White Oak Select Growth Fund

Schedule of Investments

As of January 31, 2020 (Unaudited)

COMMON STOCKS - 99.73%	Shares		Fair Value
COMMUNICATION SERVICES - 13.53%
Interactive Media & Services - 13.53%
Alphabet, Inc. - Class A(a)		12,680	$	18,167,650
Alphabet, Inc. - Class C(a)		14,695		21,076,010
Facebook, Inc. - Class A(a)(b)		40,600		8,197,546
				47,441,206
CONSUMER DISCRETIONARY - 12.96%
Internet & Direct Marketing Retail - 9.00%
Amazon.com, Inc.(a)		15,705		31,546,948
Specialty Retail - 3.96%
Lowe's Companies, Inc.		119,390		13,877,893
CONSUMER STAPLES - 3.89%
Beverages - 3.89%
PepsiCo, Inc.		95,965		13,628,949
FINANCIALS - 18.32%
Capital Markets - 9.21%
Charles Schwab Corporation (The)(b)		439,100		20,001,005
State Street Corporation		162,200		12,267,186
				32,268,191
Commercial Banks - 4.49%
CIT Group, Inc.		65,000		2,971,150
U.S. Bancorp		240,177		12,782,220
				15,753,370
Diversified Financial Services - 0.64%
JPMorgan Chase & Company		17,000		2,250,120
Insurance - 3.98%
Chubb Ltd.		91,890		13,966,361
HEALTH CARE - 26.80%
Biotechnology - 8.17%
Amgen, Inc.		82,460		17,815,483

White Oak Select Growth Fund

Schedule of Investments (Continued)

COMMON STOCKS - 99.73% (Continued)	Shares		Fair Value
HEALTH CARE - 26.80% (Continued)
Biotechnology - 8.17% (Continued)
Gilead Sciences, Inc.		171,385	$	10,831,532
				28,647,015
Health Care Equipment & Supplies - 5.64%
Alcon, Inc.(a)(b)		178,972		10,548,610
Zimmer Biomet Holdings, Inc.		62,390		9,227,481
				19,776,091
Health Care Providers & Services - 4.64%
Cigna Corporation		45,606		8,773,682
Laboratory Corporation of America Holdings(a)		42,770		7,501,858
				16,275,540
Pharmaceuticals - 8.35%
Novartis AG - ADR		160,990		15,215,165
Pfizer, Inc.		377,000		14,039,480
				29,254,645
INFORMATION TECHNOLOGY - 24.23%
Communications Equipment - 9.40%
Cisco Systems, Inc.		490,000		22,525,300
QUALCOMM, Inc.		122,300		10,433,413
				32,958,713
Internet Software & Services - 1.62%
Salesforce.com, Inc.(a)		31,100		5,669,841
IT Services - 5.20%
Cognizant Technology Solutions Corporation - Class A(b)		149,700		9,188,586
International Business Machines Corporation (IBM)		62,900		9,040,617
				18,229,203
Semiconductors & Semiconductor Equipment - 8.01%
KLA Corporation		80,425		13,329,640
Xilinx, Inc.		174,905		14,775,974
				28,105,614
TOTAL COMMON STOCKS (Cost $230,407,884)				349,649,700

White Oak Select Growth Fund

Schedule of Investments (Continued)

SHORT-TERM INVESTMENTS - 6.93%	Shares or Principal ($)		Fair Value
MONEY MARKET FUNDS - 0.33%
Fidelity Investments Money Market Government Portfolio - Class I, 1.46% (c)		1,155,484	$	1,155,484
REPURCHASE AGREEMENTS - 0.07%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 1.28%, dated 1/31/20 and maturing 2/3/20, collateralized by U.S. Treasury Securities with rates of 1.25% and maturity dates of 7/15/2020 with a par value of $198,048 and a collateral value of $235,302.		230,684		230,684
COLLATERAL FOR SECURITIES LOANED - 6.53%
Mount Vernon Liquid Assets Portfolio, LLC, 1.77%(c)		22,910,917		22,910,917
TOTAL SHORT-TERM INVESTMENTS (Cost $24,297,085)				24,297,085
TOTAL INVESTMENTS- 106.66% (Cost $254,704,969)				373,946,785
Liabilities in Excess of Other Assets - (6.66)%				(23,345,593	)
NET ASSETS - 100.00%			$	350,601,192

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $21,646,076.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2020.

ADR- American Depositary Receipt.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS® ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.

The accompanying notes are an integral part of the quarterly schedule of investments.

Pin Oak Equity Fund

Schedule of Investments

As of January 31, 2020 (Unaudited)

COMMON STOCKS - 99.32%	Shares		Fair Value
COMMUNICATION SERVICES - 13.87%
Interactive Media & Services - 13.87%
Alphabet, Inc. - Class A(a)		4,030	$	5,774,103
Alphabet, Inc. - Class C(a)(b)		12,089		17,338,407
IAC/InterActiveCorp(a)(b)		34,956		8,514,932
				31,627,442
CONSUMER DISCRETIONARY - 11.43%
Auto Components - 3.82%
Gentex Corporation		292,500		8,707,725
Internet & Direct Marketing Retail - 7.61%
Amazon.com, Inc.(a)		5,120		10,284,646
eBay, Inc.		210,500		7,064,380
				17,349,026
CONSUMER STAPLES - 4.41%
Beverages - 4.41%
PepsiCo, Inc.		70,830		10,059,277
ENERGY - 5.59%
Oil, Gas & Consumable Fuels - 5.59%
Royal Dutch Shell plc - Class A - ADR(b)		74,800		3,900,820
Valero Energy Corporation		104,965		8,849,599
				12,750,419
FINANCIALS - 24.87%
Capital Markets - 9.43%
Bank of New York Mellon Corporation (The)		220,745		9,884,961
Charles Schwab Corporation (The)(b)		255,351		11,631,238
				21,516,199
Commercial Banks - 2.17%
Wells Fargo & Company		105,400		4,947,476
Consumer Finance - 6.44%
Capital One Financial Corporation		98,400		9,820,320
Synchrony Financial		150,300		4,871,223
				14,691,543

Pin Oak Equity Fund

Schedule of Investments (Continued)

COMMON STOCKS - 99.32% (Continued)	Shares		Fair Value
FINANCIALS - 24.87% (Continued)
Insurance - 6.83%
Assurant, Inc.		38,900	$	5,078,784
Everest Re Group Ltd.		10,600		2,931,642
Travelers Companies, Inc. (The)		57,400		7,554,988
				15,565,414
HEALTH CARE - 21.29%
Biotechnology - 3.62%
Amgen, Inc.		18,500		3,996,925
Biogen, Inc.(a)		7,100		1,908,835
Gilead Sciences, Inc.		37,085		2,343,772
				8,249,532
Health Care Equipment & Supplies - 2.52%
Medtronic plc		49,845		5,754,107
Health Care Providers & Services - 3.50%
McKesson Corporation		36,500		5,205,265
Quest Diagnostics, Inc.		25,000		2,766,750
				7,972,015
Life Sciences Tools & Services - 3.01%
Illumina, Inc.(a)		23,675		6,867,407
Pharmaceuticals - 8.64%
GlaxoSmithKline plc - ADR		262,800		12,299,040
Roche Holding AG - ADR		177,000		7,398,600
				19,697,640
INFORMATION TECHNOLOGY - 17.86%
IT Services - 9.25%
Amdocs Ltd.		81,587		5,870,184
Paychex, Inc.(b)		113,649		9,747,675
Western Union Company (The)(b)		203,000		5,460,700
				21,078,559
Semiconductors & Semiconductor Equipment - 8.61%
KLA Corporation		71,460		11,843,781

Pin Oak Equity Fund

Schedule of Investments (Continued)

COMMON STOCKS - 99.32% (Continued)	Shares or Principal ($)		Fair Value
INFORMATION TECHNOLOGY - 17.86% (Continued)
Semiconductors & Semiconductor Equipment - 8.61% (Continued)
Xilinx, Inc.		92,300	$	7,797,504
				19,641,285
TOTAL COMMON STOCKS (Cost $152,791,145)				226,475,066
SHORT-TERM INVESTMENTS - 15.04%
REPURCHASE AGREEMENTS - 1.00%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 1.28%, dated 1/31/20 and maturing 2/3/20, collateralized by U.S. Treasury Securities with rates of 1.25% and maturity dates of 7/15/2020 with a par value of $1,949,566 and a collateral value of $2,316,290.		2,270,831		2,270,831
COLLATERAL FOR SECURITIES LOANED - 14.04%
Mount Vernon Liquid Assets Portfolio, LLC, 1.77%(c)		32,008,754		32,008,754
TOTAL SHORT-TERM INVESTMENTS (Cost $34,279,585)				34,279,585
TOTAL INVESTMENTS- 114.36% (Cost $187,070,730)				260,754,651
Liabilities in Excess of Other Assets - (14.36)%				(32,737,407	)
NET ASSETS - 100.00%			$	228,017,244

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $30,454,633.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2020.

ADR- American Depositary Receipt.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS® ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.

The accompanying notes are an integral part of the quarterly schedule of investments.

Rock Oak Core Growth Fund

Schedule of Investments

As of January 31, 2020 (Unaudited)

COMMON STOCKS - 98.07%	Shares		Fair Value
COMMUNICATION SERVICES - 6.02%
Interactive Media & Services - 6.02%
Alphabet, Inc. - Class C(a)(b)		220	$	315,531
Tencent Holdings Ltd. - ADR		7,205		345,191
				660,722
CONSUMER DISCRETIONARY - 15.85%
Auto Components - 2.24%
Gentex Corporation		8,275		246,347
Diversified Consumer Services - 4.85%
TAL Education Group - ADR(a)		10,675		532,682
Hotels, Restaurants & Leisure - 4.57%
Wyndham Destinations, Inc.(b)		3,845		186,598
Wyndham Hotels & Resorts, Inc.		5,505		314,721
				501,319
Internet & Direct Marketing Retail - 4.19%
Amazon.com, Inc.(a)		229		459,997
CONSUMER STAPLES - 3.74%
Beverages - 3.74%
Molson Coors Beverage Company - Class B(b)		7,385		410,458
ENERGY - 3.14%
Oil, Gas & Consumable Fuels - 3.14%
HollyFrontier Corporation		7,685		345,210
FINANCIALS - 11.30%
Consumer Finance - 3.96%
Capital One Financial Corporation		4,360		435,128
Insurance - 7.34%
Assurant, Inc.		1,830		238,925
Hartford Financial Services Group, Inc. (The)		9,565		567,013
				805,938

Rock Oak Core Growth Fund

Schedule of Investments (Continued)

COMMON STOCKS - 98.07% (Continued)	Shares		Fair Value
HEALTH CARE - 18.26%
Biotechnology - 4.67%
Amgen, Inc.(b)		1,325	$	286,266
Gilead Sciences, Inc.		3,591		226,951
				513,217
Health Care Providers & Services - 3.35%
Cardinal Health, Inc.(b)		2,330		119,319
Quest Diagnostics, Inc.		2,245		248,454
				367,773
Life Sciences Tools & Services - 3.70%
Illumina, Inc.(a)		1,400		406,098
Pharmaceuticals - 6.54%
Jazz Pharmaceuticals plc(a)(b)		3,655		523,945
Mylan N.V.(a)		9,060		194,065
				718,010
INDUSTRIALS - 3.48%
Machinery - 3.48%
Colfax Corporation(a)(b)		10,855		381,662
INFORMATION TECHNOLOGY - 36.28%
Communications Equipment - 6.95%
F5 Networks, Inc.(a)		2,820		344,379
Ubiquiti Networks, Inc.(b)		2,565		419,172
				763,551
Internet Software & Services - 2.66%
iQIYI, Inc. - ADR(a)(b)		13,155		292,567
IT Services - 6.75%
Amdocs Ltd.		2,475		178,076
Cognizant Technology Solutions Corporation - Class A(b)		7,160		439,481
DXC Technology Company		3,870		123,376
				740,933
Semiconductors & Semiconductor Equipment - 4.53%
KLA Corporation		3,000		497,220

Rock Oak Core Growth Fund

Schedule of Investments (Continued)

COMMON STOCKS - 98.07% (Continued)	Shares or Principal ($)		Fair Value
INFORMATION TECHNOLOGY - 36.28% (Continued)
Software - 8.42%
Check Point Software Technologies Ltd.(a)(b)		4,515	$	516,110
Citrix Systems, Inc.		1,625		196,982
RealPage, Inc.(a)(b)		3,625		211,519
				924,611
Technology Hardware, Storage & Peripherals - 6.97%
NetApp, Inc.(b)		5,805		309,987
Seagate Technology plc		7,998		455,806
				765,793
TOTAL COMMON STOCKS (Cost $8,233,422)				10,769,236
SHORT-TERM INVESTMENTS - 32.85%
REPURCHASE AGREEMENTS - 1.93%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 1.28%, dated 1/31/20 and maturing 2/3/20, collateralized by U.S. Treasury Securities with rates of 1.25% and maturity dates of 7/15/2020 with a par value of $182,228 and a collateral value of $216,506.		212,257		212,257
COLLATERAL FOR SECURITIES LOANED - 30.92%
Mount Vernon Liquid Assets Portfolio, LLC, 1.77%(c)		3,395,619		3,395,619
TOTAL SHORT-TERM INVESTMENTS (Cost $3,607,876)				3,607,876
TOTAL INVESTMENTS- 130.92% (Cost $11,841,298)				14,377,112
Liabilities in Excess of Other Assets - (30.92)%				(3,395,661	)
NET ASSETS - 100.00%			$	10,981,451

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $3,260,415.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2020.

ADR - American Depositary Receipt.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS® ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.

The accompanying notes are an integral part of the quarterly schedule of investments.

River Oak Discovery Fund

Schedule of Investments

As of January 31, 2020 (Unaudited)

COMMON STOCKS - 98.31%	Shares		Fair Value
COMMUNICATION SERVICES - 0.91%
Interactive Media & Services - 0.91%
QuinStreet, Inc.(a)		9,100	$	117,890
CONSUMER DISCRETIONARY - 7.95%
Diversified Consumer Services - 3.70%
Adtalem Global Education, Inc.(a)		7,030		242,606
American Public Education, Inc.(a)		10,000		238,300
				480,906
Hotels, Restaurants & Leisure - 1.47%
Wyndham Destinations, Inc.(b)		3,940		191,208
Specialty Retail - 2.78%
Aaron's, Inc.		6,070		360,315
CONSUMER STAPLES - 4.87%
Beverages - 4.87%
Boston Beer Company, Inc. (The) - Class A(a)		1,775		632,575
FINANCIALS - 16.21%
Banks - 3.67%
Atlantic Union Bancshares Corporation		7,005		235,998
International Bancshares Corporation		6,100		240,340
				476,338
Capital Markets - 3.89%
AllianceBernstein Holding, L.P.		9,935		325,371
Blucora, Inc.(a)		8,000		180,400
				505,771
Insurance - 5.38%
CNO Financial Group, Inc.		17,335		304,923
Selective Insurance Group, Inc.		5,960		394,850
				699,773
Thrifts & Mortgage Finance - 3.27%
Dime Community Bancshares, Inc.		21,870		424,497

River Oak Discovery Fund

Schedule of Investments (Continued)

COMMON STOCKS - 98.31% (Continued)	Shares		Fair Value
HEALTH CARE - 12.45%
Biotechnology - 6.41%
Eagle Pharmaceuticals, Inc.(a)(b)		7,725	$	415,760
United Therapeutics Corporation(a)		4,275		417,539
				833,299
Health Care Providers & Services - 2.58%
Magellan Health, Inc.(a)		4,575		334,936
Health Care Technology - 1.13%
NextGen Healthcare, Inc.(a)		10,650		147,609
Pharmaceuticals - 2.33%
Innoviva, Inc.(a)		21,895		302,260
INDUSTRIALS - 5.66%
Machinery - 1.77%
Kadant, Inc.(b)		2,160		230,256
Professional Services - 3.89%
Barrett Business Services, Inc.		6,101		505,346
INFORMATION TECHNOLOGY - 47.28%
Electronic Equipment, Instruments & Components - 6.41%
Hollysys Automation Technologies Ltd.		15,500		231,105
KEMET Corporation		23,135		602,435
				833,540
IT Services - 4.05%
Perficient, Inc.(a)(b)		6,485		322,305
Perspecta, Inc.		7,290		204,630
				526,935
Semiconductors & Semiconductor Equipment - 30.74%
Advanced Energy Industries, Inc.(a)		8,570		599,386
Ambarella, Inc.(a)		6,000		354,840
Cirrus Logic, Inc.(a)		4,995		383,666
Cohu, Inc.		34,964		782,145
Diodes, Inc.(a)(b)		3,805		196,490
Kulicke & Soffa Industries, Inc.		25,285		654,629

River Oak Discovery Fund

Schedule of Investments (Continued)

COMMON STOCKS - 98.31% (Continued)	Shares or Principal ($)		Fair Value
INFORMATION TECHNOLOGY - 47.28% (Continued)
Semiconductors & Semiconductor Equipment - 30.74% (Continued)
Silicon Motion Technology Corporation - ADR		10,095	$	463,259
SolarEdge Technologies, Inc.(a)		5,720		559,759
				3,994,174
Software - 6.08%
FireEye, Inc.(a)		23,005		367,620
Verint Systems, Inc.(a)		3,720		215,760
Workiva, Inc.(a)		4,530		206,070
				789,450
MATERIALS - 2.98%
Paper & Forest Products - 2.98%
Mercer International, Inc.		35,145		386,946
TOTAL COMMON STOCKS (Cost $9,580,871)				12,774,024
SHORT-TERM INVESTMENTS - 12.73%
REPURCHASE AGREEMENTS - 1.90%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 1.28%, dated 1/31/20 and maturing 2/3/20, collateralized by U.S. Treasury Securities with rates of 1.25% and maturity dates of 7/15/2020 with a par value of $212,285 and a collateral value of $252,217.		247,267		247,267
COLLATERAL FOR SECURITIES LOANED - 10.83%
Mount Vernon Liquid Assets Portfolio, LLC, 1.77%(c)		1,407,273		1,407,273
TOTAL SHORT-TERM INVESTMENTS (Cost $1,654,540)				1,654,540

River Oak Discovery Fund

Schedule of Investments (Continued)

	Fair Value
TOTAL INVESTMENTS- 111.04% (Cost $11,235,411)	$	14,428,564
Liabilities in Excess of Other Assets - (11.04)%		(1,434,337	)
NET ASSETS - 100.00%	$	12,994,227

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $1,342,290.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2020.

ADR - American Depositary Receipt.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS® ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.

The accompanying notes are an integral part of the quarterly schedule of investments.

Red Oak Technology Select Fund

Schedule of Investments

As of January 31, 2020 (Unaudited)

COMMON STOCKS - 99.97%	Shares		Fair Value
COMMUNICATION SERVICES - 15.58%
Interactive Media & Services - 15.58%
Alphabet, Inc. - Class A(a)		18,300	$	26,219,874
Alphabet, Inc. - Class C(a)		23,276		33,383,138
Facebook, Inc. - Class A(a)		143,225		28,918,560
IAC/InterActiveCorp(a)		58,885		14,343,797
				102,865,369
CONSUMER DISCRETIONARY - 6.40%
Internet & Direct Marketing Retail - 6.40%
Amazon.com, Inc.(a)		15,400		30,934,288
eBay, Inc.		336,300		11,286,228
				42,220,516
INFORMATION TECHNOLOGY - 77.99%
Communications Equipment - 7.95%
Cisco Systems, Inc.		598,000		27,490,060
Juniper Networks, Inc.		497,000		11,401,180
QUALCOMM, Inc.		159,000		13,564,290
				52,455,530
Electronic Equipment, Instruments & Components - 0.99%
Corning, Inc.(b)		245,000		6,539,050
IT Services - 12.83%
Accenture plc - Class A		101,275		20,782,643
Akamai Technologies, Inc.(a)(b)		121,200		11,314,020
Global Payments, Inc.		128,157		25,048,285
International Business Machines Corporation		80,900		11,627,757
Visa, Inc. - Class A(b)		80,000		15,917,600
				84,690,305
Semiconductors & Semiconductor Equipment - 17.79%
Intel Corporation		557,800		35,660,154
KLA Corporation		187,400		31,059,676
NXP Semiconductors N.V.		133,550		16,942,153
Skyworks Solutions, Inc.		150,630		17,043,785
Xilinx, Inc.		197,800		16,710,144
				117,415,912

Red Oak Technology Select Fund

Schedule of Investments (Continued)

COMMON STOCKS - 99.97% (Continued)	Shares or Principal ($)		Fair Value
INFORMATION TECHNOLOGY - 77.99% (Continued)
Software - 22.07%
Check Point Software Technologies Ltd.(a)(b)		169,700	$	19,398,407
Citrix Systems, Inc.		129,280		15,671,322
Microsoft Corporation		280,200		47,698,446
Oracle Corporation		439,641		23,059,170
Synopsys, Inc.(a)		129,000		19,028,790
VMware, Inc. - Class A(a)(b)		140,600		20,817,236
				145,673,371
Technology Hardware, Storage & Peripherals - 16.36%
Apple, Inc.		133,720		41,387,677
Dell Technologies, Inc. - Class C(a)		4,960		241,899
Hewlett Packard Enterprise Company		481,500		6,707,295
HP, Inc.		480,500		10,244,260
NetApp, Inc.(b)		321,700		17,178,780
Seagate Technology plc		329,400		18,772,506
Western Digital Corporation		204,600		13,401,300
				107,933,717
TOTAL COMMON STOCKS (Cost $383,015,417)				659,793,770
SHORT-TERM INVESTMENTS - 11.08%
REPURCHASE AGREEMENTS - 0.03%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 1.28%, dated 1/31/20 and maturing 2/3/20, collateralized by U.S. Treasury Securities with rates of 1.25% and maturity dates of 7/15/2020 with a par value of $173,418 and a collateral value of $206,039.		201,995		201,995
COLLATERAL FOR SECURITIES LOANED - 11.05%
Mount Vernon Liquid Assets Portfolio, LLC, 1.77%(c)		72,893,372		72,893,372
TOTAL SHORT-TERM INVESTMENTS (Cost $73,095,367)				73,095,367

Red Oak Technology Select Fund

Schedule of Investments (Continued)

	Shares	Fair Value
TOTAL INVESTMENTS- 111.05% (Cost $456,110,784)		$	732,889,137
Liabilities in Excess of Other Assets - (11.05)%			(72,952,339	)
NET ASSETS - 100.00%		$	659,936,798

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $69,657,358.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2020.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS® ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.

The accompanying notes are an integral part of the quarterly schedule of investments.

Black Oak Emerging Technology Fund

Schedule of Investments

As of January 31, 2020 (Unaudited)

COMMON STOCKS - 97.70%	Shares		Fair Value
COMMUNICATION SERVICES - 7.20%
Interactive Media & Services - 7.20%
Facebook, Inc. - Class A(a)		5,525	$	1,115,553
QuinStreet, Inc.(a)		20,935		271,213
Tencent Holdings Ltd. - ADR(b)		32,245		1,544,858
				2,931,624
FINANCIALS - 1.18%
Capital Markets - 1.18%
Blucora, Inc.(a)		21,315		480,653
HEALTH CARE - 4.80%
Health Care Technology - 1.50%
NextGen Healthcare, Inc.(a)		43,900		608,454
Life Sciences Tools & Services - 3.30%
Illumina, Inc.(a)		4,635		1,344,474
INFORMATION TECHNOLOGY - 84.52%
Communications Equipment - 9.98%
F5 Networks, Inc.(a)		7,705		940,935
Palo Alto Networks, Inc.(a)		5,100		1,197,378
QUALCOMM, Inc.		10,844		925,102
Ubiquiti Networks, Inc.(b)		6,120		1,000,130
				4,063,545
Electronic Equipment, Instruments & Components - 3.44%
KEMET Corporation(b)		20,000		520,800
SYNNEX Corporation(b)		6,380		878,909
				1,399,709
Internet Software & Services - 4.48%
iQIYI, Inc. - ADR(a)(b)		26,150		581,576
Salesforce.com, Inc.(a)		6,800		1,239,708
				1,821,284
IT Services - 11.77%
Cognizant Technology Solutions Corporation - Class A		9,600		589,248
DXC Technology Company		16,765		534,468

Black Oak Emerging Technology Fund

Schedule of Investments (Continued)

COMMON STOCKS - 97.70% (Continued)	Shares		Fair Value
INFORMATION TECHNOLOGY - 84.52% (Continued)
IT Services - 11.77% (Continued)
Jack Henry & Associates, Inc.		5,070	$	758,168
PayPal Holdings, Inc.(a)		7,250		825,703
Perficient, Inc.(a)(b)		24,185		1,201,994
Perspecta, Inc.		13,630		382,594
Science Applications International Corporation(b)		5,665		497,217
				4,789,392
Semiconductors & Semiconductor Equipment - 29.62%
Advanced Energy Industries, Inc.(a)		13,560		948,386
Ambarella, Inc.(a)		18,000		1,064,520
Cirrus Logic, Inc.(a)		10,325		793,063
Cohu, Inc.		57,617		1,288,892
Diodes, Inc.(a)(b)		24,800		1,280,672
KLA Corporation		7,590		1,257,967
Kulicke & Soffa Industries, Inc.		52,270		1,353,270
Lam Research Corporation(b)		5,570		1,661,030
Silicon Motion Technology Corporation - ADR		20,940		960,937
SolarEdge Technologies, Inc.(a)(b)		14,765		1,444,903
				12,053,640
Software - 13.97%
Citrix Systems, Inc.		12,595		1,526,766
Fortinet, Inc.(a)		16,000		1,845,760
HubSpot, Inc.(a)(b)		2,095		379,069
Paylocity Holding Corporation(a)(b)		5,855		830,766
Verint Systems, Inc.(a)		14,335		831,430
Workiva, Inc.(a)		6,000		272,940
				5,686,731
Technology Hardware, Storage & Peripherals - 11.26%
Apple, Inc.		8,005		2,477,628
NetApp, Inc.(b)		21,945		1,171,863
Seagate Technology plc		16,355		932,071
				4,581,562
TOTAL COMMON STOCKS (Cost $22,394,401)				39,761,068

Black Oak Emerging Technology Fund

Schedule of Investments (Continued)

SHORT-TERM INVESTMENTS - 23.74%	Shares or Principal ($)		Fair Value
MONEY MARKET FUNDS - 0.04%
Fidelity Investments Money Market Government Portfolio - Class I, 1.46% (c)		15,184	$	15,184
REPURCHASE AGREEMENTS - 2.33%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 1.28%, dated 1/31/20 and maturing 2/3/20, collateralized by U.S. Treasury Securities with rates of 1.25% and maturity dates of 7/15/2020 with a par value of $812,477 and a collateral value of $965,308.		946,363		946,363
COLLATERAL FOR SECURITIES LOANED - 21.37%
Mount Vernon Liquid Assets Portfolio, LLC, 1.77%(c)		8,695,856		8,695,856
TOTAL SHORT-TERM INVESTMENTS (Cost $9,657,403)				9,657,403
TOTAL INVESTMENTS- 121.44% (Cost $32,051,804)				49,418,471
Liabilities in Excess of Other Assets - (21.44)%				(8,723,417	)
NET ASSETS - 100.00%			$	40,695,054

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $8,275,646.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2020.

ADR - American Depositary Receipt.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS® ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.

The accompanying notes are an integral part of the quarterly schedule of investments.

Live Oak Health Sciences Fund

Schedule of Investments

As of January 31, 2020 (Unaudited)

COMMON STOCKS - 98.70%	Shares		Fair Value
HEALTH CARE - 98.70%
Biotechnology - 17.25%
Amgen, Inc.		11,560	$	2,497,538
Biogen, Inc.(a)		10,850		2,917,022
Eagle Pharmaceuticals, Inc.(a)(b)		9,380		504,832
Gilead Sciences, Inc.		36,285		2,293,212
United Therapeutics Corporation(a)		5,885		574,788
				8,787,392
Health Care Equipment & Supplies - 13.38%
Alcon, Inc.(a)(b)		28,995		1,708,965
Medtronic plc		23,071		2,663,316
Stryker Corporation		6,060		1,276,842
Zimmer Biomet Holdings, Inc.		7,910		1,169,889
				6,819,012
Health Care Providers & Services - 24.53%
Cardinal Health, Inc.		58,800		3,011,148
Cigna Corporation		15,148		2,914,172
CVS Health Corp.		18,480		1,253,314
McKesson Corporation		14,206		2,025,918
Quest Diagnostics, Inc.		10,545		1,167,015
UnitedHealth Group, Inc.		7,800		2,125,110
				12,496,677
Life Sciences Tools & Services - 11.37%
Charles River Laboratories International, Inc.(a)		14,165		2,189,626
Illumina, Inc.(a)		4,040		1,171,883
Waters Corporation(a)(b)		10,880		2,434,835
				5,796,344
Pharmaceuticals - 32.17%
Allergan plc		6,200		1,157,168
Bristol-Myers Squibb Company		24,315		1,530,629
GlaxoSmithKline plc – ADR(b)		62,505		2,925,234
Johnson & Johnson		7,688		1,144,513
Merck & Company, Inc.		18,800		1,606,272
Mylan N.V.(a)		24,825		531,752
Novartis AG - ADR		14,600		1,379,846
Novo Nordisk A/S - ADR(b)		40,110		2,439,891

Live Oak Health Sciences Fund

Schedule of Investments (Continued)

COMMON STOCKS - 98.70% (Continued)	Shares or Principal ($)		Fair Value
HEALTH CARE - 98.70% (Continued)
Pharmaceuticals - 32.17% (Continued)
Pfizer, Inc.		37,370	$	1,391,659
Sanofi - ADR		47,327		2,284,474
				16,391,438
TOTAL COMMON STOCKS (Cost $35,527,497)				50,290,863
RIGHTS - 0.17%
Bristol-Myers Squibb Company, Expiring 3/31/21		24,315		84,616
TOTAL RIGHTS (Cost $54,952)				84,616
SHORT-TERM INVESTMENTS - 16.38%
REPURCHASE AGREEMENTS - 1.10%
Tri-Party Repurchase Agreement with South Street Securities LLC and Bank of New York Mellon, 1.28%, dated 1/31/20 and maturing 2/3/20, collateralized by U.S. Treasury Securities with rates of 1.25% and maturity dates of 7/15/2020 with a par value of $483,178 and a collateral value of $574,066.		562,800		562,800
COLLATERAL FOR SECURITIES LOANED - 15.28%
Mount Vernon Liquid Assets Portfolio, LLC, 1.77%(c)		7,783,665		7,783,665
TOTAL SHORT-TERM INVESTMENTS (Cost $8,346,465)				8,346,465
TOTAL INVESTMENTS- 115.25% (Cost $43,928,914)				58,721,944
Liabilities in Excess of Other Assets - (15.25)%				(7,768,993	)
NET ASSETS - 100.00%			$	50,952,951

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $7,534,640.
(c)	Rate disclosed is the seven day effective yield as of January 31, 2020.

ADR - American Depositary Receipt.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS® ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.

The accompanying notes are an integral part of the quarterly schedule of investments.

Notes to Quarterly Schedule of Investments

As of January 31, 2020 (Unaudited)

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, 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. accounting principals generally accepted (“GAAP”). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services - Investment Companies.” The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities in the financial statements and the reported amounts of income and expenses 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, in the absence of a current quoted bid price. Investments in repurchase agreements are generally valued at par each business day.

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

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees (the “Board”). The Board of Trustees has determined to delegate responsibility for pricing and fair valuation determinations for portfolio securities to Funds’ adviser, Oak Associates, Ltd. (“Oak” or the “Adviser”), subject to oversight of the Board of Trustees. Oak may, in turn and subject to its oversight, delegate pricing of securities for which market prices are readily available to the Funds’ administrator. All fair valuation determinations shall be made by Oak’s Fair Value Committee (the “Committee”), in accordance with policies and procedures established by the Board of Trustees and subject to oversight of the Board. Oak and the administrator have established and maintain policies and procedures reasonably designed to ensure that their pricing and valuation policies and procedures conform to the requirements of the Funds’ Fair Value Procedures. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de–listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; a significant event with respect to a security or securities has occurred after the close of the market or exchange on which the security or securities principally trades and before the time the Fund calculates net asset value; or trading of the security is subject to local government–imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Security Transactions and Investment Income – Security transactions are accounted for on the date the security is purchased or sold (trade date) for financial reporting purposes. Dividend income is recognized on the ex-dividend date. Interest income is recognized on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold. If applicable, any foreign capital gains taxes are accrued, net of unrealized gains, and are payable upon the sale of such investments.

Expenses – Expenses that are directly related to one of the Funds are charged to that Fund. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable allocation method.

Repurchase Agreements – The Funds may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the repurchase agreements and procedures adopted by the Board require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase 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 period end, all 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.

Securities Lending – The Trust has entered into a Securities Lending Agreement (“SLA”) with U.S. Bank National Association (the “Agent”). Under the terms of the SLA, the Funds may lend securities to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC (“Mount Vernon”), as noted in the Funds’ Schedules of Investments. Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay the Agent fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. The contractual maturity of repurchase agreements are on an overnight and continuous basis. Cash and cash equivalent collateral on securities lending transactions are on an overnight and continuous basis.

The following is a summary of each Funds’ securities lending agreements and related cash and non-cash collateral received as of January 31, 2020:

	Market Value of Securities on Loan		Cash Collateral Received
White Oak Select Growth Fund	$	21,646,076	$	22,910,917
Pin Oak Equity Fund		30,454,633		32,008,754
Rock Oak Core Growth Fund		3,260,415		3,395,619
River Oak Discovery Fund		1,342,290		1,407,273
Red Oak Technology Select Fund		69,657,358		72,893,372
Black Oak Emerging Technology Fund		8,275,646		8,695,856
Live Oak Health Sciences Fund		7,534,640		7,783,665

Dividends and Distributions to Shareholders – Dividends from net investment income are declared and paid to shareholders on an annual basis, as applicable. Net realized capital gains on sales of securities, if any, are distributed to shareholders at least annually. Distributions to shareholders are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Therefore, the source of the Funds’ distributions may be shown in the accompanying financial statements as either accumulated earnings, or from paid-in capital, depending upon the type of book/tax differences that may exist.

3. Unrealized Appreciation and Depreciation on Investments (Tax Basis):

At January 31, 2020, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Funds is as follows:

Fund	Federal Tax Cost		Gross Appreciation		Gross Depreciation			Net Appreciation
White Oak Select Growth Fund	$	252,607,124	$	126,533,326	$	(5,193,665	)	$	121,339,661
Pin Oak Equity Fund		185,965,681		76,649,362		(1,860,392	)		74,788,970
Rock Oak Core Growth Fund		11,761,418		2,720,133		(104,439	)		2,615,694
River Oak Discovery Fund		11,156,212		3,482,174		(209,822	)		3,272,352
Red Oak Technology Select Fund		453,687,047		283,240,148		(4,038,058	)		279,202,090
Black Oak Emerging Technology Fund		31,877,474		17,650,239		(109,242	)		17,540,997
Live Oak Health Sciences Fund		44,201,390		15,365,301		(844,747	)		14,520,554

As of January 31, 2020, the difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to wash sales, return of capital adjustments and partnership basis adjustments.

4. FAIR VALUE MEASUREMENTS:

A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk. Inputs may be observable and unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

The three-tier hierarchy is summarized as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access at the measurement date, including but not limited to:

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.

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities inactive markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability, including but not limited to:

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 January 31, 2020:

	Level 1		Level 2		Level 3		Total
WHITE OAK SELECT GROWTH FUND
Common Stocks	$	349,649,700	$	-	$	-	$	349,649,700
Short Term Investments
Money Market Funds		1,155,484		-		-		1,155,484
Repurchase Agreements		-		230,684		-		230,684
Collateral for Securities Loaned*		-		-		-		22,910,917
Total	$	350,805,184	$	230,684	$	-	$	373,946,785
PIN OAK EQUITY FUND
Common Stocks	$	226,475,066	$	-	$	-	$	226,475,066
Short Term Investments
Repurchase Agreements		-		2,270,831		-		2,270,831
Collateral for Securities Loaned*		-		-		-		32,008,754
Total	$	226,475,066	$	2,270,831	$	-	$	260,754,651
ROCK OAK CORE GROWTH FUND
Common Stocks	$	10,769,236	$	-	$	-	$	10,769,236
Short Term Investments
Repurchase Agreements		-		212,257		-		212,257
Collateral for Securities Loaned*		-		-		-		3,395,619
Total	$	10,769,236	$	212,257	$	-	$	14,377,112
RIVER OAK DISCOVERY FUND
Common Stocks	$	12,774,024	$	-	$	-	$	12,774,024
Short Term Investments
Repurchase Agreements		-		247,267		-		247,267
Collateral for Securities Loaned*		-		-		-		1,407,273
Total	$	12,774,024	$	247,267	$	-	$	14,428,564
RED OAK TECHNOLOGY SELECT FUND
Common Stocks	$	659,793,770	$	-	$	-	$	659,793,770
Short Term Investments		-
Repurchase Agreements		-		201,995		-		201,995
Collateral for Securities Loaned*		-		-		-		72,893,372
Total	$	659,793,770	$	201,995	$	-	$	732,889,137
BLACK OAK EMERGING TECHNOLOGY FUND
Common Stocks	$	39,761,068	$	-	$	-	$	39,761,068
Short Term Investments
Money Market Funds		15,184		-		-		15,184
Repurchase Agreements				946,363		-		946,363
Collateral for Securities Loaned*		-		-		-		8,695,856
Total	$	39,776,252	$	946,363	$	-	$	49,418,471
LIVE OAK HEALTH SCIENCES FUND
Common Stocks	$	50,290,863	$	-	$	-	$	50,290,863
Rights		84,616		-		-		84,616
Short Term Investments
Repurchase Agreements		-		562,800		-		562,800
Collateral for Securities Loaned*		-		-		-		7,783,665
Total	$	50,375,479	$	562,800	$	-	$	58,721,944

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

The above tables are presented by levels of disaggregation for each asset class. For detailed descriptions of the underlying industries, see the accompanying Schedules of Investments. There were no Level 3 securities held during the period.