||||||||||||
2,818
|
4,775
|
54,967
|
11,936
|
21,176
|
|||||||||||||||
15,320
|
16,581
|
48,292
|
21,186
|
27,113
|
|||||||||||||||
14,890
|
14,966
|
98,279
|
60,938
|
31,338
|
|||||||||||||||
641
|
736
|
111,431
|
13,853
|
15,802
|
|||||||||||||||
18,302
|
18,687
|
19,483
|
18,277
|
20,976
|
|||||||||||||||
1,632
|
2,077
|
23,118
|
5,288
|
7,665
|
|||||||||||||||
1,589
|
1,658
|
7,845
|
2,862
|
4,857
|
|||||||||||||||
121
|
205
|
2,355
|
517
|
920
|
|||||||||||||||
3,236
|
4,518
|
32,648
|
9,090
|
34,371
|
|||||||||||||||
119,762
|
187,022
|
1,560,973
|
398,996
|
616,473
|
|||||||||||||||
(28,988
|
)
|
(20,076
|
)
|
–
|
–
|
–
|
|||||||||||||
90,774
|
166,946
|
1,560,973
|
398,996
|
616,473
|
|||||||||||||||
107,587
|
(49,736
|
)
|
1,669,652
|
69,450
|
326,150
|
||||||||||||||
(85,930
|
)
|
(40,444
|
)
|
2,647,186
|
1,433,063
|
2,267,649
|
|||||||||||||
237,246
|
485,427
|
19,253,931
|
1,358,179
|
(3,960,509
|
)
|
||||||||||||||
151,316
|
444,983
|
21,901,117
|
2,791,242
|
(1,692,860
|
)
|
||||||||||||||
$
|
258,903
|
$
|
395,247
|
$
|
23,570,769
|
$
|
2,860,692
|
$
|
(1,366,710
|
)
|
Annual Report | October 31, 2016
|
41
|
|
White Oak Select Growth Fund
|
Pin Oak Equity Fund
|
||||||||||||||
|
For The
Year Ended October 31 2016 |
For The
Year Ended October 31 2015 |
For The
Year Ended October 31 2016 |
For The
Year Ended October 31 2015 |
||||||||||||
INVESTMENT ACTIVITIES:
|
||||||||||||||||
Net investment income (loss)
|
$
|
2,583,755
|
$
|
3,854,520
|
$
|
876,904
|
$
|
1,002,982
|
||||||||
Net realized gain (loss) on securities sold
|
16,035,475
|
6,226,107
|
1,894,762
|
2,916,283
|
||||||||||||
Net change in unrealized appreciation (depreciation) of investment securities
|
(9,431,729
|
)
|
13,777,664
|
2,891,068
|
2,140,163
|
|||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations
|
9,187,501
|
23,858,291
|
5,662,734
|
6,059,428
|
||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||||||||||
Net income
|
(1,677,212
|
)
|
(4,050,002
|
)
|
(762,856
|
)
|
(1,020,000
|
)
|
||||||||
Realized capital gains
|
–
|
–
|
(2,912,364
|
)
|
(170,590
|
)
|
||||||||||
Total Distributions
|
(1,677,212
|
)
|
(4,050,002
|
)
|
(3,675,220
|
)
|
(1,190,590
|
)
|
||||||||
CAPITAL SHARE TRANSACTIONS (IN DOLLARS):
|
||||||||||||||||
Shares issued
|
20,547,788
|
8,533,677
|
27,038,414
|
18,248,411
|
||||||||||||
Shares issued in lieu of cash distributions
|
1,580,149
|
3,800,921
|
3,326,291
|
1,097,355
|
||||||||||||
Shares redeemed
|
(38,857,403
|
)
|
(30,711,155
|
)
|
(21,399,655
|
)
|
(19,555,154
|
)
|
||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions
|
(16,729,466
|
)
|
(18,376,557
|
)
|
8,965,050
|
(209,388
|
)
|
|||||||||
Total Increase (Decrease) in Net Assets
|
(9,219,177
|
)
|
1,431,732
|
10,952,564
|
4,659,450
|
|||||||||||
NET ASSETS:
|
||||||||||||||||
Beginning of period
|
257,652,288
|
256,220,556
|
98,975,860
|
94,316,410
|
||||||||||||
End of period
|
$
|
248,433,111
|
$
|
257,652,288
|
$
|
109,928,424
|
$
|
98,975,860
|
||||||||
Including accumulated undistributed net investment income (loss)
|
$
|
2,283,775
|
$
|
1,377,232
|
$
|
660,979
|
$
|
546,931
|
||||||||
SHARES ISSUED AND REDEEMED:
|
||||||||||||||||
Issued
|
318,157
|
138,165
|
545,240
|
361,192
|
||||||||||||
Issued in lieu of cash distributions
|
23,902
|
64,499
|
65,465
|
22,809
|
||||||||||||
Redeemed
|
(609,288
|
)
|
(497,768
|
)
|
(437,227
|
)
|
(392,476
|
)
|
||||||||
Net Increase (Decrease) in Share Transactions
|
(267,229
|
)
|
(295,104
|
)
|
173,478
|
(8,475
|
)
|
42
|
1-888-462-5386 | www.oakfunds.com
|
Rock Oak Core Growth Fund
|
River Oak Discovery Fund
|
Red Oak Technology Select Fund
|
|||||||||||||||||||||
For The
Year Ended October 31 2016 |
For The
Year Ended October 31 2015 |
For The
Year Ended October 31 2016 |
For The
Year Ended October 31 2015 |
For The
Year Ended October 31 2016 |
For The
Year Ended October 31 2015 |
||||||||||||||||||
$
|
107,587
|
$
|
2,697
|
$
|
(49,736
|
)
|
$
|
(38,680
|
)
|
$
|
1,669,652
|
$
|
1,673,092
|
||||||||||
(85,930
|
)
|
175,225
|
(40,444
|
)
|
(7,942
|
)
|
2,647,186
|
7,072,248
|
|||||||||||||||
237,246
|
(509,020
|
)
|
485,427
|
(70,683
|
)
|
19,253,931
|
435,418
|
||||||||||||||||
258,903
|
(331,098
|
)
|
395,247
|
(117,305
|
)
|
23,570,769
|
9,180,758
|
||||||||||||||||
(60,295
|
)
|
(26,752
|
)
|
(14,119
|
)
|
–
|
(1,455,611
|
)
|
(1,415,013
|
)
|
|||||||||||||
(175,227
|
)
|
(588,577
|
)
|
–
|
(2,955,988
|
)
|
(4,075,253
|
)
|
–
|
||||||||||||||
(235,522
|
)
|
(615,329
|
)
|
(14,119
|
)
|
(2,955,988
|
)
|
(5,530,864
|
)
|
(1,415,013
|
)
|
||||||||||||
307,326
|
136,959
|
158,944
|
349,028
|
74,929,886
|
18,931,396
|
||||||||||||||||||
186,202
|
595,902
|
7,988
|
2,897,201
|
5,008,817
|
1,320,574
|
||||||||||||||||||
(929,007
|
)
|
(470,470
|
)
|
(808,194
|
)
|
(1,506,462
|
)
|
(39,916,417
|
)
|
(39,289,543
|
)
|
||||||||||||
(435,479
|
)
|
262,391
|
(641,262
|
)
|
1,739,767
|
40,022,286
|
(19,037,573
|
)
|
|||||||||||||||
(412,098
|
)
|
(684,036
|
)
|
(260,134
|
)
|
(1,333,526
|
)
|
58,062,191
|
(11,271,828
|
)
|
|||||||||||||
7,807,336
|
8,491,372
|
12,581,897
|
13,915,423
|
131,001,324
|
142,273,152
|
||||||||||||||||||
$
|
7,395,238
|
$
|
7,807,336
|
$
|
12,321,763
|
$
|
12,581,897
|
$
|
189,063,515
|
$
|
131,001,324
|
||||||||||||
$
|
43,898
|
$
|
(4,286
|
)
|
$
|
(50,960
|
)
|
$
|
(38,684
|
)
|
$
|
864,301
|
$
|
650,260
|
|||||||||
24,269
|
10,383
|
11,174
|
23,634
|
4,138,045
|
1,131,253
|
||||||||||||||||||
15,300
|
45,454
|
573
|
207,536
|
302,282
|
81,017
|
||||||||||||||||||
(76,822
|
)
|
(35,392
|
)
|
(58,450
|
)
|
(102,417
|
)
|
(2,257,110
|
)
|
(2,356,716
|
)
|
||||||||||||
(37,253
|
)
|
20,445
|
(46,703
|
)
|
128,753
|
2,183,217
|
(1,144,446
|
)
|
Annual Report | October 31, 2016
|
43
|
|
Black Oak Emerging Technology Fund
|
Live Oak Health Sciences Fund
|
||||||||||||||
For The
Year Ended October 31 2016 |
For The
Year Ended October 31 2015 |
For The
Year Ended October 31 2016 |
For The
Year Ended October 31 2015 |
|||||||||||||
INVESTMENT ACTIVITIES:
|
||||||||||||||||
Net investment income (loss)
|
$
|
69,450
|
$
|
(211,377
|
)
|
$
|
326,150
|
$
|
334,234
|
|||||||
Net realized gain on securities sold
|
1,433,063
|
1,354,785
|
2,267,649
|
6,911,069
|
||||||||||||
Net change in unrealized appreciation (depreciation) of investment securities
|
1,358,179
|
(969,145
|
)
|
(3,960,509
|
)
|
(3,297,151
|
)
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations
|
2,860,692
|
174,263
|
(1,366,710
|
)
|
3,948,152
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||||||||||
Net income
|
–
|
–
|
(1,883,024
|
)
|
(292,377
|
)
|
||||||||||
Realized capital gains
|
(944,209
|
)
|
–
|
(6,908,453
|
)
|
(4,756,063
|
)
|
|||||||||
Total Distributions
|
(944,209
|
)
|
–
|
(8,791,477
|
)
|
(5,048,440
|
)
|
|||||||||
CAPITAL SHARE TRANSACTIONS (IN DOLLARS):
|
||||||||||||||||
Shares issued
|
1,133,653
|
1,652,031
|
13,892,851
|
6,305,893
|
||||||||||||
Shares issued in lieu of cash distributions
|
814,965
|
–
|
7,836,751
|
4,812,062
|
||||||||||||
Shares redeemed
|
(3,268,885
|
)
|
(3,667,021
|
)
|
(8,684,293
|
)
|
(7,093,921
|
)
|
||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions
|
(1,320,267
|
)
|
(2,014,990
|
)
|
13,045,309
|
4,024,034
|
||||||||||
Total Increase (Decrease) in Net Assets
|
596,216
|
(1,840,727
|
)
|
2,887,122
|
2,923,746
|
|||||||||||
NET ASSETS:
|
||||||||||||||||
Beginning of period
|
32,298,080
|
34,138,807
|
53,172,230
|
50,248,484
|
||||||||||||
End of period
|
$
|
32,894,296
|
$
|
32,298,080
|
$
|
56,059,352
|
$
|
53,172,230
|
||||||||
Including accumulated undistributed net investment income (loss)
|
$
|
–
|
$
|
(196,430
|
)
|
$
|
227,008
|
$
|
275,060
|
|||||||
SHARES ISSUED AND REDEEMED:
|
||||||||||||||||
Issued
|
261,227
|
367,563
|
714,136
|
289,675
|
||||||||||||
Issued in lieu of cash distributions
|
197,807
|
–
|
405,890
|
236,117
|
||||||||||||
Redeemed
|
(791,999
|
)
|
(817,061
|
)
|
(450,008
|
)
|
(327,298
|
)
|
||||||||
Net Increase (Decrease) in Share Transactions
|
(332,965
|
)
|
(449,498
|
)
|
670,018
|
198,494
|
44
|
1-888-462-5386 | www.oakfunds.com
|
Year Ended
October 31, 2016 |
||||
WHITE OAK SELECT GROWTH FUND
|
||||
Net Asset Value Beginning of Period
|
$
|
65.21
|
||
Income (Loss) From Operations
|
||||
Net Investment Income(a)
|
0.66
|
|||
Realized and Unrealized Gain in Securities(a)
|
1.99
|
|||
Total From Operations
|
2.65
|
|||
Less Distributions:
|
||||
Dividends from Net Investment Income
|
(0.42
|
)
|
||
Distributions from Capital Gains
|
–
|
|||
Total Dividends and Distributions
|
(0.42
|
)
|
||
Net Asset Value End of Period
|
$
|
67.44
|
||
Total Return(b)
|
4.07
|
%
|
||
Net Assets End of Period (000)
|
$
|
248,433
|
||
Ratio of Net Expenses to Average Net Assets
|
1.06
|
%
|
||
Ratio of Net Investment Income to Average Net Assets
|
1.03
|
%
|
||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly)
|
1.06
|
%
|
||
Portfolio Turnover Rate
|
14
|
%
|
(a)
|
Per share calculations were performed using average shares for the period.
|
(b)
|
Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.
|
46
|
1-888-462-5386 | www.oakfunds.com
|
Year Ended
October 31, 2015 |
Year Ended
October 31, 2014 |
Year Ended
October 31, 2013 |
Year Ended
October 31, 2012 |
||||||||||||
$
|
60.34
|
$
|
53.66
|
$
|
42.50
|
$
|
39.09
|
||||||||
0.94
|
0.35
|
0.24
|
0.11
|
||||||||||||
4.90
|
6.57
|
11.06
|
3.30
|
||||||||||||
5.84
|
6.92
|
11.30
|
3.41
|
||||||||||||
(0.97
|
)
|
(0.24
|
)
|
(0.14
|
)
|
–
|
|||||||||
–
|
–
|
–
|
–
|
||||||||||||
(0.97
|
)
|
(0.24
|
)
|
(0.14
|
)
|
–
|
|||||||||
$
|
65.21
|
$
|
60.34
|
$
|
53.66
|
$
|
42.50
|
||||||||
9.84
|
%
|
12.94
|
%
|
26.65
|
%
|
8.72
|
%
|
||||||||
$
|
257,652
|
$
|
256,221
|
$
|
253,803
|
$
|
228,596
|
||||||||
1.06
|
%
|
1.10
|
%
|
1.12
|
%
|
1.16
|
%
|
||||||||
1.52
|
%
|
0.61
|
%
|
0.50
|
%
|
0.28
|
%
|
||||||||
1.06
|
%
|
1.10
|
%
|
1.12
|
%
|
1.16
|
%
|
||||||||
9
|
%
|
1
|
%
|
89
|
%
|
86
|
%
|
Annual Report | October 31, 2016
|
47
|
Year Ended
October 31, 2016 |
||||
PIN OAK EQUITY FUND
|
||||
Net Asset Value Beginning of Period
|
$
|
52.45
|
||
Income (Loss) From Operations
|
||||
Net Investment Income(a)
|
0.43
|
|||
Realized and Unrealized Gain in Securities(a)
|
2.38
|
|||
Total From Operations
|
2.81
|
|||
Less Distributions:
|
||||
Dividends from Net Investment Income
|
(0.40
|
)
|
||
Distributions from Capital Gains
|
(1.51
|
)
|
||
Total Dividends and Distributions
|
(1.91
|
)
|
||
Net Asset Value End of Period
|
$
|
53.35
|
||
Total Return(b)
|
5.54
|
%
|
||
Net Assets End of Period (000)
|
$
|
109,928
|
||
Ratio of Net Expenses to Average Net Assets
|
1.08
|
%
|
||
Ratio of Net Investment Income to Average Net Assets
|
0.86
|
%
|
||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly)
|
1.08
|
%
|
||
Portfolio Turnover Rate
|
10
|
%
|
(a)
|
Per share calculations were performed using average shares for the period.
|
(b)
|
Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.
|
48
|
1-888-462-5386 | www.oakfunds.com
|
Year Ended
October 31, 2015 |
Year Ended
October 31, 2014 |
Year Ended
October 31, 2013 |
Year Ended
October 31, 2012 |
||||||||||||
$
|
49.76
|
$
|
43.07
|
$
|
32.86
|
$
|
28.52
|
||||||||
0.54
|
0.30
|
0.26
|
0.21
|
||||||||||||
2.77
|
6.67
|
10.18
|
4.13
|
||||||||||||
3.31
|
6.97
|
10.44
|
4.34
|
||||||||||||
(0.53
|
)
|
(0.28
|
)
|
(0.23
|
)
|
–
|
|||||||||
(0.09
|
)
|
–
|
–
|
–
|
|||||||||||
(0.62
|
)
|
(0.28
|
)
|
(0.23
|
)
|
–
|
|||||||||
$
|
52.45
|
$
|
49.76
|
$
|
43.07
|
$
|
32.86
|
||||||||
6.76
|
%
|
16.25
|
%
|
31.94
|
%
|
15.22
|
%
|
||||||||
$
|
98,976
|
$
|
94,316
|
$
|
81,408
|
$
|
69,107
|
||||||||
1.10
|
%
|
1.13
|
%
|
1.16
|
%
|
1.21
|
%
|
||||||||
1.09
|
%
|
0.64
|
%
|
0.70
|
%
|
0.68
|
%
|
||||||||
1.10
|
%
|
1.13
|
%
|
1.16
|
%
|
1.21
|
%
|
||||||||
15
|
%
|
5
|
%
|
117
|
%
|
98
|
%
|
Annual Report | October 31, 2016
|
49
|
Year Ended
October 31, 2016 |
||||
ROCK OAK CORE GROWTH FUND
|
||||
Net Asset Value Beginning of Period
|
$
|
12.64
|
||
Income (Loss) From Operations
|
||||
Net Investment Income(a)
|
0.18
|
|||
Realized and Unrealized Gain or (Losses) in Securities(a)
|
0.31
|
|||
Total From Operations
|
0.49
|
|||
Less Distributions:
|
||||
Dividends from Net Investment Income
|
(0.10
|
)
|
||
Distributions from Capital Gains
|
(0.29
|
)
|
||
Total Dividends and Distributions
|
(0.39
|
)
|
||
Net Asset Value End of Period
|
$
|
12.74
|
||
Total Return(c)
|
3.98
|
%
|
||
Net Assets End of Period (000)
|
$
|
7,395
|
||
Ratio of Net Expenses to Average Net Assets
|
1.25
|
%
|
||
Ratio of Net Investment Income to Average Net Assets
|
1.48
|
%
|
||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly)
|
1.65
|
%
|
||
Portfolio Turnover Rate
|
11
|
%
|
(a)
|
Per share calculations were performed using average shares for the period.
|
(b)
|
Less than $0.005 per share.
|
(c)
|
Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.
|
50
|
1-888-462-5386 | www.oakfunds.com
|
Year Ended
October 31, 2015 |
Year Ended
October 31, 2014 |
Year Ended
October 31, 2013 |
Year Ended
October 31, 2012 |
||||||||||||
$
|
14.21
|
$
|
15.04
|
$
|
11.78
|
$
|
11.64
|
||||||||
0.00
|
(b)
|
0.05
|
0.07
|
0.02
|
|||||||||||
(0.54
|
)
|
2.06
|
3.37
|
0.12
|
|||||||||||
(0.54
|
)
|
2.11
|
3.44
|
0.14
|
|||||||||||
(0.04
|
)
|
(0.06
|
)
|
(0.05
|
)
|
–
|
|||||||||
(0.99
|
)
|
(2.88
|
)
|
(0.13
|
)
|
–
|
|||||||||
(1.03
|
)
|
(2.94
|
)
|
(0.18
|
)
|
–
|
|||||||||
$
|
12.64
|
$
|
14.21
|
$
|
15.04
|
$
|
11.78
|
||||||||
(4.04
|
)%
|
15.89
|
%
|
29.51
|
%
|
1.20
|
%
|
||||||||
$
|
7,807
|
$
|
8,491
|
$
|
7,495
|
$
|
6,512
|
||||||||
1.25
|
%
|
1.25
|
%
|
1.25
|
%
|
1.25
|
%
|
||||||||
0.03
|
%
|
0.33
|
%
|
0.53
|
%
|
0.14
|
%
|
||||||||
1.52
|
%
|
1.58
|
%
|
1.65
|
%
|
1.79
|
%
|
||||||||
32
|
%
|
29
|
%
|
65
|
%
|
56
|
%
|
Annual Report | October 31, 2016
|
51
|
Year Ended
October 31, 2016 |
||||
RIVER OAK DISCOVERY FUND
|
||||
Net Asset Value Beginning of Period
|
$
|
13.76
|
||
Income (Loss) From Operations
|
||||
Net Investment Loss(a)
|
(0.06
|
)
|
||
Realized and Unrealized Gain or (Losses) in Securities(a)
|
0.53
|
|||
Total From Operations
|
0.47
|
|||
Less Distributions:
|
||||
Dividends from Net Investment Income
|
(0.02
|
)
|
||
Distributions from Capital Gains
|
–
|
|||
Total Dividends and Distributions
|
(0.02
|
)
|
||
Net Asset Value End of Period
|
$
|
14.21
|
||
Total Return(b)
|
3.39
|
%
|
||
Net Assets End of Period (000)
|
$
|
12,322
|
||
Ratio of Net Expenses to Average Net Assets
|
1.35
|
%
|
||
Ratio of Net Investment Loss to Average Net Assets
|
(0.40
|
)%
|
||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly)
|
1.51
|
%
|
||
Portfolio Turnover Rate
|
21
|
%
|
(a)
|
Per share calculations were performed using average shares for the period.
|
(b)
|
Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.
|
52
|
1-888-462-5386 | www.oakfunds.com
|
Year Ended
October 31, 2015 |
Year Ended
October 31, 2014 |
Year Ended
October 31, 2013 |
Year Ended
October 31, 2012 |
||||||||||||
$
|
17.72
|
$
|
17.70
|
$
|
13.46
|
$
|
12.76
|
||||||||
(0.04
|
)
|
(0.13
|
)
|
(0.08
|
)
|
(0.07
|
)
|
||||||||
(0.13
|
)
|
1.59
|
4.32
|
0.77
|
|||||||||||
(0.17
|
)
|
1.46
|
4.24
|
0.70
|
|||||||||||
–
|
–
|
–
|
–
|
||||||||||||
(3.79
|
)
|
(1.44
|
)
|
–
|
–
|
||||||||||
(3.79
|
)
|
(1.44
|
)
|
–
|
–
|
||||||||||
$
|
13.76
|
$
|
17.72
|
$
|
17.70
|
$
|
13.46
|
||||||||
(1.27
|
)%
|
8.69
|
%
|
31.50
|
%
|
5.49
|
%
|
||||||||
$
|
12,582
|
$
|
13,915
|
$
|
13,304
|
$
|
10,766
|
||||||||
1.35
|
%
|
1.35
|
%
|
1.35
|
%
|
1.35
|
%
|
||||||||
(0.28
|
)%
|
(0.71
|
)%
|
(0.52
|
)%
|
(0.54
|
)%
|
||||||||
1.45
|
%
|
1.48
|
%
|
1.52
|
%
|
1.62
|
%
|
||||||||
17
|
%
|
96
|
%
|
63
|
%
|
72
|
%
|
Annual Report | October 31, 2016
|
53
|
Year Ended
October 31, 2016 |
||||
RED OAK TECHNOLOGY SELECT FUND
|
||||
Net Asset Value Beginning of Period
|
$
|
17.17
|
||
Income (Loss) From Operations
|
||||
Net Investment Income(a)
|
0.20
|
|||
Realized and Unrealized Gain in Securities(a)
|
2.62
|
|||
Total From Operations
|
2.82
|
|||
Less Distributions:
|
||||
Dividends from Net Investment Income
|
(0.19
|
)
|
||
Distributions from Capital Gains
|
(0.53
|
)
|
||
Total Dividends and Distributions
|
(0.72
|
)
|
||
Net Asset Value End of Period
|
$
|
19.27
|
||
Total Return(b)
|
17.14
|
%
|
||
Net Assets End of Period (000)
|
$
|
189,064
|
||
Ratio of Net Expenses to Average Net Assets
|
1.09
|
%
|
||
Ratio of Net Investment Income to Average Net Assets
|
1.17
|
%
|
||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly)
|
1.09
|
%
|
||
Portfolio Turnover Rate
|
6
|
%
|
(a) |
Per share calculations were performed using average shares for the period.
|
(b) |
Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.
|
54
|
1-888-462-5386 | www.oakfunds.com
|
Year Ended
October 31, 2015 |
Year Ended
October 31, 2014 |
Year Ended
October 31, 2013 |
Year Ended
October 31, 2012 |
||||||||||||
$
|
16.22
|
$
|
13.74
|
$
|
9.79
|
$
|
9.60
|
||||||||
0.20
|
0.06
|
0.06
|
0.02
|
||||||||||||
0.91
|
2.48
|
3.92
|
0.17
|
||||||||||||
1.11
|
2.54
|
3.98
|
0.19
|
||||||||||||
(0.16
|
)
|
(0.06
|
)
|
(0.03
|
)
|
– | |||||||||
– | – | – | – | ||||||||||||
(0.16
|
)
|
(0.06
|
)
|
(0.03
|
)
|
– | |||||||||
$
|
17.17
|
$
|
16.22
|
$
|
13.74
|
$
|
9.79
|
||||||||
6.91
|
%
|
18.54
|
%
|
40.76
|
%
|
1.98
|
%
|
||||||||
$
|
131,001
|
$
|
142,273
|
$
|
105,592
|
$
|
64,882
|
||||||||
1.11
|
%
|
1.15
|
%
|
1.23
|
%
|
1.30
|
%
|
||||||||
1.19
|
%
|
0.41
|
%
|
0.50
|
%
|
0.16
|
%
|
||||||||
1.11
|
%
|
1.15
|
%
|
1.23
|
%
|
1.30
|
%
|
||||||||
4
|
%
|
7
|
%
|
15
|
%
|
83
|
%
|
Annual Report | October 31, 2016
|
55
|
Year Ended
October 31, 2016 |
||||
BLACK OAK EMERGING TECHNOLOGY FUND
|
||||
Net Asset Value Beginning of Period
|
$
|
4.26
|
||
Income (Loss) From Operations
|
||||
Net Investment Income (Loss)(a)
|
0.01
|
|||
Realized and Unrealized Gain or (Losses) in Securities(a)
|
0.39
|
|||
Total From Operations
|
0.40
|
|||
Less Distributions:
|
||||
Dividends from Net Investment Income
|
– | |||
Distributions from Capital Gains
|
(0.13
|
)
|
||
Total Dividends and Distributions
|
(0.13
|
)
|
||
Net Asset Value End of Period
|
$
|
4.53
|
||
Total Return(b)
|
9.59
|
%
|
||
Net Assets End of Period (000)
|
$
|
32,894
|
||
Ratio of Net Expenses to Average Net Assets
|
1.28
|
%
|
||
Ratio of Net Investment Income (Loss) to Average Net Assets
|
0.22
|
%
|
||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly)
|
1.28
|
%
|
||
Portfolio Turnover Rate
|
35
|
%
|
(a) |
Per share calculations were performed using average shares for the period.
|
(b) |
Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.
|
56
|
1-888-462-5386 | www.oakfunds.com
|
Year Ended
October 31, 2015 |
Year Ended
October 31, 2014 |
Year Ended
October 31, 2013 |
Year Ended
October 31, 2012 |
||||||||||||
$
|
4.25
|
$
|
3.58
|
$
|
2.67
|
$
|
2.78
|
||||||||
(0.03
|
)
|
(0.01
|
)
|
(0.01
|
)
|
(0.03
|
)
|
||||||||
0.04
|
0.68
|
0.92
|
(0.08
|
)
|
|||||||||||
0.01
|
0.67
|
0.91
|
(0.11
|
)
|
|||||||||||
– | – | – | – | ||||||||||||
– | – | – | – | ||||||||||||
– | – | – | – | ||||||||||||
$
|
4.26
|
$
|
4.25
|
$
|
3.58
|
$
|
2.67
|
||||||||
0.24
|
%
|
18.72
|
%
|
34.08
|
%
|
(3.96
|
)%
|
||||||||
$
|
32,298
|
$
|
34,139
|
$
|
29,853
|
$
|
25,050
|
||||||||
1.25
|
%
|
1.31
|
%
|
1.35
|
%
|
1.35
|
%
|
||||||||
(0.61
|
)%
|
(0.32
|
)%
|
(0.19
|
)%
|
(1.07
|
)%
|
||||||||
1.25
|
%
|
1.31
|
%
|
1.39
|
%
|
1.44
|
%
|
||||||||
17
|
%
|
41
|
%
|
58
|
%
|
33
|
%
|
Annual Report | October 31, 2016
|
57
|
Year Ended
October 31, 2016 |
||||
LIVE OAK HEALTH SCIENCES FUND
|
||||
Net Asset Value Beginning of Period
|
$
|
21.65
|
||
Income (Loss) From Operations
|
||||
Net Investment Income(a)
|
0.11
|
|||
Realized and Unrealized Gain or (Losses) in Securities(a)
|
(0.33
|
)
|
||
Total From Operations
|
(0.22
|
)
|
||
Less Distributions:
|
||||
Dividends from Net Investment Income
|
(0.67
|
)
|
||
Distributions from Capital Gains
|
(2.83
|
)
|
||
Total Dividends and Distributions
|
(3.50
|
)
|
||
Net Asset Value End of Period
|
$
|
17.93
|
||
Total Return(b)
|
(1.85
|
)%(c)
|
||
Net Assets End of Period (000)
|
$
|
56,059
|
||
Ratio of Net Expenses to Average Net Assets
|
1.11
|
%
|
||
Ratio of Net Investment Income to Average Net Assets
|
0.59
|
%
|
||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly)
|
1.11
|
%
|
||
Portfolio Turnover Rate
|
14
|
%
|
(a) |
Per share calculations were performed using average shares for the period.
|
(b) |
Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares.
|
(c) |
Performance difference between Manager Discussion & Analysis and Financial Highlights is due to financial reporting adjustments.
|
58
|
1-888-462-5386 | www.oakfunds.com
|
Year Ended
October 31, 2015 |
Year Ended
October 31, 2014 |
Year Ended
October 31, 2013 |
Year Ended
October 31, 2012 |
||||||||||||
$
|
22.25
|
$
|
18.83
|
$
|
14.67
|
$
|
14.00
|
||||||||
0.14
|
0.13
|
0.13
|
0.10
|
||||||||||||
1.51
|
4.11
|
4.90
|
1.09
|
||||||||||||
1.65
|
4.24
|
5.03
|
1.19
|
||||||||||||
(0.13
|
)
|
(0.13
|
)
|
(0.13
|
)
|
(0.07
|
)
|
||||||||
(2.12
|
)
|
(0.69
|
)
|
(0.74
|
)
|
(0.45
|
)
|
||||||||
(2.25
|
)
|
(0.82
|
)
|
(0.87
|
)
|
(0.52
|
)
|
||||||||
$
|
21.65
|
$
|
22.25
|
$
|
18.83
|
$
|
14.67
|
||||||||
8.02
|
%
|
23.36
|
%
|
36.07
|
%
|
9.02
|
%
|
||||||||
$
|
53,172
|
$
|
50,248
|
$
|
42,517
|
$
|
32,967
|
||||||||
1.08
|
%
|
1.12
|
%
|
1.15
|
%
|
1.24
|
%
|
||||||||
0.62
|
%
|
0.64
|
%
|
0.77
|
%
|
0.73
|
%
|
||||||||
1.08
|
%
|
1.12
|
%
|
1.15
|
%
|
1.24
|
%
|
||||||||
28
|
%
|
15
|
%
|
12
|
%
|
16
|
%
|
Annual Report | October 31, 2016
|
59
|
60
|
1-888-462-5386 | www.oakfunds.com
|
Annual Report | October 31, 2016
|
61
|
62
|
1-888-462-5386 | www.oakfunds.com
|
|
Notes to Financial Statements
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
WHITE OAK SELECT GROWTH FUND
|
||||||||||||||||
Common Stocks
|
$
|
249,803,592
|
$
|
–
|
$
|
–
|
$
|
249,803,592
|
||||||||
Short Term Investments
|
–
|
1,693,761
|
–
|
1,693,761
|
||||||||||||
Total
|
$
|
249,803,592
|
$
|
1,693,761
|
$
|
–
|
$
|
251,497,353
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
PIN OAK EQUITY FUND
|
||||||||||||||||
Common Stocks
|
$
|
106,213,342
|
$
|
–
|
$
|
–
|
$
|
106,213,342
|
||||||||
Short Term Investments
|
–
|
3,759,785
|
–
|
3,759,785
|
||||||||||||
Total
|
$
|
106,213,342
|
$
|
3,759,785
|
$
|
–
|
$
|
109,973,127
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
ROCK OAK CORE GROWTH FUND
|
||||||||||||||||
Common Stocks
|
$
|
7,174,363
|
$
|
–
|
$
|
–
|
$ |
7,174,363
|
||||||||
Short Term Investments
|
–
|
93,473
|
–
|
93,473
|
||||||||||||
Total
|
$
|
7,174,363
|
$
|
93,473
|
$
|
–
|
$
|
7,267,836
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
RIVER OAK DISCOVERY FUND
|
||||||||||||||||
Common Stocks
|
$
|
11,942,689
|
$
|
–
|
$
|
–
|
$
|
11,942,689
|
||||||||
Short Term Investments
|
–
|
395,805
|
–
|
395,805
|
||||||||||||
Total
|
$
|
11,942,689
|
$
|
395,805
|
$
|
–
|
$
|
12,338,494
|
Annual Report | October 31, 2016
|
63 |
Notes to Financial Statements
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
RED OAK TECHNOLOGY SELECT FUND
|
||||||||||||||||
Common Stocks
|
$
|
181,728,728
|
$
|
–
|
$
|
–
|
$
|
181,728,728
|
||||||||
Short Term Investments
|
–
|
7,354,006
|
–
|
7,354,006
|
||||||||||||
Total
|
$
|
181,728,728
|
$
|
7,354,006
|
$
|
–
|
$
|
189,082,734
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
BLACK OAK EMERGING TECHNOLOGY FUND
|
||||||||||||||||
Common Stocks
|
$
|
30,470,737
|
$
|
–
|
$
|
–
|
$
|
30,470,737
|
||||||||
Short Term Investments
|
–
|
2,487,249
|
–
|
2,487,249
|
||||||||||||
Total
|
$
|
30,470,737
|
$
|
2,487,249
|
$
|
–
|
$
|
32,957,986
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
LIVE OAK HEALTH SCIENCES FUND
|
||||||||||||||||
Common Stocks
|
$
|
55,438,808
|
$
|
–
|
$
|
–
|
$
|
55,438,808
|
||||||||
Short Term Investments
|
–
|
542,784
|
–
|
542,784
|
||||||||||||
Total
|
$
|
55,438,808
|
$
|
542,784
|
$
|
–
|
$
|
55,981,592
|
64 |
1-888-462-5386 | www.oakfunds.com
|
|
Notes to Financial Statements
|
Advisory Fees as a Percentage of Average Net Assets
|
|||
Fund
|
Annual Rate
|
Fee Waiver*
|
Net 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%
|
(0.40%)
|
0.34%
|
River Oak Discovery Fund
|
0.90%
|
(0.16%)
|
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%
|
Annual Report | October 31, 2016
|
65 |
Notes to Financial Statements
|
|
Fund
|
Purchases
|
Sales
|
||||||
White Oak Select Growth Fund
|
$
|
34,790,261
|
$
|
47,403,033
|
||||
Pin Oak Equity Fund
|
17,449,876
|
10,273,656
|
||||||
Rock Oak Core Growth Fund
|
742,848
|
1,454,755
|
||||||
River Oak Discovery Fund
|
2,484,427
|
2,713,851
|
||||||
Red Oak Technology Select Fund
|
38,474,043
|
8,670,013
|
||||||
Black Oak Emerging Technology Fund
|
10,389,483
|
13,018,073
|
||||||
Live Oak Health Sciences Fund
|
13,248,861
|
7,448,336
|
Undistributed Ordinary Income
|
Accumulated Capital Gain/(Loss)
|
Paid-in Capital
|
||||||||||
White Oak Select Growth Fund
|
$
|
–
|
$
|
–
|
$
|
–
|
||||||
Pin Oak Equity Fund
|
–
|
–
|
–
|
|||||||||
Rock Oak Core Growth Fund
|
892
|
(892
|
)
|
–
|
||||||||
River Oak Discovery Fund
|
51,579
|
–
|
(51,579
|
)
|
||||||||
Red Oak Technology Select Fund
|
–
|
–
|
–
|
|||||||||
Black Oak Emerging Technology Fund
|
126,980
|
(126,980
|
)
|
–
|
||||||||
Live Oak Health Sciences Fund
|
1,508,822
|
(2,119,982
|
)
|
611,160
|
66 |
1-888-462-5386 | www.oakfunds.com
|
|
Notes to Financial Statements
|
|
Amount
|
|||
River Oak Discovery Fund
|
$
|
51,622
|
Ordinary Income
|
Long-Term
Capital Gain |
Total
|
||||||||||
White Oak Select Growth Fund
|
$
|
1,677,212
|
$
|
–
|
$
|
1,677,212
|
||||||
Pin Oak Equity Fund
|
762,856
|
2,912,364
|
3,675,220
|
|||||||||
Rock Oak Core Growth Fund
|
59,403
|
176,119
|
235,522
|
|||||||||
River Oak Discovery Fund
|
14,162
|
–
|
14,162
|
|||||||||
Red Oak Technology Select Fund
|
1,455,611
|
4,075,253
|
5,530,864
|
|||||||||
Black Oak Emerging Technology Fund
|
–
|
944,209
|
944,209
|
|||||||||
Live Oak Health Sciences Fund
|
2,290,226
|
6,501,251
|
8,791,477
|
Ordinary Income
|
Long-Term
Capital Gain |
Total
|
||||||||||
White Oak Select Growth Fund
|
$
|
4,050,002
|
$
|
–
|
$
|
4,050,002
|
||||||
Pin Oak Equity Fund
|
1,190,590
|
–
|
1,190,590
|
|||||||||
Rock Oak Core Growth Fund
|
26,752
|
588,577
|
615,329
|
|||||||||
River Oak Discovery Fund
|
647,427
|
2,308,561
|
2,955,988
|
|||||||||
Red Oak Technology Select Fund
|
1,415,013
|
–
|
1,415,013
|
|||||||||
Black Oak Emerging Technology Fund
|
–
|
–
|
–
|
|||||||||
Live Oak Health Sciences Fund
|
329,908
|
4,718,532
|
5,048,440
|
Undistributed Net Investment Income
|
Accumulated Capital Gains/(Losses)
|
Unrealized Appreciation/ (Depreciation)
|
Cumulative Effect of Timing Differences
|
Total
|
||||||||||||||||
White Oak Select Growth Fund
|
$
|
2,283,775
|
$
|
(8,281,596
|
)
|
$
|
25,079,232
|
$
|
–
|
$
|
19,081,411
|
|||||||||
Pin Oak Equity Fund
|
665,646
|
1,894,922
|
18,182,665
|
–
|
20,743,233
|
|||||||||||||||
Rock Oak Core Growth Fund
|
43,898
|
(86,825
|
)
|
2,064,311
|
–
|
2,021,384
|
||||||||||||||
River Oak Discovery Fund
|
–
|
(48,386
|
)
|
2,962,969
|
(50,960
|
)
|
2,863,623
|
Annual Report | October 31, 2016
|
67 |
Undistributed Net Investment Income
|
Accumulated Capital Gains/(Losses)
|
Unrealized Appreciation/ (Depreciation)
|
Cumulative Effect of Timing Differences
|
Total
|
||||||||||||||||
Red Oak Technology Select Fund
|
$
|
880,496
|
$
|
2,516,067
|
52,619,252
|
–
|
56,015,815
|
|||||||||||||
Black Oak Emerging Technology Fund
|
160,799
|
1,145,269
|
9,761,230
|
–
|
11,067,298
|
|||||||||||||||
Live Oak Health Sciences Fund
|
227,008
|
906,749
|
12,723,829
|
–
|
13,857,586
|
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
|
Live Oak Health Sciences Fund
|
||||||||||||||||||||||
2017
|
$
|
8,281,596
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
||||||||||||||
Total
|
$
|
8,281,596
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
Fund
|
Short-Term
|
Long-Term
|
||||||
White Oak Select Growth Fund
|
$
|
–
|
$
|
–
|
||||
Pin Oak Equity Fund
|
–
|
–
|
||||||
Rock Oak Core Growth Fund
|
86,825
|
–
|
||||||
River Oak Discovery Fund
|
–
|
48,386
|
||||||
Red Oak Technology Select Fund
|
–
|
–
|
||||||
Black Oak Emerging Technology Fund
|
–
|
–
|
||||||
Live Oak Health Sciences Fund
|
–
|
–
|
Used October 31, 2016
|
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
|
Live Oak Health Sciences Fund
|
|||||||||||||||||||||
$
|
(16,035,475
|
)
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
68
|
1-888-462-5386 | www.oakfunds.com
|
Amount
|
||||
River Oak Discovery Fund
|
$
|
50,960
|
Federal
Tax Cost |
Aggregate Gross
Appreciation |
Aggregate Gross
Depreciation |
Net
Appreciation |
|||||||||||||
White Oak Select Growth Fund
|
$
|
226,418,121
|
$
|
43,456,602
|
$
|
(18,377,370
|
)
|
$
|
25,079,232
|
|||||||
Pin Oak Equity Fund
|
91,790,462
|
21,360,779
|
(3,178,114
|
)
|
18,182,665
|
|||||||||||
Rock Oak Core Growth Fund
|
5,203,525
|
2,268,875
|
(204,564
|
)
|
2,064,311
|
|||||||||||
River Oak Discovery Fund
|
9,375,525
|
4,014,244
|
(1,051,275
|
)
|
2,962,969
|
|||||||||||
Red Oak Technology Select Fund
|
136,463,482
|
54,375,266
|
(1,756,014
|
)
|
52,619,252
|
|||||||||||
Black Oak Emerging Technology Fund
|
23,196,756
|
10,306,826
|
(545,596
|
)
|
9,761,230
|
|||||||||||
Live Oak Health Sciences Fund
|
43,257,763
|
14,318,966
|
(1,595,137
|
)
|
12,723,829
|
Annual Report | October 31, 2016
|
69
|
70
|
1-888-462-5386 | www.oakfunds.com
|
Fund
|
Ordinary
Dividend Total |
Short-Term
Capital Gain Total |
Long-Term
Capital Gain Total |
|||||||||
White Oak Select Growth Fund
|
$
|
2,687,021
|
$
|
–
|
$
|
–
|
||||||
Pin Oak Equity Fund
|
$
|
827,884
|
$
|
4,676
|
$
|
1,894,933
|
||||||
Rock Oak Core Growth Fund
|
$
|
54,642
|
$
|
–
|
$
|
–
|
||||||
River Oak Discovery Fund
|
$
|
–
|
$
|
–
|
$
|
–
|
||||||
Red Oak Technology Select Fund
|
$
|
993,217
|
$
|
16,195
|
$
|
2,516,143
|
||||||
Black Oak Emerging Technology Fund
|
$
|
9,364
|
$
|
160,840
|
$
|
1,145,326
|
||||||
Live Oak Health Sciences Fund
|
$
|
315,657
|
$
|
–
|
$
|
906,767
|
Annual Report | October 31, 2016
|
71
|
72
|
1-888-462-5386 | www.oakfunds.com
|
Annual Report | October 31, 2016
|
73
|
Name & Age(1)
|
Position
Held with Trust |
Length
of Time Served (Yrs.)(2) |
Number of Portfolios
in Fund Complex Overseen by Board Member(3) |
Principal Occupation(s)
During Past Five Years |
Other
Directorships Held by Board Member(4) |
J. John Canon
(81)
|
Trustee
|
15
|
7
|
Retired. Member of Board, Proconex (process control equipment), 1985 – 2007; President and Chairman of the Board, Synergistic Partners, Inc. (technology for information management), 1975 – 1999.
|
None
|
Thomas E. Gretter, MD
(81) |
Trustee
|
14
|
7
|
Physician, Cleveland Clinic (Health Care) since 1966.
|
None
|
James D. Oelschlager(5)
(74)
|
Trustee,
Chairman
|
15
|
7
|
Managing Member, President, CO-CIO (since October 9, 2014); CIO and Founder of Oak Associates, ltd. since 1985.
|
None
|
John G. Stimpson(5)
(74)
|
Trustee
|
15
|
7
|
Retired since 1993. Board
of Directors, Morgan Stanley Trust Company, 1988 – 1993; Director of International Equity Sales and Equity Sales Manager, Salomon Brothers (New York) from 1985 – 1993. |
None
|
Pauline F. Ramig
(76)
|
Trustee
|
8
|
7
|
Financial Planning Practitioner, Ramig Financial Planning since 1991.
|
None
|
Robert P. Stephans
(73)
|
Trustee
|
8
|
7
|
Retired since June 2008. CPA for Stephans, Kun & Co., Certified Public Accountants, 1987 – 2008; Partner, Case, Sabatini and Stephans PC, 1980 – 1987.
|
None
|
Michael R. Shade
(68)
|
Trustee
|
8
|
7
|
Attorney at Law; Partner, Shade & Shade since December, 1979.
|
None
|
74 |
1-888-462-5386 | www.oakfunds.com
|
1
|
Each Trustee may be contacted in writing to the Trustee c/o Oak Associates Funds, 3875 Embassy Parkway, Suite 250, Akron, OH 44333. Each Officer may be contacted in writing to the Officer c/o ALPS Fund Services, Inc., 1290 Broadway Suite 1100, Denver, CO 80203.
|
2
|
Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.
|
3
|
The “Oak Associates Funds Complex” consists of all series of the Trust for which Oak Associates, ltd. serves as investment adviser. As of October 31, 2016, the Oak Associates Funds Complex consisted of 7 Funds.
|
4
|
Directorships of companies are required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Investment Company Act of 1940.
|
5
|
Messrs. Oelschlager and Stimpson are considered “interested” persons of the Trust as that term is defined in the Investment Company Act of 1940. Mr. Oelschlager is interested by virtue of his controlling ownership interest in the Adviser. Mr. Stimpson is considered interested because of his family relationship with an employee of the Adviser.
|
On December 18, 2016, Robert P. Stephans, an incredible person and valued Trustee, passed away unexpectedly. He will be greatly missed and the Trust thanks him for his dedication and service to our shareholders.
|
Annual Report | October 31, 2016
|
75
|
Name & Age(1)
|
Position
Held with Trust |
Length
of Time Served (Yrs.) |
Number of Portfolios
in Fund Complex Overseen by Board Member |
Principal Occupation(s)
During Past Five Years |
Other Directorships Held
|
Charles A. Kiraly(2)
(46)
|
President/
Chief Executive Officer |
2
|
N/A
|
Director of Mutual Fund Operations at Oak Associates, ltd. since July 2014; Vice President and Senior Fund Administrator at PNC Capital Advisors, LLC from August 2006 to June 2014. Compliance Analyst III at Victory Capital Management Inc. from August 2005 to July 2006. Vice President for Fairport Asset Management, LLC from April 1996 to August 2005.
|
N/A
|
Margaret L. Ballinger(2)
(63)
|
Chief Compliance Officer
|
1
|
N/A
|
Chief Compliance Officer since December 2014 and Chief Operating Officer since 1996 for Oak Associates, ltd. Co-founder of Oak Associates, ltd. In 1985.
|
N/A
|
Pete Greenly
(47)
|
Treasurer/ Principal Financial Officer
|
4
|
N/A
|
Fund Controller, ALPS Fund Services, Inc. since June 2012; Manager of Valuations with Great West Life and Annuity from 2011 to 2012.
|
N/A
|
Karen Gilomen
(46)
|
Secretary
|
5 months
|
N/A
|
Senior Counsel and Vice President, ALPS Fund Services, Inc. since August 2016, Vice President, General Counsel and Chief Compliance Officer at Monticello Associates from 2010 to 2016.
|
N/A
|
76 |
1-888-462-5386 | www.oakfunds.com
|
1
|
Each Officer may be contacted in writing to the Officer c/o ALPS Fund Services, Inc., 1290 Broadway Suite 1100, Denver, CO 80203.
|
2
|
Mr. Kiraly and Ms. Ballinger are considered to be “affiliates” of the Adviser by virtue of their employment by the Adviser.
|
Annual Report | October 31, 2016
|
77
|
· | Trade Online |
· | Access and Update Account Information |
· | Go Paperless with eDelivery |
· | View and download account history |
· | Establish a systematic investment plan |
(a) |
The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions on behalf of the Registrant.
|
(b) |
Not applicable to Registrant.
|
(c) |
During the period covered by this report, no amendments were made to the provisions of the code of ethics adopted in 2(a) above.
|
(d) |
During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.
|
(e) |
Not applicable to Registrant.
|
(f) |
The Registrant's Code of Ethics is attached as Exhibit 2(f).
|
(a) |
Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by the applicable principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for fiscal years 2016 and 2015 were $80,500 and $80,500, respectively.
|
(b) |
Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by the applicable principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item for fiscal years 2016 and 2015 were $0 and $0, respectively.
|
(c) |
Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by the applicable principal accountant for tax compliance, tax advice and tax planning for fiscal years 2016 and 2015 were $14,000 and $14,000, respectively.
|
(d) |
All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by the applicable principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, for fiscal years 2016 and 2015 were $0 and $0, respectively.
|
(e)(1) |
Not Applicable.
|
(e)(2) |
No services described in paragraphs (b) through (d) of this Item were approved by the Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
|
(f)
|
Not applicable to Registrant.
|
(g) |
The aggregate non-audit fees and services billed by the applicable principal account for fiscal years 2016 and 2015 were $0 and $0, respectively.
|
(h) |
During the past fiscal year, the Registrant's principal accountant did not report to the Registrant's audit committee the existence of any non-audit services that were provided to either the Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provided ongoing services to the Registrant.
|
(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.
|
By
|
/s/ Charles A. Kiraly
|
|
Charles A. Kiraly
|
||
President
|
||
Date:
|
January _, 2017
|
By
|
/s/ Charles A. Kiraly
|
|
Charles A. Kiraly
|
||
President and Principal Executive Officer
|
||
Date:
|
January _, 2017
|
By
|
/s/ Pete Greenly
|
|
Pete Greenly
|
||
Treasurer and Principal Financial Officer
|
||
Date:
|
January _, 2017
|
1. |
I have reviewed this report on Form N-CSR of the Oak Associates Funds;
|
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:
|
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;
|
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;
|
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
|
d. |
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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):
|
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
|
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.
|
By:
|
/s/ Charles A. Kiraly
|
|
Charles A. Kiraly
|
||
President/Principal Executive Officer
|
||
Date:
|
January _, 2017
|
1. |
I have reviewed this report on Form N-CSR of the Oak Associates Funds;
|
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:
|
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;
|
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;
|
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
|
d. |
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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):
|
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
|
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.
|
By:
|
/s/ Pete Greenly
|
|
Pete Greenly
|
||
Treasurer/Principal Financial Officer
|
||
Date:
|
January _, 2017
|
Dated: January _, 2017
|
/s/ Charles A. Kiraly
|
|
Charles A. Kiraly
|
||
President/Principal Executive Officer
|
Dated: January _, 2017
|
/s/ Pete Greenly
|
|
Pete Greenly
|
||
Treasurer/Principal Financial Officer
|
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