0001752724-23-002146.txt : 20230117 0001752724-23-002146.hdr.sgml : 20230117 20230117093353 ACCESSION NUMBER: 0001752724-23-002146 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221031 FILED AS OF DATE: 20230117 DATE AS OF CHANGE: 20230117 EFFECTIVENESS DATE: 20230117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OAK ASSOCIATES FUNDS CENTRAL INDEX KEY: 0001050918 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-08549 FILM NUMBER: 23530502 BUSINESS ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 513-587-3405 MAIL ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 0001050918 S000006538 WHITE OAK SELECT GROWTH FUND C000017873 WHITE OAK SELECT GROWTH FUND WOGSX 0001050918 S000006539 PIN OAK EQUITY FUND C000017874 PIN OAK EQUITY FUND POGSX 0001050918 S000006540 RED OAK TECHNOLOGY SELECT FUND C000017875 RED OAK TECHNOLOGY SELECT FUND ROGSX 0001050918 S000006541 BLACK OAK EMERGING TECHNOLOGY FUND C000017876 BLACK OAK EMERGING TECHNOLOGY FUND BOGSX 0001050918 S000006542 LIVE OAK HEALTH SCIENCES FUND C000017877 LIVE OAK HEALTH SCIENCES FUND LOGSX 0001050918 S000006543 ROCK OAK CORE GROWTH FUND C000017878 ROCK OAK CORE GROWTH FUND RCKSX 0001050918 S000006544 RIVER OAK DISCOVERY FUND C000017879 RIVER OAK DISCOVERY FUND RIVSX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001050918 XXXXXXXX 811-08549 false false false N-1A true Oak Associates Funds 811-08549 0001050918 54930064H3XUADDZTB14 3875 Embassy Parkway Suite 250 Akron 44333-8334 US-OH US 888-462-5386 Oak Associates, ltd. 3875 Embassy Parkway Suite 250 Akron 44333-8334 330-668-1234 Books and records related to investment advisory services Ultimus Fund Solutions, LLC 225 Pictoria Drive Suite 450 Cincinnati 45246-1617 513-587-3400 Books and records related to fund accounting, financial reporting, and transfer agency services U.S. Bank National Association 425 Walnut Street Cincinnati 45202-3956 513-632-4234 Books and records related to custody services N N N N-1A 7 Y Michael R. Shade N/A N David J. Gruber N/A N James D. Oelschlager 002238569 Y Susan F. Akers N/A N Pauline F. Ramig 005208664 N Margaret L. Ballinger 002794028 3875 Embassy Parkway Suite 250 Akron 44333 XXXXXX N N N N N N N Ultimus Fund Distributors, LLC 008-52643 000104177 N/A N N Cohen and Company, Ltd. 925 N/A N N N N N N N Live Oak Health Sciences Fund S000006542 5493006TJLEUT3TZCA70 N 0 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N N/A 8875850.46000000 10929.02000000 Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Oak Associates, ltd. 801-23632 000108874 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 SEC File No. N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 16256.88000000 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 41.70000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 1473.20000000 17771.78000000 0.00000000 Y 54152229.66147950 N N N N Red Oak Technology Select Fund S000006540 549300R8GDOKM9LDMJ74 N 0 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Revenue sharing split 34646597.96000000 42123.42000000 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Oak Associates, ltd. 801-23632 000108874 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 SEC File No. N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 44583.11999999 KEYBANC CAPITAL MARKETS INC 008-30177 000000566 2EQWV0180Z211YVAD813 9454.59000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 620.00000000 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 609.75000000 55267.46000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 1381120.00000000 1381120.00000000 Y 569325321.33668578 N N N N Pin Oak Equity Fund S000006539 549300T2HQ5J5US3GD96 N 0 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N N/A 21350808.62999999 21894.98000000 Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Oak Associates, ltd. 801-23632 000108874 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 SEC File No. N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 26524.76000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 7178.75999999 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 1194.15000000 KEYBANC CAPITAL MARKETS INC. 008-30177 000000566 2EQWV0180Z211YVAD813 2597.10000000 37494.76999999 0.00000000 Y 156868795.94378087 N N N N Rock Oak Core Growth Fund S000006543 549300NJK3HCQ5EYEH17 N 0 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N N/A 2699217.52000000 3349.71000000 Rule 32a-4 (17 CFR 270.32a-4) Rule 23c-1 (17 CFR 270.23c-1) Y Y Y N Oak Associates, ltd. 801-23632 000108874 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 SEC File No. N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 2300.15000000 2300.15000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 613642.50000000 613642.50000000 Y 11140685.96947945 N N N N Black Oak Emerging Technology Fund S000006541 549300057F9QRWZZDV78 N 0 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N N/A 15756820.88000000 18013.78000000 Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Oak Associates, ltd. 801-23632 000108874 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 SEC File No. N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 1856.25000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 8793.14999999 KEYBANC CAPITAL MARKETS INC. 008-30177 000000566 2EQWV0180Z211YVAD813 692.35000000 11341.75000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 789880.00000000 789880.00000000 Y 59049540.47608215 N N N N River Oak Discovery Fund S000006544 549300M6UDZOA1L9X491 N 0 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Cash collateral reinvestment fee 5674869.86000000 5550.64000000 Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Oak Associates, ltd. 801-23632 000108874 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 SEC File No. N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 13873.24000000 13873.24000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 1123334.00000000 1123334.00000000 Y 22757751.59539726 N N N N White Oak Select Growth Fund S000006538 549300KQ8CF1SBQ7TP82 N 0 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N N/A 34137322.32000000 38543.62999999 Rule 12d1-4 (17 CFR 270.12d1-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 10f-3 (17 CFR 270.10f-3) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Oak Associates, ltd. 801-23632 000108874 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 SEC File No. N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 3520.05000000 KEYBANC CAPITAL MARKETS INC. 008-30177 000000566 2EQWV0180Z211YVAD813 300.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 2966.28000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 16741.11000000 23527.43999999 0.00000000 Y 398502452.66400003 N N N N false false true false false false INTERNAL CONTROL RPT 2 oak_ncen.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of

Oak Associates Funds

 

In planning and performing our audit of the financial statements of Oak Associates Funds comprising White Oak Select Growth Fund, Pin Oak Equity Fund, Rock Oak Core Growth Fund, River Oak Discovery Fund, Red Oak Technology Select Fund, Black Oak Emerging Technology Fund, and Live Oak Health Sciences Fund (the “Funds”) as of and for the year ended October 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2022.

 

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

/s/ Cohen & Company, Ltd.

 

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 27, 2022