Reynolds Funds NPORT-P Reynolds Blue Chip Growth Fund (Dec 2024 report)

Reynolds Blue Chip Growth Fund
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 99.2%	Shares		Value
Aerospace & Defense - 0.2%
Boeing Co. (a)		700	$	123,900
General Electric Co.		200		33,358
				157,258
Air Freight & Logistics - 0.4%
FedEx Corp.		900		253,197
United Parcel Service, Inc. - Class B		300		37,830
				291,027
Automobile Components - 0.2%
Mobileye Global, Inc. - Class A (a)		4,100		81,672
Modine Manufacturing Co. (a)		300		34,779
				116,451
Automobiles - 1.3%
Tesla, Inc. (a)		2,180		880,371
Banks - 0.7%
Bank of America Corp.		900		39,555
Citigroup, Inc.		500		35,195
JPMorgan Chase & Co.		1,500		359,565
Wells Fargo & Co.		500		35,120
				469,435
Biotechnology - 0.1%
Ascendis Pharma AS - ADR (a)		250		34,418
Broadline Retail - 7.1%
Amazon.com, Inc. (a)		21,950		4,815,611
Coupang, Inc. (a)		1,200		26,376
				4,841,987
Building Products - 0.1%
Johnson Controls International PLC		450		35,519
Capital Markets - 1.8%
Affiliated Managers Group, Inc.		200		36,984
Ares Management Corp. - Class A		200		35,406
Blackrock, Inc.		100		102,511
Blackstone, Inc.		925		159,489
Carlyle Group, Inc.		700		35,343
Charles Schwab Corp.		500		37,005
CME Group, Inc.		350		81,280
Goldman Sachs Group, Inc.		500		286,310
Interactive Brokers Group, Inc. - Class A		750		132,502
Morgan Stanley		1,000		125,720
Nasdaq, Inc.		950		73,444
Robinhood Markets, Inc. - Class A (a)		1,200		44,712
State Street Corp.		350		34,353
Stifel Financial Corp.		400		42,432
T Rowe Price Group, Inc.		300		33,927
				1,261,418
Commercial Services & Supplies - 0.1%
Copart, Inc. (a)		1,600		91,824
Communications Equipment - 1.5%
Arista Networks, Inc. (a)		6,300		696,339
Ciena Corp. (a)		1,300		110,253
Cisco Systems, Inc.		800		47,360
F5, Inc. (a)		550		138,308
Harmonic, Inc. (a)		1,400		18,522
Ubiquiti, Inc.		100		33,193
				1,043,975
Consumer Finance - 1.2%
American Express Co.		1,650		489,703
SoFi Technologies, Inc. (a)		15,600		240,240
Synchrony Financial		500		32,500
Upstart Holdings, Inc. (a)		950		58,492
				820,935
Consumer Staples Distribution & Retail - 2.8%
Casey's General Stores, Inc.		100		39,623
Costco Wholesale Corp.		1,335		1,223,220
Target Corp.		250		33,795
Walmart, Inc.		6,900		623,415
				1,920,053
Electric Utilities - 0.1%
Constellation Energy Corp.		275		61,520
Electrical Equipment - 0.5%
Emerson Electric Co.		250		30,983
GE Vernova, Inc.		225		74,009
Generac Holdings, Inc. (a)		200		31,010
Vertiv Holdings Co. - Class A		1,900		215,859
				351,861
Electronic Equipment, Instruments & Components - 0.5%
Celestica, Inc. (a)		850		78,455
Coherent Corp. (a)		1,700		161,041
Jabil, Inc.		300		43,170
Keysight Technologies, Inc. (a)		200		32,126
Zebra Technologies Corp. - Class A (a)		100		38,622
				353,414
Entertainment - 8.0%
Electronic Arts, Inc.		250		36,575
Live Nation Entertainment, Inc. (a)		750		97,125
Netflix, Inc. (a)		5,650		5,035,958
ROBLOX Corp. - Class A (a)		1,000		57,860
Roku, Inc. (a)		500		37,170
Spotify Technology SA (a)		200		89,476
Take-Two Interactive Software, Inc. (a)		200		36,816
Walt Disney Co.		550		61,242
				5,452,222
Financial Services - 1.5%
Affirm Holdings, Inc. (a)		1,000		60,900
Apollo Global Management, Inc.		600		99,096
Berkshire Hathaway, Inc. - Class B (a)		200		90,656
Block, Inc. (a)		1,700		144,483
Fidelity National Information Services, Inc.		500		40,385
Fiserv, Inc. (a)		600		123,252
Global Payments, Inc.		350		39,221
Mastercard, Inc. - Class A		100		52,657
PayPal Holdings, Inc. (a)		900		76,815
Remitly Global, Inc. (a)		2,600		58,682
Toast, Inc. - Class A (a)		900		32,805
Visa, Inc. - Class A		550		173,822
				992,774
Food Products - 0.0%(b)
Hershey Co.		200		33,870
Ground Transportation - 0.1%
Union Pacific Corp.		200		45,608
Health Care Equipment & Supplies - 1.5%
Align Technology, Inc. (a)		150		31,277
Boston Scientific Corp. (a)		2,500		223,300
Intuitive Surgical, Inc. (a)		1,400		730,744
Masimo Corp. (a)		250		41,325
Novocure Ltd. (a)		1,000		29,800
				1,056,446
Health Care Providers & Services - 0.1%
Labcorp Holdings, Inc.		150		34,398
Quest Diagnostics, Inc.		250		37,715
				72,113
Health Care Technology - 0.0%(b)
Veeva Systems, Inc. - Class A (a)		150		31,538
Hotels, Restaurants & Leisure - 8.8%
Airbnb, Inc. - Class A (a)		1,050		137,980
Booking Holdings, Inc.		450		2,235,789
Carnival Corp. (a)		3,500		87,220
Chipotle Mexican Grill, Inc. (a)		16,900		1,019,070
Choice Hotels International, Inc.		1,150		163,277
DoorDash, Inc. - Class A (a)		1,200		201,300
DraftKings, Inc. - Class A (a)		2,000		74,400
Expedia Group, Inc. (a)		1,250		232,912
Flutter Entertainment PLC (a)		150		38,768
Hilton Worldwide Holdings, Inc.		1,300		321,308
Hyatt Hotels Corp. - Class A		1,900		298,262
Makemytrip Ltd. (a)		350		39,298
Marriott International, Inc./MD - Class A		1,900		529,986
McDonald's Corp.		200		57,978
Norwegian Cruise Line Holdings Ltd. (a)		4,400		113,212
Royal Caribbean Cruises Ltd.		650		149,949
Shake Shack, Inc. - Class A (a)		950		123,310
Starbucks Corp.		400		36,500
Wingstop, Inc.		400		113,680
Wyndham Hotels & Resorts, Inc.		350		35,276
Yum! Brands, Inc.		300		40,248
				6,049,723
Household Durables - 0.2%
Lennar Corp. - Class A		300		40,911
Newell Brands, Inc.		3,000		29,880
Sonos, Inc. (a)		2,000		30,080
Sony Group Corp. - ADR		2,000		42,320
				143,191
Household Products - 0.1%
Kimberly-Clark Corp.		300		39,312
Independent Power and Renewable Electricity Producers - 0.1%
Vistra Corp.		250		34,467
Industrial Conglomerates - 0.2%
3M Co.		350		45,181
Honeywell International, Inc.		400		90,356
				135,537
Interactive Media & Services - 13.3%
Alphabet, Inc. - Class A		8,000		1,514,400
Alphabet, Inc. - Class C		12,900		2,456,676
Meta Platforms, Inc. - Class A		8,400		4,918,284
Reddit, Inc. - Class A (a)		1,200		196,128
				9,085,488
IT Services - 1.1%
Cloudflare, Inc. - Class A (a)		800		86,144
Cognizant Technology Solutions Corp. - Class A		400		30,760
GoDaddy, Inc. - Class A (a)		200		39,474
International Business Machines Corp.		200		43,966
Okta, Inc. (a)		400		31,520
Shopify, Inc. - Class A (a)		1,800		191,394
Snowflake, Inc. - Class A (a)		1,300		200,733
Twilio, Inc. - Class A (a)		1,000		108,080
				732,071
Life Sciences Tools & Services - 0.0%(b)
OmniAb, Inc. (a)		2,450		8,673
Machinery - 0.1%
Dover Corp.		200		37,520
Media - 0.3%
Trade Desk, Inc. - Class A (a)		1,500		176,295
Oil, Gas & Consumable Fuels - 0.3%
ONEOK, Inc.		400		40,160
Texas Pacific Land Corp.		150		165,894
Vitesse Energy, Inc.		129		3,225
				209,279
Passenger Airlines - 2.1%
Alaska Air Group, Inc. (a)		900		58,275
Allegiant Travel Co.		2,950		277,654
American Airlines Group, Inc. (a)		8,700		151,641
Delta Air Lines, Inc.		5,100		308,550
Southwest Airlines Co.		5,600		188,272
United Airlines Holdings, Inc. (a)		4,700		456,370
				1,440,762
Personal Care Products - 0.0%(b)
Kenvue, Inc.		1,500		32,025
Pharmaceuticals - 0.6%
Eli Lilly & Co.		370		285,640
GSK PLC - ADR		1,000		33,820
Merck & Co., Inc.		450		44,766
Novo Nordisk AS - ADR		350		30,107
Sanofi SA - ADR		600		28,938
Teva Pharmaceutical Industries, Ltd. - ADR (a)		500		11,020
				434,291
Professional Services - 0.3%
Amentum Holdings, Inc. (a)		1,400		29,442
Broadridge Financial Solutions, Inc.		150		33,914
Equifax, Inc.		200		50,970
Jacobs Solutions, Inc.		300		40,086
Paychex, Inc.		250		35,055
Paycom Software, Inc.		200		40,994
				230,461
Real Estate Management & Development - 0.2%
Redfin Corp. (a)		5,000		39,350
Zillow Group, Inc. - Class C (a)		1,000		74,050
				113,400
Semiconductors & Semiconductor Equipment - 11.9%
Advanced Micro Devices, Inc. (a)		1,206		145,673
Ambarella, Inc. (a)		600		43,644
ARM Holdings PLC - ADR (a)		1,250		154,200
Broadcom, Inc.		5,950		1,379,448
Credo Technology Group Holding Ltd. (a)		500		33,605
Lam Research Corp.		500		36,115
Marvell Technology, Inc.		1,550		171,197
Micron Technology, Inc.		350		29,456
NVIDIA Corp.		40,800		5,479,032
Skyworks Solutions, Inc.		400		35,472
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		2,850		562,847
Teradyne, Inc.		550		69,256
				8,139,945
Software - 19.8%
Adobe, Inc. (a)		100		44,468
ANSYS, Inc. (a)		100		33,733
AppLovin Corp. - Class A (a)		200		64,766
Aspen Technology, Inc. (a)		400		99,852
Atlassian Corp. - Class A (a)		125		30,422
Autodesk, Inc. (a)		1,200		354,684
Box, Inc. - Class A (a)		3,300		104,280
C3.ai, Inc. - Class A (a)		7,900		271,997
Cadence Design Systems, Inc. (a)		325		97,650
Check Point Software Technologies Ltd. (a)		1,000		186,700
CommVault Systems, Inc. (a)		600		90,546
Confluent, Inc. - Class A (a)		1,100		30,756
Crowdstrike Holdings, Inc. - Class A (a)		6,525		2,232,594
CyberArk Software Ltd. (a)		600		199,890
Datadog, Inc. - Class A (a)		900		128,601
DocuSign, Inc. (a)		1,850		166,389
Fair Isaac Corp. (a)		150		298,639
Five9, Inc. (a)		800		32,512
Fortinet, Inc. (a)		1,450		136,996
Gitlab, Inc. - Class A (a)		500		28,175
Guidewire Software, Inc. (a)		200		33,716
Intuit, Inc.		200		125,700
Microsoft Corp.		8,300		3,498,450
Nice Ltd. - ADR (a)		200		33,968
Oracle Corp.		2,100		349,944
Palantir Technologies, Inc. - Class A (a)		15,950		1,206,299
Palo Alto Networks, Inc. (a)		7,750		1,410,190
Salesforce, Inc.		3,350		1,120,006
SAP SE - ADR		1,000		246,210
ServiceNow, Inc. (a)		320		339,238
SoundHound AI, Inc. - Class A (a)		5,300		105,152
Synopsys, Inc. (a)		235		114,060
Unity Software, Inc. (a)		2,400		53,928
Workday, Inc. - Class A (a)		400		103,212
Zoom Communications, Inc. - Class A (a)		1,900		155,059
Zscaler, Inc. (a)		250		45,102
				13,573,884
Specialty Retail - 3.7%
Abercrombie & Fitch Co. - Class A (a)		250		37,367
Advance Auto Parts, Inc.		1,000		47,290
AutoNation, Inc. (a)		250		42,460
AutoZone, Inc. (a)		300		960,600
Best Buy Co., Inc.		1,200		102,960
Boot Barn Holdings, Inc. (a)		200		30,364
CarMax, Inc. (a)		300		24,528
Carvana Co. (a)		200		40,672
Dick's Sporting Goods, Inc.		300		68,652
Home Depot, Inc.		675		262,568
Lowe's Cos., Inc.		645		159,186
RH (a)		125		49,199
Ross Stores, Inc.		1,000		151,270
TJX Cos., Inc.		2,300		277,863
Tractor Supply Co.		700		37,142
Ulta Beauty, Inc. (a)		175		76,113
Wayfair, Inc. - Class A (a)		1,100		48,752
Williams-Sonoma, Inc.		475		87,961
				2,504,947
Technology Hardware, Storage & Peripherals - 5.7%
Apple, Inc.		14,350		3,593,527
Dell Technologies, Inc. - Class C		1,800		207,432
Hewlett Packard Enterprise Co.		1,600		34,160
IonQ, Inc. (a)		400		16,708
Super Micro Computer, Inc. (a)		800		24,384
				3,876,211
Textiles, Apparel & Luxury Goods - 0.5%
Deckers Outdoor Corp. (a)		350		71,082
Lululemon Athletica, Inc. (a)		550		210,325
On Holding AG - Class A (a)		600		32,862
Ralph Lauren Corp.		250		57,745
				372,014
Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc.		200		44,146
TOTAL COMMON STOCKS (Cost $38,770,799)				67,829,679
REAL ESTATE INVESTMENT TRUSTS - 0.2%	Shares		Value
Commercial Services & Supplies - 0.1%
GEO Group, Inc. (a)		2,400		67,152
Retail REITs - 0.0%(b)
Simon Property Group, Inc.		200		34,442
Specialized REITs - 0.1%
Digital Realty Trust, Inc.		200		35,466
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $136,220)				137,060
RIGHTS - 0.0%	Shares		Value
Biotechnology - 0.0%
OmniAb Operations, Inc. — $12.50 Earnout Shares (a)(c)		189		0
OmniAb Operations, Inc. — $15.00 Earnout Shares (a)(c)		189		0
Total Biotechnology				0
TOTAL RIGHTS (Cost $0)				0
SHORT-TERM INVESTMENTS - 0.7%	Shares		Value
Money Market Funds - 0.7%
First American Government Obligations Fund - Class X, 4.32% (d)		506,521		506,521
TOTAL SHORT-TERM INVESTMENTS (Cost $506,521)				506,521
TOTAL INVESTMENTS - 100.1% (Cost $39,413,540)				68,473,260
Liabilities in Excess of Other Assets - (0.1)%				(67,879	)
TOTAL NET ASSETS - 100.0%			$	68,405,381
two				–	%
Percentages are stated as a percent of net assets.				–	%
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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. Bank Global Fund Services.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	Fair value determined using significant unobservable inputs in accordance with fair value methodologies established and applied by the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2024.
(d)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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 fair value methodologies established and applied by Reynolds Capital Management, LLC (the “Adviser”).  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, 2024, based on the inputs used to value them:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	67,829,679	$	–	$	–	$	67,829,679
Real Estate Investment Trusts		137,060		–		–		137,060
Rights		–		–		0		0
Money Market Funds		506,521		–		–		506,521
Total Investments	$	68,473,260	$	–	$	0	$	68,473,260
Refer to the Schedule of Investments for further disaggregation of investment categories.