Reynolds Blue Chip Growth Fund | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
June 30, 2022 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 80.3% | ||||||||
Aerospace & Defense - 0.2% | ||||||||
The Boeing Company (n) | 400 | $ | 54,688 | |||||
L3Harris Technologies, Inc. | 200 | 48,340 | ||||||
103,028 | ||||||||
Air Freight & Logistics - 0.8% | ||||||||
C.H. Robinson Worldwide, Inc. | 600 | 60,822 | ||||||
FedEx Corp. | 700 | 158,697 | ||||||
United Parcel Service, Inc., Class B | 1,300 | 237,302 | ||||||
456,821 | ||||||||
Airlines - 0.3% | ||||||||
American Airlines Group, Inc. (n) | 2,000 | 25,360 | ||||||
Delta Air Lines, Inc. (n) | 1,500 | 43,455 | ||||||
Southwest Airlines Company (n) | 1,500 | 54,180 | ||||||
United Airlines Holdings, Inc. (n) | 1,000 | 35,420 | ||||||
158,415 | ||||||||
Automobiles - 3.1% | ||||||||
Tesla, Inc. (n) | 2,500 | 1,683,550 | ||||||
Banks - 0.5% | ||||||||
JPMorgan Chase & Company | 2,500 | 281,525 | ||||||
Beverages - 1.5% | ||||||||
The Coca-Cola Company | 2,900 | 182,439 | ||||||
Constellation Brands, Inc., Class A | 1,000 | 233,060 | ||||||
Keurig Dr Pepper, Inc. | 2,700 | 95,553 | ||||||
Monster Beverage Corp. (n) | 500 | 46,350 | ||||||
PepsiCo, Inc. | 1,500 | 249,990 | ||||||
807,392 | ||||||||
Biotechnology - 2.7% | ||||||||
AbbVie, Inc. | 250 | 38,290 | ||||||
Amgen, Inc. | 3,000 | 729,900 | ||||||
Biogen, Inc. (n) | 300 | 61,182 | ||||||
BioNTech SE - ADR | 200 | 29,820 | ||||||
Horizon Therapeutics PLC (n) | 600 | 47,856 | ||||||
Moderna, Inc. (n) | 1,500 | 214,275 | ||||||
Regeneron Pharmaceuticals, Inc. (n) | 350 | 206,895 | ||||||
Sarepta Therapeutics, Inc. (n) | 800 | 59,968 | ||||||
Vertex Pharmaceuticals, Inc. (n) | 300 | 84,537 | ||||||
1,472,723 | ||||||||
Capital Markets - 1.3% | ||||||||
Blackstone, Inc. | 1,300 | 118,599 | ||||||
The Charles Schwab Corp. | 3,000 | 189,540 | ||||||
Futu Holdings Ltd. - ADR (n) | 700 | 36,547 | ||||||
The Goldman Sachs Group, Inc. | 200 | 59,404 | ||||||
Morgan Stanley | 1,800 | 136,908 | ||||||
Morningstar, Inc. | 200 | 48,366 | ||||||
T. Rowe Price Group, Inc. | 800 | 90,888 | ||||||
680,252 | ||||||||
Chemicals - 0.1% | ||||||||
CF Industries Holdings, Inc. | 400 | 34,292 | ||||||
International Flavors & Fragrances, Inc. | 200 | 23,824 | ||||||
58,116 | ||||||||
Commercial Services & Supplies - 0.1% | ||||||||
Copart, Inc. (n) | 700 | 76,062 | ||||||
Communications Equipment - 0.2% | ||||||||
Cisco Systems, Inc. | 1,700 | 72,488 | ||||||
Infinera Corp. (n) | 5,000 | 26,800 | ||||||
99,288 | ||||||||
Consumer Finance - 0.1% | ||||||||
Discover Financial Services | 300 | 28,374 | ||||||
Diversified Financial Services - 0.5% | ||||||||
Berkshire Hathaway, Inc., Class B (n) | 1,000 | 273,020 | ||||||
Electrical Equipment - 0.2% | ||||||||
Rockwell Automation, Inc. | 200 | 39,862 | ||||||
Sunrun, Inc. (n) | 2,700 | 63,072 | ||||||
102,934 | ||||||||
Electronic Equipment, Instruments & Components - 0.1% | ||||||||
Amphenol Corp., Class A | 600 | 38,628 | ||||||
Energy Equipment & Services - 0.0% | ||||||||
Transocean Ltd. (n) | 5,000 | 16,650 | ||||||
Entertainment - 1.6% | ||||||||
Netflix, Inc. (n) | 2,300 | 402,201 | ||||||
Take-Two Interactive Software, Inc. (n) | 300 | 36,759 | ||||||
The Walt Disney Company (n) | 4,600 | 434,240 | ||||||
873,200 | ||||||||
Equity Real Estate Investment Trusts - 0.2% | ||||||||
SBA Communications Corp. | 200 | 64,010 | ||||||
Ventas, Inc. | 800 | 41,144 | ||||||
105,154 | ||||||||
Food & Staples Retailing - 4.8% | ||||||||
Costco Wholesale Corp. | 2,600 | 1,246,128 | ||||||
Sysco Corp. | 1,000 | 84,710 | ||||||
Walmart, Inc. | 10,650 | 1,294,827 | ||||||
2,625,665 | ||||||||
Food Products - 0.5% | ||||||||
General Mills, Inc. | 900 | 67,905 | ||||||
The Hershey Company | 500 | 107,580 | ||||||
Mondelez International, Inc., Class A | 1,700 | 105,553 | ||||||
281,038 | ||||||||
Health Care Equipment & Supplies - 1.2% | ||||||||
Abbott Laboratories | 1,200 | 130,380 | ||||||
Baxter International, Inc. | 1,000 | 64,230 | ||||||
Becton, Dickinson and Company | 300 | 73,959 | ||||||
Intuitive Surgical, Inc. (n) | 1,500 | 301,065 | ||||||
Masimo Corp. (n) | 300 | 39,201 | ||||||
Medtronic PLC | 600 | 53,850 | ||||||
662,685 | ||||||||
Health Care Providers & Services - 1.3% | ||||||||
AmerisourceBergen Corp. | 400 | 56,592 | ||||||
Cigna Corp. | 300 | 79,056 | ||||||
HCA Healthcare, Inc. | 300 | 50,418 | ||||||
Humana, Inc. | 300 | 140,421 | ||||||
McKesson Corp. | 200 | 65,242 | ||||||
UnitedHealth Group, Inc. | 650 | 333,860 | ||||||
725,589 | ||||||||
Health Care Technology - 0.2% | ||||||||
Teladoc Health, Inc. (n) | 2,500 | 83,025 | ||||||
Hotels, Restaurants & Leisure - 6.3% | ||||||||
Airbnb, Inc., Class A (n) | 800 | 71,264 | ||||||
Booking Holdings, Inc. (n) | 350 | 612,146 | ||||||
Chipotle Mexican Grill, Inc. (n) | 650 | 849,719 | ||||||
Choice Hotels International, Inc. | 400 | 44,652 | ||||||
Dine Brands Global, Inc. | 500 | 32,540 | ||||||
Domino's Pizza, Inc. | 150 | 58,457 | ||||||
Dutch Bros, Inc., Class A (n) | 3,600 | 113,940 | ||||||
Hilton Worldwide Holdings, Inc. | 300 | 33,432 | ||||||
Hyatt Hotels Corp., Class A (n) | 500 | 36,955 | ||||||
Las Vegas Sands Corp. (n) | 1,400 | 47,026 | ||||||
Marriott International, Inc., Class A | 400 | 54,404 | ||||||
McDonald's Corp. | 1,300 | 320,944 | ||||||
MGM Resorts International | 4,700 | 136,065 | ||||||
Penn National Gaming, Inc. (n) | 1,100 | 33,462 | ||||||
Starbucks Corp. | 9,500 | 725,705 | ||||||
Wynn Resorts Ltd. (n) | 1,000 | 56,980 | ||||||
Yum! Brands, Inc. | 1,800 | 204,318 | ||||||
3,432,009 | ||||||||
Household Products - 0.2% | ||||||||
Church & Dwight Company, Inc. | 300 | 27,798 | ||||||
The Procter & Gamble Company | 700 | 100,653 | ||||||
128,451 | ||||||||
Interactive Media & Services - 12.1% | ||||||||
Alphabet, Inc., Class A (n) | 1,300 | 2,833,038 | ||||||
Alphabet, Inc., Class C (n) | 1,350 | 2,953,058 | ||||||
IAC/InterActiveCorp (n) | 200 | 15,194 | ||||||
Meta Platforms, Inc., Class A (n) | 4,300 | 693,375 | ||||||
Twitter, Inc. (n) | 1,600 | 59,824 | ||||||
6,554,489 | ||||||||
Internet & Direct Marketing Retail - 10.2% | ||||||||
Amazon.com, Inc. (n) | 51,800 | 5,501,678 | ||||||
JD.com, Inc. - ADR | 600 | 38,532 | ||||||
Wayfair, Inc., Class A (n) | 500 | 21,780 | ||||||
5,561,990 | ||||||||
IT Services - 2.8% | ||||||||
Automatic Data Processing, Inc. | 300 | 63,012 | ||||||
Cloudflare, Inc., Class A (n) | 900 | 39,375 | ||||||
Gartner, Inc. (n) | 200 | 48,366 | ||||||
International Business Machines Corp. | 500 | 70,595 | ||||||
Mastercard, Inc., Class A | 1,400 | 441,672 | ||||||
MongoDB, Inc. (n) | 350 | 90,825 | ||||||
Paychex, Inc. | 300 | 34,161 | ||||||
Shopify, Inc., Class A (n) | 1,500 | 46,860 | ||||||
Snowflake, Inc., Class A (n) | 500 | 69,530 | ||||||
VeriSign, Inc. (n) | 900 | 150,597 | ||||||
Visa, Inc., Class A | 2,400 | 472,536 | ||||||
1,527,529 | ||||||||
Life Sciences Tools & Services - 0.3% | ||||||||
Agilent Technologies, Inc. | 400 | 47,508 | ||||||
Thermo Fisher Scientific, Inc. | 200 | 108,656 | ||||||
156,164 | ||||||||
Media - 0.2% | ||||||||
Nexstar Media Group, Inc., Class A | 600 | 97,728 | ||||||
Multiline Retail - 0.9% | ||||||||
Dollar General Corp. | 1,400 | 343,616 | ||||||
Dollar Tree, Inc. (n) | 800 | 124,680 | ||||||
Target Corp. | 200 | 28,246 | ||||||
496,542 | ||||||||
Oil, Gas & Consumable Fuels - 0.6% | ||||||||
APA Corp. | 900 | 31,410 | ||||||
Diamondback Energy, Inc. | 300 | 36,345 | ||||||
Occidental Petroleum Corp. | 1,600 | �� | 94,208 | |||||
Ovintiv, Inc. | 500 | 22,095 | ||||||
Texas Pacific Land Corp. | 50 | 74,401 | ||||||
Valero Energy Corp. | 400 | 42,512 | ||||||
300,971 | ||||||||
Personal Products - 0.1% | ||||||||
Medifast, Inc. | 400 | 72,204 | ||||||
Pharmaceuticals - 2.5% | ||||||||
Bristol-Myers Squibb Company | 3,300 | 254,100 | ||||||
Eli Lilly & Company | 800 | 259,384 | ||||||
Johnson & Johnson | 1,200 | 213,012 | ||||||
Merck & Company, Inc. | 3,200 | 291,744 | ||||||
Novo Nordisk A/S - ADR | 400 | 44,572 | ||||||
Pfizer, Inc. | 5,200 | 272,636 | ||||||
1,335,448 | ||||||||
Professional Services - 0.2% | ||||||||
Jacobs Engineering Group, Inc. | 300 | 38,139 | ||||||
Verisk Analytics, Inc. | 400 | 69,236 | ||||||
107,375 | ||||||||
Semiconductors & Semiconductor Equipment - 1.2% | ||||||||
Advanced Micro Devices, Inc. (n) | 1,206 | 92,223 | ||||||
Intel Corp. | 1,400 | 52,374 | ||||||
Marvell Technology, Inc. | 1,600 | 69,648 | ||||||
NVIDIA Corp. | 1,400 | 212,226 | ||||||
ON Semiconductor Corp. (n) | 500 | 25,155 | ||||||
QUALCOMM, Inc. | 700 | 89,418 | ||||||
SunPower Corp. (n) | 1,800 | 28,458 | ||||||
Teradyne, Inc. | 500 | 44,775 | ||||||
Universal Display Corp. | 500 | 50,570 | ||||||
664,847 | ||||||||
Software - 9.3% | ||||||||
Adobe, Inc. (n) | 900 | 329,454 | ||||||
Autodesk, Inc. (n) | 600 | 103,176 | ||||||
Citrix Systems, Inc. | 500 | 48,585 | ||||||
Coupa Software, Inc. (n) | 500 | 28,550 | ||||||
Crowdstrike Holdings, Inc., Class A (n) | 750 | 126,420 | ||||||
Datadog, Inc., Class A (n) | 500 | 47,620 | ||||||
DocuSign, Inc. (n) | 1,100 | 63,118 | ||||||
Fair Isaac Corp. (n) | 200 | 80,180 | ||||||
Fortinet, Inc. (n) | 2,250 | 127,305 | ||||||
Gitlab, Inc., Class A (n) | 500 | 26,570 | ||||||
Intuit, Inc. | 150 | 57,816 | ||||||
Microsoft Corp. | 8,200 | 2,106,006 | ||||||
Oracle Corp. | 3,400 | 237,558 | ||||||
Palantir Technologies, Inc., Class A (n) | 4,000 | 36,280 | ||||||
Palo Alto Networks, Inc. (n) | 750 | 370,455 | ||||||
Salesforce.com, Inc. (n) | 4,400 | 726,176 | ||||||
ServiceNow, Inc. (n) | 200 | 95,104 | ||||||
VMware, Inc., Class A | 2,286 | �� | 260,558 | |||||
Zoom Video Communications, Inc., Class A (n) | 1,600 | 172,752 | ||||||
5,043,683 | ||||||||
Specialty Retail - 5.8% | ||||||||
AutoNation, Inc. (n) | 800 | 89,408 | ||||||
AutoZone, Inc. (n) | 300 | 644,736 | ||||||
Best Buy Company, Inc. | 4,400 | 286,836 | ||||||
Dick's Sporting Goods, Inc. | 700 | 52,759 | ||||||
The Home Depot, Inc. | 2,900 | 795,383 | ||||||
Lowe's Companies, Inc. | 4,000 | 698,680 | ||||||
O'Reilly Automotive, Inc. (n) | 100 | 63,176 | ||||||
RH (n) | 100 | 21,226 | ||||||
Ross Stores, Inc. | 2,000 | 140,460 | ||||||
The TJX Companies, Inc. | 2,700 | 150,795 | ||||||
Tractor Supply Company | 300 | 58,155 | ||||||
Ulta Beauty, Inc. (n) | 400 | 154,192 | ||||||
3,155,806 | ||||||||
Technology Hardware, Storage & Peripherals - 4.9% | ||||||||
Apple, Inc. | 18,400 | 2,515,648 | ||||||
Dell Technologies, Inc., Class C | 800 | 36,968 | ||||||
HP, Inc. | 2,500 | 81,950 | ||||||
2,634,566 | ||||||||
Textiles, Apparel & Luxury Goods - 1.0% | ||||||||
Lululemon Athletica, Inc. (n) | 800 | 218,088 | ||||||
NIKE, Inc., Class B | 3,300 | 337,260 | ||||||
555,348 | ||||||||
Wireless Telecommunication Services - 0.2% | ||||||||
T-Mobile US, Inc. (n) | 700 | 94,178 | ||||||
TOTAL COMMON STOCKS | ||||||||
(cost $38,339,341) | 43,612,462 | |||||||
RIGHTS - 0.0% | ||||||||
Biotechnology - 0.0% | ||||||||
Achillion Pharmaceuticals, Inc. (f) (n) | 3,000 | 0 | ||||||
TOTAL RIGHTS | ||||||||
(cost $0) | 0 | |||||||
MONEY MARKET FUNDS - 11.2% | ||||||||
Fidelity Government Portfolio, Class I, 1.20% (y) | 571,839 | 571,839 | ||||||
First American Government Obligations Fund, Class X, 1.29% (y) | 5,509,000 | 5,509,000 | ||||||
TOTAL MONEY MARKET FUNDS | 6,080,839 | |||||||
(cost $6,080,839) | 6,080,839 | |||||||
TOTAL INVESTMENTS - 91.5% | ||||||||
(cost $44,420,180) | 49,693,301 | |||||||
Other assets and liabilities, net - 8.5% (a) | 4,619,586 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 54,312,887 | ||||||
Percentages for the various classifications are based on net assets. | |||||
(f) | - | Security valued at fair value as determined by the investment adviser under the supervision of the Board of Directors. Value determined using significant unobservable inputs. | |||
(n) | - | Non-income producing security. | |||
(y) | - | Rate shown is the 7-day effective yield as of June 30, 2022. | |||
ADR | - | American Depositary Receipt | |||
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. |
The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all pricing procedures followed by the Fund.
Each security, excluding short-term investments and money market funds, is valued at the last sale price reported by the principal security exchange on which the issue is traded (other than The Nasdaq OMX Group, Inc., referred to as “Nasdaq”), or if no sale is reported, the latest bid price. Securities which are traded on Nasdaq (including closed-end funds) under one of its three listing tiers, Nasdaq Global Market, Nasdaq Global Select Market and Nasdaq Capital Market, 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 may be valued on an amortized cost basis to the extent it is equivalent to fair value, which involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating rates on the fair value of the instrument. Amortized cost will not be used if its use would be inappropriate due to credit or other impairments of the issuer. Money market funds are valued at their net asset value per share. 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 NYSE.
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.
Each security, excluding short-term investments and money market funds, is valued at the last sale price reported by the principal security exchange on which the issue is traded (other than The Nasdaq OMX Group, Inc., referred to as “Nasdaq”), or if no sale is reported, the latest bid price. Securities which are traded on Nasdaq (including closed-end funds) under one of its three listing tiers, Nasdaq Global Market, Nasdaq Global Select Market and Nasdaq Capital Market, 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 may be valued on an amortized cost basis to the extent it is equivalent to fair value, which involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating rates on the fair value of the instrument. Amortized cost will not be used if its use would be inappropriate due to credit or other impairments of the issuer. Money market funds are valued at their net asset value per share. 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 NYSE.
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 that the Fund has the ability to access.
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 June 30, 2022, based on the inputs used to value them:
Valuation Inputs | Investments in Securities | |||
Level 1 - Common Stocks* | $ | 43,612,462 | ||
Money Market Funds | 6,080,839 | |||
Total Level 1 | 49,693,301 | |||
Level 2 - None | - | |||
Level 3 - Rights | 0 | |||
Total | $ | 49,693,301 | ||
* Please refer to the Schedule of Investments to view common stocks segregated by industry type. |