| THE INVESTMENT HOUSE GROWTH FUND |
| SCHEDULE OF INVESTMENTS |
| April 30, 2020 (Unaudited) |
| COMMON STOCKS - 97.9% | Shares | Value | ||||||
| Communication Services - 19.4% | ||||||||
| Diversified Telecommunication Services - 0.7% | ||||||||
| Verizon Communications, Inc. | 17,000 | $ | 976,650 | |||||
| Entertainment - 1.5% | ||||||||
| Take-Two Interactive Software, Inc. (a) | 17,000 | 2,057,850 | ||||||
| Interactive Media & Services - 17.2% | ||||||||
| Alphabet, Inc. - Class A (a) | 3,600 | 4,848,120 | ||||||
| Alphabet, Inc. - Class C (a) | 3,609 | 4,867,314 | ||||||
| Facebook, Inc. - Class A (a) | 65,000 | 13,306,150 | ||||||
| 23,021,584 | ||||||||
| Consumer Discretionary - 12.4% | ||||||||
| Internet & Direct Marketing Retail - 12.4% | ||||||||
| Alibaba Group Holding Ltd. - ADR (a) | 24,000 | 4,864,080 | ||||||
| Amazon.com, Inc. (a) | 4,725 | 11,689,650 | ||||||
| 16,553,730 | ||||||||
| Consumer Staples - 3.4% | ||||||||
| Food & Staples Retailing - 1.1% | ||||||||
| Costco Wholesale Corporation | 5,000 | 1,515,000 | ||||||
| Household Products - 2.3% | ||||||||
| Church & Dwight Company, Inc. | 22,000 | 1,539,780 | ||||||
| Clorox Company (The) | 8,000 | 1,491,520 | ||||||
| 3,031,300 | ||||||||
| Financials - 2.0% | ||||||||
| Capital Markets - 2.0% | ||||||||
| Intercontinental Exchange, Inc. | 30,000 | 2,683,500 | ||||||
| Health Care - 9.6% | ||||||||
| Biotechnology - 1.7% | ||||||||
| AbbVie, Inc. | 7,500 | 616,500 | ||||||
| Emergent BioSolutions, Inc. (a) | 9,000 | 665,550 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 4,000 | 1,004,800 | ||||||
| 2,286,850 | ||||||||
| THE INVESTMENT HOUSE GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 97.9% (Continued) | Shares | Value | ||||||
| Health Care - 9.6% (Continued) | ||||||||
| Health Care Equipment & Supplies - 5.1% | ||||||||
| Baxter International, Inc. | 9,000 | $ | 799,020 | |||||
| Intuitive Surgical, Inc. (a) | 9,000 | 4,597,920 | ||||||
| Stryker Corporation | 7,500 | 1,398,225 | ||||||
| 6,795,165 | ||||||||
| Life Sciences Tools & Services - 1.1% | ||||||||
| Charles River Laboratories International, Inc. (a) | 10,000 | 1,446,700 | ||||||
| Pharmaceuticals - 1.7% | ||||||||
| Eli Lilly & Company | 3,500 | 541,240 | ||||||
| Johnson & Johnson | 4,000 | 600,160 | ||||||
| Merck & Company, Inc. | 7,000 | 555,380 | ||||||
| Novartis AG - ADR | 7,000 | 593,110 | ||||||
| 2,289,890 | ||||||||
| Industrials - 3.6% | ||||||||
| Air Freight & Logistics - 0.8% | ||||||||
| United Parcel Service, Inc. - Class B | 12,000 | 1,135,920 | ||||||
| Commercial Services & Supplies - 1.9% | ||||||||
| Waste Management, Inc. | 25,000 | 2,500,500 | ||||||
| Road & Rail - 0.9% | ||||||||
| Norfolk Southern Corporation | 7,000 | 1,197,700 | ||||||
| Information Technology - 42.1% | ||||||||
| Communications Equipment - 1.3% | ||||||||
| Motorola Solutions, Inc. | 12,000 | 1,725,720 | ||||||
| Electronic Equipment, Instruments & Components - 1.0% | ||||||||
| Corning, Inc. | 60,000 | 1,320,600 | ||||||
| IT Services - 11.1% | ||||||||
| Accenture plc - Class A | 17,900 | 3,314,901 | ||||||
| Automatic Data Processing, Inc. | 7,000 | 1,026,830 | ||||||
| Paychex, Inc. | 24,000 | 1,644,480 | ||||||
| PayPal Holdings, Inc. (a) | 45,000 | 5,535,000 | ||||||
| THE INVESTMENT HOUSE GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 97.9% (Continued) | Shares | Value | ||||||
| Information Technology - 42.1% (Continued) | ||||||||
| IT Services - 11.1% (Continued) | ||||||||
| Square, Inc. - Class A (a) | 25,000 | $ | 1,628,500 | |||||
| Visa, Inc. - Class A | 10,000 | 1,787,200 | ||||||
| 14,936,911 | ||||||||
| Semiconductors & Semiconductor Equipment - 5.1% | ||||||||
| NVIDIA Corporation | 5,000 | 1,461,400 | ||||||
| QUALCOMM, Inc. | 16,000 | 1,258,720 | ||||||
| Texas Instruments, Inc. | 35,000 | 4,062,450 | ||||||
| 6,782,570 | ||||||||
| Software - 15.5% | ||||||||
| Adobe, Inc. (a) | 12,000 | 4,243,680 | ||||||
| Autodesk, Inc. (a) | 11,000 | 2,058,430 | ||||||
| CrowdStrike Holdings, Inc. - Class A (a) | 16,000 | 1,082,560 | ||||||
| Intuit, Inc. | 36,000 | 9,713,160 | ||||||
| Microsoft Corporation | 12,000 | 2,150,520 | ||||||
| SAP SE - ADR | 13,000 | 1,541,020 | ||||||
| 20,789,370 | ||||||||
| Technology Hardware, Storage & Peripherals - 8.1% | ||||||||
| Apple, Inc. | 37,000 | 10,870,600 | ||||||
| Materials - 5.4% | ||||||||
| Chemicals - 5.4% | ||||||||
| Ecolab, Inc. | 15,000 | 2,902,500 | ||||||
| International Flavors & Fragrances, Inc. | 10,500 | 1,375,815 | ||||||
| Scotts Miracle-Gro Company (The) | 23,600 | 2,927,108 | ||||||
| 7,205,423 | ||||||||
| Total Common Stocks (Cost $40,667,227) | $ | 131,123,533 | ||||||
| EXCHANGE-TRADED FUNDS - 1.9% | Shares | Value | ||||||
| iShares Nasdaq Biotechnology ETF (Cost $2,083,074) | 20,000 | $ | 2,480,000 | |||||
| THE INVESTMENT HOUSE GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| MONEY MARKET FUNDS - 0.3% | Shares | Value | ||||||
| First American Government Obligations Fund - Class Z, 0.185% (b) (Cost $443,944) | 443,944 | $ | 443,944 | |||||
| Total Investments at Value - 100.1% (Cost $43,194,245) (c) | $ | 134,047,477 | ||||||
| Liabilities in Excess of Other Assets - (0.1%) | (103,660 | ) | ||||||
| Net Assets - 100.0% | $ | 133,943,817 | ||||||
| ADR | - American Depositary Receipt. |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of April 30, 2020. |
| (c) | All securities are pledged as collateral for the Fund's bank line of credit (Note 5). |
| See accompanying notes to Schedule of Investments. |
THE INVESTMENT HOUSE GROWTH FUND
NOTES TO SCHEDULE OF INVESTMENTS
April 30, 2020 (Unaudited)
1. Securities valuation
Securities of The Investment House Growth Fund (the “Fund”), a series of The Investment House Funds, are valued as of close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each business day the NYSE is open. Exchange-traded funds (“ETFs”) are valued at the last sale price on the security’s primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of money market funds and other open-end investment companies, except for ETFs, are valued at their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market for the security is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). If market prices are not available or The Investment House LLC, the investment adviser to the Fund (the “Adviser”), believes such prices do not accurately reflect the market value of such securities, securities will be valued by the Adviser at their fair value, according to procedures approved by the Board of Trustees and such securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
Accounting principles generally accepted in the United States establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
| • | Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement. |
| • | Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. |
| • | Level 3 – model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
THE INVESTMENT HOUSE GROWTH FUND
NOTES TO SCHEDULE OF INVESTMENTS (Continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020 by security type:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 131,123,533 | $ | - | $ | - | $ | 131,123,533 | ||||||||
| Exchange-Traded Funds | 2,480,000 | - | - | 2,480,000 | ||||||||||||
| Money Market Funds | 443,944 | - | - | 443,944 | ||||||||||||
| Total | $ | 134,047,477 | $ | - | $ | - | $ | 134,047,477 | ||||||||
Refer to the Fund’s Schedule of Investments for a listing of the common stocks by sector and industry type. There were no Level 2 or Level 3 securities or derivative instruments held by the Fund as of or during the period ended April 30, 2020.
2. Investment transactions
Investment transactions are accounted for on trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
3. Federal income tax
The following is computed on a tax basis for each item as of April 30, 2020:
| Cost of portfolio investments | $ | 43,194,245 | ||
| Gross unrealized appreciation | $ | 91,887,584 | ||
| Gross unrealized depreciation | (1,034,352 | ) | ||
| Net unrealized appreciation | $ | 90,853,232 |
4. Sector Risk
If the Fund’s portfolio is overweighted in a certain sector, any negative development affecting that sector will have a greater impact on the Fund than a fund that is not overweighted in that sector. To the extent the Fund is overweighted in the Information Technology sector, it will be affected by developments affecting that sector. Companies in this sector may be significantly affected by intense competition. In addition, technology products may be subject to rapid obsolescence. As of April 30, 2020, the Fund had 42.1% of the value of its net assets invested within the Information Technology sector.
5. Bank Line of Credit
The Fund has a secured bank line of credit with U.S. Bank, N.A. that provides a maximum borrowing of up to $20,000,000. The line of credit may be used to cover redemptions or it may be used by the Adviser for investment purposes. When used for investment purposes, the Fund will be using the investment technique of “leverage.” Please see the Fund’s prospectus for detailed information on the investment strategies and associated risks involved with the use of leverage by the Fund. Borrowings under this arrangement bear interest at a rate per annum equal to the Prime Rate minus 0.25% at the time of borrowing. The line of credit matures on December 8, 2020. All of the Fund’s securities are pledged as collateral for the Fund’s bank line of credit.
