LIVE OAK INVESTMENT PARTNERS, LLC

Live Oak Investment Partners, LLC 3103 Bee Cave Road, Suite 104 Austin, TX 78746 Telephone: 512-532-4700 www.investliveoak.com June 23, 2025 FORM ADV PART 2A BROCHURE This brochure (“Brochure”) provides information about the qualifications and business practices of Live Oak Investment Partners, LLC. If you have any questions about the contents of this Brochure, please contact us at 512-532-4700 or mhostick@investliveoak.com. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (the “SEC”) or by any state securities authority. www.AdviserInfo.sec.gov Additional information about Live Oak Investment Partners also is available on the SEC’s website at . Live Oak Investment Partners, LLC’s CRD number is: 304406 Live Oak Investment Partners, LLC is a registered investment adviser. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. 1  Item 2 - Material Changes In this Item, we are required to provide clients with a summary of material changes from our last annual update, which was filed in June 2024. Although we have not made any material changes since our last annual update, we urge you to read this Brochure in its entirety, as we have edited it and provided additional description of some of our business practices. 2  Item 3 - Table of Contents Page Item 1 - Cover Page ..................................................................................................................................................................1 Item 2 - Material Changes ............................................................................................................................................................. 2 Item 3 - Table of Contents ............................................................................................................................................................. 3 Item 4 - Advisory Business ........................................................................................................................................................... 4 Item 5 - Fees and Compensation ............................................................................................................................................... 7 Item 6 - Performance-Based Fees and Side-By-Side Management .......................................................................... 9 Item 7 - Types of Clients ................................................................................................................................................................ 9 Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss.................................................................. 9 Item 9 - Disciplinary Information ......................................................................................................................................... 15 Item 10 - Other Financial Industry Activities and Affiliations ............................................................................. .15 Item 11 - Code of Ethics, Participation or Interest in Client Transactions and Personal Trading .... .....16 Item 12 - Brokerage Practices............................................................................................................................................... ...16 Item 13 - Review of Accounts ................................................................................................................................................... 19 Item 14 - Client Referrals and Other Compensation .................................................................................................... 19 Item 15 - Custody ........................................................................................................................................................................... 19 Item 16 - Investment Discretion ............................................................................................................................................. 20 Item 17 - Voting Client Securities .......................................................................................................................................... 20 Item 18 - Financial Information .............................................................................................................................................. 20 3  Item 4 - Advisory Business General Information Live Oak Investment Partners, LLC is a registered investment adviser primarily based in Austin, Texas. We are organized as a limited liability company (“LLC”) under the laws of the State of Texas. Michael Richard Hostick II is the sole owner since formation in March 2019. The following paragraphs describe our services and fees. Refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. As used in this brochure, the words "we," "our," and "us" refer to Live Oak Investment Partners, LLC and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm. Types of Advisory Services We offer ongoing advisory services based on the individual goals, objectives, time horizon, and risk tolerance of each client. Advisory services include, but are not limited to, the following: - - - - - Portfolio Management Services Financial Planning Services Asset Allocation Services Financial Consulting Services Pension Consulting Services Portfolio Management Services We offer discretionary portfolio management services. Our investment advice is tailored to meet our clients' needs and investment objectives. If you participate in our discretionary portfolio management services, we require you to grant our firm discretionary authority to manage your account. Discretionary authorization will allow us to determine the specific securities, and the amount of securities, to be purchased or sold for your account without your approval prior to each transaction. Discretionary authority is typically granted by the investment advisory agreement you sign with our firm and the appropriate trading authorization forms. Clients who choose a non-discretionary arrangement must be contacted prior to the execution of any trade in the account(s) under management. This may result in a delay in executing recommended trades, which could adversely affect the performance of the portfolio. This delay also normally means the affected account(s) will not be able to participate in block trades, a practice designed to enhance the execution quality, timing and/or cost for all accounts included in the block. In a non-discretionary arrangement, the client retains the responsibility for the final decision on all actions taken with respect to the portfolio. We provide non-discretionary portfolio management services. Clients may impose reasonable restrictions on us in the management of their investment portfolios, such as prohibiting the inclusion of certain types of investments in an investment portfolio or prohibiting the sale of certain investments held in the account at the commencement of the relationship, by notifying us in writing. Each client should note, however, that restrictions imposed 4  by a client may adversely affect the composition and performance of the client’s investment portfolio. Each client should also note that his or her investment portfolio is treated individually by giving consideration to each purchase or sale for the client’s account. For these and other reasons, performance of client investment portfolios within the same investment objectives, goals and/or risk tolerance may differ and clients should not expect that the composition or performance of their investment portfolios would necessarily be consistent with similar clients of ours. Financial Planning Services We also offer financial planning services to clients in conjunction with portfolio management services or, in certain cases, as a stand-alone service. Our financial planning services include advice that addresses one or more areas of a client’s financial situation, such as estate planning, risk management, budgeting and cash flow controls, retirement planning, education funding, and investment portfolio design and ongoing management. Depending on a client’s particular situation, financial planning services may include some or all of the following: • • • • • • • • • Gathering factual information concerning the client’s personal and financial situation; Assisting the client in establishing financial goals and objectives; Analyzing the client’s present situation and anticipated future activities in light of the client's financial goals and objectives; Identifying problems foreseen in the accomplishment of these financial goals and objectives and offering alternative solutions to the problems; Making recommendations to help achieve retirement plan goals and objectives; Designing an investment portfolio to help meet the goals and objectives of the client; Providing estate planning; Assessing risk and reviewing basic health, life and disability insurance needs; or Reviewing goals and objectives and measuring progress toward these goals. When a full financial plan is prepared, the client may choose to have us implement the client’s financial plan and manage the investment portfolio on an ongoing basis. However, the client is under no obligation to act upon any of the recommendations made by us under a financial planning engagement and/or engage the services of any recommended professional. Asset Allocation Services We offer asset allocation services that are tailored to meet our clients' needs and investment objectives. Once you have retained our firm for asset allocation services, we will gather information about your financial situation and objectives, and assist you in determining your investment goals, objectives, risk tolerance, and retirement plan time horizon. We will initially provide you with recommendations as to how to allocate your investments among categories of assets. We will then review your account on a periodic basis as agreed. Where appropriate, we will provide you with recommendations to change your asset allocation in an effort to remain consistent with your stated financial objectives. You are free at all times to accept or reject any of our investment recommendations. You are solely responsible for implementing our recommendations. Unless you separately retain us to provide portfolio management services, we will not execute any transactions or changes in asset allocation on your behalf. Financial Consulting Services We offer financial consulting services that primarily involve advising clients on specific financial related topics. The topics we address may include, but are not limited to, risk 5  assessment/management, investment planning, financial organization, or financial decision making/negotiation. Pension Consulting Services We offer pension consulting services as a 3(21) fiduciary to employee benefit plans and their fiduciaries based upon the needs of the plan and the services requested by the plan sponsor or named fiduciary. In general, these services include an existing plan review and analysis, plan-level advice regarding fund selection and investment options, education services to plan participants, investment performance monitoring, and/or ongoing consulting. These pension consulting services will generally be nondiscretionary and advisory in nature. The ultimate decision to act on behalf of the plan shall remain with the plan sponsor or other named fiduciary. We also offer assistance with participant enrollment meetings and investment-related educational seminars to plan participants on general investing topics such as diversification, asset allocation, risk tolerance and time horizon, and on. Other investment-related topics specific to the particular plan. We also offer additional types of pension consulting services to plans on an individually negotiated basis. All services, whether discussed above or customized for the plan based upon requirements from the plan fiduciaries (which may include additional plan-level or participant-level services) shall be detailed in a written agreement and be consistent with the parameters set forth in the plan documents. Either party to the pension consulting agreement may terminate the agreement upon written notice to the other party in accordance with the terms of the agreement for services. The pension consulting fees will be prorated for the quarter in which the termination notice is given and any unearned fees will be refunded to the client. General Information About Our Services In performing our services, we are not required to verify any information received from the client or from the client's other professionals (e.g., attorneys, accountants, etc.,) and we are expressly authorized to rely on that information. It is always the client’s responsibility to notify us promptly of any change in the client’s financial situation or investment objectives so that we can review, evaluate, or revise our recommendations and/or services. Advice Relating To Retirement Plan Accounts Or Individual Retirement Accounts When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must: • Meet a professional standard of care when making investment recommendations (give prudent advice); 6  • Never put our financial interests ahead of yours when making recommendations (give • loyal advice); • Avoid misleading statements about conflicts of interest, fees, and investments; Follow policies and procedures designed to ensure that we give advice that is in your • best interest; • Charge no more than is reasonable for our services; and Give you basic information about conflicts of interest. Types of Investments We offer advice on money market funds, equity securities, corporate debt securities (other than commercial paper), certificates of deposit (“CD”), municipal securities and mutual fund shares, alternative investments, ETFs (including ETFs in the gold and precious metal sectors), real estate funds (including REITs), structured products, insurance products including fee based annuities, treasury inflation protected/inflation linked bonds, commodities, option contracts, and non-U.S. securities. We sometimes use other securities to help diversify a portfolio when applicable. We also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. Type and Value of Assets Currently Managed As of March 31, 2025, we had $ 214,002,144 in discretionary assets under management and advise on $ 21,684,485 in assets held in pension/401(k) plans. Item 5 - Fees and Compensation Portfolio Management Services Portfolio management fees are based on a percentage of assets under management and are generally subject to a maximum fee of 1.50%, depending on the level of engagement. The specific advisory fees will be identified in the investment advisory agreement between the client and us. Our fees are negotiable. Portfolio management fees are generally payable quarterly, in advance, based on the value of the account on the last day of the previous month. If management begins after the start of a quarter, fees will be prorated accordingly. Fees are normally debited directly from client account(s) - unless other arrangements are made. Brokerage Practices section In addition to our fees, clients will pay custodial and transaction costs charged by the client’s custodian, brokers, or third-party consultants. Please see the (Item 12) for additional information. Fidelity charges $4.95 per transaction to all clients who do not maintain at least $1 million in assets under management at Fidelity and who have not agreed to and established eDelivery. We do not have any control over this fee and we do not receive any portion of it. Fees paid to us are also separate and distinct from the internal fees and expenses charged by mutual funds, exchange-traded funds (“ETFs”) or other investment pools to their shareholders 7  (generally including a management fee and fund expenses, as described in each fund’s prospectus or offering materials), mark-ups and mark-downs, spreads paid to market makers, fees for trades executed away from the custodian, wire transfer fees and other fees and taxes on brokerage accounts and securities transactions. Each client should review all fees charged by funds, brokers, us and others to understand the total amount of fees paid by the client for investment and financial- related services. Financial Planning Services Standard financial planning services are usually included in the portfolio management fees. For clients who do not also engage us to provide portfolio management, or who have planning needs over and above the standard planning that is included as part of our management services, we charge an hourly rate of up to $600. The hourly rate is based on the scope and complexity of the engagement and is negotiable. We will provide you with a non-binding initial estimate of the number of hours we anticipate we will spend on the planning engagement, but clients should understand that the cost/time could exceed our initial estimate. If the difference is significant, we will notify the client and obtain approval before incurring fees significantly over our initial estimate. Our financial planning fees are due and payable on completion of the contracted services. Clients may terminate the financial planning agreement by providing written notice to our firm; in that event, we will bill the client for the time spent. Asset Allocation and Financial Consulting Services We generally charge a fixed annual fee for asset allocation or financial consulting services, which we set based upon the complexity and scope of the portfolio, the client’s financial situation, and the client’s objectives and needs. The fee is negotiable. The fee is payable quarterly in advance. If the client commences or terminates services during a calendar quarter, the asset allocation fee will be prorated for the quarter in which the termination notice is given, which means that you will incur advisory fees only in proportion to the number of days in the quarter for which you are a client. Pension Consulting Services Pension Consulting fees are individually negotiated with each client, are based on a percentage of assets under management, and are generally subject to a maximum fee of 1.00%, depending on the level of engagement. The minimum annual fee for any pension consultant arrangement is $1,000. We reserve the right, in our discretion, to make exceptions or to negotiate special fee arrangements. The fee is quarterly in advance, based on the value of the Plan assets on which we advise on the last business day of the previous calendar quarter. Partial periods will be prorated based on the value of the Plan assets at the beginning of the period. No fee adjustments will be made for deposits and withdrawals by the client during any quarter nor for the appreciation or depreciation in the value of the Plan assets during any quarterly period. The fee for the initial quarter is based on the value of the cash and securities in the Plan on the date we are engaged and is prorated based upon the number of calendar days in the calendar quarter during which this Agreement is effective. 8  The Adviser will invoice the Client directly for its Fees unless alternate arrangements are made. Additionally, the Adviser will be entitled to invoice the Client for all collection expenses, including reasonable attorneys' fees. Compensation for the Sale of Securities or Other Investment Products Some persons providing investment advice on behalf of our firm are also licensed as independent insurance agents. These persons will earn commissions (transaction-based compensation) for selling insurance products, including insurance products they sell to you. Insurance commissions earned by these persons are separate and in addition to our advisory fees. This practice presents a conflict of interest because the persons providing investment advice on behalf of our firm who are insurance agents have an incentive to recommend insurance products to you for the purpose of generating commissions rather than solely based on your needs. You are under no obligation, contractually or otherwise, to purchase insurance products through any person affiliated with our firm. Refunds Upon Termination Upon termination of the advisory agreement, we will refund any pre-paid but unearned fees. We calculate the refund due based on the number of days in the quarter that the account was managed or services were provided. Any fees due to us from the client will be invoiced or deducted from the client’s account, as applicable. Item 6 - Performance-Based Fees and Side-By-Side Management We do not accept performance-based fees or participate in side-by-side management. Item 7 - Types of Clients We offer investment advisory services to individuals, including high net worth individuals, families, family offices, trusts, businesses, charitable foundations, and retirement/profit-sharing plans. We do not impose a minimum portfolio size or a minimum initial investment to open an account, but we do reserve the right to accept or decline a potential client for any reason in our sole discretion. Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss Our Methods of Analysis and Investment Strategies We utilize a multifaceted approach to investment analysis that focuses on qualitative and quantitative criteria, and which is informed based on research from a variety of research providers as well as our own internal research. Our approach is concentrated on the tenant of our investment philosophy (as described below). Special emphasis is placed on risk management analysis along with scrutiny regarding the internal costs associated with potential investments. We measure return, and, as a result evaluate potential investments, on a net of costs basis. We may use one or more of the following methods of analysis or investment strategies when providing investment advice to you: 9  Fundamental Analysis involves analyzing individual companies and their industry groups, such as a company's financial statements, details regarding the company's product line, the experience and expertise of the company's management, and the outlook for the company and its industry. The resulting data is used to measure the true value of the company's stock compared to the current market value. • Risk: The risk of fundamental analysis is that information obtained may be incorrect and the analysis may not provide an accurate estimate of earnings, which may be the basis for a stock's value. If securities prices adjust rapidly to new information, utilizing fundamental analysis may not result in favorable performance. Modern Portfolio Theory is a theory of investment which attempts to maximize portfolio expected return for a given amount of portfolio risk, or equivalently minimize risk for a given level of expected return, by carefully diversifying the proportions of various assets. • Risk: Market risk is that part of a security's risk that is common to all securities of the same general class (stocks and bonds) and thus cannot be eliminated by diversification. Long-Term Purchases where securities are purchased with the expectation that the value of those securities will grow over a relatively long period of time, generally greater than one year. • Risk: Using a long-term purchase strategy generally assumes the financial markets will go up in the long-term which may not be the case. There is also the risk that the segment of the market that you are invested in or perhaps just your particular investment will go down over time even if the overall financial markets advance. Purchasing investments long-term may create an opportunity cost - "locking-up" assets that may be better utilized in the short term in other investments. Short-Term Purchases where securities are purchased with the expectation that they will be sold within a relatively short period of time, generally less than one year, to take advantage of the securities' short-term price fluctuations. • Risk: Using a short-term purchase strategy generally assumes that we can predict how financial markets will perform in the short-term which may be very difficult and will incur a disproportionately higher amount of transaction costs compared to long-term trading. There are many factors that can affect financial market performance in the short-term (such as short-term interest rate changes, cyclical earnings announcements, etc.) but may have a smaller impact over longer periods of times. Margin Transactions are a securities transaction in which an investor borrows money to purchase a security, in which case the security serves as collateral on the loan. • Risk: If the value of the shares drops sufficiently, the investor will be required to either deposit more cash into the account or sell a portion of the stock in order to maintain the margin requirements of the account. This is known as a "margin call." An investor's overall risk includes the amount of money invested plus the amount that was loaned to them. 10  Option Writing is a securities transaction that involves selling an option. An option is the right, but not the obligation, to buy or sell a particular security at a specified price before the expiration date of the option. When an investor sells an option, he or she must deliver to the buyer a specified number of shares if the buyer exercises the option. The seller pays the buyer a premium (the market price of the option at a particular time) in exchange for writing the option. • Risk: Options are complex investments and can be very risky, especially if the investor does not own the underlying stock. In certain situations, an investor's risk can be unlimited. Our investment strategies and advice may vary depending upon each client's specific financial situation. As such, we determine investments and allocations based upon your predefined objectives, risk tolerance, time horizon, financial information, liquidity needs and other various suitability factors. Your restrictions and guidelines may affect the composition of your portfolio. It is important that you notify us immediately with respect to any material changes to your financial circumstances, including for example, a change in your current or expected income level, tax circumstances, or employment status. Tax Considerations Our strategies and investments may have unique and significant tax implications. However, unless we specifically agree otherwise, and in writing, tax efficiency is not our primary consideration in the management of your assets. Regardless of your account size or any other factors, we strongly recommend that you consult with a tax professional regarding the investing of your assets. Moreover, custodians and broker-dealers must report the cost basis of equities acquired in client accounts on or after January 1, 2011. Your custodian will default to the First-In First-Out ("FIFO") accounting method for calculating the cost basis of your investments. You are responsible for contacting your tax advisor to determine if this accounting method is the right choice for you. If your tax advisor believes another accounting method is more advantageous, provide written notice to our firm immediately and we will alert your account custodian of your individually selected accounting method. Decisions about cost basis accounting methods will need to be made before trades settle, as the cost basis method cannot be changed after settlement. Risk of Loss Investing in securities involves risk of loss that you should be prepared to bear. We do not represent or guarantee that our services or methods of analysis can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines. We cannot offer any guarantees or promises that your financial goals and objectives will be met. Past performance is in no way an indication of future performance. Recommendation of Particular Types of Securities We recommend various types of securities and we do not primarily recommend one particular type of security over another since each client has different needs and different tolerance for risk. Each type of security has its own unique set of risks associated with it and it would not be possible to list here all of the specific risks of every type of investment. Even within the same type of investment, risks can vary widely. However, in very general terms, the higher the anticipated return of an investment, the higher the risk of loss associated with the investment. A description of the types of securities we may recommend to you and some of their inherent risks are provided below. 11  Management Risks. While we manage client investment portfolios or selects one or more Managers based on our experience, research and proprietary methods, the value of client investment portfolios will change daily based on the performance of the underlying securities in which they are invested. Accordingly, client investment portfolios are subject to the risk that we or a Manager allocates assets to asset classes that are adversely affected by unanticipated market movements, and the risk that we or a Manager’s specific investment choices could underperform their relevant indexes. Economic Conditions Risks. Changes in economic conditions, including, for example, interest rates, inflation rates, employment conditions, competition, technological developments, political and diplomatic events and trends, and tax laws may adversely affect the business prospects or perceived prospects of companies. While we or a Manager performs due diligence on the companies in whose securities it invests, economic conditions are not within the control of Live Oak Investment Partners, LLC or the Manager and no assurances can be given that we or the Manager will anticipate adverse developments. Lack of Diversification. Client accounts may not have a diversified portfolio of investments at any given time, and a substantial loss with respect to any particular investment in an undiversified portfolio will have a substantial negative impact on the aggregate value of the portfolio. Securities Lending Risks. i.e. i.e , the risk of losses resulting from problems in the settlement and accounting process), “gap” ., the risk of a mismatch between the return on cash collateral reinvestments and the fees We and any Managers may lend securities on behalf of client portfolios in order to seek income. Securities lending involves exposure to certain risks, including operational risk ( risk ( paid to pay a borrower), and credit, legal, counterparty and market risk. Further, there is a risk that a borrower may default on its obligations or does not return the securities and the proceeds received from the collateral do not at least equal the value of the loaned security plus the transaction costs incurred in purchasing replacement securities. Money Market Fund Risks. Money Market Funds are technically securities. The fund managers attempt to keep the share price constant at $1/share. However, there is no guarantee that the share price will stay at $1/share. If the share price goes down, you can lose some of or your principal. The US SEC notes that "While investor losses in money market funds have been rare, they are possible." In return for this risk, you should earn a greater return on your cash than you would expect from a Federal Deposit Insurance Corporation ("FDIC") insured savings account (money market funds are not FDIC insured). Next, money fund rates are variable. In other words, you do not know how much you will earn on your investment next month. The rate could go up or go down. If it goes up, that may result in a positive outcome. However, if it goes down and you earn less than you expected to earn, you may end up needing more cash. A final risk you are taking with money market funds has to do with inflation. Because money market funds are considered to be safer than other investments like stocks, long-term average returns on money market funds tends to be less than long term average returns on riskier investments. Over long periods of time, inflation can eat away at your returns. Certificates of Deposit Risks. CDs are generally the safest type of investments since they are insured by the federal government up to a certain amount. However, because the returns are generally very low, it is possible for inflation to outpace the return. Likewise, United States government securities 12  are backed by the full faith and credit of the United States government, but it is also possible for the rate of inflation to exceed the returns. Equity Market Risks. We and any Managers will generally invest portions of client assets directly e.g. into equity investments, primarily stocks, or into pooled investment funds that invest in the stock market. As noted above, while pooled investment funds have diversified portfolios that may make them less risky than investments in individual securities, funds that invest in stocks and other equity securities are nevertheless subject to the risks of the stock market. These risks include, without limitation, the risks that stock values will decline due to daily fluctuations in the markets, , bear markets) due to general market and that stock values will decline over longer periods ( declines in the stock prices for all companies, regardless of any individual security’s prospects. Investments in Mutual Funds, ETFs and Other Investment Pools Risks. As described above, we and any Managers may invest client portfolios in mutual funds, ETFs and other investment pools (“pooled investment funds”). Investments in pooled investment funds are generally less risky than investing in individual securities because of their diversified portfolios; however, these investments are still subject to risks associated with the markets in which they invest. In addition, pooled investment funds’ success will be related to the skills of their particular managers and their performance in managing their funds. Pooled investment funds are also subject to risks due to regulatory restrictions applicable to registered investment companies under the Investment Company Act of 1940, as amended. Fixed Income Risks. We and any Managers may invest portions of client assets directly into fixed income instruments, such as bonds and notes, or may invest in pooled investment funds that invest in bonds and notes. While investing in fixed income instruments, either directly or through pooled investment funds, is generally less volatile than investing in stock (equity) markets, fixed income investments nevertheless are subject to risks. These risks include, without limitation, interest rate risks (risks that changes in interest rates will devalue the investments), credit risks (risks of default by borrowers), or maturity risk (risks that bonds or notes will change value from the time of issuance to maturity). Real estate funds (including REITs) Risks. Real estate investments face several kinds of risk that are inherent in the real estate sector, which historically has experienced significant fluctuations and cycles in performance. Revenues and cash flows may be adversely affected by: changes in local real estate market conditions due to changes in national or local economic conditions or changes in local property market characteristics; competition from other properties offering the same or similar services; changes in interest rates and in the state of the debt and equity credit markets; the ongoing need for capital improvements; changes in real estate tax rates and other operating expenses; adverse changes in governmental rules and fiscal policies; adverse changes in zoning laws; the impact of present or future environmental legislation and compliance with environmental laws. Annuities Risks. Annuities are contracts issued by a life insurance company designed to meet requirement or other long-term goals. An annuity is not a life insurance policy. Variable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Variable annuities also involve investment risks, just as mutual funds do. 13  Alternative Investment Vehicles Risks. From time to time and as appropriate, we and any Managers may invest a portion of a client’s portfolio in alternative vehicles. The value of client portfolios will be based in part on the value of alternative investment vehicles in which they are invested, the success of each of which will depend heavily upon the efforts of their respective managers. When the investment objectives and strategies of a manager are out of favor in the market or a manager makes unsuccessful investment decisions, the alternative investment vehicles managed by the manager may lose money. A client account may lose a substantial percentage of its value if the investment objectives and strategies of many or most of the alternative investment vehicles in which it is invested are out of favor at the same time, or many or most of the managers make unsuccessful investment decisions at the same time. Structured Products Risks. We and any Managers may invest portions of client assets into structured products, which are potentially high-risk derivatives. For example, a structured product may combine a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a structured product is tied to the price of some commodity, currency or securities index or another interest rate or some other economic factor. The interest rate or the principal amount payable at maturity of a structured product may be increased or decreased, depending on changes in the value of the benchmark. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to credit, counterparty, debt, and interest rate risks. Also, Foreign Securities Risks. certain structured products may be thinly traded or have a limited trading market. We and any Managers may invest portions of client assets into pooled investment funds that invest internationally. While foreign investments are important to the diversification of client investment portfolios, they carry risks that may be different from U.S. investments. For example, foreign investments may not be subject to uniform audit, financial reporting or disclosure standards, practices or requirements comparable to those found in the United States. Foreign investments are also subject to foreign withholding taxes and the risk of adverse changes in investment or exchange control regulations. Finally, foreign investments may involve currency risk, which is the risk that the value of the foreign security will decrease due to changes in the relative value of the U.S. dollar and the security’s underlying foreign currency. Hedge Funds Risks. Hedge funds often engage in leveraging and other speculative investment practices that may increase the risk of loss; can be highly illiquid; are not required to provide periodic pricing or valuation information to investors; May involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. In addition, hedge funds may invest in risky securities and engage in risky strategies. Private Equity Risks. Private Equity funds carry certain risks. Capital calls will be made on short notice, and the failure to meet capital calls can result in significant adverse consequences, including but not limited to a total loss of investment. Private Placements Risks. Private placements carry a substantial risk as they are subject to less regulation than are publicly offered securities, the market to resell these assets under applicable securities laws may be illiquid, due to restrictions, and the liquidation may be taken at a substantial discount to the underlying value or result in the entire loss of the value of such assets. 14  Venture Capital Funds Risks. Venture capital funds invest in start-up companies at an early stage of development in the interest of generating a return through an eventual realization event; the risk is high as a result of the uncertainty involved at that stage of development. Commodities Risks. Commodities are tangible assets used to manufacture and produce goods or services. Commodity prices are affected by different risk factors, such as disease, storage capacity, supply, demand, delivery constraints and weather. Because of those risk factors, even a well diversified investment in commodities can be uncertain. Item 9 - Disciplinary Information In this item, we are required to disclose the facts of any legal or disciplinary events that are material to a client's evaluation of our advisory business or the integrity of our management. We do not have any required disclosures under this item. Item 10 - Other Financial Industry Activities and Affiliations Kovack Securities, Inc. Certain representatives of our firm who provide investment advice to clients are also registered representatives of Kovack Securities, Inc. (“Kovack”), a registered broker-dealer and member of FINRA and SIPC. Advisory personnel of the firm, acting in their capacity as registered representatives of Kovack, implement securities transactions on a commission basis through Kovack. In these instances, the advisory personnel will receive commission-based compensation in connection with the purchase and sale of securities, as well as a share of any ongoing distribution or service (trail) fees, including 12b-1 fees for the sale of investment company products. Compensation earned by the advisory person in his or her capacity as a registered representative is separate from and in addition to our advisory fee charged on client assets held in advisory accounts. The receipt of this compensation by an advisory person presents a conflict of interest, as an advisory person who is a registered representative has an incentive to effect securities transactions for the purpose of generating commissions and 12b-1 fees rather than solely based on client needs. Moreover, clients may be able to obtain these products less expensively through sources other than Kovack that do not generate compensation for the advisory person. We address this conflict through disclosure and additionally notes that the Firm does not charge advisory fees on assets where the Firm’s advisory personnel, acting in their capacity as registered representatives, receive brokerage compensation. In other words, we do not allow our advisory personnel to receive commissions on transactions placed in accounts for which we serve as portfolio manager; they are permitted to receive commissions only on transactions placed in non-advised brokerage accounts held at Kovack. Further, as a result of this relationship, Kovack has access to certain confidential information (e.g., financial information, investment objectives, transactions and holdings) about clients, even if the client does not establish an account through Kovack. If you would like a copy of the Kovack privacy policy, please contact our Chief Compliance Officer as described on the cover page of this Brochure. 15  Insurance All of our registered investment adviser representatives are also licensed to sell insurance products. They receive commissions on the sale of these products. This presents a conflict of interest, as they have a financial incentive to recommend insurance products for the purpose of generating commissions rather than solely based on client needs. We address this conflict by maintaining policies and procedures requiring our representatives to make these recommendations only in the client's best interest. Clients are under no obligation to purchase securities products through Kovack or to purchase securities or insurance through our advisory personnel. Clients may choose brokers or agents not affiliated with Live Oak Investment Partners or Kovack, and in some cases, could purchase products directly from other sources without paying commissions or other brokerage compensation. Item 11 - Code of Ethics, Participation or Interest in Client Transactions and Personal Trading We have adopted a Code of Ethics that includes guidelines for professional standards of conduct for persons associated with our firm. Our goal is to protect your interests at all times and to demonstrate our commitment to our fiduciary duties of honesty, good faith, and fair dealing with you. All persons associated with our firm are expected to adhere strictly to these guidelines. Persons associated with our firm are also required to report any violations of our Code of Ethics. Additionally, we maintain and enforce written policies we believe are reasonably designed to prevent the misuse or dissemination of material, non-public information about you or your account holdings by persons associated with our firm. Neither our firm nor any persons associated with our firm has any material financial interest in client transactions beyond the provision of investment advisory services as disclosed in this Brochure. Our firm or persons associated with our firm may buy or sell the same securities that we recommend to you or securities in which you are already invested. A conflict of interest exists in these cases because we have the ability to trade ahead of you and potentially receive more favorable prices than you will receive. To mitigate this conflict of interest, it is our policy that neither our firm nor persons associated with our firm shall have priority over client accounts in the purchase or sale of securities. Clients or prospective clients may obtain a copy of our Code of Ethics by contacting us at the telephone on the cover page of this Brochure. Item 12 - Brokerage Practices We recommend the brokerage and custodial services of Fidelity which is a securities broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). We believe that the recommended custodian provides quality execution services for you at competitive prices. Price is not the sole factor we consider in evaluating best execution. We also consider the quality of the brokerage services provided by the custodian, including the value of the custodian's reputation, execution capabilities, commission rates, and responsiveness to our clients and our firm. In recognition of the value of the services the 16  custodian provides, you may pay higher commissions and/or trading costs than those that may be available elsewhere. Research and Other Soft Dollar Benefits In selecting or recommending a broker-dealer, we will consider the value of research and additional brokerage products and services a broker-dealer has provided or will provide to our clients and our firm. Receipt of these additional brokerage products and services are considered to have been paid for with "soft dollars." Because such services could be considered to provide a benefit to our firm, we have a conflict of interest in directing your brokerage business. We could receive benefits by selecting a particular broker-dealer to execute your transactions, and the transaction compensation charged by that broker-dealer might not be the lowest compensation we might otherwise be able to negotiate. Products and services that we may receive from broker-dealers may consist of research data and analyses, financial publications, recommendations, or other information about particular companies and industries (through research reports and otherwise), and other products or services (e.g., software and data bases) that provide lawful and appropriate assistance to our firm in the performance of our investment decision-making responsibilities. Consistent with applicable rules, brokerage products and services consist primarily of computer services and software that permit our firm to effect securities transactions and perform functions incidental to transaction execution. We use such products and services in our general investment decision making, not just for those accounts for which commissions may be considered to have been used to pay for the products or services. The test for determining whether a service, product or benefit obtained from or at the expense of a broker constitutes "research" under this definition is whether the service, product, or benefit assists our firm in investment decision-making for discretionary client accounts. Services, products, or benefits that do not assist in investment decision-making for discretionary client accounts do not qualify as "research." Also, services, products or benefits that are used in part for investment decision-making for discretionary client accounts and in part for other purposes (such as accounting, corporate administration, recordkeeping, performance attribution analysis, client reporting, or investment decision-making for the firm's own investment accounts) constitute "research" only to the extent that they are used in investment decision-making for discretionary client accounts. Before placing orders with a particular broker-dealer, we determine that the commissions to be paid are reasonable in relation to the value of all the brokerage and research products and services provided by that broker-dealer. In some cases, the commissions charged by a particular broker for a particular transaction or set of transactions may be greater than the amounts charged by another broker-dealer that did not provide research services or products. We do not exclude a broker-dealer from receiving business simply because the broker-dealer does not provide our firm with soft dollar research products and services. However, we may not be willing to pay the same commission to such broker-dealer as we would have paid had the broker dealer provided such products and services. The products and services we receive from broker-dealers will generally be used in servicing all of our clients' accounts. Our use of these products and services will not be limited to the accounts that 17  paid commissions to the broker-dealer for such products and services. In addition, we may not allocate soft dollar benefits to your accounts proportionately to the soft dollar credits the accounts generate. As part of our fiduciary duties to you, we always endeavor to put your interests first. You should be aware that the receipt of economic benefits by our firm is considered to create a conflict of interest. We have instituted certain procedures governing soft dollar relationships including preparation of a brokerage allocation budget, mandated reporting of soft dollar irregularities, annual evaluation of soft dollar relationships, and an annual review of our brochure to ensure adequate disclosures of conflicts of interest regarding our soft dollar relationships. Economic Benefits As a registered investment adviser, we have access to the institutional platform of your account custodian. As such, we will also have access to research products and services from your account custodian and/or other brokerage firm. These products may include financial publications, information about particular companies and industries, research software, and other products or services that provide lawful and appropriate assistance to our firm in the performance of our investment decision-making responsibilities. Such research products and services are provided to all investment advisers that utilize the institutional services platforms of these firms and are not considered to be paid for with soft dollars. However, you should be aware that the commissions charged by a particular broker for a particular transaction or set of transactions may be greater than the amounts another broker who did not provide research services or products might charge. Brokerage for Client Referrals We do not receive client referrals from broker-dealers in exchange for cash or other compensation, such as brokerage services or research. Directed Brokerage In limited circumstances, at our discretion, we will allow clients to instruct our firm to use one or more particular brokers for the transactions in their accounts. If you choose to direct our firm to use a particular broker, you should understand that this will prevent our firm from aggregating trades with other client accounts or from effectively negotiating brokerage commissions on your behalf. This practice also could prevent our firm from obtaining the most favorable net price and execution. Thus, when directing brokerage business, you should consider whether the commission expenses, execution, clearance, and settlement capabilities that you will obtain through your broker are adequately favorable in comparison to those that we would otherwise obtain for you. Block Trades We combine multiple orders for shares of the same securities purchased for discretionary advisory accounts we manage (this practice is commonly referred to as "block trading"). We will then distribute a portion of the shares to participating accounts in a fair and equitable manner. Generally, participating accounts will pay a fixed transaction cost regardless of the number of shares transacted. In certain cases, each participating account pays an average price per share for all transactions and pays a proportionate share of all transaction costs on any given day. In the event an order is only partially filled, the shares will be allocated to participating accounts in a fair and equitable manner, typically in proportion to the size of each client's order. Accounts owned by our firm or persons associated with our firm may participate in block trading with your accounts; however, they will not be given preferential treatment. 18  We do not block trade for non-discretionary accounts. Accordingly, non-discretionary accounts may pay different costs than discretionary accounts pay. If you enter into non-discretionary arrangements with our firm, we may not be able to buy and sell the same quantities of securities for you and you may pay higher commissions, fees, and/or transaction costs than clients who enter into discretionary arrangements with our firm. Item 13 - Review of Accounts e.g. , marriage, divorce, retirement, Managed portfolios are reviewed at least annually, but may be reviewed more often if requested by the client, upon receipt of information material to the management of the portfolio, or at any time such review is deemed necessary or advisable by us. These factors may include, but are not limited to, the following: change in general client circumstances ( termination of employment, physical move, inheritance); contributions and withdrawals; year-end tax planning; or economic, political or market conditions. Our Compliance Officer is responsible for reviewing all accounts. Account custodians are responsible for providing monthly or quarterly account statements which reflect the positions (and current pricing) in each account as well as transactions in each account, including fees paid from an account. Account custodians also provide prompt confirmation of all trading activity, and year-end tax statements, such as 1099 forms. We will provide additional written reports as needed or requested by the client. Clients should carefully compare the statements/reports that they receive from us against the statements that they receive from their account custodian(s). The custodian statements are the official record of the client’s account. Item 14 - Client Referrals and Other Compensation Fees and Compensation Persons providing investment advice on behalf of our firm are licensed insurance agents and registered representatives of another broker-dealer. For information on the conflicts of interest this presents, and how we address these conflicts, refer to the section, above. We do not receive any compensation from any third party in connection with providing investment Brokerage Practices advice to you nor do we compensate any individual or firm for client referrals. Refer to the section (Item 12) above for disclosures on research and other benefits we receive from Fidelity. Item 15 - Custody We do not serve as the custodian of client assets, but we are deemed to have constructive custody of client assets because clients authorize us to debit advisory fees directly from their accounts. Each client's assets are maintained at a bank, broker-dealer or other qualified custodian. The qualified custodian sends account statements to clients at least quarterly. Clients should carefully review those statements. If a client ever receives any report or statement from us, the client is urged to compare the account statements from the qualified custodian with those they receive from us. 19  Item 16 - Investment Discretion We accept discretionary authority to manage securities accounts on behalf of clients. This means that you may grant our firm discretion over the selection and amount of securities to be purchased or sold for your account(s); we will not have to obtain your consent or approval prior to each transaction. Before assuming discretionary authority for your account, you must sign an agreement that contains a power of attorney and, depending on the custodian, you may also have to execute other forms to memorialize this grant of discretionary authority. Advisory Business section (Item 4) in this brochure for more You may specify investment objectives, guidelines, and/or impose reasonable restrictions ,conditions or investment parameters for your account(s). For example, you may specify that the investment in any particular stock or industry should not exceed specified percentages of the value of the portfolio and/or restrictions or prohibitions of transactions in the securities of a specific industry or security. Refer to the information on our discretionary management services. Item 17 - Voting Client Securities We do not have and will not accept authority to vote client securities unless required by law to do so. At your request, we may offer you advice regarding corporate actions and the exercise of your proxy voting rights, but you will remain responsible for exercising your right to vote as a shareholder. In most cases, you will receive proxy materials directly from the account custodian. If we receive any written or electronic proxy materials, we will forward them directly to you by mail, unless you have authorized our firm to contact you by electronic mail, in which case, we will forward any electronic solicitations to vote proxies. Item 18 - Financial Information In this Item we are required to disclose financial information under certain circumstances. We have no disclosures with respect to this Item. We have not filed a bankruptcy petition at any time in the past ten years. 20