UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05549
Reynolds Funds, Inc.
(Exact name of registrant as specified in charter)
c/o U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Frederick L. Reynolds
Reynolds Capital Management, LLC
3565 South Las Vegas Blvd. #403
Las Vegas, NV 89109
(Name and address of agent for service)
Registrant's telephone number, including area code (415) 265-7167
Date of fiscal year end: September 30, 2014
Date of reporting period: March 31, 2014
Item 1. Reports to Stockholders.
SEMIANNUAL REPORT
March 31, 2014
REYNOLDS |
BLUE CHIP |
GROWTH FUND |
Seeking Long-Term Capital Appreciation |
A No-Load Mutual Fund
1-800-773-9665
www.reynoldsfunds.com
REYNOLDS BLUE CHIP GROWTH FUND
May 30, 2014
Dear Fellow Shareholders:
Reynolds Blue Chip Growth Fund’s 25th Anniversary
The Reynolds Blue Chip Growth Fund celebrated its 25th Anniversary last summer. It began operations on August 12, 1988.
Performance Highlights (March 31, 2014)
The annualized average total returns of the Reynolds Blue Chip Growth Fund (the “Fund” or the “Blue Chip Fund”) for the 1-year, 3-year, 5-year, 10-year periods and since inception (August 12, 1988) through March 31, 2014 were +22.51%, +10.28%, +20.23%, +9.61% and +8.94%, respectively. The annualized average total returns for the Fund’s benchmark, the Standard & Poor’s 500 Index, for the 1-year, 3-year, 5-year, 10-year periods and since inception (August 12, 1988) through March 31, 2014 were +21.86%, +14.66%, +21.16%, +7.42% and +10.38%, respectively. The performance of the Reynolds Blue Chip Growth Fund was -0.09% in the three months ended March 31, 2014. The performance of the Standard & Poor’s 500 Index was +1.81% in the three months ended March 31, 2014.
(1) | The Standard & Poor’s 500 Index consists of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Standard & Poor’s Ratings Group designates the stocks to be included in the Index on a statistical basis. A particular stock’s weighting in the Index is based on its relative total market value (i.e. its market price per share times the number of shares outstanding.) Stocks may be added or deleted from the Index from time to time. |
___________
As stated in the Prospectus dated January 31, 2014 the expense ratio of the Fund is 1.59%.
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Web Site
Our website is reynoldsfunds.com. At our website you can access current information about your investment holdings. You must first request a personal identification number (PIN) by calling our shareholder service representatives at 1-800-773-9665. You will be able to view your account list, account detail (including balances), transaction history, distributions, and the current Reynolds Blue Chip Growth Fund net asset value. Additional information available (PIN not needed) includes quarterly updates of the returns of the Blue Chip Fund, top ten holdings, industry percentages, and news articles regarding the Fund. Also, detailed statistics and graphs of past performances from a link to Morningstar for the Blue Chip Fund.
Investment Strategy
We believe that stocks are currently selling at attractive valuations based on historical valuation measures. One of these valuation measures is a company’s price earnings ratio relative to inflation, interest rates and the economic outlook. Another valuation measure is a company’s price earnings ratio relative to its forecasted earnings growth rate (the PEG ratio). Many stocks of high quality companies are currently selling at PE ratios and PEG ratios below their average historical ranges and we believe that they are attractively valued.
1
The U.S. Economy
The U.S. economic recovery that started in mid-2009 has continued, although at a moderate pace, so far in 2014. The U.S. economic recovery continues to be affected by a number of secular factors that are altering the pace and composition of growth. The economy in 2014 is being affected by sustained subpar growth, low inflation, good consumer spending, higher than normal unemployment, greater prudence and less speculation in lending, and reduced government spending including defense outlays. The U.S. economy is growing, but at a lower than ideal rate. For example, growth of 3.0% or better is needed to meaningfully reduce unemployment, which is currently around 6.3%. The Federal Reserve’s third round of economic stimulus, which involves purchasing open-ended mortgage-backed securities, is continuing in 2014, although at a reduced rate. This stimulus has tended to lower longer term interest rates and added a moderate amount to economic growth. U.S. Gross Domestic Product (GDP) increased 1.9% in 2013, 2.8% in 2012 and 1.8% in 2011. GDP decreased at an estimated inflation-adjusted annual rate of -1.0% in the quarter ended March 31, 2014. For the rest of 2014, the outlook remains for modest, less than ideal growth, accompanied by higher than normal unemployment, modest inflation pressures, a strong private sector and a weaker public sector. The economy will continue to be characterized by fiscal deficits. The U.S. economy is forecast to expand at a 3.0% rate in the second calendar quarter and average close to 3.0% for the rest of the year. GDP is forecast to increase 2.0% for the year ended December 31, 2014.
U.S. inflation numbers have been helped in the last few years by global competition and technology innovations that are helping to lower production and distribution costs. Inflation, as measured by the Consumer Price Index, increased 1.5% in 2013, 2.1% in 2012 and 3.1% in 2011. U.S. inflation is estimated to have increased at a 1.4% annual rate in the first quarter of 2014. U.S. inflation is forecast to increase 1.7% for the year ended December 31, 2014.
There are some current and potential economic and investment negatives at the present time including: (1) budget and debt limit problems; (2) U.S. and worldwide economic growth continues at a slower than ideal rate; (3) unemployment at 6.3% is still high; (4) there are some concerns about U.S. tax and spending policies; (5) mortgage rates are low, but mortgage credit is still somewhat tight; (6) the U.S. deficit needs to be reduced; and (7) problems with Russia and the Ukraine including possible effects on worldwide trade.
Some current and potential economic and investment positives are: (1) monetary policy and financial conditions generally are very supportive of growth; (2) fiscal drag, while still present, is much reduced; (3) public spending should rebound, following the reduction of the federal deficit and significant surpluses at the states level; (4) the economy has grown in the last eighteen quarters and growth should improve in the rest of 2014; (5) many companies have recently reported better than expected first quarter earnings and revenues; (6) the rise in residential property values and in stock market prices has added to net worth and households have strengthened their balance sheets; (7) employment and payrolls are increasing with unemployment currently at 6.3%, the lowest in more than five years – the 288,000 gain in employment in April was the biggest gain since January 2012; (9) Federal Reserve policy makers have said that they will maintain stimulus until the labor market improves further; (10) there has been an increase in the willingness of companies to commit capital as evidenced by the increase in merger and acquisition activity; (11) businesses have been able to use the credit markets to strengthen their balance sheets; (12) current valuations of stocks are below the midpoint of the historical average taking into consideration inflation and interest rates; (13) the U.S. economy currently has better fundamentals than the economies of most other industrialized countries; (14) global growth should accelerate from here; (15) central banks worldwide continue with monetary stimulus to boost growth; and (16) China’s economic growth rate seems to be stabilizing.
The World Economy
The global economic recovery that started in mid-2009 is continuing in 2014. There are better-than-expected developments in the Eurozone, the United Kingdom and Japan. The World Economy is forecast to increase 3.0% in 2014 after increasing 3.0% in 2013, 2.7% in 2012 and 4.0% in 2011.
Economic activity in the Eurozone continues to expand, although a fairly modest rate. There are very few inflationary pressures in the Eurozone at present. The Eurozone’s GDP is forecast to increase 1.2% in 2014, after decreasing 0.4% in 2013, decreasing 0.5% in 2012 and increasing 1.5% in 2011. The United Kingdom is currently the strongest economy in the Eurozone. The United Kingdom’s GDP is forecast to increase 2.8% in 2014, after increasing 1.7% in 2013, 0.3% in 2012 and 0.7% in 2011.
Among larger industrialized economies, Japan’s GDP is forecast to increase 1.4% in 2014, after increasing 1.5% in 2013, 1.9% in 2012 and decreasing 0.7% in 2011. Korea’s GDP is forecast to increase 3.2% in 2014 after increasing 3.0% in 2013, 2.0% in 2012 and 3.6% in 2011. Canada’s GDP is forecast to increase 2.0% in 2014, after increasing 2.0% in 2013, 1.8% in 2012 and 2.5% in 2011.
2
The biggest developing economies are many times referred to as the “BRIC” economy, which is short for Brazil, Russia, India, and China. These economies are currently and are forecast to grow slower than was estimated six months ago.
China has the strongest growth among “developing economies”. China’s population is approximately 19% of the world’s total population of approximately seven billion. In the second quarter of 2010, China overtook Japan and became the world’s second largest economy after the U.S. It is the world’s fastest growing major economy. Many economists believe that China has a particularly good long-term outlook. Near term, however, there have been cross currents in China’s economic outlook. China’s GDP is forecast to increase 7.2% in 2014, after increasing 7.7% in 2013, 7.7% in 2012 and 6.4% in 2011.
India’s population is approximately 17% of the world’s population. It is the world’s second fastest growing major economy. India’s GDP is forecast to increase 5.0% in 2014 after increasing 4.6% in 2013, 5.0% in 2012 and 6.6% in 2011.
Brazil is Latin America’s biggest economy. GDP is forecast to increase 2.3% in 2014 after increasing 2.3% in 2013, 0.9% in 2012 and 2.7% in 2011. Russia’s GDP is forecast to decrease in 2014, after increasing 1% in 2013, 3.4% in 2012 and 4.3% in 2011.
Many worldwide larger multinational companies should be well positioned to benefit long-term from worldwide growth. The long-term strategy of the Reynolds Blue Chip Growth Fund is to be structured to benefit from this worldwide growth by investing in many of these leading multinational growth companies. The Blue Chip Fund is positioned to participate in long-term worldwide growth trends through investments in multinational U.S. headquartered companies. In addition, the Fund has investments in leading foreign headquartered companies, whose stocks in the form of American Depositary Receipts (ADRs) trade in the United States. These ADRs are denominated in dollars and they must use U.S. GAAP (Generally Accepted Accounting Principles) accounting to qualify as an ADR. The Blue Chip Fund may hold up to 35% of its assets in ADRs.
Opportunistic Investing in Companies of Various Sizes and Diversified Among Various Industries
The Reynolds Blue Chip Growth Fund usually invests in companies of various sizes as classified by their market capitalizations. A company’s market capitalization is calculated by taking the number of shares the company has outstanding multiplied by its current market price. Other considerations in selecting companies for the Fund include revenue growth rates, product innovations, financial strength, management’s knowledge and experience, plus the overall economic and geopolitical environments and interest rates. The Fund’s investments are diversified among various industries.
The long-term strategy of the Reynolds Blue Chip Growth Fund is to emphasize investment in worldwide “blue chip” growth companies. These companies are defined as companies with a minimum market capitalization of $1 billion. In the long-term these companies build value as their earnings grow. This growth in value should ultimately be recognized in higher stock prices for these companies.
Industry Sectors(2) as of March 31, 2014
(2) | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
3
Low Long-Term Interest Rates by Historical Standards are a Significant Positive for Stock Valuations
Long-term interest rates remain near historically low levels. Low long-term interest rates usually result in higher stock valuations for many reasons including:
(1) | Long-term borrowing costs of corporations are lower resulting in higher business confidence and profits. |
(2) | Long-term borrowing costs of individuals are lower which increases consumer confidence and spending. |
(3) | A company’s stock is usually valued by placing a present value on that company’s future stream of earnings and dividends. The present value is higher when interest and inflation rates are low. |
Linked Money Market Fund
The First American Treasury Obligations Fund is a money market fund offered by an affiliate of our transfer agent, U.S. Bancorp Fund Services, LLC. This Fund is offered as a money market alternative to our shareholders. The First American Treasury Obligations Fund offers many free shareholder conveniences including automatic investment and withdrawal plans and check writing access to your funds and is linked to your holdings in the Reynolds Blue Chip Growth Fund. This Fund is also included on your quarterly statements.
Information about the Reynolds Blue Chip Growth Fund and the First American Treasury Obligations Fund
Reynoldsfunds.com website: You can access current information about your investment holdings via our website, reynoldsfunds.com. You will be able to view your account list, account detail (including balances), transaction history, distributions, and the current Reynolds Blue Chip Growth Fund net asset value. Additional information available (PIN not needed) includes quarterly updates of the returns of the Blue Chip Fund, top ten holdings, industry percentages, and news articles regarding the Fund. Also, detailed statistics and graphs of past performances from a link to Morningstar for the Blue Chip Fund.
For automatic current daily net asset values: Call 1-800-773-9665 (1-800-7REYNOLDS) twenty-four hours a day, seven days a week and press “any key” then “1”. The updated current net asset value for the Blue Chip Fund is usually available each business day after 5 P.M. (PST).
For the Reynolds Blue Chip Growth Fund shareholders to automatically access their current account information: Call 1-800-773-9665 (twenty-four hours a day, seven days a week), press “any key” then “2” and enter your 16 digit account number which appears at the top right of your statement.
To speak to a Fund representative regarding the current daily net asset value, current account information and any other questions: Call 1-800-773-9665 and press “0” from 6 A.M. to 5 P.M. (PST).
Shareholder statement frequency: Consolidated statements summarizing the Blue Chip Fund and First American Treasury Obligations Fund accounts held by a shareholder are sent quarterly. In addition, individual Blue Chip Fund statements are sent whenever a transaction occurs. These transactions are: (1) statements are sent for the Blue Chip Fund or First American Treasury Obligations Fund when a shareholder purchases or redeems shares; (2) Blue Chip Fund statements are sent if, and when, any ordinary income or capital gains are distributed.
Tax reporting: Individual 1099 forms, which summarize any dividend income and any long- or short-term capital gains, are sent annually to shareholders each January. The percentage of income earned from various government securities, if any, for the Blue Chip Fund and the First American Treasury Obligations Fund are also reported in January.
Minimum investment: $1,000 for regular and retirement accounts ($100 for additional investments for all accounts – except for the Automatic Investment Plan, which is $50 for regular and retirement plan accounts).
Retirement plans: All types are offered including Traditional IRA, Roth IRA, Coverdell Education Savings Account, SIMPLE IRA Plan, and SEP IRA.
Automatic Investment Plan: There is no charge to automatically debit your checking account to invest in the Blue Chip Fund or the First American Treasury Obligations Fund ($50 minimum for either of these Funds) at periodic intervals to make automatic purchases in either of these Funds. This is useful for dollar cost averaging for the Blue Chip Fund.
Systematic Withdrawal Plan: For shareholders with a $10,000 minimum starting balance, there is no charge to automatically redeem shares ($100 minimum) in the Blue Chip Fund or the First American Treasury Obligations Fund as often as monthly and send a check to you or transfer funds to your bank account.
Free Check Writing: Free check writing ($100 minimum) is offered for accounts invested in the First American Treasury Obligations Fund.
4
Exchanges or regular redemptions between the Blue Chip Fund and the First American Treasury Obligations Fund: As often as desired – no charge.
NASDAQ symbols: Reynolds Blue Chip Growth Fund – RBCGX and First American Treasury Obligations Fund – FATXX.
Portfolio Manager: Frederick Reynolds is the portfolio manager of the Reynolds Blue Chip Growth Fund. He has been the portfolio manager of the Fund since its inception in 1988.
The Reynolds Blue Chip Growth Fund and the First American Treasury Obligations Fund are No-Load: No front-end sales commissions or deferred sales charges (“loads”) are charged. Over 40% of all mutual funds impose these marketing charges that are ultimately paid by the shareholder. These marketing charges are either: (1) a front-end fee or “load” in which up to 5% of a shareholder’s assets are deducted from the original investment (some funds even charge a fee when a shareholder reinvests capital gains or dividends); or (2) a back-end penalty fee or “load” which is typically deducted from a shareholder’s account if a shareholder redeems within five years of the original investment. These fees reduce a shareholder’s return. The Blue Chip Fund and First American Treasury Obligations Fund are No-Load as they do not have these extra charges.
We appreciate your continued confidence in the Reynolds Blue Chip Growth Fund and would like to welcome our new shareholders. We look forward to strong results in the future.
Sincerely,
Frederick L. Reynolds
President
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This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Reynolds Blue Chip Growth Fund unless accompanied or preceded by the Fund’s current prospectus.
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. Current performance of the Fund may be lower or higher than the performance quoted. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by visiting www.reynoldsfunds.com or by calling 1-800-773-9665.
Investors in the Fund may lose money. There are risks associated with investments in the types of securities in which the Fund invests. These risks include:
Market Risk – The prices of the stocks in which the Fund invests may decline for a number of reasons. These reasons include factors that are specific to one or more stocks in which the Fund invests as well as factors that affect the equity securities markets generally. The price declines may be steep, sudden and/or prolonged.
Growth Investing Risk – The investment adviser may be wrong in its assessment of a company’s potential for growth and the growth stocks the Fund holds may not grow as the investment adviser anticipates. Finally, there are periods when investing in growth stocks falls out of favor with investors and these stocks may underperform.
Smaller and Medium Capitalization Companies Risk – The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility.
Foreign Securities Risk – The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and different accounting methods.
Additional risks associated with investing in the Fund are as follows: Technology Companies Risk, Consumer Discretionary Companies Risk, and Portfolio Turnover Risk. For details regarding these risks, please refer to the Fund’s Prospectus or Summary Prospectus dated January 31, 2014.
Distributed by Rafferty Capital Markets, LLC
5
Reynolds Blue Chip Growth Fund
EXPENSE EXAMPLE (Unaudited)
As a shareholder of the Reynolds Blue Chip Growth Fund, you do not incur (except as described below) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees, but do incur ongoing costs, including management fees; distribution [and/or service] (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2013 through March 31, 2014.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
In addition to the costs highlighted and described below, the only Fund transaction costs you might currently incur would be wire fees ($15 per wire), if you choose to have proceeds from a redemption wired to your bank account instead of receiving a check. Additionally, U.S. Bank charges an annual processing fee ($15) if you maintain an IRA account with the Fund. To determine your total costs of investing in the Fund, you would need to add any applicable wire or IRA processing fees you’ve incurred during the period to the costs provided in the example below.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account | Ending Account | Expenses Paid During | |
Value 10/01/13 | Value 3/31/14 | Period* 10/01/13-3/31/14 | |
Reynolds Blue Chip Growth Fund Actual | $1,000.00 | $1,089.00 | $8.07 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.20 | $7.80 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.55% multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period between October 1, 2013 and March 31, 2014). |
6
Reynolds Blue Chip Growth Fund
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2014 (Unaudited)
ASSETS: | ||||
Investments in securities, at value (cost $138,048,269) | $ | 196,419,653 | ||
Cash | 453,626 | |||
Receivable from investments sold | 4,591,427 | |||
Receivable from shareholders for purchases | 183,446 | |||
Dividends receivable | 103,643 | |||
Prepaid expenses | 103,326 | |||
Total assets | 201,855,121 | |||
LIABILITIES: | ||||
Payable for investments purchased | 1,547,005 | |||
Payable to shareholders for redemptions | 610,938 | |||
Payable to adviser for management fees | 168,996 | |||
Payable for distribution expenses | 6,980 | |||
Other liabilities | 120,194 | |||
Total liabilities | 2,454,113 | |||
NET ASSETS | $ | 199,401,008 | ||
NET ASSETS CONSISTS OF: | ||||
Capital Stock, $0.01 par value; 40,000,000 shares authorized; 2,679,638 shares outstanding | $ | 133,567,381 | ||
Net unrealized appreciation on investments | 58,371,384 | |||
Accumulated undistributed net realized gain on investments | 8,112,066 | |||
Accumulated undistributed net investment loss | (649,823 | ) | ||
Net assets | $ | 199,401,008 | ||
CALCULATION OF NET ASSET VALUE PER SHARE: | ||||
Net asset value, offering and redemption price per share ($199,401,008 / 2,679,638 shares outstanding) | $ | 74.41 |
The accompanying notes to financial statements are an integral part of this statement.
SCHEDULE OF INVESTMENTS
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) | |||||||
COMMON STOCKS — 97.9% (a) | |||||||
Aerospace & Defense — 2.8% | |||||||
1,200 | AAR Corporation | $ | 31,140 | ||||
4,600 | B/E Aerospace, Inc.* | 399,234 | |||||
4,400 | The Boeing Company | 552,156 | |||||
3,800 | Curtiss-Wright Corporation | 241,452 | |||||
1,300 | Esterline Technologies Corporation* | 138,502 | |||||
8,200 | Exelis, Inc. | 155,882 | |||||
14,300 | GenCorp, Inc.* | 261,261 | |||||
2,800 | General Dynamics Corporation | 304,976 | |||||
400 | HEICO Corporation | 24,064 | |||||
11,600 | Hexcel Corporation* | 505,064 | |||||
3,400 | Honeywell International, Inc. | 315,384 | |||||
2,400 | Huntington Ingalls Industries, Inc. | 245,424 | |||||
3,000 | L-3 Communications Holdings, Inc. | 354,450 | |||||
1,000 | Lockheed Martin Corporation | 163,240 | |||||
5,300 | Northrop Grumman Corporation | 653,914 | |||||
500 | Precision Castparts Corporation | 126,380 | |||||
1,000 | Raytheon Company | 98,790 | |||||
3,500 | Rockwell Collins, Inc. | 278,845 | |||||
1,200 | Spirit AeroSystems Holdings, Inc.* | 33,828 | |||||
2,200 | Teledyne Technologies, Inc.* | 214,126 | |||||
6,100 | Textron, Inc. | 239,669 | |||||
400 | TransDigm Group, Inc. | 74,080 |
The accompanying notes to financial statements are an integral part of this schedule.
7
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Aerospace & Defense — 2.8% (Continued) | |||||||
1,900 | United Technologies Corporation | $ | 221,996 | ||||
5,633,857 | |||||||
Air Freight & Logistics — 0.3% | |||||||
900 | Expeditors International | ||||||
of Washington, Inc. | 35,667 | ||||||
2,600 | FedEx Corporation | 344,656 | |||||
1,900 | United Parcel Service, Inc., Class B | 185,022 | |||||
565,345 | |||||||
Airlines — 2.9% | |||||||
7,200 | Alaska Air Group, Inc. | 671,832 | |||||
5,400 | Allegiant Travel Company | 604,422 | |||||
23,200 | American Airlines Group, Inc.* | 849,120 | |||||
200 | Copa Holdings S.A., Class A | 29,038 | |||||
26,400 | Delta Air Lines, Inc. | 914,760 | |||||
29,500 | Hawaiian Holdings, Inc.* | 411,820 | |||||
4,500 | JetBlue Airways Corporation* | 39,105 | |||||
4,800 | Ryanair Holdings plc - SP-ADR* | 282,288 | |||||
2,900 | SkyWest, Inc. | 37,004 | |||||
42,700 | Southwest Airlines Company | 1,008,147 | |||||
10,100 | Spirit Airlines, Inc.* | 599,940 | |||||
7,200 | United Continental Holdings, Inc.* | 321,336 | |||||
5,768,812 | |||||||
Auto Components — 1.0% | |||||||
1,200 | Allison Transmission Holdings, Inc. | 35,928 | |||||
3,600 | BorgWarner, Inc. | 221,292 | |||||
1,500 | Delphi Automotive plc | 101,790 | |||||
600 | Dorman Products, Inc.* | 35,436 | |||||
1,500 | Drew Industries, Inc. | 81,300 | |||||
3,100 | Gentherm, Inc.* | 107,632 | |||||
5,900 | The Goodyear Tire & Rubber Company | 154,167 | |||||
4,200 | Johnson Controls, Inc. | 198,744 | |||||
1,200 | Lear Corporation | 100,464 | |||||
1,000 | Magna International, Inc. | 96,310 | |||||
400 | Strattec Security Corporation | 28,892 | |||||
4,800 | Tenneco, Inc.* | 278,736 | |||||
5,800 | TRW Automotive Holdings Corporation* | 473,396 | |||||
1,914,087 | |||||||
Automobiles — 0.5% | |||||||
2,600 | Harley-Davidson, Inc. | 173,186 | |||||
3,200 | Tata Motors, Ltd. - SP-ADR | 113,312 | |||||
3,650 | Tesla Motors, Inc.* | 760,842 | |||||
1,047,340 | |||||||
Beverages — 1.1% | |||||||
1,700 | The Boston Beer Company, Inc., Class A* | 416,041 | |||||
7,600 | Coca-Cola Enterprises, Inc. | 362,976 | |||||
300 | Coca-Cola Femsa, | ||||||
S.A.B. de C.V. - SP-ADR | 31,656 | ||||||
6,800 | Constellation Brands, Inc., Class A* | 577,796 | |||||
7,600 | Dr Pepper Snapple Group, Inc. | 413,896 | |||||
3,600 | Monster Beverage Corporation* | 250,020 | |||||
2,200 | PepsiCo, Inc. | 183,700 | |||||
2,236,085 | |||||||
Biotechnology — 4.3% | |||||||
3,500 | ACADIA Pharmaceuticals, Inc.* | 85,155 | |||||
200 | Acceleron Pharma, Inc.* | 6,900 | |||||
2,300 | Alexion Pharmaceuticals, Inc.* | 349,899 | |||||
11,600 | Alkermes plc*^ | 511,444 | |||||
3,800 | Amgen, Inc. | 468,692 | |||||
6,900 | ARIAD Pharmaceuticals, Inc.* | 55,614 | |||||
600 | Array BioPharma, Inc.* | 2,820 | |||||
4,100 | BioCryst Pharmaceuticals, Inc.* | 43,378 | |||||
2,500 | Biogen Idec, Inc.* | 764,675 | |||||
2,400 | BioMarin Pharmaceutical, Inc.* | 163,704 | |||||
5,800 | Celgene Corporation* | 809,680 | |||||
600 | Clovis Oncology, Inc.* | 41,562 | |||||
400 | Cubist Pharmaceuticals, Inc.* | 29,260 | |||||
2,200 | Dendreon Corporation* | 6,578 | |||||
1,100 | Exact Sciences Corporation* | 15,587 | |||||
1,100 | Exelixis, Inc.* | 3,894 | |||||
6,100 | Geron Corporation* | 12,688 | |||||
17,800 | Gilead Sciences, Inc.* | 1,261,308 | |||||
2,000 | Grifols S.A. - ADR | 82,600 | |||||
3,300 | Halozyme Therapeutics, Inc.* | 41,910 | |||||
500 | ImmunoGen, Inc.* | 7,465 | |||||
13,500 | Incyte Corporation* | 722,520 | |||||
100 | Intercept Pharmaceuticals, Inc.* | 32,979 | |||||
8,100 | Isis Pharmaceuticals, Inc.* | 350,001 | |||||
3,200 | Keryx Biopharmaceuticals, Inc.* | 54,528 | |||||
3,100 | Ligand Pharmaceuticals, Inc.* | 208,506 | |||||
2,000 | Medivation, Inc.* | 128,740 | |||||
7,000 | NPS Pharmaceuticals, Inc.* | 209,510 | |||||
13,600 | Orexigen Therapeutics, Inc.* | 88,400 | |||||
11,300 | Peregrine Pharmaceuticals, Inc.* | 21,470 | |||||
5,800 | Pharmacyclics, Inc.* | 581,276 | |||||
1,100 | Puma Biotechnology, Inc.* | 114,554 | |||||
2,600 | Raptor Pharmaceuticals Corporation* | 26,000 | |||||
1,200 | Regeneron Pharmaceuticals, Inc.* | 360,336 | |||||
5,800 | Repligen Corporation* | 74,588 |
The accompanying notes to financial statements are an integral part of this schedule.
8
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Biotechnology — 4.3% (Continued) | |||||||
6,500 | Sarepta Therapeutics, Inc.* | $ | 156,195 | ||||
3,800 | Seattle Genetics, Inc.* | 173,128 | |||||
1,300 | Synageva BioPharma Corporation* | 107,861 | |||||
1,700 | Theravance, Inc.* | 52,598 | |||||
2,300 | United Therapeutics Corporation* | 216,269 | |||||
1,100 | Vertex Pharmaceuticals, Inc.* | 77,792 | |||||
1,700 | XOMA Corporation* | 8,857 | |||||
8,530,921 | |||||||
Building Products — 0.7% | |||||||
7,700 | A.O. Smith Corporation | 354,354 | |||||
1,200 | AAON, Inc. | 33,444 | |||||
1,400 | Armstrong World Industries, Inc.* | 74,550 | |||||
10,900 | Fortune Brands Home & Security, Inc. | 458,672 | |||||
2,300 | Lennox International, Inc. | 209,093 | |||||
5,600 | Masco Corporation | 124,376 | |||||
2,400 | USG Corporation* | 78,528 | |||||
1,333,017 | |||||||
Capital Markets — 5.0% | |||||||
1,700 | Affiliated Managers Group, Inc.* | 340,085 | |||||
6,900 | Ameriprise Financial, Inc. | 759,483 | |||||
2,100 | Artisan Partners Asset | ||||||
Management, Inc., Class A | 134,925 | ||||||
6,000 | The Bank of New York | ||||||
Mellon Corporation | 211,740 | ||||||
1,100 | BlackRock, Inc. | 345,928 | |||||
25,200 | The Charles Schwab Corporation | 688,716 | |||||
4,900 | Cowen Group, Inc., Class A* | 21,609 | |||||
29,000 | E*TRADE Financial Corporation* | 667,580 | |||||
1,800 | Eaton Vance Corporation | 68,688 | |||||
3,700 | Evercore Partners, Inc., Class A | 204,425 | |||||
3,900 | Federated Investors, Inc., Class B | 119,106 | |||||
11,100 | Financial Engines, Inc. | 563,658 | |||||
4,600 | Franklin Resources, Inc. | 249,228 | |||||
4,800 | The Goldman Sachs Group, Inc. | 786,480 | |||||
700 | HFF, Inc., Class A | 23,527 | |||||
8,700 | Invesco, Ltd. | 321,900 | |||||
11,600 | Janus Capital Group, Inc. | 126,092 | |||||
5,900 | Legg Mason, Inc. | 289,336 | |||||
1,300 | LPL Financial Holdings, Inc. | 68,302 | |||||
12,600 | Morgan Stanley | 392,742 | |||||
1,500 | Northern Trust Corporation | 98,340 | |||||
6,100 | Piper Jaffray Companies, Inc.* | 279,380 | |||||
4,700 | T. Rowe Price Group, Inc. | 387,045 | |||||
6,500 | Raymond James Financial, Inc. | 363,545 | |||||
3,500 | Safeguard Scientifics, Inc.* | 77,630 | |||||
9,900 | SEI Investments Company | 332,739 | |||||
1,100 | State Street Corporation | 76,505 | |||||
500 | Stifel Financial Corporation* | 24,880 | |||||
21,300 | TD Ameritrade Holding Corporation | 723,135 | |||||
1,400 | Triangle Capital Corporation | 36,246 | |||||
1,000 | UBS AG* | 20,720 | |||||
2,700 | Virtus Investment Partners, Inc.* | 467,559 | |||||
9,100 | Waddell & Reed Financial, Inc., Class A | 669,942 | |||||
3,000 | WisdomTree Investments, Inc.* | 39,360 | |||||
9,980,576 | |||||||
Chemicals — 3.2% | |||||||
300 | Agrium, Inc. | 29,256 | |||||
800 | Air Products & Chemicals, Inc. | 95,232 | |||||
2,700 | Cabot Corporation | 159,462 | |||||
3,300 | Chemtura Corporation* | 83,457 | |||||
4,300 | The Dow Chemical Company | 208,937 | |||||
2,000 | E.I. du Pont de Nemours & Company | 134,200 | |||||
3,500 | Eastman Chemical Company | 301,735 | |||||
4,300 | Ecolab, Inc. | 464,357 | |||||
3,000 | Ferro Corporation* | 40,980 | |||||
8,600 | FMC Corporation | 658,416 | |||||
6,400 | Huntsman Corporation | 156,288 | |||||
4,100 | International Flavors & Fragrances, Inc. | 392,247 | |||||
3,200 | LyondellBasell Industries N.V., Class A | 284,608 | |||||
2,700 | Monsanto Company | 307,179 | |||||
800 | NewMarket Corporation | 312,624 | |||||
8,100 | Olin Corporation | 223,641 | |||||
3,200 | PolyOne Corporation | 117,312 | |||||
7,100 | RPM International, Inc. | 297,064 | |||||
5,500 | The Scotts Miracle-Gro | ||||||
Company, Class A | 337,040 | ||||||
1,600 | The Sherwin-Williams Company | 315,408 | |||||
7,400 | Sigma-Aldrich Corporation | 691,012 | |||||
6,600 | The Valspar Corporation | 475,992 | |||||
2,700 | W.R. Grace & Company* | 267,759 | |||||
6,354,206 | |||||||
Commercial Banks — 2.0% | |||||||
13,500 | Bank of America Corporation | 232,200 | |||||
1,200 | Bank of Hawaii Corporation | 72,732 | |||||
4,900 | Bank of the Ozarks, Inc. | 333,494 | |||||
700 | BB&T Corporation | 28,119 | |||||
9,200 | CapitalSource, Inc. | 134,228 | |||||
400 | CIT Group, Inc. | 19,608 |
The accompanying notes to financial statements are an integral part of this schedule.
9
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Commercial Banks — 2.0% (Continued) | |||||||
4,600 | Citigroup, Inc. | $ | 218,960 | ||||
700 | Columbia Banking System, Inc. | 19,964 | |||||
2,400 | Comerica, Inc. | 124,320 | |||||
2,800 | Eagle Bancorp, Inc.* | 101,080 | |||||
7,200 | East West Bancorp, Inc. | 262,800 | |||||
4,900 | Enterprise Financial Services Corporation | 98,343 | |||||
10,500 | Fifth Third Bancorp | 240,975 | |||||
600 | First Republic Bank | 32,394 | |||||
8,900 | FirstMerit Corporation | 185,387 | |||||
1,800 | Glacier Bancorp, Inc. | 52,326 | |||||
17,300 | Huntington Bancshares, Inc. | 172,481 | |||||
1,700 | JPMorgan Chase & Company | 103,207 | |||||
18,300 | KeyCorp | 260,592 | |||||
500 | Mercantile Bank Corporation | 10,310 | |||||
900 | PNC Financial Services Group, Inc. | 78,300 | |||||
600 | Prosperity Bancshares, Inc. | 39,690 | |||||
21,300 | Regions Financial Corporation | 236,643 | |||||
2,900 | SunTrust Banks, Inc. | 115,391 | |||||
20,200 | Synovus Financial Corporation | 68,478 | |||||
4,500 | Texas Capital Bancshares, Inc.* | 292,230 | |||||
600 | The Toronto-Dominion Bank | 28,170 | |||||
3,400 | U.S. Bancorp | 145,724 | |||||
4,400 | Umpqua Holdings Corporation | 82,016 | |||||
1,500 | Webster Financial Corporation | 46,590 | |||||
3,300 | Wells Fargo & Company | 164,142 | |||||
4,000,894 | |||||||
Commercial Services & Supplies — 1.0% | |||||||
7,700 | Cintas Corporation | 458,997 | |||||
1,200 | Copart, Inc.* | 43,668 | |||||
18,432 | R.R. Donnelley & Sons Company | 329,933 | |||||
5,500 | EnerNOC, Inc.* | 122,540 | |||||
6,900 | KAR Auction Services, Inc. | 209,415 | |||||
5,100 | Herman Miller, Inc. | 163,863 | |||||
2,800 | Mobile Mini, Inc. | 121,408 | |||||
1,500 | Pitney Bowes, Inc. | 38,985 | |||||
4,500 | Tyco International, Ltd. | 190,800 | |||||
4,600 | Waste Connections, Inc. | 201,756 | |||||
1,800 | Waste Management, Inc. | 75,726 | |||||
1,957,091 | |||||||
Communications Equipment — 1.9% | |||||||
1,500 | ADTRAN, Inc. | 36,615 | |||||
7,500 | Alcatel-Lucent - SP-ADR | 29,250 | |||||
1,200 | ARRIS Group, Inc.* | 33,816 | |||||
23,400 | Brocade Communications Systems, Inc.* | 248,274 | |||||
6,400 | CalAmp Corporation* | 178,368 | |||||
3,400 | F5 Networks, Inc.* | 362,542 | |||||
8,800 | Finisar Corporation* | 233,288 | |||||
900 | Harmonic, Inc.* | 6,426 | |||||
3,500 | Harris Corporation | 256,060 | |||||
5,900 | Infinera Corporation* | 53,572 | |||||
700 | InterDigital, Inc. | 23,177 | |||||
9,600 | Ituran Location and Control, Ltd. | 239,520 | |||||
1,600 | JDS Uniphase Corporation* | 22,400 | |||||
7,000 | Juniper Networks, Inc.* | 180,320 | |||||
1,400 | Motorola Solutions, Inc. | 90,006 | |||||
1,700 | NETGEAR, Inc.* | 57,341 | |||||
1,400 | Plantronics, Inc. | 62,230 | |||||
6,100 | Polycom, Inc.* | 83,692 | |||||
8,800 | QUALCOMM, Inc. | 693,968 | |||||
8,600 | RADWARE, Ltd.* | 152,048 | |||||
4,600 | Riverbed Technology, Inc.* | 90,666 | |||||
1,200 | Ruckus Wireless, Inc.* | 14,592 | |||||
1,500 | Sierra Wireless, Inc.* | 32,745 | |||||
7,500 | Sonus Networks, Inc.* | 25,275 | |||||
10,100 | Ubiquiti Networks, Inc.* | 459,247 | |||||
400 | ViaSat, Inc.* | 27,616 | |||||
3,693,054 | |||||||
Computers & Peripherals — 1.8% | |||||||
4,300 | 3D Systems Corporation* | 254,345 | |||||
2,500 | Apple, Inc. | 1,341,850 | |||||
1,400 | BlackBerry, Ltd.* | 11,312 | |||||
1,300 | Diebold, Inc. | 51,857 | |||||
6,800 | Electronics for Imaging, Inc.* | 294,508 | |||||
900 | EMC Corporation | 24,669 | |||||
3,200 | Hewlett-Packard Company | 103,552 | |||||
600 | Lexmark International, Inc., Class A | 27,774 | |||||
6,500 | Nokia Oyj - SP-ADR* | 47,710 | |||||
5,600 | SanDisk Corporation | 454,664 | |||||
6,000 | Seagate Technology plc | 336,960 | |||||
1,300 | Stratasys, Ltd.* | 137,917 | |||||
4,500 | Western Digital Corporation | 413,190 | |||||
3,500,308 | |||||||
Construction & Engineering — 0.5% | |||||||
3,200 | Chicago Bridge & Iron | ||||||
Company N.V. NYS | 278,880 | ||||||
2,600 | EMCOR Group, Inc. | 121,654 | |||||
1,300 | Fluor Corporation | 101,049 | |||||
7,800 | Jacobs Engineering Group, Inc.* | 495,300 |
The accompanying notes to financial statements are an integral part of this schedule.
10
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Construction & Engineering — 0.5% (Continued) | |||||||
700 | Quanta Services, Inc.* | $ | 25,830 | ||||
1,022,713 | |||||||
Construction Materials — 0.2% | |||||||
1,500 | CaesarStone Sdot-Yam, Ltd. | 81,570 | |||||
300 | Eagle Materials, Inc. | 26,598 | |||||
1,000 | Martin Marietta Materials, Inc. | 128,350 | |||||
2,900 | Texas Industries, Inc.* | 259,898 | |||||
496,416 | |||||||
Consumer Finance — 0.8% | |||||||
6,500 | American Express Company | 585,195 | |||||
2,000 | Capital One Financial Corporation | 154,320 | |||||
12,800 | Discover Financial Services | 744,832 | |||||
500 | Encore Capital Group, Inc.* | 22,850 | |||||
500 | World Acceptance Corporation* | 37,540 | |||||
1,544,737 | |||||||
Consumer Services - Diversified — 0.1% | |||||||
1,200 | New Oriental Education & Technology | ||||||
Group, Inc. - SP-ADR | 35,220 | ||||||
4,100 | Sotheby’s | 178,555 | |||||
1,900 | TAL Education Group - ADR* | 42,788 | |||||
256,563 | |||||||
Containers & Packaging — 0.4% | |||||||
200 | Avery Dennison Corporation | 10,134 | |||||
3,700 | Ball Corporation | 202,797 | |||||
3,300 | Bemis Company, Inc. | 129,492 | |||||
1,800 | Owens-Illinois, Inc.* | 60,894 | |||||
3,800 | Packaging Corporation of America | 267,406 | |||||
3,500 | Sealed Air Corporation | 115,045 | |||||
2,100 | Sonoco Products Company | 86,142 | |||||
871,910 | |||||||
Distributors — 0.1% | |||||||
1,300 | Genuine Parts Company | 112,905 | |||||
Electric Utilities — 0.0% | |||||||
1,000 | Xcel Energy, Inc. | 30,360 | |||||
Electrical Equipment — 1.1% | |||||||
1,800 | AMETEK, Inc. | 92,682 | |||||
3,800 | Capstone Turbine Corporation* | 8,094 | |||||
2,600 | Eaton Corporation plc | 195,312 | |||||
2,300 | Emerson Electric Company | 153,640 | |||||
3,100 | Franklin Electric Company, Inc. | 131,812 | |||||
3,400 | FuelCell Energy, Inc.* | 8,432 | |||||
1,800 | GrafTech International, Ltd.* | 19,656 | |||||
2,800 | Hubbell, Inc., Class B | 335,636 | |||||
500 | PowerSecure International, Inc.* | 11,720 | |||||
2,400 | Rockwell Automation, Inc. | 298,920 | |||||
2,600 | Roper Industries, Inc. | 347,126 | |||||
4,500 | Sensata Technologies Holding N.V.* | 191,880 | |||||
7,800 | Solarcity Corporation* | 488,436 | |||||
2,283,346 | |||||||
Electronic Equipment, | |||||||
Instruments & Components — 1.1% | |||||||
2,200 | Amphenol Corporation | 201,630 | |||||
500 | Arrow Electronics, Inc.* | 29,680 | |||||
1,200 | Avnet, Inc. | 55,836 | |||||
300 | Belden, Inc. | 20,880 | |||||
4,300 | Benchmark Electronics, Inc.* | 97,395 | |||||
2,500 | CDW Corporation of Delaware | 68,600 | |||||
700 | Checkpoint Systems, Inc.* | 9,394 | |||||
1,500 | Cognex Corporation* | 50,790 | |||||
1,200 | Coherent, Inc.* | 78,420 | |||||
2,500 | Corning, Inc. | 52,050 | |||||
14,100 | Flextronics International, Ltd.* | 130,284 | |||||
1,600 | FLIR Systems, Inc. | 57,600 | |||||
6,000 | InvenSense, Inc.* | 142,020 | |||||
1,900 | Jabil Circuit, Inc. | 34,200 | |||||
400 | Littelfuse, Inc. | 37,456 | |||||
2,800 | Measurement Specialties, Inc.* | 189,980 | |||||
3,200 | Methode Electronics, Inc. | 98,112 | |||||
800 | Newport Corporation* | 16,544 | |||||
1,400 | OSI Systems, Inc.* | 83,804 | |||||
500 | Rogers Corporation* | 31,210 | |||||
8,900 | Sanmina Corporation* | 155,305 | |||||
6,900 | TE Connectivity, Ltd. | 415,449 | |||||
2,100 | Trimble Navigation, Ltd.* | 81,627 | |||||
2,000 | Zebra Technologies | ||||||
Corporation, Class A* | 138,820 | ||||||
2,277,086 | |||||||
Energy Equipment & Services — 0.8% | |||||||
2,100 | Baker Hughes, Inc. | 136,542 | |||||
600 | Exterran Holdings, Inc. | 26,328 | |||||
1,600 | FMC Technologies, Inc.* | 83,664 | |||||
2,300 | Halliburton Company | 135,447 | |||||
3,000 | Helmerich & Payne, Inc. | 322,680 | |||||
4,900 | Nabors Industries, Ltd. | 120,785 | |||||
1,400 | Noble Corporation plc | 45,836 | |||||
3,500 | Parker Drilling Company* | 24,815 | |||||
7,000 | Patterson-UTI Energy, Inc. | 221,760 |
The accompanying notes to financial statements are an integral part of this schedule.
11
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Energy Equipment & Services — 0.8% (Continued) | |||||||
800 | Rowan Companies plc, Class A* | $ | 26,944 | ||||
5,100 | RPC, Inc. | 104,142 | |||||
1,800 | Schlumberger, Ltd. | 175,500 | |||||
5,400 | Weatherford International, Ltd.* | 93,744 | |||||
1,518,187 | |||||||
Financial Services - Diversified — 0.6% | |||||||
4,500 | Berkshire Hathaway, Inc., Class B* | 562,365 | |||||
1,700 | CBOE Holdings, Inc. | 96,220 | |||||
1,500 | CME Group, Inc. | 111,015 | |||||
700 | Interactive Brokers Group, Inc., Class A | 15,169 | |||||
600 | IntercontinentalExchange Group, Inc. | 118,698 | |||||
1,700 | Leucadia National Corporation | 47,600 | |||||
1,600 | McGraw Hill Financial, Inc. | 122,080 | |||||
500 | MSCI, Inc.* | 21,510 | |||||
3,400 | The NASDAQ OMX Group, Inc. | 125,596 | |||||
300 | Texas Pacific Land Trust | 38,850 | |||||
1,259,103 | |||||||
Food & Staples Retailing — 1.0% | |||||||
5,500 | Costco Wholesale Corporation | 614,240 | |||||
4,800 | CVS Caremark Corporation | 359,328 | |||||
300 | PriceSmart, Inc. | 30,279 | |||||
29,900 | Rite Aid Corporation* | 187,473 | |||||
700 | Safeway, Inc. | 25,858 | |||||
1,200 | United Natural Foods, Inc.* | 85,104 | |||||
4,600 | Walgreen Company | 303,738 | |||||
1,400 | Wal-Mart Stores, Inc. | 107,002 | |||||
5,900 | Whole Foods Market, Inc. | 299,189 | |||||
2,012,211 | |||||||
Food Products — 0.9% | |||||||
400 | Diamond Foods, Inc.* | 13,972 | |||||
500 | The Hain Celestial Group, Inc.* | 45,735 | |||||
300 | The Hershey Company | 31,320 | |||||
3,100 | Hormel Foods Corporation | 152,737 | |||||
11,400 | Inventure Foods, Inc.* | 159,372 | |||||
1,200 | The J.M. Smucker Company | 116,688 | |||||
3,400 | Keurig Green Mountain, Inc. | 359,006 | |||||
600 | Lifeway Foods, Inc. | 8,820 | |||||
500 | McCormick & Company, Inc. | 35,870 | |||||
1,100 | Mead Johnson Nutrition Company | 91,454 | |||||
1,500 | Mondelez International, Inc., Class A | 51,825 | |||||
4,300 | Pilgrim’s Pride Corporation* | 89,956 | |||||
5,800 | SunOpta, Inc.* | 68,498 | |||||
2,500 | TreeHouse Foods, Inc.* | 179,975 | |||||
2,800 | Tyson Foods, Inc., Class A | 123,228 | |||||
6,800 | WhiteWave Foods Company, Class A* | 194,072 | |||||
1,722,528 | |||||||
Gas Utilities — 0.0% | |||||||
750 | ONE Gas, Inc.* | 26,947 | |||||
1,300 | UGI Corporation | 59,293 | |||||
86,240 | |||||||
Health Care Equipment & Supplies — 2.4% | |||||||
1,600 | Abbott Laboratories | 61,616 | |||||
2,600 | Accuray, Inc.* | 24,960 | |||||
1,600 | Align Technology, Inc.* | 82,864 | |||||
4,800 | AtriCure, Inc.* | 90,288 | |||||
800 | C.R. Bard, Inc. | 118,384 | |||||
1,000 | Baxter International, Inc. | 73,580 | |||||
2,900 | Becton, Dickinson and Company | 339,532 | |||||
27,000 | Boston Scientific Corporation* | 365,040 | |||||
4,500 | CareFusion Corporation* | 180,990 | |||||
3,500 | Covidien plc | 257,810 | |||||
1,200 | DENTSPLY International, Inc. | 55,248 | |||||
400 | Edwards Lifesciences Corporation* | 29,668 | |||||
5,300 | Endologix, Inc.* | 68,211 | |||||
400 | Greatbatch, Inc.* | 18,368 | |||||
700 | IDEXX Laboratories, Inc.* | 84,980 | |||||
4,400 | Medtronic, Inc. | 270,776 | |||||
1,000 | Natus Medical, Inc.* | 25,800 | |||||
800 | Quidel Corporation* | 21,840 | |||||
1,700 | ResMed, Inc. | 75,973 | |||||
1,800 | Smith & Nephew plc - SP-ADR | 137,664 | |||||
19,800 | The Spectranetics Corporation* | 600,138 | |||||
5,700 | St. Jude Medical, Inc. | 372,723 | |||||
4,700 | Stryker Corporation | 382,909 | |||||
2,000 | Symmetry Medical, Inc.* | 20,120 | |||||
8,000 | Varian Medical Systems, Inc.* | 671,920 | |||||
4,100 | Zimmer Holdings, Inc. | 387,778 | |||||
4,819,180 | |||||||
Health Care Providers & Services — 2.8% | |||||||
4,200 | Acadia Healthcare Company, Inc.* | 189,504 | |||||
1,700 | Addus HomeCare Corporation* | 39,185 | |||||
3,500 | Aetna, Inc. | 262,395 | |||||
700 | Air Methods Corporation* | 37,401 | |||||
1,100 | AmerisourceBergen Corporation | 72,149 | |||||
4,800 | AMN Healthcare Services, Inc.* | 65,952 | |||||
6,000 | Cardinal Health, Inc. | 419,880 | |||||
700 | Catamaran Corporation* | 31,332 | |||||
400 | Cigna Corporation | 33,492 |
The accompanying notes to financial statements are an integral part of this schedule.
12
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Health Care Providers & | |||||||
Services — 2.8% (Continued) | |||||||
12,400 | CorVel Corporation* | $ | 617,024 | ||||
1,600 | DaVita HealthCare Partners, Inc.* | 110,160 | |||||
800 | The Ensign Group, Inc. | 34,912 | |||||
5,200 | Express Scripts Holding Company* | 390,468 | |||||
1,200 | HCA Holdings, Inc.* | 63,000 | |||||
3,000 | Humana, Inc. | 338,160 | |||||
300 | Laboratory Corporation | ||||||
of America Holdings* | 29,463 | ||||||
1,900 | LifePoint Hospitals, Inc.* | 103,645 | |||||
4,600 | McKesson Corporation | 812,222 | |||||
500 | MEDNAX, Inc.* | 30,990 | |||||
600 | Omnicare, Inc. | 35,802 | |||||
2,200 | Patterson Companies, Inc. | 91,872 | |||||
6,400 | Henry Schein, Inc.* | 763,968 | |||||
1,700 | Tenet Healthcare Corporation* | 72,777 | |||||
1,800 | UnitedHealth Group, Inc. | 147,582 | |||||
4,700 | Universal Health Services, Inc., Class B | 385,729 | |||||
3,300 | VCA Antech, Inc.* | 106,359 | |||||
2,500 | WellPoint, Inc. | 248,875 | |||||
5,534,298 | |||||||
Health Care Technology — 0.5% | |||||||
1,800 | athenahealth, Inc.* | 288,432 | |||||
6,900 | Cerner Corporation* | 388,125 | |||||
1,000 | Computer Programs & Systems, Inc. | 64,600 | |||||
6,600 | MedAssets, Inc.* | 163,086 | |||||
1,700 | Medidata Solutions, Inc.* | 92,378 | |||||
996,621 | |||||||
Hotels, Restaurants & Leisure — 6.3% | |||||||
600 | 500.com, Ltd. - ADR, Class A* | 22,140 | |||||
600 | Bob Evans Farms, Inc. | 30,018 | |||||
2,400 | Boyd Gaming Corporation* | 31,680 | |||||
7,800 | Brinker International, Inc. | 409,110 | |||||
1,500 | Buffalo Wild Wings, Inc.* | 223,350 | |||||
4,600 | Burger King Worldwide, Inc. | 122,130 | |||||
1,900 | Caesars Entertainment Corporation* | 36,119 | |||||
3,400 | The Cheesecake Factory, Inc. | 161,942 | |||||
900 | Chipotle Mexican Grill, Inc.* | 511,245 | |||||
800 | Cracker Barrel Old Country Store, Inc. | 77,792 | |||||
700 | Del Frisco’s Restaurant Group, Inc.* | 19,530 | |||||
1,200 | DineEquity, Inc. | 93,684 | |||||
13,800 | Domino’s Pizza, Inc. | 1,062,186 | |||||
6,700 | Dunkin’ Brands Group, Inc. | 336,206 | |||||
3,500 | Home Inns & Hotels | ||||||
Management, Inc. - ADR* | 113,015 | ||||||
2,300 | Hyatt Hotels Corporation, Class A* | 123,763 | |||||
3,800 | InterContinental Hotels Group plc - ADR | 123,120 | |||||
6,800 | Jack in the Box, Inc.* | 400,792 | |||||
9,600 | Jamba, Inc.* | 115,152 | |||||
7,400 | Las Vegas Sands Corporation | 597,772 | |||||
12,100 | Marriott International, Inc., Class A | 677,842 | |||||
4,600 | Marriott Vacations | ||||||
Worldwide Corporation* | 257,186 | ||||||
31,500 | Melco Crown Entertainment, Ltd. - ADR* | 1,217,475 | |||||
32,400 | MGM Resorts International* | 837,864 | |||||
1,100 | Monarch Casino & Resort, Inc.* | 20,383 | |||||
2,900 | Panera Bread Company, Class A* | 511,763 | |||||
22,900 | Papa John’s International, Inc. | 1,193,319 | |||||
1,600 | Red Robin Gourmet Burgers, Inc.* | 114,688 | |||||
800 | Royal Caribbean Cruises, Ltd. | 43,648 | |||||
19,500 | Sonic Corporation* | 444,405 | |||||
7,700 | Starbucks Corporation | 565,026 | |||||
7,600 | Starwood Hotels & | ||||||
Resorts Worldwide, Inc. | 604,960 | ||||||
12,100 | The Wendy’s Company | 110,352 | |||||
3,500 | Wyndham Worldwide Corporation | 256,305 | |||||
4,600 | Wynn Resorts, Ltd. | 1,021,890 | |||||
600 | Yum! Brands, Inc. | 45,234 | |||||
12,533,086 | |||||||
Household Durables — 1.5% | |||||||
7,700 | D.R. Horton, Inc. | 166,705 | |||||
500 | Garmin, Ltd. | 27,630 | |||||
1,000 | Harman International Industries, Inc. | 106,400 | |||||
10,300 | Hovnanian Enterprises, Inc.* | 48,719 | |||||
1,900 | iRobot Corporation* | 77,995 | |||||
13,200 | Jarden Corporation* | 789,756 | |||||
2,300 | La-Z-Boy, Inc. | 62,330 | |||||
8,200 | Leggett & Platt, Inc. | 267,648 | |||||
3,600 | Lennar Corporation | 142,632 | |||||
1,700 | Mohawk Industries, Inc.* | 231,166 | |||||
3,400 | Newell Rubbermaid, Inc. | 101,660 | |||||
3,000 | PulteGroup, Inc. | 57,570 | |||||
1,000 | The Ryland Group, Inc. | 39,930 | |||||
1,700 | SodaStream International, Ltd.* | 74,970 | |||||
2,000 | Tempur Sealy International, Inc.* | 101,340 | |||||
2,900 | Toll Brothers, Inc.* | 104,110 | |||||
4,800 | Tupperware Brands Corporation | 402,048 |
The accompanying notes to financial statements are an integral part of this schedule.
13
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Household Durables — 1.5% (Continued) | |||||||
1,200 | Whirlpool Corporation | $ | 179,352 | ||||
2,981,961 | |||||||
Household Products — 0.4% | |||||||
2,000 | Church & Dwight Company, Inc. | 138,140 | |||||
400 | The Clorox Company | 35,204 | |||||
2,600 | Energizer Holdings, Inc. | 261,924 | |||||
400 | Kimberly-Clark Corporation | 44,100 | |||||
1,800 | Spectrum Brands Holdings, Inc. | 143,460 | |||||
1,600 | WD-40 Company | 124,112 | |||||
746,940 | |||||||
Independent Power Producers & | |||||||
Energy Traders — 0.0% | |||||||
700 | Pattern Energy Group, Inc. | 18,991 | |||||
Industrial Conglomerates — 0.5% | |||||||
1,100 | 3M Company | 149,226 | |||||
2,100 | Carlisle Companies, Inc. | 166,614 | |||||
1,900 | Danaher Corporation | 142,500 | |||||
2,000 | General Electric Company | 51,780 | |||||
6,200 | Koninklijke Philips N.V. NYS | 217,992 | |||||
1,600 | Siemens AG - SP-ADR | 216,240 | |||||
944,352 | |||||||
Insurance — 3.4% | |||||||
1,000 | ACE, Ltd. | 99,060 | |||||
11,000 | AEGON N.V. NYS | 101,200 | |||||
3,200 | Aflac, Inc. | 201,728 | |||||
1,000 | Allied World Assurance | ||||||
Company Holdings AG | 103,190 | ||||||
2,900 | American Financial Group, Inc. | 167,359 | |||||
2,800 | American International Group, Inc. | 140,028 | |||||
1,600 | Aon plc | 134,848 | |||||
1,200 | Aspen Insurance Holdings, Ltd. | 47,640 | |||||
3,000 | Assurant, Inc. | 194,880 | |||||
800 | The Chubb Corporation | 71,440 | |||||
20,100 | CNO Financial Group, Inc. | 363,810 | |||||
11,800 | eHealth, Inc.* | 599,440 | |||||
900 | Everest Re Group, Ltd. | 137,745 | |||||
1,800 | Fidelity National Financial, Inc. | 56,592 | |||||
2,800 | First American Financial Corporation | 74,340 | |||||
24,400 | Genworth Financial, Inc.* | 432,612 | |||||
6,600 | The Hartford Financial | ||||||
Services Group, Inc. | 232,782 | ||||||
3,100 | HCI Group, Inc. | 112,840 | |||||
1,100 | Kemper Corporation | 43,087 | |||||
7,300 | Lincoln National Corporation | 369,891 | |||||
8,900 | Marsh & McLennan Companies, Inc. | 438,770 | |||||
4,900 | MBIA, Inc.* | 68,551 | |||||
3,900 | MetLife, Inc. | 205,920 | |||||
3,400 | Platinum Underwriters Holdings, Ltd. | 204,340 | |||||
300 | Primerica, Inc. | 14,133 | |||||
1,800 | Principal Financial Group, Inc. | 82,782 | |||||
800 | The Progressive Corporation | 19,376 | |||||
5,200 | Protective Life Corporation | 273,468 | |||||
5,300 | Prudential Financial, Inc. | 448,645 | |||||
1,700 | Stewart Information | ||||||
Services Corporation | 59,721 | ||||||
9,300 | Torchmark Corporation | 731,910 | |||||
2,200 | The Travelers Companies, Inc. | 187,220 | |||||
5,400 | Unum Group | 190,674 | |||||
4,100 | XL Group plc | 128,125 | |||||
6,738,147 | |||||||
Internet & Catalog Retail — 3.7% | |||||||
5,000 | Amazon.com, Inc.* | 1,682,600 | |||||
14,100 | Ctrip.com International, Ltd. - ADR* | 710,922 | |||||
1,800 | E-Commerce China Dangdang, Inc. - | ||||||
SP-ADR, Class A* | 25,848 | ||||||
4,500 | Expedia, Inc. | 326,250 | |||||
1,300 | FTD Companies, Inc.* | 41,353 | |||||
39,600 | Groupon, Inc.* | 310,464 | |||||
3,400 | HomeAway, Inc.* | 128,078 | |||||
300 | HSN, Inc. | 17,919 | |||||
8,000 | Liberty Interactive Corporation, Class A* | 230,960 | |||||
2,600 | Liberty Ventures, Series A* | 338,858 | |||||
3,500 | Netflix, Inc.* | 1,232,105 | |||||
3,800 | Nutrisystem, Inc. | 57,266 | |||||
11,600 | Orbitz Worldwide, Inc.* | 90,944 | |||||
2,300 | Overstock.com, Inc.* | 45,310 | |||||
900 | The Priceline Group, Inc.* | 1,072,701 | |||||
1,100 | RetailMeNot, Inc.* | 35,200 | |||||
9,500 | TripAdvisor, Inc.* | 860,605 | |||||
700 | Vipshop Holdings, Ltd. - ADS* | 104,510 | |||||
7,311,893 | |||||||
Internet Software & Services — 5.4% | |||||||
8,700 | Akamai Technologies, Inc.* | 506,427 | |||||
7,700 | Autobytel, Inc.* | 95,711 | |||||
5,200 | Baidu, Inc. - SP-ADR* | 792,376 | |||||
1,300 | Bitauto Holdings, Ltd.* | 46,592 | |||||
15,300 | BroadVision, Inc.* | 169,218 |
The accompanying notes to financial statements are an integral part of this schedule.
14
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Internet Software & Services — 5.4% (Continued) | |||||||
6,200 | Conversant, Inc.* | $ | 174,530 | ||||
3,200 | Demandware, Inc.* | 204,992 | |||||
1,500 | Digital River, Inc.* | 26,145 | |||||
2,900 | eBay, Inc.* | 160,196 | |||||
200 | Equinix, Inc.* | 36,968 | |||||
10,800 | Facebook, Inc., Class A* | 650,592 | |||||
2,100 | Google, Inc., Class A* | 2,340,471 | |||||
1,600 | IAC/InterActiveCorp | 114,224 | |||||
2,700 | j2 Global, Inc. | 135,135 | |||||
1,900 | LinkedIn Corporation, Class A* | 351,386 | |||||
700 | LogMeIn, Inc.* | 31,423 | |||||
4,700 | Monster Worldwide, Inc.* | 35,156 | |||||
1,200 | Move, Inc.* | 13,872 | |||||
3,600 | NetEase, Inc. - ADR | 242,280 | |||||
1,500 | NIC, Inc. | 28,965 | |||||
1,300 | OpenTable, Inc.* | 100,009 | |||||
5,300 | Pandora Media, Inc.* | 160,696 | |||||
2,400 | Qihoo 360 Technology | ||||||
Company, Ltd. - ADR* | 238,992 | ||||||
800 | Rackspace Hosting, Inc.* | 26,256 | |||||
2,800 | Renren, Inc. - ADR* | 9,156 | |||||
3,200 | SINA Corporation* | 193,312 | |||||
4,300 | Sohu.com, Inc.* | 279,887 | |||||
700 | SouFun Holdings, Ltd. - ADR | 47,894 | |||||
1,400 | Trulia, Inc.* | 46,480 | |||||
3,200 | Twitter, Inc.* | 149,344 | |||||
4,600 | VeriSign, Inc.* | 247,986 | |||||
600 | Vistaprint N.V.* | 29,532 | |||||
2,400 | Web.com Group, Inc.* | 81,672 | |||||
2,200 | WebMD Health Corporation* | 91,080 | |||||
17,300 | Yahoo!, Inc.* | 621,070 | |||||
7,800 | Yandex N.V.* | 235,482 | |||||
3,800 | Yelp, Inc.* | 292,334 | |||||
5,400 | Youku Tudou, Inc.* | 151,416 | |||||
11,200 | YY, Inc. - ADR* | 855,232 | |||||
8,600 | Zillow, Inc.* | 757,660 | |||||
10,772,149 | |||||||
IT Services — 4.5% | |||||||
1,500 | Accenture plc, Class A | 119,580 | |||||
5,100 | Acxiom Corporation* | 175,415 | |||||
700 | Alliance Data Systems Corporation* | 190,715 | |||||
600 | Automatic Data Processing, Inc. | 46,356 | |||||
5,200 | Broadridge Financial Solutions, Inc. | 193,128 | |||||
16,200 | Cognizant Technology Solutions | ||||||
Corporation, Class A* | 819,882 | ||||||
2,300 | Computer Sciences Corporation | 139,886 | |||||
3,800 | CSG Systems International, Inc. | 98,952 | |||||
6,600 | DST Systems, Inc. | 625,614 | |||||
1,700 | Euronet Worldwide, Inc.* | 70,703 | |||||
15,400 | Fidelity National Information | ||||||
Services, Inc. | 823,130 | ||||||
8,100 | Fiserv, Inc.* | 459,189 | |||||
300 | FleetCor Technologies, Inc.* | 34,530 | |||||
4,900 | Gartner, Inc.* | 340,256 | |||||
2,200 | Global Payments, Inc. | 156,442 | |||||
9,500 | Jack Henry & Associates, Inc. | 529,720 | |||||
4,600 | iGATE Corporation* | 145,084 | |||||
2,100 | Infosys, Ltd. - SP-ADR | 113,778 | |||||
200 | International Business | ||||||
Machines Corporation | 38,498 | ||||||
15,700 | MasterCard, Inc., Class A | 1,172,790 | |||||
6,100 | Paychex, Inc. | 259,860 | |||||
500 | QIWI plc - SP-ADR | 17,325 | |||||
13,800 | Sapient Corporation* | 235,428 | |||||
300 | Syntel, Inc.* | 26,970 | |||||
2,700 | TeleTech Holdings, Inc.* | 66,177 | |||||
1,000 | Teradata Corporation* | 49,190 | |||||
5,600 | Total System Services, Inc. | 170,296 | |||||
3,100 | Vantiv, Inc., Class A* | 93,682 | |||||
6,600 | VeriFone Systems, Inc.* | 223,212 | |||||
7,100 | Visa, Inc. | 1,532,606 | |||||
8,968,394 | |||||||
Leisure Equipment & Products — 0.3% | |||||||
1,300 | Brunswick Corporation | 58,877 | |||||
2,300 | Hasbro, Inc. | 127,926 | |||||
1,500 | Nautilus, Inc.* | 14,445 | |||||
1,100 | Polaris Industries, Inc. | 153,681 | |||||
3,600 | Smith & Wesson Holding Corporation* | 52,632 | |||||
1,800 | Sturm, Ruger & Company, Inc. | 107,640 | |||||
515,201 | |||||||
Life Sciences Tools & Services — 1.3% | |||||||
19,600 | Affymetrix, Inc.* | 139,748 | |||||
6,500 | Agilent Technologies, Inc. | 363,480 | |||||
2,300 | Albany Molecular Research, Inc.* | 42,757 | |||||
400 | Charles River Laboratories | ||||||
International, Inc.* | 24,136 | ||||||
300 | Covance, Inc.* | 31,170 | |||||
5,000 | Illumina, Inc.* | 743,300 |
The accompanying notes to financial statements are an integral part of this schedule.
15
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Life Sciences Tools & Services — 1.3% (Continued) | |||||||
1,500 | Mettler-Toledo International, Inc.* | $ | 353,520 | ||||
2,300 | Parexel International Corporation* | 124,407 | |||||
3,600 | PerkinElmer, Inc. | 162,216 | |||||
4,900 | Thermo Fisher Scientific, Inc. | 589,176 | |||||
300 | Waters Corporation* | 32,523 | |||||
2,606,433 | |||||||
Machinery — 3.4% | |||||||
3,900 | Alamo Group, Inc. | 211,887 | |||||
4,600 | Barnes Group, Inc. | 176,962 | |||||
2,100 | Caterpillar, Inc. | 208,677 | |||||
800 | Colfax Corporation* | 57,064 | |||||
2,800 | Columbus McKinnon Corporation* | 75,012 | |||||
5,000 | Crane Company | 355,750 | |||||
1,500 | Cummins, Inc. | 223,485 | |||||
1,300 | Deere & Company | 118,040 | |||||
3,700 | Donaldson Company, Inc. | 156,880 | |||||
400 | Flowserve Corporation | 31,336 | |||||
900 | Graco, Inc. | 67,266 | |||||
1,300 | The Greenbrier Companies, Inc.* | 59,280 | |||||
2,300 | Hardinge, Inc. | 33,120 | |||||
8,600 | IDEX Corporation | 626,854 | |||||
1,200 | Illinois Tool Works, Inc. | 97,596 | |||||
600 | Ingersoll-Rand plc | 34,344 | |||||
3,200 | ITT Corporation | 136,832 | |||||
1,400 | Kennametal, Inc. | 62,020 | |||||
1,000 | The Manitowoc Company, Inc. | 31,450 | |||||
16,200 | Mueller Water Products, Inc., Class A | 153,900 | |||||
600 | Nordson Corporation | 42,294 | |||||
3,800 | PACCAR, Inc. | 256,272 | |||||
7,500 | Pall Corporation | 671,025 | |||||
2,400 | Parker Hannifin Corporation | 287,304 | |||||
4,000 | Pentair, Ltd. | 317,360 | |||||
900 | Rexnord Corporation* | 26,082 | |||||
5,200 | Snap-On, Inc. | 590,096 | |||||
1,800 | Stanley Black & Decker, Inc. | 146,232 | |||||
2,600 | Tennant Company | 170,612 | |||||
9,400 | Terex Corporation | 416,420 | |||||
1,400 | The Timken Company | 82,292 | |||||
4,800 | The Toro Company | 303,312 | |||||
1,900 | Trinity Industries, Inc. | 136,933 | |||||
1,100 | WABCO Holdings, Inc.* | 116,116 | |||||
4,700 | Wabtec Corporation | 364,250 | |||||
800 | Xylem, Inc. | 29,136 | |||||
6,873,491 | |||||||
Marine — 0.0% | |||||||
3,300 | DryShips, Inc.* | 10,659 | |||||
Media — 3.3% | |||||||
2,200 | Carmike Cinemas, Inc.* | 65,692 | |||||
5,800 | CBS Corporation, Class B Non-Voting | 358,440 | |||||
1,500 | ChinaNet Online Holdings, Inc.* | 2,610 | |||||
3,400 | Comcast Corporation, Class A | 170,068 | |||||
6,600 | DIRECTV* | 504,372 | |||||
7,200 | Discovery Communications, Inc., Class A* | 595,440 | |||||
6,000 | DISH Network Corporation, Class A* | 373,260 | |||||
9,900 | The Walt Disney Company | 792,693 | |||||
2,700 | Emmis Communications | ||||||
Corporation, Class A* | 8,640 | ||||||
1,200 | Gannett Company, Inc. | 33,120 | |||||
9,800 | The Interpublic Group of Companies, Inc. | 167,972 | |||||
1,316 | Liberty Global plc, Class A* | 54,746 | |||||
2,086 | Liberty Global plc, Series C* | 84,921 | |||||
200 | Lions Gate Entertainment Corporation | 5,346 | |||||
16,200 | Live Nation Entertainment, Inc.* | 352,350 | |||||
300 | Loral Space & Communications, Inc.* | 21,219 | |||||
17,400 | Media General, Inc.* | 319,638 | |||||
1,800 | Morningstar, Inc. | 142,236 | |||||
8,400 | The New York Times Company, Class A | 143,808 | |||||
6,200 | Omnicom Group, Inc. | 450,120 | |||||
3,000 | Scripps Networks Interactive, Inc., Class A | 227,730 | |||||
4,200 | Sinclair Broadcast Group, Inc., Class A | 113,778 | |||||
54,000 | Sirius XM Holdings, Inc.* | 172,800 | |||||
12,300 | Starz, Class A* | 397,044 | |||||
1,700 | Time Warner Cable, Inc. | 233,206 | |||||
1,600 | Time Warner, Inc. | 104,528 | |||||
3,600 | Twenty-First Century Fox, Inc., Class B | 112,032 | |||||
7,300 | Viacom, Inc. Class B | 620,427 | |||||
6,628,236 | |||||||
Metals & Mining — 0.4% | |||||||
2,600 | Allegheny Technologies, Inc. | 97,968 | |||||
1,500 | Barrick Gold Corporation | 26,745 | |||||
500 | BHP Billiton, Ltd. - SP-ADR | 33,885 | |||||
1,000 | Commercial Metals Company | 18,880 | |||||
1,400 | Freeport-McMoRan Copper & Gold, Inc. | 46,298 | |||||
1,600 | Molycorp, Inc.* | 7,504 | |||||
17,400 | NovaGold Resources, Inc.* | 62,814 | |||||
500 | Rio Tinto plc - SP-ADR | 27,915 | |||||
1,200 | Silver Wheaton Corporation | 27,240 | |||||
1,700 | Steel Dynamics, Inc. | 30,243 | |||||
6,800 | Stillwater Mining Company* | 100,708 | |||||
900 | SunCoke Energy, Inc.* | 20,556 |
The accompanying notes to financial statements are an integral part of this schedule.
16
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Metals & Mining — 0.4% (Continued) | |||||||
7,100 | Taseko Mines, Ltd.* | $ | 13,987 | ||||
1,200 | Ternium S.A. - SP-ADR | 35,496 | |||||
5,200 | U.S. Silica Holdings, Inc. | 198,484 | |||||
3,800 | Worthington Industries, Inc. | 145,350 | |||||
894,073 | |||||||
Multiline Retail — 0.4% | |||||||
1,800 | Dollar General Corporation* | 99,864 | |||||
2,100 | Family Dollar Stores, Inc. | 121,821 | |||||
6,800 | Macy’s, Inc. | 403,172 | |||||
2,100 | Nordstrom, Inc. | 131,145 | |||||
700 | J.C. Penney Company, Inc.* | 6,034 | |||||
1,400 | Tuesday Morning Corporation* | 19,810 | |||||
781,846 | |||||||
Multi-Utilities — 0.3% | |||||||
500 | Dominion Resources, Inc. | 35,495 | |||||
5,900 | MDU Resources Group, Inc. | 202,429 | |||||
2,200 | NiSource, Inc. | 78,166 | |||||
400 | Sempra Energy | 38,704 | |||||
3,500 | Vectren Corporation | 137,865 | |||||
1,500 | Wisconsin Energy Corporation | 69,825 | |||||
562,484 | |||||||
Oil, Gas & Consumable Fuels — 1.9% | |||||||
700 | Athlon Energy, Inc.* | 24,815 | |||||
2,900 | BPZ Resources, Inc.* | 9,222 | |||||
8,100 | Carrizo Oil & Gas, Inc.* | 433,026 | |||||
11,200 | Cheniere Energy, Inc.* | 619,920 | |||||
400 | Clayton Williams Energy, Inc.* | 45,204 | |||||
2,000 | Concho Resources, Inc.* | 245,000 | |||||
400 | Devon Energy Corporation | 26,772 | |||||
2,100 | Encana Corporation | 44,898 | |||||
1,200 | Energen Corporation | 96,972 | |||||
700 | EOG Resources, Inc. | 137,319 | |||||
1,000 | EQT Corporation | 96,970 | |||||
2,000 | GasLog, Ltd | 46,580 | |||||
3,900 | Gulfport Energy Corporation* | 277,602 | |||||
400 | Hess Corporation | 33,152 | |||||
14,800 | James River Coal Company* | 11,099 | |||||
14,900 | Kodiak Oil & Gas Corporation* | 180,886 | |||||
400 | Murphy Oil Corporation | 25,144 | |||||
2,200 | Newfield Exploration Company* | 68,992 | |||||
900 | Noble Energy, Inc. | 63,936 | |||||
2,400 | Oasis Petroleum, Inc.* | 100,152 | |||||
400 | Occidental Petroleum Corporation | 38,116 | |||||
4,200 | ONEOK, Inc. | 248,850 | |||||
1,800 | Peabody Energy Corporation | 29,412 | |||||
1,600 | Phillips 66 | 123,296 | |||||
1,900 | Pioneer Natural Resources Company | 355,566 | |||||
2,900 | Rentech, Inc.* | 5,510 | |||||
800 | Statoil ASA - SP-ADR | 22,576 | |||||
5,200 | Stone Energy Corporation* | 218,244 | |||||
9,900 | TransGlobe Energy Corporation* | 75,042 | |||||
600 | Valero Energy Corporation | 31,860 | |||||
800 | Whiting Petroleum Corporation* | 55,512 | |||||
3,791,645 | |||||||
Paper & Forest Products — 0.2% | |||||||
3,000 | P.H. Glatfelter Company | 81,660 | |||||
4,400 | KapStone Paper and | ||||||
Packaging Corporation* | 126,896 | ||||||
2,800 | Schweitzer-Mauduit International, Inc. | 119,252 | |||||
327,808 | |||||||
Personal Products — 0.0% | |||||||
1,700 | Herbalife, Ltd. | 97,359 | |||||
Pharmaceuticals — 2.4% | |||||||
3,700 | AbbVie, Inc. | 190,180 | |||||
400 | Actavis plc* | 82,340 | |||||
2,600 | Allergan, Inc. | 322,660 | |||||
4,800 | AstraZeneca plc - SP-ADR | 311,424 | |||||
12,600 | AVANIR Pharmaceuticals, Inc., Class A* | 46,242 | |||||
3,500 | Bristol-Myers Squibb Company | 181,825 | |||||
1,400 | Dr. Reddy’s Laboratories, Ltd. - ADR | ||||||
61,460 | |||||||
1,900 | Endo International plc* | 130,435 | |||||
2,200 | Forest Laboratories, Inc.* | 202,994 | |||||
600 | GlaxoSmithKline plc - SP-ADR | 32,058 | |||||
4,900 | Horizon Pharma, Inc.* | 74,088 | |||||
4,600 | Jazz Pharmaceuticals plc* | 637,928 | |||||
3,300 | Johnson & Johnson | 324,159 | |||||
2,600 | The Medicines Company* | 73,892 | |||||
2,500 | Merck & Company, Inc. | 141,925 | |||||
4,400 | Mylan, Inc.* | 214,852 | |||||
1,600 | Novartis AG - ADR | 136,032 | |||||
2,100 | Novo Nordisk A/S - SP-ADR | 95,865 | |||||
8,500 | Pfizer, Inc. | 273,020 | |||||
2,400 | Questcor Pharmaceuticals, Inc. | 155,832 | |||||
1,600 | Salix Pharmaceuticals, Ltd.* | 165,776 | |||||
3,900 | Sanofi - ADR | 203,892 | |||||
2,000 | SciClone Pharmaceuticals, Inc.* | 9,100 | |||||
2,100 | Shire plc - ADR | 311,913 |
The accompanying notes to financial statements are an integral part of this schedule.
17
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Pharmaceuticals — 2.4% (Continued) | |||||||
1,200 | Teva Pharmaceutical | ||||||
Industries, Ltd. - SP-ADR | $ | 63,408 | |||||
2,500 | Valeant Pharmaceuticals | ||||||
International, Inc.* | 329,575 | ||||||
6,100 | VIVUS, Inc.* | 36,234 | |||||
4,809,109 | |||||||
Professional Services — 1.0% | |||||||
2,700 | 51job, Inc. - ADR* | 192,375 | |||||
1,800 | The Advisory Board Company* | 115,650 | |||||
1,700 | FTI Consulting, Inc.* | 56,678 | |||||
5,000 | Kelly Services, Inc., Class A | 118,650 | |||||
4,300 | Manpowergroup, Inc. | 338,969 | |||||
11,700 | On Assignment, Inc.* | 451,503 | |||||
2,200 | Robert Half International, Inc. | 92,290 | |||||
2,700 | Towers Watson & Company, Class A | 307,935 | |||||
4,800 | TrueBlue, Inc.* | 140,448 | |||||
1,200 | Verisk Analytics, Inc., Class A* | 71,952 | |||||
300 | VSE Corporation | 15,810 | |||||
1,902,260 | |||||||
Real Estate Management & | |||||||
Development — 0.2% | |||||||
2,800 | CBRE Group, Inc., Class A* | 76,804 | |||||
1,200 | The Howard Hughes Corporation* | 171,252 | |||||
400 | Jones Lang LaSalle, Inc. | 47,400 | |||||
2,200 | Kennedy-Wilson Holdings, Inc. | 49,522 | |||||
344,978 | |||||||
Road & Rail — 1.2% | |||||||
2,000 | Arkansas Best Corporation | 73,900 | |||||
12,300 | Avis Budget Group, Inc.* | 599,010 | |||||
3,300 | CSX Corporation | 95,601 | |||||
7,900 | Hertz Global Holdings, Inc.* | 210,456 | |||||
1,600 | J.B. Hunt Transportation Services, Inc. | 115,072 | |||||
2,700 | Kansas City Southern | 275,562 | |||||
2,000 | Norfolk Southern Corporation | 194,340 | |||||
2,000 | Old Dominion Freight Line, Inc.* | 113,480 | |||||
2,800 | Ryder System, Inc. | 223,776 | |||||
2,400 | Union Pacific Corporation | 450,384 | |||||
2,351,581 | |||||||
Semiconductors & | |||||||
Semiconductor Equipment — 4.2% | |||||||
3,800 | Advanced Energy Industries, Inc.* | 93,100 | |||||
8,400 | Advanced Micro Devices, Inc.* | 33,684 | |||||
4,100 | Analog Devices, Inc. | 217,874 | |||||
8,000 | Applied Materials, Inc. | 163,360 | |||||
5,600 | ARM Holdings plc - SP-ADR | 285,432 | |||||
300 | ASML Holding N.V. NYS | 28,008 | |||||
14,900 | Atmel Corporation* | 124,564 | |||||
6,100 | Avago Technologies, Ltd. | 392,901 | |||||
900 | Broadcom Corporation, Class A | 28,332 | |||||
6,100 | Canadian Solar, Inc.* | 195,444 | |||||
2,800 | Cavium, Inc.* | 122,444 | |||||
3,400 | Cree, Inc.* | 192,304 | |||||
1,200 | Cypress Semiconductor Corporation* | 12,324 | |||||
18,300 | Entegris, Inc.* | 221,613 | |||||
10,700 | First Solar, Inc.* | 746,753 | |||||
4,400 | Freescale Semiconductor, Ltd.* | 107,404 | |||||
3,200 | GT Advanced Technologies, Inc.* | 54,560 | |||||
8,100 | Himax Technologies, Inc. - ADR | 93,312 | |||||
9,700 | Integrated Device Technology, Inc.* | 118,631 | |||||
1,500 | Intel Corporation | 38,715 | |||||
1,100 | International Rectifier Corporation* | 30,140 | |||||
1,000 | Intersil Corporation, Class A | 12,920 | |||||
9,100 | JA Solar Holdings Company, Ltd. - ADR*^ | 92,547 | |||||
4,500 | KLA-Tencor Corporation | 311,130 | |||||
15,000 | Kulicke & Soffa Industries, Inc.* | 189,150 | |||||
3,100 | Lam Research Corporation* | 170,500 | |||||
18,600 | Lattice Semiconductor Corporation* | 145,824 | |||||
21,100 | LDK Solar Company, Ltd. - ADR* | 5,275 | |||||
3,100 | Linear Technology Corporation | 150,939 | |||||
15,000 | LTX-Credence Corporation* | 133,650 | |||||
14,700 | Marvell Technology Group, Ltd. | 231,525 | |||||
1,000 | Maxim Integrated Products, Inc. | 33,120 | |||||
1,300 | Microchip Technology, Inc. | 62,088 | |||||
9,600 | Micron Technology, Inc.* | 227,136 | |||||
600 | Monolithic Power Systems, Inc.* | 23,262 | |||||
6,900 | NVIDIA Corporation | 123,579 | |||||
10,900 | NXP Semiconductors N.V.* | 641,029 | |||||
1,400 | OmniVision Technologies, Inc.* | 24,780 | |||||
13,200 | ON Semiconductor Corporation* | 124,080 | |||||
7,500 | PDF Solutions, Inc.* | 136,275 | |||||
1,900 | PLX Technology, Inc.* | 11,495 | |||||
2,400 | PMC-Sierra, Inc.* | 18,264 | |||||
19,400 | RF Micro Devices, Inc.* | 152,872 | |||||
1,200 | Rubicon Technology, Inc.* | 13,548 | |||||
600 | Sigma Designs, Inc.* | 2,856 | |||||
12,200 | Skyworks Solutions, Inc.* | 457,744 | |||||
12,500 | SunEdison, Inc.* | 235,500 |
The accompanying notes to financial statements are an integral part of this schedule.
18
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Values | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Semiconductors & | |||||||
Semiconductor Equipment — 4.2% (Continued) | |||||||
11,200 | SunPower Corporation* | $ | 361,312 | ||||
2,700 | Synaptics, Inc.* | 162,054 | |||||
1,200 | Teradyne, Inc.* | 23,868 | |||||
5,100 | Texas Instruments, Inc. | 240,465 | |||||
4,200 | Trina Solar, Ltd. - SP-ADR* | 56,490 | |||||
7,400 | TriQuint Semiconductor, Inc.* | 99,086 | |||||
3,700 | Ultra Clean Holdings, Inc.* | 48,655 | |||||
800 | Veeco Instruments, Inc.* | 33,544 | |||||
4,700 | Xilinx, Inc. | 255,069 | |||||
19,100 | Yingli Green Energy | ||||||
Holding Company, Ltd. - ADR* | 83,085 | ||||||
8,395,615 | |||||||
Software — 3.3% | |||||||
1,500 | Activision Blizzard, Inc. | 30,660 | |||||
8,500 | Adobe Systems, Inc.* | 558,790 | |||||
1,100 | Advent Software, Inc. | 32,296 | |||||
600 | Aspen Technology, Inc.* | 25,416 | |||||
7,700 | Autodesk, Inc.* | 378,686 | |||||
900 | BroadSoft, Inc.* | 24,057 | |||||
3,400 | CA, Inc. | 105,298 | |||||
4,600 | Check Point Software Technologies, Ltd.* | 311,098 | |||||
1,100 | Citrix Systems, Inc.* | 63,173 | |||||
500 | Concur Technologies, Inc.* | 49,535 | |||||
1,500 | Ebix, Inc. | 25,605 | |||||
2,600 | Electronic Arts, Inc.* | 75,426 | |||||
800 | FactSet Research Systems, Inc. | 86,248 | |||||
4,800 | Fair Isaac Corporation | 265,536 | |||||
900 | FireEye, Inc.* | 55,413 | |||||
7,700 | Fortinet, Inc.* | 169,631 | |||||
14,200 | Giant Interactive Group, Inc. - ADR | 164,294 | |||||
17,800 | Glu Mobile, Inc.* | 84,372 | |||||
8,000 | Informatica Corporation* | 302,240 | |||||
3,500 | Intuit, Inc. | 272,055 | |||||
2,500 | Manhattan Associates, Inc.* | 87,575 | |||||
7,900 | Mentor Graphics Corporation | 173,958 | |||||
1,600 | MICROS Systems, Inc.* | 84,688 | |||||
2,800 | Microsoft Corporation | 114,772 | |||||
2,700 | NetSuite, Inc.* | 256,041 | |||||
4,500 | Oracle Corporation | 184,095 | |||||
3,700 | Progress Software Corporation* | 80,660 | |||||
1,900 | PTC, Inc.* | 67,317 | |||||
1,500 | Qlik Technologies, Inc.* | 39,885 | |||||
1,800 | Red Hat, Inc.* | 95,364 | |||||
8,800 | Salesforce.com, Inc.* | 502,392 | |||||
1,200 | SAP AG - SP-ADR | 97,572 | |||||
1,000 | Splunk, Inc.* | 71,490 | |||||
1,000 | SS&C Technologies Holdings, Inc.* | 40,020 | |||||
6,400 | Symantec Corporation | 127,808 | |||||
800 | Synchronoss Technologies, Inc.* | 27,432 | |||||
8,000 | Synopsys, Inc.* | 307,280 | |||||
2,000 | Take-Two Interactive Software, Inc.* | 43,860 | |||||
900 | TIBCO Software, Inc.* | 18,288 | |||||
1,200 | TiVo, Inc.* | 15,876 | |||||
4,700 | Tyler Technologies, Inc.* | 393,296 | |||||
700 | The Ultimate Software Group, Inc.* | 95,900 | |||||
500 | Verint Systems, Inc.* | 23,465 | |||||
2,200 | Virnetx Holding Corporation* | 31,196 | |||||
3,800 | VMware, Inc., Class A* | 410,476 | |||||
34,500 | Zynga, Inc., Class A* | 148,350 | |||||
6,618,885 | |||||||
Specialty Retail — 3.0% | |||||||
1,300 | Advance Auto Parts, Inc. | 164,450 | |||||
700 | AutoNation, Inc.* | 37,261 | |||||
900 | AutoZone, Inc.* | 483,390 | |||||
5,000 | Bed Bath & Beyond, Inc.* | 344,000 | |||||
16,200 | Best Buy Company, Inc. | 427,842 | |||||
36,000 | Borders Group, Inc.* (b) | — | |||||
2,100 | Cabela’s, Inc.* | 137,571 | |||||
300 | CarMax, Inc.* | 14,040 | |||||
600 | The Children’s Place Retail Stores, Inc. | 29,886 | |||||
6,000 | Dick’s Sporting Goods, Inc. | 327,660 | |||||
2,400 | DSW, Inc., Class A | 86,064 | |||||
4,300 | Five Below, Inc.* | 182,664 | |||||
1,600 | Foot Locker, Inc. | 75,168 | |||||
700 | Francesca’s Holdings Corporation* | 12,698 | |||||
600 | GameStop Corporation, Class A | 24,660 | |||||
5,300 | The Home Depot, Inc. | 419,389 | |||||
2,200 | L Brands, Inc. | 124,894 | |||||
5,500 | Lithia Motors, Inc., Class A | 365,530 | |||||
10,800 | Lowe’s Companies, Inc. | 528,120 | |||||
4,200 | Lumber Liquidators Holdings, Inc.* | 393,960 | |||||
9,500 | Office Depot, Inc.* | 39,235 | |||||
500 | Outerwall, Inc.* | 36,250 | |||||
1,200 | PetSmart, Inc. | 82,668 | |||||
1,200 | Ross Stores, Inc. | 85,860 | |||||
400 | Signet Jewelers, Ltd. | 42,344 | |||||
3,800 | Sonic Automotive, Inc., Class A | 85,424 |
The accompanying notes to financial statements are an integral part of this schedule.
19
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Specialty Retail — 3.0% (Continued) | |||||||
2,100 | Tiffany & Company | $ | 180,915 | ||||
7,200 | The TJX Companies, Inc. | 436,680 | |||||
2,300 | Tractor Supply Company | 162,449 | |||||
400 | Ulta Salon, Cosmetics & Fragrance, Inc.* | 38,992 | |||||
5,900 | Williams-Sonoma, Inc. | 393,176 | |||||
12,700 | Zale Corporation* | 265,557 | |||||
6,028,797 | |||||||
Telecommunication Services – | |||||||
Diversified — 0.5% | |||||||
33,100 | 8x8, Inc.* | 357,811 | |||||
600 | Atlantic Tele-Network, Inc. | 39,552 | |||||
4,800 | BT Group plc - SP-ADR | 306,480 | |||||
1,200 | Level 3 Communications, Inc.* | 46,968 | |||||
2,600 | magicJack VocalTec, Ltd.* | 55,198 | |||||
9,200 | tw telecom, Inc.* | 287,592 | |||||
1,093,601 | |||||||
Telecommunication Services – | |||||||
Wireless — 0.2% | |||||||
3,600 | SBA Communications Corporation, Class A* | 327,456 | |||||
2,000 | T-Mobile US, Inc.* | 66,060 | |||||
393,516 | |||||||
Textiles, Apparel & Luxury Goods — 2.1% | |||||||
300 | Columbia Sportswear Company | 24,795 | |||||
2,000 | Deckers Outdoor Corporation* | 159,460 | |||||
200 | Fossil Group, Inc.* | 23,322 | |||||
9,100 | Gildan Activewear, Inc. | 458,458 | |||||
6,900 | Hanesbrands, Inc. | 527,712 | |||||
3,600 | Iconix Brand Group, Inc.* | 141,372 | |||||
11,700 | Kate Spade & Company* | 433,953 | |||||
4,000 | Lululemon Athletica, Inc.* | 210,360 | |||||
5,800 | Luxottica Group SpA - ADR | 334,428 | |||||
5,700 | Michael Kors Holdings, Ltd.* | 531,639 | |||||
1,100 | Movado Group, Inc. | 50,105 | |||||
3,600 | NIKE, Inc. Class B | 265,896 | |||||
1,800 | PVH Corporation | 224,586 | |||||
300 | Ralph Lauren Corporation | 48,279 | |||||
500 | Skechers U.S.A., Inc., Class A* | 18,270 | |||||
2,900 | Under Armour, Inc., Class A* | 332,456 | |||||
6,100 | VF Corporation | 377,468 | |||||
4,162,559 | |||||||
Thrifts & Mortgage Finance — 0.1% | |||||||
4,900 | Bank Mutual Corporation | 31,066 | |||||
300 | BBX Capital Corporation, Class A* | 5,835 | |||||
1,300 | BofI Holding, Inc.* | 111,475 | |||||
2,700 | Hudson City Bancorp, Inc. | 26,541 | |||||
1,500 | MGIC Investment Corporation* | 12,780 | |||||
5,100 | Radian Group, Inc. | 76,653 | |||||
264,350 | |||||||
Tobacco — 0.0% | |||||||
2,800 | Vector Group, Ltd. | 60,312 | |||||
Trading Companies & Distributors — 0.6% | |||||||
2,100 | Fastenal Company | 103,572 | |||||
2,600 | GATX Corporation | 176,488 | |||||
1,600 | W.W. Grainger, Inc. | 404,256 | |||||
1,600 | Titan Machinery, Inc.* | 25,072 | |||||
5,900 | United Rentals, Inc.* | 560,146 | |||||
1,269,534 | |||||||
Water Utilities — 0.1% | |||||||
1,000 | American States Water Company | 32,290 | |||||
1,400 | California Water Service Group | 33,516 | |||||
3,200 | Consolidated Water Company, Ltd. | 42,176 | |||||
107,982 | |||||||
TOTAL COMMON STOCKS | |||||||
(cost $137,047,172) | 195,268,224 |
The accompanying notes to financial statements are an integral part of this schedule.
20
Reynolds Blue Chip Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2014 (Unaudited)
Shares | Value | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
PUBLICLY TRADED PARTNERSHIPS — 0.3% (a) | |||||||
Auto Components — 0.1% | |||||||
1,711 | Icahn Enterprises L.P. | $ | 175,771 | ||||
Capital Markets — 0.1% | |||||||
600 | The Blackstone Group L.P. | 19,950 | |||||
400 | The Carlyle Group L.P. | 14,056 | |||||
7,000 | Fortress Investment Group LLC, Class A | 51,800 | |||||
1,700 | Lazard, Ltd., Class A | 80,053 | |||||
165,859 | |||||||
Hotels, Restaurants & Leisure — 0.0% | |||||||
600 | Cedar Fair L.P. | 30,558 | |||||
Metals & Mining — 0.0% | |||||||
2,500 | Hi-Crush Partners L.P. | 100,800 | |||||
Oil, Gas & Consumable Fuels — 0.1% | |||||||
700 | Enterprise Products Partners L.P. | 48,552 | |||||
1,300 | Summit Midstream Partners L.P. | 55,939 | |||||
400 | Sunoco Logistics Partners L.P. | 36,352 | |||||
140,843 | |||||||
TOTAL PUBLICLY TRADED PARTNERSHIPS | |||||||
(cost $573,027) | 613,831 | ||||||
REITS — 0.3% (a) | |||||||
Real Estate Investment Trusts — 0.3% | |||||||
500 | CubeSmart | 8,580 | |||||
600 | Extra Space Storage, Inc. | 29,106 | |||||
5,500 | OMEGA Healthcare Investors, Inc. | 184,360 | |||||
1,800 | Parkway Properties, Inc. | 32,850 | |||||
1,500 | Pebblebrook Hotel Trust | 50,655 | |||||
600 | Prologis, Inc. | 24,498 | |||||
200 | Simon Property Group, Inc. | 32,800 | |||||
1,100 | Sovran Self Storage, Inc. | 80,795 | |||||
300 | Vornado Realty Trust | 29,568 | |||||
473,212 | |||||||
TOTAL REITS | |||||||
(cost $380,811) | 473,212 | ||||||
WARRANTS — 0.0% (a) | |||||||
Insurance — 0.0% | |||||||
3,150 | American International Group, Inc., | ||||||
Expiration Date - 01/19/21, | |||||||
Exercise Price - $45.00* | $ | 64,386 | |||||
TOTAL WARRANTS | |||||||
(cost $47,259) | 64,386 | ||||||
TOTAL INVESTMENTS — 98.5% | |||||||
(cost $138,048,269) | 196,419,653 | ||||||
Cash and receivables, | |||||||
less liabilities — 1.5% (a) | 2,981,355 | ||||||
TOTAL NET ASSETS — 100.0% | $ | 199,401,008 |
* | Non-income producing security. |
^ | Passive Foreign Investment Company (PFIC). |
(a) | Percentages for the various classifications relate to net assets. |
(b) | This security was fair valued as determined by the adviser using procedures approved by the Board of Directors and are classified as level 3. As of March 31, 2014, the aggregate value of this security was $0 which represents 0.0% of total net assets. |
ADR | – Unsponsored American Depositary Receipt |
ADS | – American Depositary Share |
AG | – German Corporation |
A/S | –Danish Company |
ASA | – Norwegian Public Limited Company |
L.P. | – Limited Partnership |
N.V. | – Dutch Public Limited Liability Company |
NYS | – New York Registered Shares |
Oyj | – Finnish Public Limited Company |
plc | – Public Limited Company |
S.A. | – Sociedad Anonima |
S.A.B.de C.V. – Sociedad Anonima Bursetil de Capital Variable
SP | - ADR – Sponsored American Depositary Receipt |
SpA | – Italian Corporation |
The Global Industry Classification Standard (GICS) was developed by and or is the exclusive property of MSCI, Inc. and Standard & Poors Financial Services LLC (S&P). GICS is a service mark of MSCI & S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
The accompanying notes to financial statements are an integral part of this schedule.
21
Reynolds Blue Chip Growth Fund
STATEMENT OF OPERATIONS
For the Six Months Ended March 31, 2014 (Unaudited)
INVESTMENT INCOME: | ||||
Dividends (net of foreign withholding tax of $5,110) | $ | 1,049,222 | ||
Total investment income | 1,049,222 | |||
EXPENSES: | ||||
Management fees | 1,053,269 | |||
Transfer agent fees | 164,389 | |||
Administrative and accounting services | 141,089 | |||
Distribution fees | 107,231 | |||
Custodian fees | 47,516 | |||
Insurance expense | 33,580 | |||
Professional fees | 22,848 | |||
Registration fees | 19,207 | |||
Printing and postage expense | 19,040 | |||
Board of Directors fees | 13,961 | |||
Chief Compliance Officer fees | 12,500 | |||
Overdraft fees | 562 | |||
Other expenses | 2,589 | |||
Total expenses | 1,637,781 | |||
NET INVESTMENT LOSS | (588,559 | ) | ||
NET REALIZED GAIN ON INVESTMENTS | 11,587,991 | |||
NET INCREASE IN UNREALIZED APPRECIATION ON INVESTMENTS | 6,891,138 | |||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | 18,479,129 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 17,890,570 |
For the Six Months Ending March 31, 2014 (Unaudited) and For the Year Ended September 30, 2013
2014 | 2013 | |||||||
OPERATIONS: | ||||||||
Net investment loss | $ | (588,559 | ) | $ | (399,151 | ) | ||
Net realized gain on investments and foreign currency transactions | 11,587,991 | 11,866,899 | ||||||
Net increase in unrealized appreciation on investments | 6,891,138 | 26,278,715 | ||||||
Net increase in net assets resulting from operations | 17,890,570 | 37,746,463 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Distributions from net capital gains ($3.37552 per share and $0.62743 per share, respectively) | (9,569,666 | ) | (1,885,775 | ) | ||||
FUND SHARE ACTIVITIES: | ||||||||
Proceeds from shares issued (239,614 and 827,098 shares, respectively) | 17,822,628 | 52,428,676 | ||||||
Net asset value of shares issued in distributions reinvested (122,033 and 31,377 shares, respectively) | 9,048,740 | 1,783,482 | ||||||
Cost of shares redeemed (563,314 and 1,132,566 shares, respectively) | (41,669,940 | ) | (70,266,908 | ) | ||||
Net decrease in net assets derived from Fund share activities | (14,798,572 | ) | (16,054,750 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (6,477,668 | ) | 19,805,938 | |||||
NET ASSETS AT THE BEGINNING OF THE PERIOD | 205,878,676 | 186,072,738 | ||||||
NET ASSETS AT THE END OF THE PERIOD (Includes undistributed net investment | ||||||||
income of $(649,823) and $(61,264), respectively) | $ | 199,401,008 | $ | 205,878,676 |
The accompanying notes to financial statements are an integral part of these statements.
22
Reynolds Blue Chip Growth Fund
FINANCIAL HIGHLIGHTS
(Selected data for each share of the Fund outstanding throughout each period)
(Unaudited) | ||||||||||||||||||||||||
For the Six | ||||||||||||||||||||||||
Months Ending | Years Ended September 30, | |||||||||||||||||||||||
March 31, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
PER SHARE OPERATING PERFORMANCE: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 71.45 | $ | 58.97 | $ | 46.50 | $ | 48.29 | $ | 41.87 | $ | 31.85 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment loss(a) | (0.21 | ) | (0.14 | ) | (0.19 | ) | (0.27 | ) | (0.25 | ) | (0.42 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 6.55 | 13.25 | 12.66 | (1.52 | ) | 6.67 | 10.44 | |||||||||||||||||
Total from investment operations | 6.34 | 13.11 | 12.47 | (1.79 | ) | 6.42 | 10.02 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | — | — | — | — | — | ||||||||||||||||||
Distributions from net realized gains | (3.38 | ) | (0.63 | ) | — | — | — | — | ||||||||||||||||
Total from distributions | (3.38 | ) | (0.63 | ) | — | — | — | — | ||||||||||||||||
Net asset value, end of period | $ | 74.41 | $ | 71.45 | $ | 58.97 | $ | 46.50 | $ | 48.29 | $ | 41.87 | ||||||||||||
TOTAL RETURN | 8.90 | %(1) | 22.50 | % | 26.82 | % | (3.71 | %) | 15.33 | % | 31.46 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 199,401 | $ | 205,879 | $ | 186,073 | $ | 199,183 | $ | 116,043 | $ | 48,553 | ||||||||||||
Ratio of expenses (after reimbursement) | ||||||||||||||||||||||||
to average net assets* | 1.55 | %(2) | 1.58 | % | 1.53 | % | 1.55 | % | 1.80 | % | 2.00 | % | ||||||||||||
Ratio of net investment loss to average net assets** | (0.56 | %)(2) | (0.21 | %) | (0.34 | %) | (0.49 | %) | (0.55 | %) | (1.24 | %) | ||||||||||||
Portfolio turnover rate | 46 | %(1) | 133 | % | 99 | % | 55 | % | 80 | % | 527 | % |
(a) | Amount calculated based on average shares outstanding throughout the period. |
(1) | Not annualized. |
(2) | Annualized. |
* | Computed after giving effect to adviser’s expense limitation undertaking. If the Fund had paid all of its expenses for the year ended September 30, 2009, the ratio would have been 2.51%. |
** | If the Fund had paid all of its expenses for the year ended September 30, 2009, the ratio would have been (1.75%). |
The accompanying notes to financial statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS
March 31, 2014 (Unaudited)
(1) | Summary of Significant Accounting Policies — |
The following is a summary of significant accounting policies of the Reynolds Funds, Inc. (the “Company”), which is registered as a diversified, open-end management investment company under the Investment Company Act of 1940 (the “Act”), as amended. This Company consists of one fund: the Reynolds Blue Chip Growth Fund (the “Fund”). The Company was incorporated under the laws of Maryland on April 28, 1988.
The investment objective of the Fund is to produce long-term growth of capital by investing in a diversified portfolio of common stocks issued by well-established growth companies commonly referred to as “blue chip” companies.
(a) Each security, excluding short-term investments, is valued at the last sale price reported by the principal security exchange on which the issue is traded, or if no sale is reported, the latest bid price. Securities which are traded on the Nasdaq National Markets are valued at the Nasdaq Official Closing Price, or if no sale is reported, the latest bid price. Short-term investments with maturities of 60 days or less are valued at amortized cost which approximates value. Securities for which quotations are not readily available are valued at fair value as determined by the investment adviser under the supervision of the Board of Directors. The fair value of a security is the amount which the Fund might receive upon a current sale. The fair value of a security may differ from the last quoted price and the Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the New York Stock Exchange.
23
Reynolds Blue Chip Growth Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2014 (Unaudited)
(1) | Summary of Significant Accounting Policies — (Continued) |
Under accounting principles generally accepted in the United States of America (“GAAP”), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Fund uses various valuation approaches. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by generally requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1— | Valuations based on unadjusted quoted prices in active markets for identical assets. | |
Level 2— | Valuations based on quoted prices for similar securities or in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | |
Level 3— | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
The following table summarizes the Fund’s investments as of March 31, 2014, based on the inputs used to value them:
Valuation Inputs | Investments in Securities | |||||
Level 1— | Common Stocks | $ | 195,268,224 | |||
Publicly Traded Partnerships | 613,831 | |||||
REITS | 473,212 | |||||
Warrants | 64,386 | |||||
Total Level 1 | 196,419,653 | |||||
Level 2— | None | — | ||||
Level 3— | Common Stocks | 0 | * | |||
Total | $ | 196,419,653 | ** |
It is the Fund’s policy to recognize transfers between levels at the end of the quarterly reporting period. For the six months ended March 31, 2014, there were no transfers between levels.
* | The security classified as Level 3 is a result of the company filing for bankruptcy and no additional observable inputs being available as of March 31, 2014. The security was classified as Level 3 as of September 30, 2013, and there was no change in value from September 30, 2013 to March 31, 2014. |
** | Please refer to the Schedule of Investments to view common stocks, publicly traded partnerships, REITS and warrants by industry type. |
(b) | Investment transactions are accounted for on a trade date basis for financial reporting purposes. Net realized gains and losses on sales of securities are computed on the highest amortized cost basis. |
(c) | The Fund records dividend income on the ex-dividend date and interest income on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations. |
(d) | GAAP requires that permanent differences between income for financial reporting and tax purposes be reclassified in the capital accounts. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2013, the following table shows the reclassifications made: |
Accumulated Net | Accumulated Undistributed Net | |
Investment Loss | Realized Gain on Investments | Capital Stock |
$964,985 | $(942,724) | $(22,261) |
(e) | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
24
Reynolds Blue Chip Growth Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2014 (Unaudited)
(1) | Summary of Significant Accounting Policies — (Continued) |
(f) | No provision has been made for Federal income taxes since the Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all net investment company taxable income and net capital gains to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. |
(g) | The Fund has reviewed all open tax years and major jurisdictions, which include Federal and the state of Maryland, and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements as of and for the year ended September 30, 2013. Open tax years are those that are open for exam by taxing authorities and, as of March 31, 2014, open Federal tax years include the tax years ended September 30, 2010 through 2013. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Fund’s Statement of Operations. During the six months ending March 31, 2014, the Fund did not incur any interest or penalties. The Fund has no examinations in progress and is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next six months. |
(2) | Investment Adviser and Management Agreement and Transactions With Related Parties — |
The Fund has a management agreement with Reynolds Capital Management, LLC (“RCM”), to serve as investment adviser and manager. The sole owner of RCM is Mr. Frederick L. Reynolds. Mr. Reynolds is also an officer and interested director of the Fund. Under the terms of the agreement, the Fund will pay RCM a monthly management fee at the annual rate of 1.00% of the daily net assets.
The agreement further stipulates that RCM will reimburse the Fund for all expenses exceeding 2.00% of its daily average net assets (excluding interest, taxes, brokerage commissions and extraordinary items). The Fund is not obligated to reimburse RCM for any expenses reimbursed in previous fiscal years. No such reimbursements were required for the six months ending March 31, 2014.
The Fund has adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan provides that the Fund may incur certain costs which may not exceed a maximum amount equal to 0.25% per annum of the Fund’s average daily net assets. Payments made pursuant to the Plan may only be used to pay distribution expenses incurred in the current year, and may be less than the maximum amount allowed by the Plan. For the six months ended March 31, 2014, the Fund incurred $107,231 pursuant to the Plan.
Under the Fund’s organizational documents, each director, officer, employee or other agent of the Fund (including the Fund’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.
(3) | Distributions to Shareholders — |
Net investment income and net realized gains, if any, for the Fund are distributed to shareholders at least annually and are recorded on the ex-dividend date.
(4) | Investment Transactions — |
For the six months ending March 31, 2014, purchases and proceeds of sales of investment securities (excluding short-term securities) were $96,812,308 and $123,367,339, respectively. There were no purchases or sales of U.S. Government securities.
(5) | Income Tax Information — |
The following information for the Fund is presented on an income tax basis as of September 30, 2013:
Gross | Gross | Net Unrealized | Distributable | Distributable | |
Cost of | Unrealized | Unrealized | Appreciation | Ordinary | Long-Term |
Investments | Appreciation | Depreciation | on Investments | Income | Capital Gains |
$156,817,226 | $53,237,467 | $(5,294,384) | $47,943,083 | $1,157,895 | $8,411,745 |
The difference, if any, between the cost amount for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.
25
Reynolds Blue Chip Growth Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2014 (Unaudited)
5) | Income Tax Information — (Continued) |
The tax components of dividends paid during the six month period ended March 31, 2014 and the year ended September 30, 2013 are:
Six Months Ended | Year Ended | ||
March 31, 2014 | September 30, 2013 | ||
Ordinary | Long-Term | Ordinary | Long-Term |
Income | Capital Gains | Income | Capital Gains |
Distributions | Distributions | Distributions | Distributions |
$1,157,907 | $8,411,759 | $ — | $1,885,775 |
Since there were no ordinary distributions paid for the year ended September 30, 2013, there were no distributions designated as qualifying for the dividends received deduction for corporate shareholders nor as qualified dividend income under the Jobs and Growth Tax Relief Act of 2003.
ADVISORY AGREEMENT
On December 4, 2013, the Board of Directors (“Directors”) of Reynolds Funds, Inc. approved the continuation of the Reynolds Blue Chip Growth Fund’s (“Fund”) investment advisory agreement with Reynolds Capital Management, LLC (“RCM”). Prior to approving the continuation of the advisory agreement, the Directors considered:
•the nature, extent and quality of the services provided by RCM
•the investment performance of the Fund
•the costs of the services to be provided and profits to be realized by RCM from its relationship with the Fund
•the extent to which economies of scale would be realized as the Fund grew and whether fee levels reflect any economies of scale
•the expense ratio of the Fund
In considering the nature, extent and quality of the services provided by RCM, the Directors reviewed a report describing the portfolio management, shareholder communication and servicing services provided by RCM to the Fund. The Directors concluded that RCM was providing essential services to the Fund.
The Directors reviewed the performance of the Fund and the profitability of RCM. They also reviewed data comparing fees and expenses of the Fund to comparable mutual funds, and the investment performance of the Fund compared to its benchmark. The Directors concluded that the performance of the Fund was satisfactory. With respect to RCM’s profitability, the Directors concluded that RCM has sufficient resources to service the Fund, and that the advisory fee is reasonable.
In concluding that the advisory fees payable by the Fund were reasonable, the Directors reviewed reports of the costs of services provided, and the profits realized, by RCM, from its relationship with the Fund and concluded that such profits were reasonable and not excessive. The Directors also reviewed reports comparing the expense ratio of, and the advisory fees paid by, the Fund, to those of, and paid by, other comparable mutual funds and concluded that the advisory fees paid by the Fund and the expense ratio of the Fund was comparable to those of comparable mutual funds.
The Directors concluded that given the size of the Fund, investment advisory fee breakpoints were not warranted at this time.
All of the factors above were considered separately by the Board, including the Directors who are not “interested persons” (as defined in the Investment Company Act) of the Fund (the “Independent Directors”) meeting in an executive session. The factors were viewed in their totality by the Board, with no single factor being the principal or determinative factor in the Board’s determination of whether to approve the continuation of the advisory agreement. Based on the factors discussed above, the Board, including all of the Independent Directors, approved the continuation of the advisory agreement.
26
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REYNOLDS BLUE CHIP GROWTH FUND
c/o U.S. BANCORP FUND SERVICES, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
www.reynoldsfunds.com
Board of Directors
DENNIS N. MOSER
FREDERICK L. REYNOLDS
ROBERT E. STAUDER
Investment Adviser
REYNOLDS CAPITAL MANAGEMENT, LLC
3565 South Las Vegas Boulevard, #403
Las Vegas, Nevada 89109
Transfer Agent,
Dividend Disbursing Agent,
Administrator and Accountant
U.S. BANCORP FUND SERVICES, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
1-800-773-9665
or 1-800-7REYNOLDS
1-414-765-4124
Custodian
U.S. BANK, N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Independent Registered Public Accounting Firm
COHEN FUND AUDIT SERVICES, LTD.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
Legal Counsel
FOLEY & LARDNER LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
Distributor
RAFFERTY CAPITAL MARKETS, LLC
1010 Franklin Avenue
Garden City, New York 11530
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Schedule of Investments.
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable to open-end investment companies.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities By Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable to open-end investment companies.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Reynolds Funds, Inc.
Registrant
By /s/ Frederick L. Reynolds
Frederick L. Reynolds, President and Treasurer
Date 6/2/14
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Reynolds Funds, Inc.
Registrant
By /s/ Frederick L. Reynolds
Frederick L. Reynolds, President and Treasurer
Date 6/2/14