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.