Investment Company Act file number: 811-08549 |
Oak Associates Funds | ||
(Exact name of registrant as specified in charter) |
3875 Embassy Parkway, Suite 250, Akron, Ohio 44333 | ||
(Address of principal executive offices) (Zip code) |
Akron, Ohio 44333-8334 | ||
(Name and address of agent for service) |
Oak Associates, ltd., advisor to the Oak Associates Funds, has been managing growth-oriented portfolios for 30 years. |
We appreciate the many long-term shareholders who invest alongside us in the Oak Associates Funds. Employees and their families are among the largest shareholders in the funds. Here is our approach to investing. |
Long-term focus | |
To us, the appeal of an investment is driven by the long-term fundamentals of the company and its opportunity set, rather than short-term trading factors. We believe that this long-term mindset is increasingly valuable in today’s short-term oriented market. |
Concentrated portfolios | |
We construct our portfolios with our best ideas, which means that our favorite stock ideas aren’t diluted by investments in less-favored positions. A recent study showed that managers gave up performance because they failed to concentrate in their best ideas. Concentration takes discipline, conviction and experience. We continue to adhere to a strategy of concentrated portfolios. |
Low turnover | |
Hospital wings are rarely endowed by day traders. When we invest in a company, we do so with the intention of holding that stock for several years, not a few quarters. Low turnover can have the effect of minimizing trading costs as well as tempering the natural human instinct to act upon every data point. |
Independent thinking | |
Being a good investor often requires not doing what the rest of the market is doing. While it’s difficult to go against the crowd - because as humans we are psychologically wired to herd - we believe that long-term outperformance requires it. One benefit of being located in Akron, Ohio (aside from being a great place to live), is that we are removed from the financial centers in other areas of the country, minimizing our chances of being swept up by the herd mentality. We value independent thinking and believe it is beneficial to our investment perspective. |
The value of a Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Due to the limited number of underlying investments, funds that invest a significant portion of its assets in particular industry sectors or concentrated funds that focus on a particular industry or group of industries are more susceptible to the price movements of any one holding or industry and thus are generally more volatile than a portfolio invested in a wider variety of industries or industry sectors. |
November, 2014 | Benzinga reported Red Oak Technology Select among its technology funds with year-to-date gains thus far in 2014. The articled titled, “3 Tech Sector Funds Heading Into Year’s End With Gains” appeared on benzinga.com. November 3, 2014. The Cleveland Plain Dealer noted Mark Oelschlager’s appointment as Co-Chief Investment Officer of Oak Associates, ltd. |
December, 2014 | Robert Stimpson was quoted in a Reuters article, “U.S. Fund Managers Move Into Consumer Stocks as Oil Prices Fall.” December 3, 2014. Red Oak Technology Select among the technology funds spotlighted in Kiplinger.com’s “Fund Watch.” “5 Great Tech Funds Without Loads: Add spice to your portfolio with these top-performing no-load mutual funds that focus on technology stocks.” December 22, 2014. |
January, 2015 | In the January issue of Kiplinger’s Personal Finance magazine, Mark Oelschlager commented on Charles Schwab Corporation in a story on “companies that will grow no matter what happens to the economy.” “8 Stocks to Buy for 2015.” |
February, 2015 | Bloomberg Business interviewed Robert Stimpson on the performance of the NASDAQ 100. Mr. Stimpson was quoted in the article, “Just 7% From the Bubble Peak, NASDAQ Investors Losing Nerve.” February 17, 2015. |
April, 2015 | Advisor Perspectives and ValueWalk featured Robert Stimpson’s First Quarter Market Commentary, “Policy Paranoia.” April 8-10, 2015. Mark Oelschlager was quoted in a Reuters story on Amazon, “As Amazon Parties On, Some Large Fund Managers Take Their Leave.” April 22, 2015. |
May, 2015 | Robert Stimpson commented in a Bloomberg article on the impact of merger-and-acquisition activity on U.S. stocks, “Takeover Fuel Begins to Flow as S&P Bull Run Makes History.” May 4, 2015. |
June, 2015 | Zacks Investment Research highlighted Black Oak Emerging Technology Fund among technology mutual funds “expected to outperform their peers in the future” in its article, “5 Technology Mutual Funds to Beat Peers.” June 5, 2015. |
July, 2015 | Mark Oelschlager commented in the San Francisco Chronicle’s “Net Worth” column. “Biotech Is Booming – Stocks soar, with record for IPOs.” July 7, 2015. Zacks Investment Research highlighted Black Oak Emerging Technology Fund among top-performing technology funds in the second quarter, currently with a Zacks Mutual Fund Rank of “Buy” in its article, “Best Performing Technology Mutual Funds of Q2 2015.” July 31, 2015. |
September, 2015 | In an article contributed to SeekingAlpha, David Trainer of research firm New Constructs noted Live Oak Health Sciences Fund and Red Oak Technology Select Fund as his top-rated mutual funds in the health care and information technology sectors, respectively, based on analysis of the funds’ holdings. “How to Find the Best Sector Mutual Funds: Q3, 15.” |
October, 2015 | Mark Oelschlager’s interview with Wally Forbes, “You’re Better Off Staying Invested at All Times” featured on forbes.com. October 12, 2015. |
Performance Update | |
White Oak Select Growth Fund | 1 |
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 | 18 |
Financial Statements | |
Schedules of Investments | 20 |
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 |
& Portfolio Manager
& Portfolio Manager
Annual Report | October 31, 2015 | 1 |
2 | 1-888-462-5386 | www.oakfunds.com |
Fund Data | |||
Ticker | WOGSX | ||
Share Price | $65.21 | ||
Total Net Assets | $257.7M | ||
Portfolio Turnover | 8.55% |
Sector Allocation^ | |||
Information Technology | 40.4% | ||
Financials | 32.1% | ||
Health Care | 19.0% | ||
Consumer Discretionary | 6.7% | ||
Energy | 1.2% | ||
Cash & Other Assets | 0.6% |
Top 10 Holdings^ | ||
1. | Alphabet, Inc. | 9.1% |
2. | JPMorgan Chase & Co. | 7.2% |
3. | Cisco Systems, Inc. | 6.8% |
4. | Amazon.com, Inc. | 6.7% |
5. | Amgen, Inc. | 6.6% |
6. | The Charles Schwab Corp. | 5.5% |
7. | US Bancorp | 5.2% |
8. | Cognizant Technology Solutions Corp. - Class A | 5.0% |
9. | KLA-Tencor Corp. | 4.7% |
10. | Teva Pharmaceutical Industries, Ltd. - Sponsored ADR | 4.6% |
^ | 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 | |
White Oak Select Growth Fund | 9.84% | 16.25% | 12.20% | 7.86% |
S&P 500® Total Return Index1 | 5.20% | 16.20% | 14.33% | 7.85% |
Lipper Large-Cap Growth Funds Average2 | 7.90% | 17.43% | 13.80% | 8.09% |
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, 2015 | 3 |
& Portfolio Manager
4 | 1-888-462-5386 | www.oakfunds.com |
Fund Data | |||
Ticker | POGSX | ||
Share Price | $52.45 | ||
Total Net Assets | $99.0 M | ||
Portfolio Turnover | 14.53% |
Sector Allocation^ | |||
Financials | 38.8% | ||
Information Technology | 33.0% | ||
Consumer Discretionary | 9.8% | ||
Consumer Staples | 4.7% | ||
Energy | 4.4% | ||
Industrials | 4.3% | ||
Materials | 0.2% | ||
Cash & Other Assets | 4.8% |
Top 10 Holdings^ | ||
1. | Wells Fargo & Co. | 6.3% |
2. | Microsoft Corp. | 5.8% |
3. | Amdocs, Ltd. | 5.3% |
4. | Alphabet, Inc. | 5.1% |
5. | The Charles Schwab Corp. | 5.0% |
6. | PepsiCo, Inc. | 4.7% |
7. | The Bank of New York Mellon Corp. | 4.4% |
8. | Capital One Financial Corp. | 4.2% |
9. | Twenty-First Century FOX, Inc. | 3.9% |
10. | Paychex, 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 | |
Pin Oak Equity Fund | 6.76% | 17.87% | 15.07% | 9.84% |
Russell 3000® Index TR1,2 | 4.49% | 16.09% | 14.14% | 7.94% |
S&P 500® Total Return Index3 | 5.20% | 16.20% | 14.33% | 7.85% |
Lipper Multi-Cap Core Funds Average4 | 2.31% | 14.66% | 12.09% | 6.87% |
1 | Effective February 28, 2015, the Fund changed its benchmark from the S&P 500 Index to the Russell 3000 Index. The Russell 3000 Index was selected as a better reflection of the Fund’s ability to invest in multi-cap securities. 2 Russell Investments is the source and owner of the Russell Index data. 3 Standard & Poor’s is the source and owner of the S&P Index data. 4 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure. |
Annual Report | October 31, 2015 | 5 |
6 | 1-888-462-5386 | www.oakfunds.com |
Fund Data | |
Ticker | RCKSX |
Share Price | $12.64 |
Total Net Assets | $7.8 M |
Portfolio Turnover | 32.24% |
Sector Allocation^ | |
Information Technology | 52.5% |
Consumer Discretionary | 13.3% |
Financials | 10.9% |
Health Care | 9.6% |
Industrials | 6.9% |
Consumer Staples | 2.7% |
Materials | 1.8% |
Energy | 1.4% |
Cash & Other Assets | 0.9% |
Top 10 Holdings^ | ||
1. | Salesforce.com, Inc. | 5.0% |
2. | Computer Sciences Corp. | 4.8% |
3. | Vantiv, Inc. - Class A | 4.2% |
4. | SunTrust Banks, Inc. | 3.8% |
5. | The Hartford Financial Services Group, Inc. | 3.8% |
6. | Xilinx, Inc. | 3.8% |
7. | Under Armour, Inc. - Class A | 3.7% |
8. | Liberty Media Corp. - Class A | 3.6% |
9. | Broadcom Corp. - Class A | 3.6% |
10. | CA, Inc. | 3.5% |
^ | 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 | -4.04% | 12.90% | 8.74% | 5.79% |
S&P 500® Total Return Index1 | 5.20% | 16.20% | 14.33% | 7.85% |
Lipper Multi-Cap Growth Funds Average2 | 5.49% | 16.21% | 12.99% | 8.07% |
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, 2015 | 7 |
8 | 1-888-462-5386 | www.oakfunds.com |
Fund Data | |
Ticker | RIVSX |
Share Price | $13.76 |
Total Net Assets | $12.6 M |
Portfolio Turnover | 17.03% |
Sector Allocation^ | |
Information Technology | 33.3% |
Financials | 30.7% |
Health Care | 15.1% |
Consumer Discretionary | 8.7% |
Industrials | 5.5% |
Cash & Other Assets | 6.7% |
Top 10 Holdings^ | ||
1. | Amsurg Corp. | 5.5% |
2. | Assurant, Inc. | 4.8% |
3. | Symetra Financial Corp. | 4.6% |
4. | United Therapeutics Corp. | 4.3% |
5. | PrivateBancorp, Inc. | 4.1% |
6. | Fortinet, Inc. | 4.1% |
7. | Cirrus Logic, Inc. | 3.9% |
8. | Janus Capital Group, Inc. | 3.6% |
9. | Fabrinet | 3.6% |
10. | Abercrombie & Fitch Co. - Class A | 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 | -1.27% | 12.14% | 8.44% | 6.98% |
Russell 2000® Growth Index1 | 3.52% | 16.16% | 13.56% | 8.67% |
Lipper Small-Cap Growth Funds Average2 | 1.83% | 13.97% | 12.29% | 7.76% |
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, 2015 | 9 |
& Portfolio Manager
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Fund Data | |
Ticker | ROGSX |
Share Price | $17.17 |
Total Net Assets | $131.0 M |
Portfolio Turnover | 4.31% |
Sector Allocation^ | |
Information Technology | 90.9% |
Industrials | 5.6% |
Consumer Discretionary | 2.9% |
Cash & Other Assets | 0.6% |
Top 10 Holdings^ | ||
1. | Alphabet, Inc. | 6.1% |
2. | Cisco Systems, Inc. | 5.0% |
3. | Oracle Corp. | 4.6% |
4. | Microsoft Corp. | 4.4% |
5. | Intel Corp. | 4.0% |
6. | Accenture PLC - Class A | 3.9% |
7. | NVIDIA Corp. | 3.9% |
8. | Apple, Inc. | 3.6% |
9. | Huntington Ingalls Industries, Inc. | 3.5% |
10. | Xilinx, Inc. | 3.5% |
^ | 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 | 6.91% | 21.28% | 15.03% | 10.30% |
S&P 500 Equal Weight Information Technology Index1,2 | 8.74% | 23.73% | 14.50% | 9.17% |
NASDAQ 100 Index3 | 13.14% | 22.25% | 18.38% | 12.40% |
Lipper Science & Technology Funds Average4 | 8.15% | 18.99% | 12.22% | 8.80% |
1 | Effective February 28, 2015, the Fund changed its benchmark from the NASDAQ 100 Index to the S&P 500 Equal Weight Information Technology Index. The S&P 500 Equal Weight Information Technology Index was selected as a better reflection of the Fund’s strategy of investing primarily in technology stocks. 2 Standard & Poor’s is the source and owner of the S&P Index data. 3 NASDAQ is the source and owner of the NASDAQ Index data. 4 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure. |
Annual Report | October 31, 2015 | 11 |
12 | 1-888-462-5386 | www.oakfunds.com |
All data below as of October 31, 2015 (Unaudited)
Fund Data | |
Ticker | BOGSX |
Share Price | $4.26 |
Total Net Assets | $32.3 M |
Portfolio Turnover | 16.80% |
Sector Allocation^ | |
Information Technology | 91.2% |
Health Care | 2.6% |
Cash & Other Assets | 6.2% |
Top 10 Holdings^ | ||
1. | Apple, Inc. | 6.7% |
2. | Salesforce.com, Inc. | 6.0% |
3. | AVG Technologies NV | 4.4% |
4. | Alliance Data Systems Corp. | 4.2% |
5. | Computer Sciences Corp. | 4.1% |
6. | Silicon Motion Technology Corp. - ADR | 4.0% |
7. | CA, Inc. | 3.9% |
8. | SanDisk Corp. | 3.8% |
9. | SolarWinds, Inc. | 3.7% |
10. | Fortinet, Inc. | 3.7% |
^ | 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 | 0.24% | 16.85% | 7.70% | 7.59% |
S&P 500 Equal Weight Information Technology Index1,2 | 8.74% | 23.73% | 14.50% | 9.17% |
NASDAQ 100 Index3 | 13.14% | 22.25% | 18.38% | 12.40% |
Lipper Science & Technology Funds Average4 | 8.15% | 18.99% | 12.22% | 8.80% |
1 | Effective February 28, 2015, the Fund changed its benchmark from the NASDAQ 100 Index to the S&P 500 Equal Weight Information Technology Index. The S&P 500 Equal Weight Information Technology Index was selected as a better reflection of the Fund’s strategy of investing primarily in technology stocks. 2 Standard & Poor’s is the source and owner of the S&P Index data. 3 NASDAQ is the source and owner of the NASDAQ Index data. 4 Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 16 and 17 for additional disclosure. |
Annual Report | October 31, 2015 | 13 |
& Portfolio Manager
14 | 1-888-462-5386 | www.oakfunds.com |
All data below as of October 31, 2015 (Unaudited)
Fund Data | |
Ticker | LOGSX |
Share Price | $21.65 |
Total Net Assets | $53.2 M |
Portfolio Turnover | 27.74% |
Sector Allocation^ | |
Health Care | 95.0% |
Information Technology | 1.5% |
Cash & Other Assets | 3.5% |
Top 10 Holdings^ | ||
1. | Amgen, Inc. | 7.0% |
2. | Cardinal Health, Inc. | 6.0% |
3. | Medtronic PLC | 5.9% |
4. | CR Bard, Inc. | 5.5% |
5. | Becton Dickinson and Co. | 4.2% |
6. | Teva Pharmaceutical Industries, Ltd. - Sponsored ADR | 4.2% |
7. | Owens & Minor, Inc. | 4.2% |
8. | Anthem, Inc. | 4.1% |
9. | Waters Corp. | 4.0% |
10. | Sanofi - ADR | 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 | |
Live Oak Health Sciences Fund | 8.02% | 21.93% | 17.73% | 9.92% |
S&P 500® Healthcare Index1 | 7.58% | 23.35% | 20.32% | 11.02% |
Lipper Health & Biotechnology Funds Average2 | 8.24% | 26.47% | 22.18% | 12.69% |
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, 2015 | 15 |
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Annual Report | October 31, 2015 | 17 |
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Beginning Account Value 05/01/2015 | Ending Account Value 10/31/2015 | Annualized Expense Ratio | Expenses Paid During the Period(a) | |||||||||||||
White Oak Select Growth Fund | ||||||||||||||||
Actual Return | $ | 1,000.00 | $ | 1,062.40 | 1.04% | $ | 5.41 | |||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,019.96 | 1.04% | $ | 5.30 | |||||||||
Pin Oak Equity Fund | ||||||||||||||||
Actual Return | $ | 1,000.00 | $ | 1,034.70 | 1.09% | $ | 5.59 | |||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,019.71 | 1.09% | $ | 5.55 | |||||||||
Rock Oak Core Growth Fund | ||||||||||||||||
Actual Return | $ | 1,000.00 | $ | 926.00 | 1.25% | $ | 6.07 | |||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,018.90 | 1.25% | $ | 6.36 | |||||||||
River Oak Discovery Fund | ||||||||||||||||
Actual Return | $ | 1,000.00 | $ | 931.00 | 1.35% | $ | 6.57 | |||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,018.40 | 1.35% | $ | 6.87 | |||||||||
Red Oak Technology Select Fund | ||||||||||||||||
Actual Return | $ | 1,000.00 | $ | 1,008.80 | 1.12% | $ | 5.67 | |||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,019.56 | 1.12% | $ | 5.70 | |||||||||
Black Oak Emerging Technology Fund | ||||||||||||||||
Actual Return | $ | 1,000.00 | $ | 930.10 | 1.25% | $ | 6.08 | |||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,018.90 | 1.25% | $ | 6.36 | |||||||||
Live Oak Health Sciences Fund | ||||||||||||||||
Actual Return | $ | 1,000.00 | $ | 1,004.60 | 1.08% | $ | 5.46 | |||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,019.76 | 1.08% | $ | 5.50 |
(a) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
Annual Report | October 31, 2015 | 19 |
Schedules of Investments | White Oak Select Growth Fund |
Security Description | Shares | Value | ||||||
COMMON STOCKS (99.4%) | ||||||||
CONSUMER DISCRETIONARY (6.7%) | ||||||||
Internet & Catalog Retail (6.7%) | ||||||||
Amazon.com, Inc.(a) | 27,775 | $ | 17,384,373 | |||||
ENERGY (1.2%) | ||||||||
Energy Equipment & Services (1.2%) | ||||||||
Transocean, Ltd. | 195,000 | 3,086,850 | ||||||
FINANCIALS (32.1%) | ||||||||
Capital Markets (5.5%) | ||||||||
The Charles Schwab Corp. | 465,000 | 14,191,800 | ||||||
Commercial Banks (14.9%) | ||||||||
CIT Group, Inc. | 190,400 | 8,187,200 | ||||||
TCF Financial Corp. | 487,000 | 7,494,930 | ||||||
US Bancorp | 320,000 | 13,497,600 | ||||||
Wells Fargo & Co. | 170,000 | 9,203,800 | ||||||
38,383,530 | ||||||||
Diversified Financial Services (7.2%) | ||||||||
JPMorgan Chase & Co. | 289,400 | 18,593,950 | ||||||
Insurance (4.5%) | ||||||||
ACE, Ltd. | 101,200 | 11,490,248 | ||||||
HEALTH CARE (19.0%) | ||||||||
Biotechnology (6.6%) | ||||||||
Amgen, Inc. | 108,000 | 17,083,440 | ||||||
Health Care Equipment & Supplies (4.4%) | ||||||||
CR Bard, Inc. | 60,550 | 11,283,493 | ||||||
Health Care Providers & Services (3.3%) | ||||||||
Express Scripts Holding Co.(a) | 99,000 | 8,551,620 | ||||||
Pharmaceuticals (4.7%) | ||||||||
Teva Pharmaceutical Industries, Ltd. - Sponsored ADR | 202,000 | 11,956,380 | ||||||
INFORMATION TECHNOLOGY (40.4%) | ||||||||
Communications Equipment (9.0%) | ||||||||
Cisco Systems, Inc. | 603,000 | 17,396,550 | ||||||
Qualcomm, Inc. | 99,100 | 5,888,522 | ||||||
23,285,072 |
20 | 1-888-462-5386 | www.oakfunds.com |
White Oak Select Growth Fund | Schedules of Investments |
Security Description | Shares | Value | ||||||
Internet Software & Services (11.6%) | ||||||||
Alphabet, Inc. - Class A(a) | 15,850 | $ | 11,687,631 | |||||
Alphabet, Inc. - Class C(a) | 16,495 | 11,724,811 | ||||||
Salesforce.com, Inc.(a) | 82,000 | 6,372,220 | ||||||
29,784,662 | ||||||||
IT Services (8.4%) | ||||||||
Cognizant Technology Solutions Corp. - Class A(a) | 189,000 | 12,872,790 | ||||||
International Business Machines Corp. | 61,900 | 8,670,952 | ||||||
21,543,742 | ||||||||
Semiconductors & Semiconductor Equipment (9.4%) | ||||||||
Broadcom Corp. - Class A | 35,000 | 1,799,000 | ||||||
KLA-Tencor Corp. | 179,800 | 12,068,176 | ||||||
Xilinx, Inc. | 220,000 | 10,476,400 | ||||||
24,343,576 | ||||||||
Software (2.0%) | ||||||||
Symantec Corp. | 250,000 | 5,150,000 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $221,601,775) | 256,112,736 | |||||||
SHORT TERM INVESTMENTS (0.4%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.04%, dated 10/30/15 and maturing 11/02/15, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 3.625% and maturity dates ranging from 03/31/16 to 12/31/21 with a par value of $1,003,451 and a collateral value of $1,102,369. | 1,080,752 | $ | 1,080,752 | |||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $1,080,752) | 1,080,752 | |||||||
TOTAL INVESTMENTS - (99.8%) | ||||||||
(Cost $222,682,527) | $ | 257,193,488 | ||||||
Assets in Excess of Other Liabilities - (0.2%) | 458,800 | |||||||
NET ASSETS - (100.0%) | $ | 257,652,288 |
(a) | Non-income producing security. |
Annual Report | October 31, 2015 | 21 |
Schedules of Investments | Pin Oak Equity Fund |
As of October 31, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS (95.2%) | ||||||||
CONSUMER DISCRETIONARY (9.8%) | ||||||||
Internet & Catalog Retail (3.0%) | ||||||||
Amazon.com, Inc.(a) | 4,700 | $ | 2,941,730 | |||||
Media (6.8%) | ||||||||
The Interpublic Group of Cos., Inc. | 125,000 | 2,866,250 | ||||||
Twenty-First Century Fox, Inc. - Class A | 32,000 | 982,080 | ||||||
Twenty-First Century Fox, Inc. - Class B | 93,100 | 2,874,928 | ||||||
6,723,258 | ||||||||
CONSUMER STAPLES (4.7%) | ||||||||
Beverages (4.7%) | ||||||||
PepsiCo, Inc. | 45,900 | 4,690,521 | ||||||
ENERGY (4.4%) | ||||||||
Energy Equipment & Services (2.3%) | ||||||||
Nabors Industries, Ltd. | 189,100 | 1,898,564 | ||||||
Transocean, Ltd. | 25,000 | 395,750 | ||||||
2,294,314 | ||||||||
Oil, Gas & Consumable Fuels (2.1%) | ||||||||
Royal Dutch Shell PLC - Sponsored ADR - Class A | 39,567 | 2,075,685 | ||||||
FINANCIALS (38.8%) | ||||||||
Capital Markets (9.4%) | ||||||||
The Bank of New York Mellon Corp. | 105,000 | 4,373,250 | ||||||
The Charles Schwab Corp. | 162,251 | 4,951,901 | ||||||
9,325,151 | ||||||||
Commercial Banks (18.0%) | ||||||||
CIT Group, Inc. | 65,500 | 2,816,500 | ||||||
First Bancorp | 50,135 | 929,001 | ||||||
Great Southern Bancorp, Inc. | 53,345 | 2,578,164 | ||||||
International Bancshares Corp. | 99,500 | 2,681,525 | ||||||
SunTrust Banks, Inc. | 63,500 | 2,636,520 | ||||||
Wells Fargo & Co. | 114,400 | 6,193,616 | ||||||
17,835,326 | ||||||||
Consumer Finance (4.2%) | ||||||||
Capital One Financial Corp. | 52,900 | 4,173,810 | ||||||
Insurance (7.2%) | ||||||||
Assurant, Inc. | 13,500 | 1,100,655 | ||||||
Everest Re Group, Ltd. | 14,100 | 2,509,377 | ||||||
The Travelers Cos., Inc. | 31,000 | 3,499,590 | ||||||
7,109,622 |
22 | 1-888-462-5386 | www.oakfunds.com |
Pin Oak Equity Fund | Schedules of Investments |
As of October 31, 2015
Security Description | Shares | Value | ||||||
INDUSTRIALS (4.3%) | ||||||||
Aerospace & Defense (1.4%) | ||||||||
Raytheon Co. | 12,000 | $ | 1,408,800 | |||||
Machinery (2.9%) | ||||||||
Parker-Hannifin Corp. | 26,800 | 2,805,960 | ||||||
INFORMATION TECHNOLOGY (33.0%) | ||||||||
Electronic Equipment & Instruments (2.5%) | ||||||||
Flextronics International, Ltd.(a) | 220,000 | 2,505,800 | ||||||
Internet Software & Services (7.3%) | ||||||||
Alphabet, Inc. - Class A(a) | 3,500 | 2,580,865 | ||||||
Alphabet, Inc. - Class C(a) | 3,509 | 2,494,232 | ||||||
IAC/InterActive Corp. | 32,256 | 2,161,475 | ||||||
7,236,572 | ||||||||
IT Services (12.3%) | ||||||||
Amdocs, Ltd. | 88,472 | 5,270,277 | ||||||
Paychex, Inc. | 75,549 | 3,896,817 | ||||||
The Western Union Co. | 154,000 | 2,964,500 | ||||||
12,131,594 | ||||||||
Semiconductors & Semiconductor Equipment (5.1%) | ||||||||
KLA-Tencor Corp. | 31,600 | 2,120,992 | ||||||
Xilinx, Inc. | 61,500 | 2,928,630 | ||||||
5,049,622 | ||||||||
Software (5.8%) | ||||||||
Microsoft Corp. | 109,400 | 5,758,816 | ||||||
MATERIALS (0.2%) | ||||||||
Metals & Mining (0.2%) | ||||||||
Teck Resources, Ltd. - Class B | 38,814 | 227,838 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $78,997,969) | 94,294,419 |
Annual Report | October 31, 2015 | 23 |
Schedules of Investments | Pin Oak Equity Fund |
As of October 31, 2015
Security Description | Shares | Value | ||||||
SHORT TERM INVESTMENTS (5.2%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.04%, dated 10/30/15 and maturing 11/02/15, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 3.625% and with maturity dates ranging from 03/31/16 to 12/31/21 with a par value of $4,755,264 and with a collateral value of $5,224,026. | 5,121,588 | $ | 5,121,588 | |||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $5,121,588) | 5,121,588 | |||||||
TOTAL INVESTMENTS - (100.4%) | ||||||||
(Cost $84,119,557) | $ | 99,416,007 | ||||||
Liabilities in Excess of Other Assets - (-0.4%) | (440,147 | ) | ||||||
NET ASSETS - (100.0%) | $ | 98,975,860 |
(a) | Non-income producing security. |
Common Abbreviations: |
ADR - American Depositary Receipt. |
Ltd. - Limited. |
PLC - Public Limited Company. |
The accompanying notes are an integral part of the financial statements. |
24 | 1-888-462-5386 | www.oakfunds.com |
Rock Oak Core Growth Fund | Schedules of Investments |
As of October 31, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS (99.1%) | ||||||||
CONSUMER DISCRETIONARY (13.3%) | ||||||||
Hotels, Restaurants & Leisure (3.1%) | ||||||||
Wyndham Worldwide Corp. | 3,000 | $ | 244,050 | |||||
Media (6.5%) | ||||||||
Discovery Communications, Inc. - Class A(a) | 7,800 | 229,632 | ||||||
Liberty Media Corp. - Class A(a) | 6,900 | 281,244 | ||||||
510,876 | ||||||||
Textiles, Apparel & Luxury Goods (3.7%) | ||||||||
Under Armour, Inc. - Class A(a) | 3,000 | 285,240 | ||||||
CONSUMER STAPLES (2.7%) | ||||||||
Beverages (2.7%) | ||||||||
Molson Coors Brewing Co. - Class B | 2,400 | 211,440 | ||||||
ENERGY (1.4%) | ||||||||
Energy Equipment & Services (1.4%) | ||||||||
Weatherford International PLC(a) | 10,600 | 108,544 | ||||||
FINANCIALS (10.9%) | ||||||||
Commercial Banks (3.8%) | ||||||||
SunTrust Banks, Inc. | 7,200 | 298,944 | ||||||
Consumer Finance (3.3%) | ||||||||
Synchrony Financial(a) | 8,350 | 256,846 | ||||||
Insurance (3.8%) | ||||||||
The Hartford Financial Services Group, Inc. | 6,400 | 296,064 | ||||||
HEALTH CARE (9.6%) | ||||||||
Life Sciences Tools & Services (5.0%) | ||||||||
Affymetrix, Inc.(a) | 20,000 | 184,000 | ||||||
Illumina, Inc.(a) | 1,400 | 200,592 | ||||||
384,592 | ||||||||
Pharmaceuticals (4.6%) | ||||||||
Jazz Pharmaceuticals PLC(a) | 1,500 | 205,920 | ||||||
Mallinckrodt PLC(a) | 2,350 | 154,324 | ||||||
360,244 | ||||||||
INDUSTRIALS (6.9%) | ||||||||
Aerospace & Defense (3.5%) | ||||||||
L-3 Communications Holdings, Inc. | 2,150 | 271,760 |
Annual Report | October 31, 2015 | 25 |
Schedules of Investments | Rock Oak Core Growth Fund |
As of October 31, 2015
Security Description | Shares | Value | ||||||
Professional Services (3.4%) | ||||||||
Nielsen NV | 5,650 | $ | 268,432 | |||||
INFORMATION TECHNOLOGY (52.5%) | ||||||||
Communications Equipment (3.0%) | ||||||||
F5 Networks, Inc.(a) | 2,150 | 236,930 | ||||||
Computers & Peripherals (5.3%) | ||||||||
NetApp, Inc. | 6,400 | 217,600 | ||||||
Western Digital Corp. | 3,000 | 200,460 | ||||||
418,060 | ||||||||
Internet Software & Services (5.0%) | ||||||||
Salesforce.com, Inc.(a) | 5,000 | 388,550 | ||||||
IT Services (11.5%) | ||||||||
Cognizant Technology Solutions Corp. - Class A(a) | 2,800 | 190,708 | ||||||
Computer Sciences Corp. | 5,650 | 376,233 | ||||||
Vantiv, Inc. - Class A(a) | 6,550 | 328,483 | ||||||
895,424 | ||||||||
Semiconductors & Semiconductor Equipment (10.4%) | ||||||||
Broadcom Corp. - Class A | 5,400 | 277,560 | ||||||
Linear Technology Corp. | 5,500 | 244,310 | ||||||
Xilinx, Inc. | 6,150 | 292,863 | ||||||
814,733 | ||||||||
Software (15.2%) | ||||||||
Autodesk, Inc.(a) | 4,200 | 231,798 | ||||||
CA, Inc. | 9,950 | 275,714 | ||||||
Check Point Software Technologies, Ltd.(a) | 3,000 | 254,820 | ||||||
Symantec Corp. | 9,700 | 199,820 | ||||||
Workday, Inc. - Class A(a) | 2,800 | 221,116 | ||||||
1,183,268 | ||||||||
Technology Hardware, Storage & Peripherals (2.1%) | ||||||||
Seagate Technology PLC | 4,300 | 163,658 | ||||||
MATERIALS (1.8%) | ||||||||
Chemicals (1.8%) | ||||||||
CF Industries Holdings, Inc. | 2,750 | 139,618 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $5,910,208) | 7,737,273 |
26 | 1-888-462-5386 | www.oakfunds.com |
Rock Oak Core Growth Fund | Schedules of Investments |
As of October 31, 2015
Security Description | Shares | Value | ||||||
SHORT TERM INVESTMENTS (1.1%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.04%, dated 10/30/15 and maturing 11/02/15, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 3.625% and with maturity dates ranging from 03/31/16 to 12/31/21 with a par value of $79,916 and a collateral value of $87,794. | 86,073 | $ | 86,073 | |||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $86,073) | 86,073 | |||||||
TOTAL INVESTMENTS - (100.2%) | ||||||||
(Cost $5,996,281) | $ | 7,823,346 | ||||||
Liabilities in Excess of Other Assets - (-0.2%) | (16,010 | ) | ||||||
NET ASSETS - (100.0%) | $ | 7,807,336 |
(a) | Non-income producing security. |
Common Abbreviations: |
Ltd - Limited. |
NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation. (Netherlands) |
PLC - Public Limited Company. |
The accompanying notes are an integral part of the financial statements. |
Annual Report | October 31, 2015 | 27 |
Schedules of Investments | River Oak Discovery Fund |
As of October 31, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS (93.3%) | ||||||||
CONSUMER DISCRETIONARY (8.7%) | ||||||||
Household Durables (2.2%) | ||||||||
Skullcandy, Inc.(a) | 50,300 | $ | 281,680 | |||||
Specialty Retail (6.5%) | ||||||||
Abercrombie & Fitch Co. - Class A | 20,450 | 433,335 | ||||||
Guess? Inc. | 17,950 | 377,848 | ||||||
811,183 | ||||||||
FINANCIALS (30.7%) | ||||||||
Capital Markets (9.8%) | ||||||||
Calamos Asset Management, Inc. - Class A | 30,700 | 288,273 | ||||||
Cowen Group, Inc. - Class A(a) | 86,900 | 365,849 | ||||||
FBR & Co. | 6,400 | 126,592 | ||||||
Janus Capital Group, Inc. | 29,400 | 456,582 | ||||||
1,237,296 | ||||||||
Commercial Banks (9.4%) | ||||||||
PrivateBancorp, Inc. | 12,300 | 514,509 | ||||||
Union First Market Bankshares Corp. | 14,050 | 351,953 | ||||||
Zions Bancorporation | 10,800 | 310,716 | ||||||
1,177,178 | ||||||||
Insurance (11.5%) | ||||||||
Assurant, Inc. | 7,350 | 599,245 | ||||||
CNO Financial Group, Inc. | 14,000 | 268,940 | ||||||
Symetra Financial Corp. | 18,250 | 579,073 | ||||||
1,447,258 | ||||||||
HEALTH CARE (15.1%) | ||||||||
Biotechnology (4.2%) | ||||||||
United Therapeutics Corp.(a) | 3,650 | 535,200 | ||||||
Health Care Providers & Services (8.2%) | ||||||||
Amsurg Corp.(a) | 9,950 | 697,395 | ||||||
Magellan Health, Inc.(a) | 6,350 | 339,090 | ||||||
1,036,485 | ||||||||
Heath Care Technology (2.7%) | ||||||||
Quality Systems, Inc. | 23,800 | 334,390 | ||||||
INDUSTRIALS (5.5%) | ||||||||
Construction & Engineering (2.2%) | ||||||||
Argan, Inc. | 7,650 | 282,667 | ||||||
Machinery (2.1%) | ||||||||
Proto Labs, Inc.(a) | 4,000 | 259,360 |
28 | 1-888-462-5386 | www.oakfunds.com |
River Oak Discovery Fund | Schedules of Investments |
Security Description | Shares | Value | ||||||
Trading Companies & Distribution (1.2%) | ||||||||
CAI International, Inc.(a) | 12,450 | $ | 144,669 | |||||
INFORMATION TECHNOLOGY (33.3%) | ||||||||
Communications Equipment (1.8%) | ||||||||
Ruckus Wireless, Inc.(a) | 20,000 | 225,600 | ||||||
Electronic Equipment & Instruments (8.2%) | ||||||||
Dolby Laboratories, Inc. - Class A | 7,200 | 249,624 | ||||||
Fabrinet(a) | 20,850 | 451,820 | ||||||
Hollysys Automation Technologies, Ltd. | 15,500 | 331,545 | ||||||
1,032,989 | ||||||||
Internet Software & Services (2.0%) | ||||||||
MercadoLibre, Inc. | 2,500 | 245,925 | ||||||
Semiconductors & Semiconductor Equipment (10.7%) | ||||||||
Advanced Energy Industries, Inc.(a) | 14,450 | 408,646 | ||||||
Ambarella, Inc.(a) | 2,700 | 133,488 | ||||||
Cirrus Logic, Inc.(a) | 15,900 | 490,197 | ||||||
Kulicke & Soffa Industries, Inc.(a) | 29,700 | 314,820 | ||||||
1,347,151 | ||||||||
Software (10.6%) | ||||||||
AVG Technologies NV(a) | 7,000 | 165,900 | ||||||
Fortinet, Inc.(a) | 14,950 | 513,682 | ||||||
VASCO Data Security International, Inc.(a) | 21,035 | 399,875 | ||||||
Verint Systems, Inc.(a) | 5,450 | 259,311 | ||||||
1,338,768 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $9,260,257) | 11,737,799 |
Annual Report | October 31, 2015 | 29 |
Schedules of Investments | River Oak Discovery Fund |
As of October 31, 2015
Security Description | Shares | Value | ||||||
SHORT TERM INVESTMENTS (8.5%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.04%, dated 10/30/15 and maturing 11/02/15, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 3.625% and with maturity dates ranging from 03/31/16 to 12/31/21 with a par value of $993,341 and a collateral value of $1,091,262. | 1,069,864 | $ | 1,069,864 | |||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $1,069,864) | 1,069,864 | |||||||
TOTAL INVESTMENTS - (101.8%) | ||||||||
(Cost $10,330,121) | $ | 12,807,663 | ||||||
Liabilities in Excess of Other Assets - (-1.8%) | (225,766 | ) | ||||||
NET ASSETS - (100.0%) | $ | 12,581,897 |
(a) | Non-income producing security. |
Common Abbreviations: |
Ltd. - Limited. |
NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation. (Netherlands) |
The accompanying notes are an integral part of the financial statements. |
30 | 1-888-462-5386 | www.oakfunds.com |
Red Oak Technology Select Fund | Schedules of Investments |
Security Description | Shares | Value | ||||||
COMMON STOCKS (99.4%) | ||||||||
CONSUMER DISCRETIONARY (2.9%) | ||||||||
Internet & Catalog Retail (2.9%) | ||||||||
Amazon.com, Inc.(a) | 6,050 | $ | 3,786,695 | |||||
INDUSTRIALS (5.6%) | ||||||||
Aerospace & Defense (5.6%) | ||||||||
Huntington Ingalls Industries, Inc. | 38,466 | 4,613,612 | ||||||
Northrop Grumman Corp. | 14,600 | 2,741,150 | ||||||
7,354,762 | ||||||||
INFORMATION TECHNOLOGY (90.9%) | ||||||||
Communications Equipment (10.6%) | ||||||||
Cisco Systems, Inc. | 228,000 | 6,577,800 | ||||||
Juniper Networks, Inc. | 136,000 | 4,269,040 | ||||||
Qualcomm, Inc. | 50,500 | 3,000,710 | ||||||
13,847,550 | ||||||||
Computers & Peripherals (12.4%) | ||||||||
Apple, Inc. | 39,420 | 4,710,690 | ||||||
EMC Corp. | 59,700 | 1,565,334 | ||||||
Hewlett-Packard Co. | 127,500 | 3,437,400 | ||||||
Lexmark International, Inc. - Class A | 15,000 | 487,350 | ||||||
NetApp, Inc. | 89,500 | 3,043,000 | ||||||
Western Digital Corp. | 44,000 | 2,940,080 | ||||||
�� | 16,183,854 | |||||||
Electronic Equipment & Instruments (8.2%) | ||||||||
Arrow Electronics, Inc.(a) | 38,500 | 2,117,115 | ||||||
Corning, Inc. | 170,000 | 3,162,000 | ||||||
Flextronics International, Ltd.(a) | 39,000 | 444,210 | ||||||
Ingram Micro, Inc. - Class A | 135,600 | 4,038,168 | ||||||
Keysight Technologies, Inc.(a) | 31,000 | 1,025,480 | ||||||
10,786,973 | ||||||||
Internet Software & Services (8.6%) | ||||||||
Alphabet, Inc. - Class A(a) | 5,100 | 3,760,689 | ||||||
Alphabet, Inc. - Class C(a) | 6,016 | 4,276,233 | ||||||
IAC/InterActive Corp. | 48,600 | 3,256,686 | ||||||
11,293,608 | ||||||||
IT Services (11.6%) | ||||||||
Accenture PLC - Class A | 47,800 | 5,124,160 | ||||||
Computer Sciences Corp. | 56,000 | 3,729,040 | ||||||
CSG Systems International, Inc. | 15,519 | 520,197 | ||||||
International Business Machines Corp. | 25,900 | 3,628,072 | ||||||
Total System Services, Inc. | 42,000 | 2,202,900 | ||||||
15,204,369 | ||||||||
Semiconductors & Semiconductor Equipment (16.5%) | ||||||||
Intel Corp. | 154,300 | 5,224,598 |
Annual Report | October 31, 2015 | 31 |
Schedules of Investments | Red Oak Technology Select Fund |
As of October 31, 2015
Security Description | Shares | Value | ||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||
KLA-Tencor Corp. | 67,600 | $ | 4,537,312 | |||||
Marvell Technology Group, Ltd. | 258,400 | 2,121,464 | ||||||
NVIDIA Corp. | 180,000 | 5,106,600 | ||||||
Xilinx, Inc. | 96,400 | 4,590,568 | ||||||
21,580,542 | ||||||||
Software (23.0%) | ||||||||
CA, Inc. | 102,000 | 2,826,420 | ||||||
Check Point Software Technologies, Ltd.(a) | 54,000 | 4,586,760 | ||||||
Microsoft Corp. | 109,700 | 5,774,608 | ||||||
Oracle Corp. | 156,100 | 6,062,924 | ||||||
Red Hat, Inc.(a) | 52,000 | 4,113,720 | ||||||
Symantec Corp. | 134,000 | 2,760,400 | ||||||
Synopsys, Inc.(a) | 80,600 | 4,028,388 | ||||||
30,153,220 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $96,819,159) | 130,191,573 | |||||||
SHORT TERM INVESTMENTS (0.7%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.04%, dated 10/30/15 and maturing 11/02/15, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 3.625% and with maturity dates ranging from 03/31/16 to 12/31/21 with a par value of $833,292 and collateral value of $915,436. | 897,485 | $ | 897,485 | |||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $897,485) | 897,485 | |||||||
TOTAL INVESTMENTS - (100.1%) | ||||||||
(Cost $97,716,644) | $ | 131,089,058 | ||||||
Liabilities in Excess of Other Assets - (-0.1%) | (87,734 | ) | ||||||
NET ASSETS - (100.0%) | $ | 131,001,324 |
(a) | Non-income producing security. |
Common Abbreviations: |
Ltd. - Limited. |
PLC - Public Limited Company. |
The accompanying notes are an integral part of the financial statements. |
32 | 1-888-462-5386 | www.oakfunds.com |
Black Oak Emerging Technology Fund | Schedules of Investments |
As of October 31, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS (93.8%) | ||||||||
HEALTH CARE (2.6%) | ||||||||
Life Sciences Tools & Services (2.6%) | ||||||||
Illumina, Inc.(a) | 5,800 | $ | 831,024 | |||||
INFORMATION TECHNOLOGY (91.2%) | ||||||||
Communications Equipment (12.8%) | ||||||||
Arista Networks, Inc.(a) | 16,150 | 1,041,837 | ||||||
F5 Networks, Inc.(a) | 7,150 | 787,930 | ||||||
Palo Alto Networks, Inc.(a) | 5,900 | 949,900 | ||||||
Qualcomm, Inc. | 11,400 | 677,388 | ||||||
Ruckus Wireless, Inc.(a) | 61,100 | 689,208 | ||||||
4,146,263 | ||||||||
Computers & Peripherals (13.1%) | ||||||||
Apple, Inc. | 18,200 | 2,174,900 | ||||||
EMC Corp. | 43,100 | 1,130,082 | ||||||
Western Digital Corp. | 14,150 | 945,503 | ||||||
4,250,485 | ||||||||
Electronic Equipment & Instruments (4.2%) | ||||||||
Arrow Electronics, Inc.(a) | 18,000 | 989,820 | ||||||
Newport Corp.(a) | 24,142 | 364,786 | ||||||
1,354,606 | ||||||||
Internet Software & Services (8.1%) | ||||||||
MercadoLibre, Inc. | 6,900 | 678,753 | ||||||
Salesforce.com, Inc.(a) | 24,800 | 1,927,208 | ||||||
2,605,961 | ||||||||
IT Services (10.3%) | ||||||||
Alliance Data Systems Corp.(a) | 4,550 | 1,352,760 | ||||||
Cognizant Technology Solutions Corp. - Class A(a) | 9,600 | 653,856 | ||||||
Computer Sciences Corp. | 19,950 | 1,328,471 | ||||||
3,335,087 | ||||||||
Semiconductors & Semiconductor Equipment (14.7%) | ||||||||
Ambarella, Inc.(a) | 6,900 | 341,136 | ||||||
Cirrus Logic, Inc.(a) | 38,200 | 1,177,706 | ||||||
Lam Research Corp. | 9,800 | 750,582 | ||||||
NXP Semiconductors NV(a) | 14,850 | 1,163,497 | ||||||
Silicon Motion Technology Corp. - ADR | 41,000 | 1,303,390 | ||||||
4,736,311 | ||||||||
Software (22.2%) | ||||||||
AVG Technologies NV(a) | 59,350 | 1,406,595 | ||||||
CA, Inc. | 45,100 | 1,249,721 | ||||||
Citrix Systems, Inc.(a) | 9,800 | 804,580 | ||||||
Fortinet, Inc.(a) | 34,760 | 1,194,354 | ||||||
Qualys, Inc.(a) | 23,700 | 837,084 | ||||||
SolarWinds, Inc.(a) | 20,850 | 1,209,925 |
Annual Report | October 31, 2015 | 33 |
Schedules of Investments | Black Oak Emerging Technology Fund |
Security Description | Shares | Value | ||||||
Software (continued) | ||||||||
VASCO Data Security International, Inc.(a) | 25,000 | $ | 475,250 | |||||
7,177,509 | ||||||||
Technology Hardware, Storage & Peripherals (3.8%) | ||||||||
SanDisk Corp. | 15,900 | 1,224,300 | ||||||
Telecommunications (2.0%) | ||||||||
Infoblox, Inc.(a) | 39,750 | 648,323 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $21,906,818) | 30,309,869 | |||||||
SHORT TERM INVESTMENTS (7.8%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.04%, dated 10/30/15 and maturing 11/02/15, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 3.625% and with maturity dates ranging from 03/31/16 to 12/31/21 with a par value of $2,339,182 and a collateral value of $2,569,773. | 2,519,382 | $ | 2,519,382 | |||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $2,519,382) | 2,519,382 | |||||||
TOTAL INVESTMENTS - (101.6%) | ||||||||
(Cost $24,426,200) | $ | 32,829,251 | ||||||
Liabilities in Excess of Other Assets - (-1.6%) | (531,171 | ) | ||||||
NET ASSETS - (100.0%) | $ | 32,298,080 |
(a) | Non-income producing security. |
Common Abbreviations: |
ADR - American Depositary Receipt. |
NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation. (Netherlands) |
The accompanying notes are an integral part of the financial statements. |
34 | 1-888-462-5386 | www.oakfunds.com |
Live Oak Health Sciences Fund | Schedules of Investments |
As of October 31, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS (96.5%) | ||||||||
HEALTH CARE (95.0%) | ||||||||
Biotechnology (7.0%) | ||||||||
Amgen, Inc. | 23,600 | $ | 3,733,048 | |||||
Catalyst Biosciences, Inc. | 3,411 | 13,167 | ||||||
3,746,215 | ||||||||
Health Care Equipment & Supplies (19.6%) | ||||||||
Becton Dickinson and Co. | 15,800 | 2,251,816 | ||||||
CR Bard, Inc. | 15,800 | 2,944,330 | ||||||
Medtronic PLC | 42,096 | 3,111,736 | ||||||
Stryker Corp. | 21,900 | 2,094,078 | ||||||
10,401,960 | ||||||||
Health Care Providers & Services (33.6%) | ||||||||
Anthem, Inc. | 15,700 | 2,184,655 | ||||||
Cardinal Health, Inc. | 38,800 | 3,189,360 | ||||||
Cigna Corp. | 11,700 | 1,568,268 | ||||||
DaVita HealthCare Partners, Inc.(a) | 14,600 | 1,131,646 | ||||||
Express Scripts Holding Co.(a) | 16,000 | 1,382,080 | ||||||
McKesson Corp. | 10,550 | 1,886,340 | ||||||
Owens & Minor, Inc. | 61,880 | 2,218,398 | ||||||
Quest Diagnostics, Inc. | 14,100 | 958,095 | ||||||
UnitedHealth Group, Inc. | 12,700 | 1,495,806 | ||||||
VCA, Inc.(a) | 33,300 | 1,823,841 | ||||||
17,838,489 | ||||||||
Life Sciences Tools & Services (8.2%) | ||||||||
Bio-Techne Corp. | 8,900 | 784,980 | ||||||
Charles River Laboratories International, Inc.(a) | 22,200 | 1,448,328 | ||||||
Waters Corp.(a) | 16,700 | 2,134,260 | ||||||
4,367,568 | ||||||||
Pharmaceuticals (26.6%) | ||||||||
AstraZeneca PLC - Sponsored ADR | 40,900 | 1,304,301 | ||||||
Eli Lilly & Co. | 18,000 | 1,468,260 | ||||||
GlaxoSmithKline PLC - Sponsored ADR | 46,900 | 2,019,514 | ||||||
Johnson & Johnson | 14,700 | 1,485,141 | ||||||
Merck & Co., Inc. | 37,500 | 2,049,750 | ||||||
Novartis AG - Sponsored ADR | 16,300 | 1,474,009 | ||||||
Sanofi - ADR | 42,392 | 2,134,013 | ||||||
Teva Pharmaceutical Industries, Ltd. - Sponsored ADR | 37,700 | 2,231,463 | ||||||
14,166,451 | ||||||||
INFORMATION TECHNOLOGY (1.5%) | ||||||||
Electronic Equipment & Instruments (1.5%) | ||||||||
Keysight Technologies, Inc.(a) | 24,500 | 810,460 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $33,887,724) | 51,331,143 |
Annual Report | October 31, 2015 | 35 |
Schedules of Investments | Live Oak Health Sciences Fund |
As of October 31, 2015
Security Description | Shares | Value | ||||||
SHORT TERM INVESTMENTS (1.1%) | ||||||||
Tri-Party Repurchase Agreement with South Street Securities Wachovia Tri-Party, 0.04%, dated 10/30/15 and maturing 11/02/15, collateralized by U.S. Treasury Securities with rates ranging from 0.000% to 3.625% and with maturity dates ranging from 03/31/16 to 12/31/21 with a par value of $530,252 and with a collateral value of 582,523. | 571,100 | $ | 571,100 | |||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $571,100) | 571,100 | |||||||
TOTAL INVESTMENTS - (97.6%) | ||||||||
(Cost $34,458,824) | $ | 51,902,243 | ||||||
Assets in Excess of Other Liabilities - (2.4%) | 1,269,987 | |||||||
NET ASSETS - (100.0%) | $ | 53,172,230 |
(a) | Non-income producing security. |
Common Abbreviations: |
ADR - American Depositary Receipt. |
AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders. |
Ltd. - Limited. |
PLC - Public Limited Company. |
The accompanying notes are an integral part of the financial statements. |
36 | 1-888-462-5386 | www.oakfunds.com |
Oak Associates Funds
Statements of Assets and Liabilities
White Oak Select Growth Fund | Pin Oak Equity Fund | |||||||
Investments at cost | $ | 222,682,527 | $ | 84,119,557 | ||||
ASSETS: | ||||||||
Investments at fair value | $ | 257,193,488 | $ | 99,416,007 | ||||
Receivable for capital shares sold | 153,397 | 86,457 | ||||||
Receivable for investment securities sold | 447,555 | – | ||||||
Dividends and interest receivable | 142,350 | 57,632 | ||||||
Prepaid expenses | 33,219 | 15,391 | ||||||
Total Assets | 257,970,009 | 99,575,487 | ||||||
LIABILITIES: | ||||||||
Payable for fund shares redeemed | 26,897 | 21,438 | ||||||
Investment advisory fees payable | 156,595 | 57,486 | ||||||
Administration fees payable | 16,552 | 6,707 | ||||||
Trustees’ fees payable | 23,264 | 8,333 | ||||||
Payable for investment securities purchased | – | 463,126 | ||||||
Principal financial officer fees payable | 363 | 130 | ||||||
Printing fees payable | 14,350 | 5,145 | ||||||
Transfer agent fees payable | 46,704 | 16,132 | ||||||
Legal and audit fees payable | 25,717 | 17,876 | ||||||
Other accrued expenses | 7,279 | 3,254 | ||||||
Total Liabilities | 317,721 | 599,627 | ||||||
Total Net Assets | $ | 257,652,288 | $ | 98,975,860 | ||||
NET ASSETS: | ||||||||
Paid-in capital (unlimited authorization - no par value) | $ | 246,081,166 | $ | 80,220,141 | ||||
Accumulated undistributed net investment income (loss) | 1,377,232 | 546,931 | ||||||
Accumulated net realized gain (loss) on investments | (24,317,071 | ) | 2,912,338 | |||||
Net unrealized appreciation on investments | 34,510,961 | 15,296,450 | ||||||
Total Net Assets | $ | 257,652,288 | $ | 98,975,860 | ||||
PORTFOLIO SHARES: | ||||||||
Net Assets | $ | 257,652,288 | $ | 98,975,860 | ||||
Total shares outstanding at end of period | 3,950,969 | 1,886,962 | ||||||
Net assets value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | 65.21 | $ | 52.45 |
The accompanying notes are an integral part of the financial statements. |
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 | ||||||||||||||
$ | 5,996,281 | $ | 10,330,121 | $ | 97,716,644 | $ | 24,426,200 | $ | 34,458,824 | |||||||||
$ | 7,823,346 | $ | 12,807,663 | $ | 131,089,058 | $ | 32,829,251 | $ | 51,902,243 | |||||||||
– | – | 6,247 | 150 | 34,584 | ||||||||||||||
– | – | 1,002,204 | – | 2,355,368 | ||||||||||||||
1,836 | 7,501 | 52,582 | 6 | 4,345 | ||||||||||||||
3,990 | 8,832 | 16,464 | 6,198 | 14,389 | ||||||||||||||
7,829,172 | 12,823,996 | 132,166,555 | 32,835,605 | 54,310,929 | ||||||||||||||
– | – | 13,895 | – | 102,166 | ||||||||||||||
3,081 | 8,955 | 79,633 | 20,257 | 33,117 | ||||||||||||||
1,391 | 1,813 | 9,036 | 2,850 | 4,327 | ||||||||||||||
742 | 1,245 | 11,595 | 3,032 | 5,138 | ||||||||||||||
– | 212,714 | 987,309 | 481,908 | 966,544 | ||||||||||||||
12 | 20 | 181 | 47 | 80 | ||||||||||||||
348 | 556 | 8,341 | 1,790 | 2,718 | ||||||||||||||
1,878 | 1,923 | 31,421 | 11,320 | 6,493 | ||||||||||||||
13,890 | 14,154 | 19,589 | 15,092 | 16,198 | ||||||||||||||
494 | 719 | 4,231 | 1,229 | 1,918 | ||||||||||||||
21,836 | 242,099 | 1,165,231 | 537,525 | 1,138,699 | ||||||||||||||
$ | 7,807,336 | $ | 12,581,897 | $ | 131,001,324 | $ | 32,298,080 | $ | 53,172,230 | |||||||||
$ | 5,809,333 | $ | 10,150,981 | $ | 93,025,414 | $ | 23,147,265 | $ | 28,545,297 | |||||||||
(4,286 | ) | (38,684 | ) | 650,260 | (196,430 | ) | 275,060 | |||||||||||
175,224 | (7,942 | ) | 3,953,236 | 944,194 | 6,908,454 | |||||||||||||
1,827,065 | 2,477,542 | 33,372,414 | 8,403,051 | 17,443,419 | ||||||||||||||
$ | 7,807,336 | $ | 12,581,897 | $ | 131,001,324 | $ | 32,298,080 | $ | 53,172,230 | |||||||||
$ | 7,807,336 | $ | 12,581,897 | $ | 131,001,324 | $ | 32,298,080 | $ | 53,172,230 | |||||||||
617,810 | 914,098 | 7,627,752 | 7,586,770 | 2,456,497 | ||||||||||||||
$ | 12.64 | $ | 13.76 | $ | 17.17 | $ | 4.26 | $ | 21.65 |
Annual Report | October 31, 2015 | 39 |
White Oak Select Growth Fund | Pin Oak Equity Fund | |||||||
INVESTMENT INCOME: | ||||||||
Dividends | $ | 6,586,533 | $ | 2,029,791 | ||||
Less: Foreign withholding tax | (40,185 | ) | (17,921 | ) | ||||
Total Investment Income | 6,546,348 | 2,011,870 | ||||||
EXPENSES: | ||||||||
Investment advisory fees | 1,873,297 | 681,581 | ||||||
Administration fees | 198,205 | 73,671 | ||||||
Trustees’ fees | 92,557 | 33,373 | ||||||
Legal and audit fees | 85,374 | 41,032 | ||||||
Transfer agent fees | 155,640 | 65,114 | ||||||
Sub transfer agent fees | 145,126 | 42,162 | ||||||
Registration fees | 21,224 | 24,574 | ||||||
Printing fees | 43,666 | 16,498 | ||||||
Custodian fees | 11,163 | 5,046 | ||||||
Principal financial officer fees | 4,242 | 1,539 | ||||||
Insurance and other fees | 61,334 | 24,298 | ||||||
Total Expenses | 2,691,828 | 1,008,888 | ||||||
Less: Investment advisory fees waived | – | – | ||||||
Net Expenses | 2,691,828 | 1,008,888 | ||||||
Net Investment Income (Loss) | 3,854,520 | 1,002,982 | ||||||
Net realized gain (loss) on securities sold | 6,226,107 | 2,916,283 | ||||||
Net change in unrealized appreciation (depreciation) of investment securities | 13,777,664 | 2,140,163 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 20,003,771 | 5,056,446 | ||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 23,858,291 | $ | 6,059,428 |
The accompanying notes are an integral part of the financial statements. |
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 | ||||||||||||||
$ | 107,848 | $ | 149,328 | $ | 3,236,545 | $ | 224,169 | $ | 944,062 | |||||||||
(637 | ) | – | – | (26 | ) | (25,062 | ) | |||||||||||
107,211 | 149,328 | 3,236,545 | 224,143 | 919,000 | ||||||||||||||
61,872 | 125,339 | 1,041,562 | 258,141 | 400,482 | ||||||||||||||
8,534 | 13,195 | 111,771 | 28,921 | 44,294 | ||||||||||||||
3,063 | 5,156 | 51,516 | 12,876 | 19,947 | ||||||||||||||
14,305 | 17,074 | 56,395 | 23,037 | 30,139 | ||||||||||||||
14,249 | 14,263 | 100,083 | 61,249 | 28,759 | ||||||||||||||
580 | 809 | 107,341 | 14,260 | 14,222 | ||||||||||||||
18,349 | 18,141 | 20,823 | 18,609 | 20,564 | ||||||||||||||
1,899 | 2,335 | 27,923 | 6,675 | 9,161 | ||||||||||||||
658 | 1,111 | 7,150 | 1,942 | 3,330 | ||||||||||||||
140 | 234 | 2,347 | 584 | 913 | ||||||||||||||
3,208 | 4,452 | 36,542 | 9,226 | 12,955 | ||||||||||||||
126,857 | 202,109 | 1,563,453 | 435,520 | 584,766 | ||||||||||||||
(22,343 | ) | (14,101 | ) | – | – | – | ||||||||||||
104,514 | 188,008 | 1,563,453 | 435,520 | 584,766 | ||||||||||||||
2,697 | (38,680 | ) | 1,673,092 | (211,377 | ) | 334,234 | ||||||||||||
175,225 | (7,942 | ) | 7,072,248 | 1,354,785 | 6,911,069 | |||||||||||||
(509,020 | ) | (70,683 | ) | 435,418 | (969,145 | ) | (3,297,151 | ) | ||||||||||
(333,795 | ) | (78,625 | ) | 7,507,666 | 385,640 | 3,613,918 | ||||||||||||
$ | (331,098 | ) | $ | (117,305 | ) | $ | 9,180,758 | $ | 174,263 | $ | 3,948,152 |
Annual Report | October 31, 2015 | 41 |
White Oak Select Growth Fund | Pin Oak Equity Fund | |||||||||||||||
For The Year Ended October 31 2015 | For The Year Ended October 31 2014 | For The Year Ended October 31 2015 | For The Year Ended October 31 2014 | |||||||||||||
INVESTMENT ACTIVITIES: | ||||||||||||||||
Net investment income (loss) | $ | 3,854,520 | $ | 1,572,754 | $ | 1,002,982 | $ | 560,031 | ||||||||
Net realized gain (loss) on securities sold | 6,226,107 | 1,038,220 | 2,916,283 | 170,580 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investment securities | 13,777,664 | 28,651,752 | 2,140,163 | 12,277,868 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 23,858,291 | 31,262,726 | 6,059,428 | 13,008,479 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net income | (4,050,002 | ) | (1,123,336 | ) | (1,020,000 | ) | (520,352 | ) | ||||||||
Realized capital gains | – | – | (170,590 | ) | – | |||||||||||
Total Distributions | (4,050,002 | ) | (1,123,336 | ) | (1,190,590 | ) | (520,352 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS (IN DOLLARS): | ||||||||||||||||
Shares issued | 8,533,677 | 4,099,476 | 18,248,411 | 14,648,596 | ||||||||||||
Shares issued in lieu of cash distributions | 3,800,921 | 1,050,297 | 1,097,355 | 487,929 | ||||||||||||
Shares redeemed | (30,711,155 | ) | (32,871,826 | ) | (19,555,154 | ) | (14,716,139 | ) | ||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (18,376,557 | ) | (27,722,053 | ) | (209,388 | ) | 420,386 | |||||||||
Total Increase (Decrease) in Net Assets | 1,431,732 | 2,417,337 | 4,659,450 | 12,908,513 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 256,220,556 | 253,803,219 | 94,316,410 | 81,407,897 | ||||||||||||
End of period | $ | 257,652,288 | $ | 256,220,556 | $ | 98,975,860 | $ | 94,316,410 | ||||||||
Including accumulated undistributed net investment income (loss) | $ | 1,377,232 | $ | 1,572,714 | $ | 546,931 | $ | 560,014 | ||||||||
SHARES ISSUED AND REDEEMED: | ||||||||||||||||
Issued | 138,165 | 71,302 | 361,192 | 310,104 | ||||||||||||
Issued in lieu of cash distributions | 64,499 | 18,924 | 22,809 | 10,952 | ||||||||||||
Redeemed | (497,768 | ) | (574,251 | ) | (392,476 | ) | (315,812 | ) | ||||||||
Net Increase (Decrease) in Share Transactions | (295,104 | ) | (484,025 | ) | (8,475 | ) | 5,244 |
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 2015 | For The Year Ended October 31 2014 | For The Year Ended October 31 2015 | For The Year Ended October 31 2014 | For The Year Ended October 31 2015 | For The Year Ended October 31 2014 | |||||||||||||||||
$ | 2,697 | $ | 27,365 | $ | (38,680 | ) | $ | (99,567 | ) | $ | 1,673,092 | $ | 531,842 | |||||||||
175,225 | 591,101 | (7,942 | ) | 3,061,954 | 7,072,248 | 1,454,897 | ||||||||||||||||
(509,020 | ) | 564,217 | (70,683 | ) | (1,805,051 | ) | 435,418 | 18,362,300 | ||||||||||||||
(331,098 | ) | 1,182,683 | (117,305 | ) | 1,157,336 | 9,180,758 | 20,349,039 | |||||||||||||||
(26,752 | ) | (30,552 | ) | – | – | (1,415,013 | ) | (461,447 | ) | |||||||||||||
(588,577 | ) | (1,437,716 | ) | (2,955,988 | ) | (1,080,699 | ) | – | – | |||||||||||||
(615,329 | ) | (1,468,268 | ) | (2,955,988 | ) | (1,080,699 | ) | (1,415,013 | ) | (461,447 | ) | |||||||||||
136,959 | 321,174 | 349,028 | 455,729 | 18,931,396 | 50,459,120 | |||||||||||||||||
595,902 | 1,387,471 | 2,897,201 | 1,057,216 | 1,320,574 | 439,119 | |||||||||||||||||
(470,470 | ) | (426,804 | ) | (1,506,462 | ) | (978,246 | ) | (39,289,543 | ) | (34,104,326 | ) | |||||||||||
262,391 | 1,281,841 | 1,739,767 | 534,699 | (19,037,573 | ) | 16,793,913 | ||||||||||||||||
(684,036 | ) | 996,256 | (1,333,526 | ) | 611,336 | (11,271,828 | ) | 36,681,505 | ||||||||||||||
8,491,372 | 7,495,116 | 13,915,423 | 13,304,087 | 142,273,152 | 105,591,647 | |||||||||||||||||
$ | 7,807,336 | $ | 8,491,372 | $ | 12,581,897 | $ | 13,915,423 | $ | 131,001,324 | $ | 142,273,152 | |||||||||||
$ | (4,286 | ) | $ | 19,769 | $ | (38,684 | ) | $ | – | $ | 650,260 | $ | 392,181 | |||||||||
10,383 | 22,589 | 23,634 | 25,790 | 1,131,253 | 3,297,940 | |||||||||||||||||
45,454 | 106,729 | 207,536 | 62,696 | 81,017 | 30,715 | |||||||||||||||||
(35,392 | ) | (30,249 | ) | (102,417 | ) | (54,955 | ) | (2,356,716 | ) | (2,239,164 | ) | |||||||||||
20,445 | 99,069 | 128,753 | 33,531 | (1,144,446 | ) | 1,089,491 |
Annual Report | October 31, 2015 | 43 |
Black Oak Emerging Technology Fund | Live Oak Health Sciences Fund | |||||||||||||||
For The Year Ended October 31 2015 | For The Year Ended October 31 2014 | For The Year Ended October 31 2015 | For The Year Ended October 31 2014 | |||||||||||||
INVESTMENT ACTIVITIES: | ||||||||||||||||
Net investment income (loss) | $ | (211,377 | ) | $ | (104,073 | ) | $ | 334,234 | $ | 297,008 | ||||||
Net realized gain on securities sold | 1,354,785 | 2,491,551 | 6,911,069 | 4,756,038 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investment securities | (969,145 | ) | 3,030,459 | (3,297,151 | ) | 4,682,803 | ||||||||||
Net Increase in Net Assets Resulting from Operations | 174,263 | 5,417,937 | 3,948,152 | 9,735,849 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net income | – | – | (292,377 | ) | (296,848 | ) | ||||||||||
Realized capital gains | – | – | (4,756,063 | ) | (1,556,100 | ) | ||||||||||
Total Distributions | – | – | (5,048,440 | ) | (1,852,948 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS (IN DOLLARS): | ||||||||||||||||
Shares issued | 1,652,031 | 2,419,171 | 6,305,893 | 6,560,847 | ||||||||||||
Shares issued in lieu of cash distributions | – | – | 4,812,062 | 1,771,249 | ||||||||||||
Shares redeemed | (3,667,021 | ) | (3,551,156 | ) | (7,093,921 | ) | (8,483,535 | ) | ||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (2,014,990 | ) | (1,131,985 | ) | 4,024,034 | (151,439 | ) | |||||||||
Total Increase (Decrease) in Net Assets | (1,840,727 | ) | 4,285,952 | 2,923,746 | 7,731,462 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 34,138,807 | 29,852,855 | 50,248,484 | 42,517,022 | ||||||||||||
End of period | $ | 32,298,080 | $ | 34,138,807 | $ | 53,172,230 | $ | 50,248,484 | ||||||||
Including accumulated undistributed net investment income (loss) | $ | (196,430 | ) | $ | (99,689 | ) | $ | 275,060 | $ | 233,203 | ||||||
SHARES ISSUED AND REDEEMED: | ||||||||||||||||
Issued | 367,563 | 608,527 | 289,675 | 333,875 | ||||||||||||
Issued in lieu of cash distributions | – | – | 236,117 | 94,770 | ||||||||||||
Redeemed | (817,061 | ) | (899,915 | ) | (327,298 | ) | (428,961 | ) | ||||||||
Net Increase (Decrease) in Share Transactions | (449,498 | ) | (291,388 | ) | 198,494 | (316 | ) |
44 | 1-888-462-5386 | www.oakfunds.com |
Oak Associates Funds
This Page Intentionally Left Blank
Year Ended October 31, 2015 | ||||
WHITE OAK SELECT GROWTH FUND | ||||
Net Asset Value Beginning of Period | $ | 60.34 | ||
Income (Loss) From Operations | ||||
Net Investment Income (Loss)(a) | 0.94 | |||
Realized and Unrealized Gain in Securities(a) | 4.90 | |||
Total From Operations | 5.84 | |||
Less Distributions: | ||||
Dividends from Net Investment Income | (0.97 | ) | ||
Distributions from Capital Gains | – | |||
Total Dividends and Distributions | (0.97 | ) | ||
Net Asset Value End of Period | $ | 65.21 | ||
Total Return(b) | 9.84 | % | ||
Net Assets End of Period (000) | $ | 257,652 | ||
Ratio of Net Expenses to Average Net Assets | 1.06 | % | ||
Ratio of Net Investment Income (Loss) to Average Net Assets | 1.52 | % | ||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly) | 1.06 | % | ||
Portfolio Turnover Rate | 9 | % |
(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, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | |||||||||||
$ | 53.66 | $ | 42.50 | $ | 39.09 | $ | 37.56 | |||||||
0.35 | 0.24 | 0.11 | (0.03 | ) | ||||||||||
6.57 | 11.06 | 3.30 | 1.56 | |||||||||||
6.92 | 11.30 | 3.41 | 1.53 | |||||||||||
(0.24 | ) | (0.14 | ) | – | – | |||||||||
– | – | – | – | |||||||||||
(0.24 | ) | (0.14 | ) | – | – | |||||||||
$ | 60.34 | $ | 53.66 | $ | 42.50 | $ | 39.09 | |||||||
12.94 | % | 26.65 | % | 8.72 | % | 4.07 | % | |||||||
$ | 256,221 | $ | 253,803 | $ | 228,596 | $ | 241,557 | |||||||
1.10 | % | 1.12 | % | 1.16 | % | 1.14 | % | |||||||
0.61 | % | 0.50 | % | 0.28 | % | (0.08 | )% | |||||||
1.10 | % | 1.12 | % | 1.16 | % | 1.14 | % | |||||||
1 | % | 89 | % | 86 | % | 12 | % |
Annual Report | October 31, 2015 | 47 |
Year Ended October 31, 2015 | ||||
PIN OAK EQUITY FUND | ||||
Net Asset Value Beginning of Period | $ | 49.76 | ||
Income (Loss) From Operations | ||||
Net Investment Income (Loss)(a) | 0.54 | |||
Realized and Unrealized Gain in Securities(a) | 2.77 | |||
Total From Operations | 3.31 | |||
Less Distributions: | ||||
Dividends from Net Investment Income | (0.53 | ) | ||
Distributions from Capital Gains | (0.09 | ) | ||
Total Dividends and Distributions | (0.62 | ) | ||
Net Asset Value End of Period | $ | 52.45 | ||
Total Return(b) | 6.76 | % | ||
Net Assets End of Period (000) | $ | 98,976 | ||
Ratio of Net Expenses to Average Net Assets | 1.10 | % | ||
Ratio of Net Investment Income (Loss) to Average Net Assets | 1.09 | % | ||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly) | 1.10 | % | ||
Portfolio Turnover Rate | 15 | % |
(a) | Per share calculations were performed using average shares for the period. |
(b) | Figures do not reflect the deduction of taxes the shareholder will pay on fund distributions or redemption of fund shares. |
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Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | |||||||||||
$ | 43.07 | $ | 32.86 | $ | 28.52 | $ | 26.76 | |||||||
0.30 | 0.26 | 0.21 | (0.05 | ) | ||||||||||
6.67 | 10.18 | 4.13 | 1.90 | |||||||||||
6.97 | 10.44 | 4.34 | 1.85 | |||||||||||
(0.28 | ) | (0.23 | ) | – | (0.09 | ) | ||||||||
– | – | – | – | |||||||||||
(0.28 | ) | (0.23 | ) | – | (0.09 | ) | ||||||||
$ | 49.76 | $ | 43.07 | $ | 32.86 | $ | 28.52 | |||||||
16.25 | % | 31.94 | % | 15.22 | % | 6.92 | % | |||||||
$ | 94,316 | $ | 81,408 | $ | 69,107 | $ | 64,214 | |||||||
1.13 | % | 1.16 | % | 1.21 | % | 1.20 | % | |||||||
0.64 | % | 0.70 | % | 0.68 | % | (0.16 | )% | |||||||
1.13 | % | 1.16 | % | 1.21 | % | 1.20 | % | |||||||
5 | % | 117 | % | 98 | % | 27 | % |
Annual Report | October 31, 2015 | 49 |
Financial Highlights
Year Ended October 31, 2015 | ||||
ROCK OAK CORE GROWTH FUND | ||||
Net Asset Value Beginning of Period | $ | 14.21 | ||
Income (Loss) From Operations | ||||
Net Investment Income (Loss)(a) | 0.00 | (b) | ||
Realized and Unrealized Gain or (Losses) in Securities(a) | (0.54 | ) | ||
Total From Operations | (0.54 | ) | ||
Less Distributions: | ||||
Dividends from Net Investment Income | (0.04 | ) | ||
Distributions from Capital Gains | (0.99 | ) | ||
Total Dividends and Distributions | (1.03 | ) | ||
Net Asset Value End of Period | $ | 12.64 | ||
Total Return(c) | (4.04 | )% | ||
Net Assets End of Period (000) | $ | 7,807 | ||
Ratio of Net Expenses to Average Net Assets | 1.25 | % | ||
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.03 | % | ||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly) | 1.52 | % | ||
Portfolio Turnover Rate | 32 | % |
(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. |
The accompanying notes are an integral part of the financial statements.
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Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | |||||||||||
$ | 15.04 | $ | 11.78 | $ | 11.64 | $ | 11.16 | |||||||
0.05 | 0.07 | 0.02 | (0.04 | ) | ||||||||||
2.06 | 3.37 | 0.12 | 0.52 | |||||||||||
2.11 | 3.44 | 0.14 | 0.48 | |||||||||||
(0.06 | ) | (0.05 | ) | – | – | |||||||||
(2.88 | ) | (0.13 | ) | – | – | |||||||||
(2.94 | ) | (0.18 | ) | – | – | |||||||||
$ | 14.21 | $ | 15.04 | $ | 11.78 | $ | 11.64 | |||||||
15.89 | % | 29.51 | % | 1.20 | % | 4.30 | % | |||||||
$ | 8,491 | $ | 7,495 | $ | 6,512 | $ | 6,890 | |||||||
1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | |||||||
0.33 | % | 0.53 | % | 0.14 | % | (0.35 | )% | |||||||
1.58 | % | 1.65 | % | 1.79 | % | 1.65 | % | |||||||
29 | % | 65 | % | 56 | % | 40 | % |
Annual Report | October 31, 2015 | 51 |
Financial Highlights
For a share outstanding throughout the years ended
Year Ended October 31, 2015 | ||||
RIVER OAK DISCOVERY FUND | ||||
Net Asset Value Beginning of Period | $ | 17.72 | ||
Income (Loss) From Operations | ||||
Net Investment Loss(a) | (0.04 | ) | ||
Realized and Unrealized Gain or (Losses) in Securities(a) | (0.13 | ) | ||
Total From Operations | (0.17 | ) | ||
Less Distributions: | ||||
Dividends from Net Investment Income | – | |||
Distributions from Capital Gains | (3.79 | ) | ||
Total Dividends and Distributions | (3.79 | ) | ||
Net Asset Value End of Period | $ | 13.76 | ||
Total Return(b) | (1.27 | )% | ||
Net Assets End of Period (000) | $ | 12,582 | ||
Ratio of Net Expenses to Average Net Assets | 1.35 | % | ||
Ratio of Net Investment Loss to Average Net Assets | (0.28 | )% | ||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly) | 1.45 | % | ||
Portfolio Turnover Rate | 17 | % |
(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. |
The accompanying notes are an integral part of the financial statements.
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Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | |||||||||||
$ | 17.70 | $ | 13.46 | $ | 12.76 | $ | 12.84 | |||||||
(0.13 | ) | (0.08 | ) | (0.07 | ) | (0.08 | ) | |||||||
1.59 | 4.32 | 0.77 | 0.18 | |||||||||||
1.46 | 4.24 | 0.70 | 0.10 | |||||||||||
– | – | – | – | |||||||||||
(1.44 | ) | – | – | (0.18 | ) | |||||||||
(1.44 | ) | – | – | (0.18 | ) | |||||||||
$ | 17.72 | $ | 17.70 | $ | 13.46 | $ | 12.76 | |||||||
8.69 | % | 31.50 | % | 5.49 | % | 0.74 | % | |||||||
$ | 13,915 | $ | 13,304 | $ | 10,766 | $ | 10,315 | |||||||
1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | |||||||
(0.71 | )% | (0.52 | )% | (0.54 | )% | (0.61 | )% | |||||||
1.48 | % | 1.52 | % | 1.62 | % | 1.52 | % | |||||||
96 | % | 63 | % | 72 | % | 92 | % |
Annual Report | October 31, 2015 | 53 |
Year Ended October 31, 2015 | ||||
RED OAK TECHNOLOGY SELECT FUND | ||||
Net Asset Value Beginning of Period | $ | 16.22 | ||
Income (Loss) From Operations | ||||
Net Investment Income (Loss)(a) | 0.20 | |||
Realized and Unrealized Gain in Securities(a) | 0.91 | |||
Total From Operations | 1.11 | |||
Less Distributions: | ||||
Dividends from Net Investment Income | (0.16 | ) | ||
Distributions from Capital Gains | – | |||
Total Dividends and Distributions | (0.16 | ) | ||
Net Asset Value End of Period | $ | 17.17 | ||
Total Return(b) | 6.91 | % | ||
Net Assets End of Period (000) | $ | 131,001 | ||
Ratio of Net Expenses to Average Net Assets | 1.11 | % | ||
Ratio of Net Investment Income (Loss) to Average Net Assets | 1.19 | % | ||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly) | 1.11 | % | ||
Portfolio Turnover Rate | 4 | % |
(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. |
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Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | |||||||||||
$ | 13.74 | $ | 9.79 | $ | 9.60 | $ | 8.67 | |||||||
0.06 | 0.06 | 0.02 | (0.04 | ) | ||||||||||
2.48 | 3.92 | 0.17 | 0.97 | |||||||||||
2.54 | 3.98 | 0.19 | 0.93 | |||||||||||
(0.06 | ) | (0.03 | ) | – | – | |||||||||
– | – | – | – | |||||||||||
(0.06 | ) | (0.03 | ) | – | – | |||||||||
$ | 16.22 | $ | 13.74 | $ | 9.79 | $ | 9.60 | |||||||
18.54 | % | 40.76 | % | 1.98 | % | 10.73 | % | |||||||
$ | 142,273 | $ | 105,592 | $ | 64,882 | $ | 72,111 | |||||||
1.15 | % | 1.23 | % | 1.30 | % | 1.32 | % | |||||||
0.41 | % | 0.50 | % | 0.16 | % | (0.43 | )% | |||||||
1.15 | % | 1.23 | % | 1.30 | % | 1.32 | % | |||||||
7 | % | 15 | % | 83 | % | 24 | % |
Annual Report | October 31, 2015 | 55 |
Year Ended October 31, 2015 | ||||
BLACK OAK EMERGING TECHNOLOGY FUND | ||||
Net Asset Value Beginning of Period | $ | 4.25 | ||
Income (Loss) From Operations | ||||
Net Investment Loss(a) | (0.03 | ) | ||
Realized and Unrealized Gain or (Losses) in Securities(a) | 0.04 | |||
Total From Operations | 0.01 | |||
Less Distributions: | ||||
Dividends from Net Investment Income | – | |||
Distributions from Capital Gains | – | |||
Total Dividends and Distributions | – | |||
Net Asset Value End of Period | $ | 4.26 | ||
Total Return(b) | 0.24 | % | ||
Net Assets End of Period (000) | $ | 32,298 | ||
Ratio of Net Expenses to Average Net Assets | 1.25 | % | ||
Ratio of Net Investment Loss to Average Net Assets | (0.61 | )% | ||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly) | 1.25 | % | ||
Portfolio Turnover Rate | 17 | % |
(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. |
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Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | |||||||||||
$ | 3.58 | $ | 2.67 | $ | 2.78 | $ | 2.94 | |||||||
(0.01 | ) | (0.01 | ) | (0.03 | ) | (0.04 | ) | |||||||
0.68 | 0.92 | (0.08 | ) | (0.12 | ) | |||||||||
0.67 | 0.91 | (0.11 | ) | (0.16 | ) | |||||||||
– | – | – | – | |||||||||||
– | – | – | – | |||||||||||
– | – | – | – | |||||||||||
$ | 4.25 | $ | 3.58 | $ | 2.67 | $ | 2.78 | |||||||
18.72 | % | 34.08 | % | (3.96 | )% | (5.44 | )% | |||||||
$ | 34,139 | $ | 29,853 | $ | 25,050 | $ | 28,993 | |||||||
1.31 | % | 1.35 | % | 1.35 | % | 1.35 | % | |||||||
(0.32 | )% | (0.19 | )% | (1.07 | )% | (1.16 | )% | |||||||
1.31 | % | 1.39 | % | 1.44 | % | 1.35 | % | |||||||
41 | % | 58 | % | 33 | % | 54 | % |
Annual Report | October 31, 2015 | 57 |
Financial Highlights
Year Ended October 31, 2015 | ||||
LIVE OAK HEALTH SCIENCES FUND | ||||
Net Asset Value Beginning of Period | $ | 22.25 | ||
Income (Loss) From Operations | ||||
Net Investment Income(a) | 0.14 | |||
Realized and Unrealized Gain in Securities(a) | 1.51 | |||
Total From Operations | 1.65 | |||
Less Distributions: | ||||
Dividends from Net Investment Income | (0.13 | ) | ||
Distributions from Capital Gains | (2.12 | ) | ||
Total Dividends and Distributions | (2.25 | ) | ||
Net Asset Value End of Period | $ | 21.65 | ||
Total Return(b) | 8.02 | % | ||
Net Assets End of Period (000) | $ | 53,172 | ||
Ratio of Net Expenses to Average Net Assets | 1.08 | % | ||
Ratio of Net Investment Income to Average Net Assets | 0.62 | % | ||
Ratio of Expenses to Average Net Assets (Excluding Waivers and/or Fees Paid Indirectly) | 1.08 | % | ||
Portfolio Turnover Rate | 28 | % |
(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. |
The accompanying notes are an integral part of the financial statements. |
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Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | |||||||||||
$ | 18.83 | $ | 14.67 | $ | 14.00 | $ | 12.84 | |||||||
0.13 | 0.13 | 0.10 | 0.06 | |||||||||||
4.11 | 4.90 | 1.09 | 1.72 | |||||||||||
4.24 | 5.03 | 1.19 | 1.78 | |||||||||||
(0.13 | ) | (0.13 | ) | (0.07 | ) | (0.02 | ) | |||||||
(0.69 | ) | (0.74 | ) | (0.45 | ) | (0.60 | ) | |||||||
(0.82 | ) | (0.87 | ) | (0.52 | ) | (0.62 | ) | |||||||
$ | 22.25 | $ | 18.83 | $ | 14.67 | $ | 14.00 | |||||||
23.36 | % | 36.07 | % | 9.02 | % | 14.46 | % | |||||||
$ | 50,248 | $ | 42,517 | $ | 32,967 | $ | 29,071 | |||||||
1.12 | % | 1.15 | % | 1.24 | % | 1.25 | % | |||||||
0.64 | % | 0.77 | % | 0.73 | % | 0.47 | % | |||||||
1.12 | % | 1.15 | % | 1.24 | % | 1.25 | % | |||||||
15 | % | 12 | % | 16 | % | 17 | % |
Annual Report | October 31, 2015 | 59 |
1. ORGANIZATION:
The Oak Associates Funds (the “Trust”), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with seven diversified funds: White Oak Select Growth Fund, Pin Oak Equity Fund, Rock Oak Core Growth Fund and River Oak Discovery Fund, Red Oak Technology Select Fund, Black Oak Emerging Technology Fund and Live Oak Health Sciences Fund (collectively referred to as “Funds” and individually referred to as a “Fund”). The investment objective of each Fund is to seek long-term capital growth. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectus provides a description of each Fund’s investment objective, policies and strategies.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed by the Funds.
Use of Estimates – These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). Each Fund is considered an investment company for financial reporting purposes under GAAP. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon the sale of the securities.
Security Valuation – Investments in equity securities, which are traded on a national exchange, are stated at the last quoted sales price if readily available for such equity securities on each business day. Investments in equity securities, which are reported on the NASDAQ national market system are valued at the official closing price; other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding sixty days to maturity for which market quotations are readily available are valued at the most recently quoted bid price. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Investments in repurchase agreements are generally valued at par each business day.
Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value (“NAV”).
Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Funds’ Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de–listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; a significant event with respect to a security or securities has occurred after the close of the market or exchange on which the security or securities principally trades and before the time the Fund calculates net asset value; or trading of the security is subject to local government–imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
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Security Transactions and Investment Income – Security transactions are accounted for on the date the security is purchased or sold (trade date). Dividend income is recognized on the ex-dividend date. Interest income is recognized on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold. If applicable, any foreign capital gains taxes are accrued, net of unrealized gains, and are payable upon the sale of such investments.
Expenses – Expenses that are directly related to one of the Funds are charged to that Fund. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable allocation method.
Repurchase Agreements – The Funds invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the repurchase agreements and procedures adopted by the Board of Trustees require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if the counter-party enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. At fiscal year end, certain Funds had investments in repurchase agreements. The gross value and related collateral received for those investments are presented in each applicable Fund’s Schedule of Investments. The value of the related collateral received exceeded the value of the repurchase agreements as of the period end.
Master Agreements and Netting Arrangements –Certain Funds may participate in various repurchase agreements, such as, but not limited to Master Repurchase Agreements, which govern the terms of certain transactions with select counterparties (collectively “Master Agreements”). These Master Agreements generally include provisions for general obligations, agreements, representations, collateral and provisions for events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination or default event, the total market value exposure would be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. An election made by a counterparty to terminate a transaction early under a Master Agreement could have an adverse impact on a Fund’s financial statements. Master Agreements can also help limit counterparty risk by requiring collateral posting arrangements at pre-arranged exposure levels. Collateral under the Master Agreements is usually in the form of cash, U.S. Treasury or U.S. Government agency securities, but may include other types of securities. There can be no assurance that the Master Agreements will be successful in limiting credit or counterparty risk.
Annual Report | October 31, 2015 | 61 |
Dividends and Distributions to Shareholders – Dividends from net investment income are declared and paid to shareholders on an annual basis, as applicable. Net realized capital gains on sales of securities, if any, are distributed to shareholders at least annually. Distributions to shareholders are determined in accordance with income tax regulations and are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Therefore, the source of the Funds’ distributions may be shown in the accompanying financial statements as either from or in excess of net investment income or net realized gain, or from paid-in capital, depending upon the type of book/tax differences that may exist.
3. FAIR VALUE MEASUREMENTS:
Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:
The three-tier hierarchy is summarized as follows:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access at the measurement date, including but not limited to:
Equity Securities – investments for which market quotations are readily available that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.
Investment Companies – investments in open-end registered investment companies which are valued at their closing NAV.
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Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability, including but not limited to:
Repurchase Agreements – investments in overnight tri-party repurchase agreements which are valued at par.
All Securities – quoted prices for similar securities, including matrix pricing; quoted prices based on recently executed transactions; adjusted quoted prices based on observable and formulaic inputs; or, prices using other observable correlated market inputs.
Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset and liability at the measurement date, including but not limited to:
All Securities – modeling or manual pricing based on the Adviser’s own assumptions in determining fair value of investments; or, the significant use of other unobservable or very stale inputs within fair valuation.
The following is a summary of the inputs used to value each Fund’s investments as of October 31, 2015.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
WHITE OAK SELECT GROWTH FUND | ||||||||||||||||
Common Stocks | $ | 256,112,736 | $ | – | $ | – | $ | 256,112,736 | ||||||||
Short Term Investments | – | 1,080,752 | – | 1,080,752 | ||||||||||||
Total | $ | 256,112,736 | $ | 1,080,752 | $ | – | $ | 257,193,488 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
PIN OAK EQUITY FUND | ||||||||||||||||
Common Stocks | $ | 94,294,419 | $ | – | $ | – | $ | 94,294,419 | ||||||||
Short Term Investments | – | 5,121,588 | – | 5,121,588 | ||||||||||||
Total | $ | 94,294,419 | $ | 5,121,588 | $ | – | $ | 99,416,007 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
ROCK OAK CORE GROWTH FUND | ||||||||||||||||
Common Stocks | $ | 7,737,273 | $ | – | $ | – | $ | 7,737,273 | ||||||||
Short Term Investments | – | 86,073 | – | 86,073 | ||||||||||||
Total | $ | 7,737,273 | $ | 86,073 | $ | – | $ | 7,823,346 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
RIVER OAK DISCOVERY FUND | ||||||||||||||||
Common Stocks | $ | 11,737,799 | $ | – | $ | – | $ | 11,737,799 | ||||||||
Short Term Investments | – | 1,069,864 | – | 1,069,864 | ||||||||||||
Total | $ | 11,737,799 | $ | 1,069,864 | $ | – | $ | 12,807,663 |
Annual Report | October 31, 2015 | 63 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
RED OAK TECHNOLOGY SELECT FUND | ||||||||||||||||
Common Stocks | $ | 130,191,573 | $ | – | $ | – | $ | 130,191,573 | ||||||||
Short Term Investments | – | 897,485 | – | 897,485 | ||||||||||||
Total | $ | 130,191,573 | $ | 897,485 | $ | – | $ | 131,089,058 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
BLACK OAK EMERGING TECHNOLOGY FUND | ||||||||||||||||
Common Stocks | $ | 30,309,869 | $ | – | $ | – | $ | 30,309,869 | ||||||||
Short Term Investments | – | 2,519,382 | – | 2,519,382 | ||||||||||||
Total | $ | 30,309,869 | $ | 2,519,382 | $ | – | $ | 32,829,251 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
LIVE OAK HEALTH SCIENCES FUND | ||||||||||||||||
Common Stocks | $ | 51,331,143 | $ | – | $ | – | $ | 51,331,143 | ||||||||
Short Term Investments | – | 571,100 | – | 571,100 | ||||||||||||
Total | $ | 51,331,143 | $ | 571,100 | $ | – | $ | 51,902,243 |
The above tables are presented by levels of disaggregation for each asset class.For detailed descriptions of the underlying industries, see the accompanying Schedules of Investments. There were no transfers into or out of Level I and 2 during the period. There were no Level 3 securities held during the period. It is the Funds’ policy to recognize transfers into and out of levels at the end of the reporting period.
4. TRANSACTIONS WITH AFFILIATES:
Certain officers of the Trust are also officers of Oak Associates, ltd., investment adviser to the Funds (the “Adviser”), ALPS Fund Services, Inc. the administrator, fund accountant and transfer agent for the Funds (“ALPS”), and/or ALPS Distributors, Inc. the Funds’ distributor (the “Distributor”). Such officers are paid no fees by the Trust for serving as officers to the Trust. Pursuant to a PFO Services Agreement between ALPS and the Trust, ALPS provides a qualified person to serve as the Trust’s Principal Financial Officer (“PFO”). Principal financial officer fees payable pursuant to the terms of the PFO Services Agreement represent payments made by the Trust to ALPS and not to any individual employee of ALPS serving as PFO to the Trust.
5. ADMINISTRATION, TRANSFER AGENT AND DISTRIBUTION AGREEMENTS:
Administration: ALPS Fund Services, Inc. (the “Administrator”) serves as administrator to the Trust. The Trust and the Administrator have entered into an administration, bookkeeping and pricing services agreement (the “Administration Agreement”). Under the Administration Agreement, the Administrator provides the Trust with administrative services, including regulatory reporting, fund accounting services, and calculating the Funds’ daily net asset value, and provides all necessary office space, equipment, personnel and facilities for annual fee. The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or negligence on the part of the Administrator in the performance of its duties or from reckless disregard by it of its duties and obligations there under. The Administration Agreement shall remain in effect for a period of one year after the effective date of the agreement and shall continue in effect for successive periods of one year unless terminated by either party on not less than 60 days’ prior written notice to the other party.
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Administrative Fee: ALPS Fund Services, Inc. (“ALPS”) provides the Funds with certain administrative personnel and services. The fees paid to ALPS are based on an annual rate of the daily average aggregate net assets of the Trust for the period. Fees are allocated to each Fund based on daily net assets (each Fund’s net assets as a percentage of total Trust net assets).
Transfer Agent: ALPS Fund Services, Inc. (the “Transfer Agent”) serves as transfer agent, dividend paying agent and shareholder service agent for the Trust under a transfer agency and services agreement with the Trust.
Distribution: The Trust and ALPS Distributors, Inc. (the “Distributor”), an affiliate of the Administrator, are parties to a distribution agreement (the “Distribution Agreement”) whereby the Distributor acts as principal underwriter for the Trust’s shares. The Distributor has agreed to use its best efforts in distributing Fund shares but is not obligated to sell any particular number of shares. The Distributor does not receive compensation under the Distribution Agreement for distribution of Fund shares.
6. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
The following table lists the contractual advisory fees and fee waivers that were in effect during the fiscal year ended October 31, 2015:
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% | (0.27%) | 0.47% |
River Oak Discovery Fund | 0.90% | (0.10%) | 0.80% |
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% |
U.S. Bank N.A. acts as custodian (the “Custodian”) for the Funds.
Annual Report | October 31, 2015 | 65 |
7. INVESTMENT TRANSACTIONS:
The cost of security purchases and the proceeds from security sales, other than short–term investments, for the year ended October 31, 2015, were as follows:
Fund | Purchases | Sales | ||||||
White Oak Select Growth Fund | $ | 21,397,891 | $ | 37,814,265 | ||||
Pin Oak Equity Fund | 13,191,752 | 16,730,703 | ||||||
Rock Oak Core Growth Fund | 2,755,484 | 2,628,576 | ||||||
River Oak Discovery Fund | 2,203,783 | 3,292,471 | ||||||
Red Oak Technology Select Fund | 5,966,710 | 24,012,688 | ||||||
Black Oak Emerging Technology Fund | 5,558,404 | 8,828,512 | ||||||
Live Oak Health Sciences Fund | 14,478,231 | 16,362,652 |
8. FEDERAL INCOME TAXES AND TAX BASIS INFORMATION:
Each of the Funds is classified as a separate taxable entity for Federal income tax purposes. Each of the Funds intends to continue to qualify as a separate “regulated investment company” under Sub–chapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.
The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. The character of dividends from net investment income or distributions from net realized gains made during the year, and the timing may differ from the year that the income or realized gains (losses) were recorded by the Funds. To the extent these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise. These differences are primarily due to differences in the treatment of net operating losses and certain other investments.
Accordingly, the following permanent differences have been reclassified to/from the following accounts:
Undistributed Ordinary Income/Loss | Accumulated Capital Gain/(Loss) | Paid-in Capital | ||||||||||
White Oak Select Growth Fund | $ | – | $ | – | $ | – | ||||||
Pin Oak Equity Fund | 3,935 | (3,935 | ) | – | ||||||||
Rock Oak Core Growth Fund | – | – | – | |||||||||
River Oak Discovery Fund | (4 | ) | 4 | – | ||||||||
Red Oak Technology Select Fund | – | – | – | |||||||||
Black Oak Emerging Technology Fund | 114,636 | – | (114,636 | ) | ||||||||
Live Oak Health Sciences Fund | – | – | – |
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Notes to Financial Statements
Included in the amounts reclassified was a net operating loss offset to Paid-in Capital of:
Amount | ||||
Black Oak Emerging Technology Fund | $ | 114,636 |
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 |
The tax character of the distributions paid by the Funds for the fiscal year ended October 31, 2014 is as follows:
Ordinary Income | Long-Term Capital Gain | Total | ||||||||||
White Oak Select Growth Fund | $ | 1,123,336 | $ | – | $ | 1,123,336 | ||||||
Pin Oak Equity Fund | 520,352 | – | 520,352 | |||||||||
Rock Oak Core Growth Fund | 240,263 | 1,228,005 | 1,468,268 | |||||||||
River Oak Discovery Fund | – | 1,080,699 | 1,080,699 | |||||||||
Red Oak Technology Select Fund | 461,447 | – | 461,447 | |||||||||
Black Oak Emerging Technology Fund | – | – | – | |||||||||
Live Oak Health Sciences Fund | 338,486 | 1,514,462 | 1,852,948 |
As of October 31, 2015, the components of distributable earnings on a tax basis were as follows:
Undistributed Net Investment Income | Accumulated Capital Gains/(Losses) | Unrealized Appreciation | Cumulative Effect of Timing Differences | Total | ||||||||||||||||
White Oak Select Growth Fund | $ | 1,377,232 | $ | (24,317,071 | ) | $ | 34,510,961 | $ | – | $ | 11,571,122 | |||||||||
Pin Oak Equity Fund | 546,931 | 2,912,350 | 15,296,438 | – | 18,755,719 | |||||||||||||||
Rock Oak Core Growth Fund | – | 175,224 | 1,827,065 | (4,286 | ) | 1,998,003 |
Annual Report | October 31, 2015 | 67 |
Notes to Financial Statements
As of October 31, 2015
Undistributed Net Investment Income | Accumulated Capital Gains/(Losses) | Unrealized Appreciation | Cumulative Effect of Timing Differences | Total | ||||||||||||||||
River Oak Discovery Fund | 14,162 | (7,942 | ) | 2,477,542 | (52,846 | ) | 2,430,916 | |||||||||||||
Red Oak Technology Select Fund | 650,260 | 4,075,189 | 33,250,461 | – | 37,975,910 | |||||||||||||||
Black Oak Emerging Technology Fund | $ | – | $ | 944,194 | 8,403,051 | (196,430 | ) | 9,150,815 | ||||||||||||
Live Oak Health Sciences Fund | 682,278 | 6,501,236 | 17,443,419 | – | 24,626,933 |
At October 31, 2015, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
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 | ||||||||||||||||||||||
2016 | $ | 15,301,273 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
2017 | $ | 9,015,798 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Total | $ | 24,317,071 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.
Short-Term | Long-Term | |||||||
White Oak Select Growth Fund | $ | – | $ | – | ||||
Pin Oak Equity Fund | – | – | ||||||
Rock Oak Core Growth Fund | – | – | ||||||
River Oak Discovery Fund | – | 7,942 | ||||||
Red Oak Technology Select Fund | – | – | ||||||
Black Oak Emerging Technology Fund | – | – | ||||||
Live Oak Health Sciences Fund | – | – |
During the year ended October 31, 2015, the Funds utilized the following capital loss carryforwards:
Used October 31, 2015 | 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 | |||||||||||||||||||||
$ | (6,226,107 | ) | $ | – | $ | – | $ | – | $ | (2,127,624 | ) | $ | (410,591 | ) | $ | – |
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Notes to Financial Statements
As of October 31, 2015
The following Fund elected to defer to the period ending October 31, 2016, late year ordinary losses in the amount of:
Amount | ||||
Rock Oak Core Growth Fund | $ | 4,286 | ||
River Oak Discovery Fund | 52,846 | |||
Black Oak Emerging Technology Fund | 196,430 |
At October 31, 2015, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Funds is as follows:
Federal Tax Cost | Aggregate Gross Appreciation | Aggregate Gross Depreciation | Net Appreciation | |||||||||||||
White Oak Select Growth Fund | $ | 222,682,527 | $ | 50,715,657 | $ | (16,204,696 | ) | $ | 34,510,961 | |||||||
Pin Oak Equity Fund | 84,119,569 | 19,104,113 | (3,807,675 | ) | 15,296,438 | |||||||||||
Rock Oak Core Growth Fund | 5,996,281 | 2,227,133 | (400,068 | ) | 1,827,065 | |||||||||||
River Oak Discovery Fund | 10,330,121 | 3,157,928 | (680,386 | ) | 2,477,542 | |||||||||||
Red Oak Technology Select Fund | 97,838,597 | 37,961,174 | (4,710,713 | ) | 33,250,461 | |||||||||||
Black Oak Emerging Technology Fund | 24,426,200 | 8,775,212 | (372,161 | ) | 8,403,051 | |||||||||||
Live Oak Health Sciences Fund | 34,458,824 | 17,832,769 | (389,350 | ) | 17,443,419 |
Management evaluates the Funds’ tax positions to determine if the taken tax positions meet the minimum recognition threshold by measuring and recognizing tax liabilities in the Financial Statements. The threshold is established by accounting for uncertainties in income tax positions, taken or expected. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.
Management has analyzed the Funds’ tax position taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that as of and for the year ended October 31, 2015, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years (current and prior three tax years) for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
9. CONCENTRATION OF CREDIT RISK AND OWNERSHIP:
In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however based on experience, the risk of loss from such claims is considered remote.
Annual Report | October 31, 2015 | 69 |
Notes to Financial Statements
As of October 31, 2015
From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.
As of October 31, 2015, the James D. Oelschlager Trust owned 39.68% of the River Oak Discovery Fund.
10. Trustee and officers fees:
At the November 4, 2015 board meeting, the board approved to change the Trustee compensation. Each Independent Trustee will continue to receive a retainer of $30,000 per year. The chairperson of the Audit Committee will receive an additional retainer of $1,000 per calendar quarter and the Lead Independent Trustee will receive an additional retainer of $3,500 per calendar quarter. In addition, each Independent Trustee will also be paid a fee of $3,500 for each meeting of the Board of Trustees attended or participated in, as the case may be. Each Independent Trustee will be paid $4,000 per telephonic or in-person meeting at which they receive and review preliminary materials provided in connection with the annual continuation of the advisory agreement in accordance with Section 15(c) of the 1940 Act, and $1,000 for any other telephonic board meetings. The Independent Trustees will not be paid an additional fee from the Trust for attendance at and/or participation in meetings of the various committees of the Board. The Independent Trustees will also be reimbursed for meeting-related expenses. Officers of the Trust and Trustees who are interested persons of the Trust will receive no salary or fees from the Trust.
11. INDEMNIFICATIONS:
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Notes to Financial Statements
As of October 31, 2015
12. SUBSEQUENT EVENTS:
Fund | Ordinary Dividend Total | Short-Term Capital Gain Total | Long-Term Capital Gain Total | |||||||||
White Oak Select Growth Fund | $ | 1,677,912 | $ | – | $ | – | ||||||
Pin Oak Equity Fund | $ | 762,856 | $ | – | $ | 2,912,364 | ||||||
Rock Oak Core Growth Fund | $ | 60,295 | $ | – | $ | 175,227 | ||||||
River Oak Discovery Fund | $ | 14,169 | $ | – | $ | – | ||||||
Red Oak Technology Select Fund | $ | 1,455,611 | $ | – | $ | 4,075,253 | ||||||
Black Oak Emerging Technology Fund | $ | – | $ | – | $ | 944,209 | ||||||
Live Oak Health Sciences Fund | $ | 364,201 | $ | 407,202 | $ | 6,501,251 |
Annual Report | October 31, 2015 | 71 |
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Annual Report | October 31, 2015 | 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 (80) | Trustee | 14 | 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 (80) | Trustee | 13 | 7 | Physician, Cleveland Clinic (Health Care) since 1966. | None |
James D. Oelschlager(5) (73) | Trustee, Chairman | 14 | 7 | Managing Member, President, CO-CIO (since October 9, 2014); CIO and Founder of Oak Associates, ltd. since 1985. | None |
John G. Stimpson(5) (73) | Trustee | 14 | 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 (75) | Trustee | 7 | 7 | Financial Planning Practitioner, Ramig Financial Planning since 1991. | None |
Robert P. Stephans (72) | Trustee | 7 | 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 (67) | Trustee | 7 | 7 | Attorney at Law; Partner, Shade & Shade since December, 1979. | None |
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As of October 31, 2015 (Unaudited)
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, 2015, 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. |
Annual Report | October 31, 2015 | 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) (45) | President/ Chief Executive Officer | 1 | 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) (62) | Chief Compliance Officer | 11 months | 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 (46) | Treasurer/ Principal Financial Officer | 3 | N/A | Fund Controller, ALPS Fund Services, Inc. since June 2012; Manager of Valuations with Great West Life and Annuity from 2011 to 2012, Supervisor of Fund Accounting at Janus Capital from February 2011 to November 2011, Project Manager at Old Mutual Capital from 2007 – 2010. | N/A |
Meg Koehler (36) | Vice President/ Secretary | 5 months | N/A | Senior Counsel and Vice President, ALPS Fund Services, Inc. since August 2014; Associate Counsel, Atlantic Fund Services, from 2008 to 2014. | N/A |
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As of October 31, 2015 (Unaudited)
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, 2015 | 77 |
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P.O. Box 8233 Denver, CO 80201-8233 |
(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). |
Item 3. | Audit Committee Financial Expert. |
Item 4. | Principal Accountant Fees and Services. |
(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 2015 and 2014 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 2015 and 2014 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 2015 and 2014 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 2015 and 2014 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 2015 and 2014 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. |
Item 5. | Audit Committee of Listed Registrants. |
Item 6. | Schedule of Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers. |
Item 10. | Submission of Matters to a Vote of Security Holders. |
Item 11. | Controls and Procedures. |
Item 12. | Exhibits. |
By | /s/ Charles A. Kiraly | |
Charles A. Kiraly | ||
President | ||
Date: | January 8, 2015 |
By | /s/ Charles A. Kiraly | |
Charles A. Kiraly | ||
President and Principal Executive Officer | ||
Date: | January 8, 2015 |
By | /s/ Pete Greenly | |
Pete Greenly | ||
Treasurer and Principal Financial Officer | ||
Date: | January 8, 2015 |