NPORT-EX 2 Oak_Funds_nportex.htm OAK FUNDS N-PORT-EX

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.