White Oak Select Growth Fund (WOGSX) N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number : 811-08549

Oak Associates Funds

(Exact name of registrant as specified in charter)

3875 Embassy Parkway, Suite 250

Akron, Ohio 44333

(Address of principal executive offices) (Zip code)

Charles A. Kiraly

3875 Embassy Parkway, Suite 250

Akron, Ohio 44333

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2020

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

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

Item 1. Reports to Stockholders.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from each Fund electronically by contacting the Fund at 1-888-462-5386 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting the Fund at 1-888-462-5386. If you own shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held with the Fund complex or at your financial intermediary.

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. Academic studies have shown 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

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 physiologically 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 a limited number of underlying investments, funds that invest a signification portion of their 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.

Shareholder Letter

November 23, 2020

Dear Fellow Shareholders,

The fiscal year 2020 will forever be remembered for the Coronavirus pandemic. During the health care crisis, a narrow set of large cap growth stocks drove US equity indexes to record levels. Following a sharp decline in March 2020, stocks steadily recovered in the second half of the year on the belief that the Covid-19 pandemic would be temporary in nature and that it would be overcome. Fueled by a broad stimulus package, a loose monetary environment and on the prospects of low interest rates for the foreseeable future, stocks discounted the short-term economic concerns and scaled a wall of worry.

The 2020 Coronavirus economy will be defined by the significant outperformance of streaming, working-from-home, video conferencing, and online shopping businesses, versus the underperformance of travel, service, and in-person entertainment industries. As the pandemic accelerated in March, some states issued shelter-in-place orders to help maintain hospital capacity and slow the spread. The resulting economic suppression had dire effects on service-related industries, causing a record-breaking spike in unemployment and producing a sudden recession. In response to the uncertain economic outlook, the Federal Reserve cut interest rates to zero and the Treasury Department coordinated a massive stimulus package of forgivable loans to businesses and direct payments to consumers. This helped avoid economic Armageddon. The combination of low interest rates and loose monetary policy propelled specific sectors. Stuck at home with limitations on travel and vacation options, homeowners renovated and real-estate prices climbed. Others purchased RVs, built home gyms, bought cars or consumed streaming media and online gaming.

While many sectors recovered rapidly following the Great Suppression, others have not. Hotel, airlines, entertainment, restaurants, and brick-and-mortar retailers have disproportionately suffered. A distinct split within the economy developed, where hourly and low-wage workers struggled, while corporate jobs simply shifted to a remote working environment. Ultimately, this divergence will need to narrow for the health of the broader US economy, although a vaccine is needed to fully correct the disparity that has developed.

The headline performance of popular US market benchmarks is overstated by the outperformance of the largest companies in the Index, which has masked broader weakness experienced throughout the rest of the equity market. Indeed, despite the S&P 500 (the “Index”) gaining 9.7% during the fiscal year, the average (and median) return was around -0.5%. On an absolute basis, 65% of the Index companies underperformed the indexes’ return, highlighting the outsized effect the largest companies exert on market-cap weighted benchmarks. Here are the 5 largest stocks in the Index, which account for close to 20% of the index, and their returns for the fiscal year: Apple +76%, Microsoft +42%, Amazon +37%, Facebook +37%, and Google +28%. While the average company suffered a drop in revenues and earnings, this select set of growth stocks drove the popular benchmark indexes higher.

Given the growth focus of Oak Associates’ strategies, our portfolios have performed well, although not as strong as a pure growth approach due to the valuation discipline of our philosophy. We hold several of the leading large-cap growth stocks, but do not own all of the top 5 or top 10 because some have more attractive business models than others. This is also because, historically, owning the largest of the large is usually a recipe for underperformance. At some point, size becomes a limiting factor and smaller companies outmaneuver larger ones by being more innovative or nimble. Yet for 2020 and 2019, owning the top 5 stocks in the index has been a winning strategy. Going forward this may not continue and historical trends could resume.

Shareholder Letter

As the Coronavirus pandemic unfolded in March, we authored a commentary that highlighted one relevant parallel for the stock market. Since there has not been a similar global epidemic in over 100 years, there are no past cycles to study the market’s likely response. However, we did foresee a similar chain of events that often occur in commodity markets. Regardless of the cause of a market disruption, it is common for capital to flood the sector in search of a solution and profits. This can dramatically shift a scarce resource into being oversupplied as the massive capital investment affects the supply/demand dynamics. Similarly, the Coronavirus pandemic has seen an unprecedented investment into research, therapeutics and vaccine development. These efforts support the thesis that the pandemic will be a temporary disruption to the global economy and foster a solution.

Nine months into the pandemic, we are already seeing confirmation of this. Several vaccines are in advanced trials, and it’s likely several will be safe, effective and readily available in the first half of 2021. Multiple vaccines will also thwart potential distribution problems, supply bottlenecks, and any resource nationalism that could occur, thereby facilitating an end to the contagion. The stock market understands this and may already be discounting its conclusion. In addition to a viable vaccine, progress in treatment options, such as monoclonal antibodies and antiviral drugs, have also improved the prognosis for those affected by Covid-19. While we certainly cannot claim victory yet, progress is being made.

One underreported transformational benefit of the 2020 crisis is the work-from-home revolution. Prior to the pandemic, telecommuting was endorsed sparingly by businesses. Yet the Coronavirus forced a real-time work from home experiment upon large segments of the economy with successful results. This could have huge benefits for businesses that may now save money on rent, provide a more attractive work environment, access a larger talent pool, or enhance profits. The concerns over productivity, collaboration, accountability were answered through this experiment. We have long believed that productivity gains are at the root of all good things economically.

Looking into 2021, a return to economic normalcy should develop with positive implications for the performance of the broader equity markets, particularly those which lagged in the Coronavirus economy. With a sustained recovery, a reduction in unemployment should also occur. Together, this is beneficial to consumer spending, investor sentiment, and business confidence. In all, the investment backdrop is very favorable, with an accommodative Federal Reserve committed to support the economy and interest rates low for the foreseeable future.

Thank you for your investment in The Oak Associates Funds.

Best regards,

Robert Stimpson, CFA
Co-Chief Investment Officer & Portfolio Manager

HIGHLIGHTS from the 2020 FISCAL YEAR

October 31, 2019 to October 31, 2020 (Unaudited)

READ MORE AT WWW.OAKFUNDS.COM

OAK ASSOCIATES FUNDS

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White Oak Select Growth Fund (the “Fund”) gained 11.60% for the fiscal year ended October 31, 2020, while the S&P 500 Index gained 9.71% and the Lipper Large-Cap Core Funds Average gained 7.91%. Over the last ten years, the Fund has gained an average of 11.93% per year.

The Coronavirus pandemic dominated the investment landscape for most of the past fiscal year. The high levels of uncertainty, an economic shutdown, and a short-lived recession overshadowed the global economy since January. U.S. equities weathered the turmoil extremely well. This is due to several factors, including: government stimulus, a crowding into large-cap stocks, and the prospects of a persistent low inflation/low interest rate environment.

The performance of U.S. benchmarks has actually masked broader weakness in U.S. stocks. This occurred as several of the largest holdings in the indexes soared as investors demonstrated a preference for those companies likely to weather an economic slowdown and/or benefit from the working from home environment. So, while the top 5 holdings in the S&P 500 rose significantly, the rest of the 495 stocks in the index fell on average. Going forward however, the foundation has been laid for a favorable backdrop for equities. Stocks tend to enjoy a low interest-rate/low-inflation environment and should respond positively to an economic normalization as the pandemic wanes.

Within the Fund, Amazon.com was not only the Fund’s best performing holding, but also the largest position. The online commerce giant has benefited from the surge in online shopping due to the economic restrictions and work-from-home shift. Amazon rose over 70% during the past fiscal year. The semiconductor company Qualcomm was the Fund’s second-best performing holding, rising 57%. The cellular chip company enjoyed an easing of tensions with Chinese cellular manufacturers and better-than-expected earnings guidance.

US Bank was the worst performing stock in the Fund. The diversified bank suffered from the pandemic driven economic slowdown and prospects that lower interest rates could hurt lending and profitability. The stock fell 28% during the fiscal year.

Looking to 2021, overcoming the Coronavirus pandemic and a return to a more normalized economy should boost earnings growth for equities. Numerous vaccines in development are likely to facilitate a broader economic recovery, although the speed at which life returns to normal may vary. Better participation from the majority of U.S. stocks, which have lagged the headline popular index returns, should also benefit investors as the narrow market leadership masks the underperformance of most sectors.

Overall, the macroeconomic backdrop established in response to the Covid-19 pandemic should support equities. Low interest rates and low inflation increase the present value of future earnings for investors. The prospects of additional monetary and fiscal stimulus would also benefit risk assets. Ultimately, the economic divergence that has developed between corporate and service-based industries will narrow, which should benefit the overall health of the U.S. economy.

Thank you for your investment with the Oak Associates Funds.

Mutual fund investing involves risk, including the possible loss of principal. The value of the Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Because the Fund may invest a significant portion of its assets in particular industry sectors which it believes hold the most potential for favorable returns, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

^     Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Gross/Net Expense Ratio (per the prospectus dated February 28, 2020): 0.95%

Gross/Net Expense Ratio (as of fiscal year end October 31, 2020): 0.93%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

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 19 and 20 for additional disclosure.

Pin Oak Equity Fund (the “Fund”) gained 0.79% for the fiscal year ended October 31, 2020, while the broad Morningstar U.S. Market Index gained 10.45% and the Lipper Multi-Cap Core Funds Average gained 6.43%. Over the last ten years, the Fund has had an average gain of 12.05% per year.

Pin Oak Equity Fund’s more valuation sensitive positioning hampered returns during the past fiscal year. During the period, U.S. equity market strength became more concentrated in large-cap and growth companies, despite rising concerns over the U.S. economy during the Coronavirus pandemic. Specifically, the Fund’s exposure to financial stocks, which often reflect the health of the underlying economy, hurt returns as the economic suppression required to maintain hospital capacity early in 2020 sent the sector lower. Financials subsequently failed to recover as quickly as other areas of the market on uncertainty over potential default rates and earnings power due to the zero interest rate environment.

Since the Fund tends to take more contrarian positions and avoid over-hyped companies, it lacked exposure to one of the strongest areas in 2020. As the healthcare crisis unfolded, equity market strength became more concentrated in a handful of large-cap U.S. technology companies. This group of large, profitable, blue-chip companies became even more popular as uncertainty grew. Yet, apart from the largest of the large-cap growth stocks, the majority of the U.S. stocks underperformed the popular benchmarks and posted only modest gains.

Portfolio leaders during the fiscal year included Amazon.com. The e-commerce giant rose over 70% as shelter-at-home orders drove shoppers online and fueled digital media consumption. Amazon also benefit from the crowding that occurred into large-cap growth stocks. Investors piled into large companies they anticipated would weather the pandemic well. eBay, another online retailer, was the second-best performing holding, gaining 37% for similar reason.

Portfolio underperformers included energy company Royal Dutch Shell and diversified banking firm Wells Fargo. The Coronavirus pandemic and resulting economic suppression sent oil demand plummeting. Royal Dutch fell 54% in the fiscal year. Wells Fargo, which lost 41%, before being sold, has struggled to overcome a series of scandals and equity market volatility. It fell along with other financial stocks as the low interest rate environment pressures the industries net interest margins.

Pin Oak Equity Fund remains well diversified across industries and styles. More recently, the portfolio has expanded its market capitalization exposure to include more mid-cap stocks. This is in anticipation of a broadening economic recovery as the pandemic wanes. A return to economic normalcy should benefit more cyclical areas of the market and the Fund has shifted to take advantage of this inevitability. The fund’s small-cap exposure remains low due to a relative valuation advantage for large- and mid-cap stocks.

Thank you for your investment with the Oak Associates Funds.

Mutual fund investing involves risk, including the possible loss of principal. The value of the Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Because the Fund may invest a significant portion of its assets in particular industry sectors which it believes hold the most potential for favorable returns, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

^     Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Gross/Net Expense Ratio (per the prospectus dated February 28, 2020): 0.96%

Gross/Net Expense Ratio (as of fiscal year end October 31, 2020): 0.95%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

¹ Effective February 28, 2020, the Morningstar U.S. Market Index replaced the Russell 3000 Total Return Index as the Fund’s performance benchmark because Morningstar U.S. Market Index more closely aligns with the Fund’s investment strategy and portfolio composition. ² Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 19 and 20 for additional disclosure.

Rock Oak Core Growth Fund (the “Fund”) climbed 3.78% for the fiscal year ended October 31, 2020, while the Morningstar U.S. Mid-Cap Index rose 5.49%, and the Lipper Multi-Cap Core Funds Average gained 6.43%. Over the last ten years, the Fund has gained an average of 8.71% per year.

The U.S. equity market in 2020 was driven, in large part, by a narrow set of large-cap growth companies that dominate the popular benchmark indexes. The Coronavirus pandemic fueled several mega-cap companies, whose rare attributes of being large, very profitable, and likely to grow during uncertain times, caused them to significantly outperform. Outside of this rare subset of equities, the majority or U.S. equities actually underperformed the benchmarks. The short, but severe Covid-related recession and the uncertainty associated with it, hampered the performance of most companies.

During the fiscal year, the government’s response to the Coronavirus defined outcomes within the equity markets. As the health care crisis unfolded, the Federal Reserve acted quickly to lower the Fed Funds rates to zero percent. This helped to stabilize the economy as numerous shelter-in-place orders suppressed economic activity, but it also caused financial stocks to underperform. A massive stimulus package from the Treasury Department with lending to business and direct payments to consumers also aided the economy. The flood of stimulus certainly buoyed asset prices. Although the pandemic has had an uneven impact on the economy, service industries have been hit very hard while other corporate environments have remained resilient. Some sectors, such as home improvement, construction, and digital media have been prime beneficiaries in the recovery.

The Fund’s best performing stock in the fiscal year was Pool Corp., a distributor of swimming pool construction and maintenance products. The company has seen a surge of business due to the pandemic and low interest rates. The Fund’s second largest contributor to returns was Amazon.com. The online retailer benefited from the accelerated shift to online shopping during the lockdown phase of the epidemic. The company’s online streaming services also grew as customers sought out entertainment options.

The Fund’s largest underperformer was energy company Holly Frontier, which fell 60% on fears of falling global energy demand caused by the Coronavirus pandemic. The position was sold early on in the crisis, but its performance still hampered returns.

Going forward, the Fund remains focused on companies with solid fundamentals that trade at reasonable valuations and demonstrate a high commitment to shareholder value creation. The Fund has focused more and more on mid-capitalization stocks, recognizing that an economic normalization once past the Covid crisis should produce a broader participation within the equity market. Relative to other market capitalization ranges, mid-caps offer a solid combination of growth and attractive valuation.

Thank you for your investment with the Oak Associates Funds.

Mutual fund investing involves risk, including the possible loss of principal. The value of the Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Because the Fund may invest a significant portion of its assets in particular industry sectors which it believes hold the most potential for favorable returns, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

^     Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower.

Gross/Net Expense Ratio (per the prospectus dated February 28, 2020): 1.38%/1.25%
Gross/Net Expense Ratio (as of fiscal year end October 31, 2020): 1.57%/1.25%

The Adviser has contractually agreed through February 28, 2021, to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses (excluding Acquired Fund Fees and Expenses) to an annual rate of not more than 1.25% of average daily net assets. This contractual waiver may only be terminated subject to approval by the Board of Trustees of the Trust.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

¹ Effective February 28, 2020, the Morningstar U.S. Mid-Cap Index replaced the S&P 500 Total Return Index as the Fund’s performance benchmark because Morningstar U.S. Mid-Cap Index more closely aligns with the Fund’s investment strategy and portfolio composition. ² Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 19 and 20 for additional disclosure.

River Oak Discovery Fund (the “Fund”) gained 7.79% for the fiscal year ended October 31, 2020, while the Morningstar U.S. Small-Cap Index fell (1.72%) and the Lipper Small-Cap Core Funds Average lost (7.66%). Over the last ten years, the Fund has gained an average of 7.74% per year.

Small-cap stocks have underperformed their large-cap brethren for some time now. Fiscal year 2020 was no different, with a select set of large-cap stocks leading the market higher. However, Oak Associate’s small-cap strategy significantly outperformed its peer group, despite a very challenging environment for high-risk asset classes. Smaller companies tend to be more cyclical and therefore considered higher risk when economic uncertainty increases. The Fund’s focus on companies with a strong niche helped it outperform despite the cloud of uncertainty caused by the Coronavirus.

For most of the year, the Coronavirus pandemic overshadowed the investment landscape, fueling uncertainty and prompting a crowding into large-cap growth names. The Fund’s growth focus certainly helped it outperform in 2020, but strong stock selection drove returns despite the preference for blue chip stocks. The Federal Reserves swift action to lower interest rates, along with a broad stimulus package, also helped stabilize equity markets while the healthcare crisis transpired.

For the second year in a row, the Fund’s strongest performer was SolarEdge Technologies. The company, which focuses on power optimization for semiconductor chips and solar panels, rose 202%. Power consumption and alternative energy remain strong secular trends. Boston Beer Company, the popular craft brewing company, was the second-best performer, gaining 177%.

The Fund’s laggards included Blucora, an online tax preparation and tax compliance company, which fell 54% on concerns over Covid-related weakness for small businesses. Mercer International also weighed on performance. The pulp and paper company lost 45% on concerns over its core business due to the global pandemic and exposure to sales in Europe and China.

Looking to 2021, overcoming the Coronavirus pandemic should help broaden equity market participation beyond the large-cap and growth sectors further. A return to economic normalcy will also improve not only earnings power, but visibility as well. Ultimately, the investment environment remains favorable, despite pockets of weakness in service-related industries and above average unemployment. Global policy makers have engineered a low interest rate, low inflation environment, creating a backdrop stocks tend to enjoy.

The Fund remains committed to seeking out niche companies with a strong commitment to creation of shareholder value. It also intends to remain squarely focused on small-cap stocks as key growth sectors for the equity market.

Thank you for your investment with the Oak Associates Funds.

Mutual fund investing involves risk, including the possible loss of principal. The value of the Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Because the Fund may invest a significant portion of its assets in particular industry sectors which it believes hold the most potential for favorable returns, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

^     Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower.

Gross/Net Expense Ratio (per the prospectus dated February 28, 2020): 1.60%/1.35%

Gross/Net Expense Ratio (as of fiscal year end October 31, 2020): 1.56%/1.35%

The Adviser has contractually agreed through February 28, 2021, to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses (excluding Acquired Fund Fees and Expenses) to an annual rate of not more than 1.35% of average daily net assets. This contractual tee waiver may only be terminated subject to approval by the Board of Trustees of the Trust.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

¹ Effective February 28, 2020, the Morningstar U.S. Small-Cap Index replaced the Russell 2000^® Growth Total Return Index as the Fund’s performance benchmark because Morningstar U.S. Small-Cap Index more closely aligns with the Fund’s investment strategy and portfolio composition. ² Lipper Inc. is the source and owner of the Lipper Classification data. See Pages 19 and 20 for additional disclosure.

Red Oak Technology Select Fund (the “Fund”) gained 16.44% for the fiscal year ended October 31, 2020, while the S&P 500 Equal Weight Information Technology Index gained 15.73% and the Lipper Science & Technology Funds Average gained 35.42%. Over the last ten years, the Fund has an average gain of 17.14% per year.

Even with all the uncertainty this year, U.S. markets achieved strong absolute returns. The first four months of the fiscal year were pressured by escalating trade tensions between the U.S. and China before progress towards a resolution pushed markets to new highs in February. However, optimistic trade news was quickly pushed aside as the Covid-19 pandemic took center stage and injected significant fear and volatility into the markets. Economies shut down and consumers stayed home. The magnitude of the crisis brought quick action in the form of both monetary and fiscal stimulus easing worries and boosting confidence creating the foundation for the sharp recovery. Through it all, the technology sector remained the market leader due to its secular growth drivers and superior profitability.

Over the past several years, we have observed that technology’s continued leadership has consolidated to the point where a few of the largest companies have been doing the heavy lifting of pulling markets higher. Today, the five largest companies (all technology) in the S&P 500 represent over 22% of the index. Extremes such as these can persist but tend not to go on indefinitely as size ultimately becomes an impediment to growth. Attractive long-term growth characteristics will continue to draw investors to technology-oriented companies. We are watching closely for a transition of leadership to relatively smaller players with attractive valuations, in addition to other exciting areas such as Fintech (financial technology) as cashless transactions have benefitted handsomely in this environment.

Despite the turmoil of 2020, the current backdrop continues to be supportive of equities overall. Rates are low, there is little to no inflation and large amounts of stimulus have been injected into the system. Further, the Fed has made clear their intention of keeping interest rates low and we will likely see further fiscal stimulus before calendar year end.

The Fund’s strongest performer was personal computer, mobile phone and wearables maker Apple, which rose over 75%. Strength was driven by the rollout of new products designed to utilize 5G networks. Amazon was also a winner this year, an obvious beneficiary of consumers shifting even more purchasing online during the pandemic. Large cap technology has continued to benefit as investors gravitate toward its growth and stability which is likely to persist into next year.

The Fund’s worst performing stock was digital storage provider Western Digital Corporation. Their business has been significantly impacted by the pandemic due to large cuts in capital spending as business customers preserve cash and their employees work from home. Despite current weakness, Western Digital is well positioned to benefit from the secular shift towards a “big data” economy and the need for mass storage capacity.

Going forward, the Fund will continue to pursue blue-chip, technology companies with dominant market positions and favorable shareholder return metrics that are trading at attractive valuations.

Thank you for your investment with the Oak Associates Funds.

Mutual fund investing involves risk, including the possible loss of principal. The value of the Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Because the Fund may invest a significant portion of its assets in particular industry sectors which it believes hold the most potential for favorable returns, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

^     Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Gross/Net Expense Ratio (per the prospectus dated February 28, 2020): 0.95%

Gross/Net Expense Ratio (as of fiscal year end October 31, 2020): 0.94%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

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 19 and 20 for additional disclosure.

Black Oak Emerging Technology Fund (the “Fund”) gained 29.48% during the fiscal year ended October 31, 2020, while the S&P 500 Equal Weight Information Technology Index gained 15.73% and the Lipper Science & Technology Funds Average gained 35.42%. Over the last ten years, the Fund has an average gain of 11.51% per year.

Although it has been a tumultuous year, investors experienced strong absolute returns. As the fiscal year began, the escalating trade tensions between the U.S. and China continued to hamper technology companies with large exposure to overseas supply chains. Once progress towards a resolution developed, markets pushed to new highs in February. However, optimistic news around trade was quickly pushed aside as the COVID-19 pandemic took center stage and injected significant fear and volatility into the markets. The magnitude of the health care crisis and resulting economic damage was met with significant monetary and fiscal stimulus. The prompt action helped ease worries and boost confidence creating the foundation for a sharp recovery. Through it all, the technology sector remained the market leader due to its secular growth drivers and superior profitability.

Technology stocks have come to dominate the largest positions in most popular major indexes. Their continued leadership has consolidated to the point where today, the 5 largest companies (all technology) in the S&P 500, represent over 22% of the index. Extremes such as these can persist but tend not to go on indefinitely as size ultimately becomes an impediment to growth. Attractive long-term growth characteristics will continue to draw investors to technology oriented companies, but we are watching closely for a transition of leadership to relatively smaller players like many of those represented in the Black Oak Emerging Technology Fund.

The current macroeconomic backdrop continues to be supportive of equities overall. Interest rates are low and the Fed has made clear their intention to keep rates low for a prolonged period. There is also the prospect of additional stimulus from Washington, once past the current election cycle. The combination of low interest rates, minimal inflation, and governmental stimulus tends to benefit equities.

The Fund’s strongest performer was Tesla. The correction in early March gave us an attractive opportunity to start a position in the technology company and maker of high-performance electric vehicles which ultimately rose over 400% from our entry point. SolarEdge, producer of power optimization and monitoring equipment for the solar industry, was also a top performer returning over 202% for the year.

The Fund’s worst performing stock was DXC Technology, a provider of information technology solutions such as analytics, cloud and workload, consulting, and security services. A slower than anticipated return to growth was exacerbated by the pandemic. That said, the stock has recovered significantly from March lows as the new CEO’s turnaround plan appears to finally be generating rewards.

Going forward, the Fund will continue to seek opportunities within technology companies exposed to emerging niches, with solid earnings prospects, and that are trading at favorable valuations.

Thank you for your investment with the Oak Associates Funds.

Mutual fund investing involves risk, including the possible loss of principal. The value of the Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Because the Fund may invest a significant portion of its assets in particular industry sectors which it believes hold the most potential for favorable returns, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

^    Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fee waivers are in effect; if they had not been in effect, performance would have been lower.

Gross/Net Expense Ratio (per the prospectus dated February 28, 2020): 1.18%

Gross/Net Expense Ratio (as of fiscal year end October 31, 2020): 1.12%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

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 19 and 20 for additional disclosure.

Live Oak Health Sciences Fund (the “Fund”) gained 0.62% for the fiscal year ended October 31, 2020, while the S&P 500^® Health Care Index gained 10.06% and the Lipper Health & Biotechnology Funds Average gained 22.82%. Over the last ten years, the Fund has gained 10.86% per year on average.

This year has certainly been eventful, especially within the broader healthcare universe. While concerns over regulatory pricing overhangs abated early in the fiscal year, the sudden emergence of the Covid-19 pandemic, and the economic shut downs that ensued, contributed to unprecedented levels of volatility and uncertainty within the economy and markets. That said, the magnitude of the crisis triggered a swift monetary and fiscal response that poured unparalleled levels of capital into the US economy and its healthcare system, helping both consumers and businesses in addition to kicking off the search for a vaccine.

As is typical during severe economic disruptions, resources flow towards the problem in search of a solution. The current pandemic has caused a massive amount of capital investment in the healthcare industry including research, therapeutics and vaccine development. We are already seeing confirmation of these efforts, with several vaccines in late-stage trials proving to be safe and effective. The success of multiple vaccines should not only eliminate the risk of supply constraints, but facilitate an end to the contagion during the first half of 2021. Within the healthcare sector, performance during the year was mixed and depended largely on exposure to specific end markets, rather than individual company execution. The Fund’s underperformance is tied to underexposure to pure play Covid-19 companies, such as telemedicine and experimental anti-virus or vaccine companies. Within these segments, extreme valuations or binary outcomes made them higher risk, but that risk was well rewarded in 2020.

The Fund’s best performing stock was Charles Rivers Laboratories, which increased 72%, as demand for outsourcing pre-clinical work within biopharma proved resilient and was unaffected by Covid-19 disruptions. This served as a significant growth driver positively impacting revenues and market share capture. United Therapeutics Corporation was the Fund’s second-best performer. The biotechnology company climbed 49% on better than expected revenue growth and positive data for its Tyvaso drug in the treatment of (PH-ILD) pulmonary hypertension an interstitial lung disease, coupled with prospects for a solid product lineup medium-term.

The Fund’s largest laggard was specialty pharma company Eagle Pharmaceuticals, which fell 33% on concerns surrounding generic competition for its leading drug Bendeka and setbacks within their Fulvestrant breast cancer drug. That said, the company possesses a strong balance sheet with a solid pipeline through 2023, which we believe will drive strong shareholder returns long-term.

Looking ahead, we expect capital spending within the healthcare sector to intensify creating a solid backdrop for the industry. The Fund continues to favor stable healthcare companies with healthy balance sheets, strong secular tailwinds and earnings prospects at attractive valuations.

Thank you for your investment with the Oak Associates Funds.

Mutual fund investing involves risk, including the possible loss of principal. The value of the Fund’s investments will vary from day to day in response to the activities of individual companies and general market and economic conditions. Because the Fund may invest a significant portion of its assets in particular industry sectors which it believes hold the most potential for favorable returns, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

^    Percentages are based on net assets. Holdings are subject to change.

Growth of $10,000 Chart

This chart represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years. Past performance does not guarantee future results. This chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Gross/Net Expense Ratio (per the prospectus dated February 28, 2020): 1.05%

Gross/Net Expense Ratio (as of fiscal year end October 31, 2020): 1.03%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please visit www.oakfunds.com or call 1-888-462-5386.

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 19 and 20 for additional disclosure.

Important Disclosures

All data below as of October 31, 2020 (Unaudited)

Index Definitions and Disclosures

All indices are unmanaged and index performance figures include reinvestment of dividends but do not reflect any fees, expenses or taxes. Investors cannot invest directly in an index.

Lipper, a Thomson Reuters Company, is the source and owner of the Lipper Classification data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Lipper Inc. is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.

Lipper Health & Biotechnology Funds – Funds that invest primarily in the equity securities of domestic companies engaged in health care, medicine, and biotechnology.

Lipper Large-Cap Core Funds – Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

Lipper Multi-Cap Core Funds – Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap core funds typically have average characteristics compared to the S&P SuperComposite 1500 Index.

Lipper Science & Technology Funds – Funds that invest primarily in the equity securities of domestic companies engaged in science and technology.

Lipper Small-Cap Core Funds – Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

Oak Associates Funds (the “Funds) are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to individuals who invest in the Funds or any member of the public regarding the advisability of investing in equity securities generally or in the Funds in particular or the ability of the Funds to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUNDS OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. One cannot invest directly in an index

Morningstar U.S. Market Index – Measures the performance of US securities and targets 97% market capitalization coverage of the investable universe. It is a diversified broad market index. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

Morningstar U.S. Mid-Cap Index – Tracks the performance of U.S. mid-cap stocks that fall between 70th and 90th percentile in market capitalization of the investable universe. In aggregate the Mid-Cap Index represents 20 percent of the investable universe.

Important Disclosures

All data below as of October 31, 2020 (Unaudited)

Morningstar U.S. Small-Cap Index – Measures the performance of U.S. small-cap stocks. These stocks fall between the 90th and 97th percentile in market capitalization of the investable universe. In aggregate, the Small-Cap Index represents 7 percent of the investable universe. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

NASDAQ is the source and owner of the NASDAQ Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. NASDAQ is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.

Russell Investments is the source and owner of the Russell Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Russell Investments is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.

Russell 2000 Growth Total Return Index – The Russell 2000 Growth Total Return Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 3000 Total Return Index – The Russell 3000 Total Return Index measures the performance of 3,000 publicly held U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Standard & Poor’s is the source and owner of the S&P Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Standard & Poor’s is not responsible for the formatting or configuration of this material or for any inaccuracy in Oak Associates Funds’ presentation thereof.

S&P 500 Index – is a commonly-recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

S&P 500 Equal Weight Information Technology Index – The S&P 500^® Equal Weight Information Technology Index is an unmanaged equal weighted version of the S&P 500^® Information Technology Index that consists of the common stocks of the following industries: internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services, and wireless telecommunication services that comprise the Information Technology sector of the S&P 500^® Index.

S&P 500 Health Care Index – The S&P 500^® Health Care Index is a capitalization-weighted index that encompasses two main industry groups. The first includes companies who manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health care services, and owners and operators of health care facilities and organizations. The second group consists of companies primarily involved in the research, development, production and marketing of pharmaceuticals and biotechnology products.

S&P 500 Total Return Index – The S&P 500^® Total Return Index is a commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

Investment Definitions

Smart beta defines a set of investment strategies that emphasize the use of alternative index construction rules to traditional market capitalization based indices. Smart beta emphasizes capturing investment factors of market inefficiencies in a rules-based and transparent way.

Important Disclosures

All data below as of October 31, 2020 (Unaudited)

Correlation is a statistic that measures the degree to which two securities move in relation to each other.

The P/E is the ratio for valuing a company that measures its current share price relative to its per share earnings. The price-earnings ratio can be calculated as market value per share divided by earnings per share.

Book value of an asset is the value at which the asset is carried on a balance sheet and calculated by taking the cost of an asset minus the accumulated depreciation. Book value is also the net asset value of a company, calculated as total assets minus intangible assets and liabilities.

Free cash flow yield is an overall return evaluation ratio of a stock, which standardizes the free cash flow per share a company is expected to earn against its market price per share. The ratio is calculated by taking the free cash flow per share divided by the share price.

Disclosure of Fund Expenses

As of October 31, 2020 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2020 through October 31, 2020.

Actual Expenses

The first line of the table for each Fund provides information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

Disclosure of Fund Expenses

As of October 31, 2020 (Unaudited)

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

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

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