White
Oak
Select
Growth
Fund
Schedule
of
Investments
July
31,
2021
-
(Unaudited)
1
COMMON
STOCKS
-
99.05%
Shares
Fair
Value
COMMUNICATIONS
-
19.67%
Internet
Media
&
Services
-
19.67%
Alphabet,
Inc.
-
Class
A
(a)
9,337
$
25,158,827
Alphabet,
Inc.
-
Class
C
(a)
14,695
39,741,452
Facebook,
Inc.
-
Class
A
(a)
63,650
22,678,495
87,578,774
CONSUMER
DISCRETIONARY
-
16.91%
E-Commerce
Discretionary
-
11.74%
Amazon.com,
Inc.
(a)
15,705
52,259,801
Retail
-
Discretionary
-
5.17%
Lowe's
Cos.,
Inc.
119,390
23,005,259
FINANCIALS
-
16.31%
Asset
Management
-
6.70%
Charles
Schwab
Corp.
(The)
439,100
29,836,845
Banking
-
5.30%
JPMorgan
Chase
&
Co.
155,565
23,611,656
Institutional
Financial
Services
-
0.83%
State
Street
Corp.
42,200
3,677,308
Insurance
-
3.48%
Chubb
Ltd.
91,890
15,505,518
HEALTH
CARE
-
18.28%
Biotech
&
Pharma
-
10.00%
Amgen,
Inc.
82,460
19,917,389
Novartis
AG
-
ADR
(b)
134,060
12,385,803
Pfizer,
Inc.
275,700
11,802,717
Viatris
,
Inc.
31,653
445,358
44,551,267
Health
Care
Facilities
&
Services
-
3.18%
Laboratory
Corp.
of
America
Holdings
(a)(b)
47,770
14,147,085
Medical
Equipment
&
Devices
-
5.10%
Alcon,
Inc.
(b)
138,000
10,046,400
Zimmer
Biomet
Holdings,
Inc.
77,390
12,647,074
22,693,474
REAL
ESTATE
-
2.55%
REIT
-
2.55%
Digital
Realty
Trust,
Inc.
73,490
11,329,218
TECHNOLOGY
-
25.33%
Semiconductors
-
15.17%
KLA
Corp.
75,835
26,402,713
NXP
Semiconductors
NV
(b)
54,125
11,170,859
QUALCOMM,
Inc.
122,300
18,320,540
Skyworks
Solutions,
Inc.
63,196
11,660,294
67,554,406
Software
-
2.41%
Salesforce.com,
Inc.
(a)
44,375
10,735,644
White
Oak
Select
Growth
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
2
COMMON
STOCKS
-
99.05%
(Continued)
Shares
Fair
Value
TECHNOLOGY
-
25.33%
(Continued)
Technology
Hardware
-
6.10%
Cisco
Systems,
Inc.
490,000
$
27,131,300
Technology
Services
-
1.65%
Cognizant
Technology
Solutions
Corp.
-
Class
A
100,000
7,353,000
TOTAL
COMMON
STOCKS
(Cost $202,385,302)
440,970,555
SHORT-TERM
INVESTMENTS
-
5.11%
COLLATERAL
FOR
SECURITIES
LOANED
-
5.11%
Mount
Vernon
Liquid
Assets
Portfolio,
LLC,
0.10%
(c)
22,730,928
22,730,928
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $22,730,928)
22,730,928
TOTAL
INVESTMENTS-
104.16%
(Cost
$225,116,230)
463,701,483
Liabilities
in
Excess
of
Other
Assets - (4.16)%
(18,507,123)
NET
ASSETS
-
100.00%
$
445,194,360
(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
$22,364,276.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2021.
ADR
-
American
Depositary
Receipt.
Pin
Oak
Equity
Fund
Schedule
of
Investments
July
31,
2021
-
(Unaudited)
3
COMMON
STOCKS
-
98.62%
Shares
Fair
Value
COMMUNICATIONS
-
19.21%
Internet
Media
&
Services
-
19.21%
Alphabet,
Inc.
-
Class
A
(a)
2,085
$
5,618,095
Alphabet,
Inc.
-
Class
C
(a)
9,089
24,580,474
Facebook,
Inc.
-
Class
A
(a)
23,900
8,515,570
38,714,139
CONSUMER
DISCRETIONARY
-
27.09%
Automotive
-
4.94%
Gentex
Corp.
292,500
9,953,775
E-Commerce
Discretionary
-
13.89%
Amazon.com,
Inc.
(a)
5,120
17,037,261
eBay,
Inc.
160,500
10,947,705
27,984,966
Home
Construction
-
4.93%
M/I
Homes,
Inc.
(a)
103,901
6,723,434
Taylor
Morrison
Home
Corp.
(a)
120,000
3,218,400
9,941,834
Leisure
Facilities
&
Services
-
3.33%
DraftKings
,
Inc.
-
Class
A
(a)(b)
138,555
6,719,917
FINANCIALS
-
12.53%
Asset
Management
-
6.92%
Charles
Schwab
Corp.
(The)
205,351
13,953,600
Institutional
Financial
Services
-
2.56%
Bank
of
New
York
Mellon
Corp.
(The)
100,745
5,171,241
Insurance
-
3.05%
Assurant,
Inc.
38,900
6,138,809
HEALTH
CARE
-
22.48%
Biotech
&
Pharma
-
5.70%
Amgen,
Inc.
18,500
4,468,490
Gilead
Sciences,
Inc.
37,085
2,532,535
GlaxoSmithKline
PLC
-
ADR
(b)
111,760
4,486,046
11,487,071
Health
Care
Facilities
&
Services
-
4.75%
McKesson
Corp.
36,500
7,439,795
Quest
Diagnostics,
Inc.
15,000
2,127,000
9,566,795
Medical
Equipment
&
Devices
-
12.03%
Illumina,
Inc.
(a)
19,655
9,743,966
Intuitive
Surgical,
Inc.
(a)
8,040
7,971,339
Medtronic
PLC
49,845
6,545,147
24,260,452
TECHNOLOGY
-
17.31%
Semiconductors
-
4.32%
KLA
Corp.
24,998
8,703,304
Technology
Services
-
12.99%
Amdocs
Ltd.
81,587
6,291,173
Pin
Oak
Equity
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
4
COMMON
STOCKS
-
98.62%
(Continued)
Shares
Fair
Value
TECHNOLOGY
-
17.31%
(Continued)
Technology
Services
-
12.99%
(Continued)
Paychex,
Inc.
43,649
$
4,968,129
PayPal
Holdings,
Inc.
(a)
26,230
7,227,152
Visa,
Inc.
-
Class
A
(b)
31,220
7,692,296
26,178,750
TOTAL
COMMON
STOCKS
(Cost $100,696,101)
198,774,653
SHORT-TERM
INVESTMENTS
-
7.62%
COLLATERAL
FOR
SECURITIES
LOANED
-
7.62%
Mount
Vernon
Liquid
Assets
Portfolio,
LLC,
0.10%
(c)
15,354,923
15,354,923
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $15,354,923)
15,354,923
TOTAL
INVESTMENTS-
106.24%
(Cost
$116,051,024)
214,129,576
Liabilities
in
Excess
of
Other
Assets - (6.24)%
(12,568,589)
NET
ASSETS
-
100.00%
$
201,560,987
(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
$14,908,421.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2021.
ADR
-
American
Depositary
Receipt.
Rock
Oak
Core
Growth
Fund
Schedule
of
Investments
July
31,
2021
-
(Unaudited)
5
COMMON
STOCKS
-
93.02%
Shares
Fair
Value
CONSUMER
DISCRETIONARY
-
19.26%
Automotive
-
4.31%
Gentex
Corp.
15,785
$
537,164
Home
Construction
-
3.89%
PulteGroup,
Inc.
8,820
483,953
Leisure
Facilities
&
Services
-
3.79%
DraftKings
,
Inc.
-
Class
A
(a)
9,745
472,633
Leisure
Products
-
3.32%
Thor
Industries,
Inc.
(b)
3,490
413,076
Wholesale
-
Discretionary
-
3.95%
Pool
Corp.
1,030
492,155
ENERGY
-
2.33%
Renewable
Energy
-
2.33%
SolarEdge
Technologies,
Inc.
(a)(b)
1,120
290,618
FINANCIALS
-
7.20%
Insurance
-
7.20%
Assurant,
Inc.
1,830
288,793
Hartford
Financial
Services
Group,
Inc.
(The)
9,565
608,525
897,318
HEALTH
CARE
-
19.88%
Biotech
&
Pharma
-
9.48%
Exelixis
,
Inc.
(a)
18,149
305,811
Jazz
Pharmaceuticals
PLC
(a)(b)
3,655
619,596
Viatris
,
Inc.
18,120
254,948
1,180,355
Health
Care
Facilities
&
Services
-
6.18%
Cardinal
Health,
Inc.
5,770
342,622
Quest
Diagnostics,
Inc.
(b)
3,015
427,527
770,149
Medical
Equipment
&
Devices
-
4.22%
Illumina,
Inc.
(a)
1,060
525,495
INDUSTRIALS
-
13.06%
Aerospace
&
Defense
-
2.75%
TransDigm
Group,
Inc.
535
342,983
Commercial
Support
Services
-
2.97%
Republic
Services,
Inc.
3,130
370,467
Machinery
-
7.34%
Colfax
Corp.
(a)(b)
10,855
498,027
Nordson
Corp.
1,839
415,853
913,880
MATERIALS
-
4.03%
Construction
Materials
-
4.03%
Carlisle
Cos.,
Inc.
2,485
502,566
Rock
Oak
Core
Growth
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
6
COMMON
STOCKS
-
93.02%
(Continued)
Shares
Fair
Value
REAL
ESTATE
-
2.56%
REIT
-
2.56%
CyrusOne
,
Inc.
4,465
$
318,221
TECHNOLOGY
-
24.70%
Software
-
1.63%
Citrix
Systems,
Inc.
2,015
203,011
Technology
Hardware
-
17.84%
F5
Networks,
Inc.
(a)
2,820
582,358
NetApp,
Inc.
5,805
462,020
Seagate
Technology
PLC
5,760
506,304
Ubiquiti
Networks,
Inc.
(b)
2,145
671,600
2,222,282
Technology
Services
-
5.23%
Amdocs
Ltd.
2,475
190,847
Cognizant
Technology
Solutions
Corp.
-
Class
A
6,272
461,180
652,027
TOTAL
COMMON
STOCKS
(Cost $7,900,273)
11,588,353
SHORT-TERM
INVESTMENTS
-
18.55%
COLLATERAL
FOR
SECURITIES
LOANED
-
18.55%
Mount
Vernon
Liquid
Assets
Portfolio,
LLC,
0.10%
(c)
2,310,499
2,310,499
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $2,310,499)
2,310,499
TOTAL
INVESTMENTS-
111.57%
(Cost
$10,210,772)
13,898,852
Liabilities
in
Excess
of
Other
Assets - (11.57)%
(1,440,872)
NET
ASSETS
-
100.00%
$
12,457,980
(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
$2,253,442.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2021.
River
Oak
Discovery
Fund
Schedule
of
Investments
July
31,
2021
-
(Unaudited)
7
COMMON
STOCKS
-
95.00%
Shares
Fair
Value
COMMUNICATIONS
-
3.72%
Advertising
&
Marketing
-
1.49%
QuinStreet
,
Inc.
(a)
17,875
$
327,827
Internet
Media
&
Services
-
2.23%
Eventbrite,
Inc.
-
Class
A
(a)(b)
27,530
489,208
CONSUMER
DISCRETIONARY
-
14.10%
Consumer
Services
-
6.51%
Aaron's
Co.,
Inc.
(The)
3,000
86,610
Adtalem
Global
Education,
Inc.
(a)
19,770
718,442
American
Public
Education,
Inc.
(a)
21,012
622,375
1,427,427
Home
Construction
-
7.59%
M/I
Homes,
Inc.
(a)
14,386
930,918
Taylor
Morrison
Home
Corp.
(a)
27,416
735,297
1,666,215
CONSUMER
STAPLES
-
3.24%
Household
Products
-
3.24%
Edgewell
Personal
Care
Co.
(b)
17,322
711,588
FINANCIALS
-
18.81%
Asset
Management
-
10.89%
AllianceBernstein
Holding
LP
21,518
1,038,674
Artisan
Partners
Asset
Management,
Inc.
-
Class
A
16,381
787,762
Hamilton
Lane,
Inc.
-
Class
A
(b)
6,050
562,650
2,389,086
Banking
-
2.13%
Dime
Community
Bancshares,
Inc.
14,171
467,926
Insurance
-
4.02%
CNO
Financial
Group,
Inc.
17,345
396,160
Selective
Insurance
Group,
Inc.
(b)
5,960
484,846
881,006
Specialty
Finance
-
1.77%
PROG
Holdings,
Inc.
8,850
387,365
INDUSTRIALS
-
12.22%
Commercial
Support
Services
-
2.04%
Barrett
Business
Services,
Inc.
6,101
446,654
Electrical
Equipment
-
3.78%
Advanced
Energy
Industries,
Inc.
8,000
830,000
Machinery
-
6.40%
Hollysys
Automation
Technologies
Ltd.
48,430
730,325
Kadant
,
Inc.
(b)
3,740
673,686
1,404,011
TECHNOLOGY
-
42.91%
Semiconductors
-
24.06%
Ambarella
,
Inc.
(a)
9,360
921,867
Cirrus
Logic,
Inc.
(a)
11,397
941,278
Cohu
,
Inc.
21,455
759,722
River
Oak
Discovery
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
8
COMMON
STOCKS
-
95.00%
(Continued)
Shares
Fair
Value
TECHNOLOGY
-
42.91%
(Continued)
Semiconductors
-
24.06%
(Continued)
Diodes,
Inc.
(a)
6,870
$
563,340
Kulicke
&
Soffa
Industries,
Inc.
(b)
19,620
1,066,543
Silicon
Motion
Technology
Corp.
-
ADR
13,665
1,024,738
5,277,488
Software
-
14.05%
Cognyte
Software
Ltd.
(a)
22,970
596,531
FireEye,
Inc.
(a)
24,590
496,718
NextGen
Healthcare,
Inc.
(a)
35,190
570,782
Verint
Systems,
Inc.
(a)(b)
13,948
595,161
Workiva
,
Inc.
(a)(b)
6,335
822,093
3,081,285
Technology
Services
-
4.80%
LiveRamp
Holdings,
Inc.
(a)
11,920
476,919
Perficient
,
Inc.
(a)(b)
6,121
577,149
1,054,068
TOTAL
COMMON
STOCKS
(Cost $14,012,619)
20,841,154
SHORT-TERM
INVESTMENTS
-
23.31%
COLLATERAL
FOR
SECURITIES
LOANED
-
23.31%
Mount
Vernon
Liquid
Assets
Portfolio,
LLC,
0.10%
(c)
5,112,950
5,112,950
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $5,112,950)
5,112,950
TOTAL
INVESTMENTS-
118.31%
(Cost
$19,125,569)
25,954,104
Liabilities
in
Excess
of
Other
Assets - (18.31)%
(4,016,262)
NET
ASSETS
-
100.00%
$
21,937,842
(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
$4,971,081
.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2021.
ADR
-
American
Depositary
Receipt.
Red
Oak
Technology
Select
Fund
Schedule
of
Investments
July
31,
2021
-
(Unaudited)
9
COMMON
STOCKS
-
98.75%
Shares
Fair
Value
COMMUNICATIONS
-
16.49%
Internet
Media
&
Services
-
16.49%
Alphabet,
Inc.
-
Class
A
(a)
5,517
$
14,865,722
Alphabet,
Inc.
-
Class
C
(a)
17,636
47,695,151
Facebook,
Inc.
-
Class
A
(a)
143,225
51,031,068
113,591,941
CONSUMER
DISCRETIONARY
-
11.14%
E-Commerce
Discretionary
-
11.14%
Amazon.com,
Inc.
(a)
15,400
51,244,886
eBay,
Inc.
374,030
25,512,586
76,757,472
REAL
ESTATE
-
2.25%
REIT
-
2.25%
Digital
Realty
Trust,
Inc.
100,770
15,534,703
TECHNOLOGY
-
68.87%
Semiconductors
-
23.27%
Broadcom,
Inc.
42,220
20,493,588
Intel
Corp.
557,915
29,971,194
KLA
Corp.
105,309
36,664,381
NXP
Semiconductors
NV
(b)
113,550
23,435,584
QUALCOMM,
Inc.
153,200
22,949,360
Skyworks
Solutions,
Inc.
145,135
26,778,859
160,292,966
Software
-
23.01%
Akamai
Technologies,
Inc.
(a)
136,780
16,402,657
Check
Point
Software
Technologies
Ltd.
(a)
74,700
9,494,370
Citrix
Systems,
Inc.
(b)
129,280
13,024,960
Microsoft
Corp.
131,203
37,381,047
Oracle
Corp.
332,371
28,962,809
Synopsys,
Inc.
(a)
99,295
28,595,967
VMware,
Inc.
-
Class
A
(a)(b)
160,470
24,670,658
158,532,468
Technology
Hardware
-
13.48%
Apple,
Inc.
312,286
45,550,036
Cisco
Systems,
Inc.
609,245
33,733,896
NetApp,
Inc.
170,690
13,585,217
92,869,149
Technology
Services
-
9.11%
Accenture
PLC
-
Class
A
47,580
15,115,215
Cognizant
Technology
Solutions
Corp.
-
Class
A
135,000
9,926,550
Global
Payments,
Inc.
93,157
18,017,495
Visa,
Inc.
-
Class
A
(b)
80,000
19,711,200
62,770,460
TOTAL
COMMON
STOCKS
(Cost $273,237,336)
680,349,159
Red
Oak
Technology
Select
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
10
SHORT-TERM
INVESTMENTS
-
10.40%
Shares
Fair
Value
REPURCHASE
AGREEMENTS
-
1.41%
Tri-Party
Repurchase
Agreement
with
South
Street
Securities
LLC
and
Bank
of
New
York
Mellon,
0.01%,
dated
7/30/2021
and
maturing
8/2/2021,
collateralized
by
U.S.
Treasury
Securities
with
a
rate
of
0.13%
and
maturity
date
of
2/15/2024
with
a
par
value
of
$9,922,100
and
a
collateral
value
of
$9,887,420
9,693,467
9,693,467
COLLATERAL
FOR
SECURITIES
LOANED
-
8.99%
Mount
Vernon
Liquid
Assets
Portfolio,
LLC,
0.10%
(c)
61,960,545
61,960,545
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $71,654,012)
71,654,012
TOTAL
INVESTMENTS-
109.15%
(Cost
$344,891,348)
752,003,171
Liabilities
in
Excess
of
Other
Assets - (9.15)%
(63,035,034)
NET
ASSETS
-
100.00%
$
688,968,137
(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
$60,590,332.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2021.
Black
Oak
Emerging
Technology
Fund
Schedule
of
Investments
July
31,
2021
-
(Unaudited)
11
COMMON
STOCKS
-
96.61%
Shares
Fair
Value
COMMUNICATIONS
-
6.67%
Internet
Media
&
Services
-
6.67%
Facebook,
Inc.
-
Class
A
(a)
5,525
$
1,968,558
iQIYI
,
Inc.
-
ADR
(a)(b)
26,150
291,834
Tencent
Holdings
Ltd.
-
ADR
(b)
32,245
1,973,394
4,233,786
CONSUMER
DISCRETIONARY
-
5.16%
Automotive
-
2.63%
Tesla,
Inc.
(a)
2,425
1,666,460
Leisure
Facilities
&
Services
-
2.53%
DraftKings
,
Inc.
-
Class
A
(a)(b)
33,140
1,607,290
ENERGY
-
6.04%
Renewable
Energy
-
6.04%
SolarEdge
Technologies,
Inc.
(a)(b)
14,765
3,831,222
HEALTH
CARE
-
3.62%
Medical
Equipment
&
Devices
-
3.62%
Illumina,
Inc.
(a)
4,635
2,297,801
INDUSTRIALS
-
6.40%
Electrical
Equipment
-
3.55%
Advanced
Energy
Industries,
Inc.
21,725
2,253,969
Machinery
-
2.85%
Nordson
Corp.
8,000
1,809,040
TECHNOLOGY
-
68.72%
Information
Technology
-
2.36%
Paylocity
Holdings
Corp.
(a)
7,220
1,497,861
Semiconductors
-
29.65%
Ambarella
,
Inc.
(a)
22,000
2,166,780
Cirrus
Logic,
Inc.
(a)
25,830
2,133,300
Cohu
,
Inc.
(b)
59,077
2,091,917
Diodes,
Inc.
(a)
25,770
2,113,140
KLA
Corp.
7,590
2,642,534
Kulicke
&
Soffa
Industries,
Inc.
(b)
49,645
2,698,702
Lam
Research
Corp.
2,785
1,775,187
QUALCOMM,
Inc.
10,844
1,624,431
Silicon
Motion
Technology
Corp.
-
ADR
20,940
1,570,291
18,816,282
Software
-
16.04%
Citrix
Systems,
Inc.
12,595
1,268,946
Cognyte
Software
Ltd.
(a)
19,335
502,130
Concentrix
Corp.
(a)
6,000
982,380
Fortinet,
Inc.
(a)
5,660
1,540,879
NextGen
Healthcare,
Inc.
(a)
88,315
1,432,469
Palo
Alto
Networks,
Inc.
(a)
5,100
2,035,155
Salesforce.com,
Inc.
(a)
7,480
1,809,636
Verint
Systems,
Inc.
(a)(b)
14,335
611,675
10,183,270
Black
Oak
Emerging
Technology
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
12
COMMON
STOCKS
-
96.61%
(Continued)
Shares
Fair
Value
TECHNOLOGY
-
68.72%
(Continued)
Technology
Hardware
-
9.89%
Apple,
Inc.
20,120
$
2,934,703
F5
Networks,
Inc.
(a)(b)
7,705
1,591,159
SYNNEX
Corp.
4,000
478,160
Ubiquiti
Networks,
Inc.
4,067
1,273,378
6,277,400
Technology
Services
-
10.78%
Cognizant
Technology
Solutions
Corp.
-
Class
A
9,600
705,888
Jack
Henry
&
Associates,
Inc.
(b)
8,120
1,413,611
PayPal
Holdings,
Inc.
(a)
7,250
1,997,592
Perficient
,
Inc.
(a)(b)
19,030
1,794,339
Science
Applications
International
Corp.
10,665
931,054
6,842,484
TOTAL
COMMON
STOCKS
(Cost $25,534,299)
61,316,865
SHORT-TERM
INVESTMENTS
-
27.02%
COLLATERAL
FOR
SECURITIES
LOANED
-
27.02%
Mount
Vernon
Liquid
Assets
Portfolio,
LLC,
0.10%
(c)
17,151,658
17,151,658
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $17,151,658)
17,151,658
TOTAL
INVESTMENTS-
123.63%
(Cost
$42,685,957)
78,468,523
Liabilities
in
Excess
of
Other
Assets - (23.63)%
(14,996,146)
NET
ASSETS
-
100.00%
$
63,472,377
(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
$16,740,105.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2021.
ADR
-
American
Depositary
Receipt.
Live
Oak
Health
Sciences
Fund
Schedule
of
Investments
July
31,
2021
-
(Unaudited)
13
COMMON
STOCKS
-
97.98%
Shares
Fair
Value
HEALTH
CARE
-
97.98%
Biotech
-
20.97%
Amgen,
Inc.
10,240
$
2,473,370
Biogen,
Inc.
(a)
5,306
1,733,629
Exelixis
,
Inc.
(a)
66,265
1,116,565
Gilead
Sciences,
Inc.
15,390
1,050,983
Regeneron
Pharmaceuticals,
Inc.
(a)
2,855
1,640,511
United
Therapeutics
Corp.
(a)(b)
13,650
2,483,344
Vertex
Pharmaceuticals,
Inc.
(a)
4,315
869,818
11,368,220
Health
Care
Services
-
9.27%
Charles
River
Laboratories
International,
Inc.
(a)
8,673
3,529,217
Quest
Diagnostics,
Inc.
(b)
10,545
1,495,281
5,024,498
Health
Care
Supply
Chain
-
15.78%
AmerisourceBergen
Corp.
14,440
1,764,135
Cardinal
Health,
Inc.
17,409
1,033,746
Cigna
Corp.
12,487
2,865,642
McKesson
Corp.
14,206
2,895,609
8,559,132
Large
Pharma
-
9.56%
GlaxoSmithKline
PLC
-
ADR
(b)
33,490
1,344,289
Johnson
&
Johnson
7,688
1,323,874
Merck
&
Co.,
Inc.
18,800
1,445,156
Novartis
AG
-
ADR
(b)
11,600
1,071,724
5,185,043
Life
Science
&
Diagnostics
-
7.89%
Illumina,
Inc.
(a)
5,035
2,496,101
Thermo
Fisher
Scientific,
Inc.
3,300
1,782,033
4,278,134
Managed
Care
-
11.72%
Anthem,
Inc.
5,415
2,079,414
Humana,
Inc.
2,500
1,064,650
UnitedHealth
Group,
Inc.
7,800
3,215,316
6,359,380
Medical
Devices
-
11.22%
Medtronic
PLC
18,746
2,461,537
Stryker
Corp.
7,060
1,912,837
Zimmer
Biomet
Holdings,
Inc.
10,460
1,709,373
6,083,747
Medical
Equipment
-
7.56%
Alcon,
Inc.
(b)
28,995
2,110,836
Intuitive
Surgical,
Inc.
(a)
2,005
1,987,878
4,098,714
Specialty
&
Generic
Pharma
-
4.01%
Jazz
Pharmaceuticals
PLC
(a)
12,140
2,057,973
Organon
&
Co.
1,880
54,539
Live
Oak
Health
Sciences
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
14
COMMON
STOCKS
-
97.98%
(Continued)
Shares
Fair
Value
HEALTH
CARE
-
97.98%
(Continued)
Specialty
&
Generic
Pharma
-
4.01%
(Continued)
Viatris
,
Inc.
4,636
$
65,228
2,177,740
TOTAL
COMMON
STOCKS
(Cost $32,071,504)
53,134,608
SHORT-TERM
INVESTMENTS
-
10.85%
COLLATERAL
FOR
SECURITIES
LOANED
-
10.85%
Mount
Vernon
Liquid
Assets
Portfolio,
LLC,
0.10%
(c)
5,885,760
5,885,760
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $5,885,760)
5,885,760
TOTAL
INVESTMENTS-
108.83%
(Cost
$37,957,264)
59,020,368
Liabilities
in
Excess
of
Other
Assets - (8.83)%
(4,790,266)
NET
ASSETS
-
100.00%
$
54,230,102
(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
$5,765,326.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2021.
ADR
-
American
Depositary
Receipt.