Reynolds Blue Chip Growth Fund | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 97.5% | ||||||||
Aerospace & Defense - 0.5% | ||||||||
The Boeing Company (n) | 950 | $ | 247,627 | |||||
General Dynamics Corp. | 200 | 51,934 | ||||||
299,561 | ||||||||
Air Freight & Logistics - 0.4% | ||||||||
FedEx Corp. | 650 | 164,430 | ||||||
United Parcel Service, Inc., Class B | 550 | 86,477 | ||||||
250,907 | ||||||||
Automobile Components - 0.1% | ||||||||
Mobileye Global, Inc., Class A (n) | 1,000 | 43,320 | ||||||
QuantumScape Corp. (n) | 3,000 | 20,850 | ||||||
64,170 | ||||||||
Automobiles - 2.0% | ||||||||
Ferrari N.V. | 150 | 50,765 | ||||||
General Motors Company | 2,800 | 100,576 | ||||||
Lucid Group, Inc. (n) | 3,000 | 12,630 | ||||||
Rivian Automotive, Inc., Class A (n) | 1,700 | 39,882 | ||||||
Tesla, Inc. (n) | 3,900 | 969,072 | ||||||
1,172,925 | ||||||||
Banks - 0.8% | ||||||||
Bank of America Corp. | 1,500 | 50,505 | ||||||
JPMorgan Chase & Company | 1,250 | 212,625 | ||||||
The PNC Financial Services Group, Inc. | 300 | 46,455 | ||||||
Truist Financial Corp. | 1,400 | 51,688 | ||||||
U.S. Bancorp | 800 | 34,624 | ||||||
Wells Fargo & Company | 900 | 44,298 | ||||||
440,195 | ||||||||
Beverages - 0.0% | ||||||||
Monster Beverage Corp. (n) | 500 | 28,805 | ||||||
Biotechnology - 0.9% | ||||||||
AbbVie, Inc. | 600 | 92,982 | ||||||
Amgen, Inc. | 350 | 100,807 | ||||||
Biogen, Inc. (n) | 150 | 38,815 | ||||||
BioNTech SE - ADR (n) | 200 | 21,108 | ||||||
Exact Sciences Corp. (n) | 450 | 33,291 | ||||||
Gilead Sciences, Inc. | 500 | 40,505 | ||||||
Moderna, Inc. (n) | 350 | 34,808 | ||||||
Neurocrine Biosciences, Inc. (n) | 400 | 52,704 | ||||||
PTC Therapeutics, Inc. (n) | 400 | 11,024 | ||||||
Sarepta Therapeutics, Inc. (n) | 500 | 48,215 | ||||||
TG Therapeutics, Inc. (n) | 2,400 | 40,992 | ||||||
515,251 | ||||||||
Broadline Retail - 5.9% | ||||||||
Amazon.com, Inc. (n) | 20,550 | 3,122,367 | ||||||
Macy's, Inc. | 2,500 | 50,300 | ||||||
PDD Holdings, Inc. - ADR (n) | 1,500 | 219,465 | ||||||
3,392,132 | ||||||||
Building Products - 0.2% | ||||||||
Builders FirstSource, Inc. (n) | 200 | 33,388 | ||||||
Fortune Brands Innovations, Inc. | 500 | 38,070 | ||||||
Trane Technologies PLC | 300 | 73,170 | ||||||
144,628 | ||||||||
Capital Markets - 1.0% | ||||||||
BlackRock, Inc. | 100 | 81,180 | ||||||
The Charles Schwab Corp. | 2,100 | 144,480 | ||||||
FactSet Research Systems, Inc. | 150 | 71,557 | ||||||
Futu Holdings Ltd. - ADR (n) | 600 | 32,778 | ||||||
The Goldman Sachs Group, Inc. | 200 | 77,154 | ||||||
Intercontinental Exchange, Inc. | 250 | 32,108 | ||||||
Morgan Stanley | 500 | 46,625 | ||||||
Nasdaq, Inc. | 600 | 34,884 | ||||||
T. Rowe Price Group, Inc. | 450 | 48,461 | ||||||
569,227 | ||||||||
Chemicals - 0.2% | ||||||||
Albemarle Corp. | 200 | 28,896 | ||||||
The Scotts Miracle-Gro Company | 600 | 38,250 | ||||||
The Sherwin-Williams Company | 150 | 46,785 | ||||||
113,931 | ||||||||
Commercial Services & Supplies - 0.2% | ||||||||
Waste Connections, Inc. | 200 | 29,854 | ||||||
Waste Management, Inc. | 500 | 89,550 | ||||||
119,404 | ||||||||
Communications Equipment - 1.0% | ||||||||
Arista Networks, Inc. (n) | 550 | 129,531 | ||||||
Cisco Systems, Inc. | 2,800 | 141,456 | ||||||
F5, Inc. (n) | 900 | 161,082 | ||||||
Lumentum Holdings, Inc. (n) | 500 | 26,210 | ||||||
Motorola Solutions, Inc. | 300 | 93,927 | ||||||
552,206 | ||||||||
Consumer Finance - 0.3% | ||||||||
American Express Company | 550 | 103,037 | ||||||
SoFi Technologies, Inc. (n) | 1,400 | 13,930 | ||||||
Upstart Holdings, Inc. (n) | 1,800 | 73,548 | ||||||
190,515 | ||||||||
Consumer Staples Distribution & Retail - 2.5% | ||||||||
Costco Wholesale Corp. | 800 | 528,064 | ||||||
Dollar General Corp. | 250 | 33,987 | ||||||
Dollar Tree, Inc. (n) | 250 | 35,513 | ||||||
Target Corp. | 1,650 | 234,993 | ||||||
Walgreens Boots Alliance, Inc. | 1,700 | 44,387 | ||||||
Walmart, Inc. | 3,600 | 567,540 | ||||||
1,444,484 | ||||||||
Containers & Packaging - 0.1% | ||||||||
Avery Dennison Corp. | 200 | 40,432 | ||||||
Diversified Consumer Services - 0.0% | ||||||||
WW International, Inc. (n) | 2,000 | 17,500 | ||||||
Electrical Equipment - 0.2% | ||||||||
Emerson Electric Company | 400 | 38,932 | ||||||
Encore Wire Corp. | 150 | 32,040 | ||||||
Generac Holdings, Inc. (n) | 350 | 45,234 | ||||||
116,206 | ||||||||
Electronic Equipment, Instruments & Components - 0.5% | ||||||||
CDW Corp. | 200 | 45,464 | ||||||
Cognex Corp. | 1,000 | 41,740 | ||||||
Coherent Corp. (n) | 1,000 | 43,530 | ||||||
Jabil, Inc. | 300 | 38,220 | ||||||
TE Connectivity Ltd. | 450 | 63,225 | ||||||
Zebra Technologies Corp., Class A (n) | 300 | 81,999 | ||||||
314,178 | ||||||||
Entertainment - 5.2% | ||||||||
Electronic Arts, Inc. | 450 | 61,565 | ||||||
Live Nation Entertainment, Inc. (n) | 400 | 37,440 | ||||||
NetEase, Inc. - ADR | 400 | 37,264 | ||||||
Netflix, Inc. (n) | 5,050 | 2,458,744 | ||||||
ROBLOX Corp., Class A (n) | 1,700 | 77,724 | ||||||
Roku, Inc. (n) | 1,200 | 109,992 | ||||||
Sea Ltd. - ADR (n) | 700 | 28,350 | ||||||
Spotify Technology SA (n) | 300 | 56,373 | ||||||
The Walt Disney Company | 700 | 63,203 | ||||||
Warner Bros. Discovery, Inc. (n) | 3,000 | 34,140 | ||||||
2,964,795 | ||||||||
Financial Services - 2.9% | ||||||||
Affirm Holdings, Inc. (n) | 700 | 34,398 | ||||||
Berkshire Hathaway, Inc., Class B (n) | 200 | 71,332 | ||||||
Block, Inc. (n) | 3,250 | 251,387 | ||||||
Euronet Worldwide, Inc. (n) | 400 | 40,596 | ||||||
Fidelity National Information Services, Inc. | 700 | 42,049 | ||||||
Fiserv, Inc. (n) | 1,100 | 146,124 | ||||||
FleetCor Technologies, Inc. (n) | 750 | 211,957 | ||||||
Global Payments, Inc. | 750 | 95,250 | ||||||
Jack Henry & Associates, Inc. | 500 | 81,705 | ||||||
Mastercard, Inc., Class A | 500 | 213,255 | ||||||
PayPal Holdings, Inc. (n) | 1,800 | 110,538 | ||||||
Visa, Inc., Class A | 1,200 | 312,420 | ||||||
WEX, Inc. (n) | 250 | 48,638 | ||||||
1,659,649 | ||||||||
Food Products - 0.2% | ||||||||
The J.M. Smucker Company | 300 | 37,914 | ||||||
Lamb Weston Holdings, Inc. | 500 | 54,045 | ||||||
Mondelez International, Inc., Class A | 600 | 43,458 | ||||||
135,417 | ||||||||
Ground Transportation - 1.9% | ||||||||
Landstar System, Inc. | 150 | 29,047 | ||||||
Lyft, Inc., Class A (n) | 3,900 | 58,461 | ||||||
Norfolk Southern Corp. | 150 | 35,457 | ||||||
Ryder System, Inc. | 300 | 34,518 | ||||||
Saia, Inc. (n) | 125 | 54,778 | ||||||
Uber Technologies, Inc. (n) | 12,500 | 769,625 | ||||||
Union Pacific Corp. | 200 | 49,124 | ||||||
XPO, Inc. (n) | 350 | 30,657 | ||||||
1,061,667 | ||||||||
Health Care Equipment & Supplies - 2.1% | ||||||||
Abbott Laboratories | 1,000 | 110,070 | ||||||
Align Technology, Inc. (n) | 150 | 41,100 | ||||||
Boston Scientific Corp. (n) | 2,000 | 115,620 | ||||||
Dexcom, Inc. (n) | 1,300 | 161,317 | ||||||
Insulet Corp. (n) | 150 | 32,547 | ||||||
Intuitive Surgical, Inc. (n) | 1,350 | 455,436 | ||||||
Medtronic PLC | 700 | 57,666 | ||||||
QuidelOrtho Corp. (n) | 1,100 | 81,070 | ||||||
ResMed, Inc. | 250 | 43,005 | ||||||
Stryker Corp. | 300 | 89,838 | ||||||
1,187,669 | ||||||||
Health Care Providers & Services - 0.8% | ||||||||
CVS Health Corp. | 600 | 47,376 | ||||||
DaVita, Inc. (n) | 350 | 36,666 | ||||||
HCA Healthcare, Inc. | 450 | 121,806 | ||||||
Laboratory Corp. of America Holdings | 150 | 34,093 | ||||||
Quest Diagnostics, Inc. | 900 | 124,092 | ||||||
UnitedHealth Group, Inc. | 150 | 78,971 | ||||||
443,004 | ||||||||
Health Care Technology - 0.3% | ||||||||
Teladoc Health, Inc. (n) | 3,200 | 68,960 | ||||||
Veeva Systems, Inc., Class A (n) | 400 | 77,008 | ||||||
145,968 | ||||||||
Hotels, Restaurants & Leisure - 8.0% | ||||||||
Airbnb, Inc., Class A (n) | 1,300 | 176,982 | ||||||
Booking Holdings, Inc. (n) | 450 | 1,596,249 | ||||||
Brinker International, Inc. (n) | 700 | 30,226 | ||||||
Carnival Corp. (n) | 5,000 | 92,700 | ||||||
Chipotle Mexican Grill, Inc. (n) | 300 | 686,088 | ||||||
Choice Hotels International, Inc. | 500 | 56,650 | ||||||
Darden Restaurants, Inc. | 250 | 41,075 | ||||||
Dine Brands Global, Inc. | 600 | 29,790 | ||||||
Domino's Pizza, Inc. | 200 | 82,446 | ||||||
DoorDash, Inc., Class A (n) | 350 | 34,611 | ||||||
DraftKings, Inc., Class A (n) | 4,200 | 148,050 | ||||||
Dutch Bros, Inc., Class A (n) | 1,100 | 34,837 | ||||||
Expedia Group, Inc. (n) | 2,350 | 356,706 | ||||||
Hilton Worldwide Holdings, Inc. | 550 | 100,149 | ||||||
Hyatt Hotels Corp., Class A | 750 | 97,807 | ||||||
Jack in the Box, Inc. | 1,100 | 89,793 | ||||||
Las Vegas Sands Corp. | 800 | 39,368 | ||||||
Marriott International, Inc., Class A | 350 | 78,929 | ||||||
McDonald's Corp. | 250 | 74,128 | ||||||
MGM Resorts International (n) | 2,600 | 116,168 | ||||||
Norwegian Cruise Line Holdings Ltd. (n) | 3,900 | 78,156 | ||||||
Restaurant Brands International, Inc. | 1,200 | 93,756 | ||||||
Royal Caribbean Cruises Ltd. (n) | 950 | 123,016 | ||||||
Shake Shack, Inc., Class A (n) | 1,100 | 81,532 | ||||||
Texas Roadhouse, Inc. | 200 | 24,446 | ||||||
Wingstop, Inc. | 400 | 102,632 | ||||||
Wyndham Hotels & Resorts, Inc. | 700 | 56,287 | ||||||
Wynn Resorts Ltd. | 400 | 36,444 | ||||||
4,559,021 | ||||||||
Household Durables - 1.4% | ||||||||
DR Horton, Inc. | 700 | 106,386 | ||||||
KB Home | 2,100 | 131,166 | ||||||
Lennar Corp., Class A | 1,200 | 178,848 | ||||||
Meritage Homes Corp. | 350 | 60,970 | ||||||
Newell Brands, Inc. | 2,000 | 17,360 | ||||||
PulteGroup, Inc. | 800 | 82,576 | ||||||
Sonos, Inc. (n) | 2,000 | 34,280 | ||||||
Sony Group Corp. - ADR | 450 | 42,610 | ||||||
Tempur Sealy International, Inc. | 800 | 40,776 | ||||||
Toll Brothers, Inc. | 900 | 92,511 | ||||||
Whirlpool Corp. | 250 | 30,443 | ||||||
817,926 | ||||||||
Household Products - 0.1% | ||||||||
WD-40 Company | 250 | 59,768 | ||||||
Industrial Conglomerates - 0.4% | ||||||||
3M Company | 400 | 43,728 | ||||||
General Electric Company | 450 | 57,433 | ||||||
Honeywell International, Inc. | 650 | 136,312 | ||||||
237,473 | ||||||||
Insurance - 0.1% | ||||||||
The Progressive Corp. | 250 | 39,820 | ||||||
The Travelers Companies, Inc. | 200 | 38,098 | ||||||
77,918 | ||||||||
Interactive Media & Services - 10.4% | ||||||||
Alphabet, Inc., Class A (n) | 8,000 | 1,117,520 | ||||||
Alphabet, Inc., Class C (n) | 9,250 | 1,303,602 | ||||||
fuboTV, Inc. (n) | 5,000 | 15,900 | ||||||
JOYY, Inc. - ADR | 500 | 19,850 | ||||||
Match Group, Inc. (n) | 900 | 32,850 | ||||||
Meta Platforms, Inc., Class A (n) | 8,300 | 2,937,868 | ||||||
Pinterest, Inc., Class A (n) | 3,500 | 129,640 | ||||||
Snap, Inc., Class A (n) | 14,700 | 248,871 | ||||||
TripAdvisor, Inc. (n) | 2,600 | 55,978 | ||||||
ZoomInfo Technologies, Inc. (n) | 4,400 | 81,356 | ||||||
5,943,435 | ||||||||
IT Services - 2.1% | ||||||||
Accenture PLC, Class A | 250 | 87,728 | ||||||
Akamai Technologies, Inc. (n) | 550 | 65,092 | ||||||
Cloudflare, Inc., Class A (n) | 1,100 | 91,586 | ||||||
DXC Technology Company (n) | 1,500 | 34,305 | ||||||
Fastly, Inc., Class A (n) | 1,000 | 17,800 | ||||||
Gartner, Inc. (n) | 300 | 135,333 | ||||||
GoDaddy, Inc., Class A (n) | 350 | 37,156 | ||||||
Infosys Ltd. - ADR | 2,000 | 36,760 | ||||||
International Business Machines Corp. | 800 | 130,840 | ||||||
MongoDB, Inc. (n) | 300 | 122,655 | ||||||
Shopify, Inc., Class A (n) | 2,900 | 225,910 | ||||||
Snowflake, Inc., Class A (n) | 250 | 49,750 | ||||||
Twilio, Inc., Class A (n) | 1,300 | 98,631 | ||||||
Wix.com Ltd. (n) | 400 | 49,208 | ||||||
1,182,754 | ||||||||
Leisure Products - 0.1% | ||||||||
YETI Holdings, Inc. (n) | 700 | 36,246 | ||||||
Life Sciences Tools & Services - 0.6% | ||||||||
Agilent Technologies, Inc. | 800 | 111,224 | ||||||
Danaher Corp. | 150 | 34,701 | ||||||
Illumina, Inc. (n) | 400 | 55,696 | ||||||
OmniAb, Inc. (n) | 2,450 | 15,116 | ||||||
Repligen Corp. (n) | 300 | 53,940 | ||||||
Thermo Fisher Scientific, Inc. | 100 | 53,079 | ||||||
323,756 | ||||||||
Machinery - 0.6% | ||||||||
Caterpillar, Inc. | 200 | 59,134 | ||||||
Deere & Company | 75 | 29,990 | ||||||
Illinois Tool Works, Inc. | 200 | 52,388 | ||||||
Ingersoll Rand, Inc. | 500 | 38,670 | ||||||
Lincoln Electric Holdings, Inc. | 150 | 32,619 | ||||||
The Middleby Corp. (n) | 250 | 36,793 | ||||||
Parker-Hannifin Corp. | 150 | 69,105 | ||||||
318,699 | ||||||||
Media - 0.1% | ||||||||
Paramount Global, Class B | 2,200 | 32,538 | ||||||
The Trade Desk, Inc., Class A (n) | 500 | 35,980 | ||||||
68,518 | ||||||||
Metals & Mining - 0.1% | ||||||||
Cleveland-Cliffs, Inc. (n) | 1,900 | 38,798 | ||||||
Office Real Estate Investment Trusts - 0.1% | ||||||||
Boston Properties, Inc. | 600 | 42,102 | ||||||
Oil, Gas & Consumable Fuels - 0.1% | ||||||||
Texas Pacific Land Corp. | 50 | 78,622 | ||||||
Vitesse Energy, Inc. | 129 | 2,824 | ||||||
81,446 | ||||||||
Passenger Airlines - 0.6% | ||||||||
Allegiant Travel Company | 700 | 57,827 | ||||||
Delta Air Lines, Inc. | 1,900 | 76,437 | ||||||
Hawaiian Holdings, Inc. (n) | 8,500 | 120,700 | ||||||
Ryanair Holdings PLC - ADR (n) | 350 | 46,676 | ||||||
United Airlines Holdings, Inc. (n) | 1,400 | 57,764 | ||||||
359,404 | ||||||||
Personal Care Products - 0.1% | ||||||||
The Estee Lauder Companies, Inc., Class A | 300 | 43,875 | ||||||
Pharmaceuticals - 0.6% | ||||||||
Eli Lilly & Company | 300 | 174,876 | ||||||
Ligand Pharmaceuticals, Inc. (n) | 350 | 24,997 | ||||||
Novartis AG - ADR | 450 | 45,436 | ||||||
Novo Nordisk A/S - ADR | 400 | 41,380 | ||||||
Zoetis, Inc. | 150 | 29,606 | ||||||
316,295 | ||||||||
Professional Services - 0.9% | ||||||||
Automatic Data Processing, Inc. | 200 | 46,594 | ||||||
Equifax, Inc. | 450 | 111,280 | ||||||
Jacobs Solutions, Inc. | 300 | 38,940 | ||||||
Paychex, Inc. | 950 | 113,155 | ||||||
Paycom Software, Inc. | 400 | 82,688 | ||||||
Paylocity Holding Corp. (n) | 200 | 32,970 | ||||||
SS&C Technologies Holdings, Inc. | 600 | 36,666 | ||||||
Upwork, Inc. (n) | 2,400 | 35,688 | ||||||
497,981 | ||||||||
Real Estate Management & Development - 0.5% | ||||||||
Anywhere Real Estate, Inc. (n) | 5,500 | 44,605 | ||||||
Redfin Corp. (n) | 15,000 | 154,800 | ||||||
Zillow Group, Inc., Class C (n) | 1,500 | 86,790 | ||||||
286,195 | ||||||||
Retail Real Estate Investment Trusts - 0.2% | ||||||||
Simon Property Group, Inc. | 600 | 85,584 | ||||||
Tanger, Inc. | 1,200 | 33,264 | ||||||
118,848 | ||||||||
Semiconductors & Semiconductor Equipment - 10.6% | ||||||||
Advanced Micro Devices, Inc. (n) | 2,556 | 376,780 | ||||||
Analog Devices, Inc. | 450 | 89,352 | ||||||
Applied Materials, Inc. | 250 | 40,517 | ||||||
ARM Holdings PLC - ADR (n) | 2,300 | 172,833 | ||||||
Broadcom, Inc. | 250 | 279,063 | ||||||
Entegris, Inc. | 450 | 53,919 | ||||||
Intel Corp. | 2,100 | 105,525 | ||||||
KLA Corp. | 100 | 58,130 | ||||||
Lattice Semiconductor Corp. (n) | 300 | 20,697 | ||||||
Marvell Technology, Inc. | 1,200 | 72,372 | ||||||
Micron Technology, Inc. | 450 | 38,403 | ||||||
NVIDIA Corp. | 8,000 | 3,961,760 | ||||||
NXP Semiconductors N.V. | 800 | 183,744 | ||||||
ON Semiconductor Corp. (n) | 1,000 | 83,530 | ||||||
Qorvo, Inc. (n) | 400 | 45,044 | ||||||
QUALCOMM, Inc. | 1,250 | 180,788 | ||||||
Skyworks Solutions, Inc. | 400 | 44,968 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 450 | 46,800 | ||||||
Teradyne, Inc. | 400 | 43,408 | ||||||
Universal Display Corp. | 750 | 143,445 | ||||||
6,041,078 | ||||||||
Software - 18.8% | ||||||||
Adobe, Inc. (n) | 650 | 387,790 | ||||||
ANSYS, Inc. (n) | 150 | 54,432 | ||||||
Aspen Technology, Inc. (n) | 250 | 55,037 | ||||||
Autodesk, Inc. (n) | 1,050 | 255,654 | ||||||
C3.ai, Inc., Class A (n) | 1,200 | 34,452 | ||||||
Cadence Design Systems, Inc. (n) | 600 | 163,422 | ||||||
Check Point Software Technologies Ltd. (n) | 1,000 | 152,790 | ||||||
Crowdstrike Holdings, Inc., Class A (n) | 5,100 | 1,302,132 | ||||||
CyberArk Software Ltd. (n) | 550 | 120,478 | ||||||
Datadog, Inc., Class A (n) | 1,800 | 218,484 | ||||||
DocuSign, Inc. (n) | 3,800 | 225,910 | ||||||
Fair Isaac Corp. (n) | 150 | 174,601 | ||||||
Five9, Inc. (n) | 1,100 | 86,559 | ||||||
Fortinet, Inc. (n) | 1,300 | 76,089 | ||||||
Gitlab, Inc., Class A (n) | 700 | 44,072 | ||||||
Intuit, Inc. | 200 | 125,006 | ||||||
JFrog Ltd. (n) | 600 | 20,766 | ||||||
Microsoft Corp. | 7,900 | 2,970,716 | ||||||
Monday.com Ltd. (n) | 300 | 56,343 | ||||||
Nice Ltd. - ADR (n) | 650 | 129,681 | ||||||
Nutanix, Inc., Class A (n) | 400 | 19,076 | ||||||
Palantir Technologies, Inc., Class A (n) | 1,600 | 27,472 | ||||||
Palo Alto Networks, Inc. (n) | 8,000 | 2,359,040 | ||||||
PTC, Inc. (n) | 500 | 87,480 | ||||||
RingCentral, Inc., Class A (n) | 1,200 | 40,740 | ||||||
Salesforce, Inc. (n) | 2,850 | 749,949 | ||||||
Samsara, Inc., Class A (n) | 1,200 | 40,056 | ||||||
SAP SE - ADR | 1,350 | 208,697 | ||||||
ServiceNow, Inc. (n) | 200 | 141,298 | ||||||
Synopsys, Inc. (n) | 100 | 51,491 | ||||||
Unity Software, Inc. (n) | 1,200 | 49,068 | ||||||
Workday, Inc., Class A (n) | 450 | 124,227 | ||||||
Zoom Video Communications, Inc., Class A (n) | 600 | 43,146 | ||||||
Zscaler, Inc. (n) | 700 | 155,092 | ||||||
10,751,246 | ||||||||
Specialized Real Estate Investment Trusts - 0.1% | ||||||||
American Tower Corp. | 150 | 32,382 | ||||||
Digital Realty Trust, Inc. | 400 | 53,832 | ||||||
86,214 | ||||||||
Specialty Retail - 4.0% | ||||||||
Abercrombie & Fitch Company, Class A (n) | 900 | 79,398 | ||||||
AutoNation, Inc. (n) | 250 | 37,545 | ||||||
AutoZone, Inc. (n) | 300 | 775,683 | ||||||
Best Buy Company, Inc. | 3,500 | 273,980 | ||||||
CarMax, Inc. (n) | 500 | 38,370 | ||||||
Dick's Sporting Goods, Inc. | 250 | 36,737 | ||||||
Floor & Decor Holdings, Inc., Class A (n) | 300 | 33,468 | ||||||
The Gap, Inc. | 1,600 | 33,456 | ||||||
The Home Depot, Inc. | 300 | 103,965 | ||||||
Lowe's Companies, Inc. | 300 | 66,765 | ||||||
RH (n) | 450 | 131,166 | ||||||
Ross Stores, Inc. | 1,050 | 145,309 | ||||||
Signet Jewelers Ltd. | 400 | 42,904 | ||||||
The TJX Companies, Inc. | 1,600 | 150,096 | ||||||
Tractor Supply Company | 150 | 32,255 | ||||||
Ulta Beauty, Inc. (n) | 150 | 73,499 | ||||||
Victoria's Secret & Company (n) | 700 | 18,578 | ||||||
Warby Parker, Inc., Class A (n) | 2,300 | 32,430 | ||||||
Wayfair, Inc., Class A (n) | 1,700 | 104,890 | ||||||
Williams-Sonoma, Inc. | 300 | 60,534 | ||||||
2,271,028 | ||||||||
Technology Hardware, Storage & Peripherals - 5.4% | ||||||||
Apple, Inc. | 14,100 | 2,714,673 | ||||||
Dell Technologies, Inc., Class C | 1,700 | 130,050 | ||||||
Hewlett Packard Enterprise Company | 2,000 | 33,960 | ||||||
HP, Inc. | 1,400 | 42,126 | ||||||
NetApp, Inc. | 1,000 | 88,160 | ||||||
Western Digital Corp. (n) | 1,600 | 83,792 | ||||||
3,092,761 | ||||||||
Textiles, Apparel & Luxury Goods - 0.8% | ||||||||
Deckers Outdoor Corp. (n) | 75 | 50,132 | ||||||
Lululemon Athletica, Inc. (n) | 500 | 255,645 | ||||||
NIKE, Inc., Class B | 900 | 97,713 | ||||||
PVH Corp. | 400 | 48,848 | ||||||
452,338 | ||||||||
Trading Companies & Distributors - 0.4% | ||||||||
Fastenal Company | 1,100 | 71,247 | ||||||
Ferguson PLC | 200 | 38,614 | ||||||
United Rentals, Inc. | 100 | 57,342 | ||||||
W.W. Grainger, Inc. | 100 | 82,869 | ||||||
250,072 | ||||||||
Water Utilities - 0.1% | ||||||||
American Water Works Company, Inc. | 250 | 32,997 | ||||||
TOTAL COMMON STOCKS | ||||||||
(cost $39,370,500) | 55,773,018 | |||||||
RIGHTS - 0.0% | ||||||||
Biotechnology - 0.0% | ||||||||
Achillion Pharmaceuticals, Inc. (f) (n) | 3,000 | 0 | ||||||
Life Sciences Tools & Services - 0.0% | ||||||||
OmniAb Operations, Inc. — $12.50 Earnout Shares (f) (n) | 189 | 0 | ||||||
OmniAb Operations, Inc. — $15.00 Earnout Shares (f) (n) | 189 | 0 | ||||||
0 | ||||||||
TOTAL RIGHTS | ||||||||
(cost $0) | 0 | |||||||
MONEY MARKET FUNDS - 0.40% | ||||||||
First American Government Obligations Fund, Class X, 5.29% (y) | 234,796 | 234,796 | ||||||
TOTAL MONEY MARKET FUNDS | ||||||||
(cost $234,796) | 234,796 | |||||||
TOTAL INVESTMENTS - 97.9% | ||||||||
(cost $39,605,296) | 56,007,814 | |||||||
Other assets and liabilities, net - 2.1% | 1,211,022 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 57,218,836 |
Percentages for the various classifications are based on net assets. | ||||
(f) | - Security valued at fair value as determined by the investment adviser as the valuation designee appointed by the Board of Directors (the "Board"), in accordance with valuation procedures approved by the Board. Value determined using significant unobservable inputs. | |||
(n) | - Non-income producing security. | |||
(y) | - Rate shown is the 7-day effective yield as of December 31, 2023. | |||
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 as the valuation designee appointed by the Board of Directors (the “Board”), in accordance with valuation procedures approved by the Board. 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 as the valuation designee appointed by the Board of Directors (the “Board”), in accordance with valuation procedures approved by the Board. 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 December 31, 2023, based on the inputs used to value them:
Valuation Inputs | Investments in Securities | |||
Level 1 - Common Stocks* | $ | 55,773,018 | ||
Money Market Funds | 234,796 | |||
Total Level 1 | 56,007,814 | |||
Level 2 - None | - | |||
Level 3 - Rights | 0 | |||
Total | $ | 56,007,814 | ||
* Please refer to the Schedule of Investments to view common stocks segregated by industry type. | ||||