Live Oak Health Sciences Fund

Investment Goal

Live Oak Health Sciences Fund seeks long-term growth by investing in common stocks of companies engaged in the research, development, production, or distribution of products or services related to health care, medicine, or the life sciences.

Investment Approach

Live Oak invests in "health science" companies, which may include pharmaceutical firms, designers and manufacturers of medical equipment and supplies, operators of hospitals and other health care services, and biotechnological researchers and developers. Live Oak focuses on the market leaders who are well positioned to take advantage of technological advances, innovative changes and demographic trends affecting the health sciences and biotechnology industries. Live Oak generally invests in large- and-mid capitalization companies, but can invest in companies of any size.

The manager identifies what he believes to be the most attractive areas within health science and then narrows his search to individual stocks, paying particular attention to companies who are well positioned to take advantage of technological advances, innovative changes and demographic trends affecting the health science industry. The manager’s stock selection process is based on a quantitative and qualitative analysis of individual companies’ fundamentals such as valuation, earnings growth potential, competitive advantages and the quality of corporate management. The fund generally invests in large- and medium-capitalization companies, but can invest in companies of any size. The manager invests with a long-term focus and seeks to keep the Fund’s portfolio turnover to a minimum relative to its peers.



Portfolio Manager


Portfolio Holdings

As of September 30, 2011
Total Holdings 35
Total Fund Assets $26 million
Affymetrix, Inc.AFFX
Agilent Technologies, Inc.A
AmerisourceBergen Corp.ABC
Amgen, Inc.AMGN
AstraZeneca PLC ADRAZN
Baxter International, Inc.BAX
Becton Dickinson and Co.BDX
Biogen Idec, Inc.BIIB
Boston Scientific Corp.BSX
Cardinal Health, Inc.CAH
CareFusion Corp.CFN
Centene Corp.CNC
Corcept Therapeutics, Inc.CORT
Covidien PLCCOV
CR Bard, Inc.BCR
Eli Lilly & Co.LLY
Fidelity Institutional Money Market Government Portfolio - Class IFIGXX
GlaxoSmithKline PLC ADRGSK
Greatbatch, Inc.GB
Johnson & JohnsonJNJ
McKesson Corp.MCK
Medtronic, Inc.MDT
Molina Healthcare, Inc.MOH
Novartis AG ADRNVS
Par Pharmaceutical Cos., Inc.PRX
Pfizer, Inc.PFE
PharMerica Corp.PMC
SanofiGCVRZ
Sanofi-Aventis SA ADRSNY
Targacept, Inc.TRGT
Techne Corp.TECH
Teva Pharmaceutical Industries, Ltd. ADRTEVA
UnitedHealth Group, Inc.UNH
Waters Corp.WAT
WellPoint, Inc.WLP

The aggregate percentage
of the top 10 holdings is: 44.55%

Fund Data

Ticker Symbol LOGSX
Minimum Investment $2,000
Min. Subsequent Investment $25
Load None
Cusip 671081503
Net Expense Ratio 1.35%
Gross Expense Ratio 1.38%

Daily Performance

As of February 3, 2012
Share Price $14.15   
Change $0.05   
 
As of February 3, 2012
Year-to-Date Performance 6.23%

Monthly Performance

As of December 31, 2011
 
1 Year 10.07%
3 Year 18.05%
5 Year 6.71%
10 Year 3.17%
Since Inception 3.96%
Inception Date June 29, 2001

Quarterly Performance

As of December 31, 2011
 
1 Year 10.07%
3 Year 18.05%
5 Year 6.71%
10 Year 3.17%
Since Inception 3.96%
Inception Date June 29, 2001


The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please click on the individual fund name in the Fund Center on the homepage or call 1-888-462-5386. Holdings are subject to change.

The Advisor has contractually agreed for a period of 1 year from the date of the prospectus to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses to 1.35%. The Total Annual Fund Operating Expenses for LOGSX is 1.38%.

All returns for periods greater than one year are annualized. If the Fund is less than 1 year old, cumulative since inception returns are shown. If the Fund is less than 10 years old, annualized return since inception is shown. All year-to-date returns are cumulative.